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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 (14,474,232) 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 (2015) 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 ($632 ) 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 (February18, ) Tj ET Q q 0 0 0 rg BT 132.04 97.90 Td (2016) 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 (14,926,391) 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 (2016 ) 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 (May4, ) Tj ET Q q 0 0 0 rg BT 489.25 46.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.25 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 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 163.1181640625 228.08339843750002 l s q 0 0 1 rg BT 102.00 229.42 Td (SIGNA) Tj ET Q q 0 0 1 rg BT 131.45 229.42 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 (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 529 623.0833984375 m 539 623.0833984375 l s q 0 0 1 rg BT 529.00 624.42 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 529 608.0833984375 m 539 608.0833984375 l s q 0 0 1 rg BT 529.00 609.42 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 529 593.0833984375 m 539 593.0833984375 l s q 0 0 1 rg BT 529.00 594.42 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 529 538.0833984375 m 539 538.0833984375 l s q 0 0 1 rg BT 529.00 539.42 Td (20) 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 (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 529 498.0833984375 m 539 498.0833984375 l s q 0 0 1 rg BT 529.00 499.42 Td (24) 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 (56) 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 (57) 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 (12) 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 (12) 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 (12) 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 (12) 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 (12) 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 (12) 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 (13) 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 (13) 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 (13) 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 524.35 228.08339843750002 m 538.97890625 228.08339843750002 l s q 0 0 1 rg BT 524.35 229.42 Td (1) Tj ET Q q 0 0 1 rg BT 528.98 229.42 Td (17) 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 0 0 rg BT 289.80 717.75 Td (P) Tj ET Q q 0 0 0 rg BT 295.17 717.75 Td (AR) Tj ET Q q 0 0 0 rg BT 309.26 717.75 Td (T) Tj ET Q q 0 0 0 rg BT 315.75 717.75 Td ( I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.40 693.75 Td (CAUTIONAR) Tj ET Q q 0 0 0 rg BT 197.72 693.75 Td (Y) Tj ET Q q 0 0 0 rg BT 204.57 693.75 Td ( NOTE REGARDING FOR) Tj ET Q q 0 0 0 rg BT 323.39 693.75 Td (W) Tj ET Q q 0 0 0 rg BT 332.28 693.75 Td (ARD-LOOKING ST) Tj ET Q q 0 0 0 rg BT 420.16 693.75 Td (A) Tj ET Q q 0 0 0 rg BT 426.64 693.75 Td (TEMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.75 Td (This ) Tj ET Q q 0 0 0 rg BT 68.68 669.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 99.92 669.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 128.94 669.75 Td (on ) Tj ET Q q 0 0 0 rg BT 140.74 669.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 164.21 669.75 Td (10-K ) Tj ET Q q 0 0 0 rg BT 186.57 669.75 Td (for ) Tj ET Q q 0 0 0 rg BT 200.03 669.75 Td (the ) Tj ET Q q 0 0 0 rg BT 214.05 669.75 Td (year ) Tj ET Q q 0 0 0 rg BT 233.06 669.75 Td 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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 102.10 405.75 Td (locations ) Tj ET Q q 0 0 0 rg BT 140.26 405.75 Td (in ) Tj ET Q q 0 0 0 rg BT 150.10 405.75 Td (London, ) Tj ET Q q 0 0 0 rg BT 185.77 405.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 210.05 405.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 234.33 405.75 Td (and ) Tj ET Q q 0 0 0 rg BT 250.83 405.75 Td (Zurich. ) Tj ET Q q 0 0 0 rg BT 281.89 405.75 Td (W) Tj ET Q q 0 0 0 rg BT 290.53 405.75 Td (e ) Tj ET Q q 0 0 0 rg BT 297.03 405.75 Td (market ) Tj ET Q q 0 0 0 rg BT 326.85 405.75 Td (our ) Tj ET Q q 0 0 0 rg BT 342.24 405.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 388.18 405.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 422.46 405.75 Td (and ) Tj ET Q q 0 0 0 rg BT 438.96 405.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 488.79 405.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 528.62 405.75 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.75 Td (under ) Tj ET Q q 0 0 0 rg BT 75.12 393.75 Td (a ) Tj ET Q q 0 0 0 rg BT 82.40 393.75 Td (single ) Tj ET Q q 0 0 0 rg BT 109.13 393.75 Td (name ) Tj ET Q q 0 0 0 rg BT 133.64 393.75 Td ( ) Tj ET Q q 0 0 0 rg BT 141.48 393.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 165.44 393.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 176.92 393.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 195.86 393.75 Td ( ) Tj ET Q q 0 0 0 rg BT 203.71 393.75 Td (which ) Tj ET Q q 0 0 0 rg BT 230.99 393.75 Td (gives ) Tj ET Q q 0 0 0 rg BT 254.95 393.75 Td (us ) Tj ET Q q 0 0 0 rg BT 266.69 393.75 Td (a ) Tj ET Q q 0 0 0 rg BT 273.97 393.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 316.81 393.75 Td (brand ) Tj ET Q q 0 0 0 rg BT 342.43 393.75 Td (across ) Tj ET Q q 0 0 0 rg BT 370.27 393.75 Td (this ) Tj ET Q q 0 0 0 rg BT 387.56 393.75 Td (business. ) Tj ET Q q 0 0 0 rg BT 426.80 393.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 445.20 393.75 Td (traditional ) Tj ET Q q 0 0 0 rg BT 489.14 393.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.43 393.75 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.75 Td (business ) Tj ET Q q 0 0 0 rg BT 85.89 381.75 Td (is ) Tj ET Q q 0 0 0 rg BT 95.06 381.75 Td (marketed ) Tj ET Q q 0 0 0 rg BT 134.76 381.75 Td (under ) Tj ET Q q 0 0 0 rg BT 159.48 381.75 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 199.20 381.75 Td (Research, ) Tj ET Q q 0 0 0 rg BT 240.85 381.75 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 105.18 165.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 143.13 165.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 183.59 165.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 217.37 165.75 Td (to ) Tj ET Q q 0 0 0 rg BT 228.40 165.75 Td (mer) Tj ET Q q 0 0 0 rg BT 243.76 165.75 Td (gers ) Tj ET Q q 0 0 0 rg BT 263.67 165.75 Td (and ) Tj ET Q q 0 0 0 rg BT 281.35 165.75 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 334.87 165.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 363.10 165.75 Td (private ) Tj ET Q q 0 0 0 rg BT 394.11 165.75 Td (placements, ) Tj ET Q q 0 0 0 rg BT 444.84 165.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 465.30 165.75 Td (advisory) Tj ET Q q 0 0 0 rg BT 499.08 165.75 Td (, ) Tj ET Q q 0 0 0 rg BT 504.83 165.75 Td (and ) Tj ET Q q 0 0 0 rg BT 522.51 165.75 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 153.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.28 153.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 144.52 153.75 Td (services. ) Tj ET Q q 0 0 0 rg BT 182.75 153.75 Td (W) Tj ET Q q 0 0 0 rg BT 191.38 153.75 Td (e ) Tj ET Q q 0 0 0 rg BT 199.62 153.75 Td (operate ) Tj ET Q q 0 0 0 rg BT 232.84 153.75 Td (in ) Tj ET Q q 0 0 0 rg BT 244.42 153.75 Td (the ) Tj ET Q q 0 0 0 rg BT 260.44 153.75 Td (following ) Tj ET Q q 0 0 0 rg BT 303.12 153.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 328.58 153.75 Td (sectors: ) Tj ET Q q 0 0 0 rg BT 362.92 153.75 Td (healthcare; ) Tj ET Q q 0 0 0 rg BT 410.58 153.75 Td (consumer; ) Tj ET Q q 0 0 0 rg BT 456.03 153.75 Td (diversified ) Tj ET Q q 0 0 0 rg BT 502.60 153.75 Td (industrials ) Tj ET Q q 0 0 0 rg BT 548.06 153.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 141.75 Td (services; ) Tj ET Q q 0 0 0 rg BT 105.04 141.75 Td (business ) Tj ET Q q 0 0 0 rg BT 141.49 141.75 Td (services; ) Tj ET Q q 0 0 0 rg BT 179.04 141.75 Td (technology; ) Tj ET Q q 0 0 0 rg BT 228.81 141.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 266.35 141.75 Td (institutions; ) Tj ET Q q 0 0 0 rg BT 316.14 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 333.13 141.75 Td (agriculture, ) Tj ET Q q 0 0 0 rg BT 381.50 141.75 Td (clean ) Tj ET Q q 0 0 0 rg BT 405.16 141.75 Td (technologies ) Tj ET Q q 0 0 0 rg BT 458.26 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 475.25 141.75 Td (renewables, ) Tj ET Q q 0 0 0 rg BT 525.29 141.75 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 129.75 Td (focusing ) Tj ET Q q 0 0 0 rg BT 105.24 129.75 Td (on ) Tj ET Q q 0 0 0 rg BT 118.55 129.75 Td (middle-market ) Tj ET Q q 0 0 0 rg BT 180.72 129.75 Td (clients. ) Tj ET Q q 0 0 0 rg BT 212.63 129.75 Td (For ) Tj ET Q q 0 0 0 rg BT 229.82 129.75 Td (our ) Tj ET Q q 0 0 0 rg BT 246.46 129.75 Td (government ) Tj ET Q q 0 0 0 rg BT 297.53 129.75 Td (and ) Tj ET Q q 0 0 0 rg BT 315.27 129.75 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 359.12 129.75 Td (clients, ) Tj ET Q q 0 0 0 rg BT 391.03 129.75 Td (we ) Tj ET Q q 0 0 0 rg BT 406.00 129.75 Td (underwrite ) Tj ET Q q 0 0 0 rg BT 452.62 129.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 473.14 129.75 Td (issuances ) Tj ET Q q 0 0 0 rg BT 514.21 129.75 Td (and ) Tj ET Q q 0 0 0 rg BT 531.95 129.75 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 117.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.75 117.75 Td (advisory) Tj ET Q q 0 0 0 rg BT 140.53 117.75 Td (, ) Tj ET Q q 0 0 0 rg BT 147.30 117.75 Td (loan ) Tj ET Q q 0 0 0 rg BT 168.78 117.75 Td (placement ) Tj ET Q q 0 0 0 rg BT 214.13 117.75 Td (and ) Tj ET Q q 0 0 0 rg BT 232.84 117.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 266.54 117.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 285.79 117.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 305.05 117.75 Td (management ) Tj ET Q q 0 0 0 rg BT 360.40 117.75 Td (services. ) Tj ET Q q 0 0 0 rg BT 399.38 117.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 419.19 117.75 Td (public ) Tj ET Q q 0 0 0 rg BT 448.45 117.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 482.14 117.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 530.29 117.75 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 105.75 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 114.99 105.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 138.61 105.75 Td (on ) Tj ET Q q 0 0 0 rg BT 150.56 105.75 Td (state ) Tj ET Q q 0 0 0 rg BT 170.84 105.75 Td (and ) Tj ET Q q 0 0 0 rg BT 187.24 105.75 Td (local ) Tj ET Q q 0 0 0 rg BT 208.63 105.75 Td (governments, ) Tj ET Q q 0 0 0 rg BT 264.74 105.75 Td (cultural ) Tj ET Q q 0 0 0 rg BT 297.24 105.75 Td (and ) Tj ET Q q 0 0 0 rg BT 313.63 105.75 Td (social ) Tj ET Q q 0 0 0 rg BT 338.91 105.75 Td (service ) Tj ET Q q 0 0 0 rg BT 369.18 105.75 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 411.68 105.75 Td (entities, ) Tj ET Q q 0 0 0 rg BT 445.02 105.75 Td (and ) Tj ET Q q 0 0 0 rg BT 461.42 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 475.59 105.75 Td (education, ) Tj ET Q q 0 0 0 rg BT 518.92 105.75 Td (healthcare, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 93.75 Td (hospitality) Tj ET Q q 0 0 0 rg BT 109.07 93.75 Td (, ) Tj ET Q q 0 0 0 rg BT 114.07 93.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 141.01 93.75 Td (living ) Tj ET Q q 0 0 0 rg BT 166.85 93.75 Td (and ) Tj ET Q q 0 0 0 rg BT 183.78 93.75 Td (transportation ) Tj ET Q q 0 0 0 rg BT 241.83 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 94.24 693.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 115.42 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 131.61 693.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 161.68 693.60 Td (relationships ) Tj ET Q q 0 0 0 rg BT 214.53 693.60 Td (with ) Tj ET Q q 0 0 0 rg BT 234.05 693.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 283.58 693.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 321.43 693.60 Td (in ) Tj ET Q q 0 0 0 rg BT 330.95 693.60 Td (the ) Tj ET Q q 0 0 0 rg BT 344.92 693.60 Td (United ) Tj ET Q q 0 0 0 rg BT 373.88 693.60 Td (States ) Tj ET Q q 0 0 0 rg BT 399.51 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 415.70 693.60 Td (Europe ) Tj ET Q q 0 0 0 rg BT 446.32 693.60 Td (that ) Tj ET Q q 0 0 0 rg BT 463.06 693.60 Td (invest ) Tj ET Q q 0 0 0 rg BT 488.69 693.60 Td (in ) Tj ET Q q 0 0 0 rg BT 498.22 693.60 Td (our ) Tj ET Q q 0 0 0 rg BT 513.29 693.60 Td (core ) Tj ET Q q 0 0 0 rg BT 532.24 693.60 Td (sectors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.51 693.60 Td ( ) 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 99.36 633.60 Td (and ) Tj ET Q q 0 0 0 rg BT 116.51 633.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 140.88 633.60 Td (on ) Tj ET Q q 0 0 0 rg BT 153.58 633.60 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 200.72 633.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 251.20 633.60 Td (in ) Tj ET Q q 0 0 0 rg BT 261.69 633.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 304.39 633.60 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 333.49 633.60 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 405.61 633.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 446.08 633.60 Td (and ) Tj ET Q q 0 0 0 rg BT 463.23 633.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 483.72 633.60 Td (government ) Tj ET Q q 0 0 0 rg BT 534.19 633.60 Td (agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 621.60 Td (securities. ) Tj ET Q q 0 0 0 rg BT 109.95 621.60 Td (The ) Tj ET Q q 0 0 0 rg BT 127.85 621.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 164.08 621.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 194.77 621.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 233.22 621.60 Td (related ) Tj ET Q q 0 0 0 rg BT 262.78 621.60 Td (to ) Tj ET Q q 0 0 0 rg BT 272.92 621.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 315.27 621.60 Td (bonds ) Tj ET Q q 0 0 0 rg BT 341.52 621.60 Td (are ) Tj ET Q q 0 0 0 rg BT 356.08 621.60 Td (principally ) Tj ET Q q 0 0 0 rg BT 401.76 621.60 Td (operated ) Tj ET Q q 0 0 0 rg BT 438.54 621.60 Td (in ) Tj ET Q q 0 0 0 rg BT 448.67 621.60 Td (a ) Tj ET Q q 0 0 0 rg BT 455.47 621.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 476.16 621.60 Td (structure ) Tj ET Q q 0 0 0 rg BT 513.50 621.60 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 544.73 621.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 609.60 Td (a ) Tj ET Q q 0 0 0 rg BT 74.44 609.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 105.27 609.60 Td (number ) Tj ET Q q 0 0 0 rg BT 138.32 609.60 Td (of ) Tj ET Q q 0 0 0 rg BT 149.15 609.60 Td (employee ) Tj ET Q q 0 0 0 rg BT 190.52 609.60 Td (investors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 585.60 Td (Principal ) Tj ET Q q 0 0 0 rg BT 108.36 585.60 Td (Investments ) Tj ET Q q 0 0 0 rg BT 158.66 585.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.66 585.60 Td ( ) Tj ET Q q 0 0 0 rg BT 166.53 585.60 Td (W) Tj ET Q q 0 0 0 rg BT 175.17 585.60 Td (e ) Tj ET Q q 0 0 0 rg BT 182.70 585.60 Td (engage ) Tj ET Q q 0 0 0 rg BT 214.10 585.60 Td (in ) Tj ET Q q 0 0 0 rg BT 224.97 585.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 265.27 585.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 300.57 585.60 Td (activities, ) Tj ET Q q 0 0 0 rg BT 342.26 585.60 Td (which ) Tj ET Q q 0 0 0 rg BT 369.79 585.60 Td (involve ) Tj ET Q q 0 0 0 rg BT 402.88 585.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 430.96 585.60 Td (or ) Tj ET Q q 0 0 0 rg BT 442.38 585.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 462.69 585.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 513.56 585.60 Td (in ) Tj ET Q q 0 0 0 rg BT 524.43 585.60 Td (late ) Tj ET Q q 0 0 0 rg BT 541.95 585.60 Td (stage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 573.60 Td (private ) Tj ET Q q 0 0 0 rg BT 97.76 573.60 Td (companies. ) Tj ET Q q 0 0 0 rg BT 144.98 573.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 194.88 573.60 Td (, ) Tj ET Q q 0 0 0 rg BT 199.88 573.60 Td (we ) Tj ET Q q 0 0 0 rg BT 214.04 573.60 Td (have ) Tj ET Q q 0 0 0 rg BT 235.42 573.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 285.69 573.60 Td (in ) Tj ET Q q 0 0 0 rg BT 295.97 573.60 Td (private ) Tj ET Q q 0 0 0 rg BT 326.23 573.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 353.73 573.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 378.45 573.60 Td (and ) Tj ET Q q 0 0 0 rg BT 395.39 573.60 Td (other ) Tj ET Q q 0 0 0 rg BT 418.43 573.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 438.15 573.60 Td (investments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 549.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 549.60 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 114.00 549.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 137.34 549.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 191.78 549.60 Td (Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.78 549.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.02 549.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.02 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 226.09 549.60 Td (W) Tj ET Q q 0 0 0 rg BT 234.73 549.60 Td (e ) Tj ET Q q 0 0 0 rg BT 241.40 549.60 Td (have ) Tj ET Q q 0 0 0 rg BT 262.51 549.60 Td (created ) Tj ET Q q 0 0 0 rg BT 293.61 549.60 Td (alternative ) Tj ET Q q 0 0 0 rg BT 338.04 549.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 359.71 549.60 Td (management ) Tj ET Q q 0 0 0 rg BT 413.03 549.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 437.49 549.60 Td (in ) Tj ET Q q 0 0 0 rg BT 447.50 549.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 486.94 549.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 521.39 549.60 Td (and ) Tj ET Q q 0 0 0 rg BT 538.06 549.60 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 537.60 Td (living ) Tj ET Q q 0 0 0 rg BT 92.97 537.60 Td (in ) Tj ET Q q 0 0 0 rg BT 102.88 537.60 Td (order ) Tj ET Q q 0 0 0 rg BT 126.11 537.60 Td (to ) Tj ET Q q 0 0 0 rg BT 136.02 537.60 Td (invest ) Tj ET Q q 0 0 0 rg BT 162.03 537.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 181.38 537.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 210.16 537.60 Td (as ) Tj ET Q q 0 0 0 rg BT 220.63 537.60 Td (well ) Tj ET Q q 0 0 0 rg BT 239.97 537.60 Td (as ) Tj ET Q q 0 0 0 rg BT 250.43 537.60 Td (to ) Tj ET Q q 0 0 0 rg BT 260.34 537.60 Td (manage ) Tj ET Q q 0 0 0 rg BT 293.57 537.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 322.35 537.60 Td (from ) Tj ET Q q 0 0 0 rg BT 343.92 537.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 374.94 537.60 Td (investors. ) Tj ET Q q 0 0 0 rg BT 415.68 537.60 Td (In ) Tj ET Q q 0 0 0 rg BT 426.14 537.60 Td (the ) Tj ET Q q 0 0 0 rg BT 440.49 537.60 Td (second ) Tj ET Q q 0 0 0 rg BT 470.39 537.60 Td (half ) Tj ET Q q 0 0 0 rg BT 488.07 537.60 Td (of ) Tj ET Q q 0 0 0 rg BT 498.53 537.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 523.16 537.60 Td (we ) Tj ET Q q 0 0 0 rg BT 536.95 537.60 Td (closed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 525.60 Td (and ) Tj ET Q q 0 0 0 rg BT 84.44 525.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 128.59 525.60 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 174.42 525.60 Td (of ) Tj ET Q q 0 0 0 rg BT 185.25 525.60 Td (a ) Tj ET Q q 0 0 0 rg BT 192.19 525.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 234.68 525.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 257.18 525.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 278.01 525.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 316.60 525.60 Td (for ) Tj ET Q q 0 0 0 rg BT 330.76 525.60 Td (the ) Tj ET Q q 0 0 0 rg BT 345.48 525.60 Td (benefit ) Tj ET Q q 0 0 0 rg BT 375.74 525.60 Td (of ) Tj ET Q q 0 0 0 rg BT 386.57 525.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 417.96 525.60 Td (investors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 73.67 501.60 Td (Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.60 Td (The ) Tj ET Q q 0 0 0 rg BT 66.93 477.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 91.57 477.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 146.19 477.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 181.93 477.60 Td (includes ) Tj ET Q q 0 0 0 rg BT 217.67 477.60 Td (our ) Tj ET Q q 0 0 0 rg BT 233.42 477.60 Td (traditional ) Tj ET Q q 0 0 0 rg BT 276.94 477.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 298.79 477.60 Td (management ) Tj ET Q q 0 0 0 rg BT 352.30 477.60 Td (business ) Tj ET Q q 0 0 0 rg BT 388.61 477.60 Td (and ) Tj ET Q q 0 0 0 rg BT 405.46 477.60 Td (our ) Tj ET Q q 0 0 0 rg BT 421.21 477.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 471.40 477.60 Td (in ) Tj ET Q q 0 0 0 rg BT 481.59 477.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 523.43 477.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 548.07 477.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (private ) Tj ET Q q 0 0 0 rg BT 78.73 465.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 102.42 465.60 Td (or ) Tj ET Q q 0 0 0 rg BT 112.21 465.60 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 162.55 465.60 Td (that ) Tj ET Q q 0 0 0 rg BT 179.01 465.60 Td (we ) Tj ET Q q 0 0 0 rg BT 192.14 465.60 Td (manage. ) Tj ET Q q 0 0 0 rg BT 227.20 465.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 244.21 465.60 Td (traditional ) Tj ET Q q 0 0 0 rg BT 286.78 465.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 307.68 465.60 Td (management ) Tj ET Q q 0 0 0 rg BT 360.23 465.60 Td (business ) Tj ET Q q 0 0 0 rg BT 395.59 465.60 Td (of) Tj ET Q q 0 0 0 rg BT 403.74 465.60 Td (fers ) Tj ET Q q 0 0 0 rg BT 420.19 465.60 Td (specialized ) Tj ET Q q 0 0 0 rg BT 466.08 465.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 511.42 465.60 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.60 Td (solutions ) Tj ET Q q 0 0 0 rg BT 88.47 453.60 Td (for ) Tj ET Q q 0 0 0 rg BT 102.99 453.60 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 152.80 453.60 Td (private ) Tj ET Q q 0 0 0 rg BT 183.42 453.60 Td (clients ) Tj ET Q q 0 0 0 rg BT 212.38 453.60 Td (and ) Tj ET Q q 0 0 0 rg BT 229.67 453.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 276.41 453.60 Td (advisors. ) Tj ET Q q 0 0 0 rg BT 314.89 453.60 Td (W) Tj ET Q q 0 0 0 rg BT 323.52 453.60 Td (e ) Tj ET Q q 0 0 0 rg BT 330.82 453.60 Td (manage ) Tj ET Q q 0 0 0 rg BT 364.77 453.60 Td (value-oriented ) Tj ET Q q 0 0 0 rg BT 425.37 453.60 Td (domestic, ) Tj ET Q q 0 0 0 rg BT 466.83 453.60 Td (international ) Tj ET Q q 0 0 0 rg BT 520.22 453.60 Td (and ) Tj ET Q q 0 0 0 rg BT 537.52 453.60 Td (global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 91.36 441.60 Td (as ) Tj ET Q q 0 0 0 rg BT 101.29 441.60 Td (well ) Tj ET Q q 0 0 0 rg BT 120.10 441.60 Td (as ) Tj ET Q q 0 0 0 rg BT 130.03 441.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 150.22 441.60 Td ( ) Tj ET Q q 0 0 0 rg BT 151.81 441.60 Td (and ) Tj ET Q q 0 0 0 rg BT 167.85 441.60 Td (ener) Tj ET Q q 0 0 0 rg BT 184.88 441.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 196.47 441.60 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 251.93 441.60 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 293.79 441.60 Td (through ) Tj ET Q q 0 0 0 rg BT 326.50 441.60 Td (open-end ) Tj ET Q q 0 0 0 rg BT 365.30 441.60 Td (and ) Tj ET Q q 0 0 0 rg BT 381.34 441.60 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 426.25 441.60 Td (funds. ) Tj ET Q q 0 0 0 rg BT 452.45 441.60 Td (W) Tj ET Q q 0 0 0 rg BT 461.09 441.60 Td (e ) Tj ET Q q 0 0 0 rg BT 467.12 441.60 Td (also ) Tj ET Q q 0 0 0 rg BT 484.83 441.60 Td (provide ) Tj ET Q q 0 0 0 rg BT 516.97 441.60 Td (customized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td (solutions ) Tj ET Q q 0 0 0 rg BT 87.48 429.60 Td (to ) Tj ET Q q 0 0 0 rg BT 97.11 429.60 Td (our ) Tj ET Q q 0 0 0 rg BT 112.30 429.60 Td (clients. ) Tj ET Q q 0 0 0 rg BT 142.76 429.60 Td (In ) Tj ET Q q 0 0 0 rg BT 152.94 429.60 Td (many ) Tj ET Q q 0 0 0 rg BT 177.02 429.60 Td (cases, ) Tj ET Q q 0 0 0 rg BT 202.47 429.60 Td (we ) Tj ET Q q 0 0 0 rg BT 215.99 429.60 Td (of) Tj ET Q q 0 0 0 rg BT 224.14 429.60 Td (fer ) Tj ET Q q 0 0 0 rg BT 237.10 429.60 Td (both ) Tj ET Q q 0 0 0 rg BT 256.73 429.60 Td (diversified ) Tj ET Q q 0 0 0 rg BT 301.35 429.60 Td (and ) Tj ET Q q 0 0 0 rg BT 317.65 429.60 Td (more ) Tj ET Q q 0 0 0 rg BT 340.05 429.60 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 392.99 429.60 Td (versions ) Tj ET Q q 0 0 0 rg BT 428.17 429.60 Td (of ) Tj ET Q q 0 0 0 rg BT 438.36 429.60 Td (our ) Tj ET Q q 0 0 0 rg BT 453.55 429.60 Td (products, ) Tj ET Q q 0 0 0 rg BT 492.34 429.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 531.40 429.60 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.60 Td (separately ) Tj ET Q q 0 0 0 rg BT 92.53 417.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 131.13 417.60 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 171.11 417.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 393.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 393.60 Td (V) Tj ET Q q 0 0 0 rg BT 72.50 393.60 Td (alue ) Tj ET Q q 0 0 0 rg BT 92.28 393.60 Td (Equity ) Tj ET Q q 0 0 0 rg BT 120.94 393.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.94 393.60 Td ( ) Tj ET Q q 0 0 0 rg BT 128.31 393.60 Td (W) Tj ET Q q 0 0 0 rg BT 136.95 393.60 Td (e ) Tj ET Q q 0 0 0 rg BT 143.95 393.60 Td (take ) Tj ET Q q 0 0 0 rg BT 163.16 393.60 Td (a ) Tj ET Q q 0 0 0 rg BT 170.16 393.60 Td (value-driven ) Tj ET Q q 0 0 0 rg BT 223.25 393.60 Td (approach ) Tj ET Q q 0 0 0 rg BT 262.45 393.60 Td (to ) Tj ET Q q 0 0 0 rg BT 272.79 393.60 Td (managing ) Tj ET Q q 0 0 0 rg BT 314.78 393.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 340.67 393.60 Td (in ) Tj ET Q q 0 0 0 rg BT 351.01 393.60 Td (the ) Tj ET Q q 0 0 0 rg BT 365.78 393.60 Td (domestic ) Tj ET Q q 0 0 0 rg BT 404.44 393.60 Td (and ) Tj ET Q q 0 0 0 rg BT 421.44 393.60 Td (international ) Tj ET Q q 0 0 0 rg BT 474.54 393.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 502.09 393.60 Td (markets. ) Tj ET Q q 0 0 0 rg BT 538.62 393.60 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 381.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 114.80 381.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 155.99 381.60 Td (have ) Tj ET Q q 0 0 0 rg BT 178.29 381.60 Td (an ) Tj ET Q q 0 0 0 rg BT 191.15 381.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 238.45 381.60 Td (philosophy ) Tj ET Q q 0 0 0 rg BT 286.32 381.60 Td (that ) Tj ET Q q 0 0 0 rg BT 304.74 381.60 Td (centers ) Tj ET Q q 0 0 0 rg BT 336.48 381.60 Td (on ) Tj ET Q q 0 0 0 rg BT 349.90 381.60 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 403.30 381.60 Td (security ) Tj ET Q q 0 0 0 rg BT 438.38 381.60 Td (selection ) Tj ET Q q 0 0 0 rg BT 477.34 381.60 Td (across ) Tj ET Q q 0 0 0 rg BT 505.75 381.60 Td (industries ) Tj ET Q q 0 0 0 rg BT 548.06 381.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 369.60 Td (regions ) Tj ET Q q 0 0 0 rg BT 99.64 369.60 Td (with ) Tj ET Q q 0 0 0 rg BT 120.11 369.60 Td (a ) Tj ET Q q 0 0 0 rg BT 127.25 369.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 151.61 369.60 Td (on ) Tj ET Q q 0 0 0 rg BT 164.30 369.60 Td (analyzing, ) Tj ET Q q 0 0 0 rg BT 208.37 369.60 Td (among ) Tj ET Q q 0 0 0 rg BT 238.29 369.60 Td (other ) Tj ET Q q 0 0 0 rg BT 261.53 369.60 Td (things, ) Tj ET Q q 0 0 0 rg BT 291.18 369.60 Td (a ) Tj ET Q q 0 0 0 rg BT 298.32 369.60 Td (company's ) Tj ET Q q 0 0 0 rg BT 343.36 369.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 381.04 369.60 Td (position, ) Tj ET Q q 0 0 0 rg BT 418.46 369.60 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 455.05 369.60 Td (and ) Tj ET Q q 0 0 0 rg BT 472.19 369.60 Td (profitability ) Tj ET Q q 0 0 0 rg BT 522.66 369.60 Td (in ) Tj ET Q q 0 0 0 rg BT 533.13 369.60 Td (light ) Tj ET Q q 0 0 0 rg BT 554.17 369.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 357.60 Td (its ) Tj ET Q q 0 0 0 rg BT 80.00 357.60 Td (valuation. ) Tj ET Q q 0 0 0 rg BT 122.76 357.60 Td (By ) Tj ET Q q 0 0 0 rg BT 137.48 357.60 Td (focusing ) Tj ET Q q 0 0 0 rg BT 174.96 357.60 Td (on ) Tj ET Q q 0 0 0 rg BT 188.01 357.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 228.82 357.60 Td (with ) Tj ET Q q 0 0 0 rg BT 249.65 357.60 Td (attractive ) Tj ET Q q 0 0 0 rg BT 289.89 357.60 Td (net ) Tj ET Q q 0 0 0 rg BT 305.16 357.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 327.65 357.60 Td (values, ) Tj ET Q q 0 0 0 rg BT 358.74 357.60 Td (we ) Tj ET Q q 0 0 0 rg BT 373.45 357.60 Td (seek ) Tj ET Q q 0 0 0 rg BT 394.27 357.60 Td (to ) Tj ET Q q 0 0 0 rg BT 405.09 357.60 Td (generate ) Tj ET Q q 0 0 0 rg BT 442.00 357.60 Td (competitive ) Tj ET Q q 0 0 0 rg BT 492.26 357.60 Td (long-term ) Tj ET Q q 0 0 0 rg BT 534.74 357.60 Td (returns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 345.60 Td (while ) Tj ET Q q 0 0 0 rg BT 92.22 345.60 Td (minimizing ) Tj ET Q q 0 0 0 rg BT 140.83 345.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 187.21 345.60 Td (risk. ) 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 (2015) 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 ($8.9 ) 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 (56 ) 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 84.29 237.60 Td (in ) Tj ET Q q 0 0 0 rg BT 93.52 237.60 Td (equities ) Tj ET Q q 0 0 0 rg BT 126.09 237.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.99 237.60 Td (44 ) Tj ET Q q 0 0 0 rg BT 153.45 237.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.87 237.60 Td ( ) Tj ET Q q 0 0 0 rg BT 184.33 237.60 Td (in ) Tj ET Q q 0 0 0 rg BT 193.57 237.60 Td (MLPs. ) Tj ET Q q 0 0 0 rg BT 221.66 237.60 Td (As ) Tj ET Q q 0 0 0 rg BT 234.23 237.60 Td (of ) Tj ET Q q 0 0 0 rg BT 244.02 237.60 Td (the ) Tj ET Q q 0 0 0 rg BT 257.70 237.60 Td (same ) Tj ET Q q 0 0 0 rg BT 279.71 237.60 Td (date, ) Tj ET Q q 0 0 0 rg BT 300.32 237.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.54 237.60 Td (18 ) Tj ET Q q 0 0 0 rg BT 371.00 237.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.42 237.60 Td ( ) Tj ET Q q 0 0 0 rg BT 401.88 237.60 Td (of ) Tj ET Q q 0 0 0 rg BT 411.67 237.60 Td (our ) Tj ET Q q 0 0 0 rg BT 426.14 237.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 450.94 237.60 Td (was ) Tj ET Q q 0 0 0 rg BT 467.95 237.60 Td (invested ) Tj ET Q q 0 0 0 rg BT 502.73 237.60 Td (in ) Tj ET Q q 0 0 0 rg BT 511.97 237.60 Td (international ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.60 Td (and ) Tj ET Q q 0 0 0 rg BT 66.29 225.60 Td (global ) Tj ET Q q 0 0 0 rg BT 93.65 225.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 139.88 225.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 180.00 225.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.80 225.60 Td (82 ) Tj ET Q q 0 0 0 rg BT 209.15 225.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.58 225.60 Td ( ) Tj ET Q q 0 0 0 rg BT 240.93 225.60 Td (was ) Tj ET Q q 0 0 0 rg BT 258.84 225.60 Td (invested ) Tj ET Q q 0 0 0 rg BT 294.52 225.60 Td (in ) Tj ET Q q 0 0 0 rg BT 304.66 225.60 Td (domestic ) Tj ET Q q 0 0 0 rg BT 343.12 225.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 389.35 225.60 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 431.45 225.60 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.35 225.60 Td (79 ) Tj ET Q q 0 0 0 rg BT 506.71 225.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.13 225.60 Td ( ) Tj ET Q q 0 0 0 rg BT 538.49 225.60 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 225.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 74.82 213.60 Td (as ) Tj ET Q q 0 0 0 rg BT 85.13 213.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.44 213.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 153.51 213.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.51 213.60 Td ( ) Tj ET Q q 0 0 0 rg BT 175.49 213.60 Td (was ) Tj ET Q q 0 0 0 rg BT 193.03 213.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 231.10 213.60 Td (on ) Tj ET Q q 0 0 0 rg BT 243.08 213.60 Td (behalf ) Tj ET Q q 0 0 0 rg BT 270.05 213.60 Td (of ) Tj ET Q q 0 0 0 rg BT 280.36 213.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 330.13 213.60 Td (clients, ) Tj ET Q q 0 0 0 rg BT 360.71 213.60 Td (including ) Tj ET Q q 0 0 0 rg BT 400.47 213.60 Td (foundations, ) Tj ET Q q 0 0 0 rg BT 452.17 213.60 Td (endowments, ) Tj ET Q q 0 0 0 rg BT 507.20 213.60 Td (pension ) Tj ET Q q 0 0 0 rg BT 540.29 213.60 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.60 Td (and ) Tj ET Q q 0 0 0 rg BT 65.94 201.60 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 120.43 201.60 Td (and ) Tj ET Q q 0 0 0 rg BT 136.87 201.60 Td (through ) Tj ET Q q 0 0 0 rg BT 169.97 201.60 Td (mutual ) Tj ET Q q 0 0 0 rg BT 199.75 201.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 220.08 201.60 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 257.09 201.60 Td (and ) Tj ET Q q 0 0 0 rg BT 273.53 201.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 314.95 201.60 Td (advisors. ) Tj ET Q q 0 0 0 rg BT 352.34 201.60 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.88 201.60 Td (13 ) Tj ET Q q 0 0 0 rg BT 426.88 201.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.31 201.60 Td ( ) Tj ET Q q 0 0 0 rg BT 458.31 201.60 Td (of ) Tj ET Q q 0 0 0 rg BT 468.64 201.60 Td (our ) Tj ET Q q 0 0 0 rg BT 483.53 201.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 508.86 201.60 Td (was ) Tj ET Q q 0 0 0 rg BT 526.42 201.60 Td (managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.60 Td (on ) Tj ET Q q 0 0 0 rg BT 61.99 189.60 Td (behalf ) Tj ET Q q 0 0 0 rg BT 89.46 189.60 Td (of ) Tj ET Q q 0 0 0 rg BT 100.28 189.60 Td (individual ) Tj ET Q q 0 0 0 rg BT 143.32 189.60 Td (client ) Tj ET Q q 0 0 0 rg BT 168.03 189.60 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 224.12 189.60 Td (which ) Tj ET Q q 0 0 0 rg BT 251.05 189.60 Td (are ) Tj ET Q q 0 0 0 rg BT 265.74 189.60 Td (principally ) Tj ET Q q 0 0 0 rg BT 311.55 189.60 Td (high ) Tj ET Q q 0 0 0 rg BT 331.82 189.60 Td (net ) Tj ET Q q 0 0 0 rg BT 346.53 189.60 Td (worth ) Tj ET Q q 0 0 0 rg BT 372.34 189.60 Td (individuals, ) Tj ET Q q 0 0 0 rg BT 421.78 189.60 Td (and ) Tj ET Q q 0 0 0 rg BT 438.71 189.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.95 189.60 Td (8 ) Tj ET Q q 0 0 0 rg BT 506.44 189.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.87 189.60 Td ( ) Tj ET Q q 0 0 0 rg BT 538.36 189.60 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 189.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 75.33 177.60 Td (was ) Tj ET Q q 0 0 0 rg BT 93.39 177.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 131.98 177.60 Td (through ) Tj ET Q q 0 0 0 rg BT 165.59 177.60 Td (sub-advisory ) Tj ET Q q 0 0 0 rg BT 219.75 177.60 Td (relationships ) Tj ET Q q 0 0 0 rg BT 273.35 177.60 Td (on ) Tj ET Q q 0 0 0 rg BT 285.85 177.60 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 331.67 177.60 Td (funds.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 153.60 Td (Discontinued ) Tj ET Q q 0 0 0 rg BT 107.01 153.60 Td (Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.83 129.60 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 121.72 129.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 166.16 129.60 Td (include ) Tj ET Q q 0 0 0 rg BT 198.37 129.60 Td (the ) Tj ET Q q 0 0 0 rg BT 213.37 129.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 236.15 129.60 Td (to ) Tj ET Q q 0 0 0 rg BT 246.71 129.60 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 284.49 129.60 Td (our ) Tj ET Q q 0 0 0 rg BT 300.60 129.60 Td (Hong ) Tj ET Q q 0 0 0 rg BT 325.60 129.60 Td (Kong ) Tj ET Q q 0 0 0 rg BT 350.61 129.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 380.04 129.60 Td (markets ) Tj ET Q q 0 0 0 rg BT 414.48 129.60 Td (business, ) Tj ET Q q 0 0 0 rg BT 453.65 129.60 Td (which ) Tj ET Q q 0 0 0 rg BT 480.87 129.60 Td (ceased ) Tj ET Q q 0 0 0 rg BT 510.30 129.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 554.74 129.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.60 Td (2012, ) Tj ET Q q 0 0 0 rg BT 74.87 117.60 Td (and ) Tj ET Q q 0 0 0 rg BT 92.18 117.60 Td (the ) Tj ET Q q 0 0 0 rg BT 107.27 117.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 147.90 117.60 Td (results ) Tj ET Q q 0 0 0 rg BT 176.88 117.60 Td (of ) Tj ET Q q 0 0 0 rg BT 188.08 117.60 Td (Fiduciary ) Tj ET Q q 0 0 0 rg BT 228.65 117.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 253.74 117.60 Td (Management, ) Tj ET Q q 0 0 0 rg BT 311.31 117.60 Td (LLC ) Tj ET Q q 0 0 0 rg BT 333.07 117.60 Td (\("F) Tj ET Q q 0 0 0 rg BT 345.30 117.60 Td (AMCO"\), ) Tj ET Q q 0 0 0 rg BT 388.09 117.60 Td (an ) Tj ET Q q 0 0 0 rg BT 400.40 117.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 422.71 117.60 Td (management ) Tj ET Q q 0 0 0 rg BT 476.67 117.60 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 520.65 117.60 Td (we ) Tj ET Q q 0 0 0 rg BT 535.18 117.60 Td (sold ) Tj ET Q q 0 0 0 rg BT 554.72 117.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.60 Td (2013. ) Tj ET Q q 0 0 0 rg BT 74.18 105.60 Td (For ) Tj ET Q q 0 0 0 rg BT 90.25 105.60 Td (further ) Tj ET Q q 0 0 0 rg BT 119.64 105.60 Td (information ) Tj ET Q q 0 0 0 rg BT 169.03 105.60 Td (on ) Tj ET Q q 0 0 0 rg BT 181.21 105.60 Td (our ) Tj ET Q q 0 0 0 rg BT 196.72 105.60 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 250.01 105.60 Td (operations, ) Tj ET Q q 0 0 0 rg BT 296.34 105.60 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.29 105.60 Td (Note ) Tj ET Q q 0 0 0 rg BT 332.91 105.60 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.91 105.60 Td ( ) Tj ET Q q 0 0 0 rg BT 340.09 105.60 Td (to ) Tj ET Q q 0 0 0 rg BT 350.05 105.60 Td (our ) Tj ET Q q 0 0 0 rg BT 365.56 105.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 418.28 105.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 455.44 105.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 499.83 105.60 Td (included ) Tj ET Q q 0 0 0 rg BT 536.45 105.60 Td (in ) Tj ET Q q 0 0 0 rg BT 546.40 105.60 Td (Part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 93.60 Td (II, ) Tj ET Q q 0 0 0 rg BT 61.16 93.60 Td (Item ) Tj ET Q q 0 0 0 rg BT 81.99 93.60 Td (8 ) Tj ET Q q 0 0 0 rg BT 89.49 93.60 Td (of ) Tj ET Q q 0 0 0 rg BT 100.32 93.60 Td (this ) Tj ET Q q 0 0 0 rg BT 117.26 93.60 Td (Form ) Tj ET Q q 0 0 0 rg BT 141.43 93.60 Td (10-K.) 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 (2015) 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 (the ) Tj ET Q q 0 0 0 rg BT 279.45 693.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 326.53 693.75 Td (net ) Tj ET Q q 0 0 0 rg BT 341.24 693.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 379.28 693.75 Td (and ) Tj ET Q q 0 0 0 rg BT 396.22 693.75 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 439.82 693.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 465.65 693.75 Td (were ) Tj ET Q q 0 0 0 rg BT 487.58 693.75 Td (located ) Tj ET Q q 0 0 0 rg BT 518.95 693.75 Td (in ) Tj ET Q q 0 0 0 rg BT 529.23 693.75 Td (the ) Tj ET Q q 0 0 0 rg BT 543.95 693.75 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 (February18, ) Tj ET Q q 0 0 0 rg BT 126.43 453.75 Td (2016) 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 (1,192) 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 (750) 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 173.10 441.75 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 93.33 381.75 Td (or) Tj ET Q q 0 0 0 rg BT 101.48 381.75 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 149.76 381.75 Td (\(SROs\) ) Tj ET Q q 0 0 0 rg BT 191.38 381.75 Td (and ) Tj ET Q q 0 0 0 rg BT 208.56 381.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 249.06 381.75 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 295.94 381.75 Td (and ) Tj ET Q q 0 0 0 rg BT 313.12 381.75 Td (by ) Tj ET Q q 0 0 0 rg BT 325.86 381.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 357.47 381.75 Td (governmental ) Tj ET Q q 0 0 0 rg BT 415.19 381.75 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 454.86 381.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 492.57 381.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 536.41 381.75 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 79.58 249.75 Td (the ) Tj ET Q q 0 0 0 rg BT 94.10 249.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 131.39 249.75 Td (services ) Tj ET Q q 0 0 0 rg BT 165.91 249.75 Td (industry) Tj ET Q q 0 0 0 rg BT 198.04 249.75 Td (, ) Tj ET Q q 0 0 0 rg BT 202.84 249.75 Td (which ) Tj ET Q q 0 0 0 rg BT 229.59 249.75 Td (we ) Tj ET Q q 0 0 0 rg BT 243.56 249.75 Td (expect ) Tj ET Q q 0 0 0 rg BT 271.96 249.75 Td (to ) Tj ET Q q 0 0 0 rg BT 282.05 249.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 318.79 249.75 Td (in ) Tj ET Q q 0 0 0 rg BT 328.88 249.75 Td (the ) Tj ET Q q 0 0 0 rg BT 343.40 249.75 Td (coming ) Tj ET Q q 0 0 0 rg BT 375.71 249.75 Td (years. ) Tj ET Q q 0 0 0 rg BT 401.45 249.75 Td (This ) Tj ET Q q 0 0 0 rg BT 421.54 249.75 Td (intensified ) Tj ET Q q 0 0 0 rg BT 466.06 249.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 509.46 249.75 Td (environment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (will ) Tj ET Q q 0 0 0 rg BT 67.05 237.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 91.81 237.75 Td (alter ) Tj ET Q q 0 0 0 rg BT 111.56 237.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 140.75 237.75 Td (business ) Tj ET Q q 0 0 0 rg BT 176.63 237.75 Td (practices ) Tj ET Q q 0 0 0 rg BT 214.15 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 230.58 237.75 Td (change ) Tj ET Q q 0 0 0 rg BT 260.88 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 275.09 237.75 Td (competitive ) Tj ET Q q 0 0 0 rg BT 324.29 237.75 Td (landscape ) Tj ET Q q 0 0 0 rg BT 365.70 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 376.02 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 390.22 237.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 427.19 237.75 Td (services ) Tj ET Q q 0 0 0 rg BT 461.39 237.75 Td (industry) Tj ET Q q 0 0 0 rg BT 493.52 237.75 Td (, ) Tj ET Q q 0 0 0 rg BT 498.00 237.75 Td (which ) Tj ET Q q 0 0 0 rg BT 524.43 237.75 Td (may ) Tj ET Q q 0 0 0 rg BT 543.64 237.75 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.75 Td (an ) Tj ET Q q 0 0 0 rg BT 61.44 225.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 94.48 225.75 Td (ef) Tj ET Q q 0 0 0 rg BT 102.06 225.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 119.55 225.75 Td (on ) Tj ET Q q 0 0 0 rg BT 132.05 225.75 Td (our ) Tj ET Q q 0 0 0 rg BT 147.88 225.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 186.77 225.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 224.25 225.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 264.52 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 281.46 225.75 Td (results ) Tj ET Q q 0 0 0 rg BT 310.07 225.75 Td (of ) Tj ET Q q 0 0 0 rg BT 320.90 225.75 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 101.20 177.75 Td (and ) Tj ET Q q 0 0 0 rg BT 117.38 177.75 Td (arbitration ) Tj ET Q q 0 0 0 rg BT 160.76 177.75 Td (functions ) Tj ET Q q 0 0 0 rg BT 199.71 177.75 Td (of ) Tj ET Q q 0 0 0 rg BT 209.77 177.75 Td (the ) Tj ET Q q 0 0 0 rg BT 223.72 177.75 Td (New ) Tj ET Q q 0 0 0 rg BT 244.08 177.75 Td (Y) Tj ET Q q 0 0 0 rg BT 250.30 177.75 Td (ork ) Tj ET Q q 0 0 0 rg BT 265.37 177.75 Td (Stock ) Tj ET Q q 0 0 0 rg BT 289.88 177.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 331.03 177.75 Td (\(NYSE\) ) Tj ET Q q 0 0 0 rg BT 374.42 177.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 426.69 177.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.21 177.75 Td (formFINRA, ) Tj ET Q q 0 0 0 rg BT 492.38 177.75 Td (which ) Tj ET Q q 0 0 0 rg BT 518.55 177.75 Td (now ) Tj ET Q q 0 0 0 rg BT 537.51 177.75 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 80.82 153.75 Td (regulates ) Tj ET Q q 0 0 0 rg BT 118.77 153.75 Td (many ) Tj ET Q q 0 0 0 rg BT 142.85 153.75 Td (aspects ) Tj ET Q q 0 0 0 rg BT 173.59 153.75 Td (of ) Tj ET Q q 0 0 0 rg BT 183.78 153.75 Td (our ) Tj ET Q q 0 0 0 rg BT 198.98 153.75 Td (U.S.broker ) Tj ET Q q 0 0 0 rg BT 247.22 153.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 273.51 153.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 311.76 153.75 Td (including ) Tj ET Q q 0 0 0 rg BT 351.40 153.75 Td (registration, ) Tj ET Q q 0 0 0 rg BT 401.30 153.75 Td (education ) Tj ET Q q 0 0 0 rg BT 442.04 153.75 Td (and ) Tj ET Q q 0 0 0 rg BT 458.34 153.75 Td (conduct ) Tj ET Q q 0 0 0 rg BT 491.86 153.75 Td (of ) Tj ET Q q 0 0 0 rg BT 502.05 153.75 Td (our ) Tj ET Q q 0 0 0 rg BT 517.24 153.75 Td (employees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.75 Td (examinations, ) Tj ET Q q 0 0 0 rg BT 108.35 141.75 Td (rulemaking, ) Tj ET Q q 0 0 0 rg BT 159.42 141.75 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 212.42 141.75 Td (of ) Tj ET Q q 0 0 0 rg BT 223.78 141.75 Td (these ) Tj ET Q q 0 0 0 rg BT 247.35 141.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 269.82 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 287.29 141.75 Td (the ) Tj ET Q q 0 0 0 rg BT 302.53 141.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 333.32 141.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 374.11 141.75 Td (laws, ) Tj ET Q q 0 0 0 rg BT 397.97 141.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 420.98 141.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 460.67 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 478.13 141.75 Td (the ) Tj ET Q q 0 0 0 rg BT 493.38 141.75 Td (administration ) Tj ET Q q 0 0 0 rg BT 554.18 141.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.75 Td (dispute ) Tj ET Q q 0 0 0 rg BT 80.71 129.75 Td (resolution ) Tj ET Q q 0 0 0 rg BT 123.02 129.75 Td (between ) Tj ET Q q 0 0 0 rg BT 158.66 129.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 197.09 129.75 Td (and ) Tj ET Q q 0 0 0 rg BT 213.85 129.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 255.59 129.75 Td (firms. ) Tj ET Q q 0 0 0 rg BT 281.35 129.75 Td (W) Tj ET Q q 0 0 0 rg BT 289.99 129.75 Td (e ) Tj ET Q q 0 0 0 rg BT 296.75 129.75 Td (have ) Tj ET Q q 0 0 0 rg BT 317.95 129.75 Td (agreed ) Tj ET Q q 0 0 0 rg BT 346.92 129.75 Td (to ) Tj ET Q q 0 0 0 rg BT 357.01 129.75 Td (abide ) Tj ET Q q 0 0 0 rg BT 380.99 129.75 Td (by ) Tj ET Q q 0 0 0 rg BT 393.31 129.75 Td (the ) Tj ET Q q 0 0 0 rg BT 407.85 129.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 429.61 129.75 Td (of ) Tj ET Q q 0 0 0 rg BT 440.26 129.75 Td (FINRA) Tj ET Q q 0 0 0 rg BT 469.71 129.75 Td ( ) Tj ET Q q 0 0 0 rg BT 472.03 129.75 Td (\(as ) Tj ET Q q 0 0 0 rg BT 486.01 129.75 Td (well ) Tj ET Q q 0 0 0 rg BT 505.55 129.75 Td (as ) Tj ET Q q 0 0 0 rg BT 516.20 129.75 Td (those ) Tj ET Q q 0 0 0 rg BT 539.63 129.75 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 129.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.75 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 78.55 117.75 Td (and ) Tj ET Q q 0 0 0 rg BT 95.93 117.75 Td (other ) Tj ET Q q 0 0 0 rg BT 119.41 117.75 Td (SROs\), ) Tj ET Q q 0 0 0 rg BT 151.52 117.75 Td (and ) Tj ET Q q 0 0 0 rg BT 168.90 117.75 Td (FINRA) Tj ET Q q 0 0 0 rg BT 198.35 117.75 Td ( ) Tj ET Q q 0 0 0 rg BT 201.29 117.75 Td (has ) Tj ET Q q 0 0 0 rg BT 217.55 117.75 Td (the ) Tj ET Q q 0 0 0 rg BT 232.71 117.75 Td (power ) Tj ET Q q 0 0 0 rg BT 260.64 117.75 Td (to ) Tj ET Q q 0 0 0 rg BT 271.35 117.75 Td (expel, ) Tj ET Q q 0 0 0 rg BT 298.44 117.75 Td (fine ) Tj ET Q q 0 0 0 rg BT 316.93 117.75 Td (and ) Tj ET Q q 0 0 0 rg BT 334.30 117.75 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 376.12 117.75 Td (discipline ) Tj ET Q q 0 0 0 rg BT 417.94 117.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 441.98 117.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 453.46 117.75 Td (fray& ) Tj ET Q q 0 0 0 rg BT 482.77 117.75 Td (Co. ) Tj ET Q q 0 0 0 rg BT 499.88 117.75 Td (and ) Tj ET Q q 0 0 0 rg BT 517.26 117.75 Td (its ) Tj ET Q q 0 0 0 rg BT 529.64 117.75 Td (of) Tj ET Q q 0 0 0 rg BT 537.79 117.75 Td (ficers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 86.06 105.75 Td (and ) Tj ET Q q 0 0 0 rg BT 102.08 105.75 Td (employees. ) Tj ET Q q 0 0 0 rg BT 148.57 105.75 Td (Among ) Tj ET Q q 0 0 0 rg BT 180.15 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 193.94 105.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 214.96 105.75 Td (that ) Tj ET Q q 0 0 0 rg BT 231.53 105.75 Td (apply ) Tj ET Q q 0 0 0 rg BT 255.32 105.75 Td (to ) Tj ET Q q 0 0 0 rg BT 264.68 105.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 287.36 105.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 298.84 105.75 Td (fray& ) Tj ET Q q 0 0 0 rg BT 326.80 105.75 Td (Co. ) Tj ET Q q 0 0 0 rg BT 342.55 105.75 Td (are ) Tj ET Q q 0 0 0 rg BT 356.33 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 370.12 105.75 Td (uniform ) Tj ET Q q 0 0 0 rg BT 403.92 105.75 Td (net ) Tj ET Q q 0 0 0 rg BT 417.71 105.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 445.94 105.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 463.06 105.75 Td (of ) Tj ET Q q 0 0 0 rg BT 472.97 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 486.76 105.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 506.68 105.75 Td (\(Rule15c3-1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 93.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.67 93.75 Td (the ) Tj ET Q q 0 0 0 rg BT 81.62 93.75 Td (net ) Tj ET Q q 0 0 0 rg BT 96.58 93.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 125.96 93.75 Td (rule ) Tj ET Q q 0 0 0 rg BT 144.24 93.75 Td (of ) Tj ET Q q 0 0 0 rg BT 155.31 93.75 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 190.54 93.75 Td (Both ) Tj ET Q q 0 0 0 rg BT 212.73 93.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 234.90 93.75 Td (set ) Tj ET Q q 0 0 0 rg BT 248.74 93.75 Td (a ) Tj ET Q q 0 0 0 rg BT 255.92 93.75 Td (minimum ) Tj ET Q q 0 0 0 rg BT 297.54 93.75 Td (level ) Tj ET Q q 0 0 0 rg BT 319.71 93.75 Td (of ) Tj ET Q q 0 0 0 rg BT 330.77 93.75 Td (net ) Tj ET Q q 0 0 0 rg BT 345.73 93.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 375.11 93.75 Td (a ) Tj ET Q q 0 0 0 rg BT 382.28 93.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 411.12 93.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 438.27 93.75 Td (must ) Tj ET Q q 0 0 0 rg BT 460.46 93.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 498.18 93.75 Td (and ) Tj ET Q q 0 0 0 rg BT 515.35 93.75 Td (also ) Tj ET Q q 0 0 0 rg BT 534.20 93.75 Td (require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 81.75 Td (that ) Tj ET Q q 0 0 0 rg BT 67.10 81.75 Td (a ) Tj ET Q q 0 0 0 rg BT 74.14 81.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 105.63 81.75 Td (of ) Tj ET Q q 0 0 0 rg BT 116.56 81.75 Td (the ) Tj ET Q q 0 0 0 rg BT 131.38 81.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 160.08 81.75 Td (dealer's ) Tj ET Q q 0 0 0 rg BT 192.80 81.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 218.73 81.75 Td (be ) Tj ET Q q 0 0 0 rg BT 230.77 81.75 Td (relatively ) Tj ET Q q 0 0 0 rg BT 271.14 81.75 Td (liquid. ) Tj ET Q q 0 0 0 rg BT 299.57 81.75 Td (Under ) Tj ET Q q 0 0 0 rg BT 327.17 81.75 Td (the ) Tj ET Q q 0 0 0 rg BT 341.99 81.75 Td (FINRA) Tj ET Q q 0 0 0 rg BT 371.44 81.75 Td ( ) Tj ET Q q 0 0 0 rg BT 374.04 81.75 Td (rule, ) Tj ET Q q 0 0 0 rg BT 394.69 81.75 Td (FINRA) Tj ET Q q 0 0 0 rg BT 424.14 81.75 Td ( ) Tj ET Q q 0 0 0 rg BT 426.75 81.75 Td (may ) Tj ET Q q 0 0 0 rg BT 446.57 81.75 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 480.83 81.75 Td (a ) Tj ET Q q 0 0 0 rg BT 487.87 81.75 Td (member ) Tj ET Q q 0 0 0 rg BT 523.24 81.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 543.06 81.75 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 69.75 Td (expanding ) Tj ET Q q 0 0 0 rg BT 92.68 69.75 Td (its ) Tj ET Q q 0 0 0 rg BT 103.66 69.75 Td (business ) Tj ET Q q 0 0 0 rg BT 139.07 69.75 Td (or ) Tj ET Q q 0 0 0 rg BT 148.93 69.75 Td (paying ) Tj ET Q q 0 0 0 rg BT 177.67 69.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 196.97 69.75 Td (dividends ) Tj ET Q q 0 0 0 rg BT 237.38 69.75 Td (if ) Tj ET Q q 0 0 0 rg BT 245.01 69.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 281.53 69.75 Td (net ) Tj ET Q q 0 0 0 rg BT 295.28 69.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 323.45 69.75 Td (falls ) Tj ET Q q 0 0 0 rg BT 342.20 69.75 Td (below ) Tj ET Q q 0 0 0 rg BT 368.16 69.75 Td (FINRA) Tj ET Q q 0 0 0 rg BT 397.61 69.75 Td ( ) Tj ET Q q 0 0 0 rg BT 399.14 69.75 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 455.37 69.75 Td (In ) Tj ET Q q 0 0 0 rg BT 465.22 69.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 502.02 69.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 524.66 69.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 536.14 69.75 Td (fray& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 57.75 Td (Co. ) Tj ET Q q 0 0 0 rg BT 65.76 57.75 Td (is ) Tj ET Q q 0 0 0 rg BT 74.52 57.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 104.94 57.75 Td (to ) Tj ET Q q 0 0 0 rg BT 114.81 57.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 144.10 57.75 Td (notification ) Tj ET Q q 0 0 0 rg BT 192.29 57.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 246.59 57.75 Td (related ) Tj ET Q q 0 0 0 rg BT 275.88 57.75 Td (to ) Tj ET Q q 0 0 0 rg BT 285.75 57.75 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 336.72 57.75 Td (of ) Tj ET Q q 0 0 0 rg BT 347.14 57.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 375.33 57.75 Td (net ) Tj ET Q q 0 0 0 rg BT 389.64 57.75 Td (capital. ) Tj ET Q q 0 0 0 rg BT 420.42 57.75 Td (As ) Tj ET Q q 0 0 0 rg BT 433.62 57.75 Td (a ) Tj ET Q q 0 0 0 rg BT 440.15 57.75 Td (result ) Tj ET Q q 0 0 0 rg BT 464.46 57.75 Td (of ) Tj ET Q q 0 0 0 rg BT 474.88 57.75 Td (these ) Tj ET Q q 0 0 0 rg BT 497.52 57.75 Td (rules, ) Tj ET Q q 0 0 0 rg BT 521.55 57.75 Td (our ) Tj ET Q q 0 0 0 rg BT 536.97 57.75 Td (ability ) 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 (to ) Tj ET Q q 0 0 0 rg BT 59.88 717.60 Td (make ) Tj ET Q q 0 0 0 rg BT 84.14 717.60 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 135.62 717.60 Td (of ) Tj ET Q q 0 0 0 rg BT 146.55 717.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 175.80 717.60 Td (from ) Tj ET Q q 0 0 0 rg BT 197.84 717.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 221.55 717.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 233.03 717.60 Td (fray& ) Tj ET Q q 0 0 0 rg BT 262.01 717.60 Td (Co. ) Tj ET Q q 0 0 0 rg BT 278.78 717.60 Td (may ) Tj ET Q q 0 0 0 rg BT 298.60 717.60 Td (be ) Tj ET Q q 0 0 0 rg BT 310.64 717.60 Td (limited. ) Tj ET Q q 0 0 0 rg BT 344.07 717.60 Td (In ) Tj ET Q q 0 0 0 rg BT 355.00 717.60 Td (addition, ) Tj ET Q q 0 0 0 rg BT 392.88 717.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 416.58 717.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 428.06 717.60 Td (fray& ) Tj ET Q q 0 0 0 rg BT 457.04 717.60 Td (Co. ) Tj ET Q q 0 0 0 rg BT 473.81 717.60 Td (is ) Tj ET Q q 0 0 0 rg BT 483.09 717.60 Td (licensed ) Tj ET Q q 0 0 0 rg BT 518.45 717.60 Td (as ) Tj ET Q q 0 0 0 rg BT 529.38 717.60 Td (a ) Tj ET Q q 0 0 0 rg BT 536.42 717.60 Td (broker ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.60 Td (dealer ) Tj ET Q q 0 0 0 rg BT 76.96 705.60 Td (in ) Tj ET Q q 0 0 0 rg BT 87.78 705.60 Td (each ) Tj ET Q q 0 0 0 rg BT 109.14 705.60 Td (of ) Tj ET Q q 0 0 0 rg BT 120.51 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 135.76 705.60 Td (50states, ) Tj ET Q q 0 0 0 rg BT 176.02 705.60 Td (requiring ) Tj ET Q q 0 0 0 rg BT 215.71 705.60 Td (us ) Tj ET Q q 0 0 0 rg BT 227.64 705.60 Td (to ) Tj ET Q q 0 0 0 rg BT 238.46 705.60 Td (comply ) Tj ET Q q 0 0 0 rg BT 271.50 705.60 Td (with ) Tj ET Q q 0 0 0 rg BT 292.31 705.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 336.44 705.60 Td (laws, ) Tj ET Q q 0 0 0 rg BT 360.31 705.60 Td (rules ) Tj ET Q q 0 0 0 rg BT 382.79 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 400.27 705.60 Td (regulations ) Tj ET Q q 0 0 0 rg BT 447.74 705.60 Td (of ) Tj ET Q q 0 0 0 rg BT 459.11 705.60 Td (each ) Tj ET Q q 0 0 0 rg BT 480.47 705.60 Td (state. ) Tj ET Q q 0 0 0 rg BT 503.66 705.60 Td (Any ) Tj ET Q q 0 0 0 rg BT 523.92 705.60 Td (state ) Tj ET Q q 0 0 0 rg BT 545.29 705.60 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (revoke ) Tj ET Q q 0 0 0 rg BT 79.47 693.60 Td (a ) Tj ET Q q 0 0 0 rg BT 86.68 693.60 Td (license ) Tj ET Q q 0 0 0 rg BT 117.20 693.60 Td (to ) Tj ET Q q 0 0 0 rg BT 127.75 693.60 Td (conduct ) Tj ET Q q 0 0 0 rg BT 162.17 693.60 Td (a ) Tj ET Q q 0 0 0 rg BT 169.37 693.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 209.90 693.60 Td (business ) Tj ET Q q 0 0 0 rg BT 246.56 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 263.76 693.60 Td (fine ) Tj ET Q q 0 0 0 rg BT 282.07 693.60 Td (or ) Tj ET Q q 0 0 0 rg BT 293.17 693.60 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 334.81 693.60 Td (discipline ) Tj ET Q q 0 0 0 rg BT 376.46 693.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 405.32 693.60 Td (dealers ) Tj ET Q q 0 0 0 rg BT 436.40 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 453.61 693.60 Td (their ) Tj ET Q q 0 0 0 rg BT 474.70 693.60 Td (of) Tj ET Q q 0 0 0 rg BT 482.85 693.60 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 510.32 693.60 Td (directors ) Tj ET Q q 0 0 0 rg BT 548.07 693.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.60 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 64.87 657.60 Td (also ) Tj ET Q q 0 0 0 rg BT 83.28 657.60 Td (operate ) Tj ET Q q 0 0 0 rg BT 115.00 657.60 Td (an ) Tj ET Q q 0 0 0 rg BT 126.74 657.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 151.81 657.60 Td (that ) Tj ET Q q 0 0 0 rg BT 169.10 657.60 Td (is ) Tj ET Q q 0 0 0 rg BT 178.07 657.60 Td (authorized, ) Tj ET Q q 0 0 0 rg BT 225.07 657.60 Td (licensed ) Tj ET Q q 0 0 0 rg BT 260.13 657.60 Td (and ) Tj ET Q q 0 0 0 rg BT 276.86 657.60 Td (regulated ) Tj ET Q q 0 0 0 rg BT 316.36 657.60 Td (by ) Tj ET Q q 0 0 0 rg BT 328.66 657.60 Td (the ) Tj ET Q q 0 0 0 rg BT 343.17 657.60 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 364.92 657.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 404.42 657.60 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 440.10 657.60 Td (Authority ) Tj ET Q q 0 0 0 rg BT 481.29 657.60 Td (and ) Tj ET Q q 0 0 0 rg BT 498.02 657.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 539.74 657.60 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.56 645.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 85.73 645.60 Td (of ) Tj ET Q q 0 0 0 rg BT 96.90 645.60 Td (England ) Tj ET Q q 0 0 0 rg BT 133.07 645.60 Td (and ) Tj ET Q q 0 0 0 rg BT 150.14 645.60 Td (W) Tj ET Q q 0 0 0 rg BT 158.78 645.60 Td (ales, ) Tj ET Q q 0 0 0 rg BT 179.66 645.60 Td (as ) Tj ET Q q 0 0 0 rg BT 190.84 645.60 Td (well ) Tj ET Q q 0 0 0 rg BT 210.89 645.60 Td (as ) Tj ET Q q 0 0 0 rg BT 222.06 645.60 Td (an ) Tj ET Q q 0 0 0 rg BT 234.34 645.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 259.96 645.60 Td (that ) Tj ET Q q 0 0 0 rg BT 277.79 645.60 Td (is ) Tj ET Q q 0 0 0 rg BT 287.30 645.60 Td (authorized, ) Tj ET Q q 0 0 0 rg BT 334.85 645.60 Td (licensed ) Tj ET Q q 0 0 0 rg BT 370.45 645.60 Td (and ) Tj ET Q q 0 0 0 rg BT 387.73 645.60 Td (regulated ) Tj ET Q q 0 0 0 rg BT 427.77 645.60 Td (by ) Tj ET Q q 0 0 0 rg BT 440.61 645.60 Td (the ) Tj ET Q q 0 0 0 rg BT 455.67 645.60 Td (Hong ) Tj ET Q q 0 0 0 rg BT 480.73 645.60 Td (Kong ) Tj ET Q q 0 0 0 rg BT 505.80 645.60 Td (Securities ) Tj ET Q q 0 0 0 rg BT 548.07 645.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (Futures ) Tj ET Q q 0 0 0 rg BT 82.31 633.60 Td (Commission ) Tj ET Q q 0 0 0 rg BT 135.69 633.60 Td (and ) Tj ET Q q 0 0 0 rg BT 152.94 633.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 195.17 633.60 Td (under ) Tj ET Q q 0 0 0 rg BT 220.75 633.60 Td (the ) Tj ET Q q 0 0 0 rg BT 235.77 633.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 256.91 633.60 Td (of ) Tj ET Q q 0 0 0 rg BT 268.05 633.60 Td (Hong ) Tj ET Q q 0 0 0 rg BT 293.09 633.60 Td (Kong, ) Tj ET Q q 0 0 0 rg BT 320.62 633.60 Td (China. ) Tj ET Q q 0 0 0 rg BT 349.61 633.60 Td (The ) Tj ET Q q 0 0 0 rg BT 367.97 633.60 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 390.22 633.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 430.24 633.60 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 466.32 633.60 Td (Authority ) Tj ET Q q 0 0 0 rg BT 508.02 633.60 Td (and ) Tj ET Q q 0 0 0 rg BT 525.27 633.60 Td (the ) Tj ET Q q 0 0 0 rg BT 540.29 633.60 Td (Hong ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.60 Td (Kong ) Tj ET Q q 0 0 0 rg BT 74.79 621.60 Td (Securities ) Tj ET Q q 0 0 0 rg BT 117.29 621.60 Td (and ) Tj ET Q q 0 0 0 rg BT 134.80 621.60 Td (Futures ) Tj ET Q q 0 0 0 rg BT 167.87 621.60 Td (Commission ) Tj ET Q q 0 0 0 rg BT 221.50 621.60 Td (regulate ) Tj ET Q q 0 0 0 rg BT 256.77 621.60 Td (these ) Tj ET Q q 0 0 0 rg BT 280.38 621.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 312.33 621.60 Td (\(in ) Tj ET Q q 0 0 0 rg BT 326.51 621.60 Td (their ) Tj ET Q q 0 0 0 rg BT 347.90 621.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 391.50 621.60 Td (jurisdictions\) ) Tj ET Q q 0 0 0 rg BT 447.34 621.60 Td (in ) Tj ET Q q 0 0 0 rg BT 458.19 621.60 Td (areas ) Tj ET Q q 0 0 0 rg BT 481.80 621.60 Td (of ) Tj ET Q q 0 0 0 rg BT 493.19 621.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 522.91 621.60 Td (adequacy) Tj ET Q q 0 0 0 rg BT 560.02 621.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 88.66 609.60 Td (protection ) Tj ET Q q 0 0 0 rg BT 131.70 609.60 Td (and ) Tj ET Q q 0 0 0 rg BT 148.64 609.60 Td (business ) Tj ET Q q 0 0 0 rg BT 185.03 609.60 Td (conduct, ) Tj ET Q q 0 0 0 rg BT 221.68 609.60 Td (among ) Tj ET Q q 0 0 0 rg BT 251.40 609.60 Td (others.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td (Entities ) Tj ET Q q 0 0 0 rg BT 82.66 585.60 Td (in ) Tj ET Q q 0 0 0 rg BT 93.05 585.60 Td (the ) Tj ET Q q 0 0 0 rg BT 107.88 585.60 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 159.94 585.60 Td (identified ) Tj ET Q q 0 0 0 rg BT 200.87 585.60 Td (above ) Tj ET Q q 0 0 0 rg BT 227.36 585.60 Td (are ) Tj ET Q q 0 0 0 rg BT 242.18 585.60 Td (also ) Tj ET Q q 0 0 0 rg BT 260.90 585.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 291.84 585.60 Td (to ) Tj ET Q q 0 0 0 rg BT 302.23 585.60 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 350.38 585.60 Td (laundering ) Tj ET Q q 0 0 0 rg BT 395.76 585.60 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 445.31 585.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 469.03 585.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 480.51 585.60 Td (fray& ) Tj ET Q q 0 0 0 rg BT 509.50 585.60 Td (Co., ) Tj ET Q q 0 0 0 rg BT 528.78 585.60 Td (our ) Tj ET Q q 0 0 0 rg BT 544.72 585.60 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 79.43 573.60 Td (dealer ) Tj ET Q q 0 0 0 rg BT 107.69 573.60 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 148.15 573.60 Td (, ) Tj ET Q q 0 0 0 rg BT 154.48 573.60 Td (is ) Tj ET Q q 0 0 0 rg BT 164.98 573.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 197.14 573.60 Td (to ) Tj ET Q q 0 0 0 rg BT 208.75 573.60 Td (the ) Tj ET Q q 0 0 0 rg BT 224.80 573.60 Td (USA) Tj ET Q q 0 0 0 rg BT 244.25 573.60 Td ( ) Tj ET Q q 0 0 0 rg BT 248.08 573.60 Td (P) Tj ET Q q 0 0 0 rg BT 252.73 573.60 Td (A) Tj ET Q q 0 0 0 rg BT 258.84 573.60 Td (TRIOT) Tj ET Q q 0 0 0 rg BT 288.10 573.60 Td ( ) Tj ET Q q 0 0 0 rg BT 291.09 573.60 Td (Act ) Tj ET Q q 0 0 0 rg BT 309.36 573.60 Td (of ) Tj ET Q q 0 0 0 rg BT 321.52 573.60 Td (2001, ) Tj ET Q q 0 0 0 rg BT 347.85 573.60 Td (which ) Tj ET Q q 0 0 0 rg BT 376.12 573.60 Td (contains ) Tj ET Q q 0 0 0 rg BT 413.28 573.60 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 462.66 573.60 Td (laundering ) Tj ET Q q 0 0 0 rg BT 509.25 573.60 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 573.60 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.60 Td (transparency ) Tj ET Q q 0 0 0 rg BT 102.45 561.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 122.64 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 138.95 561.60 Td (mandates ) Tj ET Q q 0 0 0 rg BT 178.57 561.60 Td (the ) Tj ET Q q 0 0 0 rg BT 192.65 561.60 Td (implementation ) Tj ET Q q 0 0 0 rg BT 257.28 561.60 Td (of ) Tj ET Q q 0 0 0 rg BT 267.48 561.60 Td (various ) Tj ET Q q 0 0 0 rg BT 298.78 561.60 Td (regulations ) Tj ET Q q 0 0 0 rg BT 345.08 561.60 Td (requiring ) Tj ET Q q 0 0 0 rg BT 383.60 561.60 Td (us ) Tj ET Q q 0 0 0 rg BT 394.35 561.60 Td (to ) Tj ET Q q 0 0 0 rg BT 404.00 561.60 Td (implement ) Tj ET Q q 0 0 0 rg BT 448.63 561.60 Td (standards ) Tj ET Q q 0 0 0 rg BT 488.26 561.60 Td (for ) Tj ET Q q 0 0 0 rg BT 501.79 561.60 Td (verifying ) Tj ET Q q 0 0 0 rg BT 540.30 561.60 Td (client ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.60 Td (identification ) Tj ET Q q 0 0 0 rg BT 105.10 549.60 Td (at ) Tj ET Q q 0 0 0 rg BT 114.60 549.60 Td (account ) Tj ET Q q 0 0 0 rg BT 147.98 549.60 Td (opening, ) Tj ET Q q 0 0 0 rg BT 184.98 549.60 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 231.71 549.60 Td (client ) Tj ET Q q 0 0 0 rg BT 256.20 549.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 306.25 549.60 Td (and ) Tj ET Q q 0 0 0 rg BT 322.97 549.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 361.91 549.60 Td (suspicious ) Tj ET Q q 0 0 0 rg BT 405.87 549.60 Td (activity) Tj ET Q q 0 0 0 rg BT 435.21 549.60 Td (. ) Tj ET Q q 0 0 0 rg BT 439.99 549.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 457.83 549.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 488.99 549.60 Td (in ) Tj ET Q q 0 0 0 rg BT 499.06 549.60 Td (Hong ) Tj ET Q q 0 0 0 rg BT 523.56 549.60 Td (Kong ) Tj ET Q q 0 0 0 rg BT 548.07 549.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.52 537.60 Td (United ) Tj ET Q q 0 0 0 rg BT 94.54 537.60 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 135.13 537.60 Td (are ) Tj ET Q q 0 0 0 rg BT 150.14 537.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 181.27 537.60 Td (to ) Tj ET Q q 0 0 0 rg BT 191.85 537.60 Td (similar ) Tj ET Q q 0 0 0 rg BT 222.43 537.60 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 270.78 537.60 Td (laundering ) Tj ET Q q 0 0 0 rg BT 316.35 537.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 337.48 537.60 Td (and ) Tj ET Q q 0 0 0 rg BT 354.73 537.60 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 404.26 537.60 Td (W) Tj ET Q q 0 0 0 rg BT 412.90 537.60 Td (e ) Tj ET Q q 0 0 0 rg BT 420.14 537.60 Td (are ) Tj ET Q q 0 0 0 rg BT 435.16 537.60 Td (also ) Tj ET Q q 0 0 0 rg BT 454.07 537.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 485.20 537.60 Td (to ) Tj ET Q q 0 0 0 rg BT 495.78 537.60 Td (the ) Tj ET Q q 0 0 0 rg BT 510.81 537.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 531.39 537.60 Td (Foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.60 Td (Corrupt ) Tj ET Q q 0 0 0 rg BT 83.55 525.60 Td (Practices ) Tj ET Q q 0 0 0 rg BT 121.94 525.60 Td (Act ) Tj ET Q q 0 0 0 rg BT 139.33 525.60 Td (as ) Tj ET Q q 0 0 0 rg BT 150.60 525.60 Td (well ) Tj ET Q q 0 0 0 rg BT 170.77 525.60 Td (as ) Tj ET Q q 0 0 0 rg BT 182.04 525.60 Td (other ) Tj ET Q q 0 0 0 rg BT 205.53 525.60 Td (anti-bribery ) Tj ET Q q 0 0 0 rg BT 255.68 525.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 276.96 525.60 Td (in ) Tj ET Q q 0 0 0 rg BT 287.68 525.60 Td (the ) Tj ET Q q 0 0 0 rg BT 302.85 525.60 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 355.23 525.60 Td (in ) Tj ET Q q 0 0 0 rg BT 365.96 525.60 Td (which ) Tj ET Q q 0 0 0 rg BT 393.34 525.60 Td (we ) Tj ET Q q 0 0 0 rg BT 407.95 525.60 Td (operate. ) Tj ET Q q 0 0 0 rg BT 442.61 525.60 Td (These ) Tj ET Q q 0 0 0 rg BT 469.43 525.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 490.70 525.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 530.85 525.60 Td (prohibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 93.87 513.60 Td (and ) Tj ET Q q 0 0 0 rg BT 109.91 513.60 Td (their ) Tj ET Q q 0 0 0 rg BT 129.84 513.60 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 188.65 513.60 Td (from ) Tj ET Q q 0 0 0 rg BT 209.69 513.60 Td (engaging ) Tj ET Q q 0 0 0 rg BT 247.95 513.60 Td (in ) Tj ET Q q 0 0 0 rg BT 257.33 513.60 Td (bribery ) Tj ET Q q 0 0 0 rg BT 287.82 513.60 Td (or ) Tj ET Q q 0 0 0 rg BT 297.75 513.60 Td (making ) Tj ET Q q 0 0 0 rg BT 329.35 513.60 Td (other ) Tj ET Q q 0 0 0 rg BT 351.51 513.60 Td (improper ) Tj ET Q q 0 0 0 rg BT 389.77 513.60 Td (payments ) Tj ET Q q 0 0 0 rg BT 429.70 513.60 Td (to ) Tj ET Q q 0 0 0 rg BT 439.08 513.60 Td (foreign ) Tj ET Q q 0 0 0 rg BT 469.56 513.60 Td (of) Tj ET Q q 0 0 0 rg BT 477.71 513.60 Td (ficials ) Tj ET Q q 0 0 0 rg BT 503.75 513.60 Td (for ) Tj ET Q q 0 0 0 rg BT 517.02 513.60 Td (the ) Tj ET Q q 0 0 0 rg BT 530.84 513.60 Td (purpose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 501.60 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 100.60 501.60 Td (or ) Tj ET Q q 0 0 0 rg BT 111.43 501.60 Td (retaining ) Tj ET Q q 0 0 0 rg BT 149.48 501.60 Td (business ) Tj ET Q q 0 0 0 rg BT 185.87 501.60 Td (or ) Tj ET Q q 0 0 0 rg BT 196.70 501.60 Td (gaining ) Tj ET Q q 0 0 0 rg BT 229.19 501.60 Td (an ) Tj ET Q q 0 0 0 rg BT 241.13 501.60 Td (unfair ) Tj ET Q q 0 0 0 rg BT 267.51 501.60 Td (business ) Tj ET Q q 0 0 0 rg BT 303.90 501.60 Td (advantage. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 477.60 Td (e ) Tj ET Q q 0 0 0 rg BT 64.89 477.60 Td (maintain ) Tj ET Q q 0 0 0 rg BT 102.20 477.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 123.96 477.60 Td (management ) Tj ET Q q 0 0 0 rg BT 177.37 477.60 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 226.90 477.60 Td (that ) Tj ET Q q 0 0 0 rg BT 244.22 477.60 Td (are ) Tj ET Q q 0 0 0 rg BT 258.74 477.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 300.48 477.60 Td (as ) Tj ET Q q 0 0 0 rg BT 311.13 477.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 357.33 477.60 Td (advisers ) Tj ET Q q 0 0 0 rg BT 392.42 477.60 Td (with ) Tj ET Q q 0 0 0 rg BT 412.52 477.60 Td (the ) Tj ET Q q 0 0 0 rg BT 427.05 477.60 Td (SEC ) Tj ET Q q 0 0 0 rg BT 447.71 477.60 Td (and ) Tj ET Q q 0 0 0 rg BT 464.47 477.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 495.11 477.60 Td (to ) Tj ET Q q 0 0 0 rg BT 505.21 477.60 Td (regulation ) Tj ET Q q 0 0 0 rg BT 548.07 477.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (oversight ) Tj ET Q q 0 0 0 rg BT 89.16 465.60 Td (by ) Tj ET Q q 0 0 0 rg BT 101.60 465.60 Td (the ) Tj ET Q q 0 0 0 rg BT 116.26 465.60 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 139.37 465.60 Td (These ) Tj ET Q q 0 0 0 rg BT 165.69 465.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 197.01 465.60 Td (are ) Tj ET Q q 0 0 0 rg BT 211.12 465.60 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 250.79 465.60 Td (Research, ) Tj ET Q q 0 0 0 rg BT 292.38 465.60 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 310.09 465.60 Td (\("ARI"\), ) Tj ET Q q 0 0 0 rg BT 347.08 465.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 370.63 465.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 382.11 465.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 400.65 465.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 447.52 465.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 502.17 465.60 Td (LLC ) Tj ET Q q 0 0 0 rg BT 523.50 465.60 Td (\("PJIM"\), ) 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 66.44 453.60 Td (PJC ) Tj ET Q q 0 0 0 rg BT 85.07 453.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 116.46 453.60 Td (Partners ) Tj ET Q q 0 0 0 rg BT 151.73 453.60 Td (LLC. ) Tj ET Q q 0 0 0 rg BT 175.07 453.60 Td (As ) Tj ET Q q 0 0 0 rg BT 188.68 453.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 230.61 453.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 277.00 453.60 Td (advisors, ) Tj ET Q q 0 0 0 rg BT 315.33 453.60 Td (these ) Tj ET Q q 0 0 0 rg BT 338.38 453.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 369.77 453.60 Td (are ) Tj ET Q q 0 0 0 rg BT 384.48 453.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 415.31 453.60 Td (to ) Tj ET Q q 0 0 0 rg BT 425.59 453.60 Td (requirements ) Tj ET Q q 0 0 0 rg BT 480.29 453.60 Td (that ) Tj ET Q q 0 0 0 rg BT 497.79 453.60 Td (relate ) Tj ET Q q 0 0 0 rg BT 522.50 453.60 Td (to, ) Tj ET Q q 0 0 0 rg BT 535.28 453.60 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td (other ) Tj ET Q q 0 0 0 rg BT 71.88 441.60 Td (things, ) Tj ET Q q 0 0 0 rg BT 100.67 441.60 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 138.59 441.60 Td (duties ) Tj ET Q q 0 0 0 rg BT 164.32 441.60 Td (to ) Tj ET Q q 0 0 0 rg BT 173.93 441.60 Td (clients, ) Tj ET Q q 0 0 0 rg BT 204.37 441.60 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 253.97 441.60 Td (an ) Tj ET Q q 0 0 0 rg BT 265.24 441.60 Td (ef) Tj ET Q q 0 0 0 rg BT 272.83 441.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 301.87 441.60 Td (compliance ) Tj ET Q q 0 0 0 rg BT 349.79 441.60 Td (program, ) Tj ET Q q 0 0 0 rg BT 388.00 441.60 Td (solicitation ) Tj ET Q q 0 0 0 rg BT 434.28 441.60 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 484.15 441.60 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 520.41 441.60 Td (of ) Tj ET Q q 0 0 0 rg BT 530.58 441.60 Td (interest, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td (recordkeeping ) Tj ET Q q 0 0 0 rg BT 108.39 429.60 Td (and ) Tj ET Q q 0 0 0 rg BT 124.52 429.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 162.88 429.60 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 219.28 429.60 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 261.52 429.60 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 317.92 429.60 Td (limitations ) Tj ET Q q 0 0 0 rg BT 362.39 429.60 Td (on ) Tj ET Q q 0 0 0 rg BT 374.09 429.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 404.10 429.60 Td (cross ) Tj ET Q q 0 0 0 rg BT 426.35 429.60 Td (and ) Tj ET Q q 0 0 0 rg BT 442.49 429.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 479.72 429.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 529.19 429.60 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.60 Td (advisor ) Tj ET Q q 0 0 0 rg BT 81.74 417.60 Td (and ) Tj ET Q q 0 0 0 rg BT 98.98 417.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 136.22 417.60 Td (clients, ) Tj ET Q q 0 0 0 rg BT 167.62 417.60 Td (as ) Tj ET Q q 0 0 0 rg BT 178.75 417.60 Td (well ) Tj ET Q q 0 0 0 rg BT 198.77 417.60 Td (as ) Tj ET Q q 0 0 0 rg BT 209.90 417.60 Td (general ) Tj ET Q q 0 0 0 rg BT 242.12 417.60 Td (anti-fraud ) Tj ET Q q 0 0 0 rg BT 284.35 417.60 Td (prohibitions. ) Tj ET Q q 0 0 0 rg BT 337.98 417.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 370.22 417.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 416.90 417.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 441.92 417.60 Td (that ) Tj ET Q q 0 0 0 rg BT 459.71 417.60 Td (we ) Tj ET Q q 0 0 0 rg BT 474.18 417.60 Td (manage ) Tj ET Q q 0 0 0 rg BT 508.07 417.60 Td (are ) Tj ET Q q 0 0 0 rg BT 523.08 417.60 Td (registered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.06 405.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 139.50 405.60 Td (under ) Tj ET Q q 0 0 0 rg BT 163.94 405.60 Td (the ) Tj ET Q q 0 0 0 rg BT 177.83 405.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 223.94 405.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 264.13 405.60 Td (Act, ) Tj ET Q q 0 0 0 rg BT 282.74 405.60 Td (as ) Tj ET Q q 0 0 0 rg BT 292.75 405.60 Td (amended. ) Tj ET Q q 0 0 0 rg BT 332.90 405.60 Td (Those ) Tj ET Q q 0 0 0 rg BT 359.01 405.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 382.91 405.60 Td (and ) Tj ET Q q 0 0 0 rg BT 399.02 405.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 429.58 405.60 Td (that ) Tj ET Q q 0 0 0 rg BT 446.25 405.60 Td (serve ) Tj ET Q q 0 0 0 rg BT 469.02 405.60 Td (as ) Tj ET Q q 0 0 0 rg BT 479.02 405.60 Td (the ) Tj ET Q q 0 0 0 rg BT 492.92 405.60 Td (funds' ) Tj ET Q q 0 0 0 rg BT 518.61 405.60 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.60 Td (advisors ) Tj ET Q q 0 0 0 rg BT 85.97 393.60 Td (are ) Tj ET Q q 0 0 0 rg BT 101.32 393.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 132.78 393.60 Td (to ) Tj ET Q q 0 0 0 rg BT 143.70 393.60 Td (the ) Tj ET Q q 0 0 0 rg BT 159.06 393.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 206.63 393.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 247.96 393.60 Td (Act ) Tj ET Q q 0 0 0 rg BT 265.54 393.60 Td (and ) Tj ET Q q 0 0 0 rg BT 283.12 393.60 Td (the ) Tj ET Q q 0 0 0 rg BT 298.48 393.60 Td (rules ) Tj ET Q q 0 0 0 rg BT 321.05 393.60 Td (and ) Tj ET Q q 0 0 0 rg BT 338.63 393.60 Td (regulations ) Tj ET Q q 0 0 0 rg BT 386.20 393.60 Td (of ) Tj ET Q q 0 0 0 rg BT 397.67 393.60 Td (the ) Tj ET Q q 0 0 0 rg BT 413.03 393.60 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 437.01 393.60 Td (which ) Tj ET Q q 0 0 0 rg BT 464.59 393.60 Td (regulate ) Tj ET Q q 0 0 0 rg BT 499.93 393.60 Td (the ) Tj ET Q q 0 0 0 rg BT 515.29 393.60 Td (relationship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.60 Td (between ) Tj ET Q q 0 0 0 rg BT 84.73 381.60 Td (a ) Tj ET Q q 0 0 0 rg BT 91.09 381.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 132.43 381.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 178.23 381.60 Td (company ) Tj ET Q q 0 0 0 rg BT 216.80 381.60 Td (and ) Tj ET Q q 0 0 0 rg BT 233.16 381.60 Td (its ) Tj ET Q q 0 0 0 rg BT 244.53 381.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 290.33 381.60 Td (advisor ) Tj ET Q q 0 0 0 rg BT 321.68 381.60 Td (and ) Tj ET Q q 0 0 0 rg BT 338.04 381.60 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 371.62 381.60 Td (or ) Tj ET Q q 0 0 0 rg BT 381.87 381.60 Td (severely ) Tj ET Q q 0 0 0 rg BT 417.10 381.60 Td (restrict ) Tj ET Q q 0 0 0 rg BT 446.79 381.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 484.25 381.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 533.93 381.60 Td (or ) Tj ET Q q 0 0 0 rg BT 544.18 381.60 Td (joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.60 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 101.06 369.60 Td (among ) Tj ET Q q 0 0 0 rg BT 129.57 369.60 Td (other ) Tj ET Q q 0 0 0 rg BT 151.42 369.60 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 207.13 369.60 Td (ARI ) Tj ET Q q 0 0 0 rg BT 225.65 369.60 Td (is ) Tj ET Q q 0 0 0 rg BT 233.61 369.60 Td (also ) Tj ET Q q 0 0 0 rg BT 251.02 369.60 Td (authorized ) Tj ET Q q 0 0 0 rg BT 294.52 369.60 Td (by ) Tj ET Q q 0 0 0 rg BT 305.81 369.60 Td (the ) Tj ET Q q 0 0 0 rg BT 319.33 369.60 Td (Irish ) Tj ET Q q 0 0 0 rg BT 338.95 369.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 377.46 369.60 Td (Services ) Tj ET Q q 0 0 0 rg BT 412.63 369.60 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 458.08 369.60 Td (Authority ) Tj ET Q q 0 0 0 rg BT 498.26 369.60 Td (as ) Tj ET Q q 0 0 0 rg BT 507.89 369.60 Td (an ) Tj ET Q q 0 0 0 rg BT 518.62 369.60 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.60 Td (advisor ) Tj ET Q q 0 0 0 rg BT 80.96 357.60 Td (in ) Tj ET Q q 0 0 0 rg BT 90.75 357.60 Td (Ireland ) Tj ET Q q 0 0 0 rg BT 121.08 357.60 Td (and ) Tj ET Q q 0 0 0 rg BT 137.54 357.60 Td (cleared ) Tj ET Q q 0 0 0 rg BT 168.42 357.60 Td (by ) Tj ET Q q 0 0 0 rg BT 180.43 357.60 Td (the ) Tj ET Q q 0 0 0 rg BT 194.67 357.60 Td (Luxembour) Tj ET Q q 0 0 0 rg BT 241.14 357.60 Td (g ) Tj ET Q q 0 0 0 rg BT 248.16 357.60 Td (Commission ) Tj ET Q q 0 0 0 rg BT 300.74 357.60 Td (de ) Tj ET Q q 0 0 0 rg BT 312.20 357.60 Td (Surviellance ) Tj ET Q q 0 0 0 rg BT 364.19 357.60 Td (du ) Tj ET Q q 0 0 0 rg BT 376.21 357.60 Td (Secteur ) Tj ET Q q 0 0 0 rg BT 408.21 357.60 Td (Financier ) Tj ET Q q 0 0 0 rg BT 447.99 357.60 Td (as ) Tj ET Q q 0 0 0 rg BT 458.34 357.60 Td (a ) Tj ET Q q 0 0 0 rg BT 464.79 357.60 Td (manager ) Tj ET Q q 0 0 0 rg BT 501.23 357.60 Td (to ) Tj ET Q q 0 0 0 rg BT 511.03 357.60 Td (Luxembour) Tj ET Q q 0 0 0 rg BT 557.50 357.60 Td (g ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.60 Td (funds. ) Tj ET Q q 0 0 0 rg BT 75.83 345.60 Td (ARI ) Tj ET Q q 0 0 0 rg BT 95.12 345.60 Td (is ) Tj ET Q q 0 0 0 rg BT 103.86 345.60 Td (the ) Tj ET Q q 0 0 0 rg BT 118.14 345.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 164.09 345.60 Td (advisor ) Tj ET Q q 0 0 0 rg BT 195.60 345.60 Td (for ) Tj ET Q q 0 0 0 rg BT 208.87 345.60 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 248.15 345.60 Td (Research ) Tj ET Q q 0 0 0 rg BT 286.87 345.60 Td (Global ) Tj ET Q q 0 0 0 rg BT 316.15 345.60 Td (Funds ) Tj ET Q q 0 0 0 rg BT 342.67 345.60 Td (PLC, ) Tj ET Q q 0 0 0 rg BT 365.58 345.60 Td (an ) Tj ET Q q 0 0 0 rg BT 377.08 345.60 Td (open-ended ) Tj ET Q q 0 0 0 rg BT 425.79 345.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 471.74 345.60 Td (company ) Tj ET Q q 0 0 0 rg BT 510.47 345.60 Td (with ) Tj ET Q q 0 0 0 rg BT 530.31 345.60 Td (variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 78.12 333.60 Td (authorized ) Tj ET Q q 0 0 0 rg BT 122.29 333.60 Td (and ) Tj ET Q q 0 0 0 rg BT 138.69 333.60 Td (regulated ) Tj ET Q q 0 0 0 rg BT 177.86 333.60 Td (by ) Tj ET Q q 0 0 0 rg BT 189.83 333.60 Td (the ) Tj ET Q q 0 0 0 rg BT 204.02 333.60 Td (Central ) Tj ET Q q 0 0 0 rg BT 235.42 333.60 Td (Bank ) Tj ET Q q 0 0 0 rg BT 258.49 333.60 Td (of ) Tj ET Q q 0 0 0 rg BT 268.79 333.60 Td (Ireland ) Tj ET Q q 0 0 0 rg BT 299.08 333.60 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 335.48 333.60 Td (to ) Tj ET Q q 0 0 0 rg BT 345.23 333.60 Td (the ) Tj ET Q q 0 0 0 rg BT 359.41 333.60 Td (European ) Tj ET Q q 0 0 0 rg BT 399.70 333.60 Td (Communities ) Tj ET Q q 0 0 0 rg BT 455.55 333.60 Td (Regulations ) Tj ET Q q 0 0 0 rg BT 505.30 333.60 Td (\(Undertakings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.60 Td (for ) Tj ET Q q 0 0 0 rg BT 64.08 321.60 Td (Collective ) Tj ET Q q 0 0 0 rg BT 108.10 321.60 Td (Investments ) Tj ET Q q 0 0 0 rg BT 159.34 321.60 Td (in ) Tj ET Q q 0 0 0 rg BT 169.83 321.60 Td (T) Tj ET Q q 0 0 0 rg BT 175.58 321.60 Td (ransferable ) Tj ET Q q 0 0 0 rg BT 222.92 321.60 Td (Securities ) Tj ET Q q 0 0 0 rg BT 265.27 321.60 Td (or ) Tj ET Q q 0 0 0 rg BT 276.52 321.60 Td (UCITS\). ) Tj ET Q q 0 0 0 rg BT 313.51 321.60 Td (ARI ) Tj ET Q q 0 0 0 rg BT 333.66 321.60 Td (has ) Tj ET Q q 0 0 0 rg BT 349.90 321.60 Td (established ) Tj ET Q q 0 0 0 rg BT 397.26 321.60 Td (a ) Tj ET Q q 0 0 0 rg BT 404.40 321.60 Td (T) Tj ET Q q 0 0 0 rg BT 409.81 321.60 Td (okyo ) Tj ET Q q 0 0 0 rg BT 432.73 321.60 Td (of) Tj ET Q q 0 0 0 rg BT 440.88 321.60 Td (fice ) Tj ET Q q 0 0 0 rg BT 458.79 321.60 Td (which ) Tj ET Q q 0 0 0 rg BT 486.14 321.60 Td (is ) Tj ET Q q 0 0 0 rg BT 495.73 321.60 Td (a ) Tj ET Q q 0 0 0 rg BT 503.09 321.60 Td (Representative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.60 Td (Of) Tj ET Q q 0 0 0 rg BT 59.87 309.60 Td (fice ) Tj ET Q q 0 0 0 rg BT 77.12 309.60 Td (of ) Tj ET Q q 0 0 0 rg BT 87.71 309.60 Td (a ) Tj ET Q q 0 0 0 rg BT 94.41 309.60 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 127.79 309.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 173.98 309.60 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 208.47 309.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 239.06 309.60 Td (to ) Tj ET Q q 0 0 0 rg BT 249.10 309.60 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 286.90 309.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 307.49 309.60 Td (and ) Tj ET Q q 0 0 0 rg BT 324.19 309.60 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 373.39 309.60 Td (PJIM ) Tj ET Q q 0 0 0 rg BT 397.33 309.60 Td (is ) Tj ET Q q 0 0 0 rg BT 406.26 309.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 447.95 309.60 Td (with ) Tj ET Q q 0 0 0 rg BT 467.99 309.60 Td (the ) Tj ET Q q 0 0 0 rg BT 482.47 309.60 Td (Commodity ) Tj ET Q q 0 0 0 rg BT 532.52 309.60 Td (Futures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 297.60 Td (rading ) Tj ET Q q 0 0 0 rg BT 83.19 297.60 Td (Commission ) Tj ET Q q 0 0 0 rg BT 136.13 297.60 Td (\(CFTC\) ) Tj ET Q q 0 0 0 rg BT 179.06 297.60 Td (and ) Tj ET Q q 0 0 0 rg BT 195.88 297.60 Td (the ) Tj ET Q q 0 0 0 rg BT 210.48 297.60 Td (National ) Tj ET Q q 0 0 0 rg BT 247.30 297.60 Td (Futures ) Tj ET Q q 0 0 0 rg BT 279.15 297.60 Td (Association ) Tj ET Q q 0 0 0 rg BT 328.75 297.60 Td (\(NF) Tj ET Q q 0 0 0 rg BT 348.56 297.60 Td (A\) ) Tj ET Q q 0 0 0 rg BT 365.93 297.60 Td (as ) Tj ET Q q 0 0 0 rg BT 376.65 297.60 Td (a ) Tj ET Q q 0 0 0 rg BT 383.47 297.60 Td (commodities ) Tj ET Q q 0 0 0 rg BT 437.51 297.60 Td (pool ) Tj ET Q q 0 0 0 rg BT 457.67 297.60 Td (operator) Tj ET Q q 0 0 0 rg BT 490.43 297.60 Td (. ) Tj ET Q q 0 0 0 rg BT 495.14 297.60 Td (The ) Tj ET Q q 0 0 0 rg BT 513.07 297.60 Td (registrations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.60 Td (with ) Tj ET Q q 0 0 0 rg BT 69.98 285.60 Td (the ) Tj ET Q q 0 0 0 rg BT 84.91 285.60 Td (CFTC ) Tj ET Q q 0 0 0 rg BT 112.62 285.60 Td (and ) Tj ET Q q 0 0 0 rg BT 129.77 285.60 Td (NF) Tj ET Q q 0 0 0 rg BT 141.81 285.60 Td (A) Tj ET Q q 0 0 0 rg BT 148.48 285.60 Td ( ) Tj ET Q q 0 0 0 rg BT 151.19 285.60 Td (allow ) Tj ET Q q 0 0 0 rg BT 176.11 285.60 Td (PJIM ) Tj ET Q q 0 0 0 rg BT 200.49 285.60 Td (to ) Tj ET Q q 0 0 0 rg BT 210.98 285.60 Td (enter ) Tj ET Q q 0 0 0 rg BT 233.67 285.60 Td (into ) Tj ET Q q 0 0 0 rg BT 251.93 285.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 294.62 285.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 343.99 285.60 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 366.97 285.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 399.11 285.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 416.80 285.60 Td (swaps ) Tj ET Q q 0 0 0 rg BT 443.95 285.60 Td (and ) Tj ET Q q 0 0 0 rg BT 461.09 285.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 486.56 285.60 Td (default ) Tj ET Q q 0 0 0 rg BT 517.03 285.60 Td (swap ) Tj ET Q q 0 0 0 rg BT 540.29 285.60 Td (index ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.60 Td (contracts\) ) Tj ET Q q 0 0 0 rg BT 91.42 273.60 Td (to ) Tj ET Q q 0 0 0 rg BT 101.70 273.60 Td (hedge ) Tj ET Q q 0 0 0 rg BT 128.08 273.60 Td (risks ) Tj ET Q q 0 0 0 rg BT 149.47 273.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 193.06 273.60 Td (with ) Tj ET Q q 0 0 0 rg BT 213.34 273.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 243.04 273.60 Td (security ) Tj ET Q q 0 0 0 rg BT 277.20 273.60 Td (positions ) Tj ET Q q 0 0 0 rg BT 315.82 273.60 Td (of ) Tj ET Q q 0 0 0 rg BT 326.65 273.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 351.37 273.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 389.96 273.60 Td (by ) Tj ET Q q 0 0 0 rg BT 402.46 273.60 Td (PJIM.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 81.85 249.60 Td (of ) Tj ET Q q 0 0 0 rg BT 93.11 249.60 Td (our ) Tj ET Q q 0 0 0 rg BT 109.36 249.60 Td (businesses ) Tj ET Q q 0 0 0 rg BT 154.50 249.60 Td (also ) Tj ET Q q 0 0 0 rg BT 173.53 249.60 Td (are ) Tj ET Q q 0 0 0 rg BT 188.66 249.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 219.91 249.60 Td (to ) Tj ET Q q 0 0 0 rg BT 230.61 249.60 Td (compliance ) Tj ET Q q 0 0 0 rg BT 279.62 249.60 Td (with ) Tj ET Q q 0 0 0 rg BT 300.32 249.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 321.57 249.60 Td (and ) Tj ET Q q 0 0 0 rg BT 338.93 249.60 Td (regulations ) Tj ET Q q 0 0 0 rg BT 386.28 249.60 Td (of ) Tj ET Q q 0 0 0 rg BT 397.53 249.60 Td (U.S.federal ) Tj ET Q q 0 0 0 rg BT 448.49 249.60 Td (and ) Tj ET Q q 0 0 0 rg BT 465.85 249.60 Td (state ) Tj ET Q q 0 0 0 rg BT 487.10 249.60 Td (governments, ) Tj ET Q q 0 0 0 rg BT 544.17 249.60 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.60 Td (U.S.governments, ) Tj ET Q q 0 0 0 rg BT 126.76 237.60 Td (their ) Tj ET Q q 0 0 0 rg BT 147.91 237.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 191.26 237.60 Td (agencies ) Tj ET Q q 0 0 0 rg BT 228.51 237.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 256.88 237.60 Td (various ) Tj ET Q q 0 0 0 rg BT 289.14 237.60 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 350.82 237.60 Td (or) Tj ET Q q 0 0 0 rg BT 358.97 237.60 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 407.34 237.60 Td (or ) Tj ET Q q 0 0 0 rg BT 418.49 237.60 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 462.96 237.60 Td (governing ) Tj ET Q q 0 0 0 rg BT 506.33 237.60 Td (the ) Tj ET Q q 0 0 0 rg BT 521.37 237.60 Td (privacy ) Tj ET Q q 0 0 0 rg BT 554.17 237.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.60 Td (client ) Tj ET Q q 0 0 0 rg BT 74.91 225.60 Td (information. ) Tj ET Q q 0 0 0 rg BT 127.11 225.60 Td (Any ) Tj ET Q q 0 0 0 rg BT 147.52 225.60 Td (failure ) Tj ET Q q 0 0 0 rg BT 176.81 225.60 Td (with ) Tj ET Q q 0 0 0 rg BT 197.78 225.60 Td (respect ) Tj ET Q q 0 0 0 rg BT 229.29 225.60 Td (to ) Tj ET Q q 0 0 0 rg BT 240.26 225.60 Td (our ) Tj ET Q q 0 0 0 rg BT 256.78 225.60 Td (practices, ) Tj ET Q q 0 0 0 rg BT 298.01 225.60 Td (procedures ) Tj ET Q q 0 0 0 rg BT 345.07 225.60 Td (and ) Tj ET Q q 0 0 0 rg BT 362.70 225.60 Td (controls ) Tj ET Q q 0 0 0 rg BT 398.11 225.60 Td (in ) Tj ET Q q 0 0 0 rg BT 409.08 225.60 Td (any ) Tj ET Q q 0 0 0 rg BT 426.72 225.60 Td (of ) Tj ET Q q 0 0 0 rg BT 438.24 225.60 Td (these ) Tj ET Q q 0 0 0 rg BT 461.98 225.60 Td (areas ) Tj ET Q q 0 0 0 rg BT 485.71 225.60 Td (could ) Tj ET Q q 0 0 0 rg BT 511.12 225.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 542.64 225.60 Td (us ) Tj ET Q q 0 0 0 rg BT 554.72 225.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.60 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 93.09 213.60 Td (consequences, ) Tj ET Q q 0 0 0 rg BT 153.07 213.60 Td (including ) Tj ET Q q 0 0 0 rg BT 193.34 213.60 Td (fines, ) Tj ET Q q 0 0 0 rg BT 217.78 213.60 Td (and ) Tj ET Q q 0 0 0 rg BT 234.72 213.60 Td (potentially ) Tj ET Q q 0 0 0 rg BT 279.99 213.60 Td (other ) Tj ET Q q 0 0 0 rg BT 303.04 213.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 347.75 213.60 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 (February18, ) Tj ET Q q 0 0 0 rg BT 363.37 693.75 Td (2016) 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 (58) 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 (Chad R. Abraham) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 647.82 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 647.82 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 52.50 633.82 Td (Christopher D. Crawshaw) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 633.82 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 633.82 Td (Head of Asset Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 619.82 Td (Christine N. Esckilsen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 619.82 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 619.82 Td (Chief Human Capital Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 605.82 Td (Frank E. Fairman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 605.82 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 605.82 Td (Head of Public Finance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 591.82 Td (John W. Geelan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 591.82 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 591.82 Td (General Counsel and Secretary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 577.82 Td (Jeff P. Klinefelter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 577.82 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 577.82 Td (Global Head of Equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 563.82 Td (R. Scott LaRue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 563.82 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 563.82 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 52.50 549.82 Td (Debbra L. Schoneman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 549.82 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 549.82 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 535.82 Td (Thomas G. Smith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 535.82 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 535.82 Td (Chief Strategy Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 521.82 Td (M. Brad Winges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 521.82 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 521.82 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 49.50 493.75 Td (Andrew ) Tj ET Q q 0 0 0 rg BT 83.65 493.75 Td (S. ) Tj ET Q q 0 0 0 rg BT 93.62 493.75 Td (Duf) Tj ET Q q 0 0 0 rg BT 109.55 493.75 Td (f) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.88 493.75 Td ( ) Tj ET Q q 0 0 0 rg BT 114.80 493.75 Td (is ) Tj ET Q q 0 0 0 rg BT 123.38 493.75 Td (our ) Tj ET Q q 0 0 0 rg BT 138.63 493.75 Td (chairman ) Tj ET Q q 0 0 0 rg BT 177.74 493.75 Td (and ) Tj ET Q q 0 0 0 rg BT 194.09 493.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 215.99 493.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 256.22 493.75 Td (of) Tj ET Q q 0 0 0 rg BT 264.37 493.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 282.13 493.75 Td (. ) Tj ET Q q 0 0 0 rg BT 286.55 493.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 298.22 493.75 Td (. ) Tj ET Q q 0 0 0 rg BT 302.63 493.75 Td (Duf) Tj ET Q q 0 0 0 rg BT 318.00 493.75 Td (f ) Tj ET Q q 0 0 0 rg BT 323.25 493.75 Td (became ) Tj ET Q q 0 0 0 rg BT 355.69 493.75 Td (chairman ) Tj ET Q q 0 0 0 rg BT 394.81 493.75 Td (and ) Tj ET Q q 0 0 0 rg BT 411.16 493.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 433.06 493.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 473.28 493.75 Td (of) Tj ET Q q 0 0 0 rg BT 481.43 493.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 501.66 493.75 Td (of ) Tj ET Q q 0 0 0 rg BT 511.91 493.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 534.93 493.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 546.41 493.75 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 481.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 97.27 481.75 Td (following ) Tj ET Q q 0 0 0 rg BT 138.93 481.75 Td (completion ) Tj ET Q q 0 0 0 rg BT 186.70 481.75 Td (of ) Tj ET Q q 0 0 0 rg BT 197.81 481.75 Td (our ) Tj ET Q q 0 0 0 rg BT 213.91 481.75 Td (spin-of) Tj ET Q q 0 0 0 rg BT 242.06 481.75 Td (f ) Tj ET Q q 0 0 0 rg BT 248.17 481.75 Td (from ) Tj ET Q q 0 0 0 rg BT 270.38 481.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 290.94 481.75 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 327.59 481.75 Td (on ) Tj ET Q q 0 0 0 rg BT 340.37 481.75 Td (December ) Tj ET Q q 0 0 0 rg BT 384.23 481.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 399.50 481.75 Td (2003. ) Tj ET Q q 0 0 0 rg BT 424.78 481.75 Td (He ) Tj ET Q q 0 0 0 rg BT 439.22 481.75 Td (also ) Tj ET Q q 0 0 0 rg BT 458.10 481.75 Td (has ) Tj ET Q q 0 0 0 rg BT 474.21 481.75 Td (served ) Tj ET Q q 0 0 0 rg BT 503.08 481.75 Td (as ) Tj ET Q q 0 0 0 rg BT 514.19 481.75 Td (chairman ) Tj ET Q q 0 0 0 rg BT 554.17 481.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 469.75 Td (our ) Tj ET Q q 0 0 0 rg BT 65.22 469.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 93.71 469.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 120.53 469.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 164.03 469.75 Td (since ) Tj ET Q q 0 0 0 rg BT 186.97 469.75 Td (2003, ) Tj ET Q q 0 0 0 rg BT 211.86 469.75 Td (as ) Tj ET Q q 0 0 0 rg BT 222.58 469.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 244.96 469.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 285.66 469.75 Td (of) Tj ET Q q 0 0 0 rg BT 293.81 469.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 314.51 469.75 Td (of ) Tj ET Q q 0 0 0 rg BT 325.24 469.75 Td (our ) Tj ET Q q 0 0 0 rg BT 340.96 469.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 369.45 469.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 396.26 469.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 439.76 469.75 Td (since ) Tj ET Q q 0 0 0 rg BT 462.70 469.75 Td (2000, ) Tj ET Q q 0 0 0 rg BT 487.59 469.75 Td (and ) Tj ET Q q 0 0 0 rg BT 504.42 469.75 Td (as ) Tj ET Q q 0 0 0 rg BT 515.15 469.75 Td (president ) Tj ET Q q 0 0 0 rg BT 554.19 469.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 457.75 Td (our ) Tj ET Q q 0 0 0 rg BT 65.32 457.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 93.92 457.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 120.83 457.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 164.44 457.75 Td (since ) Tj ET Q q 0 0 0 rg BT 187.48 457.75 Td (1996. ) Tj ET Q q 0 0 0 rg BT 212.47 457.75 Td (He ) Tj ET Q q 0 0 0 rg BT 226.63 457.75 Td (has ) Tj ET Q q 0 0 0 rg BT 242.45 457.75 Td (been ) Tj ET Q q 0 0 0 rg BT 263.82 457.75 Td (with ) Tj ET Q q 0 0 0 rg BT 284.09 457.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 307.70 457.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 319.18 457.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 337.77 457.75 Td (since ) Tj ET Q q 0 0 0 rg BT 360.81 457.75 Td (1980. ) Tj ET Q q 0 0 0 rg BT 385.80 457.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 408.30 457.75 Td (to ) Tj ET Q q 0 0 0 rg BT 418.57 457.75 Td (the ) Tj ET Q q 0 0 0 rg BT 433.28 457.75 Td (spin-of) Tj ET Q q 0 0 0 rg BT 461.43 457.75 Td (f ) Tj ET Q q 0 0 0 rg BT 467.26 457.75 Td (from ) Tj ET Q q 0 0 0 rg BT 489.19 457.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 509.47 457.75 Td (Bancorp, ) Tj ET Q q 0 0 0 rg BT 548.34 457.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 560.01 457.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 445.75 Td (Duf) Tj ET Q q 0 0 0 rg BT 64.87 445.75 Td (f ) Tj ET Q q 0 0 0 rg BT 70.70 445.75 Td (also ) Tj ET Q q 0 0 0 rg BT 89.31 445.75 Td (was ) Tj ET Q q 0 0 0 rg BT 107.36 445.75 Td (a ) Tj ET Q q 0 0 0 rg BT 114.30 445.75 Td (vice ) Tj ET Q q 0 0 0 rg BT 133.46 445.75 Td (chairman ) Tj ET Q q 0 0 0 rg BT 173.16 445.75 Td (of ) Tj ET Q q 0 0 0 rg BT 183.99 445.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 204.27 445.75 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 240.65 445.75 Td (from ) Tj ET Q q 0 0 0 rg BT 262.59 445.75 Td (1999 ) Tj ET Q q 0 0 0 rg BT 285.09 445.75 Td (through ) Tj ET Q q 0 0 0 rg BT 318.69 445.75 Td (2003.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 421.75 Td (Chad ) Tj ET Q q 0 0 0 rg BT 74.48 421.75 Td (R. ) Tj ET Q q 0 0 0 rg BT 85.98 421.75 Td (Abraham) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.88 421.75 Td ( ) Tj ET Q q 0 0 0 rg BT 127.63 421.75 Td (is ) Tj ET Q q 0 0 0 rg BT 137.04 421.75 Td (our ) Tj ET Q q 0 0 0 rg BT 153.12 421.75 Td (co-head ) Tj ET Q q 0 0 0 rg BT 187.51 421.75 Td (of ) Tj ET Q q 0 0 0 rg BT 198.58 421.75 Td (global ) Tj ET Q q 0 0 0 rg BT 226.32 421.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 272.95 421.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 307.91 421.75 Td (and ) Tj ET Q q 0 0 0 rg BT 325.09 421.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 354.48 421.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 391.38 421.75 Td (a ) Tj ET Q q 0 0 0 rg BT 398.57 421.75 Td (position ) Tj ET Q q 0 0 0 rg BT 433.54 421.75 Td (he ) Tj ET Q q 0 0 0 rg BT 445.72 421.75 Td (has ) Tj ET Q q 0 0 0 rg BT 461.79 421.75 Td (held ) Tj ET Q q 0 0 0 rg BT 481.75 421.75 Td (since ) Tj ET Q q 0 0 0 rg BT 505.04 421.75 Td (October ) Tj ET Q q 0 0 0 rg BT 540.00 421.75 Td (2010. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 409.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 72.14 409.75 Td (to ) Tj ET Q q 0 0 0 rg BT 82.56 409.75 Td (his ) Tj ET Q q 0 0 0 rg BT 96.87 409.75 Td (current ) Tj ET Q q 0 0 0 rg BT 127.82 409.75 Td (role, ) Tj ET Q q 0 0 0 rg BT 148.51 409.75 Td (he ) Tj ET Q q 0 0 0 rg BT 160.58 409.75 Td (served ) Tj ET Q q 0 0 0 rg BT 189.32 409.75 Td (as ) Tj ET Q q 0 0 0 rg BT 200.29 409.75 Td (head ) Tj ET Q q 0 0 0 rg BT 221.81 409.75 Td (of ) Tj ET Q q 0 0 0 rg BT 232.78 409.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 260.41 409.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 289.70 409.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 323.99 409.75 Td (since ) Tj ET Q q 0 0 0 rg BT 347.18 409.75 Td (November ) Tj ET Q q 0 0 0 rg BT 392.03 409.75 Td (2005. ) Tj ET Q q 0 0 0 rg BT 417.17 409.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 428.84 409.75 Td (.) Tj ET Q q 0 0 0 rg BT 433.28 409.75 Td (Abraham ) Tj ET Q q 0 0 0 rg BT 473.13 409.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 500.76 409.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 524.51 409.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 535.99 409.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 554.73 409.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.75 Td (1991.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 373.75 Td (Christopher ) Tj ET Q q 0 0 0 rg BT 101.26 373.75 Td (D. ) Tj ET Q q 0 0 0 rg BT 113.27 373.75 Td (Crawshaw) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.62 373.75 Td ( ) Tj ET Q q 0 0 0 rg BT 158.92 373.75 Td (is ) Tj ET Q q 0 0 0 rg BT 167.88 373.75 Td (our ) Tj ET Q q 0 0 0 rg BT 183.50 373.75 Td (head ) Tj ET Q q 0 0 0 rg BT 204.67 373.75 Td (of ) Tj ET Q q 0 0 0 rg BT 215.29 373.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 237.02 373.75 Td (management. ) Tj ET Q q 0 0 0 rg BT 292.91 373.75 Td (He ) Tj ET Q q 0 0 0 rg BT 306.86 373.75 Td (has ) Tj ET Q q 0 0 0 rg BT 322.48 373.75 Td (served ) Tj ET Q q 0 0 0 rg BT 350.87 373.75 Td (in ) Tj ET Q q 0 0 0 rg BT 360.94 373.75 Td (this ) Tj ET Q q 0 0 0 rg BT 377.68 373.75 Td (role ) Tj ET Q q 0 0 0 rg BT 395.52 373.75 Td (since ) Tj ET Q q 0 0 0 rg BT 418.36 373.75 Td (January ) Tj ET Q q 0 0 0 rg BT 451.75 373.75 Td (2014. ) Tj ET Q q 0 0 0 rg BT 476.55 373.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 488.22 373.75 Td (. ) Tj ET Q q 0 0 0 rg BT 493.01 373.75 Td (Crawshaw ) Tj ET Q q 0 0 0 rg BT 537.51 373.75 Td (joined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 72.77 361.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.25 361.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 102.51 361.75 Td (from ) Tj ET Q q 0 0 0 rg BT 123.63 361.75 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 163.02 361.75 Td (Research, ) Tj ET Q q 0 0 0 rg BT 204.33 361.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 224.26 361.75 Td (a ) Tj ET Q q 0 0 0 rg BT 230.86 361.75 Td (Chicago-based ) Tj ET Q q 0 0 0 rg BT 292.44 361.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 314.04 361.75 Td (management ) Tj ET Q q 0 0 0 rg BT 367.29 361.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 386.67 361.75 Td (that ) Tj ET Q q 0 0 0 rg BT 403.83 361.75 Td (we ) Tj ET Q q 0 0 0 rg BT 417.65 361.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 454.24 361.75 Td (in ) Tj ET Q q 0 0 0 rg BT 464.18 361.75 Td (2010, ) Tj ET Q q 0 0 0 rg BT 488.84 361.75 Td (where ) Tj ET Q q 0 0 0 rg BT 515.43 361.75 Td (he ) Tj ET Q q 0 0 0 rg BT 527.03 361.75 Td (had ) Tj ET Q q 0 0 0 rg BT 543.63 361.75 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 349.75 Td (a ) Tj ET Q q 0 0 0 rg BT 56.54 349.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 98.57 349.75 Td (director ) Tj ET Q q 0 0 0 rg BT 132.26 349.75 Td (since ) Tj ET Q q 0 0 0 rg BT 155.40 349.75 Td (2004, ) Tj ET Q q 0 0 0 rg BT 180.50 349.75 Td (having ) Tj ET Q q 0 0 0 rg BT 210.32 349.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 237.91 349.75 Td (the ) Tj ET Q q 0 0 0 rg BT 252.72 349.75 Td (company ) Tj ET Q q 0 0 0 rg BT 291.98 349.75 Td (in ) Tj ET Q q 0 0 0 rg BT 302.35 349.75 Td (2001. ) Tj ET Q q 0 0 0 rg BT 327.45 349.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 339.12 349.75 Td (. ) Tj ET Q q 0 0 0 rg BT 344.22 349.75 Td (Crawshaw ) Tj ET Q q 0 0 0 rg BT 389.03 349.75 Td (was ) Tj ET Q q 0 0 0 rg BT 407.18 349.75 Td (named ) Tj ET Q q 0 0 0 rg BT 436.43 349.75 Td (president ) Tj ET Q q 0 0 0 rg BT 475.68 349.75 Td (of ) Tj ET Q q 0 0 0 rg BT 486.04 349.75 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 525.86 349.75 Td (Research ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 337.75 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 337.75 Td (2012.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 313.75 Td (Christine ) Tj ET Q q 0 0 0 rg BT 90.99 313.75 Td (N. ) Tj ET Q q 0 0 0 rg BT 103.85 313.75 Td (Esckilsen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.30 313.75 Td ( ) Tj ET Q q 0 0 0 rg BT 146.44 313.75 Td (is ) Tj ET Q q 0 0 0 rg BT 156.24 313.75 Td (our ) Tj ET Q q 0 0 0 rg BT 172.71 313.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 195.84 313.75 Td (human ) Tj ET Q q 0 0 0 rg BT 226.19 313.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 255.98 313.75 Td (of) Tj ET Q q 0 0 0 rg BT 264.13 313.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 282.05 313.75 Td (, ) Tj ET Q q 0 0 0 rg BT 287.68 313.75 Td (a ) Tj ET Q q 0 0 0 rg BT 295.26 313.75 Td (title ) Tj ET Q q 0 0 0 rg BT 313.95 313.75 Td (she ) Tj ET Q q 0 0 0 rg BT 330.42 313.75 Td (has ) Tj ET Q q 0 0 0 rg BT 346.89 313.75 Td (held ) Tj ET Q q 0 0 0 rg BT 367.25 313.75 Td (since ) Tj ET Q q 0 0 0 rg BT 390.93 313.75 Td (January ) Tj ET Q q 0 0 0 rg BT 425.17 313.75 Td (2016. ) Tj ET Q q 0 0 0 rg BT 450.81 313.75 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 469.23 313.75 Td (Esckilsen ) Tj ET Q q 0 0 0 rg BT 510.69 313.75 Td (has ) Tj ET Q q 0 0 0 rg BT 527.16 313.75 Td (been ) Tj ET Q q 0 0 0 rg BT 549.18 313.75 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 301.75 Td (global ) Tj ET Q q 0 0 0 rg BT 76.72 301.75 Td (head ) Tj ET Q q 0 0 0 rg BT 97.83 301.75 Td (of ) Tj ET Q q 0 0 0 rg BT 108.39 301.75 Td (human ) Tj ET Q q 0 0 0 rg BT 137.83 301.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 166.71 301.75 Td (and ) Tj ET Q q 0 0 0 rg BT 183.38 301.75 Td (a ) Tj ET Q q 0 0 0 rg BT 190.04 301.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 231.70 301.75 Td (director ) Tj ET Q q 0 0 0 rg BT 265.03 301.75 Td (since ) Tj ET Q q 0 0 0 rg BT 287.80 301.75 Td (201) Tj ET Q q 0 0 0 rg BT 302.43 301.75 Td (1. ) Tj ET Q q 0 0 0 rg BT 312.16 301.75 Td (She ) Tj ET Q q 0 0 0 rg BT 329.39 301.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 356.61 301.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 379.95 301.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 391.42 301.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 409.75 301.75 Td (in ) Tj ET Q q 0 0 0 rg BT 419.76 301.75 Td (2002 ) Tj ET Q q 0 0 0 rg BT 441.99 301.75 Td (as ) Tj ET Q q 0 0 0 rg BT 452.54 301.75 Td (an ) Tj ET Q q 0 0 0 rg BT 464.21 301.75 Td (assistant ) Tj ET Q q 0 0 0 rg BT 500.33 301.75 Td (general ) Tj ET Q q 0 0 0 rg BT 531.98 301.75 Td (counsel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 289.75 Td (responsible ) Tj ET Q q 0 0 0 rg BT 97.55 289.75 Td (for ) Tj ET Q q 0 0 0 rg BT 111.71 289.75 Td (employment ) Tj ET Q q 0 0 0 rg BT 164.20 289.75 Td (matters ) Tj ET Q q 0 0 0 rg BT 196.13 289.75 Td (and ) Tj ET Q q 0 0 0 rg BT 213.07 289.75 Td (litigation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 265.75 Td (Frank ) Tj ET Q q 0 0 0 rg BT 77.95 265.75 Td (E. ) Tj ET Q q 0 0 0 rg BT 89.46 265.75 Td (Fairman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.14 265.75 Td ( ) Tj ET Q q 0 0 0 rg BT 128.47 265.75 Td (is ) Tj ET Q q 0 0 0 rg BT 137.47 265.75 Td (head ) Tj ET Q q 0 0 0 rg BT 158.68 265.75 Td (of ) Tj ET Q q 0 0 0 rg BT 169.34 265.75 Td (our ) Tj ET Q q 0 0 0 rg BT 185.00 265.75 Td (public ) Tj ET Q q 0 0 0 rg BT 212.33 265.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 244.08 265.75 Td (services ) Tj ET Q q 0 0 0 rg BT 278.62 265.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 317.34 265.75 Td (a ) Tj ET Q q 0 0 0 rg BT 324.11 265.75 Td (position ) Tj ET Q q 0 0 0 rg BT 358.67 265.75 Td (he ) Tj ET Q q 0 0 0 rg BT 370.44 265.75 Td (has ) Tj ET Q q 0 0 0 rg BT 386.10 265.75 Td (held ) Tj ET Q q 0 0 0 rg BT 405.65 265.75 Td (since ) Tj ET Q q 0 0 0 rg BT 428.53 265.75 Td (July ) Tj ET Q q 0 0 0 rg BT 447.53 265.75 Td (2005. ) Tj ET Q q 0 0 0 rg BT 472.36 265.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 494.70 265.75 Td (to ) Tj ET Q q 0 0 0 rg BT 504.81 265.75 Td (that, ) Tj ET Q q 0 0 0 rg BT 524.63 265.75 Td (he ) Tj ET Q q 0 0 0 rg BT 536.40 265.75 Td (served ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 253.75 Td (as ) Tj ET Q q 0 0 0 rg BT 61.03 253.75 Td (head ) Tj ET Q q 0 0 0 rg BT 83.10 253.75 Td (of ) Tj ET Q q 0 0 0 rg BT 94.63 253.75 Td (the ) Tj ET Q q 0 0 0 rg BT 110.05 253.75 Td (firm's ) Tj ET Q q 0 0 0 rg BT 136.16 253.75 Td (public ) Tj ET Q q 0 0 0 rg BT 164.35 253.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 196.97 253.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 244.05 253.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 279.47 253.75 Td (group ) Tj ET Q q 0 0 0 rg BT 305.99 253.75 Td (from ) Tj ET Q q 0 0 0 rg BT 328.63 253.75 Td (1991 ) Tj ET Q q 0 0 0 rg BT 351.83 253.75 Td (to ) Tj ET Q q 0 0 0 rg BT 362.81 253.75 Td (2005, ) Tj ET Q q 0 0 0 rg BT 388.50 253.75 Td (as ) Tj ET Q q 0 0 0 rg BT 400.03 253.75 Td (well ) Tj ET Q q 0 0 0 rg BT 420.45 253.75 Td (as ) Tj ET Q q 0 0 0 rg BT 431.98 253.75 Td (the ) Tj ET Q q 0 0 0 rg BT 447.39 253.75 Td (head ) Tj ET Q q 0 0 0 rg BT 469.47 253.75 Td (of ) Tj ET Q q 0 0 0 rg BT 480.99 253.75 Td (the ) Tj ET Q q 0 0 0 rg BT 496.41 253.75 Td (firm's ) Tj ET Q q 0 0 0 rg BT 522.52 253.75 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 241.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 91.98 241.75 Td (business ) Tj ET Q q 0 0 0 rg BT 128.37 241.75 Td (from ) Tj ET Q q 0 0 0 rg BT 150.31 241.75 Td (2002 ) Tj ET Q q 0 0 0 rg BT 172.81 241.75 Td (to ) Tj ET Q q 0 0 0 rg BT 183.09 241.75 Td (2005. ) Tj ET Q q 0 0 0 rg BT 208.09 241.75 Td (He ) Tj ET Q q 0 0 0 rg BT 222.25 241.75 Td (has ) Tj ET Q q 0 0 0 rg BT 238.08 241.75 Td (been ) Tj ET Q q 0 0 0 rg BT 259.46 241.75 Td (with ) Tj ET Q q 0 0 0 rg BT 279.73 241.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 303.34 241.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 314.82 241.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 333.42 241.75 Td (since ) Tj ET Q q 0 0 0 rg BT 356.47 241.75 Td (1983.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 217.75 Td (John ) Tj ET Q q 0 0 0 rg BT 72.26 217.75 Td (W) Tj ET Q q 0 0 0 rg BT 80.41 217.75 Td (. ) Tj ET Q q 0 0 0 rg BT 84.68 217.75 Td (Geelan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.89 217.75 Td (is ) Tj ET Q q 0 0 0 rg BT 124.32 217.75 Td (our ) Tj ET Q q 0 0 0 rg BT 139.42 217.75 Td (general ) Tj ET Q q 0 0 0 rg BT 170.61 217.75 Td (counsel ) Tj ET Q q 0 0 0 rg BT 202.93 217.75 Td (and ) Tj ET Q q 0 0 0 rg BT 219.13 217.75 Td (secretary) Tj ET Q q 0 0 0 rg BT 254.57 217.75 Td (. ) Tj ET Q q 0 0 0 rg BT 258.83 217.75 Td (He ) Tj ET Q q 0 0 0 rg BT 272.26 217.75 Td (served ) Tj ET Q q 0 0 0 rg BT 300.13 217.75 Td (as ) Tj ET Q q 0 0 0 rg BT 310.23 217.75 Td (assistant ) Tj ET Q q 0 0 0 rg BT 345.88 217.75 Td (general ) Tj ET Q q 0 0 0 rg BT 377.07 217.75 Td (counsel ) Tj ET Q q 0 0 0 rg BT 409.39 217.75 Td (and ) Tj ET Q q 0 0 0 rg BT 425.59 217.75 Td (assistant ) Tj ET Q q 0 0 0 rg BT 461.25 217.75 Td (secretary ) Tj ET Q q 0 0 0 rg BT 499.10 217.75 Td (from ) Tj ET Q q 0 0 0 rg BT 520.30 217.75 Td (November ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 205.75 Td (2007 ) Tj ET Q q 0 0 0 rg BT 72.00 205.75 Td (until ) Tj ET Q q 0 0 0 rg BT 92.83 205.75 Td (becoming ) Tj ET Q q 0 0 0 rg BT 134.77 205.75 Td (general ) Tj ET Q q 0 0 0 rg BT 166.69 205.75 Td (counsel ) Tj ET Q q 0 0 0 rg BT 199.74 205.75 Td (in ) Tj ET Q q 0 0 0 rg BT 210.02 205.75 Td (January ) Tj ET Q q 0 0 0 rg BT 243.62 205.75 Td (2013. ) Tj ET Q q 0 0 0 rg BT 268.62 205.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 280.29 205.75 Td (. ) Tj ET Q q 0 0 0 rg BT 285.29 205.75 Td (Geelan ) Tj ET Q q 0 0 0 rg BT 316.10 205.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 343.60 205.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 367.21 205.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 378.68 205.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 397.28 205.75 Td (in ) Tj ET Q q 0 0 0 rg BT 407.56 205.75 Td (2005.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 181.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 62.09 181.75 Td (f ) Tj ET Q q 0 0 0 rg BT 68.14 181.75 Td (P) Tj ET Q q 0 0 0 rg BT 72.96 181.75 Td (. ) Tj ET Q q 0 0 0 rg BT 78.18 181.75 Td (Klinefelter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.06 181.75 Td ( ) Tj ET Q q 0 0 0 rg BT 124.79 181.75 Td (is ) Tj ET Q q 0 0 0 rg BT 134.18 181.75 Td (the ) Tj ET Q q 0 0 0 rg BT 149.12 181.75 Td (global ) Tj ET Q q 0 0 0 rg BT 176.83 181.75 Td (head ) Tj ET Q q 0 0 0 rg BT 198.43 181.75 Td (of ) Tj ET Q q 0 0 0 rg BT 209.49 181.75 Td (our ) Tj ET Q q 0 0 0 rg BT 225.54 181.75 Td (equities ) Tj ET Q q 0 0 0 rg BT 259.36 181.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 298.48 181.75 Td (a ) Tj ET Q q 0 0 0 rg BT 305.64 181.75 Td (position ) Tj ET Q q 0 0 0 rg BT 340.59 181.75 Td (he ) Tj ET Q q 0 0 0 rg BT 352.75 181.75 Td (has ) Tj ET Q q 0 0 0 rg BT 368.80 181.75 Td (held ) Tj ET Q q 0 0 0 rg BT 388.74 181.75 Td (since ) Tj ET Q q 0 0 0 rg BT 412.01 181.75 Td (July ) Tj ET Q q 0 0 0 rg BT 431.40 181.75 Td (2012. ) Tj ET Q q 0 0 0 rg BT 456.62 181.75 Td (From ) Tj ET Q q 0 0 0 rg BT 481.01 181.75 Td (May ) Tj ET Q q 0 0 0 rg BT 502.07 181.75 Td (2010 ) Tj ET Q q 0 0 0 rg BT 524.79 181.75 Td (until ) Tj ET Q q 0 0 0 rg BT 545.85 181.75 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.75 Td (2012, ) Tj ET Q q 0 0 0 rg BT 74.50 169.75 Td (he ) Tj ET Q q 0 0 0 rg BT 86.44 169.75 Td (served ) Tj ET Q q 0 0 0 rg BT 115.04 169.75 Td (as ) Tj ET Q q 0 0 0 rg BT 125.87 169.75 Td (head ) Tj ET Q q 0 0 0 rg BT 147.24 169.75 Td (of ) Tj ET Q q 0 0 0 rg BT 158.07 169.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 185.57 169.75 Td (research. ) Tj ET Q q 0 0 0 rg BT 223.88 169.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 235.54 169.75 Td (. ) Tj ET Q q 0 0 0 rg BT 240.54 169.75 Td (Klinefelter ) Tj ET Q q 0 0 0 rg BT 286.36 169.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 313.85 169.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 337.46 169.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 348.94 169.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 367.54 169.75 Td (in ) Tj ET Q q 0 0 0 rg BT 377.82 169.75 Td (1997 ) Tj ET Q q 0 0 0 rg BT 400.32 169.75 Td (as ) Tj ET Q q 0 0 0 rg BT 411.15 169.75 Td (a ) Tj ET Q q 0 0 0 rg BT 418.08 169.75 Td (research ) Tj ET Q q 0 0 0 rg BT 453.89 169.75 Td (analyst.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 145.75 Td (R. ) Tj ET Q q 0 0 0 rg BT 61.32 145.75 Td (Scott ) Tj ET Q q 0 0 0 rg BT 84.52 145.75 Td (LaRue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.30 145.75 Td ( ) Tj ET Q q 0 0 0 rg BT 114.95 145.75 Td (is ) Tj ET Q q 0 0 0 rg BT 124.27 145.75 Td (our ) Tj ET Q q 0 0 0 rg BT 140.25 145.75 Td (co-head ) Tj ET Q q 0 0 0 rg BT 174.54 145.75 Td (of ) Tj ET Q q 0 0 0 rg BT 185.52 145.75 Td (global ) Tj ET Q q 0 0 0 rg BT 213.17 145.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 259.70 145.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 294.56 145.75 Td (and ) Tj ET Q q 0 0 0 rg BT 311.65 145.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 340.95 145.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 377.75 145.75 Td (a ) Tj ET Q q 0 0 0 rg BT 384.84 145.75 Td (position ) Tj ET Q q 0 0 0 rg BT 419.72 145.75 Td (he ) Tj ET Q q 0 0 0 rg BT 431.80 145.75 Td (has ) Tj ET Q q 0 0 0 rg BT 447.78 145.75 Td (held ) Tj ET Q q 0 0 0 rg BT 467.65 145.75 Td (since ) Tj ET Q q 0 0 0 rg BT 490.85 145.75 Td (October ) Tj ET Q q 0 0 0 rg BT 525.70 145.75 Td (2010. ) Tj ET Q q 0 0 0 rg BT 550.85 145.75 Td (He ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.75 Td (had ) Tj ET Q q 0 0 0 rg BT 66.32 133.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 110.92 133.75 Td (served ) Tj ET Q q 0 0 0 rg BT 139.40 133.75 Td (as ) Tj ET Q q 0 0 0 rg BT 150.12 133.75 Td (global ) Tj ET Q q 0 0 0 rg BT 177.49 133.75 Td (co-head ) Tj ET Q q 0 0 0 rg BT 211.52 133.75 Td (of ) Tj ET Q q 0 0 0 rg BT 222.23 133.75 Td (consumer ) Tj ET Q q 0 0 0 rg BT 263.49 133.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 309.76 133.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 344.36 133.75 Td (since ) Tj ET Q q 0 0 0 rg BT 367.29 133.75 Td (February ) Tj ET Q q 0 0 0 rg BT 405.77 133.75 Td (2010, ) Tj ET Q q 0 0 0 rg BT 430.65 133.75 Td (after ) Tj ET Q q 0 0 0 rg BT 451.35 133.75 Td (having ) Tj ET Q q 0 0 0 rg BT 480.95 133.75 Td (served ) Tj ET Q q 0 0 0 rg BT 509.43 133.75 Td (as ) Tj ET Q q 0 0 0 rg BT 520.14 133.75 Td (co-head ) Tj ET Q q 0 0 0 rg BT 554.17 133.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.75 Td (consumer ) Tj ET Q q 0 0 0 rg BT 90.88 121.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 137.26 121.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 171.98 121.75 Td (since ) Tj ET Q q 0 0 0 rg BT 194.47 121.75 Td (August ) Tj ET Q q 0 0 0 rg BT 225.86 121.75 Td (2004. ) Tj ET Q q 0 0 0 rg BT 250.86 121.75 Td (He ) Tj ET Q q 0 0 0 rg BT 265.02 121.75 Td (has ) Tj ET Q q 0 0 0 rg BT 280.85 121.75 Td (been ) Tj ET Q q 0 0 0 rg BT 302.23 121.75 Td (with ) Tj ET Q q 0 0 0 rg BT 322.51 121.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 346.12 121.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 357.60 121.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 376.19 121.75 Td (since ) Tj ET Q q 0 0 0 rg BT 399.24 121.75 Td (2003.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 97.75 Td (Debbra ) Tj ET Q q 0 0 0 rg BT 82.05 97.75 Td (L. ) Tj ET Q q 0 0 0 rg BT 92.65 97.75 Td (Schoneman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.55 97.75 Td ( ) Tj ET Q q 0 0 0 rg BT 143.54 97.75 Td (is ) Tj ET Q q 0 0 0 rg BT 152.21 97.75 Td (our ) Tj ET Q q 0 0 0 rg BT 167.53 97.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 189.51 97.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.48 97.75 Td (of) Tj ET Q q 0 0 0 rg BT 234.63 97.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 252.40 97.75 Td (. ) Tj ET Q q 0 0 0 rg BT 256.89 97.75 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 274.17 97.75 Td (Schoneman ) Tj ET Q q 0 0 0 rg BT 322.82 97.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 349.80 97.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 372.91 97.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 384.39 97.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 402.48 97.75 Td (in ) Tj ET Q q 0 0 0 rg BT 412.25 97.75 Td (1990 ) Tj ET Q q 0 0 0 rg BT 434.24 97.75 Td (and ) Tj ET Q q 0 0 0 rg BT 450.68 97.75 Td (has ) Tj ET Q q 0 0 0 rg BT 466.00 97.75 Td (held ) Tj ET Q q 0 0 0 rg BT 485.21 97.75 Td (her ) Tj ET Q q 0 0 0 rg BT 499.97 97.75 Td (current ) Tj ET Q q 0 0 0 rg BT 530.28 97.75 Td (position ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 85.75 Td (since ) Tj ET Q q 0 0 0 rg BT 72.16 85.75 Td (May ) Tj ET Q q 0 0 0 rg BT 92.61 85.75 Td (2008. ) Tj ET Q q 0 0 0 rg BT 117.22 85.75 Td (She ) Tj ET Q q 0 0 0 rg BT 134.34 85.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 178.67 85.75 Td (served ) Tj ET Q q 0 0 0 rg BT 206.89 85.75 Td (as ) Tj ET Q q 0 0 0 rg BT 217.33 85.75 Td (treasurer ) Tj ET Q q 0 0 0 rg BT 254.42 85.75 Td (from ) Tj ET Q q 0 0 0 rg BT 275.51 85.75 Td (August ) Tj ET Q q 0 0 0 rg BT 306.52 85.75 Td (2006 ) Tj ET Q q 0 0 0 rg BT 328.63 85.75 Td (until ) Tj ET Q q 0 0 0 rg BT 349.08 85.75 Td (May ) Tj ET Q q 0 0 0 rg BT 369.53 85.75 Td (2008. ) Tj ET Q q 0 0 0 rg BT 394.15 85.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 416.26 85.75 Td (to ) Tj ET Q q 0 0 0 rg BT 426.16 85.75 Td (that, ) Tj ET Q q 0 0 0 rg BT 445.77 85.75 Td (she ) Tj ET Q q 0 0 0 rg BT 461.21 85.75 Td (served ) Tj ET Q q 0 0 0 rg BT 489.43 85.75 Td (as ) Tj ET Q q 0 0 0 rg BT 499.87 85.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 531.41 85.75 Td (director ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 73.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.85 73.75 Td (our ) Tj ET Q q 0 0 0 rg BT 77.19 73.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 117.96 73.75 Td (and ) Tj ET Q q 0 0 0 rg BT 135.42 73.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 186.21 73.75 Td (services ) Tj ET Q q 0 0 0 rg BT 221.44 73.75 Td (business ) Tj ET Q q 0 0 0 rg BT 258.35 73.75 Td (from ) Tj ET Q q 0 0 0 rg BT 280.80 73.75 Td (July ) Tj ET Q q 0 0 0 rg BT 300.49 73.75 Td (2002 ) Tj ET Q q 0 0 0 rg BT 323.50 73.75 Td (until ) Tj ET Q q 0 0 0 rg BT 344.86 73.75 Td (July ) Tj ET Q q 0 0 0 rg BT 364.54 73.75 Td (2004 ) Tj ET Q q 0 0 0 rg BT 387.56 73.75 Td (when ) Tj ET Q q 0 0 0 rg BT 412.24 73.75 Td (the ) Tj ET Q q 0 0 0 rg BT 427.47 73.75 Td (role ) Tj ET Q q 0 0 0 rg BT 446.03 73.75 Td (was ) Tj ET Q q 0 0 0 rg BT 464.60 73.75 Td (expanded ) Tj ET Q q 0 0 0 rg BT 505.93 73.75 Td (to ) Tj ET Q q 0 0 0 rg BT 516.73 73.75 Td (include ) Tj ET Q q 0 0 0 rg BT 549.18 73.75 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 61.75 Td (public ) Tj ET Q q 0 0 0 rg BT 77.00 61.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 108.92 61.75 Td (services ) Tj ET Q q 0 0 0 rg BT 143.63 61.75 Td (division.) 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 (Thomas ) Tj ET Q q 0 0 0 rg BT 85.32 717.75 Td (G. ) Tj ET Q q 0 0 0 rg BT 97.52 717.75 Td (Smith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.98 717.75 Td ( ) Tj ET Q q 0 0 0 rg BT 124.46 717.75 Td (is ) Tj ET Q q 0 0 0 rg BT 133.61 717.75 Td (our ) Tj ET Q q 0 0 0 rg BT 149.42 717.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 171.89 717.75 Td (strategy ) Tj ET Q q 0 0 0 rg BT 206.02 717.75 Td (of) Tj ET Q q 0 0 0 rg BT 214.17 717.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 232.09 717.75 Td (, ) Tj ET Q q 0 0 0 rg BT 237.07 717.75 Td (a ) Tj ET Q q 0 0 0 rg BT 243.99 717.75 Td (title ) Tj ET Q q 0 0 0 rg BT 262.02 717.75 Td (he ) Tj ET Q q 0 0 0 rg BT 273.94 717.75 Td (has ) Tj ET Q q 0 0 0 rg BT 289.75 717.75 Td (held ) Tj ET Q q 0 0 0 rg BT 309.45 717.75 Td (since ) Tj ET Q q 0 0 0 rg BT 332.47 717.75 Td (January ) Tj ET Q q 0 0 0 rg BT 366.05 717.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 388.53 717.75 Td (which ) Tj ET Q q 0 0 0 rg BT 415.45 717.75 Td (encompasses ) Tj ET Q q 0 0 0 rg BT 470.14 717.75 Td (his ) Tj ET Q q 0 0 0 rg BT 484.29 717.75 Td (roles ) Tj ET Q q 0 0 0 rg BT 506.21 717.75 Td (as ) Tj ET Q q 0 0 0 rg BT 517.02 717.75 Td (our ) Tj ET Q q 0 0 0 rg BT 532.83 717.75 Td (head ) Tj ET Q q 0 0 0 rg BT 554.19 717.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 80.51 705.75 Td (, ) Tj ET Q q 0 0 0 rg BT 85.34 705.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 125.43 705.75 Td (development, ) Tj ET Q q 0 0 0 rg BT 181.92 705.75 Td (and ) Tj ET Q q 0 0 0 rg BT 198.69 705.75 Td (investor ) Tj ET Q q 0 0 0 rg BT 233.25 705.75 Td (relations. ) Tj ET Q q 0 0 0 rg BT 272.52 705.75 Td (He ) Tj ET Q q 0 0 0 rg BT 286.51 705.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 313.85 705.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 337.29 705.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 348.77 705.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 367.21 705.75 Td (in ) Tj ET Q q 0 0 0 rg BT 377.32 705.75 Td (1998 ) Tj ET Q q 0 0 0 rg BT 399.66 705.75 Td (as ) Tj ET Q q 0 0 0 rg BT 410.32 705.75 Td (a ) Tj ET Q q 0 0 0 rg BT 417.10 705.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 458.87 705.75 Td (director ) Tj ET Q q 0 0 0 rg BT 492.30 705.75 Td (in ) Tj ET Q q 0 0 0 rg BT 502.41 705.75 Td (our ) Tj ET Q q 0 0 0 rg BT 518.08 705.75 Td (technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.88 693.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 130.60 693.75 Td (group. ) Tj ET Q q 0 0 0 rg BT 158.93 693.75 Td (He ) Tj ET Q q 0 0 0 rg BT 173.09 693.75 Td (became ) Tj ET Q q 0 0 0 rg BT 206.12 693.75 Td (head ) Tj ET Q q 0 0 0 rg BT 227.50 693.75 Td (of ) Tj ET Q q 0 0 0 rg BT 238.33 693.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 278.58 693.75 Td (development ) Tj ET Q q 0 0 0 rg BT 332.73 693.75 Td (in ) Tj ET Q q 0 0 0 rg BT 343.01 693.75 Td (2006 ) Tj ET Q q 0 0 0 rg BT 365.51 693.75 Td (and ) Tj ET Q q 0 0 0 rg BT 382.45 693.75 Td (head ) Tj ET Q q 0 0 0 rg BT 403.83 693.75 Td (of ) Tj ET Q q 0 0 0 rg BT 414.66 693.75 Td (investor ) Tj ET Q q 0 0 0 rg BT 449.37 693.75 Td (relations ) Tj ET Q q 0 0 0 rg BT 486.31 693.75 Td (in ) Tj ET Q q 0 0 0 rg BT 496.58 693.75 Td (2012.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 669.75 Td (M. ) Tj ET Q q 0 0 0 rg BT 63.66 669.75 Td (Brad ) Tj ET Q q 0 0 0 rg BT 86.78 669.75 Td (W) Tj ET Q q 0 0 0 rg BT 95.30 669.75 Td (inges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.97 669.75 Td ( ) Tj ET Q q 0 0 0 rg BT 119.74 669.75 Td (is ) Tj ET Q q 0 0 0 rg BT 129.17 669.75 Td (head ) Tj ET Q q 0 0 0 rg BT 150.82 669.75 Td (of ) Tj ET Q q 0 0 0 rg BT 161.91 669.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 185.22 669.75 Td (income ) Tj ET Q q 0 0 0 rg BT 217.42 669.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 254.89 669.75 Td (a ) Tj ET Q q 0 0 0 rg BT 262.10 669.75 Td (position ) Tj ET Q q 0 0 0 rg BT 297.09 669.75 Td (he ) Tj ET Q q 0 0 0 rg BT 309.29 669.75 Td (has ) Tj ET Q q 0 0 0 rg BT 325.39 669.75 Td (held ) Tj ET Q q 0 0 0 rg BT 345.37 669.75 Td (since ) Tj ET Q q 0 0 0 rg BT 368.68 669.75 Td (January ) Tj ET Q q 0 0 0 rg BT 402.55 669.75 Td (2009, ) Tj ET Q q 0 0 0 rg BT 427.81 669.75 Td (and ) Tj ET Q q 0 0 0 rg BT 445.01 669.75 Td (became ) Tj ET Q q 0 0 0 rg BT 478.31 669.75 Td (head ) Tj ET Q q 0 0 0 rg BT 499.95 669.75 Td (of ) Tj ET Q q 0 0 0 rg BT 511.05 669.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 534.92 669.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 546.40 669.75 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 69.89 657.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 120.84 657.75 Td (and ) Tj ET Q q 0 0 0 rg BT 138.45 657.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 169.95 657.75 Td (in ) Tj ET Q q 0 0 0 rg BT 180.90 657.75 Td (February ) Tj ET Q q 0 0 0 rg BT 220.17 657.75 Td (2014. ) Tj ET Q q 0 0 0 rg BT 245.84 657.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 257.51 657.75 Td (.) Tj ET Q q 0 0 0 rg BT 262.33 657.75 Td (W) Tj ET Q q 0 0 0 rg BT 271.37 657.75 Td (inges ) Tj ET Q q 0 0 0 rg BT 295.65 657.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 323.82 657.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 348.10 657.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 359.58 657.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 378.85 657.75 Td (in ) Tj ET Q q 0 0 0 rg BT 389.80 657.75 Td (1991 ) Tj ET Q q 0 0 0 rg BT 412.97 657.75 Td (and ) Tj ET Q q 0 0 0 rg BT 430.58 657.75 Td (served ) Tj ET Q q 0 0 0 rg BT 459.86 657.75 Td (as ) Tj ET Q q 0 0 0 rg BT 471.36 657.75 Td (head ) Tj ET Q q 0 0 0 rg BT 493.41 657.75 Td (of ) Tj ET Q q 0 0 0 rg BT 504.91 657.75 Td (public ) Tj ET Q q 0 0 0 rg BT 533.08 657.75 Td (finance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.75 Td (services ) Tj ET Q q 0 0 0 rg BT 84.29 645.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 106.31 645.75 Td (and ) Tj ET Q q 0 0 0 rg BT 123.33 645.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 154.24 645.75 Td (from ) Tj ET Q q 0 0 0 rg BT 176.26 645.75 Td (June ) Tj ET Q q 0 0 0 rg BT 197.18 645.75 Td (2005 ) Tj ET Q q 0 0 0 rg BT 219.76 645.75 Td (until ) Tj ET Q q 0 0 0 rg BT 240.68 645.75 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 281.03 645.75 Td (his ) Tj ET Q q 0 0 0 rg BT 295.29 645.75 Td (current ) Tj ET Q q 0 0 0 rg BT 326.18 645.75 Td (position. ) Tj ET Q q 0 0 0 rg BT 363.49 645.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 386.08 645.75 Td (to ) Tj ET Q q 0 0 0 rg BT 396.44 645.75 Td (that, ) Tj ET Q q 0 0 0 rg BT 416.52 645.75 Td (he ) Tj ET Q q 0 0 0 rg BT 428.54 645.75 Td (served ) Tj ET Q q 0 0 0 rg BT 457.22 645.75 Td (as ) Tj ET Q q 0 0 0 rg BT 468.13 645.75 Td (head ) Tj ET Q q 0 0 0 rg BT 489.59 645.75 Td (of ) Tj ET Q q 0 0 0 rg BT 500.51 645.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 543.08 645.75 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 633.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 97.26 633.75 Td (from ) Tj ET Q q 0 0 0 rg BT 119.20 633.75 Td (June ) Tj ET Q q 0 0 0 rg BT 140.03 633.75 Td (2003 ) Tj ET Q q 0 0 0 rg BT 162.53 633.75 Td (until ) Tj ET Q q 0 0 0 rg BT 183.37 633.75 Td (June ) Tj ET Q q 0 0 0 rg BT 204.20 633.75 Td (2005.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 609.75 Td (Additional Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.42 585.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 107.33 585.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 149.00 585.75 Td (of) Tj ET Q q 0 0 0 rg BT 157.15 585.75 Td (fices ) Tj ET Q q 0 0 0 rg BT 179.39 585.75 Td (are ) Tj ET Q q 0 0 0 rg BT 194.97 585.75 Td (located ) Tj ET Q q 0 0 0 rg BT 227.20 585.75 Td (at ) Tj ET Q q 0 0 0 rg BT 237.79 585.75 Td (800 ) Tj ET Q q 0 0 0 rg BT 256.15 585.75 Td (Nicollet ) Tj ET Q q 0 0 0 rg BT 291.73 585.75 Td (Mall, ) Tj ET Q q 0 0 0 rg BT 316.48 585.75 Td (Suite ) Tj ET Q q 0 0 0 rg BT 340.40 585.75 Td (1000, ) Tj ET Q q 0 0 0 rg BT 366.27 585.75 Td (Minneapolis, ) Tj ET Q q 0 0 0 rg BT 422.13 585.75 Td (Minnesota ) Tj ET Q q 0 0 0 rg BT 467.71 585.75 Td (55402, ) Tj ET Q q 0 0 0 rg BT 498.58 585.75 Td (and ) Tj ET Q q 0 0 0 rg BT 516.38 585.75 Td (our ) Tj ET Q q 0 0 0 rg BT 533.08 585.75 Td (general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.75 Td (telephone ) Tj ET Q q 0 0 0 rg BT 90.30 573.75 Td (number ) Tj ET Q q 0 0 0 rg BT 122.77 573.75 Td (is ) Tj ET Q q 0 0 0 rg BT 131.36 573.75 Td (\(612\)303-6000. ) Tj ET Q q 0 0 0 rg BT 198.14 573.75 Td (W) Tj ET Q q 0 0 0 rg BT 206.78 573.75 Td (e ) Tj ET Q q 0 0 0 rg BT 213.14 573.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 250.06 573.75 Td (an ) Tj ET Q q 0 0 0 rg BT 261.42 573.75 Td (Internet ) Tj ET Q q 0 0 0 rg BT 294.30 573.75 Td (W) Tj ET Q q 0 0 0 rg BT 302.94 573.75 Td (eb ) Tj ET Q q 0 0 0 rg BT 314.30 573.75 Td (site ) Tj ET Q q 0 0 0 rg BT 330.12 573.75 Td (at ) Tj ET Q q 0 0 0 rg BT 339.26 573.75 Td (http://www) Tj ET Q q 0 0 0 rg BT 384.16 573.75 Td (.piperjaf) Tj ET Q q 0 0 0 rg BT 417.58 573.75 Td (fray) Tj ET Q q 0 0 0 rg BT 433.03 573.75 Td (.com. ) Tj ET Q q 0 0 0 rg BT 457.03 573.75 Td (The ) Tj ET Q q 0 0 0 rg BT 474.50 573.75 Td (information ) Tj ET Q q 0 0 0 rg BT 523.64 573.75 Td (contained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.75 Td (on ) Tj ET Q q 0 0 0 rg BT 61.72 561.75 Td (and ) Tj ET Q q 0 0 0 rg BT 78.37 561.75 Td (connected ) Tj ET Q q 0 0 0 rg BT 121.12 561.75 Td (to ) Tj ET Q q 0 0 0 rg BT 131.12 561.75 Td (our ) Tj ET Q q 0 0 0 rg BT 146.50 561.75 Td (W) Tj ET Q q 0 0 0 rg BT 155.14 561.75 Td (eb ) Tj ET Q q 0 0 0 rg BT 166.80 561.75 Td (site ) Tj ET Q q 0 0 0 rg BT 182.90 561.75 Td (is ) Tj ET Q q 0 0 0 rg BT 191.79 561.75 Td (not ) Tj ET Q q 0 0 0 rg BT 206.78 561.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 259.53 561.75 Td (into ) Tj ET Q q 0 0 0 rg BT 277.30 561.75 Td (this ) Tj ET Q q 0 0 0 rg BT 293.97 561.75 Td (report. ) Tj ET Q q 0 0 0 rg BT 322.40 561.75 Td (W) Tj ET Q q 0 0 0 rg BT 331.04 561.75 Td (e ) Tj ET Q q 0 0 0 rg BT 337.70 561.75 Td (make ) Tj ET Q q 0 0 0 rg BT 361.57 561.75 Td (available ) Tj ET Q q 0 0 0 rg BT 399.87 561.75 Td (free ) Tj ET Q q 0 0 0 rg BT 417.63 561.75 Td (of ) Tj ET Q q 0 0 0 rg BT 428.17 561.75 Td (char) Tj ET Q q 0 0 0 rg BT 445.20 561.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 456.86 561.75 Td (on ) Tj ET Q q 0 0 0 rg BT 469.07 561.75 Td (or ) Tj ET Q q 0 0 0 rg BT 479.62 561.75 Td (through ) Tj ET Q q 0 0 0 rg BT 512.94 561.75 Td (our ) Tj ET Q q 0 0 0 rg BT 528.33 561.75 Td (W) Tj ET Q q 0 0 0 rg BT 536.97 561.75 Td (eb ) Tj ET Q q 0 0 0 rg BT 548.62 561.75 Td (site ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.75 Td (our ) Tj ET Q q 0 0 0 rg BT 64.86 549.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 93.55 549.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 123.35 549.75 Td (on ) Tj ET Q q 0 0 0 rg BT 135.38 549.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 159.08 549.75 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 184.16 549.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 222.29 549.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 252.09 549.75 Td (on ) Tj ET Q q 0 0 0 rg BT 264.12 549.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 287.82 549.75 Td (10-Q, ) Tj ET Q q 0 0 0 rg BT 312.90 549.75 Td (current ) Tj ET Q q 0 0 0 rg BT 343.25 549.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 373.05 549.75 Td (on ) Tj ET Q q 0 0 0 rg BT 385.08 549.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 408.78 549.75 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 428.87 549.75 Td (amendments ) Tj ET Q q 0 0 0 rg BT 481.44 549.75 Td (to ) Tj ET Q q 0 0 0 rg BT 491.25 549.75 Td (those ) Tj ET Q q 0 0 0 rg BT 514.39 549.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 544.19 549.75 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.75 Td (or ) Tj ET Q q 0 0 0 rg BT 60.03 537.75 Td (furnished ) Tj ET Q q 0 0 0 rg BT 99.99 537.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 136.63 537.75 Td (to ) Tj ET Q q 0 0 0 rg BT 146.60 537.75 Td (Section13\(a\) ) Tj ET Q q 0 0 0 rg BT 202.40 537.75 Td (or ) Tj ET Q q 0 0 0 rg BT 212.92 537.75 Td (15\(d\) ) Tj ET Q q 0 0 0 rg BT 236.78 537.75 Td (of ) Tj ET Q q 0 0 0 rg BT 247.31 537.75 Td (the ) Tj ET Q q 0 0 0 rg BT 261.72 537.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 303.35 537.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 344.49 537.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 361.12 537.75 Td (of ) Tj ET Q q 0 0 0 rg BT 371.65 537.75 Td (1934, ) Tj ET Q q 0 0 0 rg BT 396.35 537.75 Td (and ) Tj ET Q q 0 0 0 rg BT 412.98 537.75 Td (all ) Tj ET Q q 0 0 0 rg BT 425.18 537.75 Td (other ) Tj ET Q q 0 0 0 rg BT 447.92 537.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 477.89 537.75 Td (we ) Tj ET Q q 0 0 0 rg BT 491.74 537.75 Td (file ) Tj ET Q q 0 0 0 rg BT 507.27 537.75 Td (with ) Tj ET Q q 0 0 0 rg BT 527.24 537.75 Td (the ) Tj ET Q q 0 0 0 rg BT 541.66 537.75 Td (SEC, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.75 Td (as ) Tj ET Q q 0 0 0 rg BT 60.45 525.75 Td (soon ) Tj ET Q q 0 0 0 rg BT 81.96 525.75 Td (as ) Tj ET Q q 0 0 0 rg BT 92.90 525.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 138.84 525.75 Td (practicable ) Tj ET Q q 0 0 0 rg BT 185.31 525.75 Td (after ) Tj ET Q q 0 0 0 rg BT 206.24 525.75 Td (we ) Tj ET Q q 0 0 0 rg BT 220.52 525.75 Td (electronically ) Tj ET Q q 0 0 0 rg BT 277.55 525.75 Td (file ) Tj ET Q q 0 0 0 rg BT 293.49 525.75 Td (these ) Tj ET Q q 0 0 0 rg BT 316.66 525.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 347.04 525.75 Td (with, ) Tj ET Q q 0 0 0 rg BT 369.94 525.75 Td (or ) Tj ET Q q 0 0 0 rg BT 380.89 525.75 Td (furnish ) Tj ET Q q 0 0 0 rg BT 411.83 525.75 Td (them ) Tj ET Q q 0 0 0 rg BT 434.45 525.75 Td (to, ) Tj ET Q q 0 0 0 rg BT 447.34 525.75 Td (the ) Tj ET Q q 0 0 0 rg BT 462.18 525.75 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 485.63 525.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 513.80 525.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 525.28 525.75 Td (fray) Tj ET Q q 0 0 0 rg BT 540.73 525.75 Td (, ) Tj ET Q q 0 0 0 rg BT 550.28 525.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.75 Td (Company) Tj ET Q q 0 0 0 rg BT 92.18 513.75 Td (, ) Tj ET Q q 0 0 0 rg BT 101.49 513.75 Td (registrant, ) Tj ET Q q 0 0 0 rg BT 153.00 513.75 Td (we, ) Tj ET Q q 0 0 0 rg BT 178.41 513.75 Td (us ) Tj ET Q q 0 0 0 rg BT 198.55 513.75 Td (and ) Tj ET Q q 0 0 0 rg BT 215.36 513.75 Td (our ) Tj ET Q q 0 0 0 rg BT 239.94 513.75 Td (refer ) Tj ET Q q 0 0 0 rg BT 261.18 513.75 Td (to ) Tj ET Q q 0 0 0 rg BT 271.34 513.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 294.82 513.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 306.30 513.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 324.77 513.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 372.14 513.75 Td (and ) Tj ET Q q 0 0 0 rg BT 388.95 513.75 Td (our ) Tj ET Q q 0 0 0 rg BT 404.65 513.75 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 456.57 513.75 Td (The ) Tj ET Q q 0 0 0 rg BT 474.49 513.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 497.97 513.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 509.45 513.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 527.92 513.75 Td (logo ) Tj ET Q q 0 0 0 rg BT 548.07 513.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.74 501.75 Td (other ) Tj ET Q q 0 0 0 rg BT 88.31 501.75 Td (trademarks, ) Tj ET Q q 0 0 0 rg BT 138.26 501.75 Td (tradenames ) Tj ET Q q 0 0 0 rg BT 186.82 501.75 Td (and ) Tj ET Q q 0 0 0 rg BT 204.28 501.75 Td (service ) Tj ET Q q 0 0 0 rg BT 235.62 501.75 Td (marks ) Tj ET Q q 0 0 0 rg BT 263.09 501.75 Td (of ) Tj ET Q q 0 0 0 rg BT 274.44 501.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 298.57 501.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 310.05 501.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 329.18 501.75 Td (mentioned ) Tj ET Q q 0 0 0 rg BT 374.41 501.75 Td (in ) Tj ET Q q 0 0 0 rg BT 385.22 501.75 Td (this ) Tj ET Q q 0 0 0 rg BT 402.69 501.75 Td (report, ) Tj ET Q q 0 0 0 rg BT 432.09 501.75 Td (including ) Tj ET Q q 0 0 0 rg BT 472.89 501.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 497.02 501.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 508.50 501.75 Td (fray) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 524.60 506.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.54 501.75 Td (, ) Tj ET Q q 0 0 0 rg BT 535.06 501.75 Td (are ) Tj ET Q q 0 0 0 rg BT 550.30 501.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (property ) Tj ET Q q 0 0 0 rg BT 85.88 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 96.71 489.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 120.32 489.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 131.79 489.75 Td (fray) Tj ET Q q 0 0 0 rg BT 147.24 489.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 465.75 Td (ITEM1A. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 105.89 465.75 Td (RISK ) Tj ET Q q 0 0 0 rg BT 131.18 465.75 Td (F) Tj ET Q q 0 0 0 rg BT 136.94 465.75 Td (ACT) Tj ET Q q 0 0 0 rg BT 156.20 465.75 Td (ORS. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 441.75 Td (Developments ) Tj ET Q q 0 0 0 rg BT 109.83 441.75 Td (in ) Tj ET Q q 0 0 0 rg BT 120.74 441.75 Td (market ) Tj ET Q q 0 0 0 rg BT 152.19 441.75 Td (and ) Tj ET Q q 0 0 0 rg BT 170.32 441.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 212.32 441.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 257.68 441.75 Td (have ) Tj ET Q q 0 0 0 rg BT 279.68 441.75 Td (in ) Tj ET Q q 0 0 0 rg BT 290.59 441.75 Td (the ) Tj ET Q q 0 0 0 rg BT 305.94 441.75 Td (past ) Tj ET Q q 0 0 0 rg BT 325.17 441.75 Td (adversely ) Tj ET Q q 0 0 0 rg BT 366.06 441.75 Td (af) Tj ET Q q 0 0 0 rg BT 374.21 441.75 Td (fected, ) Tj ET Q q 0 0 0 rg BT 403.70 441.75 Td (and ) Tj ET Q q 0 0 0 rg BT 421.83 441.75 Td (may ) Tj ET Q q 0 0 0 rg BT 441.61 441.75 Td (in ) Tj ET Q q 0 0 0 rg BT 452.52 441.75 Td (the ) Tj ET Q q 0 0 0 rg BT 467.86 441.75 Td (future ) Tj ET Q q 0 0 0 rg BT 495.99 441.75 Td (adversely ) Tj ET Q q 0 0 0 rg BT 536.88 441.75 Td (af) Tj ET Q q 0 0 0 rg BT 545.02 441.75 Td (fect, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (our ) Tj ET Q q 0 0 0 rg BT 66.45 429.75 Td (business ) Tj ET Q q 0 0 0 rg BT 103.97 429.75 Td (and ) Tj ET Q q 0 0 0 rg BT 122.03 429.75 Td (profitability ) Tj ET Q q 0 0 0 rg BT 172.86 429.75 Td (and ) Tj ET Q q 0 0 0 rg BT 190.92 429.75 Td (cause ) Tj ET Q q 0 0 0 rg BT 216.75 429.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 254.80 429.75 Td (in ) Tj ET Q q 0 0 0 rg BT 265.64 429.75 Td (our ) Tj ET Q q 0 0 0 rg BT 282.59 429.75 Td (results ) Tj ET Q q 0 0 0 rg BT 312.32 429.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.15 429.75 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.75 Td (Economic ) Tj ET Q q 0 0 0 rg BT 92.95 405.75 Td (and ) Tj ET Q q 0 0 0 rg BT 110.30 405.75 Td (market ) Tj ET Q q 0 0 0 rg BT 140.97 405.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 185.54 405.75 Td (have ) Tj ET Q q 0 0 0 rg BT 207.32 405.75 Td (had, ) Tj ET Q q 0 0 0 rg BT 227.17 405.75 Td (and ) Tj ET Q q 0 0 0 rg BT 244.52 405.75 Td (will ) Tj ET Q q 0 0 0 rg BT 262.98 405.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 300.32 405.75 Td (to ) Tj ET Q q 0 0 0 rg BT 311.01 405.75 Td (have, ) Tj ET Q q 0 0 0 rg BT 335.29 405.75 Td (a ) Tj ET Q q 0 0 0 rg BT 342.64 405.75 Td (direct ) Tj ET Q q 0 0 0 rg BT 368.31 405.75 Td (and ) Tj ET Q q 0 0 0 rg BT 385.66 405.75 Td (material ) Tj ET Q q 0 0 0 rg BT 421.32 405.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 451.44 405.75 Td (on ) Tj ET Q q 0 0 0 rg BT 464.35 405.75 Td (our ) Tj ET Q q 0 0 0 rg BT 480.59 405.75 Td (results ) Tj ET Q q 0 0 0 rg BT 509.60 405.75 Td (of ) Tj ET Q q 0 0 0 rg BT 520.84 405.75 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.17 393.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 105.37 393.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 146.37 393.75 Td (because ) Tj ET Q q 0 0 0 rg BT 181.24 393.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 234.99 393.75 Td (in ) Tj ET Q q 0 0 0 rg BT 246.00 393.75 Td (the ) Tj ET Q q 0 0 0 rg BT 261.44 393.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 299.65 393.75 Td (services ) Tj ET Q q 0 0 0 rg BT 335.08 393.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 371.09 393.75 Td (is ) Tj ET Q q 0 0 0 rg BT 380.98 393.75 Td (heavily ) Tj ET Q q 0 0 0 rg BT 413.64 393.75 Td (influenced ) Tj ET Q q 0 0 0 rg BT 459.07 393.75 Td (by ) Tj ET Q q 0 0 0 rg BT 472.30 393.75 Td (the ) Tj ET Q q 0 0 0 rg BT 487.74 393.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 518.73 393.75 Td (strength ) Tj ET Q q 0 0 0 rg BT 554.18 393.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 90.87 381.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 135.04 381.75 Td (and ) Tj ET Q q 0 0 0 rg BT 151.98 381.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 189.46 381.75 Td (market ) Tj ET Q q 0 0 0 rg BT 219.72 381.75 Td (activity) Tj ET Q q 0 0 0 rg BT 249.06 381.75 Td (. ) Tj ET Q q 0 0 0 rg BT 254.06 381.75 Td (For ) Tj ET Q q 0 0 0 rg BT 270.45 381.75 Td (example:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 369.75 Td ( ) Tj ET Q q 0 0 0 rg BT 70.00 369.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 357.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 84.71 357.75 Td (equities ) Tj ET Q q 0 0 0 rg BT 117.48 357.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 163.02 357.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 196.89 357.75 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 232.70 357.75 Td (in ) Tj ET Q q 0 0 0 rg BT 242.14 357.75 Td (the ) Tj ET Q q 0 0 0 rg BT 256.02 357.75 Td (form ) Tj ET Q q 0 0 0 rg BT 277.11 357.75 Td (of ) Tj ET Q q 0 0 0 rg BT 287.10 357.75 Td (underwriting, ) Tj ET Q q 0 0 0 rg BT 342.92 357.75 Td (placement ) Tj ET Q q 0 0 0 rg BT 385.67 357.75 Td (and ) Tj ET Q q 0 0 0 rg BT 401.77 357.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 438.41 357.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 474.51 357.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 494.77 357.75 Td (is ) Tj ET Q q 0 0 0 rg BT 503.10 357.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 535.30 357.75 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 345.75 Td (to ) Tj ET Q q 0 0 0 rg BT 77.73 345.75 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 144.03 345.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 188.14 345.75 Td (and ) Tj ET Q q 0 0 0 rg BT 205.03 345.75 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 264.69 345.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 302.11 345.75 Td (market ) Tj ET Q q 0 0 0 rg BT 332.32 345.75 Td (activity) Tj ET Q q 0 0 0 rg BT 361.67 345.75 Td (. ) Tj ET Q q 0 0 0 rg BT 366.44 345.75 Td (When ) Tj ET Q q 0 0 0 rg BT 392.76 345.75 Td (the ) Tj ET Q q 0 0 0 rg BT 407.43 345.75 Td (outlook ) Tj ET Q q 0 0 0 rg BT 440.43 345.75 Td (for ) Tj ET Q q 0 0 0 rg BT 454.54 345.75 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 520.84 345.75 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 333.75 Td (is ) Tj ET Q q 0 0 0 rg BT 76.70 333.75 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 116.43 333.75 Td (or ) Tj ET Q q 0 0 0 rg BT 127.29 333.75 Td (negative, ) Tj ET Q q 0 0 0 rg BT 166.19 333.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 203.70 333.75 Td (market ) Tj ET Q q 0 0 0 rg BT 233.99 333.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 266.51 333.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 306.24 333.75 Td (tends ) Tj ET Q q 0 0 0 rg BT 329.87 333.75 Td (to ) Tj ET Q q 0 0 0 rg BT 340.18 333.75 Td (be ) Tj ET Q q 0 0 0 rg BT 352.15 333.75 Td (decreased, ) Tj ET Q q 0 0 0 rg BT 396.59 333.75 Td (which ) Tj ET Q q 0 0 0 rg BT 423.56 333.75 Td (can ) Tj ET Q q 0 0 0 rg BT 439.96 333.75 Td (reduce ) Tj ET Q q 0 0 0 rg BT 469.14 333.75 Td (our ) Tj ET Q q 0 0 0 rg BT 484.99 333.75 Td (equities ) Tj ET Q q 0 0 0 rg BT 518.63 333.75 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 321.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 101.71 321.75 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 141.31 321.75 Td (As ) Tj ET Q q 0 0 0 rg BT 154.41 321.75 Td (an ) Tj ET Q q 0 0 0 rg BT 165.85 321.75 Td (example, ) Tj ET Q q 0 0 0 rg BT 204.22 321.75 Td (a ) Tj ET Q q 0 0 0 rg BT 210.65 321.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 254.86 321.75 Td (component ) Tj ET Q q 0 0 0 rg BT 301.29 321.75 Td (of ) Tj ET Q q 0 0 0 rg BT 311.62 321.75 Td (our ) Tj ET Q q 0 0 0 rg BT 326.94 321.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 372.82 321.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 407.03 321.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 444.57 321.75 Td (are ) Tj ET Q q 0 0 0 rg BT 458.77 321.75 Td (derived ) Tj ET Q q 0 0 0 rg BT 490.75 321.75 Td (from ) Tj ET Q q 0 0 0 rg BT 512.19 321.75 Td (initial ) Tj ET Q q 0 0 0 rg BT 537.51 321.75 Td (public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 309.75 Td (of) Tj ET Q q 0 0 0 rg BT 75.65 309.75 Td (ferings ) Tj ET Q q 0 0 0 rg BT 105.97 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 116.85 309.75 Td (middle-market ) Tj ET Q q 0 0 0 rg BT 178.27 309.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 223.59 309.75 Td (in ) Tj ET Q q 0 0 0 rg BT 233.92 309.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 264.80 309.75 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 297.63 309.75 Td (and ) Tj ET Q q 0 0 0 rg BT 314.62 309.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 347.16 309.75 Td (in ) Tj ET Q q 0 0 0 rg BT 357.49 309.75 Td (this ) Tj ET Q q 0 0 0 rg BT 374.49 309.75 Td (area ) Tj ET Q q 0 0 0 rg BT 393.69 309.75 Td (is ) Tj ET Q q 0 0 0 rg BT 402.91 309.75 Td (highly ) Tj ET Q q 0 0 0 rg BT 431.02 309.75 Td (correlated ) Tj ET Q q 0 0 0 rg BT 473.54 309.75 Td (to ) Tj ET Q q 0 0 0 rg BT 483.88 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 498.65 309.75 Td (macroeconomic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 297.75 Td (environment ) Tj ET Q q 0 0 0 rg BT 121.35 297.75 Td (and ) Tj ET Q q 0 0 0 rg BT 139.09 297.75 Td (market ) Tj ET Q q 0 0 0 rg BT 170.16 297.75 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 217.63 297.75 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 262.60 297.75 Td (in ) Tj ET Q q 0 0 0 rg BT 273.69 297.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.21 297.75 Td (third ) Tj ET Q q 0 0 0 rg BT 311.40 297.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 343.02 297.75 Td (of ) Tj ET Q q 0 0 0 rg BT 354.66 297.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 380.46 297.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 419.88 297.75 Td (in ) Tj ET Q q 0 0 0 rg BT 430.96 297.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 459.26 297.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 494.22 297.75 Td (began ) Tj ET Q q 0 0 0 rg BT 521.41 297.75 Td (increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 285.75 Td (leading ) Tj ET Q q 0 0 0 rg BT 99.21 285.75 Td (up ) Tj ET Q q 0 0 0 rg BT 111.48 285.75 Td (to ) Tj ET Q q 0 0 0 rg BT 121.53 285.75 Td (the ) Tj ET Q q 0 0 0 rg BT 136.02 285.75 Td (Federal ) Tj ET Q q 0 0 0 rg BT 168.28 285.75 Td (Reserve's ) Tj ET Q q 0 0 0 rg BT 208.45 285.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 244.05 285.75 Td (to ) Tj ET Q q 0 0 0 rg BT 254.10 285.75 Td (raise ) Tj ET Q q 0 0 0 rg BT 275.25 285.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.74 285.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 319.77 285.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 344.26 285.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 361.52 285.75 Td (in ) Tj ET Q q 0 0 0 rg BT 371.57 285.75 Td (December) Tj ET Q q 0 0 0 rg BT 412.10 285.75 Td (. ) Tj ET Q q 0 0 0 rg BT 416.71 285.75 Td (This ) Tj ET Q q 0 0 0 rg BT 436.76 285.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 475.15 285.75 Td (has ) Tj ET Q q 0 0 0 rg BT 490.75 285.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 532.46 285.75 Td (into ) Tj ET Q q 0 0 0 rg BT 550.29 285.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 273.75 Td (first ) Tj ET Q q 0 0 0 rg BT 85.26 273.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 115.23 273.75 Td (of ) Tj ET Q q 0 0 0 rg BT 125.22 273.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 146.87 273.75 Td (as ) Tj ET Q q 0 0 0 rg BT 156.86 273.75 Td (the ) Tj ET Q q 0 0 0 rg BT 170.73 273.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 204.04 273.75 Td (weigh ) Tj ET Q q 0 0 0 rg BT 230.13 273.75 Td (falling ) Tj ET Q q 0 0 0 rg BT 257.89 273.75 Td (commodity ) Tj ET Q q 0 0 0 rg BT 305.09 273.75 Td (prices, ) Tj ET Q q 0 0 0 rg BT 333.12 273.75 Td (depressed ) Tj ET Q q 0 0 0 rg BT 374.21 273.75 Td (ener) Tj ET Q q 0 0 0 rg BT 391.23 273.75 Td (gy ) Tj ET Q q 0 0 0 rg BT 402.89 273.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 438.70 273.75 Td (a ) Tj ET Q q 0 0 0 rg BT 444.79 273.75 Td (slowdown ) Tj ET Q q 0 0 0 rg BT 487.56 273.75 Td (in ) Tj ET Q q 0 0 0 rg BT 496.99 273.75 Td (global ) Tj ET Q q 0 0 0 rg BT 523.64 273.75 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 261.75 Td (growth, ) Tj ET Q q 0 0 0 rg BT 99.96 261.75 Td (including ) Tj ET Q q 0 0 0 rg BT 139.36 261.75 Td (in ) Tj ET Q q 0 0 0 rg BT 148.76 261.75 Td (China ) Tj ET Q q 0 0 0 rg BT 174.27 261.75 Td (and ) Tj ET Q q 0 0 0 rg BT 190.34 261.75 Td (other ) Tj ET Q q 0 0 0 rg BT 212.51 261.75 Td (developing ) Tj ET Q q 0 0 0 rg BT 258.57 261.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 294.35 261.75 Td (and ) Tj ET Q q 0 0 0 rg BT 310.42 261.75 Td (weakening ) Tj ET Q q 0 0 0 rg BT 355.36 261.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 385.31 261.75 Td (in ) Tj ET Q q 0 0 0 rg BT 394.72 261.75 Td (the ) Tj ET Q q 0 0 0 rg BT 408.56 261.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 427.97 261.75 Td (In ) Tj ET Q q 0 0 0 rg BT 437.92 261.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 474.82 261.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 494.23 261.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 530.84 261.75 Td (markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 249.75 Td (remain ) Tj ET Q q 0 0 0 rg BT 97.28 249.75 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 141.50 249.75 Td (to ) Tj ET Q q 0 0 0 rg BT 151.29 249.75 Td (the ) Tj ET Q q 0 0 0 rg BT 165.53 249.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 202.53 249.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 223.44 249.75 Td (posed ) Tj ET Q q 0 0 0 rg BT 248.79 249.75 Td (by ) Tj ET Q q 0 0 0 rg BT 260.81 249.75 Td (exogenous ) Tj ET Q q 0 0 0 rg BT 305.59 249.75 Td (shocks, ) Tj ET Q q 0 0 0 rg BT 337.33 249.75 Td (which ) Tj ET Q q 0 0 0 rg BT 363.78 249.75 Td (could ) Tj ET Q q 0 0 0 rg BT 388.02 249.75 Td (include, ) Tj ET Q q 0 0 0 rg BT 421.97 249.75 Td (among ) Tj ET Q q 0 0 0 rg BT 451.20 249.75 Td (other ) Tj ET Q q 0 0 0 rg BT 473.76 249.75 Td (things, ) Tj ET Q q 0 0 0 rg BT 502.73 249.75 Td (further ) Tj ET Q q 0 0 0 rg BT 531.95 249.75 Td (conflict ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 77.80 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 92.54 237.75 Td (Middle ) Tj ET Q q 0 0 0 rg BT 123.96 237.75 Td (East ) Tj ET Q q 0 0 0 rg BT 143.70 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 160.66 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 170.96 237.75 Td (Eastern ) Tj ET Q q 0 0 0 rg BT 203.47 237.75 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 237.37 237.75 Td (political ) Tj ET Q q 0 0 0 rg BT 272.67 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 289.63 237.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 327.13 237.75 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 374.64 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 384.94 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 399.68 237.75 Td (European ) Tj ET Q q 0 0 0 rg BT 440.52 237.75 Td (Union ) Tj ET Q q 0 0 0 rg BT 468.05 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 485.01 237.75 Td (further ) Tj ET Q q 0 0 0 rg BT 514.74 237.75 Td (government ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 225.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 86.68 225.75 Td (crises, ) Tj ET Q q 0 0 0 rg BT 113.91 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 130.31 225.75 Td (a ) Tj ET Q q 0 0 0 rg BT 136.71 225.75 Td (more ) Tj ET Q q 0 0 0 rg BT 159.22 225.75 Td (severe ) Tj ET Q q 0 0 0 rg BT 186.72 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 203.13 225.75 Td (prolonged ) Tj ET Q q 0 0 0 rg BT 245.63 225.75 Td (downturn ) Tj ET Q q 0 0 0 rg BT 285.93 225.75 Td (in ) Tj ET Q q 0 0 0 rg BT 295.67 225.75 Td (China's ) Tj ET Q q 0 0 0 rg BT 327.21 225.75 Td (economy) Tj ET Q q 0 0 0 rg BT 363.22 225.75 Td (. ) Tj ET Q q 0 0 0 rg BT 367.68 225.75 Td (If ) Tj ET Q q 0 0 0 rg BT 376.30 225.75 Td (these ) Tj ET Q q 0 0 0 rg BT 398.81 225.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 427.98 225.75 Td (were ) Tj ET Q q 0 0 0 rg BT 449.38 225.75 Td (to ) Tj ET Q q 0 0 0 rg BT 459.12 225.75 Td (worsen ) Tj ET Q q 0 0 0 rg BT 489.96 225.75 Td (or ) Tj ET Q q 0 0 0 rg BT 500.25 225.75 Td (if ) Tj ET Q q 0 0 0 rg BT 508.33 225.75 Td (an ) Tj ET Q q 0 0 0 rg BT 519.73 225.75 Td (exogenous ) Tj ET Q q 0 0 0 rg BT 565.00 225.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 213.75 Td (shock ) Tj ET Q q 0 0 0 rg BT 93.65 213.75 Td (were ) Tj ET Q q 0 0 0 rg BT 115.90 213.75 Td (to ) Tj ET Q q 0 0 0 rg BT 126.50 213.75 Td (materialize, ) Tj ET Q q 0 0 0 rg BT 176.24 213.75 Td (it ) Tj ET Q q 0 0 0 rg BT 184.61 213.75 Td (could ) Tj ET Q q 0 0 0 rg BT 209.65 213.75 Td (lead ) Tj ET Q q 0 0 0 rg BT 229.13 213.75 Td (to ) Tj ET Q q 0 0 0 rg BT 239.73 213.75 Td (further ) Tj ET Q q 0 0 0 rg BT 269.76 213.75 Td (or ) Tj ET Q q 0 0 0 rg BT 280.91 213.75 Td (more ) Tj ET Q q 0 0 0 rg BT 304.28 213.75 Td (severe ) Tj ET Q q 0 0 0 rg BT 332.63 213.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 360.45 213.75 Td (market ) Tj ET Q q 0 0 0 rg BT 391.04 213.75 Td (declines ) Tj ET Q q 0 0 0 rg BT 426.62 213.75 Td (and ) Tj ET Q q 0 0 0 rg BT 443.88 213.75 Td (volatility) Tj ET Q q 0 0 0 rg BT 479.34 213.75 Td (, ) Tj ET Q q 0 0 0 rg BT 484.66 213.75 Td (which ) Tj ET Q q 0 0 0 rg BT 511.92 213.75 Td (would ) Tj ET Q q 0 0 0 rg BT 539.74 213.75 Td (likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 201.75 Td (have ) Tj ET Q q 0 0 0 rg BT 88.88 201.75 Td (a ) Tj ET Q q 0 0 0 rg BT 95.82 201.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 140.53 201.75 Td (negative ) Tj ET Q q 0 0 0 rg BT 176.90 201.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 206.61 201.75 Td (on ) Tj ET Q q 0 0 0 rg BT 219.11 201.75 Td (our ) Tj ET Q q 0 0 0 rg BT 234.94 201.75 Td (results ) Tj ET Q q 0 0 0 rg BT 263.55 201.75 Td (of ) Tj ET Q q 0 0 0 rg BT 274.38 201.75 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 177.75 Td (Interest ) Tj ET Q q 0 0 0 rg BT 99.66 177.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 120.71 177.75 Td (have ) Tj ET Q q 0 0 0 rg BT 141.76 177.75 Td (a ) Tj ET Q q 0 0 0 rg BT 148.38 177.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 192.76 177.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 222.15 177.75 Td (on ) Tj ET Q q 0 0 0 rg BT 234.32 177.75 Td (our ) Tj ET Q q 0 0 0 rg BT 249.83 177.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 288.39 177.75 Td (particularly ) Tj ET Q q 0 0 0 rg BT 336.66 177.75 Td (our ) Tj ET Q q 0 0 0 rg BT 352.16 177.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 374.88 177.75 Td (income ) Tj ET Q q 0 0 0 rg BT 406.49 177.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 456.44 177.75 Td (business. ) Tj ET Q q 0 0 0 rg BT 494.85 177.75 Td (This ) Tj ET Q q 0 0 0 rg BT 514.80 177.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 550.30 177.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 165.75 Td (direction ) Tj ET Q q 0 0 0 rg BT 104.58 165.75 Td (and ) Tj ET Q q 0 0 0 rg BT 120.56 165.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 137.08 165.75 Td (of ) Tj ET Q q 0 0 0 rg BT 146.95 165.75 Td (change ) Tj ET Q q 0 0 0 rg BT 176.80 165.75 Td (in ) Tj ET Q q 0 0 0 rg BT 186.12 165.75 Td (rates, ) Tj ET Q q 0 0 0 rg BT 209.03 165.75 Td (as ) Tj ET Q q 0 0 0 rg BT 218.90 165.75 Td (well ) Tj ET Q q 0 0 0 rg BT 237.66 165.75 Td (as ) Tj ET Q q 0 0 0 rg BT 247.52 165.75 Td (uncertainy ) Tj ET Q q 0 0 0 rg BT 291.26 165.75 Td (around ) Tj ET Q q 0 0 0 rg BT 320.57 165.75 Td (both ) Tj ET Q q 0 0 0 rg BT 339.89 165.75 Td (of ) Tj ET Q q 0 0 0 rg BT 349.76 165.75 Td (these. ) Tj ET Q q 0 0 0 rg BT 374.23 165.75 Td (V) Tj ET Q q 0 0 0 rg BT 380.16 165.75 Td (olatility ) Tj ET Q q 0 0 0 rg BT 412.81 165.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 451.55 165.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 490.84 165.75 Td (in ) Tj ET Q q 0 0 0 rg BT 500.16 165.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 524.20 165.75 Td (reflecting ) 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 82.30 153.75 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 129.87 153.75 Td (and ) Tj ET Q q 0 0 0 rg BT 146.89 153.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 185.59 153.75 Td (around ) Tj ET Q q 0 0 0 rg BT 215.94 153.75 Td (the ) Tj ET Q q 0 0 0 rg BT 230.74 153.75 Td (Federal ) Tj ET Q q 0 0 0 rg BT 263.31 153.75 Td (Reserve's ) Tj ET Q q 0 0 0 rg BT 303.80 153.75 Td (decision ) Tj ET Q q 0 0 0 rg BT 339.71 153.75 Td (to ) Tj ET Q q 0 0 0 rg BT 350.07 153.75 Td (raise ) Tj ET Q q 0 0 0 rg BT 371.54 153.75 Td (the ) Tj ET Q q 0 0 0 rg BT 386.34 153.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 416.68 153.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 441.48 153.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 459.06 153.75 Td (for ) Tj ET Q q 0 0 0 rg BT 473.30 153.75 Td (the ) Tj ET Q q 0 0 0 rg BT 488.10 153.75 Td (first ) Tj ET Q q 0 0 0 rg BT 506.80 153.75 Td (time ) Tj ET Q q 0 0 0 rg BT 527.16 153.75 Td (in ) Tj ET Q q 0 0 0 rg BT 537.52 153.75 Td (nearly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 141.75 Td (a ) Tj ET Q q 0 0 0 rg BT 74.67 141.75 Td (decade, ) Tj ET Q q 0 0 0 rg BT 107.66 141.75 Td (slowing ) Tj ET Q q 0 0 0 rg BT 142.07 141.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 183.67 141.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 214.74 141.75 Td (in ) Tj ET Q q 0 0 0 rg BT 225.25 141.75 Td (China, ) Tj ET Q q 0 0 0 rg BT 254.37 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 271.54 141.75 Td (the ) Tj ET Q q 0 0 0 rg BT 286.49 141.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 324.22 141.75 Td (for ) Tj ET Q q 0 0 0 rg BT 338.61 141.75 Td (a ) Tj ET Q q 0 0 0 rg BT 345.79 141.75 Td (global ) Tj ET Q q 0 0 0 rg BT 373.52 141.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 415.12 141.75 Td (slowdown. ) Tj ET Q q 0 0 0 rg BT 461.06 141.75 Td (Y) Tj ET Q q 0 0 0 rg BT 467.73 141.75 Td (ields ) Tj ET Q q 0 0 0 rg BT 489.35 141.75 Td (are ) Tj ET Q q 0 0 0 rg BT 504.30 141.75 Td (expected ) Tj ET Q q 0 0 0 rg BT 542.56 141.75 Td (to ) Tj ET Q q 0 0 0 rg BT 553.08 141.75 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 129.75 Td (impacted ) Tj ET Q q 0 0 0 rg BT 106.49 129.75 Td (in ) Tj ET Q q 0 0 0 rg BT 116.61 129.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 138.95 129.75 Td (by ) Tj ET Q q 0 0 0 rg BT 151.29 129.75 Td (perceptions ) Tj ET Q q 0 0 0 rg BT 199.72 129.75 Td (around ) Tj ET Q q 0 0 0 rg BT 229.83 129.75 Td (the ) Tj ET Q q 0 0 0 rg BT 244.39 129.75 Td (strength ) Tj ET Q q 0 0 0 rg BT 278.95 129.75 Td (of ) Tj ET Q q 0 0 0 rg BT 289.62 129.75 Td (the ) Tj ET Q q 0 0 0 rg BT 304.17 129.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 324.30 129.75 Td (economy ) Tj ET Q q 0 0 0 rg BT 363.29 129.75 Td (and ) Tj ET Q q 0 0 0 rg BT 380.07 129.75 Td (the ) Tj ET Q q 0 0 0 rg BT 394.63 129.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 422.52 129.75 Td (of ) Tj ET Q q 0 0 0 rg BT 433.19 129.75 Td (the ) Tj ET Q q 0 0 0 rg BT 447.75 129.75 Td (Federal ) Tj ET Q q 0 0 0 rg BT 480.08 129.75 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 514.62 129.75 Td (to ) Tj ET Q q 0 0 0 rg BT 524.74 129.75 Td (gradually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 117.75 Td (raise ) Tj ET Q q 0 0 0 rg BT 88.77 117.75 Td (the ) Tj ET Q q 0 0 0 rg BT 103.37 117.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 133.52 117.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 158.13 117.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 175.50 117.75 Td (through ) Tj ET Q q 0 0 0 rg BT 209.00 117.75 Td (the ) Tj ET Q q 0 0 0 rg BT 223.60 117.75 Td (year) Tj ET Q q 0 0 0 rg BT 240.26 117.75 Td (. ) Tj ET Q q 0 0 0 rg BT 244.62 117.75 Td (As ) Tj ET Q q 0 0 0 rg BT 258.12 117.75 Td (to ) Tj ET Q q 0 0 0 rg BT 268.29 117.75 Td (the ) Tj ET Q q 0 0 0 rg BT 282.90 117.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 312.50 117.75 Td (to ) Tj ET Q q 0 0 0 rg BT 322.67 117.75 Td (our ) Tj ET Q q 0 0 0 rg BT 338.38 117.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 377.17 117.75 Td (a ) Tj ET Q q 0 0 0 rg BT 383.99 117.75 Td (lar) Tj ET Q q 0 0 0 rg BT 394.36 117.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 406.19 117.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 451.88 117.75 Td (of ) Tj ET Q q 0 0 0 rg BT 462.60 117.75 Td (our ) Tj ET Q q 0 0 0 rg BT 478.32 117.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 518.47 117.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 559.18 117.75 Td (- ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 105.75 Td (both ) Tj ET Q q 0 0 0 rg BT 87.65 105.75 Td (that ) Tj ET Q q 0 0 0 rg BT 105.01 105.75 Td (held ) Tj ET Q q 0 0 0 rg BT 124.59 105.75 Td (for ) Tj ET Q q 0 0 0 rg BT 138.62 105.75 Td (facilitating ) Tj ET Q q 0 0 0 rg BT 184.31 105.75 Td (client ) Tj ET Q q 0 0 0 rg BT 208.89 105.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 241.25 105.75 Td (as ) Tj ET Q q 0 0 0 rg BT 251.94 105.75 Td (well ) Tj ET Q q 0 0 0 rg BT 271.53 105.75 Td (as ) Tj ET Q q 0 0 0 rg BT 282.23 105.75 Td (our ) Tj ET Q q 0 0 0 rg BT 297.92 105.75 Td (own ) Tj ET Q q 0 0 0 rg BT 317.51 105.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 364.31 105.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 395.00 105.75 Td (- ) Tj ET Q q 0 0 0 rg BT 400.70 105.75 Td ( ) Tj ET Q q 0 0 0 rg BT 403.07 105.75 Td (consist ) Tj ET Q q 0 0 0 rg BT 433.21 105.75 Td (of ) Tj ET Q q 0 0 0 rg BT 443.91 105.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 466.83 105.75 Td (income ) Tj ET Q q 0 0 0 rg BT 498.63 105.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 541.26 105.75 Td (and ) Tj ET Q q 0 0 0 rg BT 558.07 105.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 93.75 Td (rapid ) Tj ET Q q 0 0 0 rg BT 91.01 93.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 126.73 93.75 Td (in ) Tj ET Q q 0 0 0 rg BT 137.47 93.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 169.86 93.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 191.70 93.75 Td (would ) Tj ET Q q 0 0 0 rg BT 219.67 93.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 257.04 93.75 Td (the ) Tj ET Q q 0 0 0 rg BT 272.22 93.75 Td (value ) Tj ET Q q 0 0 0 rg BT 296.84 93.75 Td (of ) Tj ET Q q 0 0 0 rg BT 308.13 93.75 Td (these ) Tj ET Q q 0 0 0 rg BT 331.64 93.75 Td (positions, ) Tj ET Q q 0 0 0 rg BT 373.23 93.75 Td (possibly ) Tj ET Q q 0 0 0 rg BT 409.53 93.75 Td (significantly) Tj ET Q q 0 0 0 rg BT 458.87 93.75 Td (. ) Tj ET Q q 0 0 0 rg BT 464.33 93.75 Td (Further) Tj ET Q q 0 0 0 rg BT 493.37 93.75 Td (, ) Tj ET Q q 0 0 0 rg BT 498.83 93.75 Td (our ) Tj ET Q q 0 0 0 rg BT 515.13 93.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.52 93.75 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 81.75 Td (hedging ) Tj ET Q q 0 0 0 rg BT 102.05 81.75 Td (strategies ) Tj ET Q q 0 0 0 rg BT 142.15 81.75 Td (may ) Tj ET Q q 0 0 0 rg BT 161.70 81.75 Td (not ) Tj ET Q q 0 0 0 rg BT 176.81 81.75 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 211.91 81.75 Td (this ) Tj ET Q q 0 0 0 rg BT 228.70 81.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 267.14 81.75 Td (as ) Tj ET Q q 0 0 0 rg BT 277.80 81.75 Td (we ) Tj ET Q q 0 0 0 rg BT 291.80 81.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 331.33 81.75 Td (do ) Tj ET Q q 0 0 0 rg BT 343.67 81.75 Td (not ) Tj ET Q q 0 0 0 rg BT 358.78 81.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 384.99 81.75 Td (all ) Tj ET Q q 0 0 0 rg BT 397.32 81.75 Td (of ) Tj ET Q q 0 0 0 rg BT 407.98 81.75 Td (our ) Tj ET Q q 0 0 0 rg BT 423.65 81.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 455.42 81.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 472.73 81.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 490.07 81.75 Td (and ) Tj ET Q q 0 0 0 rg BT 506.84 81.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 545.28 81.75 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 69.75 Td (reduce ) Tj ET Q q 0 0 0 rg BT 96.44 69.75 Td (the ) Tj ET Q q 0 0 0 rg BT 110.96 69.75 Td (correlation ) Tj ET Q q 0 0 0 rg BT 156.57 69.75 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 176.92 69.75 Td (ef) Tj ET Q q 0 0 0 rg BT 184.50 69.75 Td (fectiveness\) ) Tj ET Q q 0 0 0 rg BT 234.56 69.75 Td (between ) Tj ET Q q 0 0 0 rg BT 270.17 69.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 299.67 69.75 Td (hedging ) Tj ET Q q 0 0 0 rg BT 334.19 69.75 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 369.25 69.75 Td (and ) Tj ET Q q 0 0 0 rg BT 385.99 69.75 Td (the ) Tj ET Q q 0 0 0 rg BT 400.50 69.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 440.56 69.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 481.19 69.75 Td (we ) Tj ET Q q 0 0 0 rg BT 495.15 69.75 Td (are ) Tj ET Q q 0 0 0 rg BT 509.65 69.75 Td (attempting ) Tj ET Q q 0 0 0 rg BT 554.72 69.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 57.75 Td (hedge. ) Tj ET Q q 0 0 0 rg BT 96.46 57.75 Td (In ) Tj ET Q q 0 0 0 rg BT 107.37 57.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 145.23 57.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 177.24 57.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 194.81 57.75 Td (increases ) Tj ET Q q 0 0 0 rg BT 234.04 57.75 Td (in ) Tj ET Q q 0 0 0 rg BT 244.40 57.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 269.48 57.75 Td (both ) Tj ET Q q 0 0 0 rg BT 289.84 57.75 Td (gradual ) Tj ET Q q 0 0 0 rg BT 322.41 57.75 Td (and ) Tj ET Q q 0 0 0 rg BT 339.43 57.75 Td (more ) Tj ET Q q 0 0 0 rg BT 362.56 57.75 Td (severe, ) Tj ET Q q 0 0 0 rg BT 393.18 57.75 Td (may ) Tj ET Q q 0 0 0 rg BT 412.97 57.75 Td (negatively ) Tj ET Q q 0 0 0 rg BT 457.21 57.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 487.00 57.75 Td (the ) Tj ET Q q 0 0 0 rg BT 501.80 57.75 Td (volume ) Tj ET Q q 0 0 0 rg BT 534.38 57.75 Td (of ) Tj ET Q q 0 0 0 rg BT 545.29 57.75 Td (debt ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 740.10 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 115.14 740.10 Td (issuances ) Tj ET Q q 0 0 0 rg BT 155.02 740.10 Td (underwritten ) Tj ET Q q 0 0 0 rg BT 208.22 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 220.33 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 235.77 740.10 Td (public ) Tj ET Q q 0 0 0 rg BT 262.88 740.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 294.41 740.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 340.40 740.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 374.73 740.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 413.23 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 423.67 740.10 Td (well ) Tj ET Q q 0 0 0 rg BT 442.99 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 453.43 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 468.87 740.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 507.08 740.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 531.41 740.10 Td (focused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 728.10 Td (on ) Tj ET Q q 0 0 0 rg BT 80.00 728.10 Td (master ) Tj ET Q q 0 0 0 rg BT 109.16 728.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 139.99 728.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 191.36 728.10 Td (\("MLPs"\), ) Tj ET Q q 0 0 0 rg BT 235.64 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 262.58 728.10 Td (may ) Tj ET Q q 0 0 0 rg BT 282.29 728.10 Td (underperform ) Tj ET Q q 0 0 0 rg BT 339.77 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 350.05 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 356.99 728.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 382.27 728.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 414.20 728.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 431.68 728.10 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 (An ) Tj ET Q q 0 0 0 rg BT 82.05 704.10 Td (unsustainable ) Tj ET Q q 0 0 0 rg BT 138.82 704.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 158.94 704.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 200.14 704.10 Td (recovery) Tj ET Q q 0 0 0 rg BT 234.47 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 239.30 704.10 Td (or ) Tj ET Q q 0 0 0 rg BT 249.96 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 256.74 704.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 301.28 704.10 Td (worsening ) Tj ET Q q 0 0 0 rg BT 345.27 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.94 704.10 Td (global ) Tj ET Q q 0 0 0 rg BT 383.27 704.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 424.47 704.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 470.97 704.10 Td (would ) Tj ET Q q 0 0 0 rg BT 498.30 704.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 523.41 704.10 Td (result ) Tj ET Q q 0 0 0 rg BT 547.96 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 558.07 704.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 692.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 97.90 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 107.20 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.94 692.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 157.44 692.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 193.12 692.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 229.63 692.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 250.59 692.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 293.22 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.18 692.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 349.02 692.10 Td (impacting ) Tj ET Q q 0 0 0 rg BT 390.53 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 405.39 692.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 426.35 692.10 Td (management ) Tj ET Q q 0 0 0 rg BT 478.96 692.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 516.54 692.10 Td (A) Tj ET Q q 0 0 0 rg BT 523.21 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 524.73 692.10 Td (reduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 77.73 680.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 99.62 680.10 Td (values ) Tj ET Q q 0 0 0 rg BT 127.62 680.10 Td (would ) Tj ET Q q 0 0 0 rg BT 155.07 680.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 199.17 680.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 228.83 680.10 Td (this ) Tj ET Q q 0 0 0 rg BT 245.73 680.10 Td (business ) Tj ET Q q 0 0 0 rg BT 282.08 680.10 Td (by ) Tj ET Q q 0 0 0 rg BT 294.53 680.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 331.96 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.63 680.10 Td (value ) Tj ET Q q 0 0 0 rg BT 370.74 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.52 680.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 407.30 680.10 Td (under ) Tj ET Q q 0 0 0 rg BT 432.52 680.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 488.56 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 505.45 680.10 Td (as ) Tj ET Q q 0 0 0 rg BT 516.23 680.10 Td (a ) Tj ET Q q 0 0 0 rg BT 523.12 680.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 550.29 680.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 668.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 105.54 668.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 146.90 668.10 Td (from ) Tj ET Q q 0 0 0 rg BT 168.84 668.10 Td (this ) Tj ET Q q 0 0 0 rg BT 185.79 668.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (It ) Tj ET Q q 0 0 0 rg BT 57.39 644.10 Td (is ) Tj ET Q q 0 0 0 rg BT 65.85 644.10 Td (dif) Tj ET Q q 0 0 0 rg BT 76.77 644.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 99.66 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 109.22 644.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 138.77 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.77 644.10 Td (market ) Tj ET Q q 0 0 0 rg BT 182.32 644.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 225.77 644.10 Td (for ) Tj ET Q q 0 0 0 rg BT 239.21 644.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 263.49 644.10 Td (which ) Tj ET Q q 0 0 0 rg BT 289.72 644.10 Td (are ) Tj ET Q q 0 0 0 rg BT 303.71 644.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 346.58 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 356.15 644.10 Td (lar) Tj ET Q q 0 0 0 rg BT 366.51 644.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 377.73 644.10 Td (part ) Tj ET Q q 0 0 0 rg BT 395.07 644.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 416.85 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.85 644.10 Td (pace ) Tj ET Q q 0 0 0 rg BT 450.95 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.06 644.10 Td (global ) Tj ET Q q 0 0 0 rg BT 487.84 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.06 644.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 523.63 644.10 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (growth. ) Tj ET Q q 0 0 0 rg BT 82.66 632.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 100.55 632.10 Td (smaller ) Tj ET Q q 0 0 0 rg BT 132.31 632.10 Td (scale ) Tj ET Q q 0 0 0 rg BT 154.63 632.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 196.39 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 206.50 632.10 Td (many ) Tj ET Q q 0 0 0 rg BT 231.05 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.71 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.38 632.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 306.92 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 323.69 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.24 632.10 Td (cyclical ) Tj ET Q q 0 0 0 rg BT 371.67 632.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 398.98 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.65 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.20 632.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 463.18 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.96 632.10 Td (this ) Tj ET Q q 0 0 0 rg BT 496.74 632.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 531.85 632.10 Td (leads ) Tj ET Q q 0 0 0 rg BT 554.73 632.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 89.17 620.10 Td (in ) Tj ET Q q 0 0 0 rg BT 100.50 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 117.39 620.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 155.93 620.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 188.10 620.10 Td (including ) Tj ET Q q 0 0 0 rg BT 229.43 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 246.32 620.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 287.64 620.10 Td (mar) Tj ET Q q 0 0 0 rg BT 303.01 620.10 Td (gins, ) Tj ET Q q 0 0 0 rg BT 325.74 620.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 384.84 620.10 Td (ratios ) Tj ET Q q 0 0 0 rg BT 410.61 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.61 620.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 463.81 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.81 620.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 517.58 620.10 Td (levels. ) Tj ET Q q 0 0 0 rg BT 546.96 620.10 Td (Our ) 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 87.24 608.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 140.51 608.10 Td (may ) Tj ET Q q 0 0 0 rg BT 160.49 608.10 Td (be ) Tj ET Q q 0 0 0 rg BT 172.68 608.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 203.77 608.10 Td (by ) Tj ET Q q 0 0 0 rg BT 216.52 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.49 608.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 254.79 608.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 282.54 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.62 608.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 323.58 608.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 364.93 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.90 608.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 409.87 608.10 Td (from ) Tj ET Q q 0 0 0 rg BT 432.07 608.10 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 488.69 608.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 515.34 608.10 Td (or ) Tj ET Q q 0 0 0 rg BT 526.42 608.10 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.12 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.85 596.10 Td (year) Tj ET Q q 0 0 0 rg BT 109.66 596.10 Td (, ) Tj ET Q q 0 0 0 rg BT 114.67 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.63 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.36 596.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 182.20 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.49 596.10 Td (scale ) Tj ET Q q 0 0 0 rg BT 214.99 596.10 Td (back ) Tj ET Q q 0 0 0 rg BT 236.38 596.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 258.89 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.19 596.10 Td (a ) Tj ET Q q 0 0 0 rg BT 276.14 596.10 Td (timeframe ) Tj ET Q q 0 0 0 rg BT 319.74 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 330.03 596.10 Td (match ) Tj ET Q q 0 0 0 rg BT 356.98 596.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 397.80 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.09 596.10 Td (revenue-related ) Tj ET Q q 0 0 0 rg BT 472.78 596.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 507.50 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.80 596.10 Td (market ) Tj ET Q q 0 0 0 rg BT 548.07 596.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 90.87 584.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 136.99 584.10 Td (As ) Tj ET Q q 0 0 0 rg BT 150.60 584.10 Td (a ) Tj ET Q q 0 0 0 rg BT 157.54 584.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 184.75 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 200.58 584.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 238.06 584.10 Td (results ) Tj ET Q q 0 0 0 rg BT 266.67 584.10 Td (may ) Tj ET Q q 0 0 0 rg BT 286.39 584.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 306.66 584.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 359.15 584.10 Td (from ) Tj ET Q q 0 0 0 rg BT 381.09 584.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 409.20 584.10 Td (-to-quarter ) Tj ET Q q 0 0 0 rg BT 454.46 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.39 584.10 Td (year) Tj ET Q q 0 0 0 rg BT 488.40 584.10 Td (-to-year) Tj ET Q q 0 0 0 rg BT 519.50 584.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (Developments ) Tj ET Q q 0 0 0 rg BT 109.45 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 119.97 560.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 153.25 560.10 Td (business ) Tj ET Q q 0 0 0 rg BT 190.45 560.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 220.97 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.48 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.45 560.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 266.41 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.16 560.10 Td (global ) Tj ET Q q 0 0 0 rg BT 311.90 560.10 Td (economy) Tj ET Q q 0 0 0 rg BT 348.19 560.10 Td (, ) Tj ET Q q 0 0 0 rg BT 352.87 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 363.95 560.10 Td (well ) Tj ET Q q 0 0 0 rg BT 382.80 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 393.88 560.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 418.28 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.80 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.76 560.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 478.72 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.25 560.10 Td (which ) Tj ET Q q 0 0 0 rg BT 516.44 560.10 Td (we ) Tj ET Q q 0 0 0 rg BT 529.74 560.10 Td (conduct ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 66.45 548.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 106.47 548.10 Td (have ) Tj ET Q q 0 0 0 rg BT 128.41 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 139.25 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.52 548.10 Td (past ) Tj ET Q q 0 0 0 rg BT 173.69 548.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 214.51 548.10 Td (af) Tj ET Q q 0 0 0 rg BT 222.66 548.10 Td (fected, ) Tj ET Q q 0 0 0 rg BT 252.08 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.14 548.10 Td (may ) Tj ET Q q 0 0 0 rg BT 289.86 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 300.70 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.98 548.10 Td (future ) Tj ET Q q 0 0 0 rg BT 344.04 548.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 384.86 548.10 Td (af) Tj ET Q q 0 0 0 rg BT 393.01 548.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 412.99 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 429.94 548.10 Td (business ) Tj ET Q q 0 0 0 rg BT 467.46 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.52 548.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 533.48 548.10 Td (.) Tj ET Q BT /F1 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 66.81 524.10 Td (results ) Tj ET Q q 0 0 0 rg BT 94.68 524.10 Td (for ) Tj ET Q q 0 0 0 rg BT 108.10 524.10 Td (a ) Tj ET Q q 0 0 0 rg BT 114.30 524.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 154.37 524.10 Td (period ) Tj ET Q q 0 0 0 rg BT 181.68 524.10 Td (may ) Tj ET Q q 0 0 0 rg BT 200.65 524.10 Td (be ) Tj ET Q q 0 0 0 rg BT 211.85 524.10 Td (disproportionately ) Tj ET Q q 0 0 0 rg BT 286.93 524.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 325.34 524.10 Td (by ) Tj ET Q q 0 0 0 rg BT 337.10 524.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 371.63 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.17 524.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 414.02 524.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 443.55 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.64 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.62 524.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 487.16 524.10 Td (or ) Tj ET Q q 0 0 0 rg BT 497.25 524.10 Td (global ) Tj ET Q q 0 0 0 rg BT 524.01 524.10 Td (economy) Tj ET Q q 0 0 0 rg BT 560.01 524.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 512.10 Td (for ) Tj ET Q q 0 0 0 rg BT 74.49 512.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 104.19 512.10 Td (products ) Tj ET Q q 0 0 0 rg BT 141.13 512.10 Td (within ) Tj ET Q q 0 0 0 rg BT 169.19 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.90 512.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 221.38 512.10 Td (services ) Tj ET Q q 0 0 0 rg BT 256.09 512.10 Td (industry) Tj ET Q q 0 0 0 rg BT 288.22 512.10 Td (, ) Tj ET Q q 0 0 0 rg BT 293.22 512.10 Td (due ) Tj ET Q q 0 0 0 rg BT 310.16 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.44 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 336.27 512.10 Td (business ) Tj ET Q q 0 0 0 rg BT 372.66 512.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 390.72 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.65 512.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 431.81 512.10 Td (areas. ) Tj ET Q q 0 0 0 rg BT 457.35 512.10 Td (For ) Tj ET Q q 0 0 0 rg BT 473.74 512.10 Td (example:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 488.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 84.74 488.10 Td (equities ) Tj ET Q q 0 0 0 rg BT 117.53 488.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 163.10 488.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 197.00 488.10 Td (business ) Tj ET Q q 0 0 0 rg BT 232.58 488.10 Td (focuses ) Tj ET Q q 0 0 0 rg BT 264.26 488.10 Td (on ) Tj ET Q q 0 0 0 rg BT 275.94 488.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 308.73 488.10 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 340.68 488.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 388.46 488.10 Td (healthcare, ) Tj ET Q q 0 0 0 rg BT 433.72 488.10 Td (consumer) Tj ET Q q 0 0 0 rg BT 472.20 488.10 Td (, ) Tj ET Q q 0 0 0 rg BT 476.39 488.10 Td (diversified ) Tj ET Q q 0 0 0 rg BT 520.84 488.10 Td (industrials ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 83.20 476.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 119.17 476.10 Td (business ) Tj ET Q q 0 0 0 rg BT 154.33 476.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 190.30 476.10 Td (technology) Tj ET Q q 0 0 0 rg BT 234.09 476.10 Td (, ) Tj ET Q q 0 0 0 rg BT 237.85 476.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 274.10 476.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 322.31 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.02 476.10 Td (agriculture, ) Tj ET Q q 0 0 0 rg BT 385.09 476.10 Td (clean ) Tj ET Q q 0 0 0 rg BT 407.45 476.10 Td (technologies ) Tj ET Q q 0 0 0 rg BT 459.26 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.96 476.10 Td (renewables. ) Tj ET Q q 0 0 0 rg BT 523.61 476.10 Td (V) Tj ET Q q 0 0 0 rg BT 529.54 476.10 Td (olatility) Tj ET Q q 0 0 0 rg BT 560.00 476.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 464.10 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 111.83 464.10 Td (, ) Tj ET Q q 0 0 0 rg BT 120.17 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 134.35 464.10 Td (slowdowns ) Tj ET Q q 0 0 0 rg BT 185.20 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.82 464.10 Td (these ) Tj ET Q q 0 0 0 rg BT 225.21 464.10 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 261.32 464.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 313.25 464.10 Td (healthcare, ) Tj ET Q q 0 0 0 rg BT 362.68 464.10 Td (may ) Tj ET Q q 0 0 0 rg BT 385.74 464.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 429.90 464.10 Td (af) Tj ET Q q 0 0 0 rg BT 437.49 464.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 458.31 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 477.49 464.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 519.72 464.10 Td (sometimes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 452.10 Td (disproportionately) Tj ET Q q 0 0 0 rg BT 140.17 452.10 Td (, ) Tj ET Q q 0 0 0 rg BT 145.25 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.27 452.10 Td (may ) Tj ET Q q 0 0 0 rg BT 182.07 452.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 206.86 452.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 245.55 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.91 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.71 452.10 Td (net ) Tj ET Q q 0 0 0 rg BT 285.51 452.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 323.63 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 337.87 452.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 369.32 452.10 Td (from ) Tj ET Q q 0 0 0 rg BT 391.34 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 407.25 452.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 436.48 452.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 470.72 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.74 452.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 528.07 452.10 Td (advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 440.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 110.44 440.10 Td (In ) Tj ET Q q 0 0 0 rg BT 123.11 440.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 151.88 440.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 179.81 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.37 440.10 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 241.79 440.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 270.01 440.10 Td (has ) Tj ET Q q 0 0 0 rg BT 287.68 440.10 Td (been ) Tj ET Q q 0 0 0 rg BT 310.90 440.10 Td (a ) Tj ET Q q 0 0 0 rg BT 319.68 440.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 366.23 440.10 Td (contributor ) Tj ET Q q 0 0 0 rg BT 415.00 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.12 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 444.79 440.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 476.90 440.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 509.85 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.63 440.10 Td (negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 428.10 Td (developments ) Tj ET Q q 0 0 0 rg BT 126.18 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.10 428.10 Td (this ) Tj ET Q q 0 0 0 rg BT 154.68 428.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 181.70 428.10 Td (would ) Tj ET Q q 0 0 0 rg BT 209.84 428.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 253.51 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.09 428.10 Td (disproportionately ) Tj ET Q q 0 0 0 rg BT 347.55 428.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 377.90 428.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 392.43 428.10 Td (even ) Tj ET Q q 0 0 0 rg BT 414.45 428.10 Td (if ) Tj ET Q q 0 0 0 rg BT 423.69 428.10 Td (general ) Tj ET Q q 0 0 0 rg BT 456.26 428.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 498.27 428.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 543.07 428.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 416.10 Td (strong. ) Tj ET Q q 0 0 0 rg BT 96.46 416.10 Td (Further) Tj ET Q q 0 0 0 rg BT 125.49 416.10 Td (, ) Tj ET Q q 0 0 0 rg BT 129.45 416.10 Td (ener) Tj ET Q q 0 0 0 rg BT 146.48 416.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 157.93 416.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 191.05 416.10 Td (are ) Tj ET Q q 0 0 0 rg BT 204.71 416.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 242.26 416.10 Td (suf) Tj ET Q q 0 0 0 rg BT 254.30 416.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 279.63 416.10 Td (from ) Tj ET Q q 0 0 0 rg BT 300.53 416.10 Td (a ) Tj ET Q q 0 0 0 rg BT 306.42 416.10 Td (prolonged ) Tj ET Q q 0 0 0 rg BT 348.43 416.10 Td (depression ) Tj ET Q q 0 0 0 rg BT 392.65 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.89 416.10 Td (oil ) Tj ET Q q 0 0 0 rg BT 413.90 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.80 416.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 459.02 416.10 Td (gas ) Tj ET Q q 0 0 0 rg BT 473.80 416.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 501.64 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.53 416.10 Td (uncertainty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 404.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 107.75 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.90 404.10 Td (outlook ) Tj ET Q q 0 0 0 rg BT 154.39 404.10 Td (for ) Tj ET Q q 0 0 0 rg BT 167.98 404.10 Td (future ) Tj ET Q q 0 0 0 rg BT 193.79 404.10 Td (oil ) Tj ET Q q 0 0 0 rg BT 206.28 404.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 232.09 404.10 Td (is ) Tj ET Q q 0 0 0 rg BT 240.69 404.10 Td (dampening ) Tj ET Q q 0 0 0 rg BT 287.06 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.21 404.10 Td (prospects ) Tj ET Q q 0 0 0 rg BT 340.91 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.17 404.10 Td (many ) Tj ET Q q 0 0 0 rg BT 375.32 404.10 Td (ener) Tj ET Q q 0 0 0 rg BT 392.35 404.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 404.28 404.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 448.97 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.35 404.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 502.26 404.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 530.85 404.10 Td (markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 84.16 392.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 124.14 392.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 160.80 392.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 199.12 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.12 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.55 392.10 Td (sector) Tj ET Q q 0 0 0 rg BT 246.88 392.10 Td (. ) Tj ET Q q 0 0 0 rg BT 251.44 392.10 Td (W) Tj ET Q q 0 0 0 rg BT 260.08 392.10 Td (e ) Tj ET Q q 0 0 0 rg BT 266.74 392.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 301.16 392.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 346.70 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.14 392.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 407.24 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.79 392.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 457.80 392.10 Td (& ) Tj ET Q q 0 0 0 rg BT 467.80 392.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 508.91 392.10 Td (International, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 380.10 Td (an ) Tj ET Q q 0 0 0 rg BT 79.08 380.10 Td (ener) Tj ET Q q 0 0 0 rg BT 96.11 380.10 Td (gy-based ) Tj ET Q q 0 0 0 rg BT 134.35 380.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 180.37 380.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 214.73 380.10 Td (firm, ) Tj ET Q q 0 0 0 rg BT 236.59 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.17 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.53 380.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 313.55 380.10 Td (is ) Tj ET Q q 0 0 0 rg BT 322.36 380.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 360.03 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.96 380.10 Td (close ) Tj ET Q q 0 0 0 rg BT 392.64 380.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.57 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.92 380.10 Td (first ) Tj ET Q q 0 0 0 rg BT 435.18 380.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 465.63 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.11 380.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 500.75 380.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 525.11 380.10 Td (close, ) Tj ET Q q 0 0 0 rg BT 550.30 380.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 368.10 Td (ener) Tj ET Q q 0 0 0 rg BT 84.53 368.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 98.35 368.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 126.05 368.10 Td (will ) Tj ET Q q 0 0 0 rg BT 145.44 368.10 Td (become ) Tj ET Q q 0 0 0 rg BT 180.35 368.10 Td (one ) Tj ET Q q 0 0 0 rg BT 198.62 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.77 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 227.93 368.10 Td (most ) Tj ET Q q 0 0 0 rg BT 251.20 368.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 297.24 368.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 328.83 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.99 368.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 380.90 368.10 Td (for ) Tj ET Q q 0 0 0 rg BT 396.38 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 413.54 368.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 442.36 368.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 490.07 368.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 526.11 368.10 Td (business. ) 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 81.90 344.10 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 130.46 344.10 Td (Lastly) Tj ET Q q 0 0 0 rg BT 154.81 344.10 Td (, ) Tj ET Q q 0 0 0 rg BT 159.49 344.10 Td (we ) Tj ET Q q 0 0 0 rg BT 173.33 344.10 Td (may ) Tj ET Q q 0 0 0 rg BT 192.73 344.10 Td (not ) Tj ET Q q 0 0 0 rg BT 207.69 344.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 252.07 344.10 Td (or ) Tj ET Q q 0 0 0 rg BT 262.58 344.10 Td (may ) Tj ET Q q 0 0 0 rg BT 281.98 344.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 326.36 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.32 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 342.94 344.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 367.89 344.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 396.71 344.10 Td (than ) Tj ET Q q 0 0 0 rg BT 416.11 344.10 Td (other ) Tj ET Q q 0 0 0 rg BT 438.84 344.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 462.13 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 472.09 344.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 502.04 344.10 Td (that ) Tj ET Q q 0 0 0 rg BT 519.22 344.10 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 85.53 296.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 108.55 296.10 Td (income ) Tj ET Q q 0 0 0 rg BT 140.46 296.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 190.72 296.10 Td (business ) Tj ET Q q 0 0 0 rg BT 227.09 296.10 Td (derives ) Tj ET Q q 0 0 0 rg BT 258.44 296.10 Td (its ) Tj ET Q q 0 0 0 rg BT 270.37 296.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 304.49 296.10 Td (from ) Tj ET Q q 0 0 0 rg BT 326.40 296.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 348.32 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.24 296.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 396.04 296.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 428.51 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.76 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.45 296.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 495.92 296.10 Td (market ) Tj ET Q q 0 0 0 rg BT 526.16 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 543.08 296.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 284.10 Td (products ) Tj ET Q q 0 0 0 rg BT 104.23 284.10 Td (within ) Tj ET Q q 0 0 0 rg BT 132.08 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.59 284.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 177.75 284.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 210.31 284.10 Td (including ) Tj ET Q q 0 0 0 rg BT 250.38 284.10 Td (structured ) Tj ET Q q 0 0 0 rg BT 292.65 284.10 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 339.10 284.10 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 367.50 284.10 Td (preferreds ) Tj ET Q q 0 0 0 rg BT 410.32 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.05 284.10 Td (government ) Tj ET Q q 0 0 0 rg BT 477.11 284.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 507.72 284.10 Td (products. ) Tj ET Q q 0 0 0 rg BT 546.95 284.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 272.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 108.54 272.10 Td (results ) Tj ET Q q 0 0 0 rg BT 137.93 272.10 Td (for ) Tj ET Q q 0 0 0 rg BT 152.88 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.49 272.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 193.32 272.10 Td (income ) Tj ET Q q 0 0 0 rg BT 226.03 272.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 277.09 272.10 Td (business ) Tj ET Q q 0 0 0 rg BT 314.26 272.10 Td (may ) Tj ET Q q 0 0 0 rg BT 334.76 272.10 Td (not ) Tj ET Q q 0 0 0 rg BT 350.82 272.10 Td (correlate ) Tj ET Q q 0 0 0 rg BT 389.07 272.10 Td (with ) Tj ET Q q 0 0 0 rg BT 410.13 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.63 272.10 Td (results ) Tj ET Q q 0 0 0 rg BT 455.02 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.63 272.10 Td (other ) Tj ET Q q 0 0 0 rg BT 490.46 272.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 514.85 272.10 Td (or ) Tj ET Q q 0 0 0 rg BT 526.46 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.96 272.10 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 260.10 Td (income ) Tj ET Q q 0 0 0 rg BT 99.91 260.10 Td (market ) Tj ET Q q 0 0 0 rg BT 130.64 260.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 170.82 260.10 Td (because ) Tj ET Q q 0 0 0 rg BT 205.44 260.10 Td (we ) Tj ET Q q 0 0 0 rg BT 220.07 260.10 Td (do ) Tj ET Q q 0 0 0 rg BT 233.04 260.10 Td (not ) Tj ET Q q 0 0 0 rg BT 248.79 260.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 293.96 260.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.71 260.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 349.90 260.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 390.09 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.39 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.58 260.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 440.10 260.10 Td (income ) Tj ET Q q 0 0 0 rg BT 472.50 260.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 507.13 260.10 Td (such ) Tj ET Q q 0 0 0 rg BT 528.44 260.10 Td (as ) Tj ET Q q 0 0 0 rg BT 539.74 260.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 248.10 Td (default ) Tj ET Q q 0 0 0 rg BT 97.76 248.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 127.21 248.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 167.46 248.10 Td (high-yield ) Tj ET Q q 0 0 0 rg BT 211.06 248.10 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 239.96 248.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 283.54 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.48 248.10 Td (commodities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 224.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 84.99 224.10 Td (public ) Tj ET Q q 0 0 0 rg BT 111.92 224.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 143.28 224.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 189.09 224.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 223.24 224.10 Td (business ) Tj ET Q q 0 0 0 rg BT 259.07 224.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 293.77 224.10 Td (heavily ) Tj ET Q q 0 0 0 rg BT 325.14 224.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 347.08 224.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 390.68 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.39 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.54 224.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 456.47 224.10 Td (market. ) Tj ET Q q 0 0 0 rg BT 488.67 224.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 506.15 224.10 Td (public ) Tj ET Q q 0 0 0 rg BT 533.08 224.10 Td (finance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 212.10 Td (business ) Tj ET Q q 0 0 0 rg BT 103.95 212.10 Td (focuses ) Tj ET Q q 0 0 0 rg BT 136.50 212.10 Td (on ) Tj ET Q q 0 0 0 rg BT 149.06 212.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 195.50 212.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 230.28 212.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 262.83 212.10 Td (in ) Tj ET Q q 0 0 0 rg BT 273.17 212.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 303.50 212.10 Td (that ) Tj ET Q q 0 0 0 rg BT 321.05 212.10 Td (include ) Tj ET Q q 0 0 0 rg BT 353.05 212.10 Td (state ) Tj ET Q q 0 0 0 rg BT 373.93 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.93 212.10 Td (local ) Tj ET Q q 0 0 0 rg BT 412.92 212.10 Td (government, ) Tj ET Q q 0 0 0 rg BT 465.75 212.10 Td (education, ) Tj ET Q q 0 0 0 rg BT 509.68 212.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 536.68 212.10 Td (living, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 200.10 Td (healthcare, ) Tj ET Q q 0 0 0 rg BT 113.55 200.10 Td (transportation, ) Tj ET Q q 0 0 0 rg BT 174.07 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.98 200.10 Td (hospitality ) Tj ET Q q 0 0 0 rg BT 235.68 200.10 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 268.42 200.10 Td (with ) Tj ET Q q 0 0 0 rg BT 288.68 200.10 Td (an ) Tj ET Q q 0 0 0 rg BT 300.59 200.10 Td (emphasis ) Tj ET Q q 0 0 0 rg BT 340.28 200.10 Td (on ) Tj ET Q q 0 0 0 rg BT 352.75 200.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 402.99 200.10 Td (with ) Tj ET Q q 0 0 0 rg BT 423.25 200.10 Td (a ) Tj ET Q q 0 0 0 rg BT 430.16 200.10 Td (par ) Tj ET Q q 0 0 0 rg BT 445.40 200.10 Td (value ) Tj ET Q q 0 0 0 rg BT 469.53 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.34 200.10 Td ($500million ) Tj ET Q q 0 0 0 rg BT 534.20 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 545.01 200.10 Td (less. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 188.10 Td (Challenging ) Tj ET Q q 0 0 0 rg BT 118.69 188.10 Td (market ) Tj ET Q q 0 0 0 rg BT 148.76 188.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 192.73 188.10 Td (for ) Tj ET Q q 0 0 0 rg BT 206.70 188.10 Td (these ) Tj ET Q q 0 0 0 rg BT 229.55 188.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 259.62 188.10 Td (that ) Tj ET Q q 0 0 0 rg BT 276.92 188.10 Td (are ) Tj ET Q q 0 0 0 rg BT 291.44 188.10 Td (disproportionately ) Tj ET Q q 0 0 0 rg BT 367.06 188.10 Td (worse ) Tj ET Q q 0 0 0 rg BT 393.25 188.10 Td (than ) Tj ET Q q 0 0 0 rg BT 412.77 188.10 Td (those ) Tj ET Q q 0 0 0 rg BT 436.19 188.10 Td (impacting ) Tj ET Q q 0 0 0 rg BT 478.49 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.01 188.10 Td (broader ) Tj ET Q q 0 0 0 rg BT 525.85 188.10 Td (economy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 176.10 Td (or ) Tj ET Q q 0 0 0 rg BT 77.82 176.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 119.80 176.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 153.45 176.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 192.65 176.10 Td (may ) Tj ET Q q 0 0 0 rg BT 211.86 176.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 252.16 176.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 281.37 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 296.69 176.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 335.07 176.10 Td (More ) Tj ET Q q 0 0 0 rg BT 358.73 176.10 Td (broadly) Tj ET Q q 0 0 0 rg BT 388.62 176.10 Td (, ) Tj ET Q q 0 0 0 rg BT 393.12 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 408.44 176.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 430.98 176.10 Td (income ) Tj ET Q q 0 0 0 rg BT 462.40 176.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 512.17 176.10 Td (business ) Tj ET Q q 0 0 0 rg BT 548.06 176.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 83.26 164.10 Td (public ) Tj ET Q q 0 0 0 rg BT 110.68 164.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 142.53 164.10 Td (business ) Tj ET Q q 0 0 0 rg BT 178.84 164.10 Td (are ) Tj ET Q q 0 0 0 rg BT 193.48 164.10 Td (tied ) Tj ET Q q 0 0 0 rg BT 210.90 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.10 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.74 164.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 278.16 164.10 Td (market ) Tj ET Q q 0 0 0 rg BT 308.35 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.21 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.86 164.10 Td (enactment, ) Tj ET Q q 0 0 0 rg BT 385.87 164.10 Td (or ) Tj ET Q q 0 0 0 rg BT 396.63 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.27 164.10 Td (threat ) Tj ET Q q 0 0 0 rg BT 436.46 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.21 164.10 Td (enactment, ) Tj ET Q q 0 0 0 rg BT 493.23 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.99 164.10 Td (any ) Tj ET Q q 0 0 0 rg BT 520.85 164.10 Td (legislation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 152.10 Td (that ) Tj ET Q q 0 0 0 rg BT 84.12 152.10 Td (would ) Tj ET Q q 0 0 0 rg BT 110.74 152.10 Td (alter ) Tj ET Q q 0 0 0 rg BT 130.13 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.97 152.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 183.36 152.10 Td (alternatives ) Tj ET Q q 0 0 0 rg BT 231.07 152.10 Td (available ) Tj ET Q q 0 0 0 rg BT 268.78 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 278.18 152.10 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 336.46 152.10 Td (through ) Tj ET Q q 0 0 0 rg BT 369.19 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.03 152.10 Td (elimination ) Tj ET Q q 0 0 0 rg BT 430.21 152.10 Td (or ) Tj ET Q q 0 0 0 rg BT 440.16 152.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 479.55 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.50 152.10 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 536.10 152.10 Td (bonds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 128.10 Td (A) Tj ET Q q 0 0 0 rg BT 74.17 128.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.60 128.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 121.25 128.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 152.56 128.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.33 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 179.09 128.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 200.96 128.10 Td (management ) Tj ET Q q 0 0 0 rg BT 254.48 128.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 292.45 128.10 Td (are ) Tj ET Q q 0 0 0 rg BT 307.08 128.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 339.50 128.10 Td (from ) Tj ET Q q 0 0 0 rg BT 361.37 128.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 395.45 128.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 433.98 128.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 461.41 128.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 500.78 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.65 128.10 Td (this ) Tj ET Q q 0 0 0 rg BT 534.53 128.10 Td (type ) 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 67.50 116.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 113.92 116.10 Td (product ) Tj ET Q q 0 0 0 rg BT 147.01 116.10 Td (has ) Tj ET Q q 0 0 0 rg BT 162.88 116.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 213.72 116.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 235.70 116.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 273.24 116.10 Td (in ) Tj ET Q q 0 0 0 rg BT 283.56 116.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 310.52 116.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 336.66 116.10 Td (including ) Tj ET Q q 0 0 0 rg BT 376.98 116.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.30 116.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 412.34 116.10 Td (In ) Tj ET Q q 0 0 0 rg BT 423.21 116.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 461.02 116.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 481.35 116.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 508.88 116.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 543.08 116.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 104.10 Td (lar) Tj ET Q q 0 0 0 rg BT 77.87 104.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 98.00 104.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 114.24 104.10 Td (or ) Tj ET Q q 0 0 0 rg BT 125.49 104.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 158.41 104.10 Td (down ) Tj ET Q q 0 0 0 rg BT 183.55 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 194.24 104.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 219.66 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.01 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.15 104.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 295.06 104.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.31 104.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.22 104.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 332.14 104.10 Td (saw ) Tj ET Q q 0 0 0 rg BT 350.61 104.10 Td (further ) Tj ET Q q 0 0 0 rg BT 380.73 104.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 416.41 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 433.77 104.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 474.44 104.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 509.89 104.10 Td (. ) Tj ET Q q 0 0 0 rg BT 515.31 104.10 Td (Uncertainty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 92.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 101.08 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 111.90 92.10 Td (global ) Tj ET Q q 0 0 0 rg BT 139.93 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.41 92.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 178.23 92.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 220.15 92.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 251.52 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 268.99 92.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 297.03 92.10 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 343.67 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.93 92.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 401.40 92.10 Td (shift ) Tj ET Q q 0 0 0 rg BT 422.22 92.10 Td (into ) Tj ET Q q 0 0 0 rg BT 440.82 92.10 Td (lower) Tj ET Q q 0 0 0 rg BT 463.38 92.10 Td (-cost ) Tj ET Q q 0 0 0 rg BT 485.86 92.10 Td (passively-managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 80.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 94.96 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.13 80.10 Td (other ) Tj ET Q q 0 0 0 rg BT 135.41 80.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 172.02 80.10 Td (events ) Tj ET Q q 0 0 0 rg BT 200.30 80.10 Td (impacting ) Tj ET Q q 0 0 0 rg BT 243.02 80.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 277.97 80.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 324.57 80.10 Td (could ) Tj ET Q q 0 0 0 rg BT 349.52 80.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 374.46 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.41 80.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 426.02 80.10 Td (trend ) Tj ET Q q 0 0 0 rg BT 449.30 80.10 Td (for ) Tj ET Q q 0 0 0 rg BT 463.70 80.10 Td (actively-managed ) Tj ET Q q 0 0 0 rg BT 537.50 80.10 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 68.10 Td (products ) Tj ET Q q 0 0 0 rg BT 103.79 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.41 68.10 Td (continue. ) Tj ET Q q 0 0 0 rg BT 152.19 68.10 Td (Outflows ) Tj ET Q q 0 0 0 rg BT 191.26 68.10 Td (for ) Tj ET Q q 0 0 0 rg BT 204.77 68.10 Td (this ) Tj ET Q q 0 0 0 rg BT 221.07 68.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 266.80 68.10 Td (product ) Tj ET Q q 0 0 0 rg BT 299.19 68.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 342.69 68.10 Td (af) Tj ET Q q 0 0 0 rg BT 350.28 68.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 367.11 68.10 Td (results ) Tj ET Q q 0 0 0 rg BT 395.07 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.25 68.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 448.75 68.10 Td (for ) Tj ET Q q 0 0 0 rg BT 462.26 68.10 Td (this ) Tj ET Q q 0 0 0 rg BT 478.56 68.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 516.80 68.10 Td (as ) Tj ET Q q 0 0 0 rg BT 526.98 68.10 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 56.10 Td (are ) Tj ET Q q 0 0 0 rg BT 82.21 56.10 Td (closely ) Tj ET Q q 0 0 0 rg BT 113.03 56.10 Td (tied ) Tj ET Q q 0 0 0 rg BT 130.53 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 140.81 56.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 166.64 56.10 Td (under ) Tj ET Q q 0 0 0 rg BT 191.90 56.10 Td (management.) 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 49.50 728.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 728.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 122.19 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.12 728.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 192.14 728.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 210.73 728.10 Td (we ) Tj ET Q q 0 0 0 rg BT 224.88 728.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 244.58 728.10 Td (on ) Tj ET Q q 0 0 0 rg BT 257.07 728.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 282.89 728.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 318.71 728.10 Td (by ) Tj ET Q q 0 0 0 rg BT 331.20 728.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 378.15 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.08 728.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 442.01 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.28 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 468.10 728.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 506.69 728.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 531.40 728.10 Td (focused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 716.10 Td (on ) Tj ET Q q 0 0 0 rg BT 79.03 716.10 Td (MLPs ) Tj ET Q q 0 0 0 rg BT 105.02 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.99 716.10 Td (other ) Tj ET Q q 0 0 0 rg BT 143.07 716.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 192.37 716.10 Td (related ) Tj ET Q q 0 0 0 rg BT 221.11 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.42 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.17 716.10 Td (ener) Tj ET Q q 0 0 0 rg BT 261.19 716.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 272.73 716.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 328.12 716.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 353.53 716.10 Td (are ) Tj ET Q q 0 0 0 rg BT 367.27 716.10 Td (a ) Tj ET Q q 0 0 0 rg BT 373.24 716.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 420.31 716.10 Td (contributor ) Tj ET Q q 0 0 0 rg BT 466.28 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.59 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 490.45 716.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.42 716.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 704.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 107.51 704.10 Td (Return ) Tj ET Q q 0 0 0 rg BT 136.70 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 148.67 704.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 194.53 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 204.28 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.47 704.10 Td (ener) Tj ET Q q 0 0 0 rg BT 235.49 704.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 247.47 704.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 303.30 704.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 329.15 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 337.79 704.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 380.86 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 390.61 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 397.02 704.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 444.54 704.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 473.15 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 485.13 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.32 704.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 525.17 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 535.47 704.10 Td (ener) Tj ET Q q 0 0 0 rg BT 552.50 704.10 Td (gy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 692.10 Td (commodities ) Tj ET Q q 0 0 0 rg BT 122.29 692.10 Td (such ) Tj ET Q q 0 0 0 rg BT 143.76 692.10 Td (as ) Tj ET Q q 0 0 0 rg BT 155.22 692.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 186.12 692.10 Td (gas, ) Tj ET Q q 0 0 0 rg BT 205.08 692.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 235.98 692.10 Td (gas ) Tj ET Q q 0 0 0 rg BT 252.44 692.10 Td (liquids, ) Tj ET Q q 0 0 0 rg BT 285.30 692.10 Td (crude ) Tj ET Q q 0 0 0 rg BT 310.65 692.10 Td (oil, ) Tj ET Q q 0 0 0 rg BT 326.84 692.10 Td (refined ) Tj ET Q q 0 0 0 rg BT 358.29 692.10 Td (petroleum ) Tj ET Q q 0 0 0 rg BT 401.96 692.10 Td (products ) Tj ET Q q 0 0 0 rg BT 439.53 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 451.00 692.10 Td (coal. ) Tj ET Q q 0 0 0 rg BT 473.29 692.10 Td (Persistently ) Tj ET Q q 0 0 0 rg BT 523.08 692.10 Td (depressed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 680.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 94.94 680.10 Td (for ) Tj ET Q q 0 0 0 rg BT 110.16 680.10 Td (any ) Tj ET Q q 0 0 0 rg BT 128.17 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.06 680.10 Td (these ) Tj ET Q q 0 0 0 rg BT 164.17 680.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 204.67 680.10 Td (such ) Tj ET Q q 0 0 0 rg BT 226.57 680.10 Td (as ) Tj ET Q q 0 0 0 rg BT 238.46 680.10 Td (those ) Tj ET Q q 0 0 0 rg BT 263.13 680.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 315.00 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.34 680.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 352.40 680.10 Td (will ) Tj ET Q q 0 0 0 rg BT 371.52 680.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 397.86 680.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 418.08 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.42 680.10 Td (a ) Tj ET Q q 0 0 0 rg BT 437.42 680.10 Td (further ) Tj ET Q q 0 0 0 rg BT 468.19 680.10 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 522.84 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 534.74 680.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 668.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 111.76 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 126.01 668.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 171.36 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.73 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.54 668.10 Td (ener) Tj ET Q q 0 0 0 rg BT 213.56 668.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 226.15 668.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 282.60 668.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 309.07 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.10 668.10 Td (poorer ) Tj ET Q q 0 0 0 rg BT 354.79 668.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 385.15 668.10 Td (by ) Tj ET Q q 0 0 0 rg BT 397.74 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 413.66 668.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 440.97 668.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 460.50 668.10 Td (consequently) Tj ET Q q 0 0 0 rg BT 512.61 668.10 Td (, ) Tj ET Q q 0 0 0 rg BT 517.71 668.10 Td (a ) Tj ET Q q 0 0 0 rg BT 524.73 668.10 Td (reduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 77.78 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.50 656.10 Td (management ) Tj ET Q q 0 0 0 rg BT 146.08 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 163.02 656.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 216.04 656.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 234.64 656.10 Td (we ) Tj ET Q q 0 0 0 rg BT 248.80 656.10 Td (receive. ) 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 68.95 632.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 92.83 632.10 Td (price ) Tj ET Q q 0 0 0 rg BT 116.15 632.10 Td (may ) Tj ET Q q 0 0 0 rg BT 136.15 632.10 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 175.59 632.10 Td (as ) Tj ET Q q 0 0 0 rg BT 187.25 632.10 Td (a ) Tj ET Q q 0 0 0 rg BT 195.03 632.10 Td (result ) Tj ET Q q 0 0 0 rg BT 221.14 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.25 632.10 Td (several ) Tj ET Q q 0 0 0 rg BT 263.90 632.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 297.50 632.10 Td (including ) Tj ET Q q 0 0 0 rg BT 339.74 632.10 Td (but ) Tj ET Q q 0 0 0 rg BT 355.85 632.10 Td (not ) Tj ET Q q 0 0 0 rg BT 371.97 632.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 403.07 632.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 416.13 632.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 452.79 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 463.91 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 481.13 632.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 523.07 632.10 Td (operating ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 81.73 620.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 117.57 620.10 Td (book ) Tj ET Q q 0 0 0 rg BT 140.07 620.10 Td (value ) Tj ET Q q 0 0 0 rg BT 164.78 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.84 620.10 Td (return ) Tj ET Q q 0 0 0 rg BT 211.47 620.10 Td (on ) Tj ET Q q 0 0 0 rg BT 224.53 620.10 Td (equity) Tj ET Q q 0 0 0 rg BT 249.15 620.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 596.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.96 596.10 Td (have ) Tj ET Q q 0 0 0 rg BT 86.23 596.10 Td (experienced, ) Tj ET Q q 0 0 0 rg BT 139.41 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.24 596.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 184.72 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.88 596.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 240.57 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 250.74 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.34 596.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 294.10 596.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 343.70 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 353.87 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.47 596.10 Td (market ) Tj ET Q q 0 0 0 rg BT 398.62 596.10 Td (price ) Tj ET Q q 0 0 0 rg BT 420.99 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.71 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 447.43 596.10 Td (common ) Tj ET Q q 0 0 0 rg BT 484.81 596.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 508.30 596.10 Td (due ) Tj ET Q q 0 0 0 rg BT 525.13 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.29 596.10 Td (factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.36 584.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 90.44 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.08 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.17 584.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 141.02 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.22 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 166.42 584.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 204.68 584.10 Td (including ) Tj ET Q q 0 0 0 rg BT 244.33 584.10 Td (but ) Tj ET Q q 0 0 0 rg BT 258.97 584.10 Td (not ) Tj ET Q q 0 0 0 rg BT 273.62 584.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 303.82 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.47 584.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 347.54 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.19 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 372.39 584.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 412.30 584.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 451.93 584.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 482.41 584.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 516.49 584.10 Td (book ) Tj ET Q q 0 0 0 rg BT 538.36 584.10 Td (value, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.93 572.10 Td (return ) Tj ET Q q 0 0 0 rg BT 93.81 572.10 Td (on ) Tj ET Q q 0 0 0 rg BT 106.80 572.10 Td (equity) Tj ET Q q 0 0 0 rg BT 131.15 572.10 Td (. ) Tj ET Q q 0 0 0 rg BT 136.64 572.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 155.19 572.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 194.58 572.10 Td (by ) Tj ET Q q 0 0 0 rg BT 207.57 572.10 Td (its ) Tj ET Q q 0 0 0 rg BT 220.02 572.10 Td (nature, ) Tj ET Q q 0 0 0 rg BT 250.50 572.10 Td (does ) Tj ET Q q 0 0 0 rg BT 271.82 572.10 Td (not ) Tj ET Q q 0 0 0 rg BT 287.60 572.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 322.80 572.10 Td (steady ) Tj ET Q q 0 0 0 rg BT 351.34 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.78 572.10 Td (predictable ) Tj ET Q q 0 0 0 rg BT 416.19 572.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 453.06 572.10 Td (on ) Tj ET Q q 0 0 0 rg BT 466.06 572.10 Td (a ) Tj ET Q q 0 0 0 rg BT 473.49 572.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 512.58 572.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 538.08 572.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (causes ) Tj ET Q q 0 0 0 rg BT 78.32 560.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 128.25 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.75 560.10 Td (our ) Tj ET Q q 0 0 0 rg BT 154.80 560.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 178.63 560.10 Td (price ) Tj ET Q q 0 0 0 rg BT 201.33 560.10 Td (that ) Tj ET Q q 0 0 0 rg BT 219.05 560.10 Td (may ) Tj ET Q q 0 0 0 rg BT 238.98 560.10 Td (be ) Tj ET Q q 0 0 0 rg BT 251.14 560.10 Td (significant. ) Tj ET Q q 0 0 0 rg BT 298.57 560.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 324.06 560.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 353.99 560.10 Td (that ) Tj ET Q q 0 0 0 rg BT 371.70 560.10 Td (have ) Tj ET Q q 0 0 0 rg BT 393.30 560.10 Td (af) Tj ET Q q 0 0 0 rg BT 400.89 560.10 Td (fected, ) Tj ET Q q 0 0 0 rg BT 430.53 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.69 560.10 Td (may ) Tj ET Q q 0 0 0 rg BT 467.63 560.10 Td (further ) Tj ET Q q 0 0 0 rg BT 497.55 560.10 Td (af) Tj ET Q q 0 0 0 rg BT 505.14 560.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 525.34 560.10 Td (our ) Tj ET Q q 0 0 0 rg BT 541.39 560.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (price ) Tj ET Q q 0 0 0 rg BT 71.60 548.10 Td (include ) Tj ET Q q 0 0 0 rg BT 103.15 548.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 137.48 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.37 548.10 Td (or ) Tj ET Q q 0 0 0 rg BT 157.82 548.10 Td (news ) Tj ET Q q 0 0 0 rg BT 180.49 548.10 Td (related ) Tj ET Q q 0 0 0 rg BT 209.81 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.70 548.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 260.69 548.10 Td (or ) Tj ET Q q 0 0 0 rg BT 271.14 548.10 Td (market ) Tj ET Q q 0 0 0 rg BT 301.02 548.10 Td (events ) Tj ET Q q 0 0 0 rg BT 328.68 548.10 Td (or ) Tj ET Q q 0 0 0 rg BT 339.13 548.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 385.41 548.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 419.73 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 429.63 548.10 Td (market ) Tj ET Q q 0 0 0 rg BT 459.51 548.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 503.29 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 513.18 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.52 548.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (services ) Tj ET Q q 0 0 0 rg BT 83.78 536.10 Td (industry) Tj ET Q q 0 0 0 rg BT 115.91 536.10 Td (, ) Tj ET Q q 0 0 0 rg BT 120.48 536.10 Td (including ) Tj ET Q q 0 0 0 rg BT 160.32 536.10 Td (developments ) Tj ET Q q 0 0 0 rg BT 217.94 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.79 536.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 270.40 536.10 Td (af) Tj ET Q q 0 0 0 rg BT 277.99 536.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 307.83 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 323.23 536.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 361.69 536.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 389.86 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 399.71 536.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 421.21 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.50 536.10 Td (expectations ) Tj ET Q q 0 0 0 rg BT 487.55 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.95 536.10 Td (market ) Tj ET Q q 0 0 0 rg BT 527.79 536.10 Td (analysts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 83.35 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.77 524.10 Td (recommendations ) Tj ET Q q 0 0 0 rg BT 165.50 524.10 Td (or ) Tj ET Q q 0 0 0 rg BT 175.47 524.10 Td (outlooks ) Tj ET Q q 0 0 0 rg BT 211.56 524.10 Td (by ) Tj ET Q q 0 0 0 rg BT 223.20 524.10 Td (market ) Tj ET Q q 0 0 0 rg BT 252.60 524.10 Td (analysts, ) Tj ET Q q 0 0 0 rg BT 288.96 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.04 524.10 Td (aggressive ) Tj ET Q q 0 0 0 rg BT 348.88 524.10 Td (short ) Tj ET Q q 0 0 0 rg BT 370.53 524.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 398.83 524.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 428.25 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.66 524.10 Td (that ) Tj ET Q q 0 0 0 rg BT 454.30 524.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 504.24 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 513.66 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.52 524.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 84.78 512.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.06 512.10 Td (2008.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 488.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.99 488.10 Td (may ) Tj ET Q q 0 0 0 rg BT 85.10 488.10 Td (make ) Tj ET Q q 0 0 0 rg BT 110.22 488.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 148.11 488.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 200.47 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.93 488.10 Td (minority ) Tj ET Q q 0 0 0 rg BT 256.84 488.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 310.57 488.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 342.91 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 354.15 488.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 375.94 488.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 413.84 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 425.63 488.10 Td (divest ) Tj ET Q q 0 0 0 rg BT 451.86 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 463.65 488.10 Td (exit ) Tj ET Q q 0 0 0 rg BT 481.54 488.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 516.67 488.10 Td (businesses, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.86 476.10 Td (could ) Tj ET Q q 0 0 0 rg BT 101.99 476.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 127.68 476.10 Td (us ) Tj ET Q q 0 0 0 rg BT 139.48 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.61 476.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 174.20 476.10 Td (unforeseen ) Tj ET Q q 0 0 0 rg BT 222.66 476.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 261.67 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.59 476.10 Td (have ) Tj ET Q q 0 0 0 rg BT 301.38 476.10 Td (disruptive ) Tj ET Q q 0 0 0 rg BT 344.29 476.10 Td (ef) Tj ET Q q 0 0 0 rg BT 351.88 476.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 373.11 476.10 Td (on ) Tj ET Q q 0 0 0 rg BT 386.02 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 402.83 476.10 Td (business ) Tj ET Q q 0 0 0 rg BT 440.19 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.11 476.10 Td (may ) Tj ET Q q 0 0 0 rg BT 477.68 476.10 Td (not ) Tj ET Q q 0 0 0 rg BT 493.37 476.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 515.16 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.29 476.10 Td (benefits ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.11 464.10 Td (expect.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 440.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.07 440.10 Td (may ) Tj ET Q q 0 0 0 rg BT 82.77 440.10 Td (grow ) Tj ET Q q 0 0 0 rg BT 104.82 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.09 440.10 Td (part ) Tj ET Q q 0 0 0 rg BT 131.12 440.10 Td (through ) Tj ET Q q 0 0 0 rg BT 163.72 440.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 202.97 440.10 Td (development ) Tj ET Q q 0 0 0 rg BT 256.11 440.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 293.70 440.10 Td (that ) Tj ET Q q 0 0 0 rg BT 310.18 440.10 Td (may ) Tj ET Q q 0 0 0 rg BT 328.89 440.10 Td (include ) Tj ET Q q 0 0 0 rg BT 359.82 440.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 411.58 440.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 431.41 440.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 466.77 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.70 440.10 Td (minority ) Tj ET Q q 0 0 0 rg BT 518.64 440.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (stakes. ) Tj ET Q q 0 0 0 rg BT 78.54 428.10 Td (For ) Tj ET Q q 0 0 0 rg BT 94.54 428.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 133.02 428.10 Td (we ) Tj ET Q q 0 0 0 rg BT 146.78 428.10 Td (expanded ) Tj ET Q q 0 0 0 rg BT 187.20 428.10 Td (our ) Tj ET Q q 0 0 0 rg BT 202.63 428.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 236.40 428.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 257.95 428.10 Td (management ) Tj ET Q q 0 0 0 rg BT 311.14 428.10 Td (business ) Tj ET Q q 0 0 0 rg BT 347.14 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.02 428.10 Td (March ) Tj ET Q q 0 0 0 rg BT 385.22 428.10 Td (2010 ) Tj ET Q q 0 0 0 rg BT 407.33 428.10 Td (with ) Tj ET Q q 0 0 0 rg BT 427.21 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.53 428.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 487.52 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.49 428.10 Td (ARI, ) Tj ET Q q 0 0 0 rg BT 519.31 428.10 Td (a ) Tj ET Q q 0 0 0 rg BT 525.86 428.10 Td (Chicago-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (based ) Tj ET Q q 0 0 0 rg BT 75.49 416.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 98.15 416.10 Td (management ) Tj ET Q q 0 0 0 rg BT 152.46 416.10 Td (firm, ) Tj ET Q q 0 0 0 rg BT 175.40 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.06 416.10 Td (we ) Tj ET Q q 0 0 0 rg BT 207.95 416.10 Td (added ) Tj ET Q q 0 0 0 rg BT 235.05 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.05 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.60 416.10 Td (public ) Tj ET Q q 0 0 0 rg BT 290.82 416.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 323.46 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.13 416.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 364.90 416.10 Td (income ) Tj ET Q q 0 0 0 rg BT 397.55 416.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 420.21 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.87 416.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 469.42 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.08 416.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 528.06 416.10 Td (advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 94.26 404.10 Td (with ) Tj ET Q q 0 0 0 rg BT 114.57 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 130.44 404.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 180.75 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.62 404.10 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 266.36 404.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 308.33 404.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 359.19 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.16 404.10 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 418.68 404.10 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 456.49 404.10 Td (L.P) Tj ET Q q 0 0 0 rg BT 469.55 404.10 Td (. ) Tj ET Q q 0 0 0 rg BT 474.59 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 484.90 404.10 Td (July ) Tj ET Q q 0 0 0 rg BT 504.11 404.10 Td (2013. ) Tj ET Q q 0 0 0 rg BT 529.15 404.10 Td (In ) Tj ET Q q 0 0 0 rg BT 540.01 404.10 Td (2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.35 392.10 Td (expanded ) Tj ET Q q 0 0 0 rg BT 103.86 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 119.38 392.10 Td (equities ) Tj ET Q q 0 0 0 rg BT 152.67 392.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 198.75 392.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 233.16 392.10 Td (business ) Tj ET Q q 0 0 0 rg BT 269.24 392.10 Td (into ) Tj ET Q q 0 0 0 rg BT 286.99 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.40 392.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 338.57 392.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 385.21 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.84 392.10 Td (ener) Tj ET Q q 0 0 0 rg BT 418.87 392.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 431.06 392.10 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 463.52 392.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 511.18 392.10 Td (, ) Tj ET Q q 0 0 0 rg BT 515.87 392.10 Td (through ) Tj ET Q q 0 0 0 rg BT 549.17 392.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 92.82 380.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 138.37 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.37 380.10 Td (River ) Tj ET Q q 0 0 0 rg BT 172.26 380.10 Td (Branch ) Tj ET Q q 0 0 0 rg BT 202.81 380.10 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 241.15 380.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 261.70 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.81 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 292.81 380.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 337.80 380.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 383.35 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.35 380.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 432.81 380.10 Td (& ) Tj ET Q q 0 0 0 rg BT 442.25 380.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 482.81 380.10 Td (International, ) Tj ET Q q 0 0 0 rg BT 538.07 380.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.87 368.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 97.10 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.58 368.10 Td (close ) Tj ET Q q 0 0 0 rg BT 130.83 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.31 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.22 368.10 Td (first ) Tj ET Q q 0 0 0 rg BT 175.03 368.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 206.05 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.08 368.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 242.08 368.10 Td (W) Tj ET Q q 0 0 0 rg BT 250.72 368.10 Td (e ) Tj ET Q q 0 0 0 rg BT 257.86 368.10 Td (also ) Tj ET Q q 0 0 0 rg BT 276.67 368.10 Td (added ) Tj ET Q q 0 0 0 rg BT 303.25 368.10 Td (scale ) Tj ET Q q 0 0 0 rg BT 325.93 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.41 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 352.44 368.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 375.69 368.10 Td (income ) Tj ET Q q 0 0 0 rg BT 407.82 368.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 458.30 368.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 480.44 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.58 368.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 528.60 368.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (through ) Tj ET Q q 0 0 0 rg BT 83.10 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 98.93 356.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 145.30 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.13 356.10 Td (BMO ) Tj ET Q q 0 0 0 rg BT 181.40 356.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 212.78 356.10 Td (Markets ) Tj ET Q q 0 0 0 rg BT 248.04 356.10 Td (GKST) Tj ET Q q 0 0 0 rg BT 273.98 356.10 Td ( ) Tj ET Q q 0 0 0 rg BT 276.47 356.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 294.05 356.10 Td (There ) Tj ET Q q 0 0 0 rg BT 319.86 356.10 Td (are ) Tj ET Q q 0 0 0 rg BT 334.56 356.10 Td (a ) Tj ET Q q 0 0 0 rg BT 341.50 356.10 Td (number ) Tj ET Q q 0 0 0 rg BT 374.54 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.36 356.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 406.75 356.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 450.33 356.10 Td (with ) Tj ET Q q 0 0 0 rg BT 470.61 356.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 510.85 356.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 92.48 344.10 Td (Costs ) Tj ET Q q 0 0 0 rg BT 119.09 344.10 Td (or ) Tj ET Q q 0 0 0 rg BT 131.80 344.10 Td (dif) Tj ET Q q 0 0 0 rg BT 142.73 344.10 Td (ficulties ) Tj ET Q q 0 0 0 rg BT 179.33 344.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 214.25 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 226.41 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 235.23 344.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 285.98 344.10 Td (including ) Tj ET Q q 0 0 0 rg BT 328.14 344.10 Td (integration ) Tj ET Q q 0 0 0 rg BT 375.84 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.55 344.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 429.87 344.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 479.51 344.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 528.33 344.10 Td (systems, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 96.53 332.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 131.36 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.95 332.10 Td (management ) Tj ET Q q 0 0 0 rg BT 203.20 332.10 Td (controls, ) Tj ET Q q 0 0 0 rg BT 241.07 332.10 Td (may ) Tj ET Q q 0 0 0 rg BT 261.44 332.10 Td (be ) Tj ET Q q 0 0 0 rg BT 274.04 332.10 Td (dif) Tj ET Q q 0 0 0 rg BT 284.97 332.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 309.23 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.16 332.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 351.08 332.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 395.32 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 412.91 332.10 Td (be ) Tj ET Q q 0 0 0 rg BT 425.51 332.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 456.42 332.10 Td (than ) Tj ET Q q 0 0 0 rg BT 476.79 332.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 515.48 332.10 Td (causing ) Tj ET Q q 0 0 0 rg BT 549.19 332.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 88.15 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.37 320.10 Td (dif) Tj ET Q q 0 0 0 rg BT 108.29 320.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 120.83 320.10 Td (from ) Tj ET Q q 0 0 0 rg BT 141.71 320.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 167.02 320.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 197.06 320.10 Td (Importantly) Tj ET Q q 0 0 0 rg BT 243.63 320.10 Td (, ) Tj ET Q q 0 0 0 rg BT 247.56 320.10 Td (we ) Tj ET Q q 0 0 0 rg BT 260.66 320.10 Td (may ) Tj ET Q q 0 0 0 rg BT 279.32 320.10 Td (be ) Tj ET Q q 0 0 0 rg BT 290.19 320.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 318.29 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 327.50 320.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 351.70 320.10 Td (key ) Tj ET Q q 0 0 0 rg BT 367.58 320.10 Td (personnel ) Tj ET Q q 0 0 0 rg BT 407.90 320.10 Td (after ) Tj ET Q q 0 0 0 rg BT 427.65 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.30 320.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 489.11 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.99 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.65 320.10 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.17 308.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 97.72 308.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 151.27 308.10 Td (with ) Tj ET Q q 0 0 0 rg BT 171.50 308.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 214.49 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 231.38 308.10 Td (business ) Tj ET Q q 0 0 0 rg BT 267.72 308.10 Td (partners. ) Tj ET Q q 0 0 0 rg BT 304.70 308.10 Td (W) Tj ET Q q 0 0 0 rg BT 313.34 308.10 Td (e ) Tj ET Q q 0 0 0 rg BT 320.22 308.10 Td (may ) Tj ET Q q 0 0 0 rg BT 339.89 308.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 362.89 308.10 Td (unforeseen ) Tj ET Q q 0 0 0 rg BT 409.20 308.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 448.87 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.65 308.10 Td (an ) Tj ET Q q 0 0 0 rg BT 471.53 308.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 508.41 308.10 Td (company ) Tj ET Q q 0 0 0 rg BT 547.51 308.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (could ) Tj ET Q q 0 0 0 rg BT 74.04 296.10 Td (impose ) Tj ET Q q 0 0 0 rg BT 105.25 296.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 149.79 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.55 296.10 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 222.74 296.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 244.49 296.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 266.82 296.10 Td (on ) Tj ET Q q 0 0 0 rg BT 279.14 296.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 292.34 296.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 316.06 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 331.71 296.10 Td (share ) Tj ET Q q 0 0 0 rg BT 355.13 296.10 Td (price ) Tj ET Q q 0 0 0 rg BT 377.44 296.10 Td (could ) Tj ET Q q 0 0 0 rg BT 401.98 296.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 433.18 296.10 Td (after ) Tj ET Q q 0 0 0 rg BT 453.82 296.10 Td (we ) Tj ET Q q 0 0 0 rg BT 467.80 296.10 Td (announce ) Tj ET Q q 0 0 0 rg BT 508.44 296.10 Td (or ) Tj ET Q q 0 0 0 rg BT 519.09 296.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 558.06 296.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 96.64 284.10 Td (if ) Tj ET Q q 0 0 0 rg BT 106.02 284.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 145.39 284.10 Td (view ) Tj ET Q q 0 0 0 rg BT 168.10 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.58 284.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 230.72 284.10 Td (as ) Tj ET Q q 0 0 0 rg BT 242.32 284.10 Td (too ) Tj ET Q q 0 0 0 rg BT 258.37 284.10 Td (costly ) Tj ET Q q 0 0 0 rg BT 285.52 284.10 Td (or ) Tj ET Q q 0 0 0 rg BT 297.12 284.10 Td (unlikely ) Tj ET Q q 0 0 0 rg BT 333.16 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.21 284.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 380.80 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 397.40 284.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 447.88 284.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 485.87 284.10 Td (Longer) Tj ET Q q 0 0 0 rg BT 514.55 284.10 Td (-term, ) Tj ET Q q 0 0 0 rg BT 541.97 284.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 87.96 272.10 Td (may ) Tj ET Q q 0 0 0 rg BT 107.54 272.10 Td (require ) Tj ET Q q 0 0 0 rg BT 138.21 272.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 178.32 272.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 200.68 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 210.82 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.40 272.10 Td (form ) Tj ET Q q 0 0 0 rg BT 247.20 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.89 272.10 Td (management ) Tj ET Q q 0 0 0 rg BT 311.34 272.10 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 355.07 272.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 392.41 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.21 272.10 Td (management ) Tj ET Q q 0 0 0 rg BT 462.66 272.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 496.69 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.49 272.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 548.06 272.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 88.80 260.10 Td (which, ) Tj ET Q q 0 0 0 rg BT 118.10 260.10 Td (in ) Tj ET Q q 0 0 0 rg BT 128.25 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.83 260.10 Td (absence ) Tj ET Q q 0 0 0 rg BT 176.85 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 187.55 260.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 229.35 260.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 263.36 260.10 Td (growth, ) Tj ET Q q 0 0 0 rg BT 296.56 260.10 Td (would ) Tj ET Q q 0 0 0 rg BT 323.93 260.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 348.50 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 364.20 260.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 404.33 260.10 Td (mar) Tj ET Q q 0 0 0 rg BT 419.70 260.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 438.74 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.88 260.10 Td (decline. ) Tj ET Q q 0 0 0 rg BT 482.63 260.10 Td (More ) Tj ET Q q 0 0 0 rg BT 506.65 260.10 Td (generally) Tj ET Q q 0 0 0 rg BT 543.21 260.10 Td (, ) Tj ET Q q 0 0 0 rg BT 548.07 260.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 248.10 Td (ficulties ) Tj ET Q q 0 0 0 rg BT 94.56 248.10 Td (that ) Tj ET Q q 0 0 0 rg BT 111.48 248.10 Td (we ) Tj ET Q q 0 0 0 rg BT 125.07 248.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 170.29 248.10 Td (could ) Tj ET Q q 0 0 0 rg BT 194.43 248.10 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 224.13 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 239.39 248.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 274.09 248.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 312.41 248.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 347.08 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 362.34 248.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 400.36 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.72 248.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 456.96 248.10 Td (af) Tj ET Q q 0 0 0 rg BT 464.55 248.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 481.46 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 496.71 248.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 536.40 248.10 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.31 236.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 105.67 236.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 149.07 236.10 Td (W) Tj ET Q q 0 0 0 rg BT 157.71 236.10 Td (e ) Tj ET Q q 0 0 0 rg BT 165.53 236.10 Td (also ) Tj ET Q q 0 0 0 rg BT 185.01 236.10 Td (may ) Tj ET Q q 0 0 0 rg BT 205.60 236.10 Td (be ) Tj ET Q q 0 0 0 rg BT 218.42 236.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 248.45 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 259.60 236.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 293.51 236.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 340.75 236.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 375.78 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.60 236.10 Td (syner) Tj ET Q q 0 0 0 rg BT 415.08 236.10 Td (gies ) Tj ET Q q 0 0 0 rg BT 434.56 236.10 Td (from ) Tj ET Q q 0 0 0 rg BT 457.37 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.97 236.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 520.21 236.10 Td (as ) Tj ET Q q 0 0 0 rg BT 531.92 236.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 554.18 236.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 88.34 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 99.97 224.10 Td (within ) Tj ET Q q 0 0 0 rg BT 128.84 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.36 224.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 183.20 224.10 Td (time ) Tj ET Q q 0 0 0 rg BT 204.28 224.10 Td (frame. ) Tj ET Q q 0 0 0 rg BT 233.40 224.10 Td (Divestitures ) Tj ET Q q 0 0 0 rg BT 285.03 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 296.66 224.10 Td (elimination ) Tj ET Q q 0 0 0 rg BT 345.52 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.15 224.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 392.12 224.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 437.65 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 449.29 224.10 Td (products ) Tj ET Q q 0 0 0 rg BT 487.03 224.10 Td (could ) Tj ET Q q 0 0 0 rg BT 512.55 224.10 Td (have ) Tj ET Q q 0 0 0 rg BT 534.73 224.10 Td (similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 212.10 Td (fects. ) Tj ET Q q 0 0 0 rg BT 80.49 212.10 Td (For ) Tj ET Q q 0 0 0 rg BT 96.40 212.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 134.80 212.10 Td (we ) Tj ET Q q 0 0 0 rg BT 148.48 212.10 Td (shut ) Tj ET Q q 0 0 0 rg BT 167.17 212.10 Td (down ) Tj ET Q q 0 0 0 rg BT 191.42 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.77 212.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 231.02 212.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 255.26 212.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 283.93 212.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 317.61 212.10 Td (business ) Tj ET Q q 0 0 0 rg BT 353.53 212.10 Td (in ) Tj ET Q q 0 0 0 rg BT 363.33 212.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 387.85 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.31 212.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 437.98 212.10 Td (a ) Tj ET Q q 0 0 0 rg BT 444.44 212.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 474.78 212.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 492.36 212.10 Td (on ) Tj ET Q q 0 0 0 rg BT 504.38 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.62 212.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 75.61 200.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 100.33 200.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 125.05 200.10 Td (subsidiaries.) Tj ET Q BT /F4 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 68.67 176.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 117.28 176.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 149.79 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.85 176.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 207.58 176.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 258.42 176.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 288.68 176.10 Td (us ) Tj ET Q q 0 0 0 rg BT 300.64 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.92 176.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 328.98 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.81 176.10 Td (loss.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 152.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.59 152.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 96.93 152.10 Td (in ) Tj ET Q q 0 0 0 rg BT 107.72 152.10 Td (a ) Tj ET Q q 0 0 0 rg BT 115.18 152.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 145.96 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.31 152.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 196.42 152.10 Td (in ) Tj ET Q q 0 0 0 rg BT 207.22 152.10 Td (which ) Tj ET Q q 0 0 0 rg BT 234.68 152.10 Td (we ) Tj ET Q q 0 0 0 rg BT 249.35 152.10 Td (commit ) Tj ET Q q 0 0 0 rg BT 282.92 152.10 Td (or ) Tj ET Q q 0 0 0 rg BT 294.27 152.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 321.17 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.52 152.10 Td (own ) Tj ET Q q 0 0 0 rg BT 357.76 152.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 389.93 152.10 Td (including ) Tj ET Q q 0 0 0 rg BT 430.72 152.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 478.16 152.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 509.50 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 526.96 152.10 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (investing. ) Tj ET Q q 0 0 0 rg BT 90.78 140.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.46 140.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 155.00 140.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 185.44 140.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 223.66 140.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 253.55 140.10 Td (we ) Tj ET Q q 0 0 0 rg BT 267.33 140.10 Td (also ) Tj ET Q q 0 0 0 rg BT 285.55 140.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 306.54 140.10 Td (to ) Tj ET Q q 0 0 0 rg BT 316.44 140.10 Td (as ) Tj ET Q q 0 0 0 rg BT 326.89 140.10 Td ("strategic ) Tj ET Q q 0 0 0 rg BT 366.96 140.10 Td (trading" ) Tj ET Q q 0 0 0 rg BT 401.49 140.10 Td (in ) Tj ET Q q 0 0 0 rg BT 411.38 140.10 Td (this ) Tj ET Q q 0 0 0 rg BT 427.95 140.10 Td (report\) ) Tj ET Q q 0 0 0 rg BT 457.28 140.10 Td (related ) Tj ET Q q 0 0 0 rg BT 486.60 140.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.50 140.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 538.61 140.10 Td (bonds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.28 128.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 140.03 128.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 181.14 128.10 Td (have ) Tj ET Q q 0 0 0 rg BT 203.36 128.10 Td (been ) Tj ET Q q 0 0 0 rg BT 225.58 128.10 Td (a ) Tj ET Q q 0 0 0 rg BT 233.36 128.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 282.24 128.10 Td (contributor ) Tj ET Q q 0 0 0 rg BT 330.02 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.14 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 357.81 128.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 388.92 128.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 427.24 128.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 459.19 128.10 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 485.31 128.10 Td (income ) Tj ET Q q 0 0 0 rg BT 518.09 128.10 Td (proprietary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.55 116.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 119.38 116.10 Td (comprise ) Tj ET Q q 0 0 0 rg BT 158.76 116.10 Td (a ) Tj ET Q q 0 0 0 rg BT 165.93 116.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 214.20 116.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 260.23 116.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.29 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 287.35 116.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 312.84 116.10 Td (III ) Tj ET Q q 0 0 0 rg BT 325.56 116.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 351.62 116.10 Td (within ) Tj ET Q q 0 0 0 rg BT 379.90 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 395.96 116.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 436.45 116.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 474.13 116.10 Td (. ) Tj ET Q q 0 0 0 rg BT 479.36 116.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 504.85 116.10 Td (III ) Tj ET Q q 0 0 0 rg BT 517.57 116.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 543.63 116.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (little ) Tj ET Q q 0 0 0 rg BT 70.42 104.10 Td (or ) Tj ET Q q 0 0 0 rg BT 81.34 104.10 Td (no ) Tj ET Q q 0 0 0 rg BT 93.94 104.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 124.85 104.10 Td (observability) Tj ET Q q 0 0 0 rg BT 176.42 104.10 Td (, ) Tj ET Q q 0 0 0 rg BT 181.51 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 198.54 104.10 Td (may ) Tj ET Q q 0 0 0 rg BT 218.35 104.10 Td (be ) Tj ET Q q 0 0 0 rg BT 230.38 104.10 Td (less ) Tj ET Q q 0 0 0 rg BT 247.97 104.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 273.89 104.10 Td (than ) Tj ET Q q 0 0 0 rg BT 293.70 104.10 Td (other ) Tj ET Q q 0 0 0 rg BT 316.84 104.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 357.20 104.10 Td (that ) Tj ET Q q 0 0 0 rg BT 374.78 104.10 Td (we ) Tj ET Q q 0 0 0 rg BT 389.04 104.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 409.41 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.78 104.10 Td (our ) Tj ET Q q 0 0 0 rg BT 435.70 104.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 476.05 104.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 513.73 104.10 Td (. ) Tj ET Q q 0 0 0 rg BT 518.82 104.10 Td (In ) Tj ET Q q 0 0 0 rg BT 529.74 104.10 Td (addition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.75 92.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 108.64 92.10 Td (trading, ) Tj ET Q q 0 0 0 rg BT 142.94 92.10 Td (we ) Tj ET Q q 0 0 0 rg BT 158.07 92.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 189.86 92.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.11 92.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 240.12 92.10 Td (investing, ) Tj ET Q q 0 0 0 rg BT 282.75 92.10 Td (having ) Tj ET Q q 0 0 0 rg BT 313.44 92.10 Td (established ) Tj ET Q q 0 0 0 rg BT 361.35 92.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 407.01 92.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 429.92 92.10 Td (management ) Tj ET Q q 0 0 0 rg BT 484.48 92.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 510.17 92.10 Td (for ) Tj ET Q q 0 0 0 rg BT 525.31 92.10 Td (merchant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 83.91 80.10 Td (\(focused ) Tj ET Q q 0 0 0 rg BT 120.53 80.10 Td (on ) Tj ET Q q 0 0 0 rg BT 132.73 80.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 182.69 80.10 Td (in ) Tj ET Q q 0 0 0 rg BT 192.67 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.08 80.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 234.27 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.90 80.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 270.31 80.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 319.17 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 329.69 80.10 Td (private ) Tj ET Q q 0 0 0 rg BT 359.65 80.10 Td (companies\) ) Tj ET Q q 0 0 0 rg BT 407.94 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 424.57 80.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 451.20 80.10 Td (living ) Tj ET Q q 0 0 0 rg BT 476.73 80.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 528.36 80.10 Td (projects. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 68.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.55 68.10 Td (have ) Tj ET Q q 0 0 0 rg BT 87.40 68.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 123.69 68.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 143.88 68.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 173.50 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.25 68.10 Td (these ) Tj ET Q q 0 0 0 rg BT 207.77 68.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 232.96 68.10 Td (alongside ) Tj ET Q q 0 0 0 rg BT 274.26 68.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 303.88 68.10 Td (raised ) Tj ET Q q 0 0 0 rg BT 330.73 68.10 Td (from ) Tj ET Q q 0 0 0 rg BT 353.14 68.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 385.00 68.10 Td (investors, ) Tj ET Q q 0 0 0 rg BT 426.58 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.98 68.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 471.95 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 482.70 68.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 520.11 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 530.85 68.10 Td (develop ) 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 49.50 740.10 Td (these ) Tj ET Q q 0 0 0 rg BT 72.74 740.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 117.63 740.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 139.75 740.10 Td (management ) Tj ET Q q 0 0 0 rg BT 193.53 740.10 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 235.89 740.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 285.80 740.10 Td (, ) Tj ET Q q 0 0 0 rg BT 290.99 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 305.34 740.10 Td (make ) Tj ET Q q 0 0 0 rg BT 329.68 740.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 367.92 740.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 418.38 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 428.85 740.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 453.76 740.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 492.54 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 504.64 740.10 Td (ARI, ) Tj ET Q q 0 0 0 rg BT 527.05 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 543.07 740.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (management ) Tj ET Q q 0 0 0 rg BT 103.09 728.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 143.55 728.10 Td (, ) Tj ET Q q 0 0 0 rg BT 148.55 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 175.49 728.10 Td (are ) Tj ET Q q 0 0 0 rg BT 190.19 728.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 229.90 728.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 265.72 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 276.00 728.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 311.27 728.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 338.76 728.10 Td (equities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.66 704.10 Td (results ) Tj ET Q q 0 0 0 rg BT 94.37 704.10 Td (from ) Tj ET Q q 0 0 0 rg BT 115.41 704.10 Td (these ) Tj ET Q q 0 0 0 rg BT 137.56 704.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 175.26 704.10 Td (may ) Tj ET Q q 0 0 0 rg BT 194.08 704.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 213.46 704.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 265.05 704.10 Td (from ) Tj ET Q q 0 0 0 rg BT 286.09 704.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 316.01 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.40 704.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 353.16 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 357.15 704.10 Td (W) Tj ET Q q 0 0 0 rg BT 365.79 704.10 Td (e ) Tj ET Q q 0 0 0 rg BT 371.83 704.10 Td (may ) Tj ET Q q 0 0 0 rg BT 390.65 704.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 412.80 704.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 456.62 704.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 482.11 704.10 Td (from ) Tj ET Q q 0 0 0 rg BT 503.15 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 518.09 704.10 Td (proprietary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 79.71 692.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 117.70 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.03 692.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 171.46 692.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 221.12 692.10 Td (due ) Tj ET Q q 0 0 0 rg BT 237.45 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.12 692.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 269.55 692.10 Td (income ) Tj ET Q q 0 0 0 rg BT 300.87 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 311.09 692.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 337.98 692.10 Td (market ) Tj ET Q q 0 0 0 rg BT 367.63 692.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 416.73 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 433.06 692.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 471.05 692.10 Td (from ) Tj ET Q q 0 0 0 rg BT 492.38 692.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 522.58 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 532.25 692.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 560.01 692.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.42 680.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 103.82 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.62 680.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 138.15 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 153.50 680.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 191.07 680.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 240.87 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 250.23 680.10 Td (ARI ) Tj ET Q q 0 0 0 rg BT 269.48 680.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 293.73 680.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 326.85 680.10 Td (on ) Tj ET Q q 0 0 0 rg BT 338.88 680.10 Td (MLPs ) Tj ET Q q 0 0 0 rg BT 365.36 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 381.82 680.10 Td (other ) Tj ET Q q 0 0 0 rg BT 404.39 680.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 454.19 680.10 Td (related ) Tj ET Q q 0 0 0 rg BT 483.42 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.23 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.47 680.10 Td (ener) Tj ET Q q 0 0 0 rg BT 524.50 680.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 536.52 680.10 Td (sector) Tj ET Q q 0 0 0 rg BT 560.00 680.10 Td (, ) 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 68.50 668.10 Td (as ) Tj ET Q q 0 0 0 rg BT 78.89 668.10 Td (a ) Tj ET Q q 0 0 0 rg BT 85.40 668.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 112.18 668.10 Td (suf) Tj ET Q q 0 0 0 rg BT 124.22 668.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 146.82 668.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 191.09 668.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 225.92 668.10 Td (related ) Tj ET Q q 0 0 0 rg BT 255.18 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.02 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.30 668.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 314.15 668.10 Td (downturn ) Tj ET Q q 0 0 0 rg BT 354.54 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 364.38 668.10 Td (that ) Tj ET Q q 0 0 0 rg BT 381.44 668.10 Td (sector) Tj ET Q q 0 0 0 rg BT 404.76 668.10 Td (. ) Tj ET Q q 0 0 0 rg BT 409.33 668.10 Td (In ) Tj ET Q q 0 0 0 rg BT 419.72 668.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 457.06 668.10 Td (we ) Tj ET Q q 0 0 0 rg BT 470.78 668.10 Td (may ) Tj ET Q q 0 0 0 rg BT 490.06 668.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 520.44 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 530.28 668.10 Td (hedging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 99.35 656.10 Td (that ) Tj ET Q q 0 0 0 rg BT 116.43 656.10 Td (if ) Tj ET Q q 0 0 0 rg BT 124.63 656.10 Td (not ) Tj ET Q q 0 0 0 rg BT 139.49 656.10 Td (successful, ) Tj ET Q q 0 0 0 rg BT 185.18 656.10 Td (could ) Tj ET Q q 0 0 0 rg BT 209.48 656.10 Td (result ) Tj ET Q q 0 0 0 rg BT 233.78 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 243.65 656.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 271.97 656.10 Td (W) Tj ET Q q 0 0 0 rg BT 281.01 656.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 293.66 656.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 324.06 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.92 656.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 371.55 656.10 Td (investing, ) Tj ET Q q 0 0 0 rg BT 412.80 656.10 Td (there ) Tj ET Q q 0 0 0 rg BT 434.87 656.10 Td (often ) Tj ET Q q 0 0 0 rg BT 457.51 656.10 Td (is ) Tj ET Q q 0 0 0 rg BT 466.26 656.10 Td (not ) Tj ET Q q 0 0 0 rg BT 481.13 656.10 Td (an ) Tj ET Q q 0 0 0 rg BT 492.65 656.10 Td (established ) Tj ET Q q 0 0 0 rg BT 539.17 656.10 Td (liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 79.80 644.10 Td (market ) Tj ET Q q 0 0 0 rg BT 109.54 644.10 Td (for ) Tj ET Q q 0 0 0 rg BT 123.18 644.10 Td (these ) Tj ET Q q 0 0 0 rg BT 145.70 644.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 195.45 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 205.76 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 221.07 644.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 270.82 644.10 Td (may ) Tj ET Q q 0 0 0 rg BT 290.01 644.10 Td (be ) Tj ET Q q 0 0 0 rg BT 301.42 644.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 342.28 644.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 372.58 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.33 644.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 428.74 644.10 Td (on ) Tj ET Q q 0 0 0 rg BT 440.72 644.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 458.24 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 468.55 644.10 Td (hedging, ) Tj ET Q q 0 0 0 rg BT 505.24 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.66 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 536.97 644.10 Td (ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.62 632.10 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 99.73 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 115.40 632.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 144.39 632.10 Td (from ) Tj ET Q q 0 0 0 rg BT 166.17 632.10 Td (these ) Tj ET Q q 0 0 0 rg BT 189.06 632.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 239.18 632.10 Td (may ) Tj ET Q q 0 0 0 rg BT 258.73 632.10 Td (be ) Tj ET Q q 0 0 0 rg BT 270.51 632.10 Td (limited, ) Tj ET Q q 0 0 0 rg BT 303.68 632.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 347.12 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 362.79 632.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 380.13 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.80 632.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 419.02 632.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 442.75 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 458.42 632.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 497.97 632.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 532.53 632.10 Td (activity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (involves ) Tj ET Q q 0 0 0 rg BT 85.86 620.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 136.12 620.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.37 620.10 Td (late ) Tj ET Q q 0 0 0 rg BT 163.28 620.10 Td (stage ) Tj ET Q q 0 0 0 rg BT 186.31 620.10 Td (private ) Tj ET Q q 0 0 0 rg BT 216.55 620.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 264.29 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.21 620.10 Td (we ) Tj ET Q q 0 0 0 rg BT 295.35 620.10 Td (may ) Tj ET Q q 0 0 0 rg BT 315.04 620.10 Td (be ) Tj ET Q q 0 0 0 rg BT 326.96 620.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 356.09 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 366.35 620.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 395.47 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 411.27 620.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 457.63 620.10 Td (objectives ) Tj ET Q q 0 0 0 rg BT 500.65 620.10 Td (by ) Tj ET Q q 0 0 0 rg BT 513.13 620.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 531.16 620.10 Td (or ) Tj ET Q q 0 0 0 rg BT 541.97 620.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 95.90 608.10 Td (at ) Tj ET Q q 0 0 0 rg BT 105.61 608.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 145.31 608.10 Td (prices.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 578.70 Td (Damage ) Tj ET Q q 0 0 0 rg BT 86.44 578.70 Td (to ) Tj ET Q q 0 0 0 rg BT 96.72 578.70 Td (our ) Tj ET Q q 0 0 0 rg BT 113.67 578.70 Td (reputation ) Tj ET Q q 0 0 0 rg BT 158.96 578.70 Td (could ) Tj ET Q q 0 0 0 rg BT 184.24 578.70 Td (damage ) Tj ET Q q 0 0 0 rg BT 218.95 578.70 Td (our ) Tj ET Q q 0 0 0 rg BT 235.91 578.70 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.70 Td (Maintaining ) Tj ET Q q 0 0 0 rg BT 100.72 554.70 Td (our ) Tj ET Q q 0 0 0 rg BT 116.38 554.70 Td (reputation ) Tj ET Q q 0 0 0 rg BT 159.26 554.70 Td (is ) Tj ET Q q 0 0 0 rg BT 168.27 554.70 Td (critical ) Tj ET Q q 0 0 0 rg BT 198.36 554.70 Td (to ) Tj ET Q q 0 0 0 rg BT 208.47 554.70 Td (attracting ) Tj ET Q q 0 0 0 rg BT 248.57 554.70 Td (and ) Tj ET Q q 0 0 0 rg BT 265.34 554.70 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 315.45 554.70 Td (clients, ) Tj ET Q q 0 0 0 rg BT 346.38 554.70 Td (customers, ) Tj ET Q q 0 0 0 rg BT 391.77 554.70 Td (investors, ) Tj ET Q q 0 0 0 rg BT 432.71 554.70 Td (and ) Tj ET Q q 0 0 0 rg BT 449.48 554.70 Td (employees. ) Tj ET Q q 0 0 0 rg BT 497.08 554.70 Td (If ) Tj ET Q q 0 0 0 rg BT 506.08 554.70 Td (we ) Tj ET Q q 0 0 0 rg BT 520.08 554.70 Td (fail ) Tj ET Q q 0 0 0 rg BT 535.74 554.70 Td (to ) Tj ET Q q 0 0 0 rg BT 545.85 554.70 Td (deal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.70 Td (with, ) Tj ET Q q 0 0 0 rg BT 72.30 542.70 Td (or ) Tj ET Q q 0 0 0 rg BT 83.15 542.70 Td (appear ) Tj ET Q q 0 0 0 rg BT 112.31 542.70 Td (to ) Tj ET Q q 0 0 0 rg BT 122.61 542.70 Td (fail ) Tj ET Q q 0 0 0 rg BT 138.45 542.70 Td (to ) Tj ET Q q 0 0 0 rg BT 148.75 542.70 Td (deal ) Tj ET Q q 0 0 0 rg BT 167.92 542.70 Td (with, ) Tj ET Q q 0 0 0 rg BT 190.72 542.70 Td (issues ) Tj ET Q q 0 0 0 rg BT 217.13 542.70 Td (that ) Tj ET Q q 0 0 0 rg BT 234.64 542.70 Td (may ) Tj ET Q q 0 0 0 rg BT 254.38 542.70 Td (give ) Tj ET Q q 0 0 0 rg BT 274.11 542.70 Td (rise ) Tj ET Q q 0 0 0 rg BT 291.07 542.70 Td (to ) Tj ET Q q 0 0 0 rg BT 301.37 542.70 Td (reputational ) Tj ET Q q 0 0 0 rg BT 351.64 542.70 Td (risk, ) Tj ET Q q 0 0 0 rg BT 371.66 542.70 Td (such ) Tj ET Q q 0 0 0 rg BT 392.51 542.70 Td (failure ) Tj ET Q q 0 0 0 rg BT 421.12 542.70 Td (or ) Tj ET Q q 0 0 0 rg BT 431.97 542.70 Td (appearance ) Tj ET Q q 0 0 0 rg BT 479.45 542.70 Td (of ) Tj ET Q q 0 0 0 rg BT 490.30 542.70 Td (failure ) Tj ET Q q 0 0 0 rg BT 518.91 542.70 Td (could ) Tj ET Q q 0 0 0 rg BT 543.65 542.70 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.70 Td (a ) Tj ET Q q 0 0 0 rg BT 56.64 530.70 Td (material ) Tj ET Q q 0 0 0 rg BT 92.09 530.70 Td (adverse ) Tj ET Q q 0 0 0 rg BT 125.33 530.70 Td (ef) Tj ET Q q 0 0 0 rg BT 132.92 530.70 Td (fect ) Tj ET Q q 0 0 0 rg BT 150.60 530.70 Td (on ) Tj ET Q q 0 0 0 rg BT 163.30 530.70 Td (our ) Tj ET Q q 0 0 0 rg BT 179.32 530.70 Td (business ) Tj ET Q q 0 0 0 rg BT 215.91 530.70 Td (and ) Tj ET Q q 0 0 0 rg BT 233.05 530.70 Td (stock ) Tj ET Q q 0 0 0 rg BT 256.86 530.70 Td (price. ) Tj ET Q q 0 0 0 rg BT 281.84 530.70 Td (These ) Tj ET Q q 0 0 0 rg BT 308.42 530.70 Td (issues ) Tj ET Q q 0 0 0 rg BT 335.01 530.70 Td (include, ) Tj ET Q q 0 0 0 rg BT 369.64 530.70 Td (but ) Tj ET Q q 0 0 0 rg BT 385.12 530.70 Td (are ) Tj ET Q q 0 0 0 rg BT 400.02 530.70 Td (not ) Tj ET Q q 0 0 0 rg BT 415.50 530.70 Td (limited ) Tj ET Q q 0 0 0 rg BT 446.52 530.70 Td (to, ) Tj ET Q q 0 0 0 rg BT 459.50 530.70 Td (any ) Tj ET Q q 0 0 0 rg BT 476.64 530.70 Td (of ) Tj ET Q q 0 0 0 rg BT 487.66 530.70 Td (the ) Tj ET Q q 0 0 0 rg BT 502.58 530.70 Td (risks ) Tj ET Q q 0 0 0 rg BT 524.17 530.70 Td (discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.70 Td (in ) Tj ET Q q 0 0 0 rg BT 59.49 518.70 Td (this ) Tj ET Q q 0 0 0 rg BT 76.15 518.70 Td (Item ) Tj ET Q q 0 0 0 rg BT 96.69 518.70 Td (1A, ) Tj ET Q q 0 0 0 rg BT 113.62 518.70 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 169.14 518.70 Td (dealing ) Tj ET Q q 0 0 0 rg BT 200.79 518.70 Td (with ) Tj ET Q q 0 0 0 rg BT 220.78 518.70 Td (potential ) Tj ET Q q 0 0 0 rg BT 257.98 518.70 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 294.63 518.70 Td (of ) Tj ET Q q 0 0 0 rg BT 305.17 518.70 Td (interest, ) Tj ET Q q 0 0 0 rg BT 339.31 518.70 Td (legal ) Tj ET Q q 0 0 0 rg BT 360.96 518.70 Td (and ) Tj ET Q q 0 0 0 rg BT 377.61 518.70 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 420.92 518.70 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 477.83 518.70 Td (ethical ) Tj ET Q q 0 0 0 rg BT 506.69 518.70 Td (issues, ) Tj ET Q q 0 0 0 rg BT 535.30 518.70 Td (money ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.70 Td (laundering, ) Tj ET Q q 0 0 0 rg BT 97.56 506.70 Td (cybersecurity) Tj ET Q q 0 0 0 rg BT 150.78 506.70 Td (, ) Tj ET Q q 0 0 0 rg BT 156.08 506.70 Td (and ) Tj ET Q q 0 0 0 rg BT 173.31 506.70 Td (the ) Tj ET Q q 0 0 0 rg BT 188.33 506.70 Td (proper ) Tj ET Q q 0 0 0 rg BT 217.23 506.70 Td (identification ) Tj ET Q q 0 0 0 rg BT 273.34 506.70 Td (of ) Tj ET Q q 0 0 0 rg BT 284.47 506.70 Td (the ) Tj ET Q q 0 0 0 rg BT 299.49 506.70 Td (strategic, ) Tj ET Q q 0 0 0 rg BT 338.66 506.70 Td (market, ) Tj ET Q q 0 0 0 rg BT 371.72 506.70 Td (credit, ) Tj ET Q q 0 0 0 rg BT 399.78 506.70 Td (liquidity) Tj ET Q q 0 0 0 rg BT 433.03 506.70 Td (, ) Tj ET Q q 0 0 0 rg BT 438.33 506.70 Td (human ) Tj ET Q q 0 0 0 rg BT 468.34 506.70 Td (capital, ) Tj ET Q q 0 0 0 rg BT 500.29 506.70 Td (and ) Tj ET Q q 0 0 0 rg BT 517.53 506.70 Td (operational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.70 Td (risks ) Tj ET Q q 0 0 0 rg BT 70.89 494.70 Td (inherent ) Tj ET Q q 0 0 0 rg BT 106.16 494.70 Td (in ) Tj ET Q q 0 0 0 rg BT 116.43 494.70 Td (our ) Tj ET Q q 0 0 0 rg BT 132.26 494.70 Td (business ) Tj ET Q q 0 0 0 rg BT 168.66 494.70 Td (and ) Tj ET Q q 0 0 0 rg BT 185.59 494.70 Td (products.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 470.70 Td (Financing ) Tj ET Q q 0 0 0 rg BT 97.12 470.70 Td (and ) Tj ET Q q 0 0 0 rg BT 116.96 470.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 155.67 470.70 Td (services ) Tj ET Q q 0 0 0 rg BT 192.14 470.70 Td (engagements ) Tj ET Q q 0 0 0 rg BT 250.30 470.70 Td (are ) Tj ET Q q 0 0 0 rg BT 267.91 470.70 Td (transactional ) Tj ET Q q 0 0 0 rg BT 326.64 470.70 Td (in ) Tj ET Q q 0 0 0 rg BT 339.25 470.70 Td (nature ) Tj ET Q q 0 0 0 rg BT 370.75 470.70 Td (and ) Tj ET Q q 0 0 0 rg BT 390.58 470.70 Td (do ) Tj ET Q q 0 0 0 rg BT 404.86 470.70 Td (not ) Tj ET Q q 0 0 0 rg BT 422.47 470.70 Td (generally ) Tj ET Q q 0 0 0 rg BT 465.06 470.70 Td (provide ) Tj ET Q q 0 0 0 rg BT 499.88 470.70 Td (for ) Tj ET Q q 0 0 0 rg BT 516.38 470.70 Td (subsequent ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 458.70 Td (engagements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.70 Td (Even ) Tj ET Q q 0 0 0 rg BT 71.65 434.70 Td (though ) Tj ET Q q 0 0 0 rg BT 101.04 434.70 Td (we ) Tj ET Q q 0 0 0 rg BT 114.31 434.70 Td (work ) Tj ET Q q 0 0 0 rg BT 136.47 434.70 Td (to ) Tj ET Q q 0 0 0 rg BT 145.85 434.70 Td (represent ) Tj ET Q q 0 0 0 rg BT 184.11 434.70 Td (our ) Tj ET Q q 0 0 0 rg BT 199.05 434.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 226.76 434.70 Td (at ) Tj ET Q q 0 0 0 rg BT 235.58 434.70 Td (every ) Tj ET Q q 0 0 0 rg BT 259.40 434.70 Td (stage ) Tj ET Q q 0 0 0 rg BT 281.55 434.70 Td (of ) Tj ET Q q 0 0 0 rg BT 291.49 434.70 Td (their ) Tj ET Q q 0 0 0 rg BT 311.42 434.70 Td (lifecycle, ) Tj ET Q q 0 0 0 rg BT 349.95 434.70 Td (we ) Tj ET Q q 0 0 0 rg BT 363.22 434.70 Td (are ) Tj ET Q q 0 0 0 rg BT 377.03 434.70 Td (typically ) Tj ET Q q 0 0 0 rg BT 413.63 434.70 Td (retained ) Tj ET Q q 0 0 0 rg BT 447.44 434.70 Td (on ) Tj ET Q q 0 0 0 rg BT 459.05 434.70 Td (a ) Tj ET Q q 0 0 0 rg BT 465.10 434.70 Td (short-term, ) Tj ET Q q 0 0 0 rg BT 510.86 434.70 Td (engagement-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.70 Td (by-engagement ) Tj ET Q q 0 0 0 rg BT 113.57 422.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 136.00 422.70 Td (in ) Tj ET Q q 0 0 0 rg BT 146.21 422.70 Td (connection ) Tj ET Q q 0 0 0 rg BT 192.51 422.70 Td (with ) Tj ET Q q 0 0 0 rg BT 212.72 422.70 Td (specific ) Tj ET Q q 0 0 0 rg BT 246.25 422.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 275.33 422.70 Td (markets ) Tj ET Q q 0 0 0 rg BT 309.41 422.70 Td (or ) Tj ET Q q 0 0 0 rg BT 320.17 422.70 Td (mer) Tj ET Q q 0 0 0 rg BT 335.54 422.70 Td (gers ) Tj ET Q q 0 0 0 rg BT 354.63 422.70 Td (and ) Tj ET Q q 0 0 0 rg BT 371.50 422.70 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 421.71 422.70 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 473.86 422.70 Td (As ) Tj ET Q q 0 0 0 rg BT 487.41 422.70 Td (a ) Tj ET Q q 0 0 0 rg BT 494.28 422.70 Td (consequence, ) Tj ET Q q 0 0 0 rg BT 550.29 422.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.70 Td (timing ) Tj ET Q q 0 0 0 rg BT 78.49 410.70 Td (of ) Tj ET Q q 0 0 0 rg BT 89.70 410.70 Td (when ) Tj ET Q q 0 0 0 rg BT 114.24 410.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 133.22 410.70 Td (are ) Tj ET Q q 0 0 0 rg BT 148.30 410.70 Td (earned, ) Tj ET Q q 0 0 0 rg BT 180.33 410.70 Td (and, ) Tj ET Q q 0 0 0 rg BT 200.14 410.70 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 241.60 410.70 Td (our ) Tj ET Q q 0 0 0 rg BT 257.81 410.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 295.67 410.70 Td (results ) Tj ET Q q 0 0 0 rg BT 324.66 410.70 Td (from ) Tj ET Q q 0 0 0 rg BT 346.98 410.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 376.50 410.70 Td (markets ) Tj ET Q q 0 0 0 rg BT 411.04 410.70 Td (and ) Tj ET Q q 0 0 0 rg BT 428.35 410.70 Td (corporate ) Tj ET Q q 0 0 0 rg BT 468.99 410.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 506.30 410.70 Td (activities ) Tj ET Q q 0 0 0 rg BT 545.28 410.70 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.70 Td (experience ) Tj ET Q q 0 0 0 rg BT 96.13 398.70 Td (volatility ) Tj ET Q q 0 0 0 rg BT 135.56 398.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 167.20 398.70 Td (to ) Tj ET Q q 0 0 0 rg BT 178.30 398.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 209.94 398.70 Td (based ) Tj ET Q q 0 0 0 rg BT 236.03 398.70 Td (on ) Tj ET Q q 0 0 0 rg BT 249.36 398.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 277.68 398.70 Td (market ) Tj ET Q q 0 0 0 rg BT 308.76 398.70 Td (conditions ) Tj ET Q q 0 0 0 rg BT 353.75 398.70 Td (as ) Tj ET Q q 0 0 0 rg BT 365.41 398.70 Td (well ) Tj ET Q q 0 0 0 rg BT 385.95 398.70 Td (as ) Tj ET Q q 0 0 0 rg BT 397.60 398.70 Td (the ) Tj ET Q q 0 0 0 rg BT 413.14 398.70 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 480.33 398.70 Td (business ) Tj ET Q q 0 0 0 rg BT 517.54 398.70 Td (cycle ) Tj ET Q q 0 0 0 rg BT 541.96 398.70 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.70 Td (broadly) Tj ET Q q 0 0 0 rg BT 79.40 386.70 Td (. ) Tj ET Q q 0 0 0 rg BT 84.20 386.70 Td (In ) Tj ET Q q 0 0 0 rg BT 94.84 386.70 Td (particular) Tj ET Q q 0 0 0 rg BT 132.75 386.70 Td (, ) Tj ET Q q 0 0 0 rg BT 137.56 386.70 Td (our ) Tj ET Q q 0 0 0 rg BT 153.19 386.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 191.04 386.70 Td (related ) Tj ET Q q 0 0 0 rg BT 220.54 386.70 Td (to ) Tj ET Q q 0 0 0 rg BT 230.63 386.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 276.82 386.70 Td (and ) Tj ET Q q 0 0 0 rg BT 293.56 386.70 Td (disposition ) Tj ET Q q 0 0 0 rg BT 339.76 386.70 Td (transactions ) Tj ET Q q 0 0 0 rg BT 389.83 386.70 Td (tend ) Tj ET Q q 0 0 0 rg BT 409.36 386.70 Td (to ) Tj ET Q q 0 0 0 rg BT 419.44 386.70 Td (be ) Tj ET Q q 0 0 0 rg BT 431.19 386.70 Td (highly ) Tj ET Q q 0 0 0 rg BT 459.05 386.70 Td (volatile ) Tj ET Q q 0 0 0 rg BT 491.34 386.70 Td (and ) Tj ET Q q 0 0 0 rg BT 508.09 386.70 Td (unpredictable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.70 Td (\(or ) Tj ET Q q 0 0 0 rg BT 63.75 374.70 Td (lumpy\) ) Tj ET Q q 0 0 0 rg BT 104.10 374.70 Td (from ) Tj ET Q q 0 0 0 rg BT 126.13 374.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 157.03 374.70 Td (to ) Tj ET Q q 0 0 0 rg BT 167.40 374.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 198.30 374.70 Td (due ) Tj ET Q q 0 0 0 rg BT 215.33 374.70 Td (to ) Tj ET Q q 0 0 0 rg BT 225.69 374.70 Td (the ) Tj ET Q q 0 0 0 rg BT 240.50 374.70 Td (one-time ) Tj ET Q q 0 0 0 rg BT 278.63 374.70 Td (nature ) Tj ET Q q 0 0 0 rg BT 306.20 374.70 Td (of ) Tj ET Q q 0 0 0 rg BT 317.12 374.70 Td (the ) Tj ET Q q 0 0 0 rg BT 331.92 374.70 Td (transaction ) Tj ET Q q 0 0 0 rg BT 378.38 374.70 Td (and ) Tj ET Q q 0 0 0 rg BT 395.41 374.70 Td (the ) Tj ET Q q 0 0 0 rg BT 410.21 374.70 Td (size ) Tj ET Q q 0 0 0 rg BT 428.35 374.70 Td (of ) Tj ET Q q 0 0 0 rg BT 439.27 374.70 Td (the ) Tj ET Q q 0 0 0 rg BT 454.07 374.70 Td (fee. ) Tj ET Q q 0 0 0 rg BT 470.79 374.70 Td (As ) Tj ET Q q 0 0 0 rg BT 484.50 374.70 Td (a ) Tj ET Q q 0 0 0 rg BT 491.52 374.70 Td (result, ) Tj ET Q q 0 0 0 rg BT 518.83 374.70 Td (high ) Tj ET Q q 0 0 0 rg BT 539.19 374.70 Td (levels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.70 Td (of ) Tj ET Q q 0 0 0 rg BT 60.61 362.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 95.04 362.70 Td (in ) Tj ET Q q 0 0 0 rg BT 105.60 362.70 Td (one ) Tj ET Q q 0 0 0 rg BT 122.83 362.70 Td (quarter ) Tj ET Q q 0 0 0 rg BT 153.92 362.70 Td (will ) Tj ET Q q 0 0 0 rg BT 172.26 362.70 Td (not ) Tj ET Q q 0 0 0 rg BT 187.83 362.70 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 235.03 362.70 Td (be ) Tj ET Q q 0 0 0 rg BT 247.25 362.70 Td (predictive ) Tj ET Q q 0 0 0 rg BT 290.02 362.70 Td (of ) Tj ET Q q 0 0 0 rg BT 301.13 362.70 Td (continued ) Tj ET Q q 0 0 0 rg BT 343.35 362.70 Td (high ) Tj ET Q q 0 0 0 rg BT 363.91 362.70 Td (levels ) Tj ET Q q 0 0 0 rg BT 390.02 362.70 Td (of ) Tj ET Q q 0 0 0 rg BT 401.13 362.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 435.56 362.70 Td (in ) Tj ET Q q 0 0 0 rg BT 446.12 362.70 Td (any ) Tj ET Q q 0 0 0 rg BT 463.34 362.70 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 510.56 362.70 Td (period. ) Tj ET Q q 0 0 0 rg BT 541.39 362.70 Td (If ) Tj ET Q q 0 0 0 rg BT 550.84 362.70 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.70 Td (are ) Tj ET Q q 0 0 0 rg BT 65.37 350.70 Td (unable ) Tj ET Q q 0 0 0 rg BT 95.69 350.70 Td (to ) Tj ET Q q 0 0 0 rg BT 107.13 350.70 Td (generate ) Tj ET Q q 0 0 0 rg BT 144.66 350.70 Td (a ) Tj ET Q q 0 0 0 rg BT 152.76 350.70 Td (substantial ) Tj ET Q q 0 0 0 rg BT 199.20 350.70 Td (number ) Tj ET Q q 0 0 0 rg BT 233.41 350.70 Td (of ) Tj ET Q q 0 0 0 rg BT 245.41 350.70 Td (new ) Tj ET Q q 0 0 0 rg BT 265.73 350.70 Td (engagements ) Tj ET Q q 0 0 0 rg BT 321.60 350.70 Td (and ) Tj ET Q q 0 0 0 rg BT 339.70 350.70 Td (generate ) Tj ET Q q 0 0 0 rg BT 377.23 350.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 396.99 350.70 Td (from ) Tj ET Q q 0 0 0 rg BT 420.10 350.70 Td (the ) Tj ET Q q 0 0 0 rg BT 435.98 350.70 Td (successful ) Tj ET Q q 0 0 0 rg BT 480.74 350.70 Td (completion ) Tj ET Q q 0 0 0 rg BT 529.40 350.70 Td (of ) Tj ET Q q 0 0 0 rg BT 541.39 350.70 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.70 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 102.26 338.70 Td (our ) Tj ET Q q 0 0 0 rg BT 118.09 338.70 Td (business ) Tj ET Q q 0 0 0 rg BT 154.49 338.70 Td (and ) Tj ET Q q 0 0 0 rg BT 171.42 338.70 Td (results ) Tj ET Q q 0 0 0 rg BT 200.03 338.70 Td (of ) Tj ET Q q 0 0 0 rg BT 210.86 338.70 Td (operations ) Tj ET Q q 0 0 0 rg BT 255.02 338.70 Td (will ) Tj ET Q q 0 0 0 rg BT 273.07 338.70 Td (likely ) Tj ET Q q 0 0 0 rg BT 298.35 338.70 Td (be ) Tj ET Q q 0 0 0 rg BT 310.29 338.70 Td (adversely ) Tj ET Q q 0 0 0 rg BT 351.10 338.70 Td (af) Tj ET Q q 0 0 0 rg BT 358.69 338.70 Td (fected.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 314.70 Td (The ) Tj ET Q q 0 0 0 rg BT 68.11 314.70 Td (volume ) Tj ET Q q 0 0 0 rg BT 100.60 314.70 Td (of ) Tj ET Q q 0 0 0 rg BT 111.43 314.70 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 159.49 314.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 206.43 314.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 242.83 314.70 Td (transactions ) Tj ET Q q 0 0 0 rg BT 295.90 314.70 Td (may ) Tj ET Q q 0 0 0 rg BT 315.62 314.70 Td (dif) Tj ET Q q 0 0 0 rg BT 326.55 314.70 Td (fer ) Tj ET Q q 0 0 0 rg BT 340.71 314.70 Td (from ) Tj ET Q q 0 0 0 rg BT 363.21 314.70 Td (actual ) Tj ET Q q 0 0 0 rg BT 391.26 314.70 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.70 Td (The ) Tj ET Q q 0 0 0 rg BT 67.60 290.70 Td (completion ) Tj ET Q q 0 0 0 rg BT 115.15 290.70 Td (of ) Tj ET Q q 0 0 0 rg BT 126.03 290.70 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 172.46 290.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 218.89 290.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 253.66 290.70 Td (transactions ) Tj ET Q q 0 0 0 rg BT 303.98 290.70 Td (in ) Tj ET Q q 0 0 0 rg BT 314.32 290.70 Td (our ) Tj ET Q q 0 0 0 rg BT 330.20 290.70 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 364.97 290.70 Td (is ) Tj ET Q q 0 0 0 rg BT 374.19 290.70 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 413.95 290.70 Td (and ) Tj ET Q q 0 0 0 rg BT 430.94 290.70 Td (partially ) Tj ET Q q 0 0 0 rg BT 466.82 290.70 Td (beyond ) Tj ET Q q 0 0 0 rg BT 498.81 290.70 Td (our ) Tj ET Q q 0 0 0 rg BT 514.70 290.70 Td (control, ) Tj ET Q q 0 0 0 rg BT 548.08 290.70 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.70 Td (our ) Tj ET Q q 0 0 0 rg BT 64.75 278.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 110.55 278.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 144.69 278.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 178.26 278.70 Td (is ) Tj ET Q q 0 0 0 rg BT 186.85 278.70 Td (typically ) Tj ET Q q 0 0 0 rg BT 223.76 278.70 Td (earned ) Tj ET Q q 0 0 0 rg BT 252.33 278.70 Td (only ) Tj ET Q q 0 0 0 rg BT 272.03 278.70 Td (upon ) Tj ET Q q 0 0 0 rg BT 293.95 278.70 Td (the ) Tj ET Q q 0 0 0 rg BT 308.09 278.70 Td (successful ) Tj ET Q q 0 0 0 rg BT 351.11 278.70 Td (completion ) Tj ET Q q 0 0 0 rg BT 398.02 278.70 Td (of ) Tj ET Q q 0 0 0 rg BT 408.27 278.70 Td (a ) Tj ET Q q 0 0 0 rg BT 414.63 278.70 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 462.93 278.70 Td (In ) Tj ET Q q 0 0 0 rg BT 473.18 278.70 Td (most ) Tj ET Q q 0 0 0 rg BT 494.55 278.70 Td (cases, ) Tj ET Q q 0 0 0 rg BT 520.07 278.70 Td (we ) Tj ET Q q 0 0 0 rg BT 533.65 278.70 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.70 Td (little ) Tj ET Q q 0 0 0 rg BT 71.14 266.70 Td (or ) Tj ET Q q 0 0 0 rg BT 82.78 266.70 Td (no ) Tj ET Q q 0 0 0 rg BT 96.08 266.70 Td (payment ) Tj ET Q q 0 0 0 rg BT 133.83 266.70 Td (for ) Tj ET Q q 0 0 0 rg BT 148.79 266.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 195.98 266.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 231.51 266.70 Td (engagements ) Tj ET Q q 0 0 0 rg BT 287.02 266.70 Td (that ) Tj ET Q q 0 0 0 rg BT 305.32 266.70 Td (do ) Tj ET Q q 0 0 0 rg BT 318.63 266.70 Td (not ) Tj ET Q q 0 0 0 rg BT 334.72 266.70 Td (result ) Tj ET Q q 0 0 0 rg BT 360.24 266.70 Td (in ) Tj ET Q q 0 0 0 rg BT 371.33 266.70 Td (the ) Tj ET Q q 0 0 0 rg BT 386.85 266.70 Td (successful ) Tj ET Q q 0 0 0 rg BT 431.26 266.70 Td (completion ) Tj ET Q q 0 0 0 rg BT 479.56 266.70 Td (of ) Tj ET Q q 0 0 0 rg BT 491.20 266.70 Td (a ) Tj ET Q q 0 0 0 rg BT 498.94 266.70 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 548.62 266.70 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.70 Td (example, ) Tj ET Q q 0 0 0 rg BT 88.73 254.70 Td (a ) Tj ET Q q 0 0 0 rg BT 96.03 254.70 Td (client's ) Tj ET Q q 0 0 0 rg BT 126.80 254.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 173.54 254.70 Td (transaction ) Tj ET Q q 0 0 0 rg BT 220.28 254.70 Td (may ) Tj ET Q q 0 0 0 rg BT 240.35 254.70 Td (be ) Tj ET Q q 0 0 0 rg BT 252.65 254.70 Td (delayed ) Tj ET Q q 0 0 0 rg BT 286.61 254.70 Td (or ) Tj ET Q q 0 0 0 rg BT 297.80 254.70 Td (terminated ) Tj ET Q q 0 0 0 rg BT 343.42 254.70 Td (because ) Tj ET Q q 0 0 0 rg BT 377.93 254.70 Td (of ) Tj ET Q q 0 0 0 rg BT 389.12 254.70 Td (a ) Tj ET Q q 0 0 0 rg BT 396.42 254.70 Td (failure ) Tj ET Q q 0 0 0 rg BT 425.37 254.70 Td (to ) Tj ET Q q 0 0 0 rg BT 436.01 254.70 Td (agree ) Tj ET Q q 0 0 0 rg BT 460.52 254.70 Td (upon ) Tj ET Q q 0 0 0 rg BT 483.38 254.70 Td (final ) Tj ET Q q 0 0 0 rg BT 504.57 254.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 529.65 254.70 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 254.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.70 Td (counterparty) Tj ET Q q 0 0 0 rg BT 99.38 242.70 Td (, ) Tj ET Q q 0 0 0 rg BT 103.22 242.70 Td (failure ) Tj ET Q q 0 0 0 rg BT 130.65 242.70 Td (to ) Tj ET Q q 0 0 0 rg BT 139.76 242.70 Td (obtain ) Tj ET Q q 0 0 0 rg BT 166.09 242.70 Td (necessary ) Tj ET Q q 0 0 0 rg BT 206.29 242.70 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 248.72 242.70 Td (consents ) Tj ET Q q 0 0 0 rg BT 284.49 242.70 Td (or ) Tj ET Q q 0 0 0 rg BT 294.16 242.70 Td (board ) Tj ET Q q 0 0 0 rg BT 318.26 242.70 Td (or ) Tj ET Q q 0 0 0 rg BT 327.92 242.70 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 375.91 242.70 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 418.62 242.70 Td (failure ) Tj ET Q q 0 0 0 rg BT 446.05 242.70 Td (to ) Tj ET Q q 0 0 0 rg BT 455.17 242.70 Td (secure ) Tj ET Q q 0 0 0 rg BT 482.04 242.70 Td (necessary ) Tj ET Q q 0 0 0 rg BT 522.24 242.70 Td (financing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.70 Td (adverse ) Tj ET Q q 0 0 0 rg BT 83.08 230.70 Td (market ) Tj ET Q q 0 0 0 rg BT 113.89 230.70 Td (conditions ) Tj ET Q q 0 0 0 rg BT 158.61 230.70 Td (or ) Tj ET Q q 0 0 0 rg BT 169.98 230.70 Td (unexpected ) Tj ET Q q 0 0 0 rg BT 218.56 230.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 256.59 230.70 Td (or ) Tj ET Q q 0 0 0 rg BT 267.97 230.70 Td (other ) Tj ET Q q 0 0 0 rg BT 291.56 230.70 Td (problems ) Tj ET Q q 0 0 0 rg BT 331.82 230.70 Td (in ) Tj ET Q q 0 0 0 rg BT 342.65 230.70 Td (the ) Tj ET Q q 0 0 0 rg BT 357.91 230.70 Td (client's ) Tj ET Q q 0 0 0 rg BT 388.87 230.70 Td (or ) Tj ET Q q 0 0 0 rg BT 400.24 230.70 Td (counterparty's ) Tj ET Q q 0 0 0 rg BT 459.51 230.70 Td (business. ) Tj ET Q q 0 0 0 rg BT 498.95 230.70 Td (If ) Tj ET Q q 0 0 0 rg BT 508.66 230.70 Td (parties ) Tj ET Q q 0 0 0 rg BT 538.36 230.70 Td (fail ) Tj ET Q q 0 0 0 rg BT 554.73 230.70 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.70 Td (complete ) Tj ET Q q 0 0 0 rg BT 88.89 218.70 Td (a ) Tj ET Q q 0 0 0 rg BT 96.07 218.70 Td (transaction ) Tj ET Q q 0 0 0 rg BT 142.69 218.70 Td (on ) Tj ET Q q 0 0 0 rg BT 155.43 218.70 Td (which ) Tj ET Q q 0 0 0 rg BT 182.61 218.70 Td (we ) Tj ET Q q 0 0 0 rg BT 197.01 218.70 Td (are ) Tj ET Q q 0 0 0 rg BT 211.96 218.70 Td (advising ) Tj ET Q q 0 0 0 rg BT 248.59 218.70 Td (or ) Tj ET Q q 0 0 0 rg BT 259.66 218.70 Td (an ) Tj ET Q q 0 0 0 rg BT 271.84 218.70 Td (of) Tj ET Q q 0 0 0 rg BT 279.99 218.70 Td (fering ) Tj ET Q q 0 0 0 rg BT 306.61 218.70 Td (in ) Tj ET Q q 0 0 0 rg BT 317.13 218.70 Td (which ) Tj ET Q q 0 0 0 rg BT 344.31 218.70 Td (we ) Tj ET Q q 0 0 0 rg BT 358.71 218.70 Td (are ) Tj ET Q q 0 0 0 rg BT 373.66 218.70 Td (participating, ) Tj ET Q q 0 0 0 rg BT 429.44 218.70 Td (we ) Tj ET Q q 0 0 0 rg BT 443.84 218.70 Td (earn ) Tj ET Q q 0 0 0 rg BT 463.79 218.70 Td (little ) Tj ET Q q 0 0 0 rg BT 484.86 218.70 Td (or ) Tj ET Q q 0 0 0 rg BT 495.93 218.70 Td (no ) Tj ET Q q 0 0 0 rg BT 508.67 218.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 543.06 218.70 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.70 Td (the ) Tj ET Q q 0 0 0 rg BT 63.47 206.70 Td (transaction ) Tj ET Q q 0 0 0 rg BT 109.10 206.70 Td (and ) Tj ET Q q 0 0 0 rg BT 125.30 206.70 Td (may ) Tj ET Q q 0 0 0 rg BT 144.27 206.70 Td (have ) Tj ET Q q 0 0 0 rg BT 164.91 206.70 Td (incurred ) Tj ET Q q 0 0 0 rg BT 199.98 206.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 243.95 206.70 Td (expenses ) Tj ET Q q 0 0 0 rg BT 281.80 206.70 Td (\(for ) Tj ET Q q 0 0 0 rg BT 298.55 206.70 Td (example, ) Tj ET Q q 0 0 0 rg BT 336.68 206.70 Td (travel ) Tj ET Q q 0 0 0 rg BT 361.20 206.70 Td (and ) Tj ET Q q 0 0 0 rg BT 377.39 206.70 Td (legal ) Tj ET Q q 0 0 0 rg BT 398.58 206.70 Td (expenses\) ) Tj ET Q q 0 0 0 rg BT 439.77 206.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 482.62 206.70 Td (with ) Tj ET Q q 0 0 0 rg BT 502.16 206.70 Td (the ) Tj ET Q q 0 0 0 rg BT 516.13 206.70 Td (transaction. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.70 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 194.70 Td (, ) Tj ET Q q 0 0 0 rg BT 103.04 194.70 Td (our ) Tj ET Q q 0 0 0 rg BT 118.07 194.70 Td (business ) Tj ET Q q 0 0 0 rg BT 153.67 194.70 Td (is ) Tj ET Q q 0 0 0 rg BT 162.04 194.70 Td (highly ) Tj ET Q q 0 0 0 rg BT 189.30 194.70 Td (dependent ) Tj ET Q q 0 0 0 rg BT 232.10 194.70 Td (on ) Tj ET Q q 0 0 0 rg BT 243.80 194.70 Td (market ) Tj ET Q q 0 0 0 rg BT 273.27 194.70 Td (conditions ) Tj ET Q q 0 0 0 rg BT 316.63 194.70 Td (as ) Tj ET Q q 0 0 0 rg BT 326.67 194.70 Td (well ) Tj ET Q q 0 0 0 rg BT 345.59 194.70 Td (as ) Tj ET Q q 0 0 0 rg BT 355.62 194.70 Td (the ) Tj ET Q q 0 0 0 rg BT 369.54 194.70 Td (decisions ) Tj ET Q q 0 0 0 rg BT 408.46 194.70 Td (and ) Tj ET Q q 0 0 0 rg BT 424.60 194.70 Td (actions ) Tj ET Q q 0 0 0 rg BT 454.63 194.70 Td (of ) Tj ET Q q 0 0 0 rg BT 464.66 194.70 Td (our ) Tj ET Q q 0 0 0 rg BT 479.70 194.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 507.50 194.70 Td (and ) Tj ET Q q 0 0 0 rg BT 523.65 194.70 Td (interested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.70 Td (third ) Tj ET Q q 0 0 0 rg BT 71.78 182.70 Td (parties, ) Tj ET Q q 0 0 0 rg BT 104.33 182.70 Td (and ) Tj ET Q q 0 0 0 rg BT 122.17 182.70 Td (the ) Tj ET Q q 0 0 0 rg BT 137.78 182.70 Td (number ) Tj ET Q q 0 0 0 rg BT 171.72 182.70 Td (of ) Tj ET Q q 0 0 0 rg BT 183.45 182.70 Td (engagements ) Tj ET Q q 0 0 0 rg BT 239.05 182.70 Td (we ) Tj ET Q q 0 0 0 rg BT 254.10 182.70 Td (have ) Tj ET Q q 0 0 0 rg BT 276.38 182.70 Td (at ) Tj ET Q q 0 0 0 rg BT 286.99 182.70 Td (any ) Tj ET Q q 0 0 0 rg BT 304.82 182.70 Td (given ) Tj ET Q q 0 0 0 rg BT 330.44 182.70 Td (time ) Tj ET Q q 0 0 0 rg BT 351.61 182.70 Td (\(and ) Tj ET Q q 0 0 0 rg BT 372.77 182.70 Td (any ) Tj ET Q q 0 0 0 rg BT 390.61 182.70 Td (characterization ) Tj ET Q q 0 0 0 rg BT 457.84 182.70 Td (or ) Tj ET Q q 0 0 0 rg BT 469.57 182.70 Td (description ) Tj ET Q q 0 0 0 rg BT 517.40 182.70 Td (of ) Tj ET Q q 0 0 0 rg BT 529.13 182.70 Td (our ) Tj ET Q q 0 0 0 rg BT 545.85 182.70 Td (deal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.70 Td (pipelines\) ) Tj ET Q q 0 0 0 rg BT 91.43 170.70 Td (is ) Tj ET Q q 0 0 0 rg BT 100.60 170.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 131.43 170.70 Td (to ) Tj ET Q q 0 0 0 rg BT 141.71 170.70 Td (change ) Tj ET Q q 0 0 0 rg BT 172.52 170.70 Td (and ) Tj ET Q q 0 0 0 rg BT 189.46 170.70 Td (may ) Tj ET Q q 0 0 0 rg BT 209.18 170.70 Td (not ) Tj ET Q q 0 0 0 rg BT 224.46 170.70 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 271.38 170.70 Td (result ) Tj ET Q q 0 0 0 rg BT 296.10 170.70 Td (in ) Tj ET Q q 0 0 0 rg BT 306.38 170.70 Td (future ) Tj ET Q q 0 0 0 rg BT 332.75 170.70 Td (revenues.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 146.70 Td (Asset ) Tj ET Q q 0 0 0 rg BT 73.67 146.70 Td (management ) Tj ET Q q 0 0 0 rg BT 129.50 146.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 164.77 146.70 Td (may ) Tj ET Q q 0 0 0 rg BT 184.49 146.70 Td (vary ) Tj ET Q q 0 0 0 rg BT 204.76 146.70 Td (based ) Tj ET Q q 0 0 0 rg BT 230.59 146.70 Td (on ) Tj ET Q q 0 0 0 rg BT 243.65 146.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 290.59 146.70 Td (performance ) Tj ET Q q 0 0 0 rg BT 345.86 146.70 Td (and ) Tj ET Q q 0 0 0 rg BT 363.92 146.70 Td (market ) Tj ET Q q 0 0 0 rg BT 395.31 146.70 Td (and ) Tj ET Q q 0 0 0 rg BT 413.37 146.70 Td (economic ) Tj ET Q q 0 0 0 rg BT 455.31 146.70 Td (factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.70 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 122.70 Td (e ) Tj ET Q q 0 0 0 rg BT 64.55 122.70 Td (have ) Tj ET Q q 0 0 0 rg BT 85.39 122.70 Td (grown ) Tj ET Q q 0 0 0 rg BT 112.91 122.70 Td (our ) Tj ET Q q 0 0 0 rg BT 128.21 122.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 149.62 122.70 Td (management ) Tj ET Q q 0 0 0 rg BT 202.68 122.70 Td (business ) Tj ET Q q 0 0 0 rg BT 238.54 122.70 Td (in ) Tj ET Q q 0 0 0 rg BT 248.29 122.70 Td (recent ) Tj ET Q q 0 0 0 rg BT 274.68 122.70 Td (years, ) Tj ET Q q 0 0 0 rg BT 300.25 122.70 Td (including ) Tj ET Q q 0 0 0 rg BT 339.99 122.70 Td (with ) Tj ET Q q 0 0 0 rg BT 359.74 122.70 Td (the ) Tj ET Q q 0 0 0 rg BT 373.92 122.70 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 419.77 122.70 Td (of ) Tj ET Q q 0 0 0 rg BT 429.64 122.70 Td (ARI ) Tj ET Q q 0 0 0 rg BT 448.83 122.70 Td (in ) Tj ET Q q 0 0 0 rg BT 458.58 122.70 Td (2010, ) Tj ET Q q 0 0 0 rg BT 483.05 122.70 Td (which ) Tj ET Q q 0 0 0 rg BT 509.45 122.70 Td (has ) Tj ET Q q 0 0 0 rg BT 524.75 122.70 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.70 Td (the ) Tj ET Q q 0 0 0 rg BT 64.18 110.70 Td (risks ) Tj ET Q q 0 0 0 rg BT 85.53 110.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 129.08 110.70 Td (with ) Tj ET Q q 0 0 0 rg BT 149.32 110.70 Td (this ) Tj ET Q q 0 0 0 rg BT 166.23 110.70 Td (business ) Tj ET Q q 0 0 0 rg BT 202.58 110.70 Td (relative ) Tj ET Q q 0 0 0 rg BT 235.02 110.70 Td (to ) Tj ET Q q 0 0 0 rg BT 245.26 110.70 Td (our ) Tj ET Q q 0 0 0 rg BT 261.05 110.70 Td (overall ) Tj ET Q q 0 0 0 rg BT 291.27 110.70 Td (operations. ) Tj ET Q q 0 0 0 rg BT 337.34 110.70 Td (Assets ) Tj ET Q q 0 0 0 rg BT 365.92 110.70 Td (under ) Tj ET Q q 0 0 0 rg BT 391.15 110.70 Td (management ) Tj ET Q q 0 0 0 rg BT 444.70 110.70 Td (are ) Tj ET Q q 0 0 0 rg BT 459.36 110.70 Td (a ) Tj ET Q q 0 0 0 rg BT 466.26 110.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 510.93 110.70 Td (driver ) Tj ET Q q 0 0 0 rg BT 537.27 110.70 Td (of ) Tj ET Q q 0 0 0 rg BT 548.06 110.70 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.70 Td (business, ) Tj ET Q q 0 0 0 rg BT 88.32 98.70 Td (as ) Tj ET Q q 0 0 0 rg BT 99.08 98.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 137.05 98.70 Td (are ) Tj ET Q q 0 0 0 rg BT 151.68 98.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 191.32 98.70 Td (derived ) Tj ET Q q 0 0 0 rg BT 223.74 98.70 Td (from ) Tj ET Q q 0 0 0 rg BT 245.61 98.70 Td (management ) Tj ET Q q 0 0 0 rg BT 299.12 98.70 Td (fees ) Tj ET Q q 0 0 0 rg BT 317.65 98.70 Td (paid ) Tj ET Q q 0 0 0 rg BT 337.30 98.70 Td (on ) Tj ET Q q 0 0 0 rg BT 349.73 98.70 Td (the ) Tj ET Q q 0 0 0 rg BT 364.37 98.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 390.13 98.70 Td (under ) Tj ET Q q 0 0 0 rg BT 415.33 98.70 Td (management. ) Tj ET Q q 0 0 0 rg BT 471.35 98.70 Td (Our ) Tj ET Q q 0 0 0 rg BT 489.33 98.70 Td (ability ) Tj ET Q q 0 0 0 rg BT 517.31 98.70 Td (to ) Tj ET Q q 0 0 0 rg BT 527.52 98.70 Td (maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.70 Td (or ) Tj ET Q q 0 0 0 rg BT 60.62 86.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 96.17 86.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 122.29 86.70 Td (under ) Tj ET Q q 0 0 0 rg BT 147.85 86.70 Td (management ) Tj ET Q q 0 0 0 rg BT 201.73 86.70 Td (is ) Tj ET Q q 0 0 0 rg BT 211.19 86.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 242.31 86.70 Td (to ) Tj ET Q q 0 0 0 rg BT 252.88 86.70 Td (a ) Tj ET Q q 0 0 0 rg BT 260.11 86.70 Td (number ) Tj ET Q q 0 0 0 rg BT 293.45 86.70 Td (of ) Tj ET Q q 0 0 0 rg BT 304.57 86.70 Td (factors, ) Tj ET Q q 0 0 0 rg BT 337.07 86.70 Td (including ) Tj ET Q q 0 0 0 rg BT 377.64 86.70 Td (investors' ) Tj ET Q q 0 0 0 rg BT 418.34 86.70 Td (perception ) Tj ET Q q 0 0 0 rg BT 463.33 86.70 Td (of ) Tj ET Q q 0 0 0 rg BT 474.46 86.70 Td (our ) Tj ET Q q 0 0 0 rg BT 490.58 86.70 Td (past ) Tj ET Q q 0 0 0 rg BT 509.48 86.70 Td (performance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.70 Td (market ) Tj ET Q q 0 0 0 rg BT 79.76 74.70 Td (or ) Tj ET Q q 0 0 0 rg BT 90.59 74.70 Td (economic ) Tj ET Q q 0 0 0 rg BT 131.97 74.70 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 178.63 74.70 Td (competition ) Tj ET Q q 0 0 0 rg BT 228.90 74.70 Td (from ) Tj ET Q q 0 0 0 rg BT 250.84 74.70 Td (other ) Tj ET Q q 0 0 0 rg BT 273.88 74.70 Td (fund ) Tj ET Q q 0 0 0 rg BT 294.71 74.70 Td (managers ) Tj ET Q q 0 0 0 rg BT 335.53 74.70 Td (and ) Tj ET Q q 0 0 0 rg BT 352.47 74.70 Td (our ) Tj ET Q q 0 0 0 rg BT 368.30 74.70 Td (ability ) Tj ET Q q 0 0 0 rg BT 396.35 74.70 Td (to ) Tj ET Q q 0 0 0 rg BT 406.63 74.70 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 445.78 74.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 470.50 74.70 Td (with ) Tj ET Q q 0 0 0 rg BT 490.77 74.70 Td (major ) Tj ET Q q 0 0 0 rg BT 516.60 74.70 Td (investors.) 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 (Investment ) Tj ET Q q 0 0 0 rg BT 95.84 740.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 148.26 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 156.84 740.10 Td (one ) Tj ET Q q 0 0 0 rg BT 173.18 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.42 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.54 740.10 Td (most ) Tj ET Q q 0 0 0 rg BT 218.89 740.10 Td (important ) Tj ET Q q 0 0 0 rg BT 259.68 740.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 288.79 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 298.47 740.10 Td (retaining ) Tj ET Q q 0 0 0 rg BT 335.92 740.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 369.49 740.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 397.49 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.84 740.10 Td (competing ) Tj ET Q q 0 0 0 rg BT 457.95 740.10 Td (for ) Tj ET Q q 0 0 0 rg BT 471.52 740.10 Td (new ) Tj ET Q q 0 0 0 rg BT 490.08 740.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.42 740.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 88.48 728.10 Td (Poor ) Tj ET Q q 0 0 0 rg BT 109.96 728.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 156.43 728.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 209.54 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.57 728.10 Td (other ) Tj ET Q q 0 0 0 rg BT 249.70 728.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 299.50 728.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 329.29 728.10 Td (could ) Tj ET Q q 0 0 0 rg BT 354.09 728.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 383.33 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 399.25 728.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 437.37 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 454.40 728.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 483.09 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 499.01 728.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 529.92 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 540.29 728.10 Td (many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (ways: ) Tj ET Q q 0 0 0 rg BT 74.47 716.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 107.77 716.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 135.51 716.10 Td (may ) Tj ET Q q 0 0 0 rg BT 154.36 716.10 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 193.77 716.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 217.63 716.10 Td (from ) Tj ET Q q 0 0 0 rg BT 238.70 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 253.67 716.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 274.75 716.10 Td (management ) Tj ET Q q 0 0 0 rg BT 327.47 716.10 Td (business ) Tj ET Q q 0 0 0 rg BT 363.00 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.42 716.10 Td (favor ) Tj ET Q q 0 0 0 rg BT 395.15 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.12 716.10 Td (better ) Tj ET Q q 0 0 0 rg BT 429.52 716.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 476.14 716.10 Td (products ) Tj ET Q q 0 0 0 rg BT 512.22 716.10 Td (or ) Tj ET Q q 0 0 0 rg BT 522.19 716.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.26 716.10 Td (dif) Tj ET Q q 0 0 0 rg BT 539.19 716.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.40 704.10 Td (style ) Tj ET Q q 0 0 0 rg BT 118.30 704.10 Td (or ) Tj ET Q q 0 0 0 rg BT 129.65 704.10 Td (focus; ) Tj ET Q q 0 0 0 rg BT 157.11 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 173.46 704.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 203.12 704.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 253.91 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 264.71 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 281.06 704.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 327.96 704.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 353.20 704.10 Td (or ) Tj ET Q q 0 0 0 rg BT 364.54 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.78 704.10 Td (seed ) Tj ET Q q 0 0 0 rg BT 400.56 704.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 430.23 704.10 Td (we ) Tj ET Q q 0 0 0 rg BT 444.91 704.10 Td (have ) Tj ET Q q 0 0 0 rg BT 466.80 704.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 512.59 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 523.39 704.10 Td (new ) Tj ET Q q 0 0 0 rg BT 543.06 704.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (management ) Tj ET Q q 0 0 0 rg BT 103.18 692.10 Td (products ) Tj ET Q q 0 0 0 rg BT 140.22 692.10 Td (may ) Tj ET Q q 0 0 0 rg BT 160.03 692.10 Td (diminish ) Tj ET Q q 0 0 0 rg BT 197.63 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.00 692.10 Td (value ) Tj ET Q q 0 0 0 rg BT 232.25 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 243.18 692.10 Td (may ) Tj ET Q q 0 0 0 rg BT 262.99 692.10 Td (be ) Tj ET Q q 0 0 0 rg BT 275.02 692.10 Td (lost; ) Tj ET Q q 0 0 0 rg BT 294.85 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.88 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.81 692.10 Td (key ) Tj ET Q q 0 0 0 rg BT 344.84 692.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 390.20 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.57 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.38 692.10 Td (business ) Tj ET Q q 0 0 0 rg BT 451.87 692.10 Td (may ) Tj ET Q q 0 0 0 rg BT 471.68 692.10 Td (depart, ) Tj ET Q q 0 0 0 rg BT 501.76 692.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 536.57 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 546.94 692.10 Td (join ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 680.10 Td (competitor ) Tj ET Q q 0 0 0 rg BT 102.26 680.10 Td (or ) Tj ET Q q 0 0 0 rg BT 113.09 680.10 Td (otherwise.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 656.10 Td (o ) Tj ET Q q 0 0 0 rg BT 61.45 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.21 656.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 101.19 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 116.06 656.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 161.48 656.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 213.55 656.10 Td (is ) Tj ET Q q 0 0 0 rg BT 221.76 656.10 Td (perceived ) Tj ET Q q 0 0 0 rg BT 262.16 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.48 656.10 Td (be ) Tj ET Q q 0 0 0 rg BT 282.46 656.10 Td (poor ) Tj ET Q q 0 0 0 rg BT 302.34 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.66 656.10 Td (either ) Tj ET Q q 0 0 0 rg BT 335.96 656.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 367.48 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 377.36 656.10 Td (absolute ) Tj ET Q q 0 0 0 rg BT 412.22 656.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 438.48 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 453.35 656.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 474.33 656.10 Td (management ) Tj ET Q q 0 0 0 rg BT 526.97 656.10 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (will ) Tj ET Q q 0 0 0 rg BT 68.15 644.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 94.01 644.10 Td (be ) Tj ET Q q 0 0 0 rg BT 106.53 644.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 141.27 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.79 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 175.21 644.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 203.85 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.72 644.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 242.79 644.10 Td (new ) Tj ET Q q 0 0 0 rg BT 262.54 644.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 287.85 644.10 Td (will ) Tj ET Q q 0 0 0 rg BT 306.49 644.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 332.35 644.10 Td (be ) Tj ET Q q 0 0 0 rg BT 344.88 644.10 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 386.01 644.10 Td (Even ) Tj ET Q q 0 0 0 rg BT 409.65 644.10 Td (when ) Tj ET Q q 0 0 0 rg BT 434.40 644.10 Td (market ) Tj ET Q q 0 0 0 rg BT 465.25 644.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 510.00 644.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.30 644.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (favorable, ) Tj ET Q q 0 0 0 rg BT 92.26 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 108.09 632.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 154.47 632.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 207.50 632.10 Td (may ) Tj ET Q q 0 0 0 rg BT 227.22 632.10 Td (be ) Tj ET Q q 0 0 0 rg BT 239.16 632.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 279.98 632.10 Td (af) Tj ET Q q 0 0 0 rg BT 287.56 632.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 314.49 632.10 Td (by ) Tj ET Q q 0 0 0 rg BT 326.99 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 342.83 632.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 389.21 632.10 Td (style ) Tj ET Q q 0 0 0 rg BT 410.60 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.54 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.26 632.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 483.07 632.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 533.35 632.10 Td (that ) Tj ET Q q 0 0 0 rg BT 550.85 632.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (make. ) Tj ET Q q 0 0 0 rg BT 75.61 620.10 Td (Further) Tj ET Q q 0 0 0 rg BT 104.65 620.10 Td (, ) Tj ET Q q 0 0 0 rg BT 109.11 620.10 Td (as ) Tj ET Q q 0 0 0 rg BT 119.39 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.57 620.10 Td (size ) Tj ET Q q 0 0 0 rg BT 151.07 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.47 620.10 Td (number ) Tj ET Q q 0 0 0 rg BT 199.97 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.26 620.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 256.10 620.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 282.78 620.10 Td (including ) Tj ET Q q 0 0 0 rg BT 322.51 620.10 Td (exchange-traded ) Tj ET Q q 0 0 0 rg BT 390.53 620.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 417.21 620.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 443.05 620.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 467.22 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.62 620.10 Td (private ) Tj ET Q q 0 0 0 rg BT 513.34 620.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 540.29 620.10 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (increases, ) Tj ET Q q 0 0 0 rg BT 90.52 608.10 Td (it ) Tj ET Q q 0 0 0 rg BT 97.95 608.10 Td (is ) Tj ET Q q 0 0 0 rg BT 106.50 608.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 141.15 608.10 Td (that ) Tj ET Q q 0 0 0 rg BT 158.02 608.10 Td (it ) Tj ET Q q 0 0 0 rg BT 165.45 608.10 Td (will ) Tj ET Q q 0 0 0 rg BT 182.88 608.10 Td (become ) Tj ET Q q 0 0 0 rg BT 215.85 608.10 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 266.60 608.10 Td (dif) Tj ET Q q 0 0 0 rg BT 277.53 608.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 300.51 608.10 Td (for ) Tj ET Q q 0 0 0 rg BT 314.04 608.10 Td (us ) Tj ET Q q 0 0 0 rg BT 324.81 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 334.46 608.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 361.32 608.10 Td (new ) Tj ET Q q 0 0 0 rg BT 379.85 608.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 405.06 608.10 Td (under ) Tj ET Q q 0 0 0 rg BT 429.70 608.10 Td (management ) Tj ET Q q 0 0 0 rg BT 482.66 608.10 Td (or ) Tj ET Q q 0 0 0 rg BT 492.87 608.10 Td (price ) Tj ET Q q 0 0 0 rg BT 514.73 608.10 Td (competition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 596.10 Td (mean ) Tj ET Q q 0 0 0 rg BT 93.37 596.10 Td (that ) Tj ET Q q 0 0 0 rg BT 110.87 596.10 Td (we ) Tj ET Q q 0 0 0 rg BT 125.03 596.10 Td (are ) Tj ET Q q 0 0 0 rg BT 139.73 596.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 168.89 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.17 596.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 216.66 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 232.49 596.10 Td (current ) Tj ET Q q 0 0 0 rg BT 263.30 596.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 278.01 596.10 Td (structures.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.67 572.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 96.73 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.00 572.10 Td (attract, ) Tj ET Q q 0 0 0 rg BT 138.67 572.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 172.26 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.33 572.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 217.27 572.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 245.89 572.10 Td (skilled ) Tj ET Q q 0 0 0 rg BT 275.06 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.12 572.10 Td (productive ) Tj ET Q q 0 0 0 rg BT 338.94 572.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 383.65 572.10 Td (is ) Tj ET Q q 0 0 0 rg BT 392.82 572.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 424.20 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 434.48 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.75 572.10 Td (success ) Tj ET Q q 0 0 0 rg BT 482.81 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.64 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 510.59 572.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (Historically) Tj ET Q q 0 0 0 rg BT 96.06 548.10 Td (, ) Tj ET Q q 0 0 0 rg BT 101.40 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.46 548.10 Td (market ) Tj ET Q q 0 0 0 rg BT 147.07 548.10 Td (for ) Tj ET Q q 0 0 0 rg BT 161.57 548.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 199.95 548.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 245.56 548.10 Td (within ) Tj ET Q q 0 0 0 rg BT 273.96 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.02 548.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 326.84 548.10 Td (services ) Tj ET Q q 0 0 0 rg BT 361.89 548.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 397.51 548.10 Td (has ) Tj ET Q q 0 0 0 rg BT 413.68 548.10 Td (been ) Tj ET Q q 0 0 0 rg BT 435.40 548.10 Td (marked ) Tj ET Q q 0 0 0 rg BT 468.23 548.10 Td (by ) Tj ET Q q 0 0 0 rg BT 481.07 548.10 Td (intense ) Tj ET Q q 0 0 0 rg BT 512.23 548.10 Td (competition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.03 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.33 536.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 132.94 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.36 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.77 536.10 Td (business ) Tj ET Q q 0 0 0 rg BT 194.75 536.10 Td (may ) Tj ET Q q 0 0 0 rg BT 214.06 536.10 Td (suf) Tj ET Q q 0 0 0 rg BT 226.10 536.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 239.29 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 249.15 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.46 536.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 289.98 536.10 Td (we ) Tj ET Q q 0 0 0 rg BT 303.72 536.10 Td (are ) Tj ET Q q 0 0 0 rg BT 318.02 536.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 346.76 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 356.63 536.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 383.69 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 400.22 536.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 425.07 536.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 469.92 536.10 Td (ef) Tj ET Q q 0 0 0 rg BT 477.51 536.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 511.84 536.10 Td (, ) Tj ET Q q 0 0 0 rg BT 516.43 536.10 Td (particularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (given ) Tj ET Q q 0 0 0 rg BT 74.35 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.20 524.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 129.58 524.10 Td (small ) Tj ET Q q 0 0 0 rg BT 153.88 524.10 Td (size ) Tj ET Q q 0 0 0 rg BT 172.06 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.02 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 198.98 524.10 Td (company ) Tj ET Q q 0 0 0 rg BT 238.27 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.34 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 271.30 524.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 312.80 524.10 Td (base ) Tj ET Q q 0 0 0 rg BT 333.20 524.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 375.25 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 385.66 524.10 Td (some ) Tj ET Q q 0 0 0 rg BT 409.40 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.36 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 436.32 524.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 486.17 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.24 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.08 524.10 Td (geographic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (locations ) Tj ET Q q 0 0 0 rg BT 88.08 512.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.33 512.10 Td (which ) Tj ET Q q 0 0 0 rg BT 125.24 512.10 Td (we ) Tj ET Q q 0 0 0 rg BT 139.38 512.10 Td (operate. ) Tj ET Q q 0 0 0 rg BT 173.60 512.10 Td (The ) Tj ET Q q 0 0 0 rg BT 191.62 512.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 225.75 512.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 258.21 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.02 512.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 303.14 512.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.39 512.10 Td (each ) Tj ET Q q 0 0 0 rg BT 334.18 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.99 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 360.79 512.10 Td (business ) Tj ET Q q 0 0 0 rg BT 397.16 512.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 418.52 512.10 Td (are ) Tj ET Q q 0 0 0 rg BT 433.20 512.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 487.90 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.81 512.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 523.39 512.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 552.51 512.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 86.50 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.50 500.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 157.72 500.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 208.05 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.05 500.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 264.27 500.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 301.82 500.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 340.48 500.10 Td (by ) Tj ET Q q 0 0 0 rg BT 353.04 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 368.93 500.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 416.76 500.10 Td (who ) Tj ET Q q 0 0 0 rg BT 436.55 500.10 Td (have ) Tj ET Q q 0 0 0 rg BT 457.99 500.10 Td (historically ) Tj ET Q q 0 0 0 rg BT 505.54 500.10 Td (been ) Tj ET Q q 0 0 0 rg BT 526.98 500.10 Td (recruited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.89 488.10 Td (other ) Tj ET Q q 0 0 0 rg BT 84.82 488.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 108.32 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.14 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 135.31 488.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 164.89 488.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 188.38 488.10 Td (are ) Tj ET Q q 0 0 0 rg BT 202.97 488.10 Td (able ) Tj ET Q q 0 0 0 rg BT 222.02 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.18 488.10 Td (take ) Tj ET Q q 0 0 0 rg BT 251.22 488.10 Td (their ) Tj ET Q q 0 0 0 rg BT 271.93 488.10 Td (client ) Tj ET Q q 0 0 0 rg BT 296.53 488.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 350.02 488.10 Td (with ) Tj ET Q q 0 0 0 rg BT 370.19 488.10 Td (them ) Tj ET Q q 0 0 0 rg BT 392.57 488.10 Td (when ) Tj ET Q q 0 0 0 rg BT 416.62 488.10 Td (they ) Tj ET Q q 0 0 0 rg BT 436.22 488.10 Td (change ) Tj ET Q q 0 0 0 rg BT 466.92 488.10 Td (firms. ) Tj ET Q q 0 0 0 rg BT 492.92 488.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 518.08 488.10 Td (specialized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 73.48 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.26 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 102.03 476.10 Td (business ) Tj ET Q q 0 0 0 rg BT 139.37 476.10 Td (are ) Tj ET Q q 0 0 0 rg BT 155.02 476.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 192.89 476.10 Td (by ) Tj ET Q q 0 0 0 rg BT 206.33 476.10 Td (a ) Tj ET Q q 0 0 0 rg BT 214.22 476.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 255.42 476.10 Td (small ) Tj ET Q q 0 0 0 rg BT 280.53 476.10 Td (number ) Tj ET Q q 0 0 0 rg BT 314.52 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.30 476.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 375.01 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.67 476.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 409.67 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.45 476.10 Td (any ) Tj ET Q q 0 0 0 rg BT 439.33 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.11 476.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 479.55 476.10 Td (could ) Tj ET Q q 0 0 0 rg BT 505.21 476.10 Td (jeopardize ) Tj ET Q q 0 0 0 rg BT 550.30 476.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (continuation ) Tj ET Q q 0 0 0 rg BT 101.99 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.82 464.10 Td (that ) Tj ET Q q 0 0 0 rg BT 130.32 464.10 Td (business ) Tj ET Q q 0 0 0 rg BT 166.71 464.10 Td (following ) Tj ET Q q 0 0 0 rg BT 208.09 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.81 464.10 Td (employee's ) Tj ET Q q 0 0 0 rg BT 269.88 464.10 Td (departure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (Further) Tj ET Q q 0 0 0 rg BT 78.54 440.10 Td (, ) Tj ET Q q 0 0 0 rg BT 84.00 440.10 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 125.84 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.24 440.10 Td (retention ) Tj ET Q q 0 0 0 rg BT 181.75 440.10 Td (success ) Tj ET Q q 0 0 0 rg BT 214.71 440.10 Td (often ) Tj ET Q q 0 0 0 rg BT 238.22 440.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 273.95 440.10 Td (on ) Tj ET Q q 0 0 0 rg BT 286.92 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.10 440.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 330.62 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.36 440.10 Td (deliver ) Tj ET Q q 0 0 0 rg BT 372.09 440.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 422.26 440.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 483.27 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.67 440.10 Td (we ) Tj ET Q q 0 0 0 rg BT 515.30 440.10 Td (may ) Tj ET Q q 0 0 0 rg BT 535.48 440.10 Td (be ) Tj ET Q q 0 0 0 rg BT 547.89 440.10 Td (at ) Tj ET Q q 0 0 0 rg BT 558.07 440.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (disadvantage ) Tj ET Q q 0 0 0 rg BT 104.73 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.53 428.10 Td (some ) Tj ET Q q 0 0 0 rg BT 139.67 428.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 189.91 428.10 Td (given ) Tj ET Q q 0 0 0 rg BT 215.15 428.10 Td (our ) Tj ET Q q 0 0 0 rg BT 231.51 428.10 Td (size ) Tj ET Q q 0 0 0 rg BT 250.08 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.54 428.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 305.55 428.10 Td (resources. ) Tj ET Q q 0 0 0 rg BT 348.84 428.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 367.41 428.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 403.77 428.10 Td (or ) Tj ET Q q 0 0 0 rg BT 415.13 428.10 Td (unwillingness ) Tj ET Q q 0 0 0 rg BT 473.71 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 484.51 428.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 506.97 428.10 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 76.26 416.10 Td (or ) Tj ET Q q 0 0 0 rg BT 88.58 416.10 Td (demands ) Tj ET Q q 0 0 0 rg BT 128.11 416.10 Td (may ) Tj ET Q q 0 0 0 rg BT 149.32 416.10 Td (result ) Tj ET Q q 0 0 0 rg BT 175.52 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 187.29 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.50 416.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 223.05 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.36 416.10 Td (some ) Tj ET Q q 0 0 0 rg BT 260.46 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.78 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 290.10 416.10 Td (professionals ) Tj ET Q q 0 0 0 rg BT 346.86 416.10 Td (or ) Tj ET Q q 0 0 0 rg BT 359.18 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.38 416.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 412.70 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.47 416.10 Td (recruit ) Tj ET Q q 0 0 0 rg BT 454.55 416.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 498.53 416.10 Td (professionals ) Tj ET Q q 0 0 0 rg BT 555.29 416.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.51 404.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 133.31 404.10 Td (that ) Tj ET Q q 0 0 0 rg BT 150.78 404.10 Td (are ) Tj ET Q q 0 0 0 rg BT 165.46 404.10 Td (within ) Tj ET Q q 0 0 0 rg BT 193.49 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 209.29 404.10 Td (tar) Tj ET Q q 0 0 0 rg BT 219.66 404.10 Td (get ) Tj ET Q q 0 0 0 rg BT 234.34 404.10 Td (range ) Tj ET Q q 0 0 0 rg BT 259.02 404.10 Td (for ) Tj ET Q q 0 0 0 rg BT 273.16 404.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 331.17 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.08 404.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 382.21 404.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 419.39 404.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 437.41 404.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 465.44 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.69 404.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 500.92 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.83 404.10 Td (recruit ) Tj ET Q q 0 0 0 rg BT 546.40 404.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 392.10 Td (be ) Tj ET Q q 0 0 0 rg BT 81.16 392.10 Td (hindered ) Tj ET Q q 0 0 0 rg BT 118.64 392.10 Td (if ) Tj ET Q q 0 0 0 rg BT 127.25 392.10 Td (we ) Tj ET Q q 0 0 0 rg BT 141.41 392.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 162.80 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 178.63 392.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 219.99 392.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 249.15 392.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 307.19 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.13 392.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 358.28 392.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 392.99 392.10 Td (as ) Tj ET Q q 0 0 0 rg BT 403.82 392.10 Td (a ) Tj ET Q q 0 0 0 rg BT 410.76 392.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 456.56 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.39 392.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 496.55 392.10 Td (net ) Tj ET Q q 0 0 0 rg BT 511.26 392.10 Td (revenues.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (An ) Tj ET Q q 0 0 0 rg BT 64.23 368.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 100.62 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.90 368.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 141.73 368.10 Td (divest ) Tj ET Q q 0 0 0 rg BT 167.55 368.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 200.06 368.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 239.24 368.10 Td (may ) Tj ET Q q 0 0 0 rg BT 258.96 368.10 Td (result ) Tj ET Q q 0 0 0 rg BT 284.80 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.64 368.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 335.36 368.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 361.76 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 372.03 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 388.99 368.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 344.10 Td (imely ) Tj ET Q q 0 0 0 rg BT 81.49 344.10 Td (divestiture ) Tj ET Q q 0 0 0 rg BT 127.16 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.96 344.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.75 344.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 187.53 344.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 229.61 344.10 Td (including ) Tj ET Q q 0 0 0 rg BT 270.85 344.10 Td (equity) Tj ET Q q 0 0 0 rg BT 295.19 344.10 Td (, ) Tj ET Q q 0 0 0 rg BT 301.15 344.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 325.16 344.10 Td (income ) Tj ET Q q 0 0 0 rg BT 358.05 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.95 344.10 Td (other ) Tj ET Q q 0 0 0 rg BT 399.96 344.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 441.19 344.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 483.27 344.10 Td (can ) Tj ET Q q 0 0 0 rg BT 500.60 344.10 Td (be ) Tj ET Q q 0 0 0 rg BT 513.50 344.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 552.51 344.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 91.24 332.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 121.90 332.10 Td (volume, ) Tj ET Q q 0 0 0 rg BT 156.72 332.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 196.80 332.10 Td (price ) Tj ET Q q 0 0 0 rg BT 219.12 332.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 254.58 332.10 Td (, ) Tj ET Q q 0 0 0 rg BT 259.41 332.10 Td (rapid ) Tj ET Q q 0 0 0 rg BT 282.28 332.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 316.82 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.93 332.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 358.69 332.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 382.40 332.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 435.80 332.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 466.46 332.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 507.41 332.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 552.51 332.10 Td (on ) Tj ET Q BT /F1 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 63.91 320.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 91.66 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.63 320.10 Td (divest ) Tj ET Q q 0 0 0 rg BT 127.71 320.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 166.02 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 175.99 320.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 203.74 320.10 Td (specialized ) Tj ET Q q 0 0 0 rg BT 250.36 320.10 Td (or ) Tj ET Q q 0 0 0 rg BT 260.88 320.10 Td (structured ) Tj ET Q q 0 0 0 rg BT 303.06 320.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 353.02 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.65 320.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 404.05 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.02 320.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 448.99 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.63 320.10 Td (government ) Tj ET Q q 0 0 0 rg BT 515.58 320.10 Td (regulations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (This ) Tj ET Q q 0 0 0 rg BT 70.02 308.10 Td (is ) Tj ET Q q 0 0 0 rg BT 79.42 308.10 Td (true ) Tj ET Q q 0 0 0 rg BT 97.71 308.10 Td (both ) Tj ET Q q 0 0 0 rg BT 118.22 308.10 Td (for ) Tj ET Q q 0 0 0 rg BT 132.62 308.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 172.01 308.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 222.51 308.10 Td (that ) Tj ET Q q 0 0 0 rg BT 240.24 308.10 Td (we ) Tj ET Q q 0 0 0 rg BT 254.64 308.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 292.35 308.10 Td (as ) Tj ET Q q 0 0 0 rg BT 303.42 308.10 Td (well ) Tj ET Q q 0 0 0 rg BT 323.37 308.10 Td (as ) Tj ET Q q 0 0 0 rg BT 334.44 308.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 381.60 308.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 412.66 308.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 451.52 308.10 Td (that ) Tj ET Q q 0 0 0 rg BT 469.25 308.10 Td (we ) Tj ET Q q 0 0 0 rg BT 483.65 308.10 Td (maintain. ) Tj ET Q q 0 0 0 rg BT 523.67 308.10 Td (While ) Tj ET Q q 0 0 0 rg BT 550.85 308.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 70.60 296.10 Td (a ) Tj ET Q q 0 0 0 rg BT 78.35 296.10 Td (security) Tj ET Q q 0 0 0 rg BT 109.36 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 115.17 296.10 Td (we ) Tj ET Q q 0 0 0 rg BT 130.15 296.10 Td (are ) Tj ET Q q 0 0 0 rg BT 145.67 296.10 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 191.19 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.29 296.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 242.82 296.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 293.35 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.10 296.10 Td (may ) Tj ET Q q 0 0 0 rg BT 331.64 296.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 378.25 296.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 416.55 296.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 443.76 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.85 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.39 296.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 498.14 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.67 296.10 Td (value ) Tj ET Q q 0 0 0 rg BT 538.64 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 296.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (security ) Tj ET Q q 0 0 0 rg BT 84.00 284.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 125.16 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.44 284.10 Td (we ) Tj ET Q q 0 0 0 rg BT 156.95 284.10 Td (are ) Tj ET Q q 0 0 0 rg BT 172.01 284.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 201.51 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 212.14 284.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 240.54 284.10 Td (divest ) Tj ET Q q 0 0 0 rg BT 267.27 284.10 Td (or ) Tj ET Q q 0 0 0 rg BT 278.45 284.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 305.18 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 321.35 284.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 352.53 284.10 Td (position ) Tj ET Q q 0 0 0 rg BT 387.60 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 398.23 284.10 Td (that ) Tj ET Q q 0 0 0 rg BT 416.07 284.10 Td (security) Tj ET Q q 0 0 0 rg BT 447.08 284.10 Td (. ) Tj ET Q q 0 0 0 rg BT 452.22 284.10 Td (The ) Tj ET Q q 0 0 0 rg BT 470.61 284.10 Td (value ) Tj ET Q q 0 0 0 rg BT 495.12 284.10 Td (may ) Tj ET Q q 0 0 0 rg BT 515.18 284.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 546.90 284.10 Td (as ) Tj ET Q q 0 0 0 rg BT 558.08 284.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (result ) Tj ET Q q 0 0 0 rg BT 74.84 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.30 272.10 Td (many ) Tj ET Q q 0 0 0 rg BT 111.65 272.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 144.48 272.10 Td (including ) Tj ET Q q 0 0 0 rg BT 185.38 272.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 208.51 272.10 Td (-specific, ) Tj ET Q q 0 0 0 rg BT 248.56 272.10 Td (market ) Tj ET Q q 0 0 0 rg BT 279.45 272.10 Td (or ) Tj ET Q q 0 0 0 rg BT 290.91 272.10 Td (geopolitical ) Tj ET Q q 0 0 0 rg BT 341.25 272.10 Td (events. ) Tj ET Q q 0 0 0 rg BT 372.42 272.10 Td (In ) Tj ET Q q 0 0 0 rg BT 383.88 272.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 422.28 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 433.18 272.10 Td (times ) Tj ET Q q 0 0 0 rg BT 457.98 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.43 272.10 Td (market ) Tj ET Q q 0 0 0 rg BT 500.33 272.10 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 544.66 272.10 Td (, ) Tj ET Q q 0 0 0 rg BT 550.28 272.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 84.66 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.26 260.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 126.62 260.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 166.77 260.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 204.71 260.10 Td (may ) Tj ET Q q 0 0 0 rg BT 223.76 260.10 Td (have ) Tj ET Q q 0 0 0 rg BT 244.46 260.10 Td (an ) Tj ET Q q 0 0 0 rg BT 255.72 260.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 284.76 260.10 Td (on ) Tj ET Q q 0 0 0 rg BT 296.58 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 311.74 260.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 347.46 260.10 Td (as ) Tj ET Q q 0 0 0 rg BT 357.61 260.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 390.55 260.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 422.36 260.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 461.39 260.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 492.09 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.35 260.10 Td (we ) Tj ET Q q 0 0 0 rg BT 521.83 260.10 Td (are ) Tj ET Q q 0 0 0 rg BT 535.87 260.10 Td (unable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.76 248.10 Td (pledge ) Tj ET Q q 0 0 0 rg BT 88.89 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.58 248.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 149.39 248.10 Td (security ) Tj ET Q q 0 0 0 rg BT 183.52 248.10 Td (as ) Tj ET Q q 0 0 0 rg BT 194.33 248.10 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 236.50 248.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 254.53 248.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 290.90 248.10 Td (may ) Tj ET Q q 0 0 0 rg BT 310.60 248.10 Td (also ) Tj ET Q q 0 0 0 rg BT 329.19 248.10 Td (be ) Tj ET Q q 0 0 0 rg BT 341.10 248.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 380.23 248.10 Td (if ) Tj ET Q q 0 0 0 rg BT 388.82 248.10 Td (we ) Tj ET Q q 0 0 0 rg BT 402.95 248.10 Td (choose ) Tj ET Q q 0 0 0 rg BT 433.20 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 443.46 248.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 480.91 248.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 517.28 248.10 Td (for ) Tj ET Q q 0 0 0 rg BT 531.42 248.10 Td (specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (products ) Tj ET Q q 0 0 0 rg BT 86.05 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.60 236.10 Td (voluntarily ) Tj ET Q q 0 0 0 rg BT 148.59 236.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 183.45 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 198.89 236.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 239.32 236.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 277.55 236.10 Td (in ) Tj ET Q q 0 0 0 rg BT 287.44 236.10 Td (order ) Tj ET Q q 0 0 0 rg BT 310.65 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.54 236.10 Td (do ) Tj ET Q q 0 0 0 rg BT 332.64 236.10 Td (so, ) Tj ET Q q 0 0 0 rg BT 346.15 236.10 Td (exposing ) Tj ET Q q 0 0 0 rg BT 384.36 236.10 Td (ourselves ) Tj ET Q q 0 0 0 rg BT 424.24 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 434.13 236.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 463.99 236.10 Td (market ) Tj ET Q q 0 0 0 rg BT 493.87 236.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 510.97 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 236.10 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 224.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 113.37 224.10 Td (from ) Tj ET Q q 0 0 0 rg BT 135.31 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.03 224.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 190.29 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 200.57 224.10 Td (value ) Tj ET Q q 0 0 0 rg BT 224.72 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.55 224.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 266.95 224.10 Td (positions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.28 200.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 100.00 200.10 Td (reliance ) Tj ET Q q 0 0 0 rg BT 135.09 200.10 Td (on ) Tj ET Q q 0 0 0 rg BT 148.53 200.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 187.52 200.10 Td (from ) Tj ET Q q 0 0 0 rg BT 210.40 200.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 237.73 200.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 263.40 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.28 200.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 308.61 200.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 330.38 200.10 Td (advisors, ) Tj ET Q q 0 0 0 rg BT 369.66 200.10 Td (which ) Tj ET Q q 0 0 0 rg BT 397.55 200.10 Td (are ) Tj ET Q q 0 0 0 rg BT 413.20 200.10 Td (less ) Tj ET Q q 0 0 0 rg BT 431.65 200.10 Td (regulated ) Tj ET Q q 0 0 0 rg BT 472.30 200.10 Td (than ) Tj ET Q q 0 0 0 rg BT 492.96 200.10 Td (many ) Tj ET Q q 0 0 0 rg BT 518.63 200.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (company ) Tj ET Q q 0 0 0 rg BT 88.36 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.00 188.10 Td (advisor ) Tj ET Q q 0 0 0 rg BT 136.64 188.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 167.44 188.10 Td (may ) Tj ET Q q 0 0 0 rg BT 186.86 188.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 216.83 188.10 Td (us ) Tj ET Q q 0 0 0 rg BT 227.92 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.90 188.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 267.86 188.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 285.06 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.59 188.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 332.77 188.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 350.53 188.10 Td (from ) Tj ET Q q 0 0 0 rg BT 372.17 188.10 Td (unsettled ) Tj ET Q q 0 0 0 rg BT 410.48 188.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 436.55 188.10 Td (than ) Tj ET Q q 0 0 0 rg BT 455.97 188.10 Td (is ) Tj ET Q q 0 0 0 rg BT 464.84 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.26 188.10 Td (case ) Tj ET Q q 0 0 0 rg BT 498.67 188.10 Td (with ) Tj ET Q q 0 0 0 rg BT 518.65 188.10 Td (other ) Tj ET Q q 0 0 0 rg BT 541.40 188.10 Td (types ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.82 176.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 109.59 176.10 Td (investors. ) Tj ET Q q 0 0 0 rg BT 150.19 176.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 208.84 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.16 176.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 236.15 176.10 Td (may ) Tj ET Q q 0 0 0 rg BT 255.36 176.10 Td (result ) Tj ET Q q 0 0 0 rg BT 279.57 176.10 Td (in ) Tj ET Q q 0 0 0 rg BT 289.34 176.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 315.22 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.99 176.10 Td (us ) Tj ET Q q 0 0 0 rg BT 335.88 176.10 Td (even ) Tj ET Q q 0 0 0 rg BT 356.75 176.10 Td (when ) Tj ET Q q 0 0 0 rg BT 380.40 176.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 421.26 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.69 176.10 Td (market ) Tj ET Q q 0 0 0 rg BT 467.45 176.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 511.11 176.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.31 176.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 89.75 164.10 Td (for ) Tj ET Q q 0 0 0 rg BT 103.91 164.10 Td (others ) Tj ET Q q 0 0 0 rg BT 130.85 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.13 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 156.96 164.10 Td (industry) Tj ET Q q 0 0 0 rg BT 189.09 164.10 Td (.) 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 69.26 140.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 118.19 140.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 169.61 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.25 140.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 225.23 140.10 Td (may ) Tj ET Q q 0 0 0 rg BT 245.54 140.10 Td (be ) Tj ET Q q 0 0 0 rg BT 258.06 140.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 299.46 140.10 Td (af) Tj ET Q q 0 0 0 rg BT 307.61 140.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 335.12 140.10 Td (by ) Tj ET Q q 0 0 0 rg BT 347.64 140.10 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 404.07 140.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.49 140.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.36 140.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 457.77 140.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 489.19 140.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 503.10 140.10 Td (or ) Tj ET Q q 0 0 0 rg BT 515.08 140.10 Td (defaults ) Tj ET Q q 0 0 0 rg BT 550.95 140.10 Td (by) Tj ET Q q 0 0 0 rg BT 560.01 140.10 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (third ) Tj ET Q q 0 0 0 rg BT 72.01 128.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 102.29 128.10 Td (who ) Tj ET Q q 0 0 0 rg BT 122.02 128.10 Td (owe ) Tj ET Q q 0 0 0 rg BT 140.63 128.10 Td (us ) Tj ET Q q 0 0 0 rg BT 152.58 128.10 Td (money) Tj ET Q q 0 0 0 rg BT 179.43 128.10 Td (, ) Tj ET Q q 0 0 0 rg BT 184.43 128.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 225.81 128.10 Td (or ) Tj ET Q q 0 0 0 rg BT 237.21 128.10 Td (other ) Tj ET Q q 0 0 0 rg BT 261.38 128.10 Td (assets.) 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 67.23 104.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 94.39 104.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.90 104.10 Td (our ) Tj ET Q q 0 0 0 rg BT 120.41 104.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 164.81 104.10 Td (exposes ) Tj ET Q q 0 0 0 rg BT 198.66 104.10 Td (us ) Tj ET Q q 0 0 0 rg BT 209.73 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.69 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.08 104.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 251.26 104.10 Td (that ) Tj ET Q q 0 0 0 rg BT 268.44 104.10 Td (third ) Tj ET Q q 0 0 0 rg BT 289.50 104.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 318.34 104.10 Td (who ) Tj ET Q q 0 0 0 rg BT 337.74 104.10 Td (owe ) Tj ET Q q 0 0 0 rg BT 356.58 104.10 Td (us ) Tj ET Q q 0 0 0 rg BT 367.65 104.10 Td (money) Tj ET Q q 0 0 0 rg BT 394.22 104.10 Td (, ) Tj ET Q q 0 0 0 rg BT 398.90 104.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 438.85 104.10 Td (or ) Tj ET Q q 0 0 0 rg BT 449.36 104.10 Td (other ) Tj ET Q q 0 0 0 rg BT 472.08 104.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 497.59 104.10 Td (will ) Tj ET Q q 0 0 0 rg BT 515.33 104.10 Td (not ) Tj ET Q q 0 0 0 rg BT 530.29 104.10 Td (perform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (their ) Tj ET Q q 0 0 0 rg BT 70.66 92.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 120.23 92.10 Td (These ) Tj ET Q q 0 0 0 rg BT 146.94 92.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 176.42 92.10 Td (may ) Tj ET Q q 0 0 0 rg BT 196.47 92.10 Td (default ) Tj ET Q q 0 0 0 rg BT 227.07 92.10 Td (on ) Tj ET Q q 0 0 0 rg BT 239.90 92.10 Td (their ) Tj ET Q q 0 0 0 rg BT 261.06 92.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 308.33 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 318.94 92.10 Td (us ) Tj ET Q q 0 0 0 rg BT 330.67 92.10 Td (due ) Tj ET Q q 0 0 0 rg BT 347.94 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.55 92.10 Td (bankruptcy) Tj ET Q q 0 0 0 rg BT 402.88 92.10 Td (, ) Tj ET Q q 0 0 0 rg BT 408.22 92.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 427.70 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.87 92.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 472.11 92.10 Td (, ) Tj ET Q q 0 0 0 rg BT 477.44 92.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 525.25 92.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 554.18 92.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.20 80.10 Td (reasons. ) Tj ET Q q 0 0 0 rg BT 106.84 80.10 Td (Deterioration ) Tj ET Q q 0 0 0 rg BT 162.31 80.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.24 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.61 80.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 211.53 80.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 241.45 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.94 80.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 291.85 80.10 Td (or ) Tj ET Q q 0 0 0 rg BT 302.34 80.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 348.93 80.10 Td (we ) Tj ET Q q 0 0 0 rg BT 362.75 80.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 382.68 80.10 Td (could ) Tj ET Q q 0 0 0 rg BT 407.05 80.10 Td (result ) Tj ET Q q 0 0 0 rg BT 431.42 80.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.35 80.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 467.40 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.99 80.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 524.46 80.10 Td (af) Tj ET Q q 0 0 0 rg BT 532.04 80.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 549.18 80.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 76.84 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 86.40 68.10 Td (rehypothecate ) Tj ET Q q 0 0 0 rg BT 144.26 68.10 Td (or ) Tj ET Q q 0 0 0 rg BT 154.38 68.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 195.04 68.10 Td (use ) Tj ET Q q 0 0 0 rg BT 210.15 68.10 Td (those ) Tj ET Q q 0 0 0 rg BT 233.05 68.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 272.60 68.10 Td (or ) Tj ET Q q 0 0 0 rg BT 282.71 68.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 328.94 68.10 Td (for ) Tj ET Q q 0 0 0 rg BT 342.38 68.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 378.06 68.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 417.50 68.10 Td (A) Tj ET Q q 0 0 0 rg BT 424.17 68.10 Td ( ) Tj ET Q q 0 0 0 rg BT 425.96 68.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 469.95 68.10 Td (downgrade ) Tj ET Q q 0 0 0 rg BT 516.17 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 525.73 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.73 68.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 80.50 56.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.62 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 109.73 56.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 170.16 56.10 Td (could ) Tj ET Q q 0 0 0 rg BT 196.16 56.10 Td (also ) Tj ET Q q 0 0 0 rg BT 216.06 56.10 Td (have ) Tj ET Q q 0 0 0 rg BT 238.72 56.10 Td (a ) Tj ET Q q 0 0 0 rg BT 246.94 56.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 284.60 56.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 315.60 56.10 Td (on ) Tj ET Q q 0 0 0 rg BT 329.38 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 346.50 56.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 378.89 56.10 Td (Default ) Tj ET Q q 0 0 0 rg BT 412.67 56.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 437.83 56.10 Td (downgrades ) Tj ET Q q 0 0 0 rg BT 489.93 56.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.16 56.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 544.72 56.10 Td (with ) 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 (counterparties ) Tj ET Q q 0 0 0 rg BT 108.40 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 118.99 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.02 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.50 740.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 182.96 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.55 740.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 233.01 740.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 252.48 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 262.52 740.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 297.53 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.56 740.10 Td (times ) Tj ET Q q 0 0 0 rg BT 331.49 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.07 740.10 Td (market ) Tj ET Q q 0 0 0 rg BT 372.09 740.10 Td (stress ) Tj ET Q q 0 0 0 rg BT 396.57 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.27 740.10 Td (illiquidity) Tj ET Q q 0 0 0 rg BT 452.07 740.10 Td (. ) Tj ET Q q 0 0 0 rg BT 456.33 740.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 496.36 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 510.28 740.10 Td (review ) Tj ET Q q 0 0 0 rg BT 539.74 740.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (exposures ) Tj ET Q q 0 0 0 rg BT 91.69 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.67 728.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 134.96 728.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 163.26 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 179.90 728.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 238.74 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.37 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.35 728.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 298.64 728.10 Td (industries ) Tj ET Q q 0 0 0 rg BT 339.73 728.10 Td (that ) Tj ET Q q 0 0 0 rg BT 356.92 728.10 Td (we ) Tj ET Q q 0 0 0 rg BT 370.78 728.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 401.85 728.10 Td (may ) Tj ET Q q 0 0 0 rg BT 421.27 728.10 Td (present ) Tj ET Q q 0 0 0 rg BT 452.34 728.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 477.31 728.10 Td (concerns, ) Tj ET Q q 0 0 0 rg BT 517.54 728.10 Td (default ) Tj ET Q q 0 0 0 rg BT 547.50 728.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.00 716.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 90.15 716.10 Td (from ) Tj ET Q q 0 0 0 rg BT 111.87 716.10 Td (events ) Tj ET Q q 0 0 0 rg BT 139.70 716.10 Td (or ) Tj ET Q q 0 0 0 rg BT 150.31 716.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 209.23 716.10 Td (that ) Tj ET Q q 0 0 0 rg BT 226.50 716.10 Td (are ) Tj ET Q q 0 0 0 rg BT 240.99 716.10 Td (dif) Tj ET Q q 0 0 0 rg BT 251.91 716.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 275.30 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.35 716.10 Td (detect ) Tj ET Q q 0 0 0 rg BT 311.51 716.10 Td (or ) Tj ET Q q 0 0 0 rg BT 322.12 716.10 Td (foresee. ) Tj ET Q q 0 0 0 rg BT 355.26 716.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 378.93 716.10 Td (concerns ) Tj ET Q q 0 0 0 rg BT 416.75 716.10 Td (about, ) Tj ET Q q 0 0 0 rg BT 443.74 716.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.35 716.10 Td (a ) Tj ET Q q 0 0 0 rg BT 461.07 716.10 Td (default ) Tj ET Q q 0 0 0 rg BT 491.11 716.10 Td (by) Tj ET Q q 0 0 0 rg BT 500.46 716.10 Td (, ) Tj ET Q q 0 0 0 rg BT 505.24 716.10 Td (one ) Tj ET Q q 0 0 0 rg BT 521.96 716.10 Td (institution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 90.31 704.10 Td (leads ) Tj ET Q q 0 0 0 rg BT 114.47 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.85 704.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 155.85 704.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 201.67 704.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 239.17 704.10 Td (problems, ) Tj ET Q q 0 0 0 rg BT 282.50 704.10 Td (or ) Tj ET Q q 0 0 0 rg BT 294.44 704.10 Td (defaults ) Tj ET Q q 0 0 0 rg BT 329.70 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 343.31 704.10 Td (other ) Tj ET Q q 0 0 0 rg BT 367.46 704.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 418.03 704.10 Td (which ) Tj ET Q q 0 0 0 rg BT 446.07 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.46 704.10 Td (turn ) Tj ET Q q 0 0 0 rg BT 477.18 704.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 519.10 704.10 Td (af) Tj ET Q q 0 0 0 rg BT 526.69 704.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 549.17 704.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (Particular ) Tj ET Q q 0 0 0 rg BT 90.78 668.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 129.28 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 140.02 668.10 Td (products ) Tj ET Q q 0 0 0 rg BT 176.86 668.10 Td (within ) Tj ET Q q 0 0 0 rg BT 204.83 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 220.56 668.10 Td (business ) Tj ET Q q 0 0 0 rg BT 256.86 668.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 287.04 668.10 Td (us ) Tj ET Q q 0 0 0 rg BT 298.33 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.52 668.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 348.68 668.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 373.85 668.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 393.75 668.10 Td (including ) Tj ET Q q 0 0 0 rg BT 433.93 668.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 474.67 668.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 515.69 668.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.53 668.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 72.45 656.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 110.95 656.10 Td (with ) Tj ET Q q 0 0 0 rg BT 131.13 656.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 170.18 656.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 195.35 656.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 236.35 656.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 289.28 656.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 306.68 656.10 Td (with ) Tj ET Q q 0 0 0 rg BT 326.86 656.10 Td (two ) Tj ET Q q 0 0 0 rg BT 344.27 656.10 Td (major ) Tj ET Q q 0 0 0 rg BT 369.99 656.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 407.37 656.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 454.23 656.10 Td (related ) Tj ET Q q 0 0 0 rg BT 483.83 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.01 656.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 533.07 656.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.21 644.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 88.48 644.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 126.30 644.10 Td (without ) Tj ET Q q 0 0 0 rg BT 158.58 644.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 196.96 644.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 221.45 644.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 261.77 644.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 307.38 644.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 341.32 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.48 644.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 393.64 644.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 407.57 644.10 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 456.77 644.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 495.14 644.10 Td (mar) Tj ET Q q 0 0 0 rg BT 510.51 644.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 525.01 644.10 Td (accounts, ) Tj ET Q BT /F1 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 67.02 632.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 98.43 632.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 152.05 632.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 191.23 632.10 Td (related ) Tj ET Q q 0 0 0 rg BT 221.51 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.38 632.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 276.56 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.08 632.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 324.94 632.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 366.40 632.10 Td (W) Tj ET Q q 0 0 0 rg BT 375.43 632.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 389.07 632.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 420.47 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 431.34 632.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 463.85 632.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 481.92 632.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 505.56 632.10 Td (contracts ) 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 (customer ) Tj ET Q q 0 0 0 rg BT 88.96 620.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 114.52 620.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 155.92 620.10 Td (we ) Tj ET Q q 0 0 0 rg BT 170.38 620.10 Td (have ) Tj ET Q q 0 0 0 rg BT 192.06 620.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 227.07 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.09 620.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 267.65 620.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 306.55 620.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.13 620.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.68 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 345.48 620.10 Td (public ) Tj ET Q q 0 0 0 rg BT 373.28 620.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 405.50 620.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 464.95 620.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.30 620.10 Td ($24.4 ) Tj ET Q q 0 0 0 rg BT 523.60 620.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.49 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 555.29 620.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.80 608.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.80 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 132.01 608.10 Td (as ) Tj ET Q q 0 0 0 rg BT 143.56 608.10 Td (part ) Tj ET Q q 0 0 0 rg BT 162.32 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.87 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 190.41 608.10 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 250.83 608.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 283.48 608.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 301.68 608.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 325.45 608.10 Td (program. ) Tj ET Q q 0 0 0 rg BT 365.04 608.10 Td (In ) Tj ET Q q 0 0 0 rg BT 376.58 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.02 608.10 Td (event ) Tj ET Q q 0 0 0 rg BT 416.89 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.43 608.10 Td (a ) Tj ET Q q 0 0 0 rg BT 436.09 608.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 485.40 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.95 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.38 608.10 Td (contract, ) Tj ET Q q 0 0 0 rg BT 550.30 608.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 102.43 596.10 Td (would ) Tj ET Q q 0 0 0 rg BT 129.83 596.10 Td (owe ) Tj ET Q q 0 0 0 rg BT 148.89 596.10 Td (us ) Tj ET Q q 0 0 0 rg BT 160.18 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.80 596.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 218.28 596.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 250.68 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.41 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.02 596.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 301.18 596.10 Td (exposure. ) Tj ET Q q 0 0 0 rg BT 342.18 596.10 Td (If ) Tj ET Q q 0 0 0 rg BT 351.24 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 366.97 596.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 419.90 596.10 Td (is ) Tj ET Q q 0 0 0 rg BT 428.97 596.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 458.02 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.20 596.10 Td (make ) Tj ET Q q 0 0 0 rg BT 492.26 596.10 Td (its ) Tj ET Q q 0 0 0 rg BT 504.10 596.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 540.94 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 551.11 596.10 Td (us, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (we ) Tj ET Q q 0 0 0 rg BT 64.05 584.10 Td (would ) Tj ET Q q 0 0 0 rg BT 91.93 584.10 Td (still ) Tj ET Q q 0 0 0 rg BT 109.83 584.10 Td (be ) Tj ET Q q 0 0 0 rg BT 122.15 584.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 162.25 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.92 584.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 190.24 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.46 584.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 241.56 584.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 291.45 584.10 Td (, ) Tj ET Q q 0 0 0 rg BT 296.83 584.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 334.72 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 345.38 584.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 371.03 584.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 400.31 584.10 Td (Non-performance ) Tj ET Q q 0 0 0 rg BT 474.27 584.10 Td (by ) Tj ET Q q 0 0 0 rg BT 487.16 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 503.38 584.10 Td (counterparties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 78.27 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 95.38 572.10 Td (others, ) Tj ET Q q 0 0 0 rg BT 124.99 572.10 Td (including ) Tj ET Q q 0 0 0 rg BT 165.43 572.10 Td (with ) Tj ET Q q 0 0 0 rg BT 185.87 572.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 216.86 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.31 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 243.30 572.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 284.30 572.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 325.58 572.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 357.69 572.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 375.34 572.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 398.56 572.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 437.32 572.10 Td (with ) Tj ET Q q 0 0 0 rg BT 457.77 572.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 497.09 572.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 522.52 572.10 Td (exposures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.41 560.10 Td (our ) Tj ET Q q 0 0 0 rg BT 82.21 560.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 121.88 560.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 156.57 560.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 176.25 560.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 226.50 560.10 Td (could ) Tj ET Q q 0 0 0 rg BT 251.18 560.10 Td (result ) Tj ET Q q 0 0 0 rg BT 275.87 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.12 560.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 314.98 560.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 360.22 560.10 Td (material, ) Tj ET Q q 0 0 0 rg BT 397.95 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.85 560.10 Td (thus ) Tj ET Q q 0 0 0 rg BT 433.99 560.10 Td (have ) Tj ET Q q 0 0 0 rg BT 455.34 560.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.25 560.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 506.93 560.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 539.94 560.10 Td (ef) Tj ET Q q 0 0 0 rg BT 547.52 560.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 77.83 548.10 Td (business ) Tj ET Q q 0 0 0 rg BT 114.22 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.16 548.10 Td (results ) Tj ET Q q 0 0 0 rg BT 159.77 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.60 548.10 Td (operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (An ) Tj ET Q q 0 0 0 rg BT 63.51 524.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 99.19 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.75 524.10 Td (access ) Tj ET Q q 0 0 0 rg BT 136.63 524.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 166.18 524.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 196.29 524.10 Td (or ) Tj ET Q q 0 0 0 rg BT 206.97 524.10 Td (on ) Tj ET Q q 0 0 0 rg BT 219.31 524.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 243.87 524.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 284.53 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.09 524.10 Td (us ) Tj ET Q q 0 0 0 rg BT 305.33 524.10 Td (could ) Tj ET Q q 0 0 0 rg BT 329.89 524.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 358.89 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 375.13 524.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 402.46 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.02 524.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 433.26 524.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 478.38 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 495.73 524.10 Td (could ) Tj ET Q q 0 0 0 rg BT 520.29 524.10 Td (jeopardize ) Tj ET Q BT /F4 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 66.45 512.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.18 512.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 147.58 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.64 512.10 Td (results ) Tj ET Q q 0 0 0 rg BT 195.37 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.20 512.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (Liquidity) Tj ET Q q 0 0 0 rg BT 86.07 488.10 Td (, ) Tj ET Q q 0 0 0 rg BT 91.44 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 102.63 488.10 Td (ready ) Tj ET Q q 0 0 0 rg BT 127.70 488.10 Td (access ) Tj ET Q q 0 0 0 rg BT 156.10 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.74 488.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 194.33 488.10 Td (is ) Tj ET Q q 0 0 0 rg BT 203.86 488.10 Td (essential ) Tj ET Q q 0 0 0 rg BT 241.16 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.80 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 268.00 488.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 307.25 488.10 Td (Several ) Tj ET Q q 0 0 0 rg BT 340.10 488.10 Td (lar) Tj ET Q q 0 0 0 rg BT 350.47 488.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 362.77 488.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 400.61 488.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 447.93 488.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 473.56 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 484.75 488.10 Td (mer) Tj ET Q q 0 0 0 rg BT 500.12 488.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 517.42 488.10 Td (with ) Tj ET Q q 0 0 0 rg BT 538.06 488.10 Td (others ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.47 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.54 476.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 119.17 476.10 Td (crisis ) Tj ET Q q 0 0 0 rg BT 143.13 476.10 Td (following ) Tj ET Q q 0 0 0 rg BT 184.88 476.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 229.95 476.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 265.57 476.10 Td (in ) Tj ET Q q 0 0 0 rg BT 276.21 476.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 298.51 476.10 Td (values ) Tj ET Q q 0 0 0 rg BT 326.91 476.10 Td (in ) Tj ET Q q 0 0 0 rg BT 337.55 476.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 378.17 476.10 Td (held ) Tj ET Q q 0 0 0 rg BT 398.25 476.10 Td (by ) Tj ET Q q 0 0 0 rg BT 411.11 476.10 Td (these ) Tj ET Q q 0 0 0 rg BT 434.51 476.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 484.32 476.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 504.12 476.10 Td (during ) Tj ET Q q 0 0 0 rg BT 533.09 476.10 Td (201) Tj ET Q q 0 0 0 rg BT 547.72 476.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 558.08 476.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.18 464.10 Td (institution ) Tj ET Q q 0 0 0 rg BT 130.44 464.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 155.91 464.10 Td (due ) Tj ET Q q 0 0 0 rg BT 173.04 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.52 464.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 220.12 464.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 246.71 464.10 Td (related ) Tj ET Q q 0 0 0 rg BT 276.61 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 287.09 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.00 464.10 Td (European ) Tj ET Q q 0 0 0 rg BT 343.02 464.10 Td (sovereign ) Tj ET Q q 0 0 0 rg BT 384.60 464.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 404.51 464.10 Td (crisis. ) Tj ET Q q 0 0 0 rg BT 430.63 464.10 Td (T) Tj ET Q q 0 0 0 rg BT 436.04 464.10 Td (o ) Tj ET Q q 0 0 0 rg BT 443.74 464.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 464.77 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 480.80 464.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 519.89 464.10 Td (we ) Tj ET Q q 0 0 0 rg BT 534.25 464.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 552.50 464.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 98.49 452.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 122.49 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.72 452.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 159.95 452.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 199.50 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 209.62 452.10 Td (well ) Tj ET Q q 0 0 0 rg BT 228.63 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 238.75 452.10 Td (other ) Tj ET Q q 0 0 0 rg BT 261.09 452.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 293.99 452.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 325.77 452.10 Td (such ) Tj ET Q q 0 0 0 rg BT 345.89 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 356.01 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.02 452.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 415.12 452.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 451.06 452.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 468.40 452.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 489.63 452.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 529.19 452.10 Td (includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 105.16 440.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 130.82 440.10 Td (lines, ) Tj ET Q q 0 0 0 rg BT 155.10 440.10 Td (which ) Tj ET Q q 0 0 0 rg BT 182.44 440.10 Td (could ) Tj ET Q q 0 0 0 rg BT 207.55 440.10 Td (become ) Tj ET Q q 0 0 0 rg BT 241.54 440.10 Td (unavailable ) Tj ET Q q 0 0 0 rg BT 290.52 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.19 440.10 Td (us ) Tj ET Q q 0 0 0 rg BT 312.98 440.10 Td (on ) Tj ET Q q 0 0 0 rg BT 325.87 440.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 366.53 440.10 Td (short ) Tj ET Q q 0 0 0 rg BT 389.42 440.10 Td (notice. ) Tj ET Q q 0 0 0 rg BT 419.25 440.10 Td (In ) Tj ET Q q 0 0 0 rg BT 430.47 440.10 Td (an ) Tj ET Q q 0 0 0 rg BT 442.81 440.10 Td (ef) Tj ET Q q 0 0 0 rg BT 450.39 440.10 Td (fort ) Tj ET Q q 0 0 0 rg BT 467.73 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.40 440.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 514.06 440.10 Td (this ) Tj ET Q q 0 0 0 rg BT 531.41 440.10 Td (funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 69.31 428.10 Td (we ) Tj ET Q q 0 0 0 rg BT 83.29 428.10 Td (renewed ) Tj ET Q q 0 0 0 rg BT 119.47 428.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.22 428.10 Td ($250 ) Tj ET Q q 0 0 0 rg BT 148.53 428.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.42 428.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.74 428.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 224.82 428.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 249.90 428.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 280.53 428.10 Td (for ) Tj ET Q q 0 0 0 rg BT 294.50 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.04 428.10 Td (seventh ) Tj ET Q q 0 0 0 rg BT 341.90 428.10 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 391.41 428.10 Td (year ) Tj ET Q q 0 0 0 rg BT 410.93 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 421.02 428.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 445.67 428.10 Td (W) Tj ET Q q 0 0 0 rg BT 454.31 428.10 Td (e ) Tj ET Q q 0 0 0 rg BT 461.06 428.10 Td (also ) Tj ET Q q 0 0 0 rg BT 479.48 428.10 Td (have ) Tj ET Q q 0 0 0 rg BT 500.67 428.10 Td ($175 ) Tj ET Q q 0 0 0 rg BT 522.98 428.10 Td (million ) Tj ET Q q 0 0 0 rg BT 554.19 428.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 92.42 416.10 Td (notes. ) Tj ET Q q 0 0 0 rg BT 118.24 416.10 Td (The ) Tj ET Q q 0 0 0 rg BT 136.18 416.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 159.67 416.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 189.83 416.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.55 416.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.55 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.93 416.10 Td (classes, ) Tj ET Q q 0 0 0 rg BT 250.59 416.10 Td (with ) Tj ET Q q 0 0 0 rg BT 270.75 416.10 Td ($125 ) Tj ET Q q 0 0 0 rg BT 293.14 416.10 Td (million ) Tj ET Q q 0 0 0 rg BT 324.41 416.10 Td (maturing ) Tj ET Q q 0 0 0 rg BT 362.90 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 373.07 416.10 Td (October ) Tj ET Q q 0 0 0 rg BT 407.66 416.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 430.04 416.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.87 416.10 Td ($50 ) Tj ET Q q 0 0 0 rg BT 464.25 416.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.14 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.53 416.10 Td (maturing ) Tj ET Q q 0 0 0 rg BT 534.02 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 544.18 416.10 Td (May ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 74.61 404.10 Td (In ) Tj ET Q q 0 0 0 rg BT 85.56 404.10 Td (order ) Tj ET Q q 0 0 0 rg BT 109.27 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 119.66 404.10 Td (further ) Tj ET Q q 0 0 0 rg BT 149.48 404.10 Td (diversify ) Tj ET Q q 0 0 0 rg BT 187.64 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 203.59 404.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 247.86 404.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 281.58 404.10 Td (needs, ) Tj ET Q q 0 0 0 rg BT 309.46 404.10 Td (we ) Tj ET Q q 0 0 0 rg BT 323.73 404.10 Td (also ) Tj ET Q q 0 0 0 rg BT 342.46 404.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 379.50 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.90 404.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 427.50 404.10 Td (three ) Tj ET Q q 0 0 0 rg BT 450.10 404.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 499.91 404.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 524.73 404.10 Td (programs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 392.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 110.88 392.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.71 392.10 Td ($300 ) Tj ET Q q 0 0 0 rg BT 144.21 392.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.10 392.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.10 392.10 Td ($150 ) Tj ET Q q 0 0 0 rg BT 200.60 392.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.50 392.10 Td (, ) Tj ET Q q 0 0 0 rg BT 234.50 392.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.43 392.10 Td ($125 ) Tj ET Q q 0 0 0 rg BT 273.93 392.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.83 392.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.50 368.10 Td (access ) Tj ET Q q 0 0 0 rg BT 95.48 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.70 368.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 139.25 368.10 Td (sources, ) Tj ET Q q 0 0 0 rg BT 174.19 368.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 222.72 368.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 277.93 368.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 311.48 368.10 Td (sources, ) Tj ET Q q 0 0 0 rg BT 346.42 368.10 Td (could ) Tj ET Q q 0 0 0 rg BT 371.08 368.10 Td (be ) Tj ET Q q 0 0 0 rg BT 382.96 368.10 Td (hindered ) Tj ET Q q 0 0 0 rg BT 420.39 368.10 Td (by ) Tj ET Q q 0 0 0 rg BT 432.83 368.10 Td (many ) Tj ET Q q 0 0 0 rg BT 457.49 368.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 489.64 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.53 368.10 Td (many ) Tj ET Q q 0 0 0 rg BT 531.19 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.96 368.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 79.30 356.10 Td (we ) Tj ET Q q 0 0 0 rg BT 93.56 356.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 122.82 356.10 Td (control, ) Tj ET Q q 0 0 0 rg BT 156.24 356.10 Td (such ) Tj ET Q q 0 0 0 rg BT 177.17 356.10 Td (as ) Tj ET Q q 0 0 0 rg BT 188.09 356.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 229.56 356.10 Td (downturns, ) Tj ET Q q 0 0 0 rg BT 276.88 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.70 356.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 334.85 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.78 356.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.36 356.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 420.11 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.92 356.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 463.62 356.10 Td (or ) Tj ET Q q 0 0 0 rg BT 474.54 356.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 531.02 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.95 356.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.44 344.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 135.36 344.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 171.19 344.10 Td (news ) Tj ET Q q 0 0 0 rg BT 193.71 344.10 Td (about ) Tj ET Q q 0 0 0 rg BT 217.89 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.07 344.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 269.01 344.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 303.75 344.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 342.92 344.10 Td (or ) Tj ET Q q 0 0 0 rg BT 353.21 344.10 Td (us ) Tj ET Q q 0 0 0 rg BT 364.07 344.10 Td (specifically) Tj ET Q q 0 0 0 rg BT 409.50 344.10 Td (. ) Tj ET Q q 0 0 0 rg BT 413.83 344.10 Td (W) Tj ET Q q 0 0 0 rg BT 422.46 344.10 Td (e ) Tj ET Q q 0 0 0 rg BT 428.86 344.10 Td (could ) Tj ET Q q 0 0 0 rg BT 453.04 344.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 498.31 344.10 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 544.72 344.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.54 332.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 91.01 332.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 128.15 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.64 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.56 332.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 182.65 332.10 Td (including ) Tj ET Q q 0 0 0 rg BT 223.13 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.06 332.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 256.33 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.37 332.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 303.97 332.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 336.67 332.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 364.92 332.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 405.38 332.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 449.75 332.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 474.96 332.10 Td (if ) Tj ET Q q 0 0 0 rg BT 483.78 332.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 515.37 332.10 Td (or ) Tj ET Q q 0 0 0 rg BT 526.41 332.10 Td (investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 83.47 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 90.23 320.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 126.42 320.10 Td (perception ) Tj ET Q q 0 0 0 rg BT 170.94 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.58 320.10 Td (our ) Tj ET Q q 0 0 0 rg BT 197.23 320.10 Td (short- ) Tj ET Q q 0 0 0 rg BT 222.88 320.10 Td (or ) Tj ET Q q 0 0 0 rg BT 233.52 320.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 275.27 320.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 312.57 320.10 Td (prospects, ) Tj ET Q q 0 0 0 rg BT 355.16 320.10 Td (which ) Tj ET Q q 0 0 0 rg BT 381.91 320.10 Td (could ) Tj ET Q q 0 0 0 rg BT 406.45 320.10 Td (result ) Tj ET Q q 0 0 0 rg BT 430.98 320.10 Td (from ) Tj ET Q q 0 0 0 rg BT 452.73 320.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 494.47 320.10 Td (business ) Tj ET Q q 0 0 0 rg BT 530.67 320.10 Td (activity) Tj ET Q q 0 0 0 rg BT 560.02 320.10 Td (. ) Tj ET Q BT /F1 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 67.22 308.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 103.27 308.10 Td (also ) Tj ET Q q 0 0 0 rg BT 121.55 308.10 Td (could ) Tj ET Q q 0 0 0 rg BT 145.93 308.10 Td (be ) Tj ET Q q 0 0 0 rg BT 157.53 308.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 196.34 308.10 Td (by ) Tj ET Q q 0 0 0 rg BT 208.51 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.89 308.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 261.15 308.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 298.31 308.10 Td (in ) Tj ET Q q 0 0 0 rg BT 308.26 308.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 364.84 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.33 308.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 395.00 308.10 Td (including ) Tj ET Q q 0 0 0 rg BT 434.94 308.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 481.53 308.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 519.79 308.10 Td (from ) Tj ET Q q 0 0 0 rg BT 541.39 308.10 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (term ) Tj ET Q q 0 0 0 rg BT 70.86 296.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 121.67 296.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 150.25 296.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 201.05 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.87 296.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 245.99 296.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 280.68 296.10 Td (or ) Tj ET Q q 0 0 0 rg BT 292.05 296.10 Td (products ) Tj ET Q q 0 0 0 rg BT 329.52 296.10 Td (without ) Tj ET Q q 0 0 0 rg BT 363.11 296.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 396.35 296.10 Td (. ) Tj ET Q q 0 0 0 rg BT 401.88 296.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 420.47 296.10 Td (access ) Tj ET Q q 0 0 0 rg BT 449.04 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 459.85 296.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 485.11 296.10 Td (may ) Tj ET Q q 0 0 0 rg BT 505.36 296.10 Td (be ) Tj ET Q q 0 0 0 rg BT 517.83 296.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 556.41 296.10 Td (if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 94.28 284.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 140.18 284.10 Td (take ) Tj ET Q q 0 0 0 rg BT 160.53 284.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 206.43 284.10 Td (action ) Tj ET Q q 0 0 0 rg BT 234.55 284.10 Td (against ) Tj ET Q q 0 0 0 rg BT 266.57 284.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 281.65 284.10 Td (or ) Tj ET Q q 0 0 0 rg BT 293.67 284.10 Td (if ) Tj ET Q q 0 0 0 rg BT 303.46 284.10 Td (we ) Tj ET Q q 0 0 0 rg BT 318.81 284.10 Td (discover ) Tj ET Q q 0 0 0 rg BT 356.38 284.10 Td (that ) Tj ET Q q 0 0 0 rg BT 375.06 284.10 Td (one ) Tj ET Q q 0 0 0 rg BT 393.19 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.21 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 422.23 284.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 468.68 284.10 Td (has ) Tj ET Q q 0 0 0 rg BT 485.70 284.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 522.70 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 534.17 284.10 Td (serious ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 104.20 272.10 Td (or ) Tj ET Q q 0 0 0 rg BT 115.03 272.10 Td (illegal ) Tj ET Q q 0 0 0 rg BT 142.52 272.10 Td (activity) Tj ET Q q 0 0 0 rg BT 171.86 272.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.51 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.40 248.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 104.46 248.10 Td (we ) Tj ET Q q 0 0 0 rg BT 118.80 248.10 Td (may ) Tj ET Q q 0 0 0 rg BT 138.69 248.10 Td (need ) Tj ET Q q 0 0 0 rg BT 160.25 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.70 248.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 193.93 248.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 213.82 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 224.83 248.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 247.51 248.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 275.18 248.10 Td (in ) Tj ET Q q 0 0 0 rg BT 285.64 248.10 Td (order ) Tj ET Q q 0 0 0 rg BT 309.42 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.87 248.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 340.88 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.89 248.10 Td (working ) Tj ET Q q 0 0 0 rg BT 392.90 248.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 422.23 248.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 479.61 248.10 Td (as ) Tj ET Q q 0 0 0 rg BT 490.62 248.10 Td (well ) Tj ET Q q 0 0 0 rg BT 510.51 248.10 Td (as ) Tj ET Q q 0 0 0 rg BT 521.52 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.98 248.10 Td (execute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 66.58 236.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 98.66 236.10 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 141.85 236.10 Td (that ) Tj ET Q q 0 0 0 rg BT 160.59 236.10 Td (may ) Tj ET Q q 0 0 0 rg BT 181.56 236.10 Td (include ) Tj ET Q q 0 0 0 rg BT 214.74 236.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 266.27 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.46 236.10 Td (other ) Tj ET Q q 0 0 0 rg BT 308.75 236.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 362.78 236.10 Td (Similarly) Tj ET Q q 0 0 0 rg BT 399.35 236.10 Td (, ) Tj ET Q q 0 0 0 rg BT 405.60 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 422.68 236.10 Td (access ) Tj ET Q q 0 0 0 rg BT 451.97 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.49 236.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 498.35 236.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 532.09 236.10 Td (may ) Tj ET Q q 0 0 0 rg BT 553.06 236.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 94.76 224.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 117.80 224.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 143.06 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.54 224.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 205.25 224.10 Td (that ) Tj ET Q q 0 0 0 rg BT 223.29 224.10 Td (may ) Tj ET Q q 0 0 0 rg BT 243.55 224.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 265.48 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 276.86 224.10 Td (restrict ) Tj ET Q q 0 0 0 rg BT 307.66 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 324.04 224.10 Td (business ) Tj ET Q q 0 0 0 rg BT 360.97 224.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 400.11 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.60 224.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 448.97 224.10 Td (initiatives. ) Tj ET Q q 0 0 0 rg BT 493.95 224.10 Td (For ) Tj ET Q q 0 0 0 rg BT 510.89 224.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 550.30 224.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 92.48 212.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 116.03 212.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 156.80 212.10 Td (above ) Tj ET Q q 0 0 0 rg BT 183.12 212.10 Td (include ) Tj ET Q q 0 0 0 rg BT 214.99 212.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 257.42 212.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 277.36 212.10 Td (among ) Tj ET Q q 0 0 0 rg BT 307.01 212.10 Td (other ) Tj ET Q q 0 0 0 rg BT 330.00 212.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 359.39 212.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 380.73 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 396.50 212.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 432.80 212.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 453.57 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.45 212.10 Td (require ) Tj ET Q q 0 0 0 rg BT 501.20 212.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 554.17 212.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.20 200.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 105.03 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.86 200.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 150.57 200.10 Td (net ) Tj ET Q q 0 0 0 rg BT 165.29 200.10 Td (worth, ) Tj ET Q q 0 0 0 rg BT 193.62 200.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 237.21 200.10 Td (net ) Tj ET Q q 0 0 0 rg BT 251.93 200.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 283.58 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.52 200.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 340.78 200.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 361.05 200.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 381.88 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.16 200.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 415.20 200.10 Td (char) Tj ET Q q 0 0 0 rg BT 432.23 200.10 Td (ges.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (Lastly) Tj ET Q q 0 0 0 rg BT 73.85 176.10 Td (, ) Tj ET Q q 0 0 0 rg BT 78.66 176.10 Td (we ) Tj ET Q q 0 0 0 rg BT 92.64 176.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 131.05 176.10 Td (do ) Tj ET Q q 0 0 0 rg BT 143.36 176.10 Td (not ) Tj ET Q q 0 0 0 rg BT 158.46 176.10 Td (have ) Tj ET Q q 0 0 0 rg BT 179.65 176.10 Td (a ) Tj ET Q q 0 0 0 rg BT 186.40 176.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 211.48 176.10 Td (rating, ) Tj ET Q q 0 0 0 rg BT 239.63 176.10 Td (which ) Tj ET Q q 0 0 0 rg BT 266.38 176.10 Td (could ) Tj ET Q q 0 0 0 rg BT 290.91 176.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 331.54 176.10 Td (af) Tj ET Q q 0 0 0 rg BT 339.13 176.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 356.43 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 372.08 176.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 408.29 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.04 176.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 474.56 176.10 Td (position ) Tj ET Q q 0 0 0 rg BT 509.11 176.10 Td (by ) Tj ET Q q 0 0 0 rg BT 521.42 176.10 Td (increasing ) 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 (borrowing ) Tj ET Q q 0 0 0 rg BT 109.49 164.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 131.99 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.93 164.10 Td (limiting ) Tj ET Q q 0 0 0 rg BT 183.10 164.10 Td (access ) Tj ET Q q 0 0 0 rg BT 211.14 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.41 164.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 253.90 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.73 164.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 301.13 164.10 Td (that ) Tj ET Q q 0 0 0 rg BT 318.62 164.10 Td (require ) Tj ET Q q 0 0 0 rg BT 349.44 164.10 Td (a ) Tj ET Q q 0 0 0 rg BT 356.38 164.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 381.64 164.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 407.46 164.10 Td (as ) Tj ET Q q 0 0 0 rg BT 418.29 164.10 Td (a ) Tj ET Q q 0 0 0 rg BT 425.23 164.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 465.51 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.78 164.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 517.17 164.10 Td (funds.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 111.46 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.29 140.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 140.35 140.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 181.18 140.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.46 140.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 235.07 140.10 Td (for ) Tj ET Q q 0 0 0 rg BT 249.79 140.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 296.19 140.10 Td (losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 108.56 116.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.29 116.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 136.70 116.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 175.75 116.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.38 116.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 227.78 116.10 Td (for ) Tj ET Q q 0 0 0 rg BT 241.84 116.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 286.46 116.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 312.76 116.10 Td (in ) Tj ET Q q 0 0 0 rg BT 322.95 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 338.68 116.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 360.53 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.38 116.10 Td (trading, ) Tj ET Q q 0 0 0 rg BT 410.61 116.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 457.44 116.10 Td (trading, ) Tj ET Q q 0 0 0 rg BT 490.67 116.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 530.28 116.10 Td (banking ) 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 66.47 104.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 120.65 104.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 167.72 104.10 Td (W) Tj ET Q q 0 0 0 rg BT 176.36 104.10 Td (e ) Tj ET Q q 0 0 0 rg BT 183.33 104.10 Td (have ) Tj ET Q q 0 0 0 rg BT 204.73 104.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 250.03 104.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 279.21 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 289.52 104.10 Td (these ) Tj ET Q q 0 0 0 rg BT 312.59 104.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 359.84 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.81 104.10 Td (we ) Tj ET Q q 0 0 0 rg BT 391.00 104.10 Td (may ) Tj ET Q q 0 0 0 rg BT 410.75 104.10 Td (take ) Tj ET Q q 0 0 0 rg BT 429.93 104.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 475.24 104.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 513.88 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.19 104.10 Td (particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (types ) Tj ET Q q 0 0 0 rg BT 72.04 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 81.81 92.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 121.01 92.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 147.99 92.10 Td (issuers. ) Tj ET Q q 0 0 0 rg BT 179.04 92.10 Td (This ) Tj ET Q q 0 0 0 rg BT 198.26 92.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 254.11 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.88 92.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 280.31 92.10 Td (may ) Tj ET Q q 0 0 0 rg BT 298.97 92.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 322.61 92.10 Td (us ) Tj ET Q q 0 0 0 rg BT 332.94 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.15 92.10 Td (suf) Tj ET Q q 0 0 0 rg BT 354.19 92.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 366.73 92.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 392.05 92.10 Td (even ) Tj ET Q q 0 0 0 rg BT 412.37 92.10 Td (when ) Tj ET Q q 0 0 0 rg BT 435.46 92.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 475.77 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 491.64 92.10 Td (market ) Tj ET Q q 0 0 0 rg BT 520.84 92.10 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.82 80.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 105.13 80.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 145.99 80.10 Td (for ) Tj ET Q q 0 0 0 rg BT 160.76 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 177.20 80.10 Td (competitors. ) Tj ET Q q 0 0 0 rg BT 230.02 80.10 Td (Further) Tj ET Q q 0 0 0 rg BT 259.06 80.10 Td (, ) Tj ET Q q 0 0 0 rg BT 264.67 80.10 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 312.23 80.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.11 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.44 80.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 364.31 80.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 399.08 80.10 Td (can ) Tj ET Q q 0 0 0 rg BT 416.06 80.10 Td (make ) Tj ET Q q 0 0 0 rg BT 440.83 80.10 Td (it ) Tj ET Q q 0 0 0 rg BT 449.50 80.10 Td (dif) Tj ET Q q 0 0 0 rg BT 460.42 80.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 484.64 80.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.52 80.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 522.51 80.10 Td (exposures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 68.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 94.57 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.51 68.10 Td (economically) Tj ET Q q 0 0 0 rg BT 164.72 68.10 Td (. ) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 728.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.21 728.25 Td (information ) Tj ET Q q 0 0 0 rg BT 119.69 728.25 Td (and ) Tj ET Q q 0 0 0 rg BT 137.29 728.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 184.31 728.25 Td (systems, ) Tj ET Q q 0 0 0 rg BT 219.95 728.25 Td (including ) Tj ET Q q 0 0 0 rg BT 261.44 728.25 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 309.03 728.25 Td (systems, ) Tj ET Q q 0 0 0 rg BT 344.67 728.25 Td (are ) Tj ET Q q 0 0 0 rg BT 360.03 728.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 390.94 728.25 Td (components ) Tj ET Q q 0 0 0 rg BT 442.42 728.25 Td (of ) Tj ET Q q 0 0 0 rg BT 452.78 728.25 Td (our ) Tj ET Q q 0 0 0 rg BT 469.26 728.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 517.13 728.25 Td (and ) Tj ET Q q 0 0 0 rg BT 534.72 728.25 Td (failure ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.01 716.25 Td (those ) Tj ET Q q 0 0 0 rg BT 83.87 716.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 117.16 716.25 Td (or ) Tj ET Q q 0 0 0 rg BT 128.24 716.25 Td (other ) Tj ET Q q 0 0 0 rg BT 152.09 716.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 183.71 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 194.23 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 210.86 716.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 256.39 716.25 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 316.37 716.25 Td (may ) Tj ET Q q 0 0 0 rg BT 335.77 716.25 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 366.85 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 383.49 716.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 423.19 716.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 448.70 716.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 488.11 716.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 505.86 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.60 716.25 Td (constrain ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (our ) Tj ET Q q 0 0 0 rg BT 66.45 704.25 Td (growth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 680.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.86 680.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 102.14 680.25 Td (transact ) Tj ET Q q 0 0 0 rg BT 135.52 680.25 Td (thousands ) Tj ET Q q 0 0 0 rg BT 177.81 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 188.43 680.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 228.48 680.25 Td (trades ) Tj ET Q q 0 0 0 rg BT 254.64 680.25 Td (on ) Tj ET Q q 0 0 0 rg BT 266.93 680.25 Td (a ) Tj ET Q q 0 0 0 rg BT 273.66 680.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 295.94 680.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 318.23 680.25 Td (across ) Tj ET Q q 0 0 0 rg BT 345.51 680.25 Td (multiple ) Tj ET Q q 0 0 0 rg BT 381.12 680.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 417.57 680.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 435.41 680.25 Td (data ) Tj ET Q q 0 0 0 rg BT 454.35 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.07 680.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 517.23 680.25 Td (processing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (custody) Tj ET Q q 0 0 0 rg BT 79.96 668.25 Td (, ) Tj ET Q q 0 0 0 rg BT 84.69 668.25 Td (financial, ) Tj ET Q q 0 0 0 rg BT 124.40 668.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 170.50 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.16 668.25 Td (other ) Tj ET Q q 0 0 0 rg BT 209.94 668.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 256.60 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.27 668.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 313.26 668.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 347.15 668.25 Td (are ) Tj ET Q q 0 0 0 rg BT 361.59 668.25 Td (essential ) Tj ET Q q 0 0 0 rg BT 398.25 668.25 Td (to ) Tj ET Q q 0 0 0 rg BT 408.26 668.25 Td (this ) Tj ET Q q 0 0 0 rg BT 424.93 668.25 Td (task. ) Tj ET Q q 0 0 0 rg BT 445.28 668.25 Td (A) Tj ET Q q 0 0 0 rg BT 451.95 668.25 Td ( ) Tj ET Q q 0 0 0 rg BT 454.18 668.25 Td (system ) Tj ET Q q 0 0 0 rg BT 484.18 668.25 Td (malfunction ) Tj ET Q q 0 0 0 rg BT 534.73 668.25 Td (\(due ) Tj ET Q q 0 0 0 rg BT 554.73 668.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (hardware ) Tj ET Q q 0 0 0 rg BT 87.95 656.25 Td (failure, ) Tj ET Q q 0 0 0 rg BT 117.79 656.25 Td (capacity ) Tj ET Q q 0 0 0 rg BT 152.36 656.25 Td (overload, ) Tj ET Q q 0 0 0 rg BT 191.09 656.25 Td (security ) Tj ET Q q 0 0 0 rg BT 224.00 656.25 Td (incident, ) Tj ET Q q 0 0 0 rg BT 259.96 656.25 Td (data ) Tj ET Q q 0 0 0 rg BT 277.87 656.25 Td (corruption, ) Tj ET Q q 0 0 0 rg BT 323.28 656.25 Td (etc.\) ) Tj ET Q q 0 0 0 rg BT 342.01 656.25 Td (or ) Tj ET Q q 0 0 0 rg BT 351.59 656.25 Td (mistake ) Tj ET Q q 0 0 0 rg BT 383.95 656.25 Td (made ) Tj ET Q q 0 0 0 rg BT 406.86 656.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 438.65 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 447.68 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.15 656.25 Td (processing ) Tj ET Q q 0 0 0 rg BT 505.17 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 514.75 656.25 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (could ) Tj ET Q q 0 0 0 rg BT 73.53 644.25 Td (result ) Tj ET Q q 0 0 0 rg BT 97.56 644.25 Td (in ) Tj ET Q q 0 0 0 rg BT 107.16 644.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.95 644.25 Td (loss, ) Tj ET Q q 0 0 0 rg BT 163.83 644.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 196.75 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 206.35 644.25 Td (clients, ) Tj ET Q q 0 0 0 rg BT 236.77 644.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 279.68 644.25 Td (intervention, ) Tj ET Q q 0 0 0 rg BT 332.31 644.25 Td (reputational ) Tj ET Q q 0 0 0 rg BT 381.89 644.25 Td (damage ) Tj ET Q q 0 0 0 rg BT 414.80 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 431.05 644.25 Td (constraints ) Tj ET Q q 0 0 0 rg BT 476.19 644.25 Td (on ) Tj ET Q q 0 0 0 rg BT 488.01 644.25 Td (our ) Tj ET Q q 0 0 0 rg BT 503.15 644.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 530.52 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 540.11 644.25 Td (grow) Tj ET Q q 0 0 0 rg BT 560.01 644.25 Td (. ) 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 66.33 632.25 Td (outsource ) Tj ET Q q 0 0 0 rg BT 108.97 632.25 Td (a ) Tj ET Q q 0 0 0 rg BT 117.16 632.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 163.69 632.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 196.34 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 208.43 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 225.51 632.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 257.03 632.25 Td (data ) Tj ET Q q 0 0 0 rg BT 277.44 632.25 Td (processing ) Tj ET Q q 0 0 0 rg BT 323.97 632.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 366.32 632.25 Td (including ) Tj ET Q q 0 0 0 rg BT 407.85 632.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 431.60 632.25 Td (processing ) Tj ET Q q 0 0 0 rg BT 478.12 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 496.32 632.25 Td (back ) Tj ET Q q 0 0 0 rg BT 518.95 632.25 Td (of) Tj ET Q q 0 0 0 rg BT 527.10 632.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 545.85 632.25 Td (data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (processing. ) Tj ET Q q 0 0 0 rg BT 97.82 620.25 Td (For ) Tj ET Q q 0 0 0 rg BT 114.77 620.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 154.19 620.25 Td (we ) Tj ET Q q 0 0 0 rg BT 168.91 620.25 Td (have ) Tj ET Q q 0 0 0 rg BT 190.84 620.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 223.31 620.25 Td (into ) Tj ET Q q 0 0 0 rg BT 241.92 620.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 281.07 620.25 Td (with ) Tj ET Q q 0 0 0 rg BT 301.90 620.25 Td (Broadridge ) Tj ET Q q 0 0 0 rg BT 349.94 620.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 390.20 620.25 Td (Solutions, ) Tj ET Q q 0 0 0 rg BT 433.55 620.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 451.87 620.25 Td (\("Broadridge"\), ) Tj ET Q q 0 0 0 rg BT 517.23 620.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 554.72 620.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (which ) Tj ET Q q 0 0 0 rg BT 76.93 608.25 Td (Broadridge ) Tj ET Q q 0 0 0 rg BT 124.91 608.25 Td (handles ) Tj ET Q q 0 0 0 rg BT 158.45 608.25 Td (our ) Tj ET Q q 0 0 0 rg BT 174.78 608.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 197.76 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 215.19 608.25 Td (back ) Tj ET Q q 0 0 0 rg BT 237.06 608.25 Td (of) Tj ET Q q 0 0 0 rg BT 245.21 608.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 263.19 608.25 Td (processing, ) Tj ET Q q 0 0 0 rg BT 311.46 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 328.89 608.25 Td (Unisys ) Tj ET Q q 0 0 0 rg BT 359.67 608.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 410.99 608.25 Td (\("Unisys"\), ) Tj ET Q q 0 0 0 rg BT 459.09 608.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 496.52 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 507.30 608.25 Td (which ) Tj ET Q q 0 0 0 rg BT 534.73 608.25 Td (Unisys ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (supports ) Tj ET Q q 0 0 0 rg BT 84.98 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 99.90 596.25 Td (data ) Tj ET Q q 0 0 0 rg BT 118.15 596.25 Td (center ) Tj ET Q q 0 0 0 rg BT 144.16 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 160.19 596.25 Td (helpdesk ) Tj ET Q q 0 0 0 rg BT 197.33 596.25 Td (needs. ) Tj ET Q q 0 0 0 rg BT 224.08 596.25 Td (W) Tj ET Q q 0 0 0 rg BT 232.71 596.25 Td (e ) Tj ET Q q 0 0 0 rg BT 238.74 596.25 Td (also ) Tj ET Q q 0 0 0 rg BT 256.44 596.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 290.23 596.25 Td (with ) Tj ET Q q 0 0 0 rg BT 309.60 596.25 Td (third ) Tj ET Q q 0 0 0 rg BT 330.08 596.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 358.33 596.25 Td (for ) Tj ET Q q 0 0 0 rg BT 371.58 596.25 Td (market ) Tj ET Q q 0 0 0 rg BT 400.93 596.25 Td (data ) Tj ET Q q 0 0 0 rg BT 419.18 596.25 Td (services, ) Tj ET Q q 0 0 0 rg BT 455.48 596.25 Td (which ) Tj ET Q q 0 0 0 rg BT 481.51 596.25 Td (constantly ) Tj ET Q q 0 0 0 rg BT 524.20 596.25 Td (broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (news, ) Tj ET Q q 0 0 0 rg BT 74.89 584.25 Td (quotes, ) Tj ET Q q 0 0 0 rg BT 105.84 584.25 Td (analytics ) Tj ET Q q 0 0 0 rg BT 143.72 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 160.49 584.25 Td (other ) Tj ET Q q 0 0 0 rg BT 183.38 584.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 217.92 584.25 Td (information ) Tj ET Q q 0 0 0 rg BT 267.47 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.58 584.25 Td (our ) Tj ET Q q 0 0 0 rg BT 293.25 584.25 Td (employees. ) Tj ET Q q 0 0 0 rg BT 340.68 584.25 Td (W) Tj ET Q q 0 0 0 rg BT 349.32 584.25 Td (e ) Tj ET Q q 0 0 0 rg BT 356.10 584.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 390.64 584.25 Td (with ) Tj ET Q q 0 0 0 rg BT 410.75 584.25 Td (other ) Tj ET Q q 0 0 0 rg BT 433.64 584.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 467.64 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 477.75 584.25 Td (produce ) Tj ET Q q 0 0 0 rg BT 512.30 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 529.07 584.25 Td (mail ) Tj ET Q q 0 0 0 rg BT 549.19 584.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 88.19 572.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 132.43 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 148.91 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 158.72 572.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 191.30 572.25 Td (other ) Tj ET Q q 0 0 0 rg BT 213.88 572.25 Td (services. ) Tj ET Q q 0 0 0 rg BT 250.62 572.25 Td (In ) Tj ET Q q 0 0 0 rg BT 260.98 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 275.23 572.25 Td (event ) Tj ET Q q 0 0 0 rg BT 298.92 572.25 Td (that ) Tj ET Q q 0 0 0 rg BT 315.95 572.25 Td (any ) Tj ET Q q 0 0 0 rg BT 332.42 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.79 572.25 Td (these ) Tj ET Q q 0 0 0 rg BT 365.37 572.25 Td (service ) Tj ET Q q 0 0 0 rg BT 395.72 572.25 Td (providers ) Tj ET Q q 0 0 0 rg BT 435.52 572.25 Td (fails ) Tj ET Q q 0 0 0 rg BT 454.77 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 464.58 572.25 Td (adequately ) Tj ET Q q 0 0 0 rg BT 509.93 572.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 544.17 572.25 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (services ) Tj ET Q q 0 0 0 rg BT 84.17 560.25 Td (or ) Tj ET Q q 0 0 0 rg BT 94.96 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 109.64 560.25 Td (relationship ) Tj ET Q q 0 0 0 rg BT 159.32 560.25 Td (between ) Tj ET Q q 0 0 0 rg BT 195.09 560.25 Td (that ) Tj ET Q q 0 0 0 rg BT 212.55 560.25 Td (service ) Tj ET Q q 0 0 0 rg BT 243.33 560.25 Td (provider ) Tj ET Q q 0 0 0 rg BT 279.67 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 296.57 560.25 Td (us ) Tj ET Q q 0 0 0 rg BT 307.92 560.25 Td (is ) Tj ET Q q 0 0 0 rg BT 317.06 560.25 Td (terminated, ) Tj ET Q q 0 0 0 rg BT 364.78 560.25 Td (we ) Tj ET Q q 0 0 0 rg BT 378.90 560.25 Td (may ) Tj ET Q q 0 0 0 rg BT 398.58 560.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 444.34 560.25 Td (a ) Tj ET Q q 0 0 0 rg BT 451.24 560.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 495.92 560.25 Td (disruption ) Tj ET Q q 0 0 0 rg BT 538.94 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.18 560.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 95.95 548.25 Td (including ) Tj ET Q q 0 0 0 rg BT 136.02 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 151.64 548.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 179.49 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 189.56 548.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 217.41 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 234.14 548.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 277.52 548.25 Td (process ) Tj ET Q q 0 0 0 rg BT 309.80 548.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 359.86 548.25 Td (or ) Tj ET Q q 0 0 0 rg BT 370.49 548.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 407.77 548.25 Td (complete ) Tj ET Q q 0 0 0 rg BT 446.72 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.45 548.25 Td (accurate ) Tj ET Q q 0 0 0 rg BT 499.05 548.25 Td (records ) Tj ET Q q 0 0 0 rg BT 530.77 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 541.39 548.25 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (Adapting ) Tj ET Q q 0 0 0 rg BT 89.85 512.25 Td (or ) Tj ET Q q 0 0 0 rg BT 101.32 512.25 Td (developing ) Tj ET Q q 0 0 0 rg BT 148.89 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 165.36 512.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 212.93 512.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 247.73 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 258.65 512.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 281.22 512.25 Td (new ) Tj ET Q q 0 0 0 rg BT 301.01 512.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 345.24 512.25 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 403.08 512.25 Td (client ) Tj ET Q q 0 0 0 rg BT 428.43 512.25 Td (needs, ) Tj ET Q q 0 0 0 rg BT 456.83 512.25 Td (geographic ) Tj ET Q q 0 0 0 rg BT 504.39 512.25 Td (expansion ) Tj ET Q q 0 0 0 rg BT 548.08 512.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 84.48 500.25 Td (demands ) Tj ET Q q 0 0 0 rg BT 122.23 500.25 Td (also ) Tj ET Q q 0 0 0 rg BT 140.55 500.25 Td (is ) Tj ET Q q 0 0 0 rg BT 149.42 500.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 179.39 500.25 Td (for ) Tj ET Q q 0 0 0 rg BT 193.25 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 208.78 500.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 247.38 500.25 Td (Introduction ) Tj ET Q q 0 0 0 rg BT 299.02 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 309.55 500.25 Td (new ) Tj ET Q q 0 0 0 rg BT 328.42 500.25 Td (technologies ) Tj ET Q q 0 0 0 rg BT 381.17 500.25 Td (present ) Tj ET Q q 0 0 0 rg BT 412.25 500.25 Td (new ) Tj ET Q q 0 0 0 rg BT 431.11 500.25 Td (challenges ) Tj ET Q q 0 0 0 rg BT 475.52 500.25 Td (on ) Tj ET Q q 0 0 0 rg BT 487.72 500.25 Td (a ) Tj ET Q q 0 0 0 rg BT 494.37 500.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 524.89 500.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 549.43 500.25 Td (W) Tj ET Q q 0 0 0 rg BT 558.07 500.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (have ) Tj ET Q q 0 0 0 rg BT 71.47 488.25 Td (an ) Tj ET Q q 0 0 0 rg BT 84.00 488.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 119.87 488.25 Td (need ) Tj ET Q q 0 0 0 rg BT 141.84 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 152.72 488.25 Td (upgrade ) Tj ET Q q 0 0 0 rg BT 188.02 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 205.55 488.25 Td (improve ) Tj ET Q q 0 0 0 rg BT 241.97 488.25 Td (our ) Tj ET Q q 0 0 0 rg BT 258.39 488.25 Td (various ) Tj ET Q q 0 0 0 rg BT 290.92 488.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 338.45 488.25 Td (systems, ) Tj ET Q q 0 0 0 rg BT 375.71 488.25 Td (including ) Tj ET Q q 0 0 0 rg BT 416.58 488.25 Td (our ) Tj ET Q q 0 0 0 rg BT 433.00 488.25 Td (data ) Tj ET Q q 0 0 0 rg BT 452.75 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 470.28 488.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 517.25 488.25 Td (processing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (financial, ) Tj ET Q q 0 0 0 rg BT 89.78 476.25 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 138.95 476.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 156.75 476.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 213.13 476.25 Td (compliance, ) Tj ET Q q 0 0 0 rg BT 264.52 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 281.76 476.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 312.88 476.25 Td (systems. ) Tj ET Q q 0 0 0 rg BT 349.64 476.25 Td (This ) Tj ET Q q 0 0 0 rg BT 370.22 476.25 Td (need ) Tj ET Q q 0 0 0 rg BT 391.90 476.25 Td (could ) Tj ET Q q 0 0 0 rg BT 416.91 476.25 Td (present ) Tj ET Q q 0 0 0 rg BT 448.58 476.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 496.36 476.25 Td (issues ) Tj ET Q q 0 0 0 rg BT 523.05 476.25 Td (or ) Tj ET Q q 0 0 0 rg BT 534.18 476.25 Td (require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.40 464.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 123.75 464.25 Td (spending. ) Tj ET Q q 0 0 0 rg BT 165.05 464.25 Td (It ) Tj ET Q q 0 0 0 rg BT 173.85 464.25 Td (also ) Tj ET Q q 0 0 0 rg BT 192.65 464.25 Td (may ) Tj ET Q q 0 0 0 rg BT 212.56 464.25 Td (require ) Tj ET Q q 0 0 0 rg BT 243.57 464.25 Td (us ) Tj ET Q q 0 0 0 rg BT 255.15 464.25 Td (to ) Tj ET Q q 0 0 0 rg BT 265.63 464.25 Td (make ) Tj ET Q q 0 0 0 rg BT 289.97 464.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 332.66 464.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 383.12 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 393.59 464.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 440.72 464.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 475.08 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 492.21 464.25 Td (may ) Tj ET Q q 0 0 0 rg BT 512.12 464.25 Td (require ) Tj ET Q q 0 0 0 rg BT 543.13 464.25 Td (us ) Tj ET Q q 0 0 0 rg BT 554.72 464.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (reevaluate ) Tj ET Q q 0 0 0 rg BT 92.90 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 107.44 452.25 Td (current ) Tj ET Q q 0 0 0 rg BT 138.08 452.25 Td (value ) Tj ET Q q 0 0 0 rg BT 162.05 452.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 189.92 452.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 227.78 452.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 254.54 452.25 Td (lives ) Tj ET Q q 0 0 0 rg BT 275.75 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.40 452.25 Td (our ) Tj ET Q q 0 0 0 rg BT 302.05 452.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 348.80 452.25 Td (systems, ) Tj ET Q q 0 0 0 rg BT 385.30 452.25 Td (which ) Tj ET Q q 0 0 0 rg BT 412.06 452.25 Td (could ) Tj ET Q q 0 0 0 rg BT 436.59 452.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 480.57 452.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 510.10 452.25 Td (our ) Tj ET Q q 0 0 0 rg BT 525.75 452.25 Td (results ) Tj ET Q q 0 0 0 rg BT 554.18 452.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (operations.) 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 68.81 416.25 Td (clients ) Tj ET Q q 0 0 0 rg BT 98.68 416.25 Td (routinely ) Tj ET Q q 0 0 0 rg BT 138.55 416.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 172.86 416.25 Td (us ) Tj ET Q q 0 0 0 rg BT 185.51 416.25 Td (with ) Tj ET Q q 0 0 0 rg BT 207.05 416.25 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 245.81 416.25 Td (and ) Tj ET Q q 0 0 0 rg BT 264.01 416.25 Td (confidential ) Tj ET Q q 0 0 0 rg BT 315.53 416.25 Td (information. ) Tj ET Q q 0 0 0 rg BT 369.01 416.25 Td (Secure ) Tj ET Q q 0 0 0 rg BT 399.98 416.25 Td (processing, ) Tj ET Q q 0 0 0 rg BT 449.01 416.25 Td (storage ) Tj ET Q q 0 0 0 rg BT 481.65 416.25 Td (and ) Tj ET Q q 0 0 0 rg BT 499.85 416.25 Td (transmission ) Tj ET Q q 0 0 0 rg BT 554.17 416.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (confidential ) Tj ET Q q 0 0 0 rg BT 100.22 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.62 404.25 Td (other ) Tj ET Q q 0 0 0 rg BT 141.13 404.25 Td (information ) Tj ET Q q 0 0 0 rg BT 191.30 404.25 Td (in ) Tj ET Q q 0 0 0 rg BT 202.04 404.25 Td (our ) Tj ET Q q 0 0 0 rg BT 218.33 404.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 251.84 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 269.24 404.25 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 316.07 404.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 356.80 404.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 391.43 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 408.83 404.25 Td (networks ) Tj ET Q q 0 0 0 rg BT 448.45 404.25 Td (is ) Tj ET Q q 0 0 0 rg BT 458.08 404.25 Td (critically ) Tj ET Q q 0 0 0 rg BT 496.58 404.25 Td (important ) Tj ET Q q 0 0 0 rg BT 538.43 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 549.17 404.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 88.22 392.25 Td (W) Tj ET Q q 0 0 0 rg BT 96.86 392.25 Td (e ) Tj ET Q q 0 0 0 rg BT 103.80 392.25 Td (take ) Tj ET Q q 0 0 0 rg BT 122.96 392.25 Td (protective ) Tj ET Q q 0 0 0 rg BT 165.45 392.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 205.17 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.11 392.25 Td (endeavor ) Tj ET Q q 0 0 0 rg BT 261.26 392.25 Td (to ) Tj ET Q q 0 0 0 rg BT 271.55 392.25 Td (modify ) Tj ET Q q 0 0 0 rg BT 302.94 392.25 Td (them ) Tj ET Q q 0 0 0 rg BT 325.45 392.25 Td (as ) Tj ET Q q 0 0 0 rg BT 336.28 392.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 395.43 392.25 Td (warrant. ) Tj ET Q q 0 0 0 rg BT 430.98 392.25 Td (However) Tj ET Q q 0 0 0 rg BT 467.23 392.25 Td (, ) Tj ET Q q 0 0 0 rg BT 472.23 392.25 Td (our ) Tj ET Q q 0 0 0 rg BT 488.07 392.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 528.34 392.25 Td (systems, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (software ) Tj ET Q q 0 0 0 rg BT 85.48 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 101.47 380.25 Td (networks, ) Tj ET Q q 0 0 0 rg BT 142.18 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 158.17 380.25 Td (those ) Tj ET Q q 0 0 0 rg BT 180.83 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.71 380.25 Td (our ) Tj ET Q q 0 0 0 rg BT 205.59 380.25 Td (clients, ) Tj ET Q q 0 0 0 rg BT 235.74 380.25 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 271.45 380.25 Td (service ) Tj ET Q q 0 0 0 rg BT 301.32 380.25 Td (providers, ) Tj ET Q q 0 0 0 rg BT 343.14 380.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 401.33 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 417.31 380.25 Td (other ) Tj ET Q q 0 0 0 rg BT 439.41 380.25 Td (third ) Tj ET Q q 0 0 0 rg BT 459.85 380.25 Td (parties, ) Tj ET Q q 0 0 0 rg BT 490.55 380.25 Td (may ) Tj ET Q q 0 0 0 rg BT 509.32 380.25 Td (be ) Tj ET Q q 0 0 0 rg BT 520.31 380.25 Td (vulnerable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (to ) Tj ET Q q 0 0 0 rg BT 61.06 368.25 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 117.04 368.25 Td (access, ) Tj ET Q q 0 0 0 rg BT 148.86 368.25 Td (cyberattacks, ) Tj ET Q q 0 0 0 rg BT 205.11 368.25 Td (security ) Tj ET Q q 0 0 0 rg BT 240.54 368.25 Td (breaches, ) Tj ET Q q 0 0 0 rg BT 281.79 368.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 323.34 368.25 Td (viruses ) Tj ET Q q 0 0 0 rg BT 355.45 368.25 Td (or ) Tj ET Q q 0 0 0 rg BT 367.56 368.25 Td (other ) Tj ET Q q 0 0 0 rg BT 391.88 368.25 Td (malicious ) Tj ET Q q 0 0 0 rg BT 434.54 368.25 Td (code, ) Tj ET Q q 0 0 0 rg BT 459.70 368.25 Td (inadvertent, ) Tj ET Q q 0 0 0 rg BT 510.96 368.25 Td (erroneous ) Tj ET Q q 0 0 0 rg BT 554.17 368.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (intercepted ) Tj ET Q q 0 0 0 rg BT 96.75 356.25 Td (transmission ) Tj ET Q q 0 0 0 rg BT 150.15 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.31 356.25 Td (information ) Tj ET Q q 0 0 0 rg BT 211.36 356.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 255.30 356.25 Td (by ) Tj ET Q q 0 0 0 rg BT 268.14 356.25 Td (e-mail\), ) Tj ET Q q 0 0 0 rg BT 302.34 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 319.62 356.25 Td (other ) Tj ET Q q 0 0 0 rg BT 343.00 356.25 Td (events ) Tj ET Q q 0 0 0 rg BT 371.38 356.25 Td (that ) Tj ET Q q 0 0 0 rg BT 389.22 356.25 Td (could ) Tj ET Q q 0 0 0 rg BT 414.27 356.25 Td (have ) Tj ET Q q 0 0 0 rg BT 435.98 356.25 Td (an ) Tj ET Q q 0 0 0 rg BT 448.26 356.25 Td (information ) Tj ET Q q 0 0 0 rg BT 498.30 356.25 Td (security ) Tj ET Q q 0 0 0 rg BT 532.79 356.25 Td (impact. ) 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 66.59 344.25 Td (work ) Tj ET Q q 0 0 0 rg BT 91.16 344.25 Td (with ) Tj ET Q q 0 0 0 rg BT 112.95 344.25 Td (our ) Tj ET Q q 0 0 0 rg BT 130.29 344.25 Td (clients, ) Tj ET Q q 0 0 0 rg BT 162.91 344.25 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 201.08 344.25 Td (service ) Tj ET Q q 0 0 0 rg BT 233.41 344.25 Td (providers, ) Tj ET Q q 0 0 0 rg BT 277.69 344.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 338.35 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 356.80 344.25 Td (other ) Tj ET Q q 0 0 0 rg BT 381.36 344.25 Td (third ) Tj ET Q q 0 0 0 rg BT 404.26 344.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 434.93 344.25 Td (to ) Tj ET Q q 0 0 0 rg BT 446.72 344.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 482.39 344.25 Td (secure ) Tj ET Q q 0 0 0 rg BT 511.94 344.25 Td (transmission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 97.34 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.08 332.25 Td (protect ) Tj ET Q q 0 0 0 rg BT 144.14 332.25 Td (against ) Tj ET Q q 0 0 0 rg BT 174.76 332.25 Td (these ) Tj ET Q q 0 0 0 rg BT 197.61 332.25 Td (events, ) Tj ET Q q 0 0 0 rg BT 227.96 332.25 Td (but ) Tj ET Q q 0 0 0 rg BT 243.04 332.25 Td (we ) Tj ET Q q 0 0 0 rg BT 257.00 332.25 Td (do ) Tj ET Q q 0 0 0 rg BT 269.29 332.25 Td (not ) Tj ET Q q 0 0 0 rg BT 284.37 332.25 Td (have, ) Tj ET Q q 0 0 0 rg BT 308.05 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 324.79 332.25 Td (may ) Tj ET Q q 0 0 0 rg BT 344.30 332.25 Td (be ) Tj ET Q q 0 0 0 rg BT 356.04 332.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 385.00 332.25 Td (to ) Tj ET Q q 0 0 0 rg BT 395.08 332.25 Td (put ) Tj ET Q q 0 0 0 rg BT 410.15 332.25 Td (in ) Tj ET Q q 0 0 0 rg BT 420.23 332.25 Td (place, ) Tj ET Q q 0 0 0 rg BT 446.13 332.25 Td (secure ) Tj ET Q q 0 0 0 rg BT 473.96 332.25 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 521.80 332.25 Td (with ) Tj ET Q q 0 0 0 rg BT 541.88 332.25 Td (all ) Tj ET Q q 0 0 0 rg BT 554.17 332.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (these ) Tj ET Q q 0 0 0 rg BT 73.52 320.25 Td (third ) Tj ET Q q 0 0 0 rg BT 95.89 320.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 126.02 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 143.94 320.25 Td (we ) Tj ET Q q 0 0 0 rg BT 159.08 320.25 Td (may ) Tj ET Q q 0 0 0 rg BT 179.77 320.25 Td (not ) Tj ET Q q 0 0 0 rg BT 196.03 320.25 Td (be ) Tj ET Q q 0 0 0 rg BT 208.95 320.25 Td (able ) Tj ET Q q 0 0 0 rg BT 229.08 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 240.33 320.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 269.91 320.25 Td (that ) Tj ET Q q 0 0 0 rg BT 288.38 320.25 Td (these ) Tj ET Q q 0 0 0 rg BT 312.41 320.25 Td (third ) Tj ET Q q 0 0 0 rg BT 334.77 320.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 364.91 320.25 Td (have ) Tj ET Q q 0 0 0 rg BT 387.26 320.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 436.27 320.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 471.97 320.25 Td (in ) Tj ET Q q 0 0 0 rg BT 483.22 320.25 Td (place ) Tj ET Q q 0 0 0 rg BT 507.80 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 519.05 320.25 Td (protect ) Tj ET Q q 0 0 0 rg BT 550.29 320.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (confidentiality ) Tj ET Q q 0 0 0 rg BT 111.10 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 122.71 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 138.21 308.25 Td (information. ) Tj ET Q q 0 0 0 rg BT 191.21 308.25 Td (If ) Tj ET Q q 0 0 0 rg BT 201.15 308.25 Td (one ) Tj ET Q q 0 0 0 rg BT 218.87 308.25 Td (or ) Tj ET Q q 0 0 0 rg BT 230.48 308.25 Td (more ) Tj ET Q q 0 0 0 rg BT 254.31 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.92 308.25 Td (such ) Tj ET Q q 0 0 0 rg BT 287.54 308.25 Td (events ) Tj ET Q q 0 0 0 rg BT 316.37 308.25 Td (occur) Tj ET Q q 0 0 0 rg BT 338.17 308.25 Td (, ) Tj ET Q q 0 0 0 rg BT 343.96 308.25 Td (this ) Tj ET Q q 0 0 0 rg BT 361.69 308.25 Td (potentially ) Tj ET Q q 0 0 0 rg BT 407.74 308.25 Td (could ) Tj ET Q q 0 0 0 rg BT 433.24 308.25 Td (jeopardize ) Tj ET Q q 0 0 0 rg BT 478.16 308.25 Td (our ) Tj ET Q q 0 0 0 rg BT 494.77 308.25 Td (or ) Tj ET Q q 0 0 0 rg BT 506.39 308.25 Td (our ) Tj ET Q q 0 0 0 rg BT 523.00 308.25 Td (clients' ) Tj ET Q q 0 0 0 rg BT 554.19 308.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 110.99 296.25 Td (confidential ) Tj ET Q q 0 0 0 rg BT 161.80 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 179.29 296.25 Td (other ) Tj ET Q q 0 0 0 rg BT 202.89 296.25 Td (information ) Tj ET Q q 0 0 0 rg BT 253.16 296.25 Td (processed ) Tj ET Q q 0 0 0 rg BT 295.64 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 313.13 296.25 Td (stored ) Tj ET Q q 0 0 0 rg BT 340.62 296.25 Td (in, ) Tj ET Q q 0 0 0 rg BT 353.95 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 371.44 296.25 Td (transmitted ) Tj ET Q q 0 0 0 rg BT 419.48 296.25 Td (through, ) Tj ET Q q 0 0 0 rg BT 456.14 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 472.52 296.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 513.34 296.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 548.06 296.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (networks, ) Tj ET Q q 0 0 0 rg BT 90.82 284.25 Td (or ) Tj ET Q q 0 0 0 rg BT 101.31 284.25 Td (those ) Tj ET Q q 0 0 0 rg BT 124.58 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 135.07 284.25 Td (third ) Tj ET Q q 0 0 0 rg BT 156.12 284.25 Td (parties, ) Tj ET Q q 0 0 0 rg BT 187.43 284.25 Td (or ) Tj ET Q q 0 0 0 rg BT 197.93 284.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 238.96 284.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 263.33 284.25 Td (interruptions ) Tj ET Q q 0 0 0 rg BT 316.59 284.25 Td (or ) Tj ET Q q 0 0 0 rg BT 327.09 284.25 Td (malfunctions ) Tj ET Q q 0 0 0 rg BT 381.46 284.25 Td (in ) Tj ET Q q 0 0 0 rg BT 391.40 284.25 Td (our) Tj ET Q q 0 0 0 rg BT 404.33 284.25 Td (, ) Tj ET Q q 0 0 0 rg BT 408.99 284.25 Td (our ) Tj ET Q q 0 0 0 rg BT 424.48 284.25 Td (clients', ) Tj ET Q q 0 0 0 rg BT 457.04 284.25 Td (our ) Tj ET Q q 0 0 0 rg BT 472.53 284.25 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 533.14 284.25 Td (or ) Tj ET Q q 0 0 0 rg BT 543.63 284.25 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (parties' ) Tj ET Q q 0 0 0 rg BT 79.30 272.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 124.71 272.25 Td (W) Tj ET Q q 0 0 0 rg BT 133.34 272.25 Td (e ) Tj ET Q q 0 0 0 rg BT 139.13 272.25 Td (may ) Tj ET Q q 0 0 0 rg BT 157.69 272.25 Td (be ) Tj ET Q q 0 0 0 rg BT 168.47 272.25 Td (required ) Tj ET Q q 0 0 0 rg BT 203.13 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 212.26 272.25 Td (expend ) Tj ET Q q 0 0 0 rg BT 242.48 272.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 286.04 272.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 327.37 272.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 366.48 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 375.60 272.25 Td (modify ) Tj ET Q q 0 0 0 rg BT 405.83 272.25 Td (our ) Tj ET Q q 0 0 0 rg BT 420.51 272.25 Td (protective ) Tj ET Q q 0 0 0 rg BT 461.83 272.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 500.38 272.25 Td (or ) Tj ET Q q 0 0 0 rg BT 510.06 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 519.18 272.25 Td (investigate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.78 260.25 Td (remediate ) Tj ET Q q 0 0 0 rg BT 109.04 260.25 Td (vulnerabilities ) Tj ET Q q 0 0 0 rg BT 169.09 260.25 Td (or ) Tj ET Q q 0 0 0 rg BT 180.27 260.25 Td (other ) Tj ET Q q 0 0 0 rg BT 203.66 260.25 Td (exposures, ) Tj ET Q q 0 0 0 rg BT 248.99 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 266.27 260.25 Td (we ) Tj ET Q q 0 0 0 rg BT 280.78 260.25 Td (may ) Tj ET Q q 0 0 0 rg BT 300.84 260.25 Td (be ) Tj ET Q q 0 0 0 rg BT 313.12 260.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 344.29 260.25 Td (to ) Tj ET Q q 0 0 0 rg BT 354.91 260.25 Td (reputational ) Tj ET Q q 0 0 0 rg BT 405.51 260.25 Td (harm ) Tj ET Q q 0 0 0 rg BT 428.90 260.25 Td (as ) Tj ET Q q 0 0 0 rg BT 440.07 260.25 Td (well ) Tj ET Q q 0 0 0 rg BT 460.13 260.25 Td (as ) Tj ET Q q 0 0 0 rg BT 471.31 260.25 Td (litigation ) Tj ET Q q 0 0 0 rg BT 510.26 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 527.54 260.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 75.89 248.25 Td (that ) Tj ET Q q 0 0 0 rg BT 93.39 248.25 Td (are ) Tj ET Q q 0 0 0 rg BT 108.09 248.25 Td (either ) Tj ET Q q 0 0 0 rg BT 133.36 248.25 Td (not ) Tj ET Q q 0 0 0 rg BT 148.64 248.25 Td (insured ) Tj ET Q q 0 0 0 rg BT 180.57 248.25 Td (against ) Tj ET Q q 0 0 0 rg BT 211.40 248.25 Td (or ) Tj ET Q q 0 0 0 rg BT 222.23 248.25 Td (not ) Tj ET Q q 0 0 0 rg BT 237.51 248.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 258.89 248.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 293.04 248.25 Td (through ) Tj ET Q q 0 0 0 rg BT 326.65 248.25 Td (any ) Tj ET Q q 0 0 0 rg BT 343.59 248.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 384.40 248.25 Td (maintained ) Tj ET Q q 0 0 0 rg BT 431.33 248.25 Td (by ) Tj ET Q q 0 0 0 rg BT 443.83 248.25 Td (us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 58.49 224.25 Td (disruption ) Tj ET Q q 0 0 0 rg BT 101.36 224.25 Td (in ) Tj ET Q q 0 0 0 rg BT 111.46 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.99 224.25 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 182.17 224.25 Td (that ) Tj ET Q q 0 0 0 rg BT 199.48 224.25 Td (supports ) Tj ET Q q 0 0 0 rg BT 235.69 224.25 Td (our ) Tj ET Q q 0 0 0 rg BT 251.34 224.25 Td (business ) Tj ET Q q 0 0 0 rg BT 287.54 224.25 Td (due ) Tj ET Q q 0 0 0 rg BT 304.30 224.25 Td (to ) Tj ET Q q 0 0 0 rg BT 314.40 224.25 Td (fire, ) Tj ET Q q 0 0 0 rg BT 333.09 224.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 363.17 224.25 Td (disaster) Tj ET Q q 0 0 0 rg BT 393.32 224.25 Td (, ) Tj ET Q q 0 0 0 rg BT 398.13 224.25 Td (health ) Tj ET Q q 0 0 0 rg BT 424.88 224.25 Td (emer) Tj ET Q q 0 0 0 rg BT 444.69 224.25 Td (gency ) Tj ET Q q 0 0 0 rg BT 470.88 224.25 Td (\(for ) Tj ET Q q 0 0 0 rg BT 488.19 224.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 526.88 224.25 Td (a ) Tj ET Q q 0 0 0 rg BT 533.63 224.25 Td (disease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (pandemic\), ) Tj ET Q q 0 0 0 rg BT 96.47 212.25 Td (power ) Tj ET Q q 0 0 0 rg BT 123.73 212.25 Td (or ) Tj ET Q q 0 0 0 rg BT 134.32 212.25 Td (communication ) Tj ET Q q 0 0 0 rg BT 198.80 212.25 Td (failure, ) Tj ET Q q 0 0 0 rg BT 229.66 212.25 Td (act ) Tj ET Q q 0 0 0 rg BT 243.58 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.18 212.25 Td (terrorism ) Tj ET Q q 0 0 0 rg BT 293.10 212.25 Td (or ) Tj ET Q q 0 0 0 rg BT 303.70 212.25 Td (war ) Tj ET Q q 0 0 0 rg BT 320.96 212.25 Td (may ) Tj ET Q q 0 0 0 rg BT 340.44 212.25 Td (af) Tj ET Q q 0 0 0 rg BT 348.03 212.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 365.28 212.25 Td (our ) Tj ET Q q 0 0 0 rg BT 380.88 212.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 408.70 212.25 Td (to ) Tj ET Q q 0 0 0 rg BT 418.74 212.25 Td (service ) Tj ET Q q 0 0 0 rg BT 449.32 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 466.03 212.25 Td (interact ) Tj ET Q q 0 0 0 rg BT 498.28 212.25 Td (with ) Tj ET Q q 0 0 0 rg BT 518.32 212.25 Td (our ) Tj ET Q q 0 0 0 rg BT 533.92 212.25 Td (clients. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (If ) Tj ET Q q 0 0 0 rg BT 58.66 200.25 Td (we ) Tj ET Q q 0 0 0 rg BT 72.82 200.25 Td (are ) Tj ET Q q 0 0 0 rg BT 87.53 200.25 Td (not ) Tj ET Q q 0 0 0 rg BT 102.81 200.25 Td (able ) Tj ET Q q 0 0 0 rg BT 121.96 200.25 Td (to ) Tj ET Q q 0 0 0 rg BT 132.24 200.25 Td (implement ) Tj ET Q q 0 0 0 rg BT 177.51 200.25 Td (contingency ) Tj ET Q q 0 0 0 rg BT 228.88 200.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 252.49 200.25 Td (ef) Tj ET Q q 0 0 0 rg BT 260.08 200.25 Td (fectively) Tj ET Q q 0 0 0 rg BT 294.41 200.25 Td (, ) Tj ET Q q 0 0 0 rg BT 299.41 200.25 Td (any ) Tj ET Q q 0 0 0 rg BT 316.35 200.25 Td (such ) Tj ET Q q 0 0 0 rg BT 337.18 200.25 Td (disruption ) Tj ET Q q 0 0 0 rg BT 380.23 200.25 Td (could ) Tj ET Q q 0 0 0 rg BT 404.95 200.25 Td (harm ) Tj ET Q q 0 0 0 rg BT 428.00 200.25 Td (our ) Tj ET Q q 0 0 0 rg BT 443.83 200.25 Td (results ) Tj ET Q q 0 0 0 rg BT 472.43 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 483.26 200.25 Td (operations. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (Legislative ) Tj ET Q q 0 0 0 rg BT 96.43 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.49 176.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 159.77 176.25 Td (proposals ) Tj ET Q q 0 0 0 rg BT 201.72 176.25 Td (could ) Tj ET Q q 0 0 0 rg BT 227.00 176.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 280.61 176.25 Td (curtail ) Tj ET Q q 0 0 0 rg BT 310.34 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 325.62 176.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 360.89 176.25 Td (from ) Tj ET Q q 0 0 0 rg BT 383.39 176.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 414.77 176.25 Td (products ) Tj ET Q q 0 0 0 rg BT 452.83 176.25 Td (that ) Tj ET Q q 0 0 0 rg BT 471.45 176.25 Td (we ) Tj ET Q q 0 0 0 rg BT 485.06 176.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 525.34 176.25 Td (provide.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (Proposed ) Tj ET Q q 0 0 0 rg BT 88.82 152.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 123.12 152.25 Td (in ) Tj ET Q q 0 0 0 rg BT 132.99 152.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 153.42 152.25 Td (or ) Tj ET Q q 0 0 0 rg BT 163.84 152.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 210.37 152.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 243.01 152.25 Td (to ) Tj ET Q q 0 0 0 rg BT 252.88 152.25 Td (our ) Tj ET Q q 0 0 0 rg BT 268.30 152.25 Td (business ) Tj ET Q q 0 0 0 rg BT 304.29 152.25 Td (could ) Tj ET Q q 0 0 0 rg BT 328.60 152.25 Td (decrease, ) Tj ET Q q 0 0 0 rg BT 367.61 152.25 Td (perhaps ) Tj ET Q q 0 0 0 rg BT 400.80 152.25 Td (significantly) Tj ET Q q 0 0 0 rg BT 450.14 152.25 Td (, ) Tj ET Q q 0 0 0 rg BT 454.74 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.05 152.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 502.79 152.25 Td (that ) Tj ET Q q 0 0 0 rg BT 519.88 152.25 Td (we ) Tj ET Q q 0 0 0 rg BT 533.64 152.25 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (from ) Tj ET Q q 0 0 0 rg BT 72.72 140.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 103.71 140.25 Td (products ) Tj ET Q q 0 0 0 rg BT 141.94 140.25 Td (or ) Tj ET Q q 0 0 0 rg BT 154.05 140.25 Td (services ) Tj ET Q q 0 0 0 rg BT 190.05 140.25 Td (that ) Tj ET Q q 0 0 0 rg BT 208.83 140.25 Td (we ) Tj ET Q q 0 0 0 rg BT 224.27 140.25 Td (provide. ) Tj ET Q q 0 0 0 rg BT 261.11 140.25 Td (For ) Tj ET Q q 0 0 0 rg BT 278.79 140.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 318.94 140.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 350.48 140.25 Td (law ) Tj ET Q q 0 0 0 rg BT 368.71 140.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 408.59 140.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 438.48 140.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 478.38 140.25 Td (in ) Tj ET Q q 0 0 0 rg BT 489.94 140.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 510.94 140.25 Td (issuances ) Tj ET Q q 0 0 0 rg BT 552.50 140.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (government ) Tj ET Q q 0 0 0 rg BT 99.18 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.54 128.25 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 158.01 128.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 188.81 128.25 Td (to ) Tj ET Q q 0 0 0 rg BT 198.51 128.25 Td (exclude ) Tj ET Q q 0 0 0 rg BT 231.53 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.66 128.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 267.58 128.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 298.94 128.25 Td (for ) Tj ET Q q 0 0 0 rg BT 312.52 128.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 342.19 128.25 Td (income ) Tj ET Q q 0 0 0 rg BT 373.55 128.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 387.68 128.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 427.66 128.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 464.57 128.25 Td (in ) Tj ET Q q 0 0 0 rg BT 474.27 128.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 498.96 128.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 530.31 128.25 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.63 116.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.31 116.25 Td (issuer ) Tj ET Q q 0 0 0 rg BT 104.10 116.25 Td (as ) Tj ET Q q 0 0 0 rg BT 114.90 116.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 156.79 116.25 Td (to ) Tj ET Q q 0 0 0 rg BT 167.03 116.25 Td (a ) Tj ET Q q 0 0 0 rg BT 173.94 116.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 205.28 116.25 Td (financing. ) Tj ET Q q 0 0 0 rg BT 248.01 116.25 Td (In ) Tj ET Q q 0 0 0 rg BT 258.80 116.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 285.69 116.25 Td (years, ) Tj ET Q q 0 0 0 rg BT 311.76 116.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 341.98 116.25 Td (lawmakers ) Tj ET Q q 0 0 0 rg BT 387.76 116.25 Td (have ) Tj ET Q q 0 0 0 rg BT 409.10 116.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 449.88 116.25 Td (various ) Tj ET Q q 0 0 0 rg BT 481.79 116.25 Td (proposals ) Tj ET Q q 0 0 0 rg BT 522.58 116.25 Td (to ) Tj ET Q q 0 0 0 rg BT 532.83 116.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 554.18 116.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (eliminate ) Tj ET Q q 0 0 0 rg BT 88.62 104.25 Td (the ) Tj ET Q q 0 0 0 rg BT 102.75 104.25 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 149.65 104.25 Td (status ) Tj ET Q q 0 0 0 rg BT 174.34 104.25 Td (of ) Tj ET Q q 0 0 0 rg BT 184.59 104.25 Td (this ) Tj ET Q q 0 0 0 rg BT 200.95 104.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 222.87 104.25 Td (interest. ) Tj ET Q q 0 0 0 rg BT 256.72 104.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 274.19 104.25 Td (public ) Tj ET Q q 0 0 0 rg BT 301.10 104.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 332.44 104.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 378.23 104.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 412.37 104.25 Td (business ) Tj ET Q q 0 0 0 rg BT 448.17 104.25 Td (receives ) Tj ET Q q 0 0 0 rg BT 482.84 104.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 526.97 104.25 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.73 92.25 Td (a ) Tj ET Q q 0 0 0 rg BT 68.07 92.25 Td (result ) Tj ET Q q 0 0 0 rg BT 93.18 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 104.41 92.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 158.97 92.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 191.86 92.25 Td (in ) Tj ET Q q 0 0 0 rg BT 202.54 92.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 249.31 92.25 Td (with ) Tj ET Q q 0 0 0 rg BT 269.98 92.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 290.10 92.25 Td (issuances ) Tj ET Q q 0 0 0 rg BT 330.77 92.25 Td (by ) Tj ET Q q 0 0 0 rg BT 343.67 92.25 Td (government ) Tj ET Q q 0 0 0 rg BT 394.33 92.25 Td (and ) Tj ET Q q 0 0 0 rg BT 411.67 92.25 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 455.12 92.25 Td (clients, ) Tj ET Q q 0 0 0 rg BT 486.62 92.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 526.73 92.25 Td (on ) Tj ET Q q 0 0 0 rg BT 539.63 92.25 Td (a ) Tj ET Q q 0 0 0 rg BT 546.97 92.25 Td (tax-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (exempt ) Tj ET Q q 0 0 0 rg BT 82.24 80.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 107.31 80.25 Td (Also, ) Tj ET Q q 0 0 0 rg BT 132.00 80.25 Td (a ) Tj ET Q q 0 0 0 rg BT 139.74 80.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 185.26 80.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 231.86 80.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.49 80.25 Td (our ) Tj ET Q q 0 0 0 rg BT 260.13 80.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 301.19 80.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 342.82 80.25 Td ( ) Tj ET Q q 0 0 0 rg BT 356.12 80.25 Td (both ) Tj ET Q q 0 0 0 rg BT 377.20 80.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 416.62 80.25 Td (held ) Tj ET Q q 0 0 0 rg BT 437.14 80.25 Td (for ) Tj ET Q q 0 0 0 rg BT 452.10 80.25 Td (client ) Tj ET Q q 0 0 0 rg BT 477.62 80.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 510.91 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 528.65 80.25 Td (our ) Tj ET Q q 0 0 0 rg BT 545.28 80.25 Td (own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 96.71 68.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 127.82 68.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 166.72 68.25 Td ( ) Tj ET Q q 0 0 0 rg BT 179.51 68.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 210.07 68.25 Td (of ) Tj ET Q q 0 0 0 rg BT 221.19 68.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 263.97 68.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 306.40 68.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 326.41 68.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 366.96 68.25 Td (or ) Tj ET Q q 0 0 0 rg BT 378.07 68.25 Td (elimination ) Tj ET Q q 0 0 0 rg BT 426.40 68.25 Td (of ) Tj ET Q q 0 0 0 rg BT 437.52 68.25 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 485.29 68.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 508.07 68.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 540.29 68.25 Td (could ) 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 (negatively ) Tj ET Q q 0 0 0 rg BT 93.14 740.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 122.34 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.55 740.10 Td (value ) Tj ET Q q 0 0 0 rg BT 160.20 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.52 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.73 740.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 226.71 740.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 266.46 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 280.12 740.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 299.89 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 309.66 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 324.98 740.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 364.73 740.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 405.05 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 415.37 740.10 Td (well ) Tj ET Q q 0 0 0 rg BT 434.58 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 444.90 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 460.22 740.10 Td (public ) Tj ET Q q 0 0 0 rg BT 487.21 740.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 518.62 740.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 84.22 728.10 Td (business ) Tj ET Q q 0 0 0 rg BT 120.61 728.10 Td (more ) Tj ET Q q 0 0 0 rg BT 143.66 728.10 Td (generally) Tj ET Q q 0 0 0 rg BT 180.21 728.10 Td (, ) Tj ET Q q 0 0 0 rg BT 185.21 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 212.15 728.10 Td (would ) Tj ET Q q 0 0 0 rg BT 239.65 728.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 283.80 728.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 313.51 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.23 728.10 Td (results ) Tj ET Q q 0 0 0 rg BT 356.83 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.66 728.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 411.82 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 425.98 728.10 Td (these ) Tj ET Q q 0 0 0 rg BT 449.03 728.10 Td (businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 52.00 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 54.50 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 57.00 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.50 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.00 716.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.67 704.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 108.40 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.67 704.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 141.17 704.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 174.78 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 183.95 704.10 Td (significant, ) Tj ET Q q 0 0 0 rg BT 232.84 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.91 704.10 Td (could ) Tj ET Q q 0 0 0 rg BT 276.18 704.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 295.90 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.18 704.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 353.70 704.10 Td (damages.) 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 65.54 680.10 Td (face ) Tj ET Q q 0 0 0 rg BT 85.15 680.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 130.32 680.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 152.72 680.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 174.57 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 185.31 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 201.61 680.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 249.08 680.10 Td (These ) Tj ET Q q 0 0 0 rg BT 275.92 680.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 297.77 680.10 Td (include ) Tj ET Q q 0 0 0 rg BT 330.17 680.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 368.12 680.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 402.19 680.10 Td (under ) Tj ET Q q 0 0 0 rg BT 427.92 680.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 468.65 680.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 489.94 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 507.35 680.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 554.74 680.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 96.58 668.10 Td (with ) Tj ET Q q 0 0 0 rg BT 117.56 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 134.10 668.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 163.95 668.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 201.31 668.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 223.96 668.10 Td (management ) Tj ET Q q 0 0 0 rg BT 278.25 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.90 668.10 Td (other ) Tj ET Q q 0 0 0 rg BT 319.65 668.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 367.34 668.10 Td (The ) Tj ET Q q 0 0 0 rg BT 386.10 668.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 419.30 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.94 668.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 470.14 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.68 668.10 Td (damages ) Tj ET Q q 0 0 0 rg BT 519.87 668.10 Td (claimed ) Tj ET Q q 0 0 0 rg BT 554.73 668.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 91.52 656.10 Td (arbitrations, ) Tj ET Q q 0 0 0 rg BT 142.97 656.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 187.47 656.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 240.85 656.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 272.58 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.43 656.10 Td (other ) Tj ET Q q 0 0 0 rg BT 314.38 656.10 Td (adversarial ) Tj ET Q q 0 0 0 rg BT 361.65 656.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 413.38 656.10 Td (against ) Tj ET Q q 0 0 0 rg BT 445.11 656.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 483.50 656.10 Td (services ) Tj ET Q q 0 0 0 rg BT 519.11 656.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 543.63 656.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 89.56 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 99.64 644.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 126.37 644.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 152.27 644.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 170.13 644.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 215.73 644.10 Td (has ) Tj ET Q q 0 0 0 rg BT 231.36 644.10 Td (been ) Tj ET Q q 0 0 0 rg BT 252.54 644.10 Td (that ) Tj ET Q q 0 0 0 rg BT 269.84 644.10 Td (adversarial ) Tj ET Q q 0 0 0 rg BT 316.01 644.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 366.63 644.10 Td (against ) Tj ET Q q 0 0 0 rg BT 397.26 644.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 434.54 644.10 Td (services ) Tj ET Q q 0 0 0 rg BT 469.05 644.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 492.46 644.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 529.76 644.10 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (during ) Tj ET Q q 0 0 0 rg BT 77.27 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.37 632.10 Td (following ) Tj ET Q q 0 0 0 rg BT 133.92 632.10 Td (a ) Tj ET Q q 0 0 0 rg BT 140.02 632.10 Td (market ) Tj ET Q q 0 0 0 rg BT 169.44 632.10 Td (downturn. ) Tj ET Q q 0 0 0 rg BT 211.82 632.10 Td (W) Tj ET Q q 0 0 0 rg BT 220.45 632.10 Td (e ) Tj ET Q q 0 0 0 rg BT 226.55 632.10 Td (also ) Tj ET Q q 0 0 0 rg BT 244.32 632.10 Td (are ) Tj ET Q q 0 0 0 rg BT 258.19 632.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 288.18 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.62 632.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 325.38 632.10 Td (from ) Tj ET Q q 0 0 0 rg BT 346.48 632.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 380.92 632.10 Td (with ) Tj ET Q q 0 0 0 rg BT 400.36 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 415.36 632.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 459.78 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.88 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 490.87 632.10 Td (former ) Tj ET Q q 0 0 0 rg BT 519.74 632.10 Td (employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (under ) Tj ET Q q 0 0 0 rg BT 74.88 620.10 Td (various ) Tj ET Q q 0 0 0 rg BT 106.92 620.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 168.67 620.10 Td (Risks ) Tj ET Q q 0 0 0 rg BT 193.51 620.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 237.22 620.10 Td (with ) Tj ET Q q 0 0 0 rg BT 257.60 620.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 279.65 620.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 313.36 620.10 Td (often ) Tj ET Q q 0 0 0 rg BT 336.52 620.10 Td (are ) Tj ET Q q 0 0 0 rg BT 351.34 620.10 Td (dif) Tj ET Q q 0 0 0 rg BT 362.26 620.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 385.98 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.36 620.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 423.42 620.10 Td (or ) Tj ET Q q 0 0 0 rg BT 434.35 620.10 Td (quantify ) Tj ET Q q 0 0 0 rg BT 470.29 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.34 620.10 Td (their ) Tj ET Q q 0 0 0 rg BT 508.27 620.10 Td (existence ) Tj ET Q q 0 0 0 rg BT 548.08 620.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 93.56 608.10 Td (can ) Tj ET Q q 0 0 0 rg BT 109.29 608.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 138.90 608.10 Td (unknown ) Tj ET Q q 0 0 0 rg BT 177.97 608.10 Td (for ) Tj ET Q q 0 0 0 rg BT 191.48 608.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 235.54 608.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 266.82 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.00 608.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 299.12 608.10 Td (making ) Tj ET Q q 0 0 0 rg BT 330.96 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.03 608.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 376.87 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.05 608.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 408.33 608.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 442.94 608.10 Td (related ) Tj ET Q q 0 0 0 rg BT 471.99 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.62 608.10 Td (these ) Tj ET Q q 0 0 0 rg BT 504.01 608.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 525.29 608.10 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 596.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 83.98 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.21 596.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 136.64 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.52 596.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 184.30 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.52 596.10 Td (future ) Tj ET Q q 0 0 0 rg BT 220.85 596.10 Td (revision. ) Tj ET Q q 0 0 0 rg BT 258.02 596.10 Td (Legal ) Tj ET Q q 0 0 0 rg BT 283.23 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 294.01 596.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 337.55 596.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 369.43 596.10 Td (involving ) Tj ET Q q 0 0 0 rg BT 410.22 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 425.99 596.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 465.93 596.10 Td (of) Tj ET Q q 0 0 0 rg BT 474.08 596.10 Td (ficers ) Tj ET Q q 0 0 0 rg BT 498.73 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 509.51 596.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 554.72 596.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (their ) Tj ET Q q 0 0 0 rg BT 70.19 584.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 113.10 584.10 Td (capacities ) Tj ET Q q 0 0 0 rg BT 154.89 584.10 Td (also ) Tj ET Q q 0 0 0 rg BT 173.36 584.10 Td (may ) Tj ET Q q 0 0 0 rg BT 192.94 584.10 Td (create ) Tj ET Q q 0 0 0 rg BT 219.16 584.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 257.63 584.10 Td (for ) Tj ET Q q 0 0 0 rg BT 271.65 584.10 Td (us ) Tj ET Q q 0 0 0 rg BT 282.90 584.10 Td (because ) Tj ET Q q 0 0 0 rg BT 316.91 584.10 Td (we ) Tj ET Q q 0 0 0 rg BT 330.94 584.10 Td (may ) Tj ET Q q 0 0 0 rg BT 350.52 584.10 Td (be ) Tj ET Q q 0 0 0 rg BT 362.32 584.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 401.89 584.10 Td (or ) Tj ET Q q 0 0 0 rg BT 412.59 584.10 Td (may ) Tj ET Q q 0 0 0 rg BT 432.17 584.10 Td (choose ) Tj ET Q q 0 0 0 rg BT 462.30 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 472.44 584.10 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 515.91 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.49 584.10 Td (af) Tj ET Q q 0 0 0 rg BT 538.07 584.10 Td (fected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 96.94 572.10 Td (against ) Tj ET Q q 0 0 0 rg BT 128.26 572.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 168.47 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.91 572.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 225.00 572.10 Td (they ) Tj ET Q q 0 0 0 rg BT 245.21 572.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 268.76 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 279.53 572.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 326.40 572.10 Td (with ) Tj ET Q q 0 0 0 rg BT 347.17 572.10 Td (such ) Tj ET Q q 0 0 0 rg BT 368.50 572.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 400.93 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.70 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.91 572.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 454.34 572.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 495.66 572.10 Td (under ) Tj ET Q q 0 0 0 rg BT 521.42 572.10 Td (applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (law) Tj ET Q q 0 0 0 rg BT 63.29 560.10 Td (. ) Tj ET Q q 0 0 0 rg BT 69.41 560.10 Td (In ) Tj ET Q q 0 0 0 rg BT 81.36 560.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 120.26 560.10 Td (like ) Tj ET Q q 0 0 0 rg BT 138.88 560.10 Td (other ) Tj ET Q q 0 0 0 rg BT 163.04 560.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.65 560.10 Td (services ) Tj ET Q q 0 0 0 rg BT 237.48 560.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 286.36 560.10 Td (we ) Tj ET Q q 0 0 0 rg BT 301.64 560.10 Td (may ) Tj ET Q q 0 0 0 rg BT 322.48 560.10 Td (face ) Tj ET Q q 0 0 0 rg BT 342.75 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.59 560.10 Td (possibility ) Tj ET Q q 0 0 0 rg BT 403.89 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.84 560.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 458.33 560.10 Td (fraud ) Tj ET Q q 0 0 0 rg BT 483.05 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 495.01 560.10 Td (misconduct. ) Tj ET Q q 0 0 0 rg BT 546.97 560.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (precautions ) Tj ET Q q 0 0 0 rg BT 97.93 548.10 Td (we ) Tj ET Q q 0 0 0 rg BT 111.93 548.10 Td (take ) Tj ET Q q 0 0 0 rg BT 130.93 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.05 548.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 173.37 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.15 548.10 Td (detect ) Tj ET Q q 0 0 0 rg BT 216.37 548.10 Td (this ) Tj ET Q q 0 0 0 rg BT 233.15 548.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 265.48 548.10 Td (may ) Tj ET Q q 0 0 0 rg BT 285.04 548.10 Td (not ) Tj ET Q q 0 0 0 rg BT 300.16 548.10 Td (be ) Tj ET Q q 0 0 0 rg BT 311.94 548.10 Td (ef) Tj ET Q q 0 0 0 rg BT 319.53 548.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 349.07 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 359.19 548.10 Td (all ) Tj ET Q q 0 0 0 rg BT 371.52 548.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 394.96 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.74 548.10 Td (there ) Tj ET Q q 0 0 0 rg BT 434.07 548.10 Td (can ) Tj ET Q q 0 0 0 rg BT 450.28 548.10 Td (be ) Tj ET Q q 0 0 0 rg BT 462.06 548.10 Td (no ) Tj ET Q q 0 0 0 rg BT 474.40 548.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 515.61 548.10 Td (that ) Tj ET Q q 0 0 0 rg BT 532.95 548.10 Td (we ) Tj ET Q q 0 0 0 rg BT 546.95 548.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.43 536.10 Td (able ) Tj ET Q q 0 0 0 rg BT 80.58 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.85 536.10 Td (deter ) Tj ET Q q 0 0 0 rg BT 113.33 536.10 Td (or ) Tj ET Q q 0 0 0 rg BT 124.15 536.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 156.63 536.10 Td (fraud ) Tj ET Q q 0 0 0 rg BT 180.22 536.10 Td (or ) Tj ET Q q 0 0 0 rg BT 191.04 536.10 Td (misconduct. ) Tj ET Q q 0 0 0 rg BT 242.14 536.10 Td (Exposures ) Tj ET Q q 0 0 0 rg BT 286.29 536.10 Td (from ) Tj ET Q q 0 0 0 rg BT 308.22 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.15 536.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 363.75 536.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 399.55 536.10 Td (related ) Tj ET Q q 0 0 0 rg BT 429.25 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 439.52 536.10 Td (any ) Tj ET Q q 0 0 0 rg BT 456.45 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.27 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.98 536.10 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 523.35 536.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 554.17 536.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 99.15 524.10 Td (could ) Tj ET Q q 0 0 0 rg BT 122.70 524.10 Td (have ) Tj ET Q q 0 0 0 rg BT 142.92 524.10 Td (a ) Tj ET Q q 0 0 0 rg BT 148.69 524.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 183.90 524.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 212.44 524.10 Td (on ) Tj ET Q q 0 0 0 rg BT 223.78 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 238.45 524.10 Td (results ) Tj ET Q q 0 0 0 rg BT 265.89 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.55 524.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 318.55 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.32 524.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 370.64 524.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 412.24 524.10 Td (In ) Tj ET Q q 0 0 0 rg BT 421.91 524.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 458.52 524.10 Td (future ) Tj ET Q q 0 0 0 rg BT 483.73 524.10 Td (results ) Tj ET Q q 0 0 0 rg BT 511.17 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.84 524.10 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (could ) Tj ET Q q 0 0 0 rg BT 73.42 512.10 Td (be ) Tj ET Q q 0 0 0 rg BT 84.55 512.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 124.57 512.10 Td (af) Tj ET Q q 0 0 0 rg BT 132.16 512.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 158.28 512.10 Td (if ) Tj ET Q q 0 0 0 rg BT 166.09 512.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 200.54 512.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 232.79 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.26 512.10 Td (these ) Tj ET Q q 0 0 0 rg BT 264.51 512.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 285.64 512.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 324.56 512.10 Td (are ) Tj ET Q q 0 0 0 rg BT 338.46 512.10 Td (required ) Tj ET Q q 0 0 0 rg BT 373.48 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.96 512.10 Td (be ) Tj ET Q q 0 0 0 rg BT 394.09 512.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 433.55 512.10 Td (or ) Tj ET Q q 0 0 0 rg BT 443.58 512.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 464.71 512.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 514.72 512.10 Td (are ) Tj ET Q q 0 0 0 rg BT 528.63 512.10 Td (resolved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 500.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 88.38 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.21 500.10 Td (established ) Tj ET Q q 0 0 0 rg BT 146.14 500.10 Td (reserves.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.80 476.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 105.33 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.73 476.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 149.47 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.66 476.10 Td (address ) Tj ET Q q 0 0 0 rg BT 201.40 476.10 Td (actual, ) Tj ET Q q 0 0 0 rg BT 232.09 476.10 Td (potential, ) Tj ET Q q 0 0 0 rg BT 273.33 476.10 Td (or ) Tj ET Q q 0 0 0 rg BT 284.85 476.10 Td (perceived ) Tj ET Q q 0 0 0 rg BT 326.34 476.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 363.97 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.92 476.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 408.11 476.10 Td (may ) Tj ET Q q 0 0 0 rg BT 427.96 476.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 472.24 476.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 502.64 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 519.72 476.10 Td (reputation ) Tj ET Q BT /F4 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 67.56 464.10 Td (have ) Tj ET Q q 0 0 0 rg BT 89.50 464.10 Td (a ) Tj ET Q q 0 0 0 rg BT 97.00 464.10 Td (material ) Tj ET Q q 0 0 0 rg BT 133.94 464.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 167.54 464.10 Td (ef) Tj ET Q q 0 0 0 rg BT 175.13 464.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 192.62 464.10 Td (on ) Tj ET Q q 0 0 0 rg BT 205.68 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 222.63 464.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 440.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.90 440.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 103.31 440.10 Td (address ) Tj ET Q q 0 0 0 rg BT 135.62 440.10 Td (actual, ) Tj ET Q q 0 0 0 rg BT 164.31 440.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 201.62 440.10 Td (or ) Tj ET Q q 0 0 0 rg BT 212.27 440.10 Td (perceived ) Tj ET Q q 0 0 0 rg BT 253.45 440.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 290.20 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.85 440.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 332.61 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.70 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 358.35 440.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 397.06 440.10 Td (including ) Tj ET Q q 0 0 0 rg BT 437.16 440.10 Td (situations ) Tj ET Q q 0 0 0 rg BT 477.81 440.10 Td (where ) Tj ET Q q 0 0 0 rg BT 504.56 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 520.21 440.10 Td (services ) Tj ET Q q 0 0 0 rg BT 554.73 440.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (a ) Tj ET Q q 0 0 0 rg BT 55.82 428.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 96.02 428.10 Td (client ) Tj ET Q q 0 0 0 rg BT 120.12 428.10 Td (or ) Tj ET Q q 0 0 0 rg BT 130.33 428.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.54 428.10 Td (own ) Tj ET Q q 0 0 0 rg BT 164.65 428.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 214.31 428.10 Td (or ) Tj ET Q q 0 0 0 rg BT 224.52 428.10 Td (other ) Tj ET Q q 0 0 0 rg BT 246.96 428.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 282.17 428.10 Td (conflict, ) Tj ET Q q 0 0 0 rg BT 317.09 428.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.31 428.10 Td (are ) Tj ET Q q 0 0 0 rg BT 341.40 428.10 Td (perceived ) Tj ET Q q 0 0 0 rg BT 382.15 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.81 428.10 Td (conflict, ) Tj ET Q q 0 0 0 rg BT 426.74 428.10 Td (with ) Tj ET Q q 0 0 0 rg BT 446.40 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.50 428.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 495.71 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.93 428.10 Td (another ) Tj ET Q q 0 0 0 rg BT 537.80 428.10 Td (client. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (Appropriately ) Tj ET Q q 0 0 0 rg BT 108.88 416.10 Td (identifying ) Tj ET Q q 0 0 0 rg BT 156.06 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.78 416.10 Td (dealing ) Tj ET Q q 0 0 0 rg BT 206.51 416.10 Td (with ) Tj ET Q q 0 0 0 rg BT 227.58 416.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 265.30 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.92 416.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 309.64 416.10 Td (is ) Tj ET Q q 0 0 0 rg BT 319.60 416.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 357.33 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.06 416.10 Td (dif) Tj ET Q q 0 0 0 rg BT 385.98 416.10 Td (ficult, ) Tj ET Q q 0 0 0 rg BT 412.88 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.61 416.10 Td (we ) Tj ET Q q 0 0 0 rg BT 445.56 416.10 Td (face ) Tj ET Q q 0 0 0 rg BT 465.49 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.00 416.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 499.29 416.10 Td (that ) Tj ET Q q 0 0 0 rg BT 517.57 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 534.19 416.10 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 85.04 404.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 119.19 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.56 404.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 181.37 404.10 Td (do ) Tj ET Q q 0 0 0 rg BT 193.30 404.10 Td (not ) Tj ET Q q 0 0 0 rg BT 208.01 404.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 235.50 404.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 268.54 404.10 Td (or ) Tj ET Q q 0 0 0 rg BT 278.81 404.10 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 334.05 404.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 367.08 404.10 Td (such ) Tj ET Q q 0 0 0 rg BT 387.34 404.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 423.71 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.98 404.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 467.85 404.10 Td (It ) Tj ET Q q 0 0 0 rg BT 475.89 404.10 Td (is ) Tj ET Q q 0 0 0 rg BT 484.50 404.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 519.21 404.10 Td (that ) Tj ET Q q 0 0 0 rg BT 536.14 404.10 Td (actual, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 86.39 392.10 Td (or ) Tj ET Q q 0 0 0 rg BT 96.62 392.10 Td (perceived ) Tj ET Q q 0 0 0 rg BT 137.38 392.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 173.71 392.10 Td (could ) Tj ET Q q 0 0 0 rg BT 197.83 392.10 Td (give ) Tj ET Q q 0 0 0 rg BT 216.95 392.10 Td (rise ) Tj ET Q q 0 0 0 rg BT 233.28 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.96 392.10 Td (client ) Tj ET Q q 0 0 0 rg BT 267.07 392.10 Td (dissatisfaction, ) Tj ET Q q 0 0 0 rg BT 328.68 392.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 366.69 392.10 Td (or ) Tj ET Q q 0 0 0 rg BT 376.92 392.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 419.92 392.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 471.79 392.10 Td (actions. ) Tj ET Q q 0 0 0 rg BT 504.51 392.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 521.96 392.10 Td (reputation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (could ) Tj ET Q q 0 0 0 rg BT 73.22 380.10 Td (be ) Tj ET Q q 0 0 0 rg BT 84.16 380.10 Td (damaged ) Tj ET Q q 0 0 0 rg BT 121.75 380.10 Td (if ) Tj ET Q q 0 0 0 rg BT 129.36 380.10 Td (we ) Tj ET Q q 0 0 0 rg BT 142.52 380.10 Td (fail, ) Tj ET Q q 0 0 0 rg BT 159.85 380.10 Td (or ) Tj ET Q q 0 0 0 rg BT 169.68 380.10 Td (appear ) Tj ET Q q 0 0 0 rg BT 197.82 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.10 380.10 Td (fail, ) Tj ET Q q 0 0 0 rg BT 224.43 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.71 380.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 251.86 380.10 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 306.67 380.10 Td (with ) Tj ET Q q 0 0 0 rg BT 325.95 380.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 362.44 380.10 Td (or ) Tj ET Q q 0 0 0 rg BT 372.27 380.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 397.65 380.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 433.58 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.41 380.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 476.84 380.10 Td (Client ) Tj ET Q q 0 0 0 rg BT 502.79 380.10 Td (dissatisfaction, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 90.04 368.10 Td (or ) Tj ET Q q 0 0 0 rg BT 100.31 368.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 143.34 368.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 195.25 368.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 225.51 368.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 254.66 368.10 Td (from ) Tj ET Q q 0 0 0 rg BT 276.04 368.10 Td (a ) Tj ET Q q 0 0 0 rg BT 282.41 368.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 310.44 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.15 368.10 Td (adequately ) Tj ET Q q 0 0 0 rg BT 365.40 368.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 383.99 368.10 Td (with ) Tj ET Q q 0 0 0 rg BT 403.71 368.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 440.08 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.34 368.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 484.21 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.59 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.74 368.10 Td (reputational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 72.55 356.10 Td (suf) Tj ET Q q 0 0 0 rg BT 84.59 356.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 107.63 356.10 Td (as ) Tj ET Q q 0 0 0 rg BT 118.46 356.10 Td (a ) Tj ET Q q 0 0 0 rg BT 125.39 356.10 Td (consequence, ) Tj ET Q q 0 0 0 rg BT 181.48 356.10 Td (could ) Tj ET Q q 0 0 0 rg BT 206.19 356.10 Td (have ) Tj ET Q q 0 0 0 rg BT 227.57 356.10 Td (a ) Tj ET Q q 0 0 0 rg BT 234.51 356.10 Td (material ) Tj ET Q q 0 0 0 rg BT 269.77 356.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 302.81 356.10 Td (ef) Tj ET Q q 0 0 0 rg BT 310.39 356.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 327.88 356.10 Td (on ) Tj ET Q q 0 0 0 rg BT 340.38 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.21 356.10 Td (business.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.22 332.10 Td (business ) Tj ET Q q 0 0 0 rg BT 107.29 332.10 Td (is ) Tj ET Q q 0 0 0 rg BT 117.01 332.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 148.94 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.77 332.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 200.58 332.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 246.42 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.81 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.64 332.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 327.82 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.20 332.10 Td (which ) Tj ET Q q 0 0 0 rg BT 367.26 332.10 Td (we ) Tj ET Q q 0 0 0 rg BT 381.42 332.10 Td (operate, ) Tj ET Q q 0 0 0 rg BT 417.52 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.13 332.10 Td (a ) Tj ET Q q 0 0 0 rg BT 444.18 332.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 491.12 332.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 536.95 332.10 Td (action ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (against ) Tj ET Q q 0 0 0 rg BT 82.01 320.10 Td (our ) Tj ET Q q 0 0 0 rg BT 98.96 320.10 Td (company ) Tj ET Q q 0 0 0 rg BT 138.68 320.10 Td (may ) Tj ET Q q 0 0 0 rg BT 158.40 320.10 Td (have ) Tj ET Q q 0 0 0 rg BT 180.33 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 187.83 320.10 Td (material ) Tj ET Q q 0 0 0 rg BT 224.78 320.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 258.38 320.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 298.10 320.10 Td (ef) Tj ET Q q 0 0 0 rg BT 305.69 320.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 323.18 320.10 Td (or ) Tj ET Q q 0 0 0 rg BT 334.57 320.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 360.40 320.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 406.79 320.10 Td (reputational ) Tj ET Q q 0 0 0 rg BT 459.86 320.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 484.59 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.87 320.10 Td (our ) Tj ET Q q 0 0 0 rg BT 511.82 320.10 Td (company) Tj ET Q q 0 0 0 rg BT 548.67 320.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.85 296.10 Td (a ) Tj ET Q q 0 0 0 rg BT 71.52 296.10 Td (participant ) Tj ET Q q 0 0 0 rg BT 117.51 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 128.52 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.97 296.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.18 296.10 Td (services ) Tj ET Q q 0 0 0 rg BT 217.62 296.10 Td (industry) Tj ET Q q 0 0 0 rg BT 249.75 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 255.48 296.10 Td (we ) Tj ET Q q 0 0 0 rg BT 270.37 296.10 Td (are ) Tj ET Q q 0 0 0 rg BT 285.81 296.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 317.37 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.38 296.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 366.05 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.72 296.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 424.71 296.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 468.49 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.05 296.10 Td (many ) Tj ET Q q 0 0 0 rg BT 505.50 296.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 537.61 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 296.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (business ) Tj ET Q q 0 0 0 rg BT 84.86 284.10 Td (by ) Tj ET Q q 0 0 0 rg BT 96.33 284.10 Td (U.S.federal ) Tj ET Q q 0 0 0 rg BT 145.84 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 161.75 284.10 Td (state ) Tj ET Q q 0 0 0 rg BT 181.54 284.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 224.10 284.10 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 262.50 284.10 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 322.83 284.10 Td (or) Tj ET Q q 0 0 0 rg BT 330.98 284.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 377.99 284.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 420.56 284.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 459.80 284.10 Td (exchanges\) ) Tj ET Q q 0 0 0 rg BT 506.24 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.15 284.10 Td (by ) Tj ET Q q 0 0 0 rg BT 533.62 284.10 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 106.76 272.10 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 145.97 272.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 189.35 272.10 Td (bodies ) Tj ET Q q 0 0 0 rg BT 217.74 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.46 272.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 274.50 272.10 Td (exchanges. ) Tj ET Q q 0 0 0 rg BT 320.93 272.10 Td (Specifically) Tj ET Q q 0 0 0 rg BT 368.04 272.10 Td (, ) Tj ET Q q 0 0 0 rg BT 372.83 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 388.44 272.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 428.48 272.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 477.98 272.10 Td (include ) Tj ET Q q 0 0 0 rg BT 509.70 272.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 538.08 272.10 Td (dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.39 260.10 Td (related ) Tj ET Q q 0 0 0 rg BT 96.05 260.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 136.27 260.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 167.61 260.10 Td (or) Tj ET Q q 0 0 0 rg BT 175.76 260.10 Td (ganized ) Tj ET Q q 0 0 0 rg BT 209.30 260.10 Td (in ) Tj ET Q q 0 0 0 rg BT 219.54 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.21 260.10 Td (United ) Tj ET Q q 0 0 0 rg BT 263.88 260.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 292.72 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.40 260.10 Td (United ) Tj ET Q q 0 0 0 rg BT 337.07 260.10 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 379.80 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.69 260.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 421.37 260.10 Td (Kong, ) Tj ET Q q 0 0 0 rg BT 448.55 260.10 Td (China. ) Tj ET Q q 0 0 0 rg BT 477.39 260.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 499.83 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.62 260.10 Td (these ) Tj ET Q q 0 0 0 rg BT 533.62 260.10 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.88 248.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 101.02 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 112.07 248.10 Td (licensed ) Tj ET Q q 0 0 0 rg BT 147.55 248.10 Td (with ) Tj ET Q q 0 0 0 rg BT 168.04 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.97 248.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 226.78 248.10 Td (local ) Tj ET Q q 0 0 0 rg BT 248.92 248.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 289.40 248.10 Td (regulator ) Tj ET Q q 0 0 0 rg BT 328.21 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.36 248.10 Td (is ) Tj ET Q q 0 0 0 rg BT 354.75 248.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 385.79 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.28 248.10 Td (all ) Tj ET Q q 0 0 0 rg BT 408.99 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.04 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.97 248.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 478.77 248.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 500.93 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.08 248.10 Td (regulations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 102.56 236.10 Td (by ) Tj ET Q q 0 0 0 rg BT 115.08 236.10 Td (those ) Tj ET Q q 0 0 0 rg BT 138.71 236.10 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 185.94 236.10 Td (In ) Tj ET Q q 0 0 0 rg BT 196.79 236.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 234.58 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 250.43 236.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 272.38 236.10 Td (management ) Tj ET Q q 0 0 0 rg BT 325.99 236.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 377.67 236.10 Td (ARI, ) Tj ET Q q 0 0 0 rg BT 399.91 236.10 Td (PJIM, ) Tj ET Q q 0 0 0 rg BT 426.60 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.56 236.10 Td (PJC ) Tj ET Q q 0 0 0 rg BT 462.20 236.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 493.60 236.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 528.89 236.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 550.29 236.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 91.42 224.10 Td (as ) Tj ET Q q 0 0 0 rg BT 102.25 224.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 148.64 224.10 Td (advisers ) Tj ET Q q 0 0 0 rg BT 183.90 224.10 Td (with ) Tj ET Q q 0 0 0 rg BT 204.18 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.90 224.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 239.74 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.68 224.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 287.50 224.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.78 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.50 224.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 355.54 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.48 224.10 Td (oversight ) Tj ET Q q 0 0 0 rg BT 412.20 224.10 Td (by ) Tj ET Q q 0 0 0 rg BT 424.70 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.41 224.10 Td (SEC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 88.27 200.10 Td (, ) Tj ET Q q 0 0 0 rg BT 93.15 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.75 200.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 162.33 200.10 Td (imposed ) Tj ET Q q 0 0 0 rg BT 198.60 200.10 Td (by ) Tj ET Q q 0 0 0 rg BT 210.98 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 226.69 200.10 Td (regulators ) Tj ET Q q 0 0 0 rg BT 269.06 200.10 Td (are ) Tj ET Q q 0 0 0 rg BT 283.65 200.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 321.57 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.73 200.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 360.21 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.81 200.10 Td (integrity ) Tj ET Q q 0 0 0 rg BT 411.07 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.78 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.38 200.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 473.74 200.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 507.77 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.59 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.75 200.10 Td (protect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 91.92 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.23 188.10 Td (other ) Tj ET Q q 0 0 0 rg BT 130.64 188.10 Td (third ) Tj ET Q q 0 0 0 rg BT 151.40 188.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 179.92 188.10 Td (who ) Tj ET Q q 0 0 0 rg BT 199.02 188.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 217.54 188.10 Td (with ) Tj ET Q q 0 0 0 rg BT 237.19 188.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 250.32 188.10 Td (These ) Tj ET Q q 0 0 0 rg BT 276.06 188.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 330.14 188.10 Td (are ) Tj ET Q q 0 0 0 rg BT 344.21 188.10 Td (not ) Tj ET Q q 0 0 0 rg BT 358.86 188.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 396.28 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.93 188.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 435.56 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 450.76 188.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 505.67 188.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 560.01 188.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 76.90 176.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 102.62 176.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 148.35 176.10 Td (often ) Tj ET Q q 0 0 0 rg BT 170.20 176.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 192.60 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.67 176.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 221.86 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 236.49 176.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 276.39 176.10 Td (through ) Tj ET Q q 0 0 0 rg BT 308.80 176.10 Td (net ) Tj ET Q q 0 0 0 rg BT 322.31 176.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 352.76 176.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 390.72 176.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 432.56 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.29 176.10 Td (market ) Tj ET Q q 0 0 0 rg BT 477.36 176.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 510.31 176.10 Td (requirements ) 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 66.61 164.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 113.72 164.10 Td (on ) Tj ET Q q 0 0 0 rg BT 126.39 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.28 164.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 186.18 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.63 164.10 Td (which ) Tj ET Q q 0 0 0 rg BT 223.74 164.10 Td (we ) Tj ET Q q 0 0 0 rg BT 238.07 164.10 Td (may ) Tj ET Q q 0 0 0 rg BT 257.96 164.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 290.06 164.10 Td (or ) Tj ET Q q 0 0 0 rg BT 301.06 164.10 Td (invest. ) Tj ET Q q 0 0 0 rg BT 329.93 164.10 Td (W) Tj ET Q q 0 0 0 rg BT 338.57 164.10 Td (e ) Tj ET Q q 0 0 0 rg BT 345.68 164.10 Td (also ) Tj ET Q q 0 0 0 rg BT 364.46 164.10 Td (must ) Tj ET Q q 0 0 0 rg BT 386.58 164.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 419.25 164.10 Td (with ) Tj ET Q q 0 0 0 rg BT 439.70 164.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 461.82 164.10 Td (management ) Tj ET Q q 0 0 0 rg BT 515.58 164.10 Td (regulations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.92 152.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 144.77 152.10 Td (related ) Tj ET Q q 0 0 0 rg BT 174.62 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.04 152.10 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 223.78 152.10 Td (duties ) Tj ET Q q 0 0 0 rg BT 250.32 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.74 152.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 291.99 152.10 Td (recordkeeping ) Tj ET Q q 0 0 0 rg BT 351.83 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.91 152.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 408.22 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.30 152.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 464.60 152.10 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 514.19 152.10 Td (Compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (with ) Tj ET Q q 0 0 0 rg BT 68.97 140.10 Td (many ) Tj ET Q q 0 0 0 rg BT 92.87 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.89 140.10 Td (these ) Tj ET Q q 0 0 0 rg BT 125.12 140.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 171.24 140.10 Td (entails ) Tj ET Q q 0 0 0 rg BT 199.03 140.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.16 140.10 Td (number ) Tj ET Q q 0 0 0 rg BT 237.39 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.41 140.10 Td (risks, ) Tj ET Q q 0 0 0 rg BT 270.49 140.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 318.26 140.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.73 140.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 349.95 140.10 Td (where ) Tj ET Q q 0 0 0 rg BT 376.07 140.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 418.84 140.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 464.96 140.10 Td (may ) Tj ET Q q 0 0 0 rg BT 483.87 140.10 Td (be ) Tj ET Q q 0 0 0 rg BT 494.99 140.10 Td (newer ) Tj ET Q q 0 0 0 rg BT 521.11 140.10 Td (or ) Tj ET Q q 0 0 0 rg BT 531.13 140.10 Td (unclear) Tj ET Q q 0 0 0 rg BT 560.00 140.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.14 128.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 97.72 128.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 141.12 128.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 185.64 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.73 128.10 Td (all ) Tj ET Q q 0 0 0 rg BT 208.03 128.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 259.79 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.87 128.10 Td (which ) Tj ET Q q 0 0 0 rg BT 296.62 128.10 Td (we ) Tj ET Q q 0 0 0 rg BT 310.59 128.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 344.55 128.10 Td (business ) Tj ET Q q 0 0 0 rg BT 380.75 128.10 Td (may ) Tj ET Q q 0 0 0 rg BT 400.28 128.10 Td (intervene ) Tj ET Q q 0 0 0 rg BT 439.79 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.88 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.51 128.10 Td (business ) Tj ET Q q 0 0 0 rg BT 501.71 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.46 128.10 Td (we ) Tj ET Q q 0 0 0 rg BT 532.43 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.18 128.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 94.76 116.10 Td (could ) Tj ET Q q 0 0 0 rg BT 119.48 116.10 Td (be ) Tj ET Q q 0 0 0 rg BT 131.42 116.10 Td (fined ) Tj ET Q q 0 0 0 rg BT 154.47 116.10 Td (or ) Tj ET Q q 0 0 0 rg BT 165.30 116.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 206.67 116.10 Td (disciplined ) Tj ET Q q 0 0 0 rg BT 253.05 116.10 Td (for ) Tj ET Q q 0 0 0 rg BT 267.21 116.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 309.16 116.10 Td (or ) Tj ET Q q 0 0 0 rg BT 319.99 116.10 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 363.59 116.10 Td (from ) Tj ET Q q 0 0 0 rg BT 385.53 116.10 Td (engaging ) Tj ET Q q 0 0 0 rg BT 424.69 116.10 Td (in ) Tj ET Q q 0 0 0 rg BT 434.96 116.10 Td (some ) Tj ET Q q 0 0 0 rg BT 458.57 116.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.40 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 485.23 116.10 Td (business ) Tj ET Q q 0 0 0 rg BT 521.62 116.10 Td (activities.) 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 (Our ) Tj ET Q q 0 0 0 rg BT 67.25 740.10 Td (business ) Tj ET Q q 0 0 0 rg BT 103.34 740.10 Td (also ) Tj ET Q q 0 0 0 rg BT 121.65 740.10 Td (subjects ) Tj ET Q q 0 0 0 rg BT 156.06 740.10 Td (us ) Tj ET Q q 0 0 0 rg BT 167.15 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.13 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.55 740.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 228.18 740.10 Td (income ) Tj ET Q q 0 0 0 rg BT 259.81 740.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 274.23 740.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 294.76 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.28 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.70 740.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 371.34 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.32 740.10 Td (which ) Tj ET Q q 0 0 0 rg BT 407.96 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 421.81 740.10 Td (have ) Tj ET Q q 0 0 0 rg BT 442.89 740.10 Td (business ) Tj ET Q q 0 0 0 rg BT 478.98 740.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 525.33 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.97 740.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.78 728.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 86.18 728.10 Td (may ) Tj ET Q q 0 0 0 rg BT 106.47 728.10 Td (be ) Tj ET Q q 0 0 0 rg BT 118.97 728.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 150.37 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 161.21 728.10 Td (dif) Tj ET Q q 0 0 0 rg BT 172.14 728.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 198.52 728.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 259.35 728.10 Td (by ) Tj ET Q q 0 0 0 rg BT 272.42 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.70 728.10 Td (taxpayer ) Tj ET Q q 0 0 0 rg BT 325.19 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.70 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.99 728.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 393.26 728.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 451.30 728.10 Td (taxing ) Tj ET Q q 0 0 0 rg BT 479.37 728.10 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 526.92 728.10 Td (W) Tj ET Q q 0 0 0 rg BT 535.56 728.10 Td (e ) Tj ET Q q 0 0 0 rg BT 543.07 728.10 Td (must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (make ) Tj ET Q q 0 0 0 rg BT 73.92 716.10 Td (judgments ) Tj ET Q q 0 0 0 rg BT 118.35 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.56 716.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 196.08 716.10 Td (about ) Tj ET Q q 0 0 0 rg BT 221.06 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.05 716.10 Td (application ) Tj ET Q q 0 0 0 rg BT 283.24 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.34 716.10 Td (these ) Tj ET Q q 0 0 0 rg BT 317.65 716.10 Td (inherently ) Tj ET Q q 0 0 0 rg BT 360.96 716.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 398.16 716.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 413.14 716.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 434.24 716.10 Td (when ) Tj ET Q q 0 0 0 rg BT 458.67 716.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 509.75 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.73 716.10 Td (provision ) 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 63.68 704.10 Td (income ) Tj ET Q q 0 0 0 rg BT 95.64 704.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 121.02 704.10 Td (W) Tj ET Q q 0 0 0 rg BT 129.66 704.10 Td (e ) Tj ET Q q 0 0 0 rg BT 136.62 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 151.35 704.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 182.19 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.49 704.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 237.22 704.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 251.96 704.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 269.48 704.10 Td (that ) Tj ET Q q 0 0 0 rg BT 287.00 704.10 Td (could ) Tj ET Q q 0 0 0 rg BT 311.74 704.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 352.57 704.10 Td (af) Tj ET Q q 0 0 0 rg BT 360.16 704.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 377.67 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 393.52 704.10 Td (results ) Tj ET Q q 0 0 0 rg BT 422.15 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.00 704.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 479.68 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 489.98 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.71 704.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 531.67 704.10 Td (that ) Tj ET Q q 0 0 0 rg BT 549.18 704.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 109.49 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.04 692.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 134.49 692.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 155.05 692.10 Td (are ) Tj ET Q q 0 0 0 rg BT 169.48 692.10 Td (disputed ) Tj ET Q q 0 0 0 rg BT 205.60 692.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 227.83 692.10 Td (examination ) Tj ET Q q 0 0 0 rg BT 279.48 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 290.04 692.10 Td (audit, ) Tj ET Q q 0 0 0 rg BT 314.76 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.43 692.10 Td (are ) Tj ET Q q 0 0 0 rg BT 345.87 692.10 Td (settled ) Tj ET Q q 0 0 0 rg BT 374.20 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.20 692.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 420.32 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 430.32 692.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 458.65 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.21 692.10 Td (established ) Tj ET Q q 0 0 0 rg BT 515.87 692.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 550.86 692.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (such ) Tj ET Q q 0 0 0 rg BT 70.33 680.10 Td (contingencies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.73 656.10 Td (ef) Tj ET Q q 0 0 0 rg BT 74.32 656.10 Td (fort ) Tj ET Q q 0 0 0 rg BT 90.44 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.90 656.10 Td (combat ) Tj ET Q q 0 0 0 rg BT 131.01 656.10 Td (money ) Tj ET Q q 0 0 0 rg BT 159.91 656.10 Td (laundering ) Tj ET Q q 0 0 0 rg BT 204.35 656.10 Td (also ) Tj ET Q q 0 0 0 rg BT 222.14 656.10 Td (has ) Tj ET Q q 0 0 0 rg BT 237.15 656.10 Td (become ) Tj ET Q q 0 0 0 rg BT 269.93 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 276.05 656.10 Td (high ) Tj ET Q q 0 0 0 rg BT 295.51 656.10 Td (priority ) Tj ET Q q 0 0 0 rg BT 327.18 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.64 656.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 393.30 656.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 419.98 656.10 Td (with ) Tj ET Q q 0 0 0 rg BT 439.44 656.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 469.44 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.90 656.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.56 656.10 Td (institutions. ) 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 66.46 644.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 108.42 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.16 644.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.55 644.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 202.91 644.10 Td (including ) Tj ET Q q 0 0 0 rg BT 242.10 644.10 Td (ourselves, ) Tj ET Q q 0 0 0 rg BT 283.78 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.96 644.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 325.48 644.10 Td (their ) Tj ET Q q 0 0 0 rg BT 345.21 644.10 Td (customers, ) Tj ET Q q 0 0 0 rg BT 389.67 644.10 Td (watch ) Tj ET Q q 0 0 0 rg BT 414.96 644.10 Td (for ) Tj ET Q q 0 0 0 rg BT 428.03 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.88 644.10 Td (report ) Tj ET Q q 0 0 0 rg BT 469.16 644.10 Td (suspicious ) Tj ET Q q 0 0 0 rg BT 512.24 644.10 Td (transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (respond ) Tj ET Q q 0 0 0 rg BT 84.40 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.41 632.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 131.42 632.10 Td (for ) Tj ET Q q 0 0 0 rg BT 146.31 632.10 Td (information ) Tj ET Q q 0 0 0 rg BT 196.76 632.10 Td (by ) Tj ET Q q 0 0 0 rg BT 210.00 632.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 254.33 632.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 299.78 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.45 632.10 Td (law ) Tj ET Q q 0 0 0 rg BT 335.13 632.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 388.33 632.10 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 428.49 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.17 632.10 Td (share ) Tj ET Q q 0 0 0 rg BT 470.50 632.10 Td (information ) Tj ET Q q 0 0 0 rg BT 520.95 632.10 Td (with ) Tj ET Q q 0 0 0 rg BT 541.96 632.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.73 620.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 135.93 620.10 Td (has ) Tj ET Q q 0 0 0 rg BT 151.51 620.10 Td (required ) Tj ET Q q 0 0 0 rg BT 187.07 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.54 620.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 266.55 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.24 620.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 336.01 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.59 620.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 379.38 620.10 Td (practices, ) Tj ET Q q 0 0 0 rg BT 419.66 620.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 465.78 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.47 620.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 516.93 620.10 Td (which ) Tj ET Q q 0 0 0 rg BT 543.62 620.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (increased, ) Tj ET Q q 0 0 0 rg BT 91.82 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.33 608.10 Td (may ) Tj ET Q q 0 0 0 rg BT 127.62 608.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 164.12 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.97 608.10 Td (increase, ) Tj ET Q q 0 0 0 rg BT 211.30 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 226.70 608.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 250.81 608.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 270.10 608.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 298.27 608.10 Td (with ) Tj ET Q q 0 0 0 rg BT 318.12 608.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 348.50 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.35 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 373.75 608.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 413.59 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 423.44 608.10 Td (this ) Tj ET Q q 0 0 0 rg BT 439.96 608.10 Td (area ) Tj ET Q q 0 0 0 rg BT 458.67 608.10 Td (could ) Tj ET Q q 0 0 0 rg BT 482.96 608.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 513.35 608.10 Td (us ) Tj ET Q q 0 0 0 rg BT 524.32 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.17 608.10 Td (serious ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 94.08 596.10 Td (consequences, ) Tj ET Q q 0 0 0 rg BT 155.05 596.10 Td (including ) Tj ET Q q 0 0 0 rg BT 196.31 596.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 242.57 596.10 Td (fines, ) Tj ET Q q 0 0 0 rg BT 268.00 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.93 596.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 332.18 596.10 Td (other ) Tj ET Q q 0 0 0 rg BT 356.22 596.10 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 399.42 596.10 Td (In ) Tj ET Q q 0 0 0 rg BT 411.24 596.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 450.01 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 466.82 596.10 Td (international ) Tj ET Q q 0 0 0 rg BT 520.85 596.10 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (require ) Tj ET Q q 0 0 0 rg BT 79.77 584.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 127.82 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 147.56 584.10 Td (anti-bribery ) Tj ET Q q 0 0 0 rg BT 196.72 584.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 219.51 584.10 Td (including ) Tj ET Q q 0 0 0 rg BT 259.25 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.42 584.10 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 306.49 584.10 Td (Corrupt ) Tj ET Q q 0 0 0 rg BT 339.56 584.10 Td (Practices ) Tj ET Q q 0 0 0 rg BT 377.18 584.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 393.58 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.97 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.15 584.10 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 445.55 584.10 Td (Bribery ) Tj ET Q q 0 0 0 rg BT 477.63 584.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 494.02 584.10 Td (2010. ) Tj ET Q q 0 0 0 rg BT 518.34 584.10 Td (These ) Tj ET Q q 0 0 0 rg BT 544.18 584.10 Td (laws ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 89.71 572.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 124.39 572.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 170.16 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.61 572.10 Td (their ) Tj ET Q q 0 0 0 rg BT 208.95 572.10 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 269.15 572.10 Td (from ) Tj ET Q q 0 0 0 rg BT 291.60 572.10 Td (engaging ) Tj ET Q q 0 0 0 rg BT 331.27 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.06 572.10 Td (bribery ) Tj ET Q q 0 0 0 rg BT 373.94 572.10 Td (or ) Tj ET Q q 0 0 0 rg BT 385.28 572.10 Td (making ) Tj ET Q q 0 0 0 rg BT 418.29 572.10 Td (other ) Tj ET Q q 0 0 0 rg BT 441.85 572.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 481.51 572.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 522.85 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 533.64 572.10 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 560.10 Td (ficials ) Tj ET Q q 0 0 0 rg BT 85.29 560.10 Td (for ) Tj ET Q q 0 0 0 rg BT 100.16 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.58 560.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 150.45 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.99 560.10 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 202.97 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 214.50 560.10 Td (retaining ) Tj ET Q q 0 0 0 rg BT 253.25 560.10 Td (business ) Tj ET Q q 0 0 0 rg BT 290.35 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 301.89 560.10 Td (gaining ) Tj ET Q q 0 0 0 rg BT 335.09 560.10 Td (an ) Tj ET Q q 0 0 0 rg BT 347.74 560.10 Td (unfair ) Tj ET Q q 0 0 0 rg BT 374.82 560.10 Td (business ) Tj ET Q q 0 0 0 rg BT 411.92 560.10 Td (advantage. ) Tj ET Q q 0 0 0 rg BT 457.93 560.10 Td (While ) Tj ET Q q 0 0 0 rg BT 485.57 560.10 Td (our ) Tj ET Q q 0 0 0 rg BT 502.10 560.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 548.07 560.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (agents ) Tj ET Q q 0 0 0 rg BT 78.24 548.10 Td (are ) Tj ET Q q 0 0 0 rg BT 93.64 548.10 Td (required ) Tj ET Q q 0 0 0 rg BT 130.15 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.12 548.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 174.31 548.10 Td (with ) Tj ET Q q 0 0 0 rg BT 195.28 548.10 Td (these ) Tj ET Q q 0 0 0 rg BT 219.02 548.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 243.04 548.10 Td (we ) Tj ET Q q 0 0 0 rg BT 257.90 548.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 287.75 548.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 317.04 548.10 Td (that ) Tj ET Q q 0 0 0 rg BT 335.23 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 351.75 548.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 385.49 548.10 Td (control ) Tj ET Q q 0 0 0 rg BT 417.00 548.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 451.30 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.93 548.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 515.99 548.10 Td (will ) Tj ET Q q 0 0 0 rg BT 534.74 548.10 Td (always ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 78.98 536.10 Td (us ) Tj ET Q q 0 0 0 rg BT 89.59 536.10 Td (from ) Tj ET Q q 0 0 0 rg BT 110.74 536.10 Td (intentional, ) Tj ET Q q 0 0 0 rg BT 157.72 536.10 Td (reckless ) Tj ET Q q 0 0 0 rg BT 191.65 536.10 Td (or ) Tj ET Q q 0 0 0 rg BT 201.69 536.10 Td (negligent ) Tj ET Q q 0 0 0 rg BT 240.62 536.10 Td (acts ) Tj ET Q q 0 0 0 rg BT 257.88 536.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 302.36 536.10 Td (by ) Tj ET Q q 0 0 0 rg BT 314.08 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 329.13 536.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 373.60 536.10 Td (or ) Tj ET Q q 0 0 0 rg BT 383.65 536.10 Td (agents, ) Tj ET Q q 0 0 0 rg BT 413.41 536.10 Td (which ) Tj ET Q q 0 0 0 rg BT 439.57 536.10 Td (acts ) Tj ET Q q 0 0 0 rg BT 456.83 536.10 Td (could ) Tj ET Q q 0 0 0 rg BT 480.76 536.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 510.80 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.85 536.10 Td (company ) 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 59.78 524.10 Td (fines ) Tj ET Q q 0 0 0 rg BT 81.72 524.10 Td (or ) Tj ET Q q 0 0 0 rg BT 92.55 524.10 Td (other ) Tj ET Q q 0 0 0 rg BT 115.59 524.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 159.19 524.10 Td (consequences.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 70.32 500.10 Td (management ) Tj ET Q q 0 0 0 rg BT 126.14 500.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 167.50 500.10 Td (may ) Tj ET Q q 0 0 0 rg BT 187.20 500.10 Td (not ) Tj ET Q q 0 0 0 rg BT 203.02 500.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 224.38 500.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 260.19 500.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 299.90 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.15 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.41 500.10 Td (various ) Tj ET Q q 0 0 0 rg BT 358.46 500.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 380.39 500.10 Td (that ) Tj ET Q q 0 0 0 rg BT 398.99 500.10 Td (we ) Tj ET Q q 0 0 0 rg BT 412.58 500.10 Td (face, ) Tj ET Q q 0 0 0 rg BT 434.76 500.10 Td (including ) Tj ET Q q 0 0 0 rg BT 476.70 500.10 Td (market ) Tj ET Q q 0 0 0 rg BT 508.07 500.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 528.61 500.10 Td (liquidity ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.56 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 85.62 488.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 111.45 488.10 Td (risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 464.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.19 464.10 Td (refine ) Tj ET Q q 0 0 0 rg BT 91.12 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 107.07 464.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 124.69 464.10 Td (management ) Tj ET Q q 0 0 0 rg BT 178.39 464.10 Td (techniques, ) Tj ET Q q 0 0 0 rg BT 226.27 464.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 266.65 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.71 464.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 330.76 464.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 367.26 464.10 Td (on ) Tj ET Q q 0 0 0 rg BT 379.88 464.10 Td (an ) Tj ET Q q 0 0 0 rg BT 391.93 464.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 427.33 464.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 452.45 464.10 Td (However) Tj ET Q q 0 0 0 rg BT 488.70 464.10 Td (, ) Tj ET Q q 0 0 0 rg BT 493.81 464.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 511.43 464.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 94.85 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.88 452.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 154.73 452.10 Td (both ) Tj ET Q q 0 0 0 rg BT 175.10 452.10 Td (ours ) Tj ET Q q 0 0 0 rg BT 194.91 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.93 452.10 Td (those ) Tj ET Q q 0 0 0 rg BT 235.63 452.10 Td (available ) Tj ET Q q 0 0 0 rg BT 274.30 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.67 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.48 452.10 Td (market ) Tj ET Q q 0 0 0 rg BT 329.83 452.10 Td (generally) Tj ET Q q 0 0 0 rg BT 366.38 452.10 Td (, ) Tj ET Q q 0 0 0 rg BT 371.47 452.10 Td (may ) Tj ET Q q 0 0 0 rg BT 391.27 452.10 Td (not ) Tj ET Q q 0 0 0 rg BT 406.64 452.10 Td (be ) Tj ET Q q 0 0 0 rg BT 418.67 452.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 440.14 452.10 Td (ef) Tj ET Q q 0 0 0 rg BT 447.73 452.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 477.52 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 487.88 452.10 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 531.58 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 547.50 452.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 88.90 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 99.97 440.10 Td (all ) Tj ET Q q 0 0 0 rg BT 113.26 440.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 155.43 440.10 Td (market ) Tj ET Q q 0 0 0 rg BT 186.49 440.10 Td (environments ) Tj ET Q q 0 0 0 rg BT 244.23 440.10 Td (or ) Tj ET Q q 0 0 0 rg BT 255.85 440.10 Td (against ) Tj ET Q q 0 0 0 rg BT 287.48 440.10 Td (all ) Tj ET Q q 0 0 0 rg BT 300.77 440.10 Td (types ) Tj ET Q q 0 0 0 rg BT 325.17 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.80 440.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 357.60 440.10 Td (For ) Tj ET Q q 0 0 0 rg BT 374.79 440.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 414.46 440.10 Td (we ) Tj ET Q q 0 0 0 rg BT 429.41 440.10 Td (may ) Tj ET Q q 0 0 0 rg BT 449.93 440.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 466.55 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.63 440.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 512.03 440.10 Td (or ) Tj ET Q q 0 0 0 rg BT 523.66 440.10 Td (anticipate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 89.36 428.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 109.80 428.10 Td (that ) Tj ET Q q 0 0 0 rg BT 126.35 428.10 Td (our ) Tj ET Q q 0 0 0 rg BT 141.22 428.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 174.44 428.10 Td (are ) Tj ET Q q 0 0 0 rg BT 188.20 428.10 Td (capable ) Tj ET Q q 0 0 0 rg BT 220.28 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.16 428.10 Td (identifying, ) Tj ET Q q 0 0 0 rg BT 278.09 428.10 Td (or ) Tj ET Q q 0 0 0 rg BT 287.97 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.74 428.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 334.96 428.10 Td (that ) Tj ET Q q 0 0 0 rg BT 351.50 428.10 Td (we ) Tj ET Q q 0 0 0 rg BT 364.71 428.10 Td (use, ) Tj ET Q q 0 0 0 rg BT 382.09 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.08 428.10 Td (that ) Tj ET Q q 0 0 0 rg BT 414.62 428.10 Td (are ) Tj ET Q q 0 0 0 rg BT 428.38 428.10 Td (used ) Tj ET Q q 0 0 0 rg BT 448.26 428.10 Td (within ) Tj ET Q q 0 0 0 rg BT 475.36 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.13 428.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 523.46 428.10 Td (generally) Tj ET Q q 0 0 0 rg BT 560.01 428.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (may ) Tj ET Q q 0 0 0 rg BT 70.10 416.10 Td (not ) Tj ET Q q 0 0 0 rg BT 86.26 416.10 Td (be ) Tj ET Q q 0 0 0 rg BT 99.08 416.10 Td (capable ) Tj ET Q q 0 0 0 rg BT 132.99 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.70 416.10 Td (identifying ) Tj ET Q q 0 0 0 rg BT 191.97 416.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 222.55 416.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 243.43 416.10 Td (or ) Tj ET Q q 0 0 0 rg BT 255.14 416.10 Td (every ) Tj ET Q q 0 0 0 rg BT 280.73 416.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 322.98 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.80 416.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 379.17 416.10 Td (outcome, ) Tj ET Q q 0 0 0 rg BT 419.48 416.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.19 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.79 416.10 Td (specifics ) Tj ET Q q 0 0 0 rg BT 485.16 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.98 416.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 532.47 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.18 416.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (outcomes. ) Tj ET Q q 0 0 0 rg BT 92.29 404.10 Td (In ) Tj ET Q q 0 0 0 rg BT 102.59 404.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 139.82 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.12 404.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 172.09 404.10 Td (management ) Tj ET Q q 0 0 0 rg BT 225.14 404.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 269.87 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 286.27 404.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 326.00 404.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 345.74 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.48 404.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 387.98 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 403.27 404.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 430.79 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 440.53 404.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 464.71 404.10 Td (from ) Tj ET Q q 0 0 0 rg BT 486.12 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 501.41 404.10 Td (market-making ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.38 392.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 105.48 392.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 144.03 392.10 Td (with ) Tj ET Q q 0 0 0 rg BT 164.25 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 180.01 392.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 218.55 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 228.76 392.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 266.19 392.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 295.02 392.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 320.23 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.00 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 346.77 392.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 386.97 392.10 Td (for ) Tj ET Q q 0 0 0 rg BT 401.06 392.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 442.93 392.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 460.37 392.10 Td (are ) Tj ET Q q 0 0 0 rg BT 475.01 392.10 Td (based ) Tj ET Q q 0 0 0 rg BT 500.22 392.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 522.65 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 538.42 392.10 Td (use ) Tj ET Q q 0 0 0 rg BT 554.19 392.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (observed ) Tj ET Q q 0 0 0 rg BT 88.05 380.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 127.71 380.10 Td (market ) Tj ET Q q 0 0 0 rg BT 157.92 380.10 Td (behavior) Tj ET Q q 0 0 0 rg BT 192.36 380.10 Td (. ) Tj ET Q q 0 0 0 rg BT 197.13 380.10 Td (W) Tj ET Q q 0 0 0 rg BT 205.77 380.10 Td (e ) Tj ET Q q 0 0 0 rg BT 212.66 380.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 237.32 380.10 Td (statistical ) Tj ET Q q 0 0 0 rg BT 277.54 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.43 380.10 Td (other ) Tj ET Q q 0 0 0 rg BT 317.43 380.10 Td (tools ) Tj ET Q q 0 0 0 rg BT 339.33 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.56 380.10 Td (these ) Tj ET Q q 0 0 0 rg BT 372.55 380.10 Td (observations ) Tj ET Q q 0 0 0 rg BT 425.55 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 435.78 380.10 Td (quantify ) Tj ET Q q 0 0 0 rg BT 471.55 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 487.33 380.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 504.78 380.10 Td (exposure. ) Tj ET Q q 0 0 0 rg BT 545.29 380.10 Td (Any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (failures ) Tj ET Q q 0 0 0 rg BT 81.35 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 90.99 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 106.18 368.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 123.04 368.10 Td (management ) Tj ET Q q 0 0 0 rg BT 176.00 368.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 220.62 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.92 368.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 276.55 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.19 368.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 329.13 368.10 Td (quantify ) Tj ET Q q 0 0 0 rg BT 364.32 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 379.51 368.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 396.38 368.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 434.34 368.10 Td (could ) Tj ET Q q 0 0 0 rg BT 458.42 368.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 479.17 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 494.37 368.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 521.78 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.42 368.10 Td (manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 74.06 356.10 Td (In ) Tj ET Q q 0 0 0 rg BT 85.56 356.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 124.00 356.10 Td (any ) Tj ET Q q 0 0 0 rg BT 141.61 356.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 159.78 356.10 Td (management ) Tj ET Q q 0 0 0 rg BT 214.04 356.10 Td (failures ) Tj ET Q q 0 0 0 rg BT 247.19 356.10 Td (could ) Tj ET Q q 0 0 0 rg BT 272.58 356.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 297.95 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 314.45 356.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 341.51 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 352.46 356.10 Td (be ) Tj ET Q q 0 0 0 rg BT 365.07 356.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 418.23 356.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 449.15 356.10 Td (than ) Tj ET Q q 0 0 0 rg BT 469.53 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.92 356.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 525.30 356.10 Td (measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (indicate. ) Tj ET Q q 0 0 0 rg BT 86.24 344.10 Td (Further) Tj ET Q q 0 0 0 rg BT 115.28 344.10 Td (, ) Tj ET Q q 0 0 0 rg BT 120.37 344.10 Td (our ) Tj ET Q q 0 0 0 rg BT 136.29 344.10 Td (quantified ) Tj ET Q q 0 0 0 rg BT 179.42 344.10 Td (modeling ) Tj ET Q q 0 0 0 rg BT 219.78 344.10 Td (does ) Tj ET Q q 0 0 0 rg BT 240.70 344.10 Td (not ) Tj ET Q q 0 0 0 rg BT 256.07 344.10 Td (take ) Tj ET Q q 0 0 0 rg BT 275.31 344.10 Td (all ) Tj ET Q q 0 0 0 rg BT 287.90 344.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 309.38 344.10 Td (into ) Tj ET Q q 0 0 0 rg BT 327.52 344.10 Td (account. ) Tj ET Q q 0 0 0 rg BT 363.71 344.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 381.85 344.10 Td (more ) Tj ET Q q 0 0 0 rg BT 404.98 344.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 449.78 344.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 489.02 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.38 344.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 541.41 344.10 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 70.89 332.10 Td (could ) Tj ET Q q 0 0 0 rg BT 95.61 332.10 Td (prove ) Tj ET Q q 0 0 0 rg BT 120.88 332.10 Td (insuf) Tj ET Q q 0 0 0 rg BT 140.70 332.10 Td (ficient, ) Tj ET Q q 0 0 0 rg BT 171.24 332.10 Td (exposing ) Tj ET Q q 0 0 0 rg BT 209.85 332.10 Td (us ) Tj ET Q q 0 0 0 rg BT 221.24 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.52 332.10 Td (material ) Tj ET Q q 0 0 0 rg BT 266.78 332.10 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 323.14 332.10 Td (losses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (Use ) Tj ET Q q 0 0 0 rg BT 66.74 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 76.76 308.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 118.44 308.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 169.04 308.10 Td (as ) Tj ET Q q 0 0 0 rg BT 179.62 308.10 Td (part ) Tj ET Q q 0 0 0 rg BT 197.98 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.00 308.10 Td (our ) Tj ET Q q 0 0 0 rg BT 224.15 308.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 263.06 308.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 280.32 308.10 Td (management ) Tj ET Q q 0 0 0 rg BT 335.34 308.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 381.48 308.10 Td (may ) Tj ET Q q 0 0 0 rg BT 400.39 308.10 Td (not ) Tj ET Q q 0 0 0 rg BT 415.42 308.10 Td (ef) Tj ET Q q 0 0 0 rg BT 423.01 308.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 458.56 308.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 484.68 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.15 308.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 520.30 308.10 Td (associated ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.79 296.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 108.39 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 119.23 296.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 150.61 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.44 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 178.40 296.10 Td (businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 272.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.94 272.10 Td (use ) Tj ET Q q 0 0 0 rg BT 80.63 272.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 112.42 272.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 129.76 272.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 159.07 272.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 190.86 272.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 208.21 272.10 Td (locks, ) Tj ET Q q 0 0 0 rg BT 234.17 272.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 259.30 272.10 Td (default ) Tj ET Q q 0 0 0 rg BT 289.42 272.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 312.33 272.10 Td (index ) Tj ET Q q 0 0 0 rg BT 336.91 272.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 375.36 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.16 272.10 Td (option ) Tj ET Q q 0 0 0 rg BT 420.08 272.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 458.53 272.10 Td (as ) Tj ET Q q 0 0 0 rg BT 469.22 272.10 Td (a ) Tj ET Q q 0 0 0 rg BT 476.02 272.10 Td (means ) Tj ET Q q 0 0 0 rg BT 503.93 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 514.07 272.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 547.52 272.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.11 260.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 90.15 260.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 131.31 260.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 170.27 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.54 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.16 260.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 235.97 260.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 275.46 260.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 328.35 260.10 Td (W) Tj ET Q q 0 0 0 rg BT 337.39 260.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 350.78 260.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 381.94 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.55 260.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 410.39 260.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 466.81 260.10 Td (we ) Tj ET Q q 0 0 0 rg BT 481.31 260.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 504.13 260.10 Td (into ) Tj ET Q q 0 0 0 rg BT 522.52 260.10 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 88.51 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.20 248.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 125.99 248.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 158.34 248.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 176.24 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.59 248.10 Td (market ) Tj ET Q q 0 0 0 rg BT 224.27 248.10 Td (value ) Tj ET Q q 0 0 0 rg BT 248.84 248.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 270.64 248.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 314.65 248.10 Td (with ) Tj ET Q q 0 0 0 rg BT 335.34 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 351.59 248.10 Td (security ) Tj ET Q q 0 0 0 rg BT 386.16 248.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 427.69 248.10 Td (including ) Tj ET Q q 0 0 0 rg BT 468.38 248.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 491.84 248.10 Td (income ) Tj ET Q q 0 0 0 rg BT 524.19 248.10 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.47 236.10 Td (we ) Tj ET Q q 0 0 0 rg BT 102.98 236.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 123.61 236.10 Td (both ) Tj ET Q q 0 0 0 rg BT 144.24 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 158.75 236.10 Td (facilitating ) Tj ET Q q 0 0 0 rg BT 204.91 236.10 Td (client ) Tj ET Q q 0 0 0 rg BT 229.98 236.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 262.82 236.10 Td (as ) Tj ET Q q 0 0 0 rg BT 274.00 236.10 Td (well ) Tj ET Q q 0 0 0 rg BT 294.07 236.10 Td (as ) Tj ET Q q 0 0 0 rg BT 305.25 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 319.76 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 335.94 236.10 Td (own ) Tj ET Q q 0 0 0 rg BT 356.01 236.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 403.28 236.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 434.46 236.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 481.26 236.10 Td (The ) Tj ET Q q 0 0 0 rg BT 499.66 236.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 549.17 236.10 Td (use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.52 224.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 102.98 224.10 Td (based ) Tj ET Q q 0 0 0 rg BT 128.34 224.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 150.92 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.72 224.10 Td (Municipal ) Tj ET Q q 0 0 0 rg BT 209.41 224.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 240.87 224.10 Td (Data ) Tj ET Q q 0 0 0 rg BT 262.34 224.10 Td (\(MMD\), ) Tj ET Q q 0 0 0 rg BT 307.96 224.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 340.55 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 351.47 224.10 Td (SIFMA) Tj ET Q q 0 0 0 rg BT 381.48 224.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.07 224.10 Td (index. ) Tj ET Q q 0 0 0 rg BT 411.18 224.10 Td (W) Tj ET Q q 0 0 0 rg BT 419.82 224.10 Td (e ) Tj ET Q q 0 0 0 rg BT 426.84 224.10 Td (also ) Tj ET Q q 0 0 0 rg BT 445.54 224.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 468.11 224.10 Td (into ) Tj ET Q q 0 0 0 rg BT 486.25 224.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 511.60 224.10 Td (default ) Tj ET Q q 0 0 0 rg BT 541.95 224.10 Td (swap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (index ) Tj ET Q q 0 0 0 rg BT 73.86 212.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 112.09 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 122.01 212.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 148.03 212.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 169.06 212.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 212.29 212.10 Td (with ) Tj ET Q q 0 0 0 rg BT 232.21 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 247.68 212.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 278.69 212.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 301.38 212.10 Td (income ) Tj ET Q q 0 0 0 rg BT 332.95 212.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 375.36 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.94 212.10 Td (option ) Tj ET Q q 0 0 0 rg BT 419.63 212.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 457.87 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.79 212.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 493.80 212.10 Td (market ) Tj ET Q q 0 0 0 rg BT 523.71 212.10 Td (value ) Tj ET Q q 0 0 0 rg BT 547.50 212.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 93.14 200.10 Td (with ) Tj ET Q q 0 0 0 rg BT 113.46 200.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 160.98 200.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 201.29 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.27 200.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 290.23 200.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 333.04 200.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 371.81 200.10 Td (, ) Tj ET Q q 0 0 0 rg BT 376.85 200.10 Td (we ) Tj ET Q q 0 0 0 rg BT 391.06 200.10 Td (do ) Tj ET Q q 0 0 0 rg BT 403.60 200.10 Td (not ) Tj ET Q q 0 0 0 rg BT 418.92 200.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 445.34 200.10 Td (all ) Tj ET Q q 0 0 0 rg BT 457.88 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.76 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 484.63 200.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 516.61 200.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 534.14 200.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 554.18 200.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 87.98 188.10 Td (these ) Tj ET Q q 0 0 0 rg BT 111.74 188.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 147.16 188.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 188.13 188.10 Td (may ) Tj ET Q q 0 0 0 rg BT 208.56 188.10 Td (not ) Tj ET Q q 0 0 0 rg BT 224.54 188.10 Td (work ) Tj ET Q q 0 0 0 rg BT 248.30 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.29 188.10 Td (all ) Tj ET Q q 0 0 0 rg BT 272.49 188.10 Td (market ) Tj ET Q q 0 0 0 rg BT 303.46 188.10 Td (environments ) Tj ET Q q 0 0 0 rg BT 361.11 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.75 188.10 Td (as ) Tj ET Q q 0 0 0 rg BT 390.29 188.10 Td (a ) Tj ET Q q 0 0 0 rg BT 397.94 188.10 Td (result ) Tj ET Q q 0 0 0 rg BT 423.36 188.10 Td (may ) Tj ET Q q 0 0 0 rg BT 443.79 188.10 Td (not ) Tj ET Q q 0 0 0 rg BT 459.77 188.10 Td (be ) Tj ET Q q 0 0 0 rg BT 472.42 188.10 Td (ef) Tj ET Q q 0 0 0 rg BT 480.01 188.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 510.42 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 521.40 188.10 Td (mitigating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.72 176.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 99.49 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.72 176.10 Td (market ) Tj ET Q q 0 0 0 rg BT 147.27 176.10 Td (value ) Tj ET Q q 0 0 0 rg BT 171.71 176.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 192.00 176.10 Td (especially ) Tj ET Q q 0 0 0 rg BT 234.77 176.10 Td (when ) Tj ET Q q 0 0 0 rg BT 259.21 176.10 Td (market ) Tj ET Q q 0 0 0 rg BT 289.76 176.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 328.66 176.10 Td (reduces ) Tj ET Q q 0 0 0 rg BT 361.98 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.99 176.10 Td (correlation ) Tj ET Q q 0 0 0 rg BT 423.09 176.10 Td (between ) Tj ET Q q 0 0 0 rg BT 459.19 176.10 Td (a ) Tj ET Q q 0 0 0 rg BT 466.41 176.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 501.42 176.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 533.08 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.30 176.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.76 164.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 130.59 164.10 Td (being ) Tj ET Q q 0 0 0 rg BT 155.31 164.10 Td (hedged.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (There ) Tj ET Q q 0 0 0 rg BT 74.91 140.10 Td (are ) Tj ET Q q 0 0 0 rg BT 89.20 140.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 110.18 140.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 145.04 140.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.91 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 170.33 140.10 Td (use ) Tj ET Q q 0 0 0 rg BT 185.75 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.17 140.10 Td (these ) Tj ET Q q 0 0 0 rg BT 218.80 140.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 257.83 140.10 Td (including ) Tj ET Q q 0 0 0 rg BT 297.69 140.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 350.32 140.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 388.50 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.03 140.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 427.12 140.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 446.71 140.10 Td (Counterparty ) Tj ET Q q 0 0 0 rg BT 501.57 140.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 539.75 140.10 Td (refers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.87 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.68 128.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 92.27 128.10 Td (that ) Tj ET Q q 0 0 0 rg BT 109.86 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.67 128.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 157.26 128.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.18 128.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 207.97 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 218.34 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 234.27 128.10 Td (possession ) Tj ET Q q 0 0 0 rg BT 279.64 128.10 Td (on ) Tj ET Q q 0 0 0 rg BT 292.23 128.10 Td (any ) Tj ET Q q 0 0 0 rg BT 309.27 128.10 Td (given ) Tj ET Q q 0 0 0 rg BT 334.08 128.10 Td (day ) Tj ET Q q 0 0 0 rg BT 351.11 128.10 Td (may ) Tj ET Q q 0 0 0 rg BT 370.92 128.10 Td (not ) Tj ET Q q 0 0 0 rg BT 386.29 128.10 Td (be ) Tj ET Q q 0 0 0 rg BT 398.32 128.10 Td (suf) Tj ET Q q 0 0 0 rg BT 410.36 128.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 438.49 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.87 128.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 470.34 128.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 495.14 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.95 128.10 Td (current ) Tj ET Q q 0 0 0 rg BT 540.86 128.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.91 116.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.20 116.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 100.72 116.10 Td (if ) Tj ET Q q 0 0 0 rg BT 108.90 116.10 Td (a ) Tj ET Q q 0 0 0 rg BT 115.41 116.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 168.02 116.10 Td (were ) Tj ET Q q 0 0 0 rg BT 189.52 116.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.38 116.10 Td (suddenly ) Tj ET Q q 0 0 0 rg BT 237.56 116.10 Td (default. ) Tj ET Q q 0 0 0 rg BT 269.90 116.10 Td (Basis ) Tj ET Q q 0 0 0 rg BT 293.65 116.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 310.72 116.10 Td (refers ) Tj ET Q q 0 0 0 rg BT 335.55 116.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.41 116.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 366.38 116.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 409.54 116.10 Td (with ) Tj ET Q q 0 0 0 rg BT 429.40 116.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 455.92 116.10 Td (where ) Tj ET Q q 0 0 0 rg BT 482.42 116.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 516.70 116.10 Td (in ) Tj ET Q q 0 0 0 rg BT 526.56 116.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.85 116.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.56 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.51 104.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 99.69 104.10 Td (may ) Tj ET Q q 0 0 0 rg BT 118.64 104.10 Td (not ) Tj ET Q q 0 0 0 rg BT 133.15 104.10 Td (exactly ) Tj ET Q q 0 0 0 rg BT 163.76 104.10 Td (mirror ) Tj ET Q q 0 0 0 rg BT 191.04 104.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 224.98 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.49 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.44 104.10 Td (value ) Tj ET Q q 0 0 0 rg BT 271.83 104.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.89 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.84 104.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 315.34 104.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 339.30 104.10 Td (they ) Tj ET Q q 0 0 0 rg BT 358.25 104.10 Td (are ) Tj ET Q q 0 0 0 rg BT 372.19 104.10 Td (hedging. ) Tj ET Q q 0 0 0 rg BT 408.52 104.10 Td (W) Tj ET Q q 0 0 0 rg BT 417.15 104.10 Td (e ) Tj ET Q q 0 0 0 rg BT 423.32 104.10 Td (may ) Tj ET Q q 0 0 0 rg BT 442.27 104.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 464.56 104.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 490.18 104.10 Td (from ) Tj ET Q q 0 0 0 rg BT 511.35 104.10 Td (our ) Tj ET Q q 0 0 0 rg BT 526.42 104.10 Td (exposure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 92.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 102.26 92.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 134.19 92.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 151.68 92.10 Td (products ) Tj ET Q q 0 0 0 rg BT 188.62 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.55 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.27 92.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 260.53 92.10 Td (use ) Tj ET Q q 0 0 0 rg BT 276.36 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.19 92.10 Td (these ) Tj ET Q q 0 0 0 rg BT 310.23 92.10 Td (products ) Tj ET Q q 0 0 0 rg BT 347.17 92.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.45 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.17 92.10 Td (future. ) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.11 740.25 Td (use ) Tj ET Q q 0 0 0 rg BT 84.50 740.25 Td (of ) Tj ET Q q 0 0 0 rg BT 95.33 740.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 135.60 740.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.67 740.25 Td (valuations ) Tj ET Q q 0 0 0 rg BT 198.95 740.25 Td (in ) Tj ET Q q 0 0 0 rg BT 209.79 740.25 Td (measuring ) Tj ET Q q 0 0 0 rg BT 256.19 740.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 273.69 740.25 Td (value ) Tj ET Q q 0 0 0 rg BT 298.41 740.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 330.34 740.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 376.74 740.25 Td (estimation ) Tj ET Q q 0 0 0 rg BT 422.02 740.25 Td (and ) Tj ET Q q 0 0 0 rg BT 440.09 740.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 481.48 740.25 Td (by ) Tj ET Q q 0 0 0 rg BT 493.42 740.25 Td (management.) 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 64.67 716.25 Td (make ) Tj ET Q q 0 0 0 rg BT 88.41 716.25 Td (various ) Tj ET Q q 0 0 0 rg BT 119.94 716.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 159.24 716.25 Td (that ) Tj ET Q q 0 0 0 rg BT 176.32 716.25 Td (af) Tj ET Q q 0 0 0 rg BT 183.91 716.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 200.98 716.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 236.39 716.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 272.36 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 288.89 716.25 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 337.92 716.25 Td (Broadly) Tj ET Q q 0 0 0 rg BT 369.49 716.25 Td (, ) Tj ET Q q 0 0 0 rg BT 374.07 716.25 Td (those ) Tj ET Q q 0 0 0 rg BT 397.27 716.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 436.57 716.25 Td (are ) Tj ET Q q 0 0 0 rg BT 450.87 716.25 Td (used ) Tj ET Q q 0 0 0 rg BT 471.29 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 481.15 716.25 Td (measuring ) Tj ET Q q 0 0 0 rg BT 524.90 716.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.86 716.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.09 704.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 91.55 704.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 129.79 704.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 182.21 704.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 233.25 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 244.29 704.25 Td (private ) Tj ET Q q 0 0 0 rg BT 275.31 704.25 Td (companies, ) Tj ET Q q 0 0 0 rg BT 323.83 704.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 370.96 704.25 Td (for ) Tj ET Q q 0 0 0 rg BT 385.88 704.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 424.70 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 442.40 704.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 485.65 704.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 514.73 704.25 Td (establishing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 93.02 692.25 Td (for ) Tj ET Q q 0 0 0 rg BT 106.53 692.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 143.38 692.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 169.12 692.25 Td (that ) Tj ET Q q 0 0 0 rg BT 185.97 692.25 Td (may ) Tj ET Q q 0 0 0 rg BT 205.04 692.25 Td (arise ) Tj ET Q q 0 0 0 rg BT 225.77 692.25 Td (from ) Tj ET Q q 0 0 0 rg BT 247.06 692.25 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 287.52 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 303.81 692.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 346.75 692.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 396.92 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 413.21 692.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 427.28 692.25 Td (examinations. ) Tj ET Q q 0 0 0 rg BT 484.95 692.25 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 525.69 692.25 Td (are ) Tj ET Q q 0 0 0 rg BT 539.74 692.25 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (on ) Tj ET Q q 0 0 0 rg BT 61.93 680.25 Td (available ) Tj ET Q q 0 0 0 rg BT 100.45 680.25 Td (information ) Tj ET Q q 0 0 0 rg BT 150.09 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 166.96 680.25 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 209.49 680.25 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 253.83 680.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 280.14 680.25 Td (results ) Tj ET Q q 0 0 0 rg BT 308.68 680.25 Td (could ) Tj ET Q q 0 0 0 rg BT 333.32 680.25 Td (dif) Tj ET Q q 0 0 0 rg BT 344.25 680.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 357.78 680.25 Td (from ) Tj ET Q q 0 0 0 rg BT 379.65 680.25 Td (our ) Tj ET Q q 0 0 0 rg BT 395.41 680.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 435.05 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.92 680.25 Td (that ) Tj ET Q q 0 0 0 rg BT 469.35 680.25 Td (dif) Tj ET Q q 0 0 0 rg BT 480.28 680.25 Td (ference ) Tj ET Q q 0 0 0 rg BT 512.12 680.25 Td (could ) Tj ET Q q 0 0 0 rg BT 536.77 680.25 Td (have ) Tj ET Q q 0 0 0 rg BT 558.08 680.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (material ) Tj ET Q q 0 0 0 rg BT 84.76 668.25 Td (ef) Tj ET Q q 0 0 0 rg BT 92.35 668.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 109.83 668.25 Td (on ) Tj ET Q q 0 0 0 rg BT 122.33 668.25 Td (our ) Tj ET Q q 0 0 0 rg BT 138.16 668.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 191.20 668.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 228.68 668.25 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.39 644.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 138.73 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 155.84 644.25 Td (other ) Tj ET Q q 0 0 0 rg BT 179.06 644.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 220.06 644.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 258.85 644.25 Td (owned, ) Tj ET Q q 0 0 0 rg BT 290.69 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 307.80 644.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 345.46 644.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 394.80 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 411.91 644.25 Td (other ) Tj ET Q q 0 0 0 rg BT 435.13 644.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 476.13 644.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 514.93 644.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 534.27 644.25 Td (but ) Tj ET Q q 0 0 0 rg BT 549.72 644.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 63.82 632.25 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 108.97 632.25 Td (are ) Tj ET Q q 0 0 0 rg BT 123.28 632.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 160.36 632.25 Td (at ) Tj ET Q q 0 0 0 rg BT 169.68 632.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 185.67 632.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 211.93 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 228.47 632.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 272.22 632.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 295.43 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 311.98 632.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 337.97 632.25 Td (related ) Tj ET Q q 0 0 0 rg BT 367.28 632.25 Td (to ) Tj ET Q q 0 0 0 rg BT 377.17 632.25 Td (these ) Tj ET Q q 0 0 0 rg BT 399.82 632.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 436.91 632.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 485.68 632.25 Td (are ) Tj ET Q q 0 0 0 rg BT 499.99 632.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 537.07 632.25 Td (on ) Tj ET Q q 0 0 0 rg BT 549.17 632.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 103.16 620.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 148.49 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.93 620.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 206.98 620.25 Td (The ) Tj ET Q q 0 0 0 rg BT 225.64 620.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 242.64 620.25 Td (value ) Tj ET Q q 0 0 0 rg BT 267.41 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.86 620.25 Td (a ) Tj ET Q q 0 0 0 rg BT 286.41 620.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.51 620.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 370.40 620.25 Td (is ) Tj ET Q q 0 0 0 rg BT 380.19 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.52 620.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 428.63 620.25 Td (at ) Tj ET Q q 0 0 0 rg BT 438.96 620.25 Td (which ) Tj ET Q q 0 0 0 rg BT 466.52 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.85 620.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 527.74 620.25 Td (could ) Tj ET Q q 0 0 0 rg BT 553.08 620.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 93.98 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 103.49 608.25 Td (a ) Tj ET Q q 0 0 0 rg BT 109.66 608.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 155.26 608.25 Td (between ) Tj ET Q q 0 0 0 rg BT 190.31 608.25 Td (market ) Tj ET Q q 0 0 0 rg BT 219.80 608.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 268.18 608.25 Td (at ) Tj ET Q q 0 0 0 rg BT 277.13 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.08 608.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 346.12 608.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 366.88 608.25 Td (Where ) Tj ET Q q 0 0 0 rg BT 395.25 608.25 Td (available, ) Tj ET Q q 0 0 0 rg BT 435.57 608.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 451.18 608.25 Td (value ) Tj ET Q q 0 0 0 rg BT 474.56 608.25 Td (is ) Tj ET Q q 0 0 0 rg BT 482.96 608.25 Td (based ) Tj ET Q q 0 0 0 rg BT 507.46 608.25 Td (on ) Tj ET Q q 0 0 0 rg BT 519.19 608.25 Td (observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (market ) Tj ET Q q 0 0 0 rg BT 78.70 596.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 104.01 596.25 Td (or ) Tj ET Q q 0 0 0 rg BT 113.77 596.25 Td (parameters ) Tj ET Q q 0 0 0 rg BT 159.07 596.25 Td (or ) Tj ET Q q 0 0 0 rg BT 168.83 596.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 200.25 596.25 Td (from ) Tj ET Q q 0 0 0 rg BT 221.12 596.25 Td (such ) Tj ET Q q 0 0 0 rg BT 240.88 596.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 266.19 596.25 Td (or ) Tj ET Q q 0 0 0 rg BT 275.96 596.25 Td (parameters. ) Tj ET Q q 0 0 0 rg BT 323.65 596.25 Td (Where ) Tj ET Q q 0 0 0 rg BT 351.73 596.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 396.47 596.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 421.78 596.25 Td (or ) Tj ET Q q 0 0 0 rg BT 431.55 596.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 457.43 596.25 Td (are ) Tj ET Q q 0 0 0 rg BT 471.07 596.25 Td (not ) Tj ET Q q 0 0 0 rg BT 485.28 596.25 Td (available, ) Tj ET Q q 0 0 0 rg BT 525.30 596.25 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (models ) Tj ET Q q 0 0 0 rg BT 80.85 584.25 Td (are ) Tj ET Q q 0 0 0 rg BT 95.53 584.25 Td (applied. ) Tj ET Q q 0 0 0 rg BT 129.75 584.25 Td (These ) Tj ET Q q 0 0 0 rg BT 156.09 584.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 195.77 584.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 241.00 584.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 273.46 584.25 Td (management ) Tj ET Q q 0 0 0 rg BT 327.01 584.25 Td (estimation ) Tj ET Q q 0 0 0 rg BT 371.14 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 388.04 584.25 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 430.78 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.46 584.25 Td (degree ) Tj ET Q q 0 0 0 rg BT 474.58 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 485.37 584.25 Td (which ) Tj ET Q q 0 0 0 rg BT 512.28 584.25 Td (is ) Tj ET Q q 0 0 0 rg BT 521.41 584.25 Td (dependent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (on ) Tj ET Q q 0 0 0 rg BT 62.18 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.07 572.25 Td (price ) Tj ET Q q 0 0 0 rg BT 99.73 572.25 Td (transparency ) Tj ET Q q 0 0 0 rg BT 153.50 572.25 Td (for ) Tj ET Q q 0 0 0 rg BT 167.83 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.73 572.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 232.07 572.25 Td (or ) Tj ET Q q 0 0 0 rg BT 243.08 572.25 Td (market ) Tj ET Q q 0 0 0 rg BT 273.52 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 290.63 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.53 572.25 Td (instruments' ) Tj ET Q q 0 0 0 rg BT 356.67 572.25 Td (complexity) Tj ET Q q 0 0 0 rg BT 401.01 572.25 Td (. ) Tj ET Q q 0 0 0 rg BT 406.19 572.25 Td (Dif) Tj ET Q q 0 0 0 rg BT 419.34 572.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 443.12 572.25 Td (market ) Tj ET Q q 0 0 0 rg BT 473.56 572.25 Td (environments, ) Tj ET Q q 0 0 0 rg BT 533.17 572.25 Td (such ) Tj ET Q q 0 0 0 rg BT 554.18 572.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (those ) Tj ET Q q 0 0 0 rg BT 72.60 560.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 122.90 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 132.67 560.25 Td (2008, ) Tj ET Q q 0 0 0 rg BT 157.16 560.25 Td (may ) Tj ET Q q 0 0 0 rg BT 176.37 560.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 200.57 560.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 237.55 560.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 286.21 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 295.98 560.25 Td (become ) Tj ET Q q 0 0 0 rg BT 329.07 560.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 381.61 560.25 Td (more ) Tj ET Q q 0 0 0 rg BT 404.15 560.25 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 435.04 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.47 560.25 Td (dif) Tj ET Q q 0 0 0 rg BT 462.40 560.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 485.49 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 495.27 560.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 521.41 560.25 Td (increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.42 548.25 Td (use ) Tj ET Q q 0 0 0 rg BT 80.46 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 91.49 548.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 131.41 548.25 Td (models. ) Tj ET Q q 0 0 0 rg BT 165.50 548.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 183.76 548.25 Td (future ) Tj ET Q q 0 0 0 rg BT 210.34 548.25 Td (results ) Tj ET Q q 0 0 0 rg BT 239.15 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 250.19 548.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 294.55 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 311.69 548.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 349.38 548.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 389.86 548.25 Td (may ) Tj ET Q q 0 0 0 rg BT 409.78 548.25 Td (be ) Tj ET Q q 0 0 0 rg BT 421.92 548.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 462.94 548.25 Td (af) Tj ET Q q 0 0 0 rg BT 470.53 548.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 497.66 548.25 Td (by ) Tj ET Q q 0 0 0 rg BT 510.36 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.29 548.25 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 99.77 536.25 Td (that ) Tj ET Q q 0 0 0 rg BT 117.27 536.25 Td (we ) Tj ET Q q 0 0 0 rg BT 131.43 536.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 156.15 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 166.42 536.25 Td (these ) Tj ET Q q 0 0 0 rg BT 189.47 536.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.95 536.25 Td (instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 99.88 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 109.71 512.25 Td (private ) Tj ET Q q 0 0 0 rg BT 139.53 512.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 184.35 512.25 Td (are ) Tj ET Q q 0 0 0 rg BT 198.61 512.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 227.32 512.25 Td (based ) Tj ET Q q 0 0 0 rg BT 252.14 512.25 Td (on ) Tj ET Q q 0 0 0 rg BT 264.20 512.25 Td (an ) Tj ET Q q 0 0 0 rg BT 275.69 512.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 322.19 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 332.57 512.25 Td (each ) Tj ET Q q 0 0 0 rg BT 352.94 512.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 398.32 512.25 Td (security) Tj ET Q q 0 0 0 rg BT 429.33 512.25 Td (, ) Tj ET Q q 0 0 0 rg BT 433.88 512.25 Td (considering ) Tj ET Q q 0 0 0 rg BT 482.59 512.25 Td (rounds ) Tj ET Q q 0 0 0 rg BT 511.87 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 522.25 512.25 Td (financing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (third ) Tj ET Q q 0 0 0 rg BT 72.61 500.25 Td (party ) Tj ET Q q 0 0 0 rg BT 97.37 500.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 149.36 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 168.02 500.25 Td (market-based ) Tj ET Q q 0 0 0 rg BT 226.10 500.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 280.03 500.25 Td (including ) Tj ET Q q 0 0 0 rg BT 322.02 500.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 372.89 500.25 Td (company ) Tj ET Q q 0 0 0 rg BT 413.76 500.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 468.25 500.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 500.79 500.25 Td (multiples ) Tj ET Q q 0 0 0 rg BT 542.23 500.25 Td (\(e.g., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (multiples ) Tj ET Q q 0 0 0 rg BT 88.13 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.87 488.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 130.92 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 146.77 488.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 182.05 488.25 Td (before ) Tj ET Q q 0 0 0 rg BT 209.00 488.25 Td (interest, ) Tj ET Q q 0 0 0 rg BT 242.34 488.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 266.79 488.25 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 317.62 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 333.46 488.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 385.41 488.25 Td (\("EBITDA"\)\) ) Tj ET Q q 0 0 0 rg BT 441.63 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 457.48 488.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 491.09 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 500.28 488.25 Td (market ) Tj ET Q q 0 0 0 rg BT 529.45 488.25 Td (outlook, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (among ) Tj ET Q q 0 0 0 rg BT 79.22 476.25 Td (other ) Tj ET Q q 0 0 0 rg BT 102.26 476.25 Td (factors. ) Tj ET Q q 0 0 0 rg BT 134.29 476.25 Td (These ) Tj ET Q q 0 0 0 rg BT 160.67 476.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 200.38 476.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 245.64 476.25 Td (require ) Tj ET Q q 0 0 0 rg BT 276.46 476.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 321.17 476.25 Td (management ) Tj ET Q q 0 0 0 rg BT 374.76 476.25 Td (estimation ) Tj ET Q q 0 0 0 rg BT 418.92 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 435.86 476.25 Td (judgment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.74 452.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 107.10 452.25 Td (services ) Tj ET Q q 0 0 0 rg BT 141.44 452.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 177.47 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 195.17 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.08 452.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 244.99 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 255.46 452.25 Td (which ) Tj ET Q q 0 0 0 rg BT 282.61 452.25 Td (we ) Tj ET Q q 0 0 0 rg BT 295.85 452.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 328.53 452.25 Td (are ) Tj ET Q q 0 0 0 rg BT 343.99 452.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 375.01 452.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.92 452.25 Td (systemic ) Tj ET Q q 0 0 0 rg BT 421.49 452.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 439.18 452.25 Td (that ) Tj ET Q q 0 0 0 rg BT 457.43 452.25 Td (could ) Tj ET Q q 0 0 0 rg BT 482.34 452.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 522.79 452.25 Td (af) Tj ET Q q 0 0 0 rg BT 530.94 452.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 548.06 452.25 Td (our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (business ) Tj ET Q q 0 0 0 rg BT 87.01 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 105.08 440.25 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (Participants ) Tj ET Q q 0 0 0 rg BT 98.42 416.25 Td (in ) Tj ET Q q 0 0 0 rg BT 107.90 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.82 416.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.51 416.25 Td (services ) Tj ET Q q 0 0 0 rg BT 192.42 416.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 226.91 416.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.05 416.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 276.41 416.25 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 326.99 416.25 Td (are ) Tj ET Q q 0 0 0 rg BT 340.90 416.25 Td (closely ) Tj ET Q q 0 0 0 rg BT 370.93 416.25 Td (interrelated ) Tj ET Q q 0 0 0 rg BT 418.17 416.25 Td (as ) Tj ET Q q 0 0 0 rg BT 428.20 416.25 Td (a ) Tj ET Q q 0 0 0 rg BT 434.34 416.25 Td (result ) Tj ET Q q 0 0 0 rg BT 458.27 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.30 416.25 Td (credit, ) Tj ET Q q 0 0 0 rg BT 495.27 416.25 Td (trading, ) Tj ET Q q 0 0 0 rg BT 527.80 416.25 Td (clearing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 96.55 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 113.60 404.25 Td (other ) Tj ET Q q 0 0 0 rg BT 136.76 404.25 Td (relationships ) Tj ET Q q 0 0 0 rg BT 190.47 404.25 Td (between ) Tj ET Q q 0 0 0 rg BT 226.40 404.25 Td (them. ) Tj ET Q q 0 0 0 rg BT 250.93 404.25 Td (A) Tj ET Q q 0 0 0 rg BT 257.60 404.25 Td ( ) Tj ET Q q 0 0 0 rg BT 260.21 404.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 305.04 404.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 338.19 404.25 Td (development ) Tj ET Q q 0 0 0 rg BT 392.45 404.25 Td (with ) Tj ET Q q 0 0 0 rg BT 412.84 404.25 Td (one ) Tj ET Q q 0 0 0 rg BT 429.89 404.25 Td (participant ) Tj ET Q q 0 0 0 rg BT 475.26 404.25 Td (\(such ) Tj ET Q q 0 0 0 rg BT 499.53 404.25 Td (as ) Tj ET Q q 0 0 0 rg BT 510.48 404.25 Td (a ) Tj ET Q q 0 0 0 rg BT 517.53 404.25 Td (bankruptcy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (or ) Tj ET Q q 0 0 0 rg BT 59.75 392.25 Td (default\) ) Tj ET Q q 0 0 0 rg BT 92.76 392.25 Td (may ) Tj ET Q q 0 0 0 rg BT 111.90 392.25 Td (spread ) Tj ET Q q 0 0 0 rg BT 139.92 392.25 Td (to ) Tj ET Q q 0 0 0 rg BT 149.62 392.25 Td (others ) Tj ET Q q 0 0 0 rg BT 175.98 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.34 392.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 210.91 392.25 Td (to ) Tj ET Q q 0 0 0 rg BT 220.61 392.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 264.74 392.25 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 317.74 392.25 Td (or ) Tj ET Q q 0 0 0 rg BT 327.99 392.25 Td (market-wide ) Tj ET Q q 0 0 0 rg BT 380.45 392.25 Td (problems ) Tj ET Q q 0 0 0 rg BT 419.58 392.25 Td (\(such ) Tj ET Q q 0 0 0 rg BT 443.16 392.25 Td (as ) Tj ET Q q 0 0 0 rg BT 453.42 392.25 Td (defaults, ) Tj ET Q q 0 0 0 rg BT 489.49 392.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 525.30 392.25 Td (problems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.58 380.25 Td (losses\) ) Tj ET Q q 0 0 0 rg BT 90.54 380.25 Td (for ) Tj ET Q q 0 0 0 rg BT 104.95 380.25 Td (other ) Tj ET Q q 0 0 0 rg BT 128.25 380.25 Td (participants, ) Tj ET Q q 0 0 0 rg BT 180.14 380.25 Td (including ) Tj ET Q q 0 0 0 rg BT 220.66 380.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 234.60 380.25 Td (This ) Tj ET Q q 0 0 0 rg BT 255.13 380.25 Td (systemic ) Tj ET Q q 0 0 0 rg BT 292.87 380.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 310.62 380.25 Td (was ) Tj ET Q q 0 0 0 rg BT 328.91 380.25 Td (evident ) Tj ET Q q 0 0 0 rg BT 361.09 380.25 Td (during ) Tj ET Q q 0 0 0 rg BT 389.95 380.25 Td (2008 ) Tj ET Q q 0 0 0 rg BT 412.70 380.25 Td (following ) Tj ET Q q 0 0 0 rg BT 454.33 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.29 380.25 Td (demise ) Tj ET Q q 0 0 0 rg BT 500.36 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 511.44 380.25 Td (Bear ) Tj ET Q q 0 0 0 rg BT 533.06 380.25 Td (Stearns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.15 368.25 Td (Lehman ) Tj ET Q q 0 0 0 rg BT 103.12 368.25 Td (Brothers, ) Tj ET Q q 0 0 0 rg BT 143.27 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 160.92 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.34 368.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 214.55 368.25 Td (events ) Tj ET Q q 0 0 0 rg BT 243.30 368.25 Td (\(sometimes ) Tj ET Q q 0 0 0 rg BT 292.62 368.25 Td (described ) Tj ET Q q 0 0 0 rg BT 334.14 368.25 Td (as ) Tj ET Q q 0 0 0 rg BT 345.68 368.25 Td (contagion\) ) Tj ET Q q 0 0 0 rg BT 400.53 368.25 Td (had ) Tj ET Q q 0 0 0 rg BT 418.18 368.25 Td (a ) Tj ET Q q 0 0 0 rg BT 425.83 368.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 462.91 368.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 493.33 368.25 Td (on ) Tj ET Q q 0 0 0 rg BT 506.54 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 368.25 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 85.22 356.25 Td (participants, ) Tj ET Q q 0 0 0 rg BT 137.30 356.25 Td (including ) Tj ET Q q 0 0 0 rg BT 178.01 356.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 192.34 356.25 Td (Further) Tj ET Q q 0 0 0 rg BT 221.38 356.25 Td (, ) Tj ET Q q 0 0 0 rg BT 226.82 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 241.97 356.25 Td (control ) Tj ET Q q 0 0 0 rg BT 273.23 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 290.61 356.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 308.55 356.25 Td (management ) Tj ET Q q 0 0 0 rg BT 362.57 356.25 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 419.37 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.64 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.79 356.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 480.38 356.25 Td (in ) Tj ET Q q 0 0 0 rg BT 491.10 356.25 Td (which ) Tj ET Q q 0 0 0 rg BT 518.47 356.25 Td (we ) Tj ET Q q 0 0 0 rg BT 533.07 356.25 Td (operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (often ) Tj ET Q q 0 0 0 rg BT 71.62 344.25 Td (is ) Tj ET Q q 0 0 0 rg BT 79.85 344.25 Td (outpaced ) Tj ET Q q 0 0 0 rg BT 117.52 344.25 Td (by ) Tj ET Q q 0 0 0 rg BT 129.09 344.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 165.64 344.25 Td (innovation ) Tj ET Q q 0 0 0 rg BT 209.98 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 225.98 344.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 255.88 344.25 Td (in ) Tj ET Q q 0 0 0 rg BT 265.23 344.25 Td (new ) Tj ET Q q 0 0 0 rg BT 283.46 344.25 Td (types ) Tj ET Q q 0 0 0 rg BT 306.14 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.04 344.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 357.87 344.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 407.20 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 423.21 344.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 458.93 344.25 Td (Systemic ) Tj ET Q q 0 0 0 rg BT 497.17 344.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 513.74 344.25 Td (is ) Tj ET Q q 0 0 0 rg BT 521.97 344.25 Td (inherently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 332.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 84.03 332.25 Td (to ) Tj ET Q q 0 0 0 rg BT 94.31 332.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 121.25 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 138.19 332.25 Td (quantify) Tj ET Q q 0 0 0 rg BT 170.87 332.25 Td (, ) Tj ET Q q 0 0 0 rg BT 175.87 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.81 332.25 Td (its ) Tj ET Q q 0 0 0 rg BT 204.75 332.25 Td (form ) Tj ET Q q 0 0 0 rg BT 226.69 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.63 332.25 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 288.34 332.25 Td (can ) Tj ET Q q 0 0 0 rg BT 304.72 332.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 334.98 332.25 Td (unknown ) Tj ET Q q 0 0 0 rg BT 374.71 332.25 Td (for ) Tj ET Q q 0 0 0 rg BT 388.87 332.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 433.58 332.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 465.52 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.35 332.25 Td (time.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 97.08 308.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 126.89 308.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 183.36 308.25 Td (may ) Tj ET Q q 0 0 0 rg BT 202.61 308.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 223.53 308.25 Td (our ) Tj ET Q q 0 0 0 rg BT 240.01 308.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 267.59 308.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.39 308.25 Td (expand ) Tj ET Q q 0 0 0 rg BT 309.42 308.25 Td (or ) Tj ET Q q 0 0 0 rg BT 320.34 308.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 359.60 308.25 Td (our ) Tj ET Q q 0 0 0 rg BT 376.08 308.25 Td (present ) Tj ET Q q 0 0 0 rg BT 408.11 308.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 432.90 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 443.26 308.25 Td (business ) Tj ET Q q 0 0 0 rg BT 480.30 308.25 Td (or ) Tj ET Q q 0 0 0 rg BT 491.22 308.25 Td (impair ) Tj ET Q q 0 0 0 rg BT 520.48 308.25 Td (our ) Tj ET Q q 0 0 0 rg BT 536.96 308.25 Td (ability ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 296.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 81.71 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 98.67 296.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 138.39 296.25 Td (obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 272.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.92 272.25 Td (are ) Tj ET Q q 0 0 0 rg BT 79.47 272.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 110.14 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 120.27 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.83 272.25 Td (SEC's ) Tj ET Q q 0 0 0 rg BT 161.21 272.25 Td (uniform ) Tj ET Q q 0 0 0 rg BT 195.77 272.25 Td (net ) Tj ET Q q 0 0 0 rg BT 210.33 272.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 239.33 272.25 Td (rule ) Tj ET Q q 0 0 0 rg BT 257.22 272.25 Td (\(Rule15c3-1\) ) Tj ET Q q 0 0 0 rg BT 315.38 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 332.16 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 346.73 272.25 Td (net ) Tj ET Q q 0 0 0 rg BT 361.29 272.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 390.28 272.25 Td (rule ) Tj ET Q q 0 0 0 rg BT 408.18 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 418.85 272.25 Td (FINRA, ) Tj ET Q q 0 0 0 rg BT 453.70 272.25 Td (which ) Tj ET Q q 0 0 0 rg BT 480.48 272.25 Td (may ) Tj ET Q q 0 0 0 rg BT 500.05 272.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 521.28 272.25 Td (our ) Tj ET Q q 0 0 0 rg BT 536.96 272.25 Td (ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.82 260.25 Td (make ) Tj ET Q q 0 0 0 rg BT 84.02 260.25 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 135.44 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 146.31 260.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 175.50 260.25 Td (from ) Tj ET Q q 0 0 0 rg BT 197.48 260.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 221.13 260.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 232.61 260.25 Td (fray& ) Tj ET Q q 0 0 0 rg BT 261.53 260.25 Td (Co., ) Tj ET Q q 0 0 0 rg BT 280.74 260.25 Td (our ) Tj ET Q q 0 0 0 rg BT 296.61 260.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 316.93 260.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 345.57 260.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 372.54 260.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 413.00 260.25 Td (. ) Tj ET Q q 0 0 0 rg BT 417.86 260.25 Td (The ) Tj ET Q q 0 0 0 rg BT 435.94 260.25 Td (uniform ) Tj ET Q q 0 0 0 rg BT 470.70 260.25 Td (net ) Tj ET Q q 0 0 0 rg BT 485.46 260.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 514.65 260.25 Td (rule ) Tj ET Q q 0 0 0 rg BT 532.74 260.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 550.28 260.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 90.37 248.25 Td (level ) Tj ET Q q 0 0 0 rg BT 111.77 248.25 Td (of ) Tj ET Q q 0 0 0 rg BT 122.08 248.25 Td (net ) Tj ET Q q 0 0 0 rg BT 136.27 248.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 164.89 248.25 Td (a ) Tj ET Q q 0 0 0 rg BT 171.31 248.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 199.38 248.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 225.78 248.25 Td (must ) Tj ET Q q 0 0 0 rg BT 247.20 248.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 284.16 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 300.58 248.25 Td (also ) Tj ET Q q 0 0 0 rg BT 318.66 248.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 352.84 248.25 Td (that ) Tj ET Q q 0 0 0 rg BT 369.81 248.25 Td (a ) Tj ET Q q 0 0 0 rg BT 376.22 248.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 407.08 248.25 Td (of ) Tj ET Q q 0 0 0 rg BT 417.39 248.25 Td (its ) Tj ET Q q 0 0 0 rg BT 428.81 248.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 454.11 248.25 Td (be ) Tj ET Q q 0 0 0 rg BT 465.53 248.25 Td (relatively ) Tj ET Q q 0 0 0 rg BT 505.26 248.25 Td (liquid. ) Tj ET Q q 0 0 0 rg BT 533.07 248.25 Td (FINRA) Tj ET Q q 0 0 0 rg BT 562.52 248.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (may ) Tj ET Q q 0 0 0 rg BT 68.08 236.25 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 101.11 236.25 Td (a ) Tj ET Q q 0 0 0 rg BT 106.91 236.25 Td (member ) Tj ET Q q 0 0 0 rg BT 141.04 236.25 Td (firm ) Tj ET Q q 0 0 0 rg BT 159.62 236.25 Td (from ) Tj ET Q q 0 0 0 rg BT 180.43 236.25 Td (expanding ) Tj ET Q q 0 0 0 rg BT 223.45 236.25 Td (its ) Tj ET Q q 0 0 0 rg BT 234.26 236.25 Td (business ) Tj ET Q q 0 0 0 rg BT 269.52 236.25 Td (or ) Tj ET Q q 0 0 0 rg BT 279.21 236.25 Td (paying ) Tj ET Q q 0 0 0 rg BT 307.79 236.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 326.93 236.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 367.18 236.25 Td (if ) Tj ET Q q 0 0 0 rg BT 374.65 236.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 411.01 236.25 Td (net ) Tj ET Q q 0 0 0 rg BT 424.59 236.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 452.61 236.25 Td (falls ) Tj ET Q q 0 0 0 rg BT 471.19 236.25 Td (below ) Tj ET Q q 0 0 0 rg BT 496.99 236.25 Td (its ) Tj ET Q q 0 0 0 rg BT 507.81 236.25 Td (requirements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (Underwriting ) Tj ET Q q 0 0 0 rg BT 105.90 224.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 162.87 224.25 Td (require ) Tj ET Q q 0 0 0 rg BT 193.71 224.25 Td (a ) Tj ET Q q 0 0 0 rg BT 200.67 224.25 Td (char) Tj ET Q q 0 0 0 rg BT 217.70 224.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 229.66 224.25 Td (against ) Tj ET Q q 0 0 0 rg BT 260.51 224.25 Td (net ) Tj ET Q q 0 0 0 rg BT 275.26 224.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 304.43 224.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 323.90 224.25 Td (accordingly) Tj ET Q q 0 0 0 rg BT 370.45 224.25 Td (, ) Tj ET Q q 0 0 0 rg BT 375.48 224.25 Td (our ) Tj ET Q q 0 0 0 rg BT 391.33 224.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 419.41 224.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.71 224.25 Td (make ) Tj ET Q q 0 0 0 rg BT 453.90 224.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 508.08 224.25 Td (commitments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 212.25 Td (be ) Tj ET Q q 0 0 0 rg BT 81.16 212.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 111.99 212.25 Td (by ) Tj ET Q q 0 0 0 rg BT 124.49 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 139.20 212.25 Td (requirement ) Tj ET Q q 0 0 0 rg BT 190.01 212.25 Td (that ) Tj ET Q q 0 0 0 rg BT 207.51 212.25 Td (we ) Tj ET Q q 0 0 0 rg BT 221.67 212.25 Td (must ) Tj ET Q q 0 0 0 rg BT 243.62 212.25 Td (at ) Tj ET Q q 0 0 0 rg BT 253.33 212.25 Td (all ) Tj ET Q q 0 0 0 rg BT 265.83 212.25 Td (times ) Tj ET Q q 0 0 0 rg BT 289.99 212.25 Td (be ) Tj ET Q q 0 0 0 rg BT 301.93 212.25 Td (in ) Tj ET Q q 0 0 0 rg BT 312.21 212.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 360.80 212.25 Td (with ) Tj ET Q q 0 0 0 rg BT 381.08 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.79 212.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 439.38 212.25 Td (net ) Tj ET Q q 0 0 0 rg BT 454.10 212.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 483.25 212.25 Td (regulations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (As ) Tj ET Q q 0 0 0 rg BT 62.56 188.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 85.61 188.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 97.09 188.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 115.14 188.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 162.08 188.25 Td (is ) Tj ET Q q 0 0 0 rg BT 170.69 188.25 Td (a ) Tj ET Q q 0 0 0 rg BT 177.08 188.25 Td (holding ) Tj ET Q q 0 0 0 rg BT 209.58 188.25 Td (company) Tj ET Q q 0 0 0 rg BT 245.59 188.25 Td (, ) Tj ET Q q 0 0 0 rg BT 250.03 188.25 Td (it ) Tj ET Q q 0 0 0 rg BT 257.53 188.25 Td (depends ) Tj ET Q q 0 0 0 rg BT 292.25 188.25 Td (on ) Tj ET Q q 0 0 0 rg BT 304.19 188.25 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 347.53 188.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 399.48 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 415.86 188.25 Td (other ) Tj ET Q q 0 0 0 rg BT 438.35 188.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 478.63 188.25 Td (from ) Tj ET Q q 0 0 0 rg BT 500.01 188.25 Td (our ) Tj ET Q q 0 0 0 rg BT 515.29 188.25 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 176.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 81.63 176.25 Td (its ) Tj ET Q q 0 0 0 rg BT 94.09 176.25 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 143.82 176.25 Td (The ) Tj ET Q q 0 0 0 rg BT 162.38 176.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 206.48 176.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 253.93 176.25 Td (described ) Tj ET Q q 0 0 0 rg BT 295.25 176.25 Td (above ) Tj ET Q q 0 0 0 rg BT 322.14 176.25 Td (may ) Tj ET Q q 0 0 0 rg BT 342.37 176.25 Td (impede ) Tj ET Q q 0 0 0 rg BT 374.81 176.25 Td (access ) Tj ET Q q 0 0 0 rg BT 403.36 176.25 Td (to ) Tj ET Q q 0 0 0 rg BT 414.15 176.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 439.38 176.25 Td (our ) Tj ET Q q 0 0 0 rg BT 455.72 176.25 Td (holding ) Tj ET Q q 0 0 0 rg BT 489.29 176.25 Td (company ) Tj ET Q q 0 0 0 rg BT 528.95 176.25 Td (needs ) Tj ET Q q 0 0 0 rg BT 554.73 176.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (make ) Tj ET Q q 0 0 0 rg BT 73.66 164.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 114.48 164.25 Td (on ) Tj ET Q q 0 0 0 rg BT 126.98 164.25 Td (any ) Tj ET Q q 0 0 0 rg BT 143.92 164.25 Td (such ) Tj ET Q q 0 0 0 rg BT 164.75 164.25 Td (obligations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 140.25 Td (e ) Tj ET Q q 0 0 0 rg BT 63.95 140.25 Td (may ) Tj ET Q q 0 0 0 rg BT 83.03 140.25 Td (not ) Tj ET Q q 0 0 0 rg BT 98.24 140.25 Td (be ) Tj ET Q q 0 0 0 rg BT 109.54 140.25 Td (able ) Tj ET Q q 0 0 0 rg BT 128.62 140.25 Td (to ) Tj ET Q q 0 0 0 rg BT 138.26 140.25 Td (compete ) Tj ET Q q 0 0 0 rg BT 174.00 140.25 Td (successfully ) Tj ET Q q 0 0 0 rg BT 225.30 140.25 Td (with ) Tj ET Q q 0 0 0 rg BT 244.96 140.25 Td (other ) Tj ET Q q 0 0 0 rg BT 268.49 140.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 314.24 140.25 Td (in ) Tj ET Q q 0 0 0 rg BT 324.44 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.09 140.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 378.18 140.25 Td (services ) Tj ET Q q 0 0 0 rg BT 412.25 140.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 448.01 140.25 Td (who ) Tj ET Q q 0 0 0 rg BT 467.11 140.25 Td (often ) Tj ET Q q 0 0 0 rg BT 490.08 140.25 Td (have ) Tj ET Q q 0 0 0 rg BT 511.39 140.25 Td (significantly ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 81.44 128.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 123.38 128.25 Td (than ) Tj ET Q q 0 0 0 rg BT 144.78 128.25 Td (we ) Tj ET Q q 0 0 0 rg BT 158.39 128.25 Td (do.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.69 104.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 105.31 104.25 Td (services ) Tj ET Q q 0 0 0 rg BT 140.16 104.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 175.58 104.25 Td (remains ) Tj ET Q q 0 0 0 rg BT 209.87 104.25 Td (extremely ) Tj ET Q q 0 0 0 rg BT 252.49 104.25 Td (competitive, ) Tj ET Q q 0 0 0 rg BT 304.84 104.25 Td (and ) Tj ET Q q 0 0 0 rg BT 321.92 104.25 Td (our ) Tj ET Q q 0 0 0 rg BT 337.89 104.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 376.07 104.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.15 104.25 Td (profitability ) Tj ET Q q 0 0 0 rg BT 443.56 104.25 Td (will ) Tj ET Q q 0 0 0 rg BT 461.75 104.25 Td (suf) Tj ET Q q 0 0 0 rg BT 473.79 104.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 487.53 104.25 Td (if ) Tj ET Q q 0 0 0 rg BT 496.28 104.25 Td (we ) Tj ET Q q 0 0 0 rg BT 510.58 104.25 Td (are ) Tj ET Q q 0 0 0 rg BT 525.43 104.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 554.73 104.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (compete ) Tj ET Q q 0 0 0 rg BT 85.62 92.25 Td (ef) Tj ET Q q 0 0 0 rg BT 93.21 92.25 Td (fectively) Tj ET Q q 0 0 0 rg BT 127.54 92.25 Td (. ) Tj ET Q q 0 0 0 rg BT 132.13 92.25 Td (W) Tj ET Q q 0 0 0 rg BT 140.77 92.25 Td (e ) Tj ET Q q 0 0 0 rg BT 147.46 92.25 Td (compete ) Tj ET Q q 0 0 0 rg BT 183.59 92.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 223.04 92.25 Td (on ) Tj ET Q q 0 0 0 rg BT 235.29 92.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.76 92.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 272.01 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 282.60 92.25 Td (such ) Tj ET Q q 0 0 0 rg BT 303.18 92.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 332.64 92.25 Td (as ) Tj ET Q q 0 0 0 rg BT 343.22 92.25 Td (quality ) Tj ET Q q 0 0 0 rg BT 373.25 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 383.83 92.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 412.18 92.25 Td (and ) Tj ET Q q 0 0 0 rg BT 428.87 92.25 Td (service, ) Tj ET Q q 0 0 0 rg BT 461.94 92.25 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 507.23 92.25 Td (price, ) Tj ET Q q 0 0 0 rg BT 531.97 92.25 Td (product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (selection, ) Tj ET Q q 0 0 0 rg BT 89.69 80.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 135.71 80.25 Td (execution ) Tj ET Q q 0 0 0 rg BT 176.74 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.32 80.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 230.45 80.25 Td (resources. ) Tj ET Q q 0 0 0 rg BT 272.86 80.25 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 303.90 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.49 80.25 Td (other ) Tj ET Q q 0 0 0 rg BT 343.19 80.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 392.54 80.25 Td (pressures ) Tj ET Q q 0 0 0 rg BT 431.90 80.25 Td (in ) Tj ET Q q 0 0 0 rg BT 441.83 80.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 487.86 80.25 Td (banking, ) Tj ET Q q 0 0 0 rg BT 524.73 80.25 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (trends ) Tj ET Q q 0 0 0 rg BT 75.61 68.25 Td (toward ) Tj ET Q q 0 0 0 rg BT 105.05 68.25 Td (multiple ) Tj ET Q q 0 0 0 rg BT 140.05 68.25 Td (book ) Tj ET Q q 0 0 0 rg BT 161.73 68.25 Td (runners, ) Tj ET Q q 0 0 0 rg BT 195.89 68.25 Td (co-managers, ) Tj ET Q q 0 0 0 rg BT 251.15 68.25 Td (and ) Tj ET Q q 0 0 0 rg BT 267.26 68.25 Td (multiple ) Tj ET Q q 0 0 0 rg BT 302.26 68.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 338.91 68.25 Td (advisors ) Tj ET Q q 0 0 0 rg BT 373.91 68.25 Td (handling ) Tj ET Q q 0 0 0 rg BT 410.58 68.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 462.52 68.25 Td (have ) Tj ET Q q 0 0 0 rg BT 483.07 68.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 524.17 68.25 Td (and ) Tj ET Q q 0 0 0 rg BT 540.28 68.25 Td (could ) 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 (adversely ) Tj ET Q q 0 0 0 rg BT 90.56 740.10 Td (af) Tj ET Q q 0 0 0 rg BT 98.15 740.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 115.88 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 131.95 740.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 172.53 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 190.83 740.10 Td (trend ) Tj ET Q q 0 0 0 rg BT 214.12 740.10 Td (toward ) Tj ET Q q 0 0 0 rg BT 244.63 740.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 280.70 740.10 Td (book ) Tj ET Q q 0 0 0 rg BT 303.45 740.10 Td (runners ) Tj ET Q q 0 0 0 rg BT 336.18 740.10 Td (has ) Tj ET Q q 0 0 0 rg BT 352.26 740.10 Td (also ) Tj ET Q q 0 0 0 rg BT 371.11 740.10 Td (been ) Tj ET Q q 0 0 0 rg BT 392.73 740.10 Td (accompanied ) Tj ET Q q 0 0 0 rg BT 448.22 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 460.97 740.10 Td (an ) Tj ET Q q 0 0 0 rg BT 473.15 740.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 516.99 740.10 Td (disparity ) Tj ET Q q 0 0 0 rg BT 554.73 740.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.04 728.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 94.33 728.10 Td (economics ) Tj ET Q q 0 0 0 rg BT 138.42 728.10 Td (between ) Tj ET Q q 0 0 0 rg BT 173.05 728.10 Td (or ) Tj ET Q q 0 0 0 rg BT 182.70 728.10 Td (among ) Tj ET Q q 0 0 0 rg BT 211.23 728.10 Td (book ) Tj ET Q q 0 0 0 rg BT 232.55 728.10 Td (runners, ) Tj ET Q q 0 0 0 rg BT 266.36 728.10 Td (with ) Tj ET Q q 0 0 0 rg BT 285.46 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.99 728.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 324.75 728.10 Td (book ) Tj ET Q q 0 0 0 rg BT 346.07 728.10 Td (runner\(s\) ) Tj ET Q q 0 0 0 rg BT 384.04 728.10 Td (receiving ) Tj ET Q q 0 0 0 rg BT 422.56 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 428.31 728.10 Td (lar) Tj ET Q q 0 0 0 rg BT 438.68 728.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 449.44 728.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 494.06 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.70 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.24 728.10 Td (economics.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 704.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.51 704.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 96.20 704.10 Td (at ) Tj ET Q q 0 0 0 rg BT 106.35 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.72 704.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 163.86 704.10 Td (disadvantage ) Tj ET Q q 0 0 0 rg BT 219.00 704.10 Td (given ) Tj ET Q q 0 0 0 rg BT 244.15 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 260.41 704.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 301.10 704.10 Td (small ) Tj ET Q q 0 0 0 rg BT 325.70 704.10 Td (size ) Tj ET Q q 0 0 0 rg BT 344.18 704.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 386.53 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.24 704.10 Td (some ) Tj ET Q q 0 0 0 rg BT 421.28 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.54 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 448.81 704.10 Td (competitors. ) Tj ET Q q 0 0 0 rg BT 501.45 704.10 Td (Lar) Tj ET Q q 0 0 0 rg BT 515.15 704.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 527.52 704.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (services ) Tj ET Q q 0 0 0 rg BT 85.06 692.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 109.51 692.10 Td (have ) Tj ET Q q 0 0 0 rg BT 131.74 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 139.53 692.10 Td (lar) Tj ET Q q 0 0 0 rg BT 149.89 692.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 166.01 692.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 196.01 692.10 Td (base, ) Tj ET Q q 0 0 0 rg BT 219.63 692.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 250.73 692.10 Td (access ) Tj ET Q q 0 0 0 rg BT 279.61 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.74 692.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 320.74 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.53 692.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 369.63 692.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 410.74 692.10 Td (than ) Tj ET Q q 0 0 0 rg BT 431.30 692.10 Td (we ) Tj ET Q q 0 0 0 rg BT 446.31 692.10 Td (have, ) Tj ET Q q 0 0 0 rg BT 471.04 692.10 Td (af) Tj ET Q q 0 0 0 rg BT 478.62 692.10 Td (fording ) Tj ET Q q 0 0 0 rg BT 511.41 692.10 Td (them ) Tj ET Q q 0 0 0 rg BT 534.75 692.10 Td (greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 85.26 680.10 Td (for ) Tj ET Q q 0 0 0 rg BT 99.36 680.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 116.81 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.69 680.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 171.13 680.10 Td (for ) Tj ET Q q 0 0 0 rg BT 185.24 680.10 Td (innovation, ) Tj ET Q q 0 0 0 rg BT 232.96 680.10 Td (an ) Tj ET Q q 0 0 0 rg BT 244.84 680.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 283.38 680.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 330.25 680.10 Td (reach ) Tj ET Q q 0 0 0 rg BT 354.34 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.23 680.10 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 413.11 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.34 680.10 Td (of) Tj ET Q q 0 0 0 rg BT 431.49 680.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 445.03 680.10 Td (a ) Tj ET Q q 0 0 0 rg BT 451.92 680.10 Td (broader ) Tj ET Q q 0 0 0 rg BT 484.90 680.10 Td (set ) Tj ET Q q 0 0 0 rg BT 498.46 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.23 680.10 Td (products. ) Tj ET Q q 0 0 0 rg BT 548.62 680.10 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 88.17 668.10 Td (these ) Tj ET Q q 0 0 0 rg BT 111.01 668.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 134.41 668.10 Td (have ) Tj ET Q q 0 0 0 rg BT 155.58 668.10 Td (used ) Tj ET Q q 0 0 0 rg BT 176.20 668.10 Td (their ) Tj ET Q q 0 0 0 rg BT 196.82 668.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 236.88 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.61 668.10 Td (lar) Tj ET Q q 0 0 0 rg BT 263.97 668.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 279.04 668.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 307.98 668.10 Td (base ) Tj ET Q q 0 0 0 rg BT 328.04 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 338.12 668.10 Td (take ) Tj ET Q q 0 0 0 rg BT 357.07 668.10 Td (advantage ) Tj ET Q q 0 0 0 rg BT 399.89 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.52 668.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 441.14 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 451.21 668.10 Td (international ) Tj ET Q q 0 0 0 rg BT 504.04 668.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 537.99 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 554.72 668.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (support ) Tj ET Q q 0 0 0 rg BT 83.02 656.10 Td (their ) Tj ET Q q 0 0 0 rg BT 104.87 656.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 152.28 656.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 188.02 656.10 Td (business ) Tj ET Q q 0 0 0 rg BT 225.43 656.10 Td (by ) Tj ET Q q 0 0 0 rg BT 238.95 656.10 Td (of) Tj ET Q q 0 0 0 rg BT 247.10 656.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 274.50 656.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 300.79 656.10 Td (products ) Tj ET Q q 0 0 0 rg BT 338.75 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.05 656.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 391.33 656.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 423.46 656.10 Td (which ) Tj ET Q q 0 0 0 rg BT 451.42 656.10 Td (is ) Tj ET Q q 0 0 0 rg BT 461.61 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 469.57 656.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 515.31 656.10 Td (competitive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (advantage. ) Tj ET Q q 0 0 0 rg BT 95.20 644.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.24 644.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 117.67 644.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 148.87 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.52 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 175.73 644.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 199.15 644.10 Td (income ) Tj ET Q q 0 0 0 rg BT 231.47 644.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 282.12 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.44 644.10 Td (public ) Tj ET Q q 0 0 0 rg BT 327.31 644.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 359.61 644.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 406.37 644.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 441.46 644.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 489.06 644.10 Td (it ) Tj ET Q q 0 0 0 rg BT 497.50 644.10 Td (is ) Tj ET Q q 0 0 0 rg BT 507.04 644.10 Td (more ) Tj ET Q q 0 0 0 rg BT 530.47 644.10 Td (dif) Tj ET Q q 0 0 0 rg BT 541.40 644.10 Td (ficult ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.54 632.10 Td (us ) Tj ET Q q 0 0 0 rg BT 74.80 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 84.96 632.10 Td (diversify ) Tj ET Q q 0 0 0 rg BT 122.88 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.69 632.10 Td (dif) Tj ET Q q 0 0 0 rg BT 150.62 632.10 Td (ferentiate ) Tj ET Q q 0 0 0 rg BT 190.75 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.45 632.10 Td (product ) Tj ET Q q 0 0 0 rg BT 239.37 632.10 Td (set, ) Tj ET Q q 0 0 0 rg BT 255.36 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.17 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 287.88 632.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 310.80 632.10 Td (income ) Tj ET Q q 0 0 0 rg BT 342.61 632.10 Td (business ) Tj ET Q q 0 0 0 rg BT 378.88 632.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 396.81 632.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 435.28 632.10 Td (is ) Tj ET Q q 0 0 0 rg BT 444.32 632.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 497.78 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.93 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.52 632.10 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (market ) Tj ET Q q 0 0 0 rg BT 79.40 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 95.97 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.89 620.10 Td (a ) Tj ET Q q 0 0 0 rg BT 112.46 620.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 137.36 620.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 163.93 620.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 203.82 620.10 Td (credits ) Tj ET Q q 0 0 0 rg BT 232.61 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.19 620.10 Td (structured ) Tj ET Q q 0 0 0 rg BT 291.31 620.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 331.21 620.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 370.28 620.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 415.18 620.10 Td (with ) Tj ET Q q 0 0 0 rg BT 435.10 620.10 Td (less ) Tj ET Q q 0 0 0 rg BT 452.23 620.10 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 501.03 620.10 Td (for ) Tj ET Q q 0 0 0 rg BT 514.83 620.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 545.29 620.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.19 608.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 97.44 608.10 Td (which ) Tj ET Q q 0 0 0 rg BT 125.02 608.10 Td (have ) Tj ET Q q 0 0 0 rg BT 147.04 608.10 Td (grown ) Tj ET Q q 0 0 0 rg BT 175.73 608.10 Td (their ) Tj ET Q q 0 0 0 rg BT 197.19 608.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 220.88 608.10 Td (income ) Tj ET Q q 0 0 0 rg BT 253.46 608.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 298.82 608.10 Td (by ) Tj ET Q q 0 0 0 rg BT 311.96 608.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 351.77 608.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 365.19 608.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 412.76 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.34 608.10 Td (of) Tj ET Q q 0 0 0 rg BT 438.49 608.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 465.51 608.10 Td (non-traditional ) Tj ET Q q 0 0 0 rg BT 528.08 608.10 Td (products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 72.27 596.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 97.53 596.10 Td (default ) Tj ET Q q 0 0 0 rg BT 127.80 596.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 157.24 596.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 189.17 596.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 206.66 596.10 Td (products ) Tj ET Q q 0 0 0 rg BT 243.60 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.54 596.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 304.12 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.06 596.10 Td (commodities\).) Tj ET Q BT /F4 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 68.11 572.10 Td (business ) Tj ET Q q 0 0 0 rg BT 105.62 572.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 151.46 572.10 Td (that ) Tj ET Q q 0 0 0 rg BT 170.08 572.10 Td (we ) Tj ET Q q 0 0 0 rg BT 183.69 572.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 218.97 572.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 250.92 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.75 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.02 572.10 Td (United ) Tj ET Q q 0 0 0 rg BT 307.30 572.10 Td (States ) Tj ET Q q 0 0 0 rg BT 334.25 572.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 365.64 572.10 Td (us ) Tj ET Q q 0 0 0 rg BT 377.59 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 387.87 572.10 Td (unique ) Tj ET Q q 0 0 0 rg BT 419.27 572.10 Td (risks.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 548.10 Td (o ) Tj ET Q q 0 0 0 rg BT 62.68 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.66 548.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 104.86 548.10 Td (we ) Tj ET Q q 0 0 0 rg BT 119.28 548.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 153.70 548.10 Td (business ) Tj ET Q q 0 0 0 rg BT 190.36 548.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 222.01 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.99 548.10 Td (United ) Tj ET Q q 0 0 0 rg BT 266.97 548.10 Td (States, ) Tj ET Q q 0 0 0 rg BT 296.13 548.10 Td (for ) Tj ET Q q 0 0 0 rg BT 310.55 548.10 Td (example ) Tj ET Q q 0 0 0 rg BT 347.19 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.12 548.10 Td (Asia ) Tj ET Q q 0 0 0 rg BT 378.22 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.42 548.10 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 429.56 548.10 Td (we ) Tj ET Q q 0 0 0 rg BT 443.99 548.10 Td (are ) Tj ET Q q 0 0 0 rg BT 458.96 548.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 490.05 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 500.59 548.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 522.25 548.10 Td (including, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (without ) Tj ET Q q 0 0 0 rg BT 82.61 536.10 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 126.55 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.32 536.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 158.88 536.10 Td (that ) Tj ET Q q 0 0 0 rg BT 176.42 536.10 Td (we ) Tj ET Q q 0 0 0 rg BT 190.64 536.10 Td (will ) Tj ET Q q 0 0 0 rg BT 208.75 536.10 Td (be ) Tj ET Q q 0 0 0 rg BT 220.74 536.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 249.95 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.28 536.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 293.38 536.10 Td (ef) Tj ET Q q 0 0 0 rg BT 300.97 536.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 330.73 536.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 378.26 536.10 Td (support ) Tj ET Q q 0 0 0 rg BT 410.81 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.15 536.10 Td (these ) Tj ET Q q 0 0 0 rg BT 444.25 536.10 Td (business ) Tj ET Q q 0 0 0 rg BT 480.69 536.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 521.84 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.61 536.10 Td (risk ) 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 (non-compliance ) Tj ET Q q 0 0 0 rg BT 115.46 524.10 Td (with ) Tj ET Q q 0 0 0 rg BT 134.78 524.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 165.20 524.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 185.08 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 201.06 524.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 249.53 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.52 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.28 524.10 Td (general ) Tj ET Q q 0 0 0 rg BT 310.24 524.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 350.66 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.64 524.10 Td (political ) Tj ET Q q 0 0 0 rg BT 400.95 524.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 444.16 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.48 524.10 Td (countries ) Tj ET Q q 0 0 0 rg BT 491.68 524.10 Td (where ) Tj ET Q q 0 0 0 rg BT 517.65 524.10 Td (we ) Tj ET Q q 0 0 0 rg BT 530.85 524.10 Td (conduct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 88.44 512.10 Td (which ) Tj ET Q q 0 0 0 rg BT 115.44 512.10 Td (may ) Tj ET Q q 0 0 0 rg BT 135.21 512.10 Td (dif) Tj ET Q q 0 0 0 rg BT 146.13 512.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 159.78 512.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 212.33 512.10 Td (from ) Tj ET Q q 0 0 0 rg BT 234.32 512.10 Td (those ) Tj ET Q q 0 0 0 rg BT 257.98 512.10 Td (in ) Tj ET Q q 0 0 0 rg BT 268.31 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.08 512.10 Td (United ) Tj ET Q q 0 0 0 rg BT 312.85 512.10 Td (States. ) Tj ET Q q 0 0 0 rg BT 341.60 512.10 Td (W) Tj ET Q q 0 0 0 rg BT 350.64 512.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 363.75 512.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 394.62 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 404.95 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 420.27 512.10 Td (Asia-based ) Tj ET Q q 0 0 0 rg BT 467.25 512.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 496.46 512.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 530.66 512.10 Td (activity) Tj ET Q q 0 0 0 rg BT 560.00 512.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.20 500.10 Td (facilitated ) Tj ET Q q 0 0 0 rg BT 105.21 500.10 Td (underwritten ) Tj ET Q q 0 0 0 rg BT 158.35 500.10 Td (capital-raising ) Tj ET Q q 0 0 0 rg BT 217.58 500.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 267.38 500.10 Td (for ) Tj ET Q q 0 0 0 rg BT 280.63 500.10 Td (Asia-based ) Tj ET Q q 0 0 0 rg BT 327.10 500.10 Td (issuers, ) Tj ET Q q 0 0 0 rg BT 358.86 500.10 Td (which ) Tj ET Q q 0 0 0 rg BT 385.34 500.10 Td (may ) Tj ET Q q 0 0 0 rg BT 404.59 500.10 Td (have ) Tj ET Q q 0 0 0 rg BT 425.51 500.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 460.31 500.10 Td (us ) Tj ET Q q 0 0 0 rg BT 471.25 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.06 500.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 510.85 500.10 Td (underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.00 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 77.28 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 93.11 488.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 122.26 488.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 156.41 488.10 Td (business ) Tj ET Q q 0 0 0 rg BT 192.81 488.10 Td (as ) Tj ET Q q 0 0 0 rg BT 203.64 488.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 245.56 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.84 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.55 488.10 Td (U.S., ) Tj ET Q q 0 0 0 rg BT 293.34 488.10 Td (as ) Tj ET Q q 0 0 0 rg BT 304.17 488.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 328.88 488.10 Td (above.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 96.13 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 107.75 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 125.49 464.10 Td (certificate ) Tj ET Q q 0 0 0 rg BT 169.87 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.48 464.10 Td (incorporation ) Tj ET Q q 0 0 0 rg BT 241.45 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.30 464.10 Td (bylaws ) Tj ET Q q 0 0 0 rg BT 291.36 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 310.21 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.82 464.10 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 364.55 464.10 Td (law ) Tj ET Q q 0 0 0 rg BT 382.28 464.10 Td (may ) Tj ET Q q 0 0 0 rg BT 402.79 464.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 436.62 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 448.80 464.10 Td (delay ) Tj ET Q q 0 0 0 rg BT 473.74 464.10 Td (an ) Tj ET Q q 0 0 0 rg BT 487.59 464.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 536.44 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.05 464.10 Td (our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (company) Tj ET Q q 0 0 0 rg BT 86.35 452.10 Td (, ) Tj ET Q q 0 0 0 rg BT 91.35 452.10 Td (which ) Tj ET Q q 0 0 0 rg BT 118.86 452.10 Td (could ) Tj ET Q q 0 0 0 rg BT 144.13 452.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 182.17 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.45 452.10 Td (market ) Tj ET Q q 0 0 0 rg BT 228.84 452.10 Td (value ) Tj ET Q q 0 0 0 rg BT 253.55 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.38 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 281.34 452.10 Td (common ) Tj ET Q q 0 0 0 rg BT 319.39 452.10 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.96 428.10 Td (certificate ) Tj ET Q q 0 0 0 rg BT 108.83 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.07 428.10 Td (incorporation ) Tj ET Q q 0 0 0 rg BT 174.85 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.19 428.10 Td (bylaws ) Tj ET Q q 0 0 0 rg BT 221.43 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.77 428.10 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 277.99 428.10 Td (law ) Tj ET Q q 0 0 0 rg BT 294.33 428.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 325.67 428.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 369.25 428.10 Td (that ) Tj ET Q q 0 0 0 rg BT 386.15 428.10 Td (are ) Tj ET Q q 0 0 0 rg BT 400.26 428.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 436.60 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 446.29 428.10 Td (deter ) Tj ET Q q 0 0 0 rg BT 468.18 428.10 Td (abusive ) Tj ET Q q 0 0 0 rg BT 500.64 428.10 Td (takeover ) Tj ET Q q 0 0 0 rg BT 536.97 428.10 Td (tactics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.01 416.10 Td (making ) Tj ET Q q 0 0 0 rg BT 92.52 416.10 Td (them ) Tj ET Q q 0 0 0 rg BT 114.03 416.10 Td (unacceptably ) Tj ET Q q 0 0 0 rg BT 168.29 416.10 Td (expensive ) Tj ET Q q 0 0 0 rg BT 209.79 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.08 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.81 416.10 Td (raider ) Tj ET Q q 0 0 0 rg BT 257.64 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.59 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.88 416.10 Td (encourage ) Tj ET Q q 0 0 0 rg BT 325.48 416.10 Td (prospective ) Tj ET Q q 0 0 0 rg BT 373.08 416.10 Td (acquirors ) Tj ET Q q 0 0 0 rg BT 411.80 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.09 416.10 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 459.26 416.10 Td (with ) Tj ET Q q 0 0 0 rg BT 478.55 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 493.39 416.10 Td (board ) Tj ET Q q 0 0 0 rg BT 517.67 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.51 416.10 Td (directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (rather ) Tj ET Q q 0 0 0 rg BT 74.93 404.10 Td (than ) Tj ET Q q 0 0 0 rg BT 94.25 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 104.14 404.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 136.24 404.10 Td (a ) Tj ET Q q 0 0 0 rg BT 142.79 404.10 Td (hostile ) Tj ET Q q 0 0 0 rg BT 171.57 404.10 Td (takeover) Tj ET Q q 0 0 0 rg BT 205.44 404.10 Td (. ) Tj ET Q q 0 0 0 rg BT 209.90 404.10 Td (These ) Tj ET Q q 0 0 0 rg BT 235.89 404.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 279.67 404.10 Td (include ) Tj ET Q q 0 0 0 rg BT 311.21 404.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 356.10 404.10 Td (on ) Tj ET Q q 0 0 0 rg BT 368.21 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 383.65 404.10 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 438.10 404.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 465.77 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.65 404.10 Td (act ) Tj ET Q q 0 0 0 rg BT 489.42 404.10 Td (by ) Tj ET Q q 0 0 0 rg BT 501.53 404.10 Td (written ) Tj ET Q q 0 0 0 rg BT 531.97 404.10 Td (consent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.57 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 76.98 392.10 Td (call ) Tj ET Q q 0 0 0 rg BT 94.04 392.10 Td (special ) Tj ET Q q 0 0 0 rg BT 124.44 392.10 Td (meetings. ) Tj ET Q q 0 0 0 rg BT 165.67 392.10 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 206.61 392.10 Td (law ) Tj ET Q q 0 0 0 rg BT 223.68 392.10 Td (also ) Tj ET Q q 0 0 0 rg BT 242.42 392.10 Td (imposes ) Tj ET Q q 0 0 0 rg BT 277.83 392.10 Td (some ) Tj ET Q q 0 0 0 rg BT 301.57 392.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 348.63 392.10 Td (on ) Tj ET Q q 0 0 0 rg BT 361.26 392.10 Td (mer) Tj ET Q q 0 0 0 rg BT 376.63 392.10 Td (gers ) Tj ET Q q 0 0 0 rg BT 395.92 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 412.99 392.10 Td (other ) Tj ET Q q 0 0 0 rg BT 436.17 392.10 Td (business ) Tj ET Q q 0 0 0 rg BT 472.69 392.10 Td (combinations ) Tj ET Q q 0 0 0 rg BT 529.20 392.10 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (us ) Tj ET Q q 0 0 0 rg BT 60.92 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 77.88 380.10 Td (any ) Tj ET Q q 0 0 0 rg BT 94.85 380.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 122.92 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.78 380.10 Td (15percent ) Tj ET Q q 0 0 0 rg BT 178.23 380.10 Td (or ) Tj ET Q q 0 0 0 rg BT 189.09 380.10 Td (more ) Tj ET Q q 0 0 0 rg BT 212.16 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.02 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 238.88 380.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 288.07 380.10 Td (common ) Tj ET Q q 0 0 0 rg BT 325.59 380.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 351.54 380.10 Td (W) Tj ET Q q 0 0 0 rg BT 360.18 380.10 Td (e ) Tj ET Q q 0 0 0 rg BT 367.14 380.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 398.54 380.10 Td (these ) Tj ET Q q 0 0 0 rg BT 421.62 380.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 465.81 380.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 496.10 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 511.96 380.10 Td (shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.24 368.10 Td (coercive ) Tj ET Q q 0 0 0 rg BT 107.41 368.10 Td (or ) Tj ET Q q 0 0 0 rg BT 118.04 368.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 159.22 368.10 Td (unfair ) Tj ET Q q 0 0 0 rg BT 185.40 368.10 Td (takeover ) Tj ET Q q 0 0 0 rg BT 222.12 368.10 Td (tactics ) Tj ET Q q 0 0 0 rg BT 249.97 368.10 Td (by ) Tj ET Q q 0 0 0 rg BT 262.27 368.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 301.23 368.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 338.52 368.10 Td (acquirors ) Tj ET Q q 0 0 0 rg BT 378.03 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 388.11 368.10 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 427.06 368.10 Td (with ) Tj ET Q q 0 0 0 rg BT 447.14 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 462.77 368.10 Td (board ) Tj ET Q q 0 0 0 rg BT 487.84 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 498.48 368.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 535.76 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 552.51 368.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 91.28 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 107.50 356.10 Td (board ) Tj ET Q q 0 0 0 rg BT 133.16 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.39 356.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 182.27 356.10 Td (with ) Tj ET Q q 0 0 0 rg BT 202.94 356.10 Td (more ) Tj ET Q q 0 0 0 rg BT 226.38 356.10 Td (time ) Tj ET Q q 0 0 0 rg BT 247.04 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 257.72 356.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 285.05 356.10 Td (any ) Tj ET Q q 0 0 0 rg BT 302.38 356.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 349.16 356.10 Td (proposal, ) Tj ET Q q 0 0 0 rg BT 388.99 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.32 356.10 Td (are ) Tj ET Q q 0 0 0 rg BT 421.42 356.10 Td (not ) Tj ET Q q 0 0 0 rg BT 437.09 356.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 474.42 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 485.09 356.10 Td (make ) Tj ET Q q 0 0 0 rg BT 509.64 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.86 356.10 Td (company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (immune ) Tj ET Q q 0 0 0 rg BT 85.17 344.10 Td (from ) Tj ET Q q 0 0 0 rg BT 107.51 344.10 Td (takeovers. ) Tj ET Q q 0 0 0 rg BT 151.23 344.10 Td (However) Tj ET Q q 0 0 0 rg BT 187.48 344.10 Td (, ) Tj ET Q q 0 0 0 rg BT 192.88 344.10 Td (these ) Tj ET Q q 0 0 0 rg BT 216.33 344.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 260.90 344.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 286.01 344.10 Td (even ) Tj ET Q q 0 0 0 rg BT 307.79 344.10 Td (if ) Tj ET Q q 0 0 0 rg BT 316.80 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.92 344.10 Td (of) Tj ET Q q 0 0 0 rg BT 340.07 344.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 354.07 344.10 Td (may ) Tj ET Q q 0 0 0 rg BT 374.18 344.10 Td (be ) Tj ET Q q 0 0 0 rg BT 386.52 344.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 432.74 344.10 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 475.06 344.10 Td (by ) Tj ET Q q 0 0 0 rg BT 487.96 344.10 Td (some ) Tj ET Q q 0 0 0 rg BT 511.97 344.10 Td (shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.10 332.10 Td (could ) Tj ET Q q 0 0 0 rg BT 90.49 332.10 Td (delay ) Tj ET Q q 0 0 0 rg BT 114.31 332.10 Td (or ) Tj ET Q q 0 0 0 rg BT 124.80 332.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 156.95 332.10 Td (an ) Tj ET Q q 0 0 0 rg BT 168.56 332.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 214.60 332.10 Td (that ) Tj ET Q q 0 0 0 rg BT 231.77 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 247.26 332.10 Td (board ) Tj ET Q q 0 0 0 rg BT 272.20 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.69 332.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 319.84 332.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 365.88 332.10 Td (is ) Tj ET Q q 0 0 0 rg BT 374.71 332.10 Td (not ) Tj ET Q q 0 0 0 rg BT 389.66 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 399.60 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.98 332.10 Td (best ) Tj ET Q q 0 0 0 rg BT 432.26 332.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 467.75 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.25 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 493.74 332.10 Td (company ) Tj ET Q q 0 0 0 rg BT 532.56 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.17 332.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (shareholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (ITEM1B. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 100.34 296.10 Td (UNRESOL) Tj ET Q q 0 0 0 rg BT 146.64 296.10 Td (VED ) Tj ET Q q 0 0 0 rg BT 169.71 296.10 Td (ST) Tj ET Q q 0 0 0 rg BT 180.82 296.10 Td (AFF) Tj ET Q q 0 0 0 rg BT 200.65 296.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.15 296.10 Td (COMMENTS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (ITEM2. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 98.67 248.10 Td (PROPERTIES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (As ) Tj ET Q q 0 0 0 rg BT 62.85 224.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.41 224.10 Td (February18, ) Tj ET Q q 0 0 0 rg BT 126.75 224.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.75 224.10 Td (, ) Tj ET Q q 0 0 0 rg BT 151.48 224.10 Td (we ) Tj ET Q q 0 0 0 rg BT 165.38 224.10 Td (conducted ) Tj ET Q q 0 0 0 rg BT 208.71 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 224.27 224.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 268.16 224.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.51 224.10 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.51 224.10 Td ( ) Tj ET Q q 0 0 0 rg BT 313.74 224.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 351.52 224.10 Td (of) Tj ET Q q 0 0 0 rg BT 359.67 224.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 380.78 224.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.80 224.10 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 224.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.03 224.10 Td (states, ) Tj ET Q q 0 0 0 rg BT 429.98 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.66 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.11 224.10 Td (District ) Tj ET Q q 0 0 0 rg BT 493.34 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.91 224.10 Td (Columbia, ) Tj ET Q q 0 0 0 rg BT 548.08 224.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.79 212.10 Td (London, ) Tj ET Q q 0 0 0 rg BT 95.91 212.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 120.64 212.10 Td (Kong, ) Tj ET Q q 0 0 0 rg BT 147.69 212.10 Td (T) Tj ET Q q 0 0 0 rg BT 153.10 212.10 Td (okyo ) Tj ET Q q 0 0 0 rg BT 175.61 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 192.56 212.10 Td (Zurich. ) Tj ET Q q 0 0 0 rg BT 223.68 212.10 Td (All ) Tj ET Q q 0 0 0 rg BT 238.97 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.81 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 265.65 212.10 Td (of) Tj ET Q q 0 0 0 rg BT 273.80 212.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 295.19 212.10 Td (are ) Tj ET Q q 0 0 0 rg BT 309.90 212.10 Td (leased. ) Tj ET Q q 0 0 0 rg BT 339.90 212.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 357.96 212.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 396.02 212.10 Td (executive ) Tj ET Q q 0 0 0 rg BT 436.84 212.10 Td (of) Tj ET Q q 0 0 0 rg BT 444.99 212.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 462.49 212.10 Td (is ) Tj ET Q q 0 0 0 rg BT 471.67 212.10 Td (located ) Tj ET Q q 0 0 0 rg BT 503.05 212.10 Td (at ) Tj ET Q q 0 0 0 rg BT 512.78 212.10 Td (800 ) Tj ET Q q 0 0 0 rg BT 530.29 212.10 Td (Nicollet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (Mall, ) Tj ET Q q 0 0 0 rg BT 73.48 200.10 Td (Suite ) Tj ET Q q 0 0 0 rg BT 96.62 200.10 Td (1000, ) Tj ET Q q 0 0 0 rg BT 121.71 200.10 Td (Minneapolis, ) Tj ET Q q 0 0 0 rg BT 176.80 200.10 Td (Minnesota ) Tj ET Q q 0 0 0 rg BT 221.60 200.10 Td (55402 ) Tj ET Q q 0 0 0 rg BT 249.19 200.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 268.72 200.10 Td (as ) Tj ET Q q 0 0 0 rg BT 279.64 200.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.56 200.10 Td (February18, ) Tj ET Q q 0 0 0 rg BT 344.25 200.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.25 200.10 Td (, ) Tj ET Q q 0 0 0 rg BT 369.34 200.10 Td (comprises ) Tj ET Q q 0 0 0 rg BT 412.47 200.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 472.82 200.10 Td (124,000 ) Tj ET Q q 0 0 0 rg BT 507.91 200.10 Td (square ) Tj ET Q q 0 0 0 rg BT 536.60 200.10 Td (feet ) Tj ET Q q 0 0 0 rg BT 554.17 200.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (space ) Tj ET Q q 0 0 0 rg BT 74.21 188.10 Td (under ) Tj ET Q q 0 0 0 rg BT 99.48 188.10 Td (a ) Tj ET Q q 0 0 0 rg BT 106.41 188.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 128.90 188.10 Td (which ) Tj ET Q q 0 0 0 rg BT 155.84 188.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 187.21 188.10 Td (November ) Tj ET Q q 0 0 0 rg BT 231.92 188.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 246.92 188.10 Td (2025, ) Tj ET Q q 0 0 0 rg BT 271.92 188.10 Td (with ) Tj ET Q q 0 0 0 rg BT 292.20 188.10 Td (an ) Tj ET Q q 0 0 0 rg BT 304.14 188.10 Td (early ) Tj ET Q q 0 0 0 rg BT 326.62 188.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 375.22 188.10 Td (option ) Tj ET Q q 0 0 0 rg BT 403.28 188.10 Td (ef) Tj ET Q q 0 0 0 rg BT 410.87 188.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 440.57 188.10 Td (January ) Tj ET Q q 0 0 0 rg BT 474.17 188.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 489.17 188.10 Td (2022.) 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 /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 68.94 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 79.00 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 93.50 716.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 120.77 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.38 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 146.99 716.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 185.66 716.25 Td (we ) Tj ET Q q 0 0 0 rg BT 199.61 716.25 Td (are ) Tj ET Q q 0 0 0 rg BT 214.10 716.25 Td (involved ) Tj ET Q q 0 0 0 rg BT 251.37 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 261.43 716.25 Td (a ) Tj ET Q q 0 0 0 rg BT 268.15 716.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 298.20 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.81 716.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 330.52 716.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 381.12 716.25 Td (\(including, ) Tj ET Q q 0 0 0 rg BT 427.01 716.25 Td (but ) Tj ET Q q 0 0 0 rg BT 442.07 716.25 Td (not ) Tj ET Q q 0 0 0 rg BT 457.13 716.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 487.74 716.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 500.30 716.25 Td (those ) Tj ET Q q 0 0 0 rg BT 523.69 716.25 Td (described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 704.25 Td (below\). ) Tj ET Q q 0 0 0 rg BT 82.53 704.25 Td (These ) Tj ET Q q 0 0 0 rg BT 108.84 704.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 159.58 704.25 Td (include ) Tj ET Q q 0 0 0 rg BT 191.45 704.25 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 232.49 704.25 Td (arbitration ) Tj ET Q q 0 0 0 rg BT 276.58 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.45 704.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 336.97 704.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 390.22 704.25 Td (which ) Tj ET Q q 0 0 0 rg BT 417.09 704.25 Td (may ) Tj ET Q q 0 0 0 rg BT 436.74 704.25 Td (arise ) Tj ET Q q 0 0 0 rg BT 458.05 704.25 Td (from, ) Tj ET Q q 0 0 0 rg BT 482.43 704.25 Td (among ) Tj ET Q q 0 0 0 rg BT 512.08 704.25 Td (other ) Tj ET Q q 0 0 0 rg BT 535.06 704.25 Td (things, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 692.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 103.31 692.25 Td (or ) Tj ET Q q 0 0 0 rg BT 113.30 692.25 Td (other ) Tj ET Q q 0 0 0 rg BT 135.50 692.25 Td (transactional ) Tj ET Q q 0 0 0 rg BT 188.24 692.25 Td (activity) Tj ET Q q 0 0 0 rg BT 217.58 692.25 Td (, ) Tj ET Q q 0 0 0 rg BT 221.74 692.25 Td (client ) Tj ET Q q 0 0 0 rg BT 245.61 692.25 Td (account ) Tj ET Q q 0 0 0 rg BT 278.35 692.25 Td (activity) Tj ET Q q 0 0 0 rg BT 307.70 692.25 Td (, ) Tj ET Q q 0 0 0 rg BT 311.85 692.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 363.50 692.25 Td (matters, ) Tj ET Q q 0 0 0 rg BT 397.08 692.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 439.83 692.25 Td (examinations ) Tj ET Q q 0 0 0 rg BT 494.81 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.79 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 519.78 692.25 Td (businesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.95 680.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 127.01 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 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(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 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 191.70 572.25 Td (based ) Tj ET Q q 0 0 0 rg BT 216.35 572.25 Td (on ) Tj ET Q q 0 0 0 rg BT 228.24 572.25 Td (its ) Tj ET Q q 0 0 0 rg BT 239.57 572.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 279.77 572.25 Td (facts, ) Tj ET Q q 0 0 0 rg BT 303.03 572.25 Td (our ) Tj ET Q q 0 0 0 rg BT 318.24 572.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 349.01 572.25 Td (advisors' ) Tj ET Q q 0 0 0 rg BT 386.03 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 402.35 572.25 Td (our ) Tj ET Q q 0 0 0 rg BT 417.57 572.25 Td (past ) Tj ET Q q 0 0 0 rg BT 435.56 572.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 480.75 572.25 Td (with ) Tj ET Q q 0 0 0 rg BT 500.41 572.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 530.07 572.25 Td (matters, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.40 560.25 Td (expectations ) Tj ET Q q 0 0 0 rg BT 120.34 560.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 161.62 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.80 560.25 Td (current ) Tj ET Q q 0 0 0 rg BT 208.07 560.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 230.47 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 247.87 560.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 291.92 560.25 Td (environment ) Tj ET Q q 0 0 0 rg BT 345.43 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 362.83 560.25 Td (other ) Tj ET Q q 0 0 0 rg BT 386.34 560.25 Td (external ) Tj ET Q q 0 0 0 rg BT 421.50 560.25 Td (developments ) Tj ET Q q 0 0 0 rg BT 480.00 560.25 Td (that ) Tj ET Q q 0 0 0 rg BT 497.96 560.25 Td (might ) Tj ET Q q 0 0 0 rg BT 524.26 560.25 Td (af) Tj ET Q q 0 0 0 rg BT 531.84 560.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 549.79 560.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 86.85 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.59 548.25 Td (a ) Tj ET Q q 0 0 0 rg BT 104.44 548.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 145.16 548.25 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 192.00 548.25 Td (or ) Tj ET Q q 0 0 0 rg BT 202.74 548.25 Td (type ) Tj ET Q q 0 0 0 rg BT 222.37 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 233.11 548.25 Td (proceeding. ) Tj ET Q q 0 0 0 rg BT 282.45 548.25 Td (Subject ) Tj ET Q q 0 0 0 rg BT 314.85 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 325.04 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.67 548.25 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 380.96 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 397.81 548.25 Td (except ) Tj ET Q q 0 0 0 rg BT 426.32 548.25 Td (for ) Tj ET Q q 0 0 0 rg BT 440.39 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 455.02 548.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 476.87 548.25 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 523.70 548.25 Td (described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.25 Td (below) Tj ET Q q 0 0 0 rg BT 73.79 536.25 Td (, ) Tj ET Q q 0 0 0 rg BT 79.67 536.25 Td (we ) Tj ET Q q 0 0 0 rg BT 94.72 536.25 Td (believe, ) Tj ET Q q 0 0 0 rg BT 129.47 536.25 Td (based ) Tj ET Q q 0 0 0 rg BT 155.63 536.25 Td (on ) Tj ET Q q 0 0 0 rg BT 169.01 536.25 Td (our ) Tj ET Q q 0 0 0 rg BT 185.72 536.25 Td (current ) Tj ET Q q 0 0 0 rg BT 217.42 536.25 Td (knowledge, ) Tj ET Q q 0 0 0 rg BT 267.18 536.25 Td (after ) Tj ET Q q 0 0 0 rg BT 288.88 536.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 337.80 536.25 Td (consultation ) Tj ET Q q 0 0 0 rg BT 390.06 536.25 Td (with ) Tj ET Q q 0 0 0 rg BT 411.23 536.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 443.50 536.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 466.31 536.25 Td (counsel ) Tj ET Q q 0 0 0 rg BT 500.24 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.07 536.25 Td (taking ) Tj ET Q q 0 0 0 rg BT 546.45 536.25 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.25 Td (account ) Tj ET Q q 0 0 0 rg BT 83.71 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 99.66 524.25 Td (established ) Tj ET Q q 0 0 0 rg BT 146.71 524.25 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 184.58 524.25 Td (that ) Tj ET Q q 0 0 0 rg BT 202.20 524.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 237.03 524.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 259.08 524.25 Td (actions, ) Tj ET Q q 0 0 0 rg BT 292.52 524.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 350.69 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 367.75 524.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 411.46 524.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 464.89 524.25 Td (will ) Tj ET Q q 0 0 0 rg BT 483.07 524.25 Td (be ) Tj ET Q q 0 0 0 rg BT 495.12 524.25 Td (resolved ) Tj ET Q q 0 0 0 rg BT 531.62 524.25 Td (with ) Tj ET Q q 0 0 0 rg BT 552.01 524.25 Td (no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.25 Td (material ) Tj ET Q q 0 0 0 rg BT 85.98 512.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 119.75 512.25 Td (ef) Tj ET Q q 0 0 0 rg BT 127.33 512.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 145.54 512.25 Td (on ) Tj ET Q q 0 0 0 rg BT 158.77 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 175.32 512.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 229.09 512.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.30 512.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 310.80 512.25 Td (results ) Tj ET Q q 0 0 0 rg BT 340.13 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 351.68 512.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 396.56 512.25 Td (or ) Tj ET Q q 0 0 0 rg BT 408.12 512.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 429.11 512.25 Td (flows. ) Tj ET Q q 0 0 0 rg BT 457.06 512.25 Td (However) Tj ET Q q 0 0 0 rg BT 493.31 512.25 Td (, ) Tj ET Q q 0 0 0 rg BT 499.04 512.25 Td (there ) Tj ET Q q 0 0 0 rg BT 522.25 512.25 Td (can ) Tj ET Q q 0 0 0 rg BT 539.35 512.25 Td (be ) Tj ET Q q 0 0 0 rg BT 552.01 512.25 Td (no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 90.92 500.25 Td (that ) Tj ET Q q 0 0 0 rg BT 107.96 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 123.34 500.25 Td (assessments ) Tj ET Q q 0 0 0 rg BT 173.72 500.25 Td (will ) Tj ET Q q 0 0 0 rg BT 191.33 500.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 218.91 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 233.18 500.25 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 268.00 500.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 304.48 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 314.86 500.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 349.13 500.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 401.99 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 418.48 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 432.75 500.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 469.23 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.61 500.25 Td (any ) Tj ET Q q 0 0 0 rg BT 496.10 500.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 536.46 500.25 Td (matter ) 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 69.71 488.25 Td (be ) Tj ET Q q 0 0 0 rg BT 81.65 488.25 Td (material ) Tj ET Q q 0 0 0 rg BT 116.91 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 127.18 488.25 Td (our ) Tj ET Q q 0 0 0 rg BT 143.01 488.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 183.27 488.25 Td (results ) Tj ET Q q 0 0 0 rg BT 211.88 488.25 Td (for ) Tj ET Q q 0 0 0 rg BT 226.04 488.25 Td (any ) Tj ET Q q 0 0 0 rg BT 242.97 488.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 283.78 488.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 314.32 488.25 Td (depending, ) Tj ET Q q 0 0 0 rg BT 360.98 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 371.25 488.25 Td (part, ) Tj ET Q q 0 0 0 rg BT 391.80 488.25 Td (on ) Tj ET Q q 0 0 0 rg BT 404.29 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.01 488.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 459.27 488.25 Td (results ) Tj ET Q q 0 0 0 rg BT 487.88 488.25 Td (for ) Tj ET Q q 0 0 0 rg BT 502.03 488.25 Td (that ) Tj ET Q q 0 0 0 rg BT 519.53 488.25 Td (period ) Tj ET Q q 0 0 0 rg BT 547.57 488.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.21 476.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 96.21 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.53 476.25 Td (established ) Tj ET Q q 0 0 0 rg BT 152.96 476.25 Td (reserves. ) Tj ET Q q 0 0 0 rg BT 190.08 476.25 Td (W) Tj ET Q q 0 0 0 rg BT 198.71 476.25 Td (e ) Tj ET Q q 0 0 0 rg BT 205.15 476.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 244.35 476.25 Td (have ) Tj ET Q q 0 0 0 rg BT 265.22 476.25 Td (denied, ) Tj ET Q q 0 0 0 rg BT 296.37 476.25 Td (or ) Tj ET Q q 0 0 0 rg BT 306.70 476.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 337.57 476.25 Td (that ) Tj ET Q q 0 0 0 rg BT 354.56 476.25 Td (we ) Tj ET Q q 0 0 0 rg BT 368.22 476.25 Td (have ) Tj ET Q q 0 0 0 rg BT 389.09 476.25 Td (meritorious ) Tj ET Q q 0 0 0 rg BT 437.19 476.25 Td (defenses ) Tj ET Q q 0 0 0 rg BT 473.62 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 490.06 476.25 Td (will ) Tj ET Q q 0 0 0 rg BT 507.61 476.25 Td (deny) Tj ET Q q 0 0 0 rg BT 526.40 476.25 Td (, ) Tj ET Q q 0 0 0 rg BT 530.90 476.25 Td (liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 464.25 Td (all ) Tj ET Q q 0 0 0 rg BT 72.77 464.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 117.49 464.25 Td (cases ) Tj ET Q q 0 0 0 rg BT 141.08 464.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 179.68 464.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 214.39 464.25 Td (against ) Tj ET Q q 0 0 0 rg BT 245.22 464.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 259.11 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 276.05 464.25 Td (we ) Tj ET Q q 0 0 0 rg BT 290.21 464.25 Td (intend ) Tj ET Q q 0 0 0 rg BT 317.71 464.25 Td (to ) Tj ET Q q 0 0 0 rg BT 327.98 464.25 Td (vigorously ) Tj ET Q q 0 0 0 rg BT 373.26 464.25 Td (defend ) Tj ET Q q 0 0 0 rg BT 402.97 464.25 Td (such ) Tj ET Q q 0 0 0 rg BT 423.80 464.25 Td (actions. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 440.25 Td (Municipal ) Tj ET Q q 0 0 0 rg BT 93.60 440.25 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 142.20 440.25 Td (Litigation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.25 Td (Several ) Tj ET Q q 0 0 0 rg BT 82.63 416.25 Td (class ) Tj ET Q q 0 0 0 rg BT 104.71 416.25 Td (action ) Tj ET Q q 0 0 0 rg BT 131.79 416.25 Td (complaints ) Tj ET Q q 0 0 0 rg BT 178.31 416.25 Td (were ) Tj ET Q q 0 0 0 rg BT 200.38 416.25 Td (brought ) Tj ET Q q 0 0 0 rg BT 234.13 416.25 Td (on ) Tj ET Q q 0 0 0 rg BT 246.78 416.25 Td (behalf ) Tj ET Q q 0 0 0 rg BT 274.41 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 285.38 416.25 Td (a ) Tj ET Q q 0 0 0 rg BT 292.46 416.25 Td (purported ) Tj ET Q q 0 0 0 rg BT 333.98 416.25 Td (class ) Tj ET Q q 0 0 0 rg BT 356.06 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 367.04 416.25 Td (state, ) Tj ET Q q 0 0 0 rg BT 390.50 416.25 Td (local ) Tj ET Q q 0 0 0 rg BT 412.58 416.25 Td (and ) Tj ET Q q 0 0 0 rg BT 429.66 416.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 472.30 416.25 Td (government ) Tj ET Q q 0 0 0 rg BT 522.70 416.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 554.23 416.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 96.18 404.25 Td (with ) Tj ET Q q 0 0 0 rg BT 116.27 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 130.80 404.25 Td (bidding ) Tj ET Q q 0 0 0 rg BT 163.67 404.25 Td (or ) Tj ET Q q 0 0 0 rg BT 174.31 404.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 192.17 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.81 404.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 245.11 404.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 291.30 404.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 329.71 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 346.46 404.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 388.76 404.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 431.05 404.25 Td (products ) Tj ET Q q 0 0 0 rg BT 467.80 404.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 500.65 404.25 Td (from ) Tj ET Q q 0 0 0 rg BT 522.40 404.25 Td (one ) Tj ET Q q 0 0 0 rg BT 539.15 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 404.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.25 Td (defendants ) Tj ET Q q 0 0 0 rg BT 95.62 392.25 Td (or ) Tj ET Q q 0 0 0 rg BT 106.26 392.25 Td (through ) Tj ET Q q 0 0 0 rg BT 139.68 392.25 Td (a ) Tj ET Q q 0 0 0 rg BT 146.42 392.25 Td (broker) Tj ET Q q 0 0 0 rg BT 172.12 392.25 Td (, ) Tj ET Q q 0 0 0 rg BT 176.93 392.25 Td (from ) Tj ET Q q 0 0 0 rg BT 198.67 392.25 Td (January1, ) Tj ET Q q 0 0 0 rg BT 242.08 392.25 Td (1992, ) Tj ET Q q 0 0 0 rg BT 266.88 392.25 Td (to ) Tj ET Q q 0 0 0 rg BT 276.97 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.49 392.25 Td (present. ) Tj ET Q q 0 0 0 rg BT 325.01 392.25 Td (The ) Tj ET Q q 0 0 0 rg BT 342.87 392.25 Td (complaints, ) Tj ET Q q 0 0 0 rg BT 391.55 392.25 Td (which ) Tj ET Q q 0 0 0 rg BT 418.30 392.25 Td (have ) Tj ET Q q 0 0 0 rg BT 439.48 392.25 Td (been ) Tj ET Q q 0 0 0 rg BT 460.67 392.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 513.52 392.25 Td (into ) Tj ET Q q 0 0 0 rg BT 531.38 392.25 Td (a ) Tj ET Q q 0 0 0 rg BT 538.13 392.25 Td (single ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.25 Td (nationwide ) Tj ET Q q 0 0 0 rg BT 97.17 380.25 Td (class ) Tj ET Q q 0 0 0 rg BT 119.34 380.25 Td (action ) Tj ET Q q 0 0 0 rg BT 146.51 380.25 Td (entitled) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.00 380.25 Td (In ) Tj ET Q q 0 0 0 rg BT 190.06 380.25 Td (r) Tj ET Q q 0 0 0 rg BT 193.58 380.25 Td (e ) Tj ET Q q 0 0 0 rg BT 200.75 380.25 Td (Municipal ) Tj ET Q q 0 0 0 rg BT 244.59 380.25 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 293.22 380.25 Td (Antitrust ) Tj ET Q q 0 0 0 rg BT 330.96 380.25 Td (Litigation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.41 380.25 Td (, ) Tj ET Q q 0 0 0 rg BT 375.64 380.25 Td (MDL) Tj ET Q q 0 0 0 rg BT 397.49 380.25 Td ( ) Tj ET Q q 0 0 0 rg BT 400.23 380.25 Td (No.1950 ) Tj ET Q q 0 0 0 rg BT 440.18 380.25 Td (\(Master ) Tj ET Q q 0 0 0 rg BT 474.01 380.25 Td (Docket ) Tj ET Q q 0 0 0 rg BT 505.62 380.25 Td (No.08-2516\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.25 Td (allege ) Tj ET Q q 0 0 0 rg BT 76.02 368.25 Td (antitrust ) Tj ET Q q 0 0 0 rg BT 110.93 368.25 Td (violations ) Tj ET Q q 0 0 0 rg BT 152.52 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 169.10 368.25 Td (are ) Tj ET Q q 0 0 0 rg BT 183.45 368.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 217.81 368.25 Td (in ) Tj ET Q q 0 0 0 rg BT 227.73 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.09 368.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 262.02 368.25 Td (District ) Tj ET Q q 0 0 0 rg BT 294.16 368.25 Td (Court ) Tj ET Q q 0 0 0 rg BT 319.08 368.25 Td (for ) Tj ET Q q 0 0 0 rg BT 332.89 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.25 368.25 Td (Southern ) Tj ET Q q 0 0 0 rg BT 385.50 368.25 Td (District ) Tj ET Q q 0 0 0 rg BT 417.64 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 428.11 368.25 Td (New ) Tj ET Q q 0 0 0 rg BT 448.82 368.25 Td (Y) Tj ET Q q 0 0 0 rg BT 455.04 368.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 470.51 368.25 Td (under ) Tj ET Q q 0 0 0 rg BT 495.42 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.78 368.25 Td (multi-district ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.25 Td (litigation ) Tj ET Q q 0 0 0 rg BT 87.37 356.25 Td (rules. ) Tj ET Q q 0 0 0 rg BT 110.48 356.25 Td (The ) Tj ET Q q 0 0 0 rg BT 127.28 356.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 179.08 356.25 Td (complaint ) Tj ET Q q 0 0 0 rg BT 220.33 356.25 Td (seeks ) Tj ET Q q 0 0 0 rg BT 243.25 356.25 Td (unspecified ) Tj ET Q q 0 0 0 rg BT 290.61 356.25 Td (treble ) Tj ET Q q 0 0 0 rg BT 314.63 356.25 Td (damages ) Tj ET Q q 0 0 0 rg BT 350.88 356.25 Td (under ) Tj ET Q q 0 0 0 rg BT 374.90 356.25 Td (Section ) Tj ET Q q 0 0 0 rg BT 406.16 356.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 412.42 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.01 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.49 356.25 Td (Sherman ) Tj ET Q q 0 0 0 rg BT 472.01 356.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 490.21 356.25 Td (Several ) Tj ET Q q 0 0 0 rg BT 521.46 356.25 Td (California ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.25 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 109.65 344.25 Td (also ) Tj ET Q q 0 0 0 rg BT 128.75 344.25 Td (brought ) Tj ET Q q 0 0 0 rg BT 162.85 344.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 198.59 344.25 Td (class ) Tj ET Q q 0 0 0 rg BT 221.03 344.25 Td (action ) Tj ET Q q 0 0 0 rg BT 248.45 344.25 Td (complaints ) Tj ET Q q 0 0 0 rg BT 295.33 344.25 Td (in ) Tj ET Q q 0 0 0 rg BT 306.10 344.25 Td (California ) Tj ET Q q 0 0 0 rg BT 349.63 344.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 380.38 344.25 Td (court, ) Tj ET Q q 0 0 0 rg BT 406.42 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 423.85 344.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 484.60 344.25 Td (eighteen ) Tj ET Q q 0 0 0 rg BT 521.46 344.25 Td (California ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.25 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 109.43 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 126.64 332.25 Td (two ) Tj ET Q q 0 0 0 rg BT 144.42 332.25 Td (New ) Tj ET Q q 0 0 0 rg BT 165.66 332.25 Td (Y) Tj ET Q q 0 0 0 rg BT 171.88 332.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 187.99 332.25 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 247.42 332.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 268.52 332.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 311.85 332.25 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 347.40 332.25 Td (that ) Tj ET Q q 0 0 0 rg BT 365.17 332.25 Td (are ) Tj ET Q q 0 0 0 rg BT 380.15 332.25 Td (not ) Tj ET Q q 0 0 0 rg BT 395.70 332.25 Td (as ) Tj ET Q q 0 0 0 rg BT 406.81 332.25 Td (part ) Tj ET Q q 0 0 0 rg BT 425.13 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 436.24 332.25 Td (class ) Tj ET Q q 0 0 0 rg BT 458.45 332.25 Td (actions, ) Tj ET Q q 0 0 0 rg BT 492.05 332.25 Td (all ) Tj ET Q q 0 0 0 rg BT 504.82 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 515.92 332.25 Td (which ) Tj ET Q q 0 0 0 rg BT 543.14 332.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.25 Td (since ) Tj ET Q q 0 0 0 rg BT 73.39 320.25 Td (been ) Tj ET Q q 0 0 0 rg BT 95.10 320.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 141.24 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 151.86 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 166.92 320.25 Td (Southern ) Tj ET Q q 0 0 0 rg BT 205.86 320.25 Td (District ) Tj ET Q q 0 0 0 rg BT 238.70 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.87 320.25 Td (New ) Tj ET Q q 0 0 0 rg BT 271.16 320.25 Td (Y) Tj ET Q q 0 0 0 rg BT 277.38 320.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 293.55 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.83 320.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 364.21 320.25 Td (for ) Tj ET Q q 0 0 0 rg BT 378.71 320.25 Td (pretrial ) Tj ET Q q 0 0 0 rg BT 410.42 320.25 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 450.68 320.25 Td (All ) Tj ET Q q 0 0 0 rg BT 466.30 320.25 Td (three ) Tj ET Q q 0 0 0 rg BT 489.12 320.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 506.96 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.13 320.25 Td (complaints ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.25 Td (assert ) Tj ET Q q 0 0 0 rg BT 75.80 308.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 106.60 308.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 135.73 308.25 Td (under ) Tj ET Q q 0 0 0 rg BT 161.52 308.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 192.30 308.25 Td (\(and ) Tj ET Q q 0 0 0 rg BT 213.10 308.25 Td (for ) Tj ET Q q 0 0 0 rg BT 227.79 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.03 308.25 Td (California ) Tj ET Q q 0 0 0 rg BT 286.60 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 304.07 308.25 Td (New ) Tj ET Q q 0 0 0 rg BT 325.53 308.25 Td (Y) Tj ET Q q 0 0 0 rg BT 331.75 308.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 348.11 308.25 Td (plaintif) Tj ET Q q 0 0 0 rg BT 376.81 308.25 Td (fs, ) Tj ET Q q 0 0 0 rg BT 389.56 308.25 Td (state\) ) Tj ET Q q 0 0 0 rg BT 414.24 308.25 Td (antitrust ) Tj ET Q q 0 0 0 rg BT 450.04 308.25 Td (claims. ) Tj ET Q q 0 0 0 rg BT 481.45 308.25 Td (The ) Tj ET Q q 0 0 0 rg BT 500.03 308.25 Td (plaintif) Tj ET Q q 0 0 0 rg BT 528.73 308.25 Td (fs ) Tj ET Q q 0 0 0 rg BT 538.98 308.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.78 308.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 102.47 296.25 Td (class ) Tj ET Q q 0 0 0 rg BT 123.85 296.25 Td (action ) Tj ET Q q 0 0 0 rg BT 150.21 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 166.58 296.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 189.62 296.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 201.10 296.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 219.13 296.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 250.49 296.25 Td (into ) Tj ET Q q 0 0 0 rg BT 267.98 296.25 Td (a ) Tj ET Q q 0 0 0 rg BT 274.35 296.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 317.38 296.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 360.96 296.25 Td (for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 374.55 296.25 Td (In ) Tj ET Q q 0 0 0 rg BT 384.81 296.25 Td (r) Tj ET Q q 0 0 0 rg BT 388.33 296.25 Td (e ) Tj ET Q q 0 0 0 rg BT 394.70 296.25 Td (Municipal ) Tj ET Q q 0 0 0 rg BT 437.74 296.25 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 485.63 296.25 Td (Antitrust ) Tj ET Q q 0 0 0 rg BT 522.56 296.25 Td (Litigation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.02 296.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.69 284.25 Td (February22, ) Tj ET Q q 0 0 0 rg BT 114.48 284.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.48 284.25 Td (. ) Tj ET Q q 0 0 0 rg BT 138.55 284.25 Td (The ) Tj ET Q q 0 0 0 rg BT 155.79 284.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 198.58 284.25 Td (is ) Tj ET Q q 0 0 0 rg BT 206.94 284.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 236.96 284.25 Td (to ) Tj ET Q q 0 0 0 rg BT 246.43 284.25 Td (court ) Tj ET Q q 0 0 0 rg BT 268.67 284.25 Td (approval ) Tj ET Q q 0 0 0 rg BT 305.35 284.25 Td (after ) Tj ET Q q 0 0 0 rg BT 325.35 284.25 Td (notice ) Tj ET Q q 0 0 0 rg BT 351.48 284.25 Td (to ) Tj ET Q q 0 0 0 rg BT 360.95 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.86 284.25 Td (class. ) Tj ET Q q 0 0 0 rg BT 398.49 284.25 Td (If ) Tj ET Q q 0 0 0 rg BT 406.84 284.25 Td (approved, ) Tj ET Q q 0 0 0 rg BT 448.24 284.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 471.04 284.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 482.52 284.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 500.31 284.25 Td (will ) Tj ET Q q 0 0 0 rg BT 517.56 284.25 Td (be 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (ITEM4. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 98.67 248.25 Td (MINE SAFETY) Tj ET Q q 0 0 0 rg BT 165.26 248.25 Td ( DISCLOSURES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (Not ) Tj ET Q q 0 0 0 rg BT 67.00 224.25 Td (applicable.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 287.85 740.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 740.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 740.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 740.25 Td ( II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (ITEM5. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 98.67 716.25 Td (MARKET FOR REGISTRANT'S COMMON EQUITY) Tj ET Q q 0 0 0 rg BT 324.47 716.25 Td (, RELA) Tj ET Q q 0 0 0 rg BT 355.03 716.25 Td (TED SHAREHOLDER MA) Tj ET Q q 0 0 0 rg BT 470.06 716.25 Td (TTERS ) Tj ET Q q 0 0 0 rg BT 503.31 716.25 Td (AND ISSUER ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 704.25 Td (PURCHASES OF) Tj ET Q q 0 0 0 rg BT 174.12 704.25 Td ( EQUITY) Tj ET Q q 0 0 0 rg BT 213.47 704.25 Td ( SECURITIES.) 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Tf ET q 0 0 0 rg BT 302.65 612.48 Td (58.24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 612.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 612.48 Td (51.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 612.37 Td (45.80) 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 (37.13) 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 (55.39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 600.48 Td (43.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 600.37 Td (51.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 600.37 Td (40.30) 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 (46.24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 588.48 Td (36.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 588.37 Td (56.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 588.37 Td (50.54) 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 (42.81) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 576.48 Td (34.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 576.37 Td (59.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 576.37 Td (46.15) 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 (15,462) 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 (27,193) 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 (February18, ) Tj ET Q q 0 0 0 rg BT 540.01 526.25 Td (2016) 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 64.89 478.25 Td (do ) Tj ET Q q 0 0 0 rg BT 77.20 478.25 Td (not ) Tj ET Q q 0 0 0 rg BT 92.28 478.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 130.69 478.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 147.43 478.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 167.51 478.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 208.71 478.25 Td (on ) Tj ET Q q 0 0 0 rg BT 221.02 478.25 Td (our ) Tj ET Q q 0 0 0 rg BT 236.66 478.25 Td (common ) Tj ET Q q 0 0 0 rg BT 273.96 478.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 299.88 478.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 317.74 478.25 Td (board ) Tj ET Q q 0 0 0 rg BT 342.82 478.25 Td (of ) Tj ET Q q 0 0 0 rg BT 353.46 478.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 390.75 478.25 Td (is ) Tj ET Q q 0 0 0 rg BT 399.73 478.25 Td (free ) Tj ET Q q 0 0 0 rg BT 417.58 478.25 Td (to ) Tj ET Q q 0 0 0 rg BT 427.67 478.25 Td (change ) Tj ET Q q 0 0 0 rg BT 458.29 478.25 Td (our ) Tj ET Q q 0 0 0 rg BT 473.93 478.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 511.24 478.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 538.54 478.25 Td (at ) Tj ET Q q 0 0 0 rg BT 548.07 478.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (time. ) Tj ET Q q 0 0 0 rg BT 72.96 466.25 Td (Restrictions ) Tj ET Q q 0 0 0 rg BT 123.93 466.25 Td (on ) Tj ET Q q 0 0 0 rg BT 137.12 466.25 Td (our ) Tj ET Q q 0 0 0 rg BT 153.64 466.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 174.61 466.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 203.90 466.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 231.51 466.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 275.40 466.25 Td (s ) Tj ET Q q 0 0 0 rg BT 282.48 466.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 311.22 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 322.19 466.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 339.82 466.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 381.90 466.25 Td (are ) Tj ET Q q 0 0 0 rg BT 397.29 466.25 Td (described ) Tj ET Q q 0 0 0 rg BT 438.80 466.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.77 466.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 472.39 466.25 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.39 466.25 Td ( ) Tj ET Q q 0 0 0 rg BT 485.58 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 496.55 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.96 466.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 454.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 131.69 454.25 Td (included ) Tj ET Q q 0 0 0 rg BT 168.63 454.25 Td (in ) Tj ET Q q 0 0 0 rg BT 178.90 454.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 197.51 454.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 209.17 454.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 230.00 454.25 Td (8 ) Tj ET Q q 0 0 0 rg BT 237.50 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.33 454.25 Td (this ) Tj ET Q q 0 0 0 rg BT 265.28 454.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 289.45 454.25 Td (10-K. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.22 430.25 Td (table ) Tj ET Q q 0 0 0 rg BT 90.83 430.25 Td (below ) Tj ET Q q 0 0 0 rg BT 118.44 430.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 136.62 430.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 159.23 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.63 430.25 Td (information ) Tj ET Q q 0 0 0 rg BT 225.01 430.25 Td (with ) Tj ET Q q 0 0 0 rg BT 245.97 430.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 277.46 430.25 Td (to ) Tj ET Q q 0 0 0 rg BT 288.41 430.25 Td (purchases ) Tj ET Q q 0 0 0 rg BT 331.02 430.25 Td (made ) Tj ET Q q 0 0 0 rg BT 355.85 430.25 Td (by ) Tj ET Q q 0 0 0 rg BT 369.02 430.25 Td (or ) Tj ET Q q 0 0 0 rg BT 380.53 430.25 Td (on ) Tj ET Q q 0 0 0 rg BT 393.70 430.25 Td (behalf ) Tj ET Q q 0 0 0 rg BT 421.86 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 433.37 430.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 457.65 430.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 469.13 430.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 488.40 430.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 536.58 430.25 Td (or ) Tj ET Q q 0 0 0 rg BT 548.08 430.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (af) Tj ET Q q 0 0 0 rg BT 61.53 418.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 92.30 418.25 Td (purchaser ) Tj ET Q q 0 0 0 rg BT 138.06 418.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 152.18 418.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 184.62 418.25 Td (in ) Tj ET Q q 0 0 0 rg BT 194.85 418.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 216.19 418.25 Td (10b-18\(a\)\(3\) ) Tj ET Q q 0 0 0 rg BT 269.74 418.25 Td (under ) Tj ET Q q 0 0 0 rg BT 294.96 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 309.63 418.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 351.52 418.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 392.86 418.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 409.75 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 420.54 418.25 Td (1934\), ) Tj ET Q q 0 0 0 rg BT 448.82 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 459.61 418.25 Td (our ) Tj ET Q q 0 0 0 rg BT 475.39 418.25 Td (common ) Tj ET Q q 0 0 0 rg BT 512.84 418.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 536.41 418.25 Td (during ) 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 64.22 406.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 95.03 406.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.41 406.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 179.99 406.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.99 406.25 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 351.75 107.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.00 351.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 351.75 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 351.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 351.75 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 351.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 351.75 98.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 351.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 351.75 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 351.75 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 340.75 107.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.00 340.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 340.75 75.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 340.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 340.75 75.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 340.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 340.75 98.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 340.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 340.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 340.75 40.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 283.75 107.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.00 283.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 283.75 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 283.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 283.75 75.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 283.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 283.75 98.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 283.75 13.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 283.75 65.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 283.75 40.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 272.75 107.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 157.00 272.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 272.75 75.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 272.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 272.75 75.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 272.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 272.75 98.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 272.75 13.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 272.75 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 272.75 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 50 351.75 m 157 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 351.75 m 245 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 351.75 m 333 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 351.75 m 444 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 351.75 m 522 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 351.75 m 562 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 249.75 m 245 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 230.75 m 245 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 228.75 m 245 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 249.75 m 333 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 230.75 m 333 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 228.75 m 333 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 249.75 m 444 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 230.75 m 444 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 228.75 m 444 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 249.75 m 522 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 230.75 m 522 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 228.75 m 522 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 249.75 m 562 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 230.75 m 562 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 228.75 m 562 228.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.70 387.20 Td (Total Number of Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.25 387.20 Td (Approximate Dollar) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 354.70 376.20 Td (Purchased as Part of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.50 376.20 Td (Value of Shares Yet to be) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 175.20 365.20 Td (Total Number of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.20 365.20 Td (Average Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.85 365.20 Td (Publicly Announced) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.40 365.20 Td (Purchased Under the) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 354.20 Td (Period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 172.75 354.20 Td (Shares Purchased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.40 354.20 Td (Paid per Share) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.65 354.20 Td (Plans or Programs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 354.20 Td (Plans or) Tj ET Q q 0 0 0 rg BT 498.34 354.20 Td ( Pr) Tj ET Q q 0 0 0 rg BT 509.92 354.20 Td (ograms ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.66 354.20 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 343.06 Td (Month #1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 332.01 Td (\(October 1, 2015 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 323.01 Td (October 31, 2015\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.50 322.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 322.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.50 322.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 322.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 322.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.00 322.21 Td (158) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 322.21 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 309.06 Td (Month #2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 298.01 Td (\(November 1, 2015 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 289.01 Td (November 30, 2015\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 212.25 288.21 Td (209,672) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 247.50 292.85 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 288.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 288.21 Td (38.68) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.25 288.21 Td (200,960) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 288.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.00 288.21 Td (150) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 288.21 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 275.06 Td (Month #3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 264.01 Td (\(December 1, 2015 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 255.01 Td (December 31, 2015\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 212.25 254.21 Td (455,100) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 247.50 258.85 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 254.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 254.21 Td (40.81) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.25 254.21 Td (453,554) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 254.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.00 254.21 Td (131) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 254.21 Td (million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 234.21 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 212.25 234.21 Td (664,772) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 234.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 234.21 Td (40.14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.25 234.21 Td (654,514) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 234.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.00 234.21 Td (131) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.45 234.21 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 217.65 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 217.65 Td (Effective ) Tj ET Q q 0 0 0 rg BT 97.57 217.65 Td (October ) Tj ET Q q 0 0 0 rg BT 125.88 217.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 133.97 217.65 Td (2014, ) Tj ET Q q 0 0 0 rg BT 154.06 217.65 Td (our ) Tj ET Q q 0 0 0 rg BT 167.27 217.65 Td (boar) Tj ET Q q 0 0 0 rg BT 182.08 217.65 Td (d ) Tj ET Q q 0 0 0 rg BT 188.18 217.65 Td (of ) Tj ET Q q 0 0 0 rg BT 196.49 217.65 Td (dir) Tj ET Q q 0 0 0 rg BT 205.53 217.65 Td (ectors ) Tj ET Q q 0 0 0 rg BT 227.17 217.65 Td (authorized ) Tj ET Q q 0 0 0 rg BT 263.49 217.65 Td (the ) Tj ET Q q 0 0 0 rg BT 275.35 217.65 Td (r) Tj ET Q q 0 0 0 rg BT 278.17 217.65 Td (epur) Tj ET Q q 0 0 0 rg BT 292.54 217.65 Td (chase ) Tj ET Q q 0 0 0 rg BT 312.84 217.65 Td (of ) Tj ET Q q 0 0 0 rg BT 321.16 217.65 Td (up ) Tj ET Q q 0 0 0 rg BT 331.25 217.65 Td (to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 339.56 217.65 Td ($100.0 ) Tj ET Q q 0 0 0 rg BT 363.65 217.65 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 386.32 217.65 Td ( ) Tj ET Q q 0 0 0 rg BT 388.41 217.65 Td (of ) Tj ET Q q 0 0 0 rg BT 396.73 217.65 Td (common ) Tj ET Q q 0 0 0 rg BT 425.93 217.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 444.46 217.65 Td (thr) Tj ET Q q 0 0 0 rg BT 453.49 217.65 Td (ough ) Tj ET Q q 0 0 0 rg BT 471.59 217.65 Td (September30, ) Tj ET Q q 0 0 0 rg BT 519.44 217.65 Td (2016, ) Tj ET Q q 0 0 0 rg BT 539.54 217.65 Td (and ) Tj ET Q q 0 0 0 rg BT 553.63 217.65 Td (we ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 208.05 Td (r) Tj ET Q q 0 0 0 rg BT 70.32 208.05 Td (epur) Tj ET Q q 0 0 0 rg BT 84.68 208.05 Td (chased ) Tj ET Q q 0 0 0 rg BT 108.80 208.05 Td (the ) Tj ET Q q 0 0 0 rg BT 120.48 208.05 Td (full ) Tj ET Q q 0 0 0 rg BT 133.05 208.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 158.95 208.05 Td (of ) Tj ET Q q 0 0 0 rg BT 167.07 208.05 Td (this ) Tj ET Q q 0 0 0 rg BT 180.54 208.05 Td (authorization ) Tj ET Q q 0 0 0 rg BT 225.55 208.05 Td (in ) Tj ET Q q 0 0 0 rg BT 233.68 208.05 Td (2015. ) Tj ET Q q 0 0 0 rg BT 253.44 208.05 Td (Additionally) Tj ET Q q 0 0 0 rg BT 292.55 208.05 Td (, ) Tj ET Q q 0 0 0 rg BT 296.46 208.05 Td (effective ) Tj ET Q q 0 0 0 rg BT 324.87 208.05 Td (August ) Tj ET Q q 0 0 0 rg BT 348.99 208.05 Td (14, ) Tj ET Q q 0 0 0 rg BT 360.89 208.05 Td (2015, ) Tj ET Q q 0 0 0 rg BT 380.79 208.05 Td (our ) Tj ET Q q 0 0 0 rg BT 393.81 208.05 Td (boar) Tj ET Q q 0 0 0 rg BT 408.63 208.05 Td (d ) Tj ET Q q 0 0 0 rg BT 414.53 208.05 Td (of ) Tj ET Q q 0 0 0 rg BT 422.65 208.05 Td (dir) Tj ET Q q 0 0 0 rg BT 431.69 208.05 Td (ectors ) Tj ET Q q 0 0 0 rg BT 453.15 208.05 Td (authorized ) Tj ET Q q 0 0 0 rg BT 489.27 208.05 Td (the ) Tj ET Q q 0 0 0 rg BT 500.95 208.05 Td (r) Tj ET Q q 0 0 0 rg BT 503.76 208.05 Td (epur) Tj ET Q q 0 0 0 rg BT 518.13 208.05 Td (chase ) Tj ET Q q 0 0 0 rg BT 538.25 208.05 Td (of ) Tj ET Q q 0 0 0 rg BT 546.37 208.05 Td (up ) Tj ET Q q 0 0 0 rg BT 556.28 208.05 Td (to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 198.45 Td (an ) Tj ET Q q 0 0 0 rg BT 77.50 198.45 Td (additional ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.39 198.45 Td ($150.0 ) Tj ET Q q 0 0 0 rg BT 136.39 198.45 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 159.06 198.45 Td ( ) Tj ET Q q 0 0 0 rg BT 161.06 198.45 Td (of ) Tj ET Q q 0 0 0 rg BT 169.28 198.45 Td (common ) Tj ET Q q 0 0 0 rg BT 198.39 198.45 Td (stock ) Tj ET Q q 0 0 0 rg BT 216.82 198.45 Td (thr) Tj ET Q q 0 0 0 rg BT 225.86 198.45 Td (ough ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 243.86 198.45 Td (September30, ) Tj ET Q q 0 0 0 rg BT 291.63 198.45 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 307.63 198.45 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 185.85 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 185.85 Td (Consists ) Tj ET Q q 0 0 0 rg BT 96.29 185.85 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 104.19 185.85 Td (200,960) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 130.19 185.85 Td ( ) Tj ET Q q 0 0 0 rg BT 131.87 185.85 Td (shar) Tj ET Q q 0 0 0 rg BT 145.79 185.85 Td (es ) Tj ET Q q 0 0 0 rg BT 154.13 185.85 Td (of ) Tj ET Q q 0 0 0 rg BT 162.03 185.85 Td (common ) Tj ET Q q 0 0 0 rg BT 190.81 185.85 Td (stock ) Tj ET Q q 0 0 0 rg BT 208.92 185.85 Td (r) Tj ET Q q 0 0 0 rg BT 211.74 185.85 Td (epur) Tj ET Q q 0 0 0 rg BT 226.10 185.85 Td (chased ) Tj ET Q q 0 0 0 rg BT 249.99 185.85 Td (on ) Tj ET Q q 0 0 0 rg BT 259.67 185.85 Td (the ) Tj ET Q q 0 0 0 rg BT 271.11 185.85 Td (open ) Tj ET Q q 0 0 0 rg BT 288.34 185.85 Td (market ) Tj ET Q q 0 0 0 rg BT 312.23 185.85 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 342.35 185.85 Td (to ) Tj ET Q q 0 0 0 rg BT 350.25 185.85 Td (a ) Tj ET Q q 0 0 0 rg BT 355.92 185.85 Td (10b5-1 ) Tj ET Q q 0 0 0 rg BT 380.26 185.85 Td (plan ) Tj ET Q q 0 0 0 rg BT 396.15 185.85 Td (established ) Tj ET Q q 0 0 0 rg BT 433.82 185.85 Td (with ) Tj ET Q q 0 0 0 rg BT 449.28 185.85 Td (an ) Tj ET Q q 0 0 0 rg BT 458.95 185.85 Td (independent ) Tj ET Q q 0 0 0 rg BT 499.72 185.85 Td (agent ) Tj ET Q q 0 0 0 rg BT 519.17 185.85 Td (at ) Tj ET Q q 0 0 0 rg BT 527.07 185.85 Td (an ) Tj ET Q q 0 0 0 rg BT 536.74 185.85 Td (average ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 176.25 Td (price ) Tj ET Q q 0 0 0 rg BT 85.77 176.25 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 93.83 176.25 Td ($38.79) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 115.83 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 117.67 176.25 Td (per ) Tj ET Q q 0 0 0 rg BT 130.17 176.25 Td (shar) Tj ET Q q 0 0 0 rg BT 144.10 176.25 Td (e, ) Tj ET Q q 0 0 0 rg BT 151.49 176.25 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 165.33 176.25 Td (8,712) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 183.33 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 185.16 176.25 Td (shar) Tj ET Q q 0 0 0 rg BT 199.09 176.25 Td (es ) Tj ET Q q 0 0 0 rg BT 207.59 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.65 176.25 Td (common ) Tj ET Q q 0 0 0 rg BT 244.60 176.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 262.87 176.25 Td (withheld ) Tj ET Q q 0 0 0 rg BT 292.26 176.25 Td (fr) Tj ET Q q 0 0 0 rg BT 297.30 176.25 Td (om ) Tj ET Q q 0 0 0 rg BT 308.92 176.25 Td (r) Tj ET Q q 0 0 0 rg BT 311.73 176.25 Td (ecipients ) Tj ET Q q 0 0 0 rg BT 342.00 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 350.06 176.25 Td (r) Tj ET Q q 0 0 0 rg BT 352.88 176.25 Td (estricted ) Tj ET Q q 0 0 0 rg BT 382.26 176.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 400.54 176.25 Td (to ) Tj ET Q q 0 0 0 rg BT 408.60 176.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 421.98 176.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 440.26 176.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 458.09 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.71 176.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 494.20 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.26 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.87 176.25 Td (r) Tj ET Q q 0 0 0 rg BT 516.69 176.25 Td (estricted ) Tj ET Q q 0 0 0 rg BT 546.07 176.25 Td (stock ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 166.65 Td (at ) Tj ET Q q 0 0 0 rg BT 75.72 166.65 Td (an ) Tj ET Q q 0 0 0 rg BT 85.72 166.65 Td (average ) Tj ET Q q 0 0 0 rg BT 113.49 166.65 Td (price ) Tj ET Q q 0 0 0 rg BT 131.93 166.65 Td (per ) Tj ET Q q 0 0 0 rg BT 144.59 166.65 Td (shar) Tj ET Q q 0 0 0 rg BT 158.52 166.65 Td (e ) Tj ET Q q 0 0 0 rg BT 164.07 166.65 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 172.29 166.65 Td ($36.19) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 194.29 166.65 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 154.05 Td (\(3\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 154.05 Td (Consists ) Tj ET Q q 0 0 0 rg BT 96.29 154.05 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 104.19 154.05 Td (453,554) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 130.19 154.05 Td ( ) Tj ET Q q 0 0 0 rg BT 131.87 154.05 Td (shar) Tj ET Q q 0 0 0 rg BT 145.79 154.05 Td (es ) Tj ET Q q 0 0 0 rg BT 154.13 154.05 Td (of ) Tj ET Q q 0 0 0 rg BT 162.03 154.05 Td (common ) Tj ET Q q 0 0 0 rg BT 190.81 154.05 Td (stock ) Tj ET Q q 0 0 0 rg BT 208.92 154.05 Td (r) Tj ET Q q 0 0 0 rg BT 211.74 154.05 Td (epur) Tj ET Q q 0 0 0 rg BT 226.10 154.05 Td (chased ) Tj ET Q q 0 0 0 rg BT 249.99 154.05 Td (on ) Tj ET Q q 0 0 0 rg BT 259.67 154.05 Td (the ) Tj ET Q q 0 0 0 rg BT 271.11 154.05 Td (open ) Tj ET Q q 0 0 0 rg BT 288.34 154.05 Td (market ) Tj ET Q q 0 0 0 rg BT 312.23 154.05 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 342.35 154.05 Td (to ) Tj ET Q q 0 0 0 rg BT 350.25 154.05 Td (a ) Tj ET Q q 0 0 0 rg BT 355.92 154.05 Td (10b5-1 ) Tj ET Q q 0 0 0 rg BT 380.26 154.05 Td (plan ) Tj ET Q q 0 0 0 rg BT 396.15 154.05 Td (established ) Tj ET Q q 0 0 0 rg BT 433.82 154.05 Td (with ) Tj ET Q q 0 0 0 rg BT 449.28 154.05 Td (an ) Tj ET Q q 0 0 0 rg BT 458.95 154.05 Td (independent ) Tj ET Q q 0 0 0 rg BT 499.72 154.05 Td (agent ) Tj ET Q q 0 0 0 rg BT 519.17 154.05 Td (at ) Tj ET Q q 0 0 0 rg BT 527.07 154.05 Td (an ) Tj ET Q q 0 0 0 rg BT 536.74 154.05 Td (average ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 144.45 Td (price ) Tj ET Q q 0 0 0 rg BT 85.77 144.45 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 93.83 144.45 Td ($40.82) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 115.83 144.45 Td ( ) Tj ET Q q 0 0 0 rg BT 117.67 144.45 Td (per ) Tj ET Q q 0 0 0 rg BT 130.17 144.45 Td (shar) Tj ET Q q 0 0 0 rg BT 144.10 144.45 Td (e, ) Tj ET Q q 0 0 0 rg BT 151.49 144.45 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 165.33 144.45 Td (1,546) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 183.33 144.45 Td ( ) Tj ET Q q 0 0 0 rg BT 185.16 144.45 Td (shar) Tj ET Q q 0 0 0 rg BT 199.09 144.45 Td (es ) Tj ET Q q 0 0 0 rg BT 207.59 144.45 Td (of ) Tj ET Q q 0 0 0 rg BT 215.65 144.45 Td (common ) Tj ET Q q 0 0 0 rg BT 244.60 144.45 Td (stock ) Tj ET Q q 0 0 0 rg BT 262.87 144.45 Td (withheld ) Tj ET Q q 0 0 0 rg BT 292.26 144.45 Td (fr) Tj ET Q q 0 0 0 rg BT 297.30 144.45 Td (om ) Tj ET Q q 0 0 0 rg BT 308.92 144.45 Td (r) Tj ET Q q 0 0 0 rg BT 311.73 144.45 Td (ecipients ) Tj ET Q q 0 0 0 rg BT 342.00 144.45 Td (of ) Tj ET Q q 0 0 0 rg BT 350.06 144.45 Td (r) Tj ET Q q 0 0 0 rg BT 352.88 144.45 Td (estricted ) Tj ET Q q 0 0 0 rg BT 382.26 144.45 Td (stock ) Tj ET Q q 0 0 0 rg BT 400.54 144.45 Td (to ) Tj ET Q q 0 0 0 rg BT 408.60 144.45 Td (pay ) Tj ET Q q 0 0 0 rg BT 421.98 144.45 Td (taxes ) Tj ET Q q 0 0 0 rg BT 440.26 144.45 Td (upon ) Tj ET Q q 0 0 0 rg BT 458.09 144.45 Td (the ) Tj ET Q q 0 0 0 rg BT 469.71 144.45 Td (vesting ) Tj ET Q q 0 0 0 rg BT 494.20 144.45 Td (of ) Tj ET Q q 0 0 0 rg BT 502.26 144.45 Td (the ) Tj ET Q q 0 0 0 rg BT 513.87 144.45 Td (r) Tj ET Q q 0 0 0 rg BT 516.69 144.45 Td (estricted ) Tj ET Q q 0 0 0 rg BT 546.07 144.45 Td (stock ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 134.85 Td (at ) Tj ET Q q 0 0 0 rg BT 75.72 134.85 Td (an ) Tj ET Q q 0 0 0 rg BT 85.72 134.85 Td (average ) Tj ET Q q 0 0 0 rg BT 113.49 134.85 Td (price ) Tj ET Q q 0 0 0 rg BT 131.93 134.85 Td (per ) Tj ET Q q 0 0 0 rg BT 144.59 134.85 Td (shar) Tj ET Q q 0 0 0 rg BT 158.52 134.85 Td (e ) Tj ET Q q 0 0 0 rg BT 164.07 134.85 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 172.29 134.85 Td ($40.50) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 194.29 134.85 Td (.) 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 49.50 740.25 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 69.38 716.25 Td (following ) Tj ET Q q 0 0 0 rg BT 112.59 716.25 Td (graph ) Tj ET Q q 0 0 0 rg BT 139.69 716.25 Td (compares ) Tj ET Q q 0 0 0 rg BT 182.33 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.88 716.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 253.73 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.38 716.25 Td (an ) Tj ET Q q 0 0 0 rg BT 280.15 716.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 328.36 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 340.47 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 358.13 716.25 Td (common ) Tj ET Q q 0 0 0 rg BT 397.45 716.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 422.88 716.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 716.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 507.06 716.25 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.06 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 531.39 716.25 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 (2015) 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 61.93 692.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 120.45 692.25 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.45 692.25 Td (, ) Tj ET Q q 0 0 0 rg BT 145.38 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 155.59 692.25 Td (each ) Tj ET Q q 0 0 0 rg BT 176.34 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 187.10 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 202.86 692.25 Td (common ) Tj ET Q q 0 0 0 rg BT 240.29 692.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 266.33 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 280.97 692.25 Td (S&P) Tj ET Q q 0 0 0 rg BT 299.50 692.25 Td ( ) Tj ET Q q 0 0 0 rg BT 301.94 692.25 Td (500 ) Tj ET Q q 0 0 0 rg BT 319.37 692.25 Td (Index ) Tj ET Q q 0 0 0 rg BT 344.57 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.44 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.09 692.25 Td (S&P) Tj ET Q q 0 0 0 rg BT 394.62 692.25 Td ( ) Tj ET Q q 0 0 0 rg BT 397.05 692.25 Td (500 ) Tj ET Q q 0 0 0 rg BT 414.48 692.25 Td (Diversified ) Tj ET Q q 0 0 0 rg BT 461.90 692.25 Td (Financials ) Tj ET Q q 0 0 0 rg BT 505.43 692.25 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 547.50 692.25 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 201.70 235.48 Td (12/31/2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.45 235.48 Td (12/31/2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.70 235.48 Td (12/31/2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.70 235.48 Td (12/31/2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.70 235.48 Td (12/31/2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.70 235.48 Td (12/31/2015) 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 275.10 223.37 Td (57.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 223.37 Td (91.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.10 223.37 Td (112.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.10 223.37 Td (165.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 223.37 Td (115.40) 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 (102.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.10 211.37 Td (118.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.10 211.37 Td (156.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.10 211.37 Td (178.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 211.37 Td (180.75) 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 275.10 199.37 Td (69.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 199.37 Td (98.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.10 199.37 Td (139.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.10 199.37 Td (162.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 199.37 Td (148.15) Tj ET Q BT /F1 10.00 Tf ET 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 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 91.11 704.25 Td (for ) Tj ET Q q 0 0 0 rg BT 104.94 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.33 704.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 150.95 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 167.56 704.25 Td (dates ) Tj ET Q q 0 0 0 rg BT 190.28 704.25 Td (indicated. ) Tj ET Q q 0 0 0 rg BT 231.45 704.25 Td (The ) Tj ET Q q 0 0 0 rg BT 249.17 704.25 Td (information ) Tj ET Q q 0 0 0 rg BT 298.56 704.25 Td (set ) Tj ET Q q 0 0 0 rg BT 311.84 704.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 333.45 704.25 Td (below ) Tj ET Q q 0 0 0 rg BT 360.06 704.25 Td (should ) Tj ET Q q 0 0 0 rg BT 388.91 704.25 Td (be ) Tj ET Q q 0 0 0 rg BT 400.52 704.25 Td (read ) Tj ET Q q 0 0 0 rg BT 419.90 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 429.85 704.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 479.24 704.25 Td (with ) Tj ET Q q 0 0 0 rg BT 499.19 704.25 Td (Management) Tj ET Q q 0 0 0 rg BT 558.61 704.25 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 96.09 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.63 692.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 150.33 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.35 692.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 201.26 692.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 243.96 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.10 692.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 293.24 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 304.27 692.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 355.28 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 372.42 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 388.44 692.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 441.68 692.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 479.36 692.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 524.27 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 541.40 692.25 Td (notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (thereto.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 633.75 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 633.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 633.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 633.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 633.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 633.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 633.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 633.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 633.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 633.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 633.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 609.75 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 609.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 609.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 609.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 609.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 609.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 609.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 609.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 609.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 609.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 609.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 585.75 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 585.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 585.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 585.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 585.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 585.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 585.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 585.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 585.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 585.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 585.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 561.75 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 561.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 561.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 561.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 561.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 561.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 561.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 561.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 561.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 561.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 561.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 537.75 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 537.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 537.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 537.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 537.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 537.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 537.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 537.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 537.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 537.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 537.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 513.75 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 513.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 513.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 513.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 513.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 513.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 513.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 513.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 513.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 513.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 513.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 489.75 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 489.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 489.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 489.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 489.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 489.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 489.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 489.75 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 489.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 489.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 489.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 465.75 199.00 -12.00 re f /GS0 gs 0.8 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561.75 m 426 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 561.75 m 488 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 561.75 m 551 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 513.75 m 301 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 513.75 m 364 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 513.75 m 426 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 513.75 m 488 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 513.75 m 551 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 489.75 m 301 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 489.75 m 364 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 489.75 m 426 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 489.75 m 488 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 489.75 m 551 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 417.75 m 301 417.75 l s 0 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184.75 m 364 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 182.75 m 364 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 184.75 m 426 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 182.75 m 426 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 184.75 m 488 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 182.75 m 488 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 184.75 m 551 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 182.75 m 551 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 150.75 m 301 150.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 148.75 m 301 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 150.75 m 364 150.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 148.75 m 364 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 150.75 m 426 150.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 148.75 m 426 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 150.75 m 488 150.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 148.75 m 488 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 150.75 m 551 150.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 148.75 m 551 148.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.00 661.15 Td (For) Tj ET Q q 0 0 0 rg BT 349.83 661.15 Td ( the year) Tj ET Q q 0 0 0 rg BT 383.15 661.15 Td ( ended December) Tj ET Q q 0 0 0 rg BT 449.47 661.15 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 264.50 648.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.00 648.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.50 648.48 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.50 648.48 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.25 648.48 Td (2011) 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 251.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.60 612.37 Td (414,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.60 612.37 Td (369,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.60 612.37 Td (248,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.60 612.37 Td (232,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.60 612.37 Td (202,513) 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 264.60 600.37 Td (154,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.60 600.37 Td (156,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.60 600.37 Td (146,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.60 600.37 Td (166,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.60 600.37 Td (135,358) 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 269.65 588.37 Td (75,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 588.37 Td (85,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 588.37 Td (83,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 588.37 Td (65,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 588.37 Td (63,307) 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 269.65 576.37 Td (41,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 576.37 Td (48,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 576.37 Td (50,409) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 576.37 Td (37,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 576.37 Td (43,447) 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 269.65 564.37 Td (10,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 564.37 Td (12,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 564.37 Td (21,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 564.37 Td (4,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.65 564.37 Td (8,178) 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 264.60 540.37 Td (696,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.60 540.37 Td (673,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.60 540.37 Td (550,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.60 540.37 Td (508,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.60 540.37 Td (452,803) 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 269.65 516.37 Td (23,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 516.37 Td (25,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 516.37 Td (25,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 516.37 Td (19,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 516.37 Td (20,720) 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 264.60 492.37 Td (672,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.60 492.37 Td (648,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.60 492.37 Td (525,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.60 492.37 Td (488,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.60 492.37 Td (432,083) 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 264.60 456.37 Td (421,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.60 456.37 Td (394,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.60 456.37 Td (322,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.60 456.37 Td (296,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.60 456.37 Td (265,015) 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 269.65 444.37 Td (10,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 444.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 444.37 Td (4,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 444.37 Td (3,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 444.37 Td () 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 287.15 432.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 432.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 432.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 432.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.60 432.37 Td (120,298) 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 264.60 420.37 Td (154,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.60 420.37 Td (143,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.60 420.37 Td (122,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.60 420.37 Td (119,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.60 420.37 Td (126,959) 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 264.60 396.37 Td (586,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.60 396.37 Td (537,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.60 396.37 Td (449,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.60 396.37 Td (419,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.60 396.37 Td (512,272) 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) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 362.48 Td (before income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 364.42 Td (86,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.60 364.42 Td (110,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 364.42 Td (75,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 364.42 Td (69,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.30 364.47 Td (\(80,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 364.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 338.37 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 338.37 Td (27,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 338.37 Td (35,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 338.37 Td (20,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 338.37 Td (19,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.65 338.37 Td (9,120) 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 269.65 314.37 Td (58,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 314.37 Td (74,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 314.37 Td (55,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 314.37 Td (49,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.30 314.37 Td (\(89,309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 314.37 Td (\)) 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 287.15 278.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 278.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.30 278.37 Td (\(4,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 278.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 278.37 Td (\(5,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 278.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.30 278.37 Td (\(11,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 278.37 Td (\)) 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 269.65 254.37 Td (58,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 254.37 Td (74,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 254.37 Td (50,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 254.37 Td (43,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 254.37 Td (\(100,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 254.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 230.32 Td (Net income applicable to noncontrolling) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 220.37 Td (interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.65 222.42 Td (6,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 222.42 Td (11,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 222.42 Td (5,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 222.42 Td (2,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.65 222.42 Td (1,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.50 222.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 196.48 Td (Net income/\(loss\) applicable to Piper Jaffray) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 186.48 Td (Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.50 188.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 188.42 Td (52,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.50 188.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 188.42 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 188.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 188.42 Td (45,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.50 188.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 188.42 Td (41,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 188.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 188.47 Td (\(102,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 188.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 162.48 Td (Net income/\(loss\) applicable to Piper Jaffray) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 152.48 Td (Companies' common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.50 154.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 154.42 Td (48,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.50 154.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 154.42 Td (58,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 154.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 154.42 Td (40,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.50 154.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 154.42 Td (35,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 154.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 154.47 Td (\(102,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 154.42 Td (\)) Tj ET Q BT /F1 4.55 Tf ET q 0 0 0 rg BT 553.50 157.37 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 252.35 128.36 Td (Continued on next page) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 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 (23) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 733.5 m 301 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 733.5 m 311 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 733.5 m 364 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 733.5 m 374 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 733.5 m 426 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 733.5 m 436 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 733.5 m 488 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 733.5 m 498 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 733.5 m 551 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 733.5 m 301 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 721.5 m 301 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 733.5 m 311 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 733.5 m 364 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 721.5 m 364 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 733.5 m 374 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 733.5 m 426 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 721.5 m 426 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 733.5 m 436 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 733.5 m 488 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 721.5 m 488 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 733.5 m 498 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 733.5 m 551 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 721.5 m 551 721.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.00 736.90 Td (For) Tj ET Q q 0 0 0 rg BT 349.83 736.90 Td ( the year) Tj ET Q q 0 0 0 rg BT 383.15 736.90 Td ( ended December) Tj ET Q q 0 0 0 rg BT 449.47 736.90 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 264.50 724.23 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.00 724.23 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.50 724.23 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.50 724.23 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.25 724.23 Td (2011) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 687.50 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 687.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 687.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 687.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 687.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 687.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 687.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 687.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 687.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 687.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 687.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 663.50 199.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 663.50 52.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 663.50 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 663.50 53.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 663.50 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 663.50 52.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 663.50 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 663.50 52.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 663.50 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 663.50 53.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 663.50 12.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 629.50 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 629.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 629.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 629.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 629.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 629.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 629.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 629.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 629.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 629.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 629.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 605.50 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 605.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 605.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 605.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 605.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 605.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 605.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 605.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 605.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 605.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 605.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 581.50 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 581.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 581.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 581.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 581.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 581.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 581.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 581.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 581.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 581.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 581.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 557.50 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 557.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 557.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 557.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 557.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 557.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 557.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 557.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 557.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 557.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 557.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 533.50 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 533.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 533.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 533.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 533.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 533.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 533.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 533.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 533.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 533.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 533.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 509.50 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 509.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 509.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 509.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 509.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 509.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 509.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 509.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 509.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 509.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 509.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 485.50 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 485.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 485.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 485.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 485.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 485.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 485.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 485.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 485.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 485.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 485.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 461.50 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 461.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 461.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 461.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 461.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 461.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 461.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 461.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 461.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 461.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 461.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 437.50 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 437.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 437.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 437.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 437.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 437.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 437.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 437.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 437.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 437.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 437.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 413.50 199.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 413.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 413.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.00 413.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.00 413.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 413.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 413.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 413.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 413.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 413.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.00 413.50 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 249 663.5 m 301 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 663.5 m 364 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 663.5 m 426 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 663.5 m 488 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 663.5 m 551 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 593.5 m 301 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 593.5 m 364 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 593.5 m 426 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 593.5 m 488 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 593.5 m 551 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249 533.5 m 301 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 533.5 m 364 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 533.5 m 426 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 533.5 m 488 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 533.5 m 551 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 533.5 m 488 533.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 700.23 Td (Amounts applicable to Piper Jaffray) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 690.23 Td (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 251.50 678.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 678.12 Td (52,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.50 678.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 678.12 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 678.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 678.12 Td (49,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.50 678.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 678.12 Td (47,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 678.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.30 678.12 Td (\(90,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 678.12 Td (\)) 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 287.15 666.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 666.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.30 666.12 Td (\(4,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 666.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 666.12 Td (\(5,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 666.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.30 666.12 Td (\(11,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 666.12 Td (\)) 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 251.50 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 646.17 Td (52,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.50 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 646.17 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 646.17 Td (45,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.50 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 646.17 Td (41,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 646.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.30 646.22 Td (\(102,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 646.17 Td (\)) 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 251.50 608.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.65 608.12 Td (3.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.50 608.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.65 608.12 Td (3.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 608.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 608.12 Td (2.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.50 608.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 608.12 Td (2.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 608.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.30 608.12 Td (\(5.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 608.12 Td (\)) 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 287.15 596.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 596.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.30 596.12 Td (\(0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 596.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 596.12 Td (\(0.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 596.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.30 596.12 Td (\(0.72) Tj ET 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rg BT 190.70 680.25 Td (or ) Tj ET Q q 0 0 0 rg BT 203.06 680.25 Td (current ) Tj ET Q q 0 0 0 rg BT 235.40 680.25 Td (facts, ) Tj ET Q q 0 0 0 rg BT 260.80 680.25 Td (including ) Tj ET Q q 0 0 0 rg BT 302.60 680.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 348.84 680.25 Td (about ) Tj ET Q q 0 0 0 rg BT 375.08 680.25 Td (beliefs ) Tj ET Q q 0 0 0 rg BT 405.76 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 424.22 680.25 Td (expectations, ) Tj ET Q q 0 0 0 rg BT 480.73 680.25 Td (are ) Tj ET Q q 0 0 0 rg BT 496.96 680.25 Td (forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 98.32 668.25 Td (These ) Tj ET Q q 0 0 0 rg BT 126.63 668.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 196.60 668.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 243.24 668.25 Td (include, ) Tj ET Q q 0 0 0 rg BT 279.61 668.25 Td (among ) Tj ET Q q 0 0 0 rg BT 311.26 668.25 Td (other ) Tj ET Q q 0 0 0 rg BT 336.23 668.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 367.61 668.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 414.26 668.25 Td (other ) Tj ET Q q 0 0 0 rg BT 439.23 668.25 Td (than ) Tj ET Q q 0 0 0 rg BT 460.88 668.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 502.52 668.25 Td (information ) Tj ET Q q 0 0 0 rg BT 554.17 668.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.97 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.55 656.25 Td (current ) Tj ET Q q 0 0 0 rg BT 138.13 656.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 179.15 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 196.85 656.25 Td (may ) Tj ET Q q 0 0 0 rg BT 217.32 656.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 242.78 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 253.81 656.25 Td (our ) Tj ET Q q 0 0 0 rg BT 270.40 656.25 Td (future ) Tj ET Q q 0 0 0 rg BT 297.53 656.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 321.90 656.25 Td (and ) Tj ET Q q 0 0 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 90.06 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.51 644.25 Td (ef) Tj ET Q q 0 0 0 rg BT 112.10 644.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 129.33 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 139.90 644.25 Td (various ) Tj ET Q q 0 0 0 rg BT 171.58 644.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 193.25 644.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 246.31 644.25 Td (as ) Tj ET Q q 0 0 0 rg BT 256.88 644.25 Td (set ) Tj ET Q q 0 0 0 rg BT 270.23 644.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 291.91 644.25 Td (under ) Tj ET Q q 0 0 0 rg BT 316.92 644.25 Td ("Legal ) Tj ET Q q 0 0 0 rg BT 346.01 644.25 Td (Proceedings" ) Tj ET Q q 0 0 0 rg BT 401.21 644.25 Td (in ) Tj ET Q q 0 0 0 rg BT 411.23 644.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 429.58 644.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 437.65 644.25 Td (Item3 ) Tj ET Q q 0 0 0 rg BT 465.72 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.29 644.25 Td (our ) Tj ET Q q 0 0 0 rg BT 491.36 644.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 523.04 644.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 552.50 644.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 73.55 632.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 96.48 632.25 Td (for ) Tj ET Q q 0 0 0 rg BT 110.52 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.12 632.25 Td (year ) Tj ET Q q 0 0 0 rg BT 144.71 632.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.96 632.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 229.43 632.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.43 632.25 Td ( ) Tj ET Q q 0 0 0 rg BT 251.81 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 268.63 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 278.79 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 294.50 632.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 341.32 632.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 371.47 632.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 392.17 632.25 Td (with ) Tj ET Q q 0 0 0 rg BT 412.33 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.93 632.25 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 450.15 632.25 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 520.30 632.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 81.33 620.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 115.92 620.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 136.65 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.92 620.25 Td (uncertainties, ) Tj ET Q q 0 0 0 rg BT 208.34 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 224.61 620.25 Td (important ) Tj ET Q q 0 0 0 rg BT 265.33 620.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 294.37 620.25 Td (could ) Tj ET Q q 0 0 0 rg BT 318.41 620.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 342.45 620.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 368.16 620.25 Td (results ) Tj ET Q q 0 0 0 rg BT 396.10 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 405.71 620.25 Td (dif) Tj ET Q q 0 0 0 rg BT 416.64 620.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 429.57 620.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 471.94 620.25 Td (from ) Tj ET Q q 0 0 0 rg BT 493.21 620.25 Td (those ) Tj ET Q q 0 0 0 rg BT 516.15 620.25 Td (anticipated, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (including ) Tj ET Q q 0 0 0 rg BT 89.85 608.25 Td (those ) Tj ET Q q 0 0 0 rg BT 113.54 608.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 143.33 608.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 184.24 608.25 Td (below ) Tj ET Q q 0 0 0 rg BT 211.26 608.25 Td (under ) Tj ET Q q 0 0 0 rg BT 236.61 608.25 Td ("External ) Tj ET Q q 0 0 0 rg BT 277.14 608.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 309.16 608.25 Td (Impacting ) Tj ET Q q 0 0 0 rg BT 352.29 608.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 370.42 608.25 Td (Business" ) Tj ET Q q 0 0 0 rg BT 412.64 608.25 Td (as ) Tj ET Q q 0 0 0 rg BT 423.55 608.25 Td (well ) Tj ET Q q 0 0 0 rg BT 443.35 608.25 Td (as ) Tj ET Q q 0 0 0 rg BT 454.26 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.06 608.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 498.85 608.25 Td (identified ) Tj ET Q q 0 0 0 rg BT 539.75 608.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 74.66 596.25 Td (Factors" ) Tj ET Q q 0 0 0 rg BT 110.92 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 121.44 596.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 140.29 596.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 148.86 596.25 Td (Item1A) Tj ET Q q 0 0 0 rg BT 181.36 596.25 Td ( ) Tj ET Q q 0 0 0 rg BT 184.10 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.17 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 210.64 596.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 242.81 596.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 272.77 596.25 Td (on ) Tj ET Q q 0 0 0 rg BT 285.51 596.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 309.92 596.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 333.22 596.25 Td (for ) Tj ET Q q 0 0 0 rg BT 347.62 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.57 596.25 Td (year ) Tj ET Q q 0 0 0 rg BT 382.52 596.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.14 596.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 467.96 596.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.96 596.25 Td (, ) Tj ET Q q 0 0 0 rg BT 493.21 596.25 Td (as ) Tj ET Q q 0 0 0 rg BT 504.28 596.25 Td (updated ) Tj ET Q q 0 0 0 rg BT 538.67 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.19 596.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 96.57 584.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 126.97 584.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 147.93 584.25 Td (with ) Tj ET Q q 0 0 0 rg BT 168.34 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.19 584.25 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 206.48 584.25 Td (These ) Tj ET Q q 0 0 0 rg BT 232.99 584.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 263.39 584.25 Td (are ) Tj ET Q q 0 0 0 rg BT 278.23 584.25 Td (available ) Tj ET Q q 0 0 0 rg BT 316.95 584.25 Td (at ) Tj ET Q q 0 0 0 rg BT 326.80 584.25 Td (our ) Tj ET Q q 0 0 0 rg BT 342.57 584.25 Td (W) Tj ET Q q 0 0 0 rg BT 351.21 584.25 Td (eb ) Tj ET Q q 0 0 0 rg BT 363.28 584.25 Td (site ) Tj ET Q q 0 0 0 rg BT 379.80 584.25 Td (at ) Tj ET Q q 0 0 0 rg BT 389.65 584.25 Td (www) Tj ET Q q 0 0 0 rg BT 410.67 584.25 Td (.piperjaf) Tj ET Q q 0 0 0 rg BT 444.08 584.25 Td (fray) Tj ET Q q 0 0 0 rg BT 459.53 584.25 Td (.com ) Tj ET Q q 0 0 0 rg BT 481.88 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 498.95 584.25 Td (at ) Tj ET Q q 0 0 0 rg BT 508.80 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.65 584.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 544.44 584.25 Td (W) Tj ET Q q 0 0 0 rg BT 553.07 584.25 Td (eb ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (site ) Tj ET Q q 0 0 0 rg BT 65.19 572.25 Td (at ) Tj ET Q q 0 0 0 rg BT 74.22 572.25 Td (www) Tj ET Q q 0 0 0 rg BT 95.23 572.25 Td (.sec.gov) Tj ET Q q 0 0 0 rg BT 127.35 572.25 Td (. ) Tj ET Q q 0 0 0 rg BT 131.66 572.25 Td (Forward-looking ) Tj ET Q q 0 0 0 rg BT 201.23 572.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 245.25 572.25 Td (speak ) Tj ET Q q 0 0 0 rg BT 269.83 572.25 Td (only ) Tj ET Q q 0 0 0 rg BT 289.41 572.25 Td (as ) Tj ET Q q 0 0 0 rg BT 299.55 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 309.69 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.71 572.25 Td (date ) Tj ET Q q 0 0 0 rg BT 342.17 572.25 Td (they ) Tj ET Q q 0 0 0 rg BT 361.19 572.25 Td (are ) Tj ET Q q 0 0 0 rg BT 375.21 572.25 Td (made, ) Tj ET Q q 0 0 0 rg BT 401.17 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 417.42 572.25 Td (we ) Tj ET Q q 0 0 0 rg BT 430.88 572.25 Td (undertake ) Tj ET Q q 0 0 0 rg BT 472.11 572.25 Td (no ) Tj ET Q q 0 0 0 rg BT 483.92 572.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 526.28 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 535.86 572.25 Td (update ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (them ) Tj ET Q q 0 0 0 rg BT 72.00 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 82.27 560.25 Td (light ) Tj ET Q q 0 0 0 rg BT 103.11 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 113.94 560.25 Td (new ) Tj ET Q q 0 0 0 rg BT 133.10 560.25 Td (information ) Tj ET Q q 0 0 0 rg BT 182.81 560.25 Td (or ) Tj ET Q q 0 0 0 rg BT 193.64 560.25 Td (future ) Tj ET Q q 0 0 0 rg BT 220.02 560.25 Td (events.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (Explanation of Non-GAAP) Tj ET Q q 0 0 0 rg BT 163.96 536.25 Td ( Financial Measur) Tj ET Q q 0 0 0 rg BT 241.56 536.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 512.25 Td (e ) Tj ET Q q 0 0 0 rg BT 66.06 512.25 Td (have ) Tj ET Q q 0 0 0 rg BT 88.42 512.25 Td (included ) Tj ET Q q 0 0 0 rg BT 126.33 512.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 164.79 512.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 205.48 512.25 Td (that ) Tj ET Q q 0 0 0 rg BT 223.96 512.25 Td (are ) Tj ET Q q 0 0 0 rg BT 239.65 512.25 Td (not ) Tj ET Q q 0 0 0 rg BT 255.91 512.25 Td (prepared ) Tj ET Q q 0 0 0 rg BT 294.36 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 305.62 512.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 354.07 512.25 Td (with ) Tj ET Q q 0 0 0 rg BT 375.33 512.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 396.59 512.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 437.27 512.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 475.73 512.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 523.08 512.25 Td (principles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (\("GAAP"\). ) Tj ET Q q 0 0 0 rg BT 95.26 500.25 Td (These ) Tj ET Q q 0 0 0 rg BT 120.45 500.25 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 165.64 500.25 Td ( ) Tj ET Q q 0 0 0 rg BT 166.94 500.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 203.23 500.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 241.75 500.25 Td (include ) Tj ET Q q 0 0 0 rg BT 272.49 500.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 321.57 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 330.66 500.25 Td (exclude ) Tj ET Q q 0 0 0 rg BT 363.06 500.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 376.03 500.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 412.88 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 428.62 500.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 466.03 500.25 Td (related ) Tj ET Q q 0 0 0 rg BT 494.54 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 503.63 500.25 Td (noncontrolling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (interests, ) Tj ET Q q 0 0 0 rg BT 87.97 488.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 102.28 488.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 155.46 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 166.44 488.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 209.08 488.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 235.05 488.25 Td (related ) Tj ET Q q 0 0 0 rg BT 264.90 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.33 488.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 328.25 488.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 342.55 488.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 400.74 488.25 Td (from ) Tj ET Q q 0 0 0 rg BT 422.83 488.25 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 499.89 488.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 548.06 488.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 65.15 476.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 120.23 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 138.66 476.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 186.53 476.25 Td (integration ) Tj ET Q q 0 0 0 rg BT 233.84 476.25 Td (costs. ) Tj ET Q q 0 0 0 rg BT 260.04 476.25 Td (These ) Tj ET Q q 0 0 0 rg BT 287.91 476.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 339.67 476.25 Td (af) Tj ET Q q 0 0 0 rg BT 347.26 476.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 366.23 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.44 476.25 Td (following ) Tj ET Q q 0 0 0 rg BT 425.31 476.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 464.28 476.25 Td (measures: ) Tj ET Q q 0 0 0 rg BT 508.26 476.25 Td (net ) Tj ET Q q 0 0 0 rg BT 524.47 476.25 Td (revenues, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 108.52 464.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 150.61 464.25 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 227.96 464.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 270.04 464.25 Td (net ) Tj ET Q q 0 0 0 rg BT 285.74 464.25 Td (income ) Tj ET Q q 0 0 0 rg BT 318.66 464.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 363.23 464.25 Td (to ) Tj ET Q q 0 0 0 rg BT 374.49 464.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 399.08 464.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 410.56 464.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 430.14 464.25 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 481.12 464.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 518.48 464.25 Td (per ) Tj ET Q q 0 0 0 rg BT 534.73 464.25 Td (diluted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (common ) Tj ET Q q 0 0 0 rg BT 86.67 452.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 112.44 452.25 Td (return ) Tj ET Q q 0 0 0 rg BT 138.49 452.25 Td (on ) Tj ET Q q 0 0 0 rg BT 150.66 452.25 Td (average ) Tj ET Q q 0 0 0 rg BT 183.91 452.25 Td (common ) Tj ET Q q 0 0 0 rg BT 221.08 452.25 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 275.59 452.25 Td (equity) Tj ET Q q 0 0 0 rg BT 299.94 452.25 Td (, ) Tj ET Q q 0 0 0 rg BT 304.61 452.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 340.11 452.25 Td (net ) Tj ET Q q 0 0 0 rg BT 354.50 452.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 394.70 452.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 430.20 452.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 470.14 452.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 510.91 452.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 546.40 452.25 Td (pre-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.17 440.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 104.38 440.25 Td (income ) Tj ET Q q 0 0 0 rg BT 136.26 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.15 440.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 188.92 440.25 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 219.69 440.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 259.90 440.25 Td (mar) Tj ET Q q 0 0 0 rg BT 275.26 440.25 Td (gin. ) Tj ET Q q 0 0 0 rg BT 292.99 440.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 347.64 440.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 382.85 440.25 Td (that ) Tj ET Q q 0 0 0 rg BT 400.30 440.25 Td (presenting ) Tj ET Q q 0 0 0 rg BT 444.40 440.25 Td (these ) Tj ET Q q 0 0 0 rg BT 467.40 440.25 Td (results ) Tj ET Q q 0 0 0 rg BT 495.96 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 512.84 440.25 Td (measures ) 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 (an ) Tj ET Q q 0 0 0 rg BT 61.72 428.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 97.83 428.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 120.62 428.25 Td (in ) Tj ET Q q 0 0 0 rg BT 131.18 428.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 181.18 428.25 Td (with ) Tj ET Q q 0 0 0 rg BT 201.74 428.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 222.31 428.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 249.16 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 251.95 428.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 291.94 428.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 329.16 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.16 428.25 Td (most ) Tj ET Q q 0 0 0 rg BT 366.40 428.25 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 414.72 428.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 437.51 428.25 Td (for ) Tj ET Q q 0 0 0 rg BT 451.95 428.25 Td (comparison ) Tj ET Q q 0 0 0 rg BT 501.39 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.51 428.25 Td (its ) Tj ET Q q 0 0 0 rg BT 524.74 428.25 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (results ) Tj ET Q q 0 0 0 rg BT 78.11 416.25 Td (across ) Tj ET Q q 0 0 0 rg BT 105.60 416.25 Td (periods. ) Tj ET Q 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 (Executive Overview) 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 67.86 716.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 112.32 716.25 Td (are ) Tj ET Q q 0 0 0 rg BT 127.33 716.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 173.46 716.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 209.58 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 220.16 716.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 261.85 716.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 308.54 716.25 Td (banking, ) Tj ET Q q 0 0 0 rg BT 346.06 716.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 396.64 716.25 Td (brokerage, ) Tj ET Q q 0 0 0 rg BT 441.92 716.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 464.17 716.25 Td (management ) Tj ET Q q 0 0 0 rg BT 518.06 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.31 716.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.46 704.25 Td (services ) Tj ET Q q 0 0 0 rg BT 120.66 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 130.42 704.25 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 184.89 704.25 Td (private ) Tj ET Q q 0 0 0 rg BT 214.63 704.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 241.61 704.25 Td (groups, ) Tj ET Q q 0 0 0 rg BT 273.32 704.25 Td (public ) Tj ET Q q 0 0 0 rg BT 300.30 704.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 333.66 704.25 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 376.19 704.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 407.06 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 423.48 704.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 473.24 704.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 511.34 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 521.10 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 535.30 704.25 Td (United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (States ) Tj ET Q q 0 0 0 rg BT 75.89 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 92.83 692.25 Td (Europe. ) Tj ET Q q 0 0 0 rg BT 126.52 692.25 Td (W) Tj ET Q q 0 0 0 rg BT 135.16 692.25 Td (e ) Tj ET Q q 0 0 0 rg BT 142.10 692.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 174.02 692.25 Td (through ) Tj ET Q q 0 0 0 rg BT 207.63 692.25 Td (two ) Tj ET Q q 0 0 0 rg BT 225.13 692.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 268.16 692.25 Td (business ) Tj ET Q q 0 0 0 rg BT 304.55 692.25 Td (segments:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 82.85 668.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 120.63 668.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.63 668.25 Td ( ) Tj ET Q q 0 0 0 rg BT 127.19 668.25 Td (The ) Tj ET Q q 0 0 0 rg BT 144.41 668.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 174.97 668.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 209.42 668.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 244.43 668.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 280.55 668.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 330.00 668.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 353.62 668.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 383.63 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 399.74 668.25 Td (research ) Tj ET Q q 0 0 0 rg BT 434.73 668.25 Td (services ) Tj ET Q q 0 0 0 rg BT 468.62 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 484.73 668.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 530.30 668.25 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (services. ) Tj ET Q q 0 0 0 rg BT 85.91 656.25 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 135.94 656.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 159.58 656.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 189.61 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 205.75 656.25 Td (research ) Tj ET Q q 0 0 0 rg BT 240.75 656.25 Td (services ) Tj ET Q q 0 0 0 rg BT 274.66 656.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 298.03 656.25 Td (on ) Tj ET Q q 0 0 0 rg BT 309.73 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.65 656.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 353.67 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.70 656.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 390.40 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 406.54 656.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 428.79 656.25 Td (income ) Tj ET Q q 0 0 0 rg BT 459.92 656.25 Td (products ) Tj ET Q q 0 0 0 rg BT 496.06 656.25 Td (with ) Tj ET Q q 0 0 0 rg BT 515.54 656.25 Td (institutions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (government ) Tj ET Q q 0 0 0 rg BT 100.29 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.76 644.25 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 161.33 644.25 Td (entities. ) Tj ET Q q 0 0 0 rg BT 195.74 644.25 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 237.64 644.25 Td (are ) Tj ET Q q 0 0 0 rg BT 252.88 644.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 294.77 644.25 Td (through ) Tj ET Q q 0 0 0 rg BT 328.90 644.25 Td (commissions ) Tj ET Q q 0 0 0 rg BT 384.16 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 401.62 644.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 424.09 644.25 Td (credits ) Tj ET Q q 0 0 0 rg BT 453.77 644.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 483.45 644.25 Td (on ) Tj ET Q q 0 0 0 rg BT 496.47 644.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 524.50 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 541.96 644.25 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (income ) Tj ET Q q 0 0 0 rg BT 80.75 632.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 130.34 632.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 151.60 632.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 192.01 632.25 Td (net ) Tj ET Q q 0 0 0 rg BT 206.04 632.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 237.29 632.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 274.64 632.25 Td (on ) Tj ET Q q 0 0 0 rg BT 286.46 632.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 316.60 632.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 356.18 632.25 Td (held ) Tj ET Q q 0 0 0 rg BT 375.21 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 384.81 632.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 422.48 632.25 Td (, ) Tj ET Q q 0 0 0 rg BT 426.80 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 443.05 632.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 470.97 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.23 632.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 512.94 632.25 Td (from ) Tj ET Q q 0 0 0 rg BT 534.19 632.25 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (these ) Tj ET Q q 0 0 0 rg BT 72.71 620.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 115.63 620.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 162.72 620.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 197.60 620.25 Td (services ) Tj ET Q q 0 0 0 rg BT 232.46 620.25 Td (include ) Tj ET Q q 0 0 0 rg BT 264.55 620.25 Td (management ) Tj ET Q q 0 0 0 rg BT 318.30 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.29 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 346.39 620.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 399.58 620.25 Td (in ) Tj ET Q q 0 0 0 rg BT 410.02 620.25 Td (underwritings, ) Tj ET Q q 0 0 0 rg BT 470.73 620.25 Td (mer) Tj ET Q q 0 0 0 rg BT 486.09 620.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 501.52 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.62 620.25 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (services ) Tj ET Q q 0 0 0 rg BT 83.53 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 99.79 608.25 Td (public ) Tj ET Q q 0 0 0 rg BT 126.60 608.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 157.85 608.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 198.27 608.25 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 238.97 608.25 Td (are ) Tj ET Q q 0 0 0 rg BT 253.00 608.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 293.68 608.25 Td (through ) Tj ET Q q 0 0 0 rg BT 326.61 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.65 608.25 Td (receipt ) Tj ET Q q 0 0 0 rg BT 369.67 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 379.82 608.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 416.08 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 432.34 608.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 471.93 608.25 Td (fees. ) Tj ET Q q 0 0 0 rg BT 491.94 608.25 Td (Also, ) Tj ET Q q 0 0 0 rg BT 515.16 608.25 Td (we ) Tj ET Q q 0 0 0 rg BT 528.64 608.25 Td (generate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 84.78 596.25 Td (through ) Tj ET Q q 0 0 0 rg BT 119.53 596.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 157.04 596.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 189.00 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.07 596.25 Td (investing ) Tj ET Q q 0 0 0 rg BT 247.38 596.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 289.61 596.25 Td (which ) Tj ET Q q 0 0 0 rg BT 317.69 596.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 342.98 596.25 Td (on ) Tj ET Q q 0 0 0 rg BT 356.62 596.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 408.03 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 419.44 596.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 463.07 596.25 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 493.10 596.25 Td (mortgage-backed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.70 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 106.57 584.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 126.78 584.25 Td (government ) Tj ET Q q 0 0 0 rg BT 176.98 584.25 Td (agency ) Tj ET Q q 0 0 0 rg BT 207.72 584.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 250.24 584.25 Td (W) Tj ET Q q 0 0 0 rg BT 258.88 584.25 Td (e ) Tj ET Q q 0 0 0 rg BT 265.75 584.25 Td (have ) Tj ET Q q 0 0 0 rg BT 287.06 584.25 Td (created ) Tj ET Q q 0 0 0 rg BT 318.35 584.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 362.98 584.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 384.85 584.25 Td (management ) Tj ET Q q 0 0 0 rg BT 438.37 584.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 463.03 584.25 Td (in ) Tj ET Q q 0 0 0 rg BT 473.24 584.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 512.87 584.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 547.52 584.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 82.68 572.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 110.86 572.25 Td (or ) Tj ET Q q 0 0 0 rg BT 122.37 572.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 142.77 572.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 193.72 572.25 Td (in ) Tj ET Q q 0 0 0 rg BT 204.68 572.25 Td (late ) Tj ET Q q 0 0 0 rg BT 222.30 572.25 Td (stage ) Tj ET Q q 0 0 0 rg BT 246.03 572.25 Td (private ) Tj ET Q q 0 0 0 rg BT 276.98 572.25 Td (companies; ) Tj ET Q q 0 0 0 rg BT 325.70 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 343.32 572.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 370.94 572.25 Td (living, ) Tj ET Q q 0 0 0 rg BT 399.96 572.25 Td (which ) Tj ET Q q 0 0 0 rg BT 427.58 572.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 465.20 572.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 506.15 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 517.11 572.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 538.08 572.25 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (living ) Tj ET Q q 0 0 0 rg BT 76.96 560.25 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 118.02 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 129.92 560.25 Td (order ) Tj ET Q q 0 0 0 rg BT 155.14 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 167.05 560.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 195.06 560.25 Td (firm ) Tj ET Q q 0 0 0 rg BT 216.40 560.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 247.18 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 265.75 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.65 560.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 312.87 560.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 343.65 560.25 Td (from ) Tj ET Q q 0 0 0 rg BT 367.21 560.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 400.22 560.25 Td (investors. ) Tj ET Q q 0 0 0 rg BT 442.66 560.25 Td (W) Tj ET Q q 0 0 0 rg BT 451.30 560.25 Td (e ) Tj ET Q q 0 0 0 rg BT 459.86 560.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 492.85 560.25 Td (management ) Tj ET Q q 0 0 0 rg BT 548.06 560.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.52 548.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 121.12 548.25 Td (for ) Tj ET Q q 0 0 0 rg BT 135.28 548.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 177.21 548.25 Td (these ) Tj ET Q q 0 0 0 rg BT 200.26 548.25 Td (funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (During ) Tj ET Q q 0 0 0 rg BT 80.21 524.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 105.09 524.25 Td (we ) Tj ET Q q 0 0 0 rg BT 119.13 524.25 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 166.46 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 182.17 524.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 212.88 524.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 243.89 524.25 Td (, ) Tj ET Q q 0 0 0 rg BT 248.77 524.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 288.36 524.25 Td (by ) Tj ET Q q 0 0 0 rg BT 300.74 524.25 Td (expanding ) Tj ET Q q 0 0 0 rg BT 344.77 524.25 Td (into ) Tj ET Q q 0 0 0 rg BT 362.71 524.25 Td (new ) Tj ET Q q 0 0 0 rg BT 381.75 524.25 Td (sectors ) Tj ET Q q 0 0 0 rg BT 411.90 524.25 Td (within ) Tj ET Q q 0 0 0 rg BT 439.83 524.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.21 524.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 513.47 524.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 548.06 524.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.17 512.25 Td (expansion ) Tj ET Q q 0 0 0 rg BT 107.18 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.97 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 133.75 512.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 156.76 512.25 Td (income ) Tj ET Q q 0 0 0 rg BT 188.65 512.25 Td (middle ) Tj ET Q q 0 0 0 rg BT 218.88 512.25 Td (market ) Tj ET Q q 0 0 0 rg BT 249.10 512.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 271.00 512.25 Td (platform. ) Tj ET Q q 0 0 0 rg BT 310.21 512.25 Td (The ) Tj ET Q q 0 0 0 rg BT 328.22 512.25 Td (following ) Tj ET Q q 0 0 0 rg BT 369.56 512.25 Td (is ) Tj ET Q q 0 0 0 rg BT 378.69 512.25 Td (a ) Tj ET Q q 0 0 0 rg BT 385.58 512.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 425.26 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 436.04 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 451.83 512.25 Td (most ) Tj ET Q q 0 0 0 rg BT 473.74 512.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 518.41 512.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 550.86 512.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 500.25 Td (year) Tj ET Q q 0 0 0 rg BT 80.87 500.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 476.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 476.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.29 476.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 160.63 476.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.63 476.25 Td (, ) Tj ET Q q 0 0 0 rg BT 185.71 476.25 Td (we ) Tj ET Q q 0 0 0 rg BT 199.94 476.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 236.94 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.73 476.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 277.63 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 288.53 476.25 Td (River ) Tj ET Q q 0 0 0 rg BT 313.32 476.25 Td (Branch ) Tj ET Q q 0 0 0 rg BT 344.77 476.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 384.02 476.25 Td (LLC ) Tj ET Q q 0 0 0 rg BT 405.48 476.25 Td (\("River ) Tj ET Q q 0 0 0 rg BT 437.68 476.25 Td (Branch"\), ) Tj ET Q q 0 0 0 rg BT 479.04 476.25 Td (an ) Tj ET Q q 0 0 0 rg BT 491.05 476.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 518.62 476.25 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 464.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 121.97 464.25 Td (boutique ) Tj ET Q q 0 0 0 rg BT 161.22 464.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 196.57 464.25 Td (on ) Tj ET Q q 0 0 0 rg BT 210.82 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.29 464.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 266.53 464.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 315.23 464.25 Td (sector) Tj ET Q q 0 0 0 rg BT 338.56 464.25 Td (. ) Tj ET Q q 0 0 0 rg BT 345.00 464.25 Td (The ) Tj ET Q q 0 0 0 rg BT 364.80 464.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 412.94 464.25 Td (further ) Tj ET Q q 0 0 0 rg BT 444.40 464.25 Td (strengthens ) Tj ET Q q 0 0 0 rg BT 494.20 464.25 Td (our ) Tj ET Q q 0 0 0 rg BT 511.78 464.25 Td (mer) Tj ET Q q 0 0 0 rg BT 527.15 464.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 548.06 464.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 452.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 136.56 452.25 Td (leadership ) Tj ET Q q 0 0 0 rg BT 180.95 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 192.02 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.52 452.25 Td (middle ) Tj ET Q q 0 0 0 rg BT 238.59 452.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 273.53 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 291.26 452.25 Td (adds ) Tj ET Q q 0 0 0 rg BT 312.88 452.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 360.05 452.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 395.56 452.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 436.61 452.25 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 478.21 452.25 Td (to ) Tj ET Q q 0 0 0 rg BT 489.28 452.25 Td (banks, ) Tj ET Q q 0 0 0 rg BT 518.40 452.25 Td (thrifts, ) Tj ET Q q 0 0 0 rg BT 548.07 452.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 440.25 Td (depository ) Tj ET Q q 0 0 0 rg BT 130.22 440.25 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 179.67 440.25 Td (building ) Tj ET Q q 0 0 0 rg BT 215.50 440.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 238.00 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.72 440.25 Td (or) Tj ET Q q 0 0 0 rg BT 260.87 440.25 Td (ganic ) Tj ET Q q 0 0 0 rg BT 285.03 440.25 Td (expansion ) Tj ET Q q 0 0 0 rg BT 328.07 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 338.90 440.25 Td (our ) Tj ET Q q 0 0 0 rg BT 354.73 440.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 392.21 440.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 439.17 440.25 Td (group. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 416.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 416.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.60 416.25 Td (October9, ) Tj ET Q q 0 0 0 rg BT 145.69 416.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.69 416.25 Td (, ) Tj ET Q q 0 0 0 rg BT 171.06 416.25 Td (we ) Tj ET Q q 0 0 0 rg BT 185.60 416.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 230.13 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.23 416.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 291.99 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 303.20 416.25 Td (BMO ) Tj ET Q q 0 0 0 rg BT 328.86 416.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 360.62 416.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 396.26 416.25 Td (GKST) Tj ET Q q 0 0 0 rg BT 422.20 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 425.08 416.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 443.22 416.25 Td (\("BMO ) Tj ET Q q 0 0 0 rg BT 476.30 416.25 Td (GKST"\), ) Tj ET Q q 0 0 0 rg BT 515.20 416.25 Td (a ) Tj ET Q q 0 0 0 rg BT 522.52 416.25 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 404.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 109.92 404.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 136.28 404.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 169.02 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.88 404.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 236.18 404.25 Td (business ) Tj ET Q q 0 0 0 rg BT 274.49 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.23 404.25 Td (BMO ) Tj ET Q q 0 0 0 rg BT 314.44 404.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 356.07 404.25 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 382.67 404.25 Td (This ) Tj ET Q q 0 0 0 rg BT 404.86 404.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 453.16 404.25 Td (expands ) Tj ET Q q 0 0 0 rg BT 490.35 404.25 Td (our ) Tj ET Q q 0 0 0 rg BT 508.10 404.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 533.06 404.25 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 392.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 136.47 392.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 161.60 392.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 193.12 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.75 392.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 265.60 392.25 Td (platforms. ) Tj ET Q q 0 0 0 rg BT 308.92 392.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 358.82 392.25 Td (, ) Tj ET Q q 0 0 0 rg BT 364.51 392.25 Td (it ) Tj ET Q q 0 0 0 rg BT 373.26 392.25 Td (strengthens ) Tj ET Q q 0 0 0 rg BT 422.00 392.25 Td (our ) Tj ET Q q 0 0 0 rg BT 438.53 392.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 475.59 392.25 Td (analytic ) Tj ET Q q 0 0 0 rg BT 510.44 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 528.07 392.25 Td (advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 380.25 Td (capabilities, ) Tj ET Q q 0 0 0 rg BT 136.04 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.98 380.25 Td (supports ) Tj ET Q q 0 0 0 rg BT 189.37 380.25 Td (our ) Tj ET Q q 0 0 0 rg BT 205.20 380.25 Td (growing ) Tj ET Q q 0 0 0 rg BT 241.03 380.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 278.51 380.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 325.46 380.25 Td (group ) Tj ET Q q 0 0 0 rg BT 351.29 380.25 Td (with ) Tj ET Q q 0 0 0 rg BT 371.57 380.25 Td (their ) Tj ET Q q 0 0 0 rg BT 392.39 380.25 Td (coverage ) Tj ET Q q 0 0 0 rg BT 430.98 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 441.81 380.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 463.75 380.25 Td (clients. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 356.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 356.25 Td (As ) Tj ET Q q 0 0 0 rg BT 99.66 356.25 Td (part ) Tj ET Q q 0 0 0 rg BT 118.26 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 129.64 356.25 Td (our ) Tj ET Q q 0 0 0 rg BT 146.02 356.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 180.73 356.25 Td (to ) Tj ET Q q 0 0 0 rg BT 191.56 356.25 Td (expand ) Tj ET Q q 0 0 0 rg BT 223.49 356.25 Td (our ) Tj ET Q q 0 0 0 rg BT 239.87 356.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 286.80 356.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 322.07 356.25 Td (business ) Tj ET Q q 0 0 0 rg BT 359.01 356.25 Td (into ) Tj ET Q q 0 0 0 rg BT 377.62 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.88 356.25 Td (ener) Tj ET Q q 0 0 0 rg BT 409.91 356.25 Td (gy ) Tj ET Q q 0 0 0 rg BT 422.96 356.25 Td (sector) Tj ET Q q 0 0 0 rg BT 446.44 356.25 Td (, ) Tj ET Q q 0 0 0 rg BT 451.99 356.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.04 356.25 Td (November16, ) Tj ET Q q 0 0 0 rg BT 525.30 356.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 356.25 Td (, ) Tj ET Q q 0 0 0 rg BT 550.85 356.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 344.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 117.24 344.25 Td (into ) Tj ET Q q 0 0 0 rg BT 135.11 344.25 Td (a ) Tj ET Q q 0 0 0 rg BT 141.87 344.25 Td (definitive ) Tj ET Q q 0 0 0 rg BT 182.50 344.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 226.46 344.25 Td (to ) Tj ET Q q 0 0 0 rg BT 236.55 344.25 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.41 344.25 Td (100 ) Tj ET Q q 0 0 0 rg BT 291.72 344.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 344.25 Td ( ) Tj ET Q q 0 0 0 rg BT 323.46 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 334.11 344.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.64 344.25 Td (common ) Tj ET Q q 0 0 0 rg BT 385.95 344.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 409.38 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 420.02 344.25 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 460.13 344.25 Td (& ) Tj ET Q q 0 0 0 rg BT 470.22 344.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 511.42 344.25 Td (International ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 332.25 Td (\("Simmons"\), ) Tj ET Q q 0 0 0 rg BT 142.96 332.25 Td (including ) Tj ET Q q 0 0 0 rg BT 183.07 332.25 Td (its ) Tj ET Q q 0 0 0 rg BT 194.87 332.25 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 246.93 332.25 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 287.06 332.25 Td (is ) Tj ET Q q 0 0 0 rg BT 296.07 332.25 Td (an ) Tj ET Q q 0 0 0 rg BT 307.85 332.25 Td (employee-owned ) Tj ET Q q 0 0 0 rg BT 379.06 332.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 425.29 332.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 447.07 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.85 332.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 492.29 332.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 519.06 332.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 552.50 332.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 320.25 Td (ener) Tj ET Q q 0 0 0 rg BT 117.25 320.25 Td (gy ) Tj ET Q q 0 0 0 rg BT 129.76 320.25 Td (industry) Tj ET Q q 0 0 0 rg BT 161.88 320.25 Td (. ) Tj ET Q q 0 0 0 rg BT 166.71 320.25 Td (The ) Tj ET Q q 0 0 0 rg BT 184.76 320.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 231.14 320.25 Td (is ) Tj ET Q q 0 0 0 rg BT 240.32 320.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 278.36 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 288.64 320.25 Td (close ) Tj ET Q q 0 0 0 rg BT 311.69 320.25 Td (in ) Tj ET Q q 0 0 0 rg BT 321.98 320.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.70 320.25 Td (first ) Tj ET Q q 0 0 0 rg BT 355.32 320.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 386.14 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 396.98 320.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.98 320.25 Td (, ) Tj ET Q q 0 0 0 rg BT 421.98 320.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 452.81 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 463.10 320.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 506.70 320.25 Td (approvals ) Tj ET Q q 0 0 0 rg BT 548.08 320.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 308.25 Td (customary ) Tj ET Q q 0 0 0 rg BT 129.66 308.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 161.04 308.25 Td (conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 284.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 284.25 Td (For ) Tj ET Q q 0 0 0 rg BT 101.45 284.25 Td (more ) Tj ET Q q 0 0 0 rg BT 124.06 284.25 Td (information ) Tj ET Q q 0 0 0 rg BT 173.33 284.25 Td (on ) Tj ET Q q 0 0 0 rg BT 185.39 284.25 Td (our ) Tj ET Q q 0 0 0 rg BT 200.78 284.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 253.11 284.25 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.94 284.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 289.44 284.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.44 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 296.50 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 306.89 284.25 Td (our ) Tj ET Q q 0 0 0 rg BT 322.28 284.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 374.88 284.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 411.92 284.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 458.54 284.25 Td (W) Tj ET Q q 0 0 0 rg BT 467.18 284.25 Td (e ) Tj ET Q q 0 0 0 rg BT 473.68 284.25 Td (incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.05 284.25 Td ($10.7 ) Tj ET Q q 0 0 0 rg BT 533.61 284.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 284.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 96.31 272.25 Td (restructuring, ) Tj ET Q q 0 0 0 rg BT 152.38 272.25 Td (integration ) Tj ET Q q 0 0 0 rg BT 198.18 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 215.10 272.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 265.34 272.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 287.82 272.25 Td (in ) Tj ET Q q 0 0 0 rg BT 298.08 272.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.78 272.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.98 272.25 Td ( ) Tj ET Q q 0 0 0 rg BT 332.46 272.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.82 272.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 417.38 272.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.38 272.25 Td ( ) Tj ET Q q 0 0 0 rg BT 439.86 272.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 485.66 272.25 Td (related ) Tj ET Q q 0 0 0 rg BT 515.34 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 525.60 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 540.30 272.25 Td (River ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 260.25 Td (Branch ) Tj ET Q q 0 0 0 rg BT 116.88 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 133.82 260.25 Td (BMO ) Tj ET Q q 0 0 0 rg BT 159.10 260.25 Td (GKST) Tj ET Q q 0 0 0 rg BT 185.03 260.25 Td ( ) Tj ET Q q 0 0 0 rg BT 187.53 260.25 Td (acquisitions. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 74.83 236.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 133.48 236.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.48 236.25 Td ( ) Tj ET Q q 0 0 0 rg BT 140.86 236.25 Td (The ) Tj ET Q q 0 0 0 rg BT 158.40 236.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 183.17 236.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 237.93 236.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 273.81 236.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 310.81 236.25 Td (traditional ) Tj ET Q q 0 0 0 rg BT 354.46 236.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 376.46 236.25 Td (management ) Tj ET Q q 0 0 0 rg BT 430.10 236.25 Td (services ) Tj ET Q q 0 0 0 rg BT 464.86 236.25 Td (by ) Tj ET Q q 0 0 0 rg BT 477.42 236.25 Td (taking ) Tj ET Q q 0 0 0 rg BT 504.97 236.25 Td (a ) Tj ET Q q 0 0 0 rg BT 511.97 236.25 Td (value-driven ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (approach ) Tj ET Q q 0 0 0 rg BT 88.47 224.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.57 224.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 140.33 224.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 165.98 224.25 Td (in ) Tj ET Q q 0 0 0 rg BT 176.09 224.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 214.51 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.28 224.25 Td (international ) Tj ET Q q 0 0 0 rg BT 284.14 224.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 311.46 224.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 347.42 224.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 397.33 224.25 Td (, ) Tj ET Q q 0 0 0 rg BT 402.15 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.69 224.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 438.45 224.25 Td (management ) Tj ET Q q 0 0 0 rg BT 491.87 224.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 527.52 224.25 Td (manages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.87 212.25 Td (in ) Tj ET Q q 0 0 0 rg BT 110.24 212.25 Td (master ) Tj ET Q q 0 0 0 rg BT 139.49 212.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 170.42 212.25 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 221.89 212.25 Td (\("MLPs"\) ) Tj ET Q q 0 0 0 rg BT 263.76 212.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 297.46 212.25 Td (on ) Tj ET Q q 0 0 0 rg BT 310.05 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 324.86 212.25 Td (ener) Tj ET Q q 0 0 0 rg BT 341.89 212.25 Td (gy ) Tj ET Q q 0 0 0 rg BT 354.49 212.25 Td (sector ) Tj ET Q q 0 0 0 rg BT 380.96 212.25 Td (for ) Tj ET Q q 0 0 0 rg BT 395.21 212.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 442.26 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.29 212.25 Td (individuals. ) Tj ET Q q 0 0 0 rg BT 508.83 212.25 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 550.31 212.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 90.59 200.25 Td (in ) Tj ET Q q 0 0 0 rg BT 100.60 200.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.05 200.25 Td (form ) Tj ET Q q 0 0 0 rg BT 136.72 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 147.28 200.25 Td (management ) Tj ET Q q 0 0 0 rg BT 200.60 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.27 200.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 270.02 200.25 Td (fees. ) Tj ET Q q 0 0 0 rg BT 290.85 200.25 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 331.96 200.25 Td (are ) Tj ET Q q 0 0 0 rg BT 346.39 200.25 Td (also ) Tj ET Q q 0 0 0 rg BT 364.73 200.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 405.83 200.25 Td (through ) Tj ET Q q 0 0 0 rg BT 439.16 200.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 489.17 200.25 Td (in ) Tj ET Q q 0 0 0 rg BT 499.18 200.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.62 200.25 Td (partnerships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 188.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 91.16 188.25 Td (that ) Tj ET Q q 0 0 0 rg BT 108.66 188.25 Td (we ) Tj ET Q q 0 0 0 rg BT 122.82 188.25 Td (manage.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (Discontinued ) Tj ET Q q 0 0 0 rg BT 108.05 164.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 158.26 164.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.70 164.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 183.68 164.25 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 237.21 164.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 281.30 164.25 Td (include ) Tj ET Q q 0 0 0 rg BT 313.17 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.82 164.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 350.25 164.25 Td (to ) Tj ET Q q 0 0 0 rg BT 360.46 164.25 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 397.88 164.25 Td (our ) Tj ET Q q 0 0 0 rg BT 413.64 164.25 Td (Hong ) Tj ET Q q 0 0 0 rg BT 438.29 164.25 Td (Kong ) Tj ET Q q 0 0 0 rg BT 462.95 164.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 492.03 164.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 526.12 164.25 Td (business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (which ) Tj ET Q q 0 0 0 rg BT 75.42 152.25 Td (ceased ) Tj ET Q q 0 0 0 rg BT 103.55 152.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 146.69 152.25 Td (in ) Tj ET Q q 0 0 0 rg BT 155.95 152.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 179.93 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 195.86 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.56 152.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 248.80 152.25 Td (results ) Tj ET Q q 0 0 0 rg BT 276.40 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.21 152.25 Td (Fiduciary ) Tj ET Q q 0 0 0 rg BT 325.69 152.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 349.40 152.25 Td (Management, ) Tj ET Q q 0 0 0 rg BT 405.58 152.25 Td (LLC ) Tj ET Q q 0 0 0 rg BT 425.95 152.25 Td (\("F) Tj ET Q q 0 0 0 rg BT 438.18 152.25 Td (AMCO"\), ) Tj ET Q q 0 0 0 rg BT 479.58 152.25 Td (an ) Tj ET Q q 0 0 0 rg BT 490.50 152.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.43 152.25 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 92.09 140.25 Td (we ) Tj ET Q q 0 0 0 rg BT 105.23 140.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 123.38 140.25 Td (in ) Tj ET Q q 0 0 0 rg BT 132.63 140.25 Td (2013. ) Tj ET Q q 0 0 0 rg BT 156.61 140.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.53 140.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 193.45 140.25 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.45 140.25 Td ( ) Tj ET Q q 0 0 0 rg BT 199.93 140.25 Td (to ) Tj ET Q q 0 0 0 rg BT 209.19 140.25 Td (our ) Tj ET Q q 0 0 0 rg BT 224.00 140.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 276.02 140.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 312.48 140.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 356.17 140.25 Td (for ) Tj ET Q q 0 0 0 rg BT 369.31 140.25 Td (further ) Tj ET Q q 0 0 0 rg BT 398.00 140.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 441.15 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 450.96 140.25 Td (our ) Tj ET Q q 0 0 0 rg BT 465.76 140.25 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 518.35 140.25 Td (operations.) 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 BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Results for the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 112.01 740.25 Td (year) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.78 740.25 Td ( ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 159.22 740.25 Td (December31, 2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 238.36 740.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 66.16 716.25 Td (income ) Tj ET Q q 0 0 0 rg BT 97.81 716.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 141.12 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 151.12 716.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 174.45 716.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 185.93 716.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 204.25 716.25 Td (Companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.47 716.25 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.24 716.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.46 716.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.46 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 283.69 716.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.46 716.25 Td ($52.1 ) Tj ET Q q 0 0 0 rg BT 326.18 716.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.07 716.25 Td (, ) Tj ET Q q 0 0 0 rg BT 359.79 716.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.34 716.25 Td ($3.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.84 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 395.06 716.25 Td (per ) Tj ET Q q 0 0 0 rg BT 410.05 716.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 440.05 716.25 Td (common ) Tj ET Q q 0 0 0 rg BT 477.26 716.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 503.08 716.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 544.73 716.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td ($63.2 ) Tj ET Q q 0 0 0 rg BT 75.20 704.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.09 704.25 Td (, ) Tj ET Q q 0 0 0 rg BT 109.79 704.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 704.25 Td ($3.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.82 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.02 704.25 Td (per ) Tj ET Q q 0 0 0 rg BT 162.99 704.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 193.96 704.25 Td (common ) Tj ET Q q 0 0 0 rg BT 232.16 704.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 258.96 704.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.93 704.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.93 704.25 Td (. ) Tj ET Q q 0 0 0 rg BT 295.63 704.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.16 704.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.16 704.25 Td (, ) Tj ET Q q 0 0 0 rg BT 332.86 704.25 Td (we ) Tj ET Q q 0 0 0 rg BT 347.72 704.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 389.78 704.25 Td (a ) Tj ET Q q 0 0 0 rg BT 397.42 704.25 Td (return ) Tj ET Q q 0 0 0 rg BT 424.50 704.25 Td (on ) Tj ET Q q 0 0 0 rg BT 437.70 704.25 Td (average ) Tj ET Q q 0 0 0 rg BT 471.98 704.25 Td (common ) Tj ET Q q 0 0 0 rg BT 510.18 704.25 Td (shareholders' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.67 692.25 Td (on ) Tj ET Q q 0 0 0 rg BT 88.85 692.25 Td (a ) Tj ET Q q 0 0 0 rg BT 95.47 692.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 122.33 692.25 Td ( ) Tj ET Q q 0 0 0 rg BT 124.51 692.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 146.69 692.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.19 692.25 Td (6.4 ) Tj ET Q q 0 0 0 rg BT 171.87 692.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.30 692.25 Td (, ) Tj ET Q q 0 0 0 rg BT 205.98 692.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 247.58 692.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.54 692.25 Td (8.1 ) Tj ET Q q 0 0 0 rg BT 282.22 692.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.64 692.25 Td ( ) Tj ET Q q 0 0 0 rg BT 313.82 692.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.66 692.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.66 692.25 Td (. ) Tj ET Q q 0 0 0 rg BT 352.34 692.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 368.96 692.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 406.67 692.25 Td (from ) Tj ET Q q 0 0 0 rg BT 428.29 692.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 473.24 692.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 517.08 692.25 Td (for ) Tj ET Q q 0 0 0 rg BT 530.92 692.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.31 692.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.52 692.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.09 680.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 132.88 680.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.88 680.25 Td ( ) Tj ET Q q 0 0 0 rg BT 154.60 680.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.74 680.25 Td ($672.9 ) Tj ET Q q 0 0 0 rg BT 204.95 680.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.84 680.25 Td (, ) Tj ET Q q 0 0 0 rg BT 238.05 680.25 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.76 680.25 Td (3.8 ) Tj ET Q q 0 0 0 rg BT 263.97 680.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.40 680.25 Td ( ) Tj ET Q q 0 0 0 rg BT 295.11 680.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.26 680.25 Td ($648.1 ) Tj ET Q q 0 0 0 rg BT 345.47 680.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.36 680.25 Td ( ) Tj ET Q q 0 0 0 rg BT 376.07 680.25 Td (in ) Tj ET Q q 0 0 0 rg BT 385.56 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.49 680.25 Td (year) Tj ET Q q 0 0 0 rg BT 416.50 680.25 Td (-ago ) Tj ET Q q 0 0 0 rg BT 435.98 680.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 465.74 680.25 Td (due ) Tj ET Q q 0 0 0 rg BT 481.89 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 491.38 680.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 518.63 680.25 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 84.93 668.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 123.68 668.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 152.44 668.25 Td (by ) Tj ET Q q 0 0 0 rg BT 165.65 668.25 Td (strong ) Tj ET Q q 0 0 0 rg BT 193.87 668.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 231.52 668.25 Td (services ) Tj ET Q q 0 0 0 rg BT 266.94 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 284.59 668.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 305.02 668.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 345.99 668.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 387.24 668.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 423.78 668.25 Td (of) Tj ET Q q 0 0 0 rg BT 431.93 668.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 449.58 668.25 Td (by ) Tj ET Q q 0 0 0 rg BT 462.79 668.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 488.77 668.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.42 668.25 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 90.49 656.25 Td (For ) Tj ET Q q 0 0 0 rg BT 107.34 656.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.51 656.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.72 656.25 Td ( ) Tj ET Q q 0 0 0 rg BT 142.67 656.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.51 656.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 228.55 656.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.55 656.25 Td (, ) Tj ET Q q 0 0 0 rg BT 254.00 656.25 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 330.83 656.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 369.88 656.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.27 656.25 Td ($164.8 ) Tj ET Q q 0 0 0 rg BT 422.72 656.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.62 656.25 Td (, ) Tj ET Q q 0 0 0 rg BT 457.07 656.25 Td (up ) Tj ET Q q 0 0 0 rg BT 470.03 656.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.42 656.25 Td ($143.3 ) Tj ET Q q 0 0 0 rg BT 522.88 656.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.77 656.25 Td ( ) Tj ET Q q 0 0 0 rg BT 554.72 656.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 644.25 Td (. ) Tj ET Q q 0 0 0 rg BT 74.69 644.25 Td (The ) Tj ET Q q 0 0 0 rg BT 93.15 644.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 128.80 644.25 Td (was ) Tj ET Q q 0 0 0 rg BT 147.26 644.25 Td (due ) Tj ET Q q 0 0 0 rg BT 164.60 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 175.29 644.25 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 229.28 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 246.63 644.25 Td (integration ) Tj ET Q q 0 0 0 rg BT 292.85 644.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 315.75 644.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.99 644.25 Td ($10.7 ) Tj ET Q q 0 0 0 rg BT 352.39 644.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.29 644.25 Td ( ) Tj ET Q q 0 0 0 rg BT 384.19 644.25 Td (related ) Tj ET Q q 0 0 0 rg BT 414.30 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 424.98 644.25 Td (severance ) Tj ET Q q 0 0 0 rg BT 467.30 644.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 501.86 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 519.20 644.25 Td (integration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 71.88 632.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 107.57 632.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 147.16 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 157.31 632.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 206.90 632.25 Td (with ) Tj ET Q q 0 0 0 rg BT 227.06 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 242.76 632.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 292.92 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 303.62 632.25 Td (River ) Tj ET Q q 0 0 0 rg BT 328.22 632.25 Td (Branch ) Tj ET Q q 0 0 0 rg BT 359.47 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.29 632.25 Td (BMO ) Tj ET Q q 0 0 0 rg BT 401.45 632.25 Td (GKST) Tj ET Q q 0 0 0 rg BT 426.82 632.25 Td (, ) Tj ET Q q 0 0 0 rg BT 431.69 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 448.51 632.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.32 632.25 Td ($9.8 ) Tj ET Q q 0 0 0 rg BT 475.20 632.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.09 632.25 Td ( ) Tj ET Q q 0 0 0 rg BT 506.47 632.25 Td (char) Tj ET Q q 0 0 0 rg BT 523.50 632.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 535.31 632.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.81 620.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 103.44 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.30 620.25 Td (a ) Tj ET Q q 0 0 0 rg BT 121.27 620.25 Td (multi-district ) Tj ET Q q 0 0 0 rg BT 176.02 620.25 Td (class ) Tj ET Q q 0 0 0 rg BT 197.99 620.25 Td (action ) Tj ET Q q 0 0 0 rg BT 224.95 620.25 Td (antitrust ) Tj ET Q q 0 0 0 rg BT 260.25 620.25 Td (litigation ) Tj ET Q q 0 0 0 rg BT 298.89 620.25 Td (related ) Tj ET Q q 0 0 0 rg BT 328.63 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 338.94 620.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 381.46 620.25 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 430.18 620.25 Td (This ) Tj ET Q q 0 0 0 rg BT 450.48 620.25 Td (litigation ) Tj ET Q q 0 0 0 rg BT 489.12 620.25 Td (originated ) Tj ET Q q 0 0 0 rg BT 532.20 620.25 Td (in ) Tj ET Q q 0 0 0 rg BT 542.51 620.25 Td (2006 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.45 608.25 Td (is ) Tj ET Q q 0 0 0 rg BT 75.63 608.25 Td (described ) Tj ET Q q 0 0 0 rg BT 116.46 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 126.75 608.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 157.01 608.25 Td (detail ) Tj ET Q q 0 0 0 rg BT 181.74 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 192.02 608.25 Td ("Legal ) Tj ET Q q 0 0 0 rg BT 221.38 608.25 Td (Proceedings" ) Tj ET Q q 0 0 0 rg BT 276.85 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 287.14 608.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 305.76 608.25 Td (I, ) Tj ET Q q 0 0 0 rg BT 314.10 608.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 334.94 608.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 342.45 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 353.29 608.25 Td (our ) Tj ET Q q 0 0 0 rg BT 368.58 608.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 400.53 608.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 430.26 608.25 Td (on ) Tj ET Q q 0 0 0 rg BT 442.77 608.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 466.95 608.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 490.01 608.25 Td (for ) Tj ET Q q 0 0 0 rg BT 504.18 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.91 608.25 Td (year ) Tj ET Q q 0 0 0 rg BT 538.63 608.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (December ) Tj ET Q q 0 0 0 rg BT 93.08 596.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 108.08 596.25 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (For ) Tj ET Q q 0 0 0 rg BT 65.72 572.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.26 572.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.47 572.25 Td ( ) Tj ET Q q 0 0 0 rg BT 99.79 572.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 572.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 184.40 572.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.40 572.25 Td (, ) Tj ET Q q 0 0 0 rg BT 209.23 572.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 244.88 572.25 Td (net ) Tj ET Q q 0 0 0 rg BT 259.42 572.25 Td (income ) Tj ET Q q 0 0 0 rg BT 291.18 572.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 334.60 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.70 572.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 368.14 572.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 379.62 572.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 398.04 572.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 445.36 572.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.24 572.25 Td ($65.9 ) Tj ET Q q 0 0 0 rg BT 488.06 572.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 516.96 576.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.53 572.25 Td (, ) Tj ET Q q 0 0 0 rg BT 529.36 572.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.01 572.25 Td ($4.22) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 564.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.08 560.25 Td ( ) Tj ET Q q 0 0 0 rg BT 59.71 560.25 Td (per ) Tj ET Q q 0 0 0 rg BT 75.11 560.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 105.52 560.25 Td (common ) Tj ET Q q 0 0 0 rg BT 143.15 560.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 169.38 560.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 211.44 560.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.86 560.25 Td ($72.1 ) Tj ET Q q 0 0 0 rg BT 256.99 560.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 285.88 564.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.46 560.25 Td (, ) Tj ET Q q 0 0 0 rg BT 298.59 560.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.56 560.25 Td ($4.42) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 332.06 564.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.64 560.25 Td ( ) Tj ET Q q 0 0 0 rg BT 342.27 560.25 Td (per ) Tj ET Q q 0 0 0 rg BT 357.67 560.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 388.08 560.25 Td (common ) Tj ET Q q 0 0 0 rg BT 425.71 560.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 451.94 560.25 Td (for ) Tj ET Q q 0 0 0 rg BT 466.24 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.09 560.25 Td (prior) Tj ET Q q 0 0 0 rg BT 500.33 560.25 Td (-year ) Tj ET Q q 0 0 0 rg BT 523.50 560.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 554.18 560.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 548.25 Td (, ) Tj ET Q q 0 0 0 rg BT 74.29 548.25 Td (we ) Tj ET Q q 0 0 0 rg BT 88.24 548.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 129.40 548.25 Td (an ) Tj ET Q q 0 0 0 rg BT 141.13 548.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 176.74 548.25 Td (return ) Tj ET Q q 0 0 0 rg BT 202.91 548.25 Td (on ) Tj ET Q q 0 0 0 rg BT 215.20 548.25 Td (average ) Tj ET Q q 0 0 0 rg BT 248.58 548.25 Td (common ) Tj ET Q q 0 0 0 rg BT 285.87 548.25 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 340.50 548.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 367.78 548.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.40 548.25 Td (8.1 ) Tj ET Q q 0 0 0 rg BT 393.20 548.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 422.62 552.78 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.20 548.25 Td (, ) Tj ET Q q 0 0 0 rg BT 434.99 548.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 476.70 548.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.77 548.25 Td (9.2 ) Tj ET Q q 0 0 0 rg BT 511.57 548.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 540.99 552.78 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.57 548.25 Td ( ) Tj ET Q q 0 0 0 rg BT 550.86 548.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 536.25 Td (. ) Tj ET Q q 0 0 0 rg BT 73.67 536.25 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 111.93 536.25 Td (net ) Tj ET Q q 0 0 0 rg BT 126.29 536.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 163.98 536.25 Td (for ) Tj ET Q q 0 0 0 rg BT 177.79 536.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.15 536.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.36 536.25 Td ( ) Tj ET Q q 0 0 0 rg BT 211.50 536.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.53 536.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 295.76 536.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.76 536.25 Td ( ) Tj ET Q q 0 0 0 rg BT 317.91 536.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.48 536.25 Td ($663.1 ) Tj ET Q q 0 0 0 rg BT 369.13 536.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 398.02 540.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.60 536.25 Td (, ) Tj ET Q q 0 0 0 rg BT 410.25 536.25 Td (an ) Tj ET Q q 0 0 0 rg BT 421.83 536.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 456.74 536.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.21 536.25 Td (4.8 ) Tj ET Q q 0 0 0 rg BT 481.86 536.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.28 536.25 Td ( ) Tj ET Q q 0 0 0 rg BT 513.43 536.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.02 536.25 Td ($632.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 78.39 528.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.97 524.25 Td ( ) Tj ET Q q 0 0 0 rg BT 89.43 524.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 126.21 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 137.45 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.12 524.25 Td (year) Tj ET Q q 0 0 0 rg BT 170.13 524.25 Td (-ago ) Tj ET Q q 0 0 0 rg BT 191.36 524.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 222.87 524.25 Td (For ) Tj ET Q q 0 0 0 rg BT 240.22 524.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.90 524.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.10 524.25 Td ( ) Tj ET Q q 0 0 0 rg BT 276.57 524.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.90 524.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 363.45 524.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.45 524.25 Td (, ) Tj ET Q q 0 0 0 rg BT 389.41 524.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 426.20 524.25 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 503.53 524.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 543.09 524.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td ($143.0 ) Tj ET Q q 0 0 0 rg BT 79.50 512.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 108.39 516.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.97 512.25 Td (, ) Tj ET Q q 0 0 0 rg BT 120.97 512.25 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.47 512.25 Td (10.5 ) Tj ET Q q 0 0 0 rg BT 153.47 512.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.89 512.25 Td ( ) Tj ET Q q 0 0 0 rg BT 185.39 512.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 227.32 512.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.60 512.25 Td ($129.5 ) Tj ET Q q 0 0 0 rg BT 267.60 512.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 296.49 516.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.06 512.25 Td ( ) Tj ET Q q 0 0 0 rg BT 306.56 512.25 Td (for ) Tj ET Q q 0 0 0 rg BT 320.72 512.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.44 512.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 512.25 Td ( ) Tj ET Q q 0 0 0 rg BT 355.15 512.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.53 512.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 440.11 512.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.11 512.25 Td (. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 493.05 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 493.05 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 493.05 Td (Reconciliation ) Tj ET Q q 0 0 0 rg BT 116.15 493.05 Td (of ) Tj ET Q q 0 0 0 rg BT 124.38 493.05 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 140.15 493.05 Td (GAAP) Tj ET Q q 0 0 0 rg BT 160.45 493.05 Td ( ) Tj ET Q q 0 0 0 rg BT 162.45 493.05 Td (to ) Tj ET Q q 0 0 0 rg BT 170.67 493.05 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 199.78 493.05 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 234.73 493.05 Td ( ) Tj ET Q q 0 0 0 rg BT 236.73 493.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.18 493.05 Td (information) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 452.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 452.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 452.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 452.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 432.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 432.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 432.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 432.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 412.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 412.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 412.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 412.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 392.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 392.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 392.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 392.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 372.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 372.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 372.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 372.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 352.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 352.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 352.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 352.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 332.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 332.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 332.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 332.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 312.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 312.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 312.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 312.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 292.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 292.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 292.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 292.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 272.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 272.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 272.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 272.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 252.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 252.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 252.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 252.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 232.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 232.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 232.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 232.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 212.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 212.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 212.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 212.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 192.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 192.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 192.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 192.55 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 414 472.54999999999995 m 484 472.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 472.54999999999995 m 492 472.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 472.54999999999995 m 562 472.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 472.54999999999995 m 484 472.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 462.54999999999995 m 484 462.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 472.54999999999995 m 492 472.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 472.54999999999995 m 562 472.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 462.54999999999995 m 562 462.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 422.54999999999995 m 484 422.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 413.54999999999995 m 484 413.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 411.54999999999995 m 484 411.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 422.54999999999995 m 562 422.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 413.54999999999995 m 562 413.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 411.54999999999995 m 562 411.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 342.54999999999995 m 484 342.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 342.54999999999995 m 562 342.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 342.54999999999995 m 484 342.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 333.54999999999995 m 484 333.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 331.54999999999995 m 484 331.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 342.54999999999995 m 562 342.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 333.54999999999995 m 562 333.54999999999995 l s 0 0 0 RG /GS0 gs 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[] 0 d 0 J 0 j 3 M 414 173.54999999999995 m 484 173.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 171.54999999999995 m 484 171.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 182.54999999999995 m 562 182.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 173.54999999999995 m 562 173.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 171.54999999999995 m 562 171.54999999999995 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 444.80 474.68 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 69.50 464.55 Td (\(Amounts in thousands, except per share data\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 440.50 464.68 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 518.50 464.68 Td (2014) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 454.68 Td ( Net revenues:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 444.55 Td (Net revenues U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 444.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 444.68 Td (672,918) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 444.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 444.55 Td (648,138) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 434.55 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 424.55 Td (Revenue related to noncontrolling interests) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.10 424.68 Td (\(9,810) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 424.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.45 424.55 Td (\(15,699) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 424.55 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 414.55 Td (Adjusted net revenues) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 414.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 414.68 Td (663,108) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 414.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 414.55 Td (632,439) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 394.68 Td (Non-compensation expenses:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 384.55 Td (Non-compensation expenses U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 384.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 384.68 Td (164,762) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 384.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 384.55 Td (143,317) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 374.55 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 364.55 Td (Non-compensation expenses related to noncontrolling interests) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.10 364.68 Td (\(3,403) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 364.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 364.55 Td (\(4,546) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 364.55 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 354.55 Td (Restructuring and integration costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.10 354.68 Td (\(10,652) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 354.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.00 354.55 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 344.55 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.10 344.68 Td (\(7,662) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 344.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 344.55 Td (\(9,272) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 344.55 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 334.55 Td (Adjusted non-compensation expenses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 334.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 334.68 Td (143,045) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 334.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 334.55 Td (129,499) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 314.68 Td (Net income applicable to Piper Jaffray Companies:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 304.55 Td (Net income applicable to Piper Jaffray Companies U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 304.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.80 304.68 Td (52,075) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 304.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.15 304.55 Td (63,172) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 294.55 Td ( Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 284.55 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.80 284.68 Td (2,586) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.15 284.55 Td (3,195) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 274.55 Td (Restructuring and integration costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.80 274.68 Td (6,508) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.00 274.55 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 264.55 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.80 264.68 Td (4,681) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.15 264.55 Td (5,747) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 254.55 Td (Adjusted net income applicable to Piper Jaffray Companies) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 254.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.80 254.68 Td (65,850) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 254.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.15 254.55 Td (72,114) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 234.68 Td (Earnings per diluted common share:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 224.55 Td ( Earnings per diluted common share U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 224.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 224.68 Td (3.34) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 224.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 224.55 Td (3.87) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 214.55 Td ( Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 204.55 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 204.68 Td (0.17) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 204.55 Td (0.20) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 194.55 Td (Restructuring and integration costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 194.68 Td (0.42) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.00 194.55 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 184.55 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 184.68 Td (0.30) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 184.55 Td (0.35) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 174.55 Td ( Adjusted earnings per diluted common share) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 174.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 174.68 Td (4.22) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 174.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 174.55 Td (4.42) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 151.45 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 60.83 151.45 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 151.45 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 97.71 151.45 Td (r) Tj ET Q q 0 0 0 rg BT 100.52 151.45 Td (eturn ) Tj ET Q q 0 0 0 rg BT 119.62 151.45 Td (on ) Tj ET Q q 0 0 0 rg BT 129.83 151.45 Td (average ) Tj ET Q q 0 0 0 rg BT 157.80 151.45 Td (common ) Tj ET Q q 0 0 0 rg BT 187.12 151.45 Td (shar) Tj ET Q q 0 0 0 rg BT 201.05 151.45 Td (eholders' ) Tj ET Q q 0 0 0 rg BT 232.52 151.45 Td (equity ) Tj ET Q q 0 0 0 rg BT 254.28 151.45 Td (is ) Tj ET Q q 0 0 0 rg BT 261.82 151.45 Td (computed ) Tj ET Q q 0 0 0 rg BT 295.14 151.45 Td (by ) Tj ET Q q 0 0 0 rg BT 304.90 151.45 Td (dividing ) Tj ET Q q 0 0 0 rg BT 333.33 151.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 362.64 151.45 Td (net ) Tj ET Q q 0 0 0 rg BT 374.63 151.45 Td (income ) Tj ET Q q 0 0 0 rg BT 399.94 151.45 Td (applicable ) Tj ET Q q 0 0 0 rg BT 435.92 151.45 Td (to ) Tj ET Q q 0 0 0 rg BT 444.35 151.45 Td (Piper ) Tj ET Q q 0 0 0 rg BT 464.33 151.45 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 489.21 151.45 Td (Companies ) Tj ET Q q 0 0 0 rg BT 527.42 151.45 Td (for ) Tj ET Q q 0 0 0 rg BT 538.96 151.45 Td (the ) Tj ET Q q 0 0 0 rg BT 550.94 151.45 Td (last ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 141.85 Td (12 ) Tj ET Q q 0 0 0 rg BT 77.64 141.85 Td (months ) Tj ET Q q 0 0 0 rg BT 102.90 141.85 Td (by ) Tj ET Q q 0 0 0 rg BT 112.59 141.85 Td (average ) Tj ET Q q 0 0 0 rg BT 140.50 141.85 Td (monthly ) Tj ET Q q 0 0 0 rg BT 168.42 141.85 Td (common ) Tj ET Q q 0 0 0 rg BT 197.66 141.85 Td (shar) Tj ET Q q 0 0 0 rg BT 211.59 141.85 Td (eholders' ) Tj ET Q q 0 0 0 rg BT 243.00 141.85 Td (equity) Tj ET Q q 0 0 0 rg BT 262.10 141.85 Td (. ) Tj ET Q q 0 0 0 rg BT 266.25 141.85 Td (For ) Tj ET Q q 0 0 0 rg BT 280.39 141.85 Td (a ) Tj ET Q q 0 0 0 rg BT 286.53 141.85 Td (detailed ) Tj ET Q q 0 0 0 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132.25 Td (in ) Tj ET Q q 0 0 0 rg BT 261.66 132.25 Td (footnote ) Tj ET Q q 0 0 0 rg BT 289.88 132.25 Td (\(1\).) 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M 397 681.75 m 447 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 681.75 m 563 681.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.50 696.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.50 696.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 684.48 Td (Year Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.50 684.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.50 684.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.50 684.48 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.00 684.48 Td (v2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.00 684.48 Td (v2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 672.37 Td (Dow Jones Industrials ) Tj ET Q q 0 0 0 rg BT 143.33 672.37 Td (A) Tj ET Q q 0 0 0 rg BT 149.81 672.37 Td (verage ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 178.96 672.37 Td (\(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 672.48 Td (17,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.60 672.37 Td (17,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.60 672.37 Td (16,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.95 672.37 Td (\(2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 672.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.25 672.37 Td (7.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 672.37 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 (5,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 660.37 Td (4,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 660.37 Td (4,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.25 660.37 Td (5.7) 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 533.25 660.37 Td (13.4) 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 (1,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 636.37 Td (1,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 636.37 Td (1,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.25 636.37 Td (14.2) 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 538.25 636.37 Td (0.5) 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 (1,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 612.37 Td (1,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 612.37 Td (1,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.95 612.37 Td (\(3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 612.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.25 612.37 Td (11.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 612.37 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 (10,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.60 588.37 Td (10,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 588.37 Td (9,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.25 588.37 Td (0.5) 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 533.25 588.37 Td (12.2) 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 (909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 564.37 Td (1,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 564.37 Td (1,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.95 564.37 Td (\(17.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 564.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 564.37 Td (\(1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 564.37 Td (\)%) 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 (171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 540.37 Td (282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 540.37 Td (221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.95 540.37 Td (\(39.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 540.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.25 540.37 Td (27.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 540.37 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 (8,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 516.37 Td (7,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 516.37 Td (7,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.25 516.37 Td (20.7) 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 534.95 516.37 Td (\(4.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 516.37 Td (\)%) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 492.48 Td (315.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 492.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 492.37 Td (266.1) 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 (263.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.25 492.37 Td (18.7) 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 538.25 492.37 Td (0.9) 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 (2.14) 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 (2.21) 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 (2.35) 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 476.95 480.37 Td (\(3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 480.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 480.37 Td (\(6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 480.37 Td (\)%) 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 (0.05) 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 (0.03) 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 (0.06) 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 475.25 468.37 Td (66.7) 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 529.95 468.37 Td (\(50.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 468.37 Td (\)%) 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 66.45 343.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 103.94 343.25 Td (market ) Tj ET Q q 0 0 0 rg BT 134.22 343.25 Td (activity) Tj ET Q q 0 0 0 rg BT 163.56 343.25 Td (. ) Tj ET Q q 0 0 0 rg BT 168.57 343.25 Td (Overall ) Tj ET Q q 0 0 0 rg BT 201.06 343.25 Td (market ) Tj ET Q q 0 0 0 rg BT 231.34 343.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 275.52 343.25 Td (are ) Tj ET Q q 0 0 0 rg BT 290.23 343.25 Td (a ) Tj ET Q q 0 0 0 rg BT 297.18 343.25 Td (product ) Tj ET Q q 0 0 0 rg BT 330.24 343.25 Td (of ) Tj ET Q q 0 0 0 rg BT 341.08 343.25 Td (many ) Tj ET Q q 0 0 0 rg BT 365.81 343.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 398.03 343.25 Td (which ) Tj ET Q q 0 0 0 rg BT 424.98 343.25 Td (are ) Tj ET Q q 0 0 0 rg BT 439.70 343.25 Td (beyond ) Tj ET Q q 0 0 0 rg BT 471.65 343.25 Td (our ) Tj ET Q q 0 0 0 rg BT 487.49 343.25 Td (control ) Tj ET Q q 0 0 0 rg BT 518.33 343.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.27 343.25 Td (mostly ) 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 109.50 331.25 Td (These ) Tj ET Q q 0 0 0 rg BT 136.69 331.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 167.21 331.25 Td (may ) Tj ET Q q 0 0 0 rg BT 187.75 331.25 Td (af) Tj ET Q q 0 0 0 rg BT 195.34 331.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 213.64 331.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.17 331.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.47 331.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 308.00 331.25 Td (made ) Tj ET Q q 0 0 0 rg BT 332.97 331.25 Td (by ) Tj ET Q q 0 0 0 rg BT 346.29 331.25 Td (investors, ) Tj ET Q q 0 0 0 rg BT 388.22 331.25 Td (including ) Tj ET Q q 0 0 0 rg BT 429.31 331.25 Td (their ) Tj ET Q q 0 0 0 rg BT 450.95 331.25 Td (level ) Tj ET Q q 0 0 0 rg BT 473.70 331.25 Td (of ) Tj ET Q q 0 0 0 rg BT 485.35 331.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 539.20 331.25 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 331.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.27 319.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 122.22 319.25 Td (In ) Tj ET Q q 0 0 0 rg BT 132.35 319.25 Td (turn, ) Tj ET Q q 0 0 0 rg BT 152.75 319.25 Td (these ) Tj ET Q q 0 0 0 rg BT 175.09 319.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 214.10 319.25 Td (may ) Tj ET Q q 0 0 0 rg BT 233.12 319.25 Td (af) Tj ET Q q 0 0 0 rg BT 240.70 319.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 257.48 319.25 Td (our ) Tj ET Q q 0 0 0 rg BT 272.61 319.25 Td (business ) Tj ET Q q 0 0 0 rg BT 308.29 319.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 338.57 319.25 Td (W) Tj ET Q q 0 0 0 rg BT 347.60 319.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 359.96 319.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 390.07 319.25 Td (to ) Tj ET Q q 0 0 0 rg BT 399.64 319.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 436.41 319.25 Td (market ) Tj ET Q q 0 0 0 rg BT 465.97 319.25 Td (activity) Tj ET Q q 0 0 0 rg BT 495.31 319.25 Td (, ) Tj ET Q q 0 0 0 rg BT 499.61 319.25 Td (our ) Tj ET Q q 0 0 0 rg BT 514.73 319.25 Td (profitability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.90 307.25 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 96.63 307.25 Td (to ) Tj ET Q q 0 0 0 rg BT 107.14 307.25 Td (a ) Tj ET Q q 0 0 0 rg BT 114.31 307.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 144.80 307.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.86 307.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 188.30 307.25 Td (including ) Tj ET Q q 0 0 0 rg BT 228.80 307.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.75 307.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 278.14 307.25 Td (for ) Tj ET Q q 0 0 0 rg BT 292.53 307.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 339.14 307.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 374.09 307.25 Td (services ) Tj ET Q q 0 0 0 rg BT 409.03 307.25 Td (as ) Tj ET Q q 0 0 0 rg BT 420.09 307.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 457.79 307.25 Td (by ) Tj ET Q q 0 0 0 rg BT 470.52 307.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.47 307.25 Td (number ) Tj ET Q q 0 0 0 rg BT 518.75 307.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.92 307.25 Td (size ) Tj ET Q q 0 0 0 rg BT 554.19 307.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.66 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 93.25 295.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 112.63 295.25 Td (financings ) Tj ET Q q 0 0 0 rg BT 156.45 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 173.05 295.25 Td (mer) Tj ET Q q 0 0 0 rg BT 188.41 295.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 203.34 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 219.94 295.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 265.98 295.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 318.41 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 332.79 295.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 371.06 295.25 Td (of ) Tj ET Q q 0 0 0 rg BT 381.55 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.92 295.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 423.08 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 439.68 295.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 462.39 295.25 Td (income ) Tj ET Q q 0 0 0 rg BT 493.98 295.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 530.30 295.25 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.56 283.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 91.27 283.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 112.43 283.25 Td (\(especially ) Tj ET Q q 0 0 0 rg BT 158.02 283.25 Td (rapid ) Tj ET Q q 0 0 0 rg BT 180.84 283.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.56 283.25 Td (extreme ) Tj ET Q q 0 0 0 rg BT 232.04 283.25 Td (changes\) ) Tj ET Q q 0 0 0 rg BT 269.86 283.25 Td (and ) Tj ET Q q 0 0 0 rg BT 286.58 283.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 311.62 283.25 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 346.39 283.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 376.43 283.25 Td (market ) Tj ET Q q 0 0 0 rg BT 406.47 283.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 439.72 283.25 Td (, ) Tj ET Q q 0 0 0 rg BT 444.50 283.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.99 283.25 Td (level ) Tj ET Q q 0 0 0 rg BT 480.71 283.25 Td (and ) Tj ET Q q 0 0 0 rg BT 497.42 283.25 Td (shape ) Tj ET Q q 0 0 0 rg BT 522.47 283.25 Td (of ) Tj ET Q q 0 0 0 rg BT 533.08 283.25 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.25 Td (yield ) Tj ET Q q 0 0 0 rg BT 71.07 271.25 Td (curves, ) Tj ET Q q 0 0 0 rg BT 101.24 271.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.02 271.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 146.59 271.25 Td (and ) Tj ET Q q 0 0 0 rg BT 162.60 271.25 Td (value ) Tj ET Q q 0 0 0 rg BT 185.83 271.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.73 271.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 225.63 271.25 Td (in ) Tj ET Q q 0 0 0 rg BT 234.97 271.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 276.81 271.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 306.14 271.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 332.71 271.25 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 377.89 271.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.90 271.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.68 271.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 440.91 271.25 Td (for ) Tj ET Q q 0 0 0 rg BT 454.14 271.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 475.15 271.25 Td (management ) Tj ET Q q 0 0 0 rg BT 527.81 271.25 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 81.08 247.25 Td (that ) Tj ET Q q 0 0 0 rg BT 98.21 247.25 Td (dif) Tj ET Q q 0 0 0 rg BT 109.14 247.25 Td (ferentiate ) Tj ET Q q 0 0 0 rg BT 149.03 247.25 Td (our ) Tj ET Q q 0 0 0 rg BT 164.50 247.25 Td (business ) Tj ET Q q 0 0 0 rg BT 200.53 247.25 Td (within ) Tj ET Q q 0 0 0 rg BT 228.23 247.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.59 247.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 279.71 247.25 Td (services ) Tj ET Q q 0 0 0 rg BT 314.05 247.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 348.97 247.25 Td (may ) Tj ET Q q 0 0 0 rg BT 368.33 247.25 Td (also ) Tj ET Q q 0 0 0 rg BT 386.58 247.25 Td (af) Tj ET Q q 0 0 0 rg BT 394.17 247.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 411.29 247.25 Td (our ) Tj ET Q q 0 0 0 rg BT 426.76 247.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 463.88 247.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 494.63 247.25 Td (For ) Tj ET Q q 0 0 0 rg BT 510.66 247.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 549.17 247.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.29 235.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 114.09 235.25 Td (business ) Tj ET Q q 0 0 0 rg BT 151.12 235.25 Td (focuses ) Tj ET Q q 0 0 0 rg BT 184.26 235.25 Td (on ) Tj ET Q q 0 0 0 rg BT 197.40 235.25 Td (a ) Tj ET Q q 0 0 0 rg BT 204.98 235.25 Td (middle-market ) Tj ET Q q 0 0 0 rg BT 266.99 235.25 Td (clientele ) Tj ET Q q 0 0 0 rg BT 304.00 235.25 Td (in ) Tj ET Q q 0 0 0 rg BT 314.92 235.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 349.15 235.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 385.07 235.25 Td (sectors. ) Tj ET Q q 0 0 0 rg BT 418.48 235.25 Td (If ) Tj ET Q q 0 0 0 rg BT 428.29 235.25 Td (the ) Tj ET Q q 0 0 0 rg BT 443.65 235.25 Td (business ) Tj ET Q q 0 0 0 rg BT 480.68 235.25 Td (environment ) Tj ET Q q 0 0 0 rg BT 534.36 235.25 Td (for ) 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 (focus ) Tj ET Q q 0 0 0 rg BT 73.77 223.25 Td (sectors ) Tj ET Q q 0 0 0 rg BT 104.14 223.25 Td (is ) Tj ET Q q 0 0 0 rg BT 113.42 223.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 152.67 223.25 Td (disproportionately ) Tj ET Q q 0 0 0 rg BT 228.60 223.25 Td (as ) Tj ET Q q 0 0 0 rg BT 239.54 223.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 281.57 223.25 Td (to ) Tj ET Q q 0 0 0 rg BT 291.95 223.25 Td (the ) Tj ET Q q 0 0 0 rg BT 306.78 223.25 Td (economy ) Tj ET Q q 0 0 0 rg BT 346.04 223.25 Td (as ) Tj ET Q q 0 0 0 rg BT 356.97 223.25 Td (a ) Tj ET Q q 0 0 0 rg BT 364.02 223.25 Td (whole, ) Tj ET Q q 0 0 0 rg BT 393.56 223.25 Td (our ) Tj ET Q q 0 0 0 rg BT 409.50 223.25 Td (business ) Tj ET Q q 0 0 0 rg BT 446.00 223.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.04 223.25 Td (results ) Tj ET Q q 0 0 0 rg BT 491.76 223.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.70 223.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 546.96 223.25 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.25 Td (be ) Tj ET Q q 0 0 0 rg BT 61.19 211.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 105.09 211.25 Td (impacted. ) Tj ET Q q 0 0 0 rg BT 146.49 211.25 Td (In ) Tj ET Q q 0 0 0 rg BT 157.07 211.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 194.59 211.25 Td (our ) Tj ET Q q 0 0 0 rg BT 210.17 211.25 Td (business ) Tj ET Q q 0 0 0 rg BT 246.31 211.25 Td (could ) Tj ET Q q 0 0 0 rg BT 270.78 211.25 Td (be ) Tj ET Q q 0 0 0 rg BT 282.47 211.25 Td (af) Tj ET Q q 0 0 0 rg BT 290.06 211.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 316.73 211.25 Td (dif) Tj ET Q q 0 0 0 rg BT 327.66 211.25 Td (ferently ) Tj ET Q q 0 0 0 rg BT 361.00 211.25 Td (than ) Tj ET Q q 0 0 0 rg BT 380.47 211.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 410.48 211.25 Td (market ) Tj ET Q q 0 0 0 rg BT 440.50 211.25 Td (trends. ) Tj ET Q q 0 0 0 rg BT 469.69 211.25 Td (Given ) Tj ET Q q 0 0 0 rg BT 496.37 211.25 Td (the ) Tj ET Q q 0 0 0 rg BT 510.84 211.25 Td (variability ) Tj ET Q q 0 0 0 rg BT 554.19 211.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.42 199.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 93.78 199.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 128.14 199.25 Td (and ) Tj ET Q q 0 0 0 rg BT 145.29 199.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 185.76 199.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 233.19 199.25 Td (our ) Tj ET Q q 0 0 0 rg BT 249.22 199.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 285.81 199.25 Td (may ) Tj ET Q q 0 0 0 rg BT 305.73 199.25 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 343.42 199.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 396.11 199.25 Td (from ) Tj ET Q q 0 0 0 rg BT 418.26 199.25 Td (period ) Tj ET Q q 0 0 0 rg BT 446.51 199.25 Td (to ) Tj ET Q q 0 0 0 rg BT 457.00 199.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 487.75 199.25 Td (and ) Tj ET Q q 0 0 0 rg BT 504.89 199.25 Td (results ) Tj ET Q q 0 0 0 rg BT 533.71 199.25 Td (for ) Tj ET Q q 0 0 0 rg BT 548.08 199.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 92.55 187.25 Td (period ) Tj ET Q q 0 0 0 rg BT 120.60 187.25 Td (should ) Tj ET Q q 0 0 0 rg BT 149.77 187.25 Td (not ) Tj ET Q q 0 0 0 rg BT 165.05 187.25 Td (be ) Tj ET Q q 0 0 0 rg BT 176.99 187.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 222.80 187.25 Td (indicative ) Tj ET Q q 0 0 0 rg BT 264.73 187.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.56 187.25 Td (future ) Tj ET Q q 0 0 0 rg BT 301.94 187.25 Td (results.) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Outlook for 2016) 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 64.68 716.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 101.22 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.10 716.25 Td (encounter ) Tj ET Q q 0 0 0 rg BT 152.63 716.25 Td (mixed ) Tj ET Q q 0 0 0 rg BT 179.72 716.25 Td (signals ) Tj ET Q q 0 0 0 rg BT 209.61 716.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 241.69 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 251.57 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.89 716.25 Td (strength ) Tj ET Q q 0 0 0 rg BT 300.21 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 310.65 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 324.97 716.25 Td (recovery ) Tj ET Q q 0 0 0 rg BT 362.05 716.25 Td (for ) Tj ET Q q 0 0 0 rg BT 375.81 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 390.13 716.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 410.02 716.25 Td (economy) Tj ET Q q 0 0 0 rg BT 446.02 716.25 Td (. ) Tj ET Q q 0 0 0 rg BT 450.63 716.25 Td (In ) Tj ET Q q 0 0 0 rg BT 461.06 716.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 485.66 716.25 Td (we ) Tj ET Q q 0 0 0 rg BT 499.43 716.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 530.40 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 544.72 716.25 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (economy ) Tj ET Q q 0 0 0 rg BT 88.45 704.25 Td (will ) Tj ET Q q 0 0 0 rg BT 106.29 704.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 143.02 704.25 Td (its ) Tj ET Q q 0 0 0 rg BT 154.76 704.25 Td (sluggish ) Tj ET Q q 0 0 0 rg BT 190.39 704.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 221.01 704.25 Td (pattern. ) Tj ET Q q 0 0 0 rg BT 253.57 704.25 Td (Risks ) Tj ET Q q 0 0 0 rg BT 278.09 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 288.16 704.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 329.89 704.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 360.51 704.25 Td (include ) Tj ET Q q 0 0 0 rg BT 392.23 704.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 427.30 704.25 Td (or ) Tj ET Q q 0 0 0 rg BT 437.92 704.25 Td (accelerating ) Tj ET Q q 0 0 0 rg BT 488.51 704.25 Td (weakness ) Tj ET Q q 0 0 0 rg BT 529.12 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 539.19 704.25 Td (major ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (economies ) Tj ET Q q 0 0 0 rg BT 95.89 692.25 Td (internationally) Tj ET Q q 0 0 0 rg BT 153.55 692.25 Td (, ) Tj ET Q q 0 0 0 rg BT 159.68 692.25 Td (falling ) Tj ET Q q 0 0 0 rg BT 189.41 692.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 203.59 692.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 233.59 692.25 Td (or ) Tj ET Q q 0 0 0 rg BT 245.54 692.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 291.38 692.25 Td (geopolitical ) Tj ET Q q 0 0 0 rg BT 342.21 692.25 Td (events ) Tj ET Q q 0 0 0 rg BT 371.38 692.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 416.11 692.25 Td (terrorism\) ) Tj ET Q q 0 0 0 rg BT 459.72 692.25 Td (or ) Tj ET Q q 0 0 0 rg BT 471.68 692.25 Td (conflicts, ) Tj ET Q q 0 0 0 rg BT 512.23 692.25 Td (which ) Tj ET Q q 0 0 0 rg BT 540.30 692.25 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 90.50 680.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 120.41 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.31 680.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 152.99 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 164.01 680.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 195.03 680.25 Td (in ) Tj ET Q q 0 0 0 rg BT 205.49 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.40 680.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 240.87 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 258.00 680.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 295.12 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 305.59 680.25 Td (inject ) Tj ET Q q 0 0 0 rg BT 330.49 680.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 369.29 680.25 Td (into ) Tj ET Q q 0 0 0 rg BT 387.54 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.44 680.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 422.92 680.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 450.60 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 467.73 680.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 487.63 680.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 524.28 680.25 Td (The ) Tj ET Q q 0 0 0 rg BT 542.52 680.25 Td (2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (presidential ) Tj ET Q q 0 0 0 rg BT 98.47 668.25 Td (election ) Tj ET Q q 0 0 0 rg BT 132.43 668.25 Td (could ) Tj ET Q q 0 0 0 rg BT 156.97 668.25 Td (also ) Tj ET Q q 0 0 0 rg BT 175.39 668.25 Td (influence ) Tj ET Q q 0 0 0 rg BT 214.91 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.44 668.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 267.86 668.25 Td (or ) Tj ET Q q 0 0 0 rg BT 278.51 668.25 Td (direction ) Tj ET Q q 0 0 0 rg BT 316.37 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 327.01 668.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 360.99 668.25 Td (based ) Tj ET Q q 0 0 0 rg BT 386.07 668.25 Td (on ) Tj ET Q q 0 0 0 rg BT 398.39 668.25 Td (investors) Tj ET Q q 0 0 0 rg BT 437.08 668.25 Td ( ) Tj ET Q q 0 0 0 rg BT 439.40 668.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 486.15 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 496.80 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.33 668.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 548.08 668.25 Td (and ) 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 64.22 656.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 94.48 656.25 Td (political ) Tj ET Q q 0 0 0 rg BT 129.75 656.25 Td (outlook ) Tj ET Q q 0 0 0 rg BT 162.81 656.25 Td (in ) Tj ET Q q 0 0 0 rg BT 173.08 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.80 656.25 Td (United ) Tj ET Q q 0 0 0 rg BT 217.52 656.25 Td (States.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.41 632.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 101.76 632.25 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 137.34 632.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 178.46 632.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 223.48 632.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 256.28 632.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 278.52 632.25 Td (for ) Tj ET Q q 0 0 0 rg BT 293.54 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 309.13 632.25 Td (first ) Tj ET Q q 0 0 0 rg BT 328.60 632.25 Td (time ) Tj ET Q q 0 0 0 rg BT 349.74 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 360.88 632.25 Td (almost ) Tj ET Q q 0 0 0 rg BT 390.92 632.25 Td (ten ) Tj ET Q q 0 0 0 rg BT 406.50 632.25 Td (years ) Tj ET Q q 0 0 0 rg BT 430.96 632.25 Td (at ) Tj ET Q q 0 0 0 rg BT 441.54 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.13 632.25 Td (end ) Tj ET Q q 0 0 0 rg BT 474.93 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 486.63 632.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 512.49 632.25 Td (however ) Tj ET Q q 0 0 0 rg BT 550.29 632.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 92.50 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 103.83 620.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 126.83 620.25 Td (has ) Tj ET Q q 0 0 0 rg BT 143.16 620.25 Td (seen ) Tj ET Q q 0 0 0 rg BT 163.93 620.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 189.70 620.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 222.14 620.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 244.02 620.25 Td (among ) Tj ET Q q 0 0 0 rg BT 274.24 620.25 Td (most ) Tj ET Q q 0 0 0 rg BT 296.69 620.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 320.24 620.25 Td (income ) Tj ET Q q 0 0 0 rg BT 352.67 620.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 393.44 620.25 Td (as ) Tj ET Q q 0 0 0 rg BT 404.77 620.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 443.88 620.25 Td (in ) Tj ET Q q 0 0 0 rg BT 454.66 620.25 Td (global ) Tj ET Q q 0 0 0 rg BT 482.66 620.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 517.31 620.25 Td (has ) Tj ET Q q 0 0 0 rg BT 533.65 620.25 Td (created ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 98.50 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 110.30 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.53 608.25 Td (marketplace. ) Tj ET Q q 0 0 0 rg BT 181.91 608.25 Td (If ) Tj ET Q q 0 0 0 rg BT 192.59 608.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 219.37 608.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 252.83 608.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 275.72 608.25 Td (persist ) Tj ET Q q 0 0 0 rg BT 305.85 608.25 Td (through ) Tj ET Q q 0 0 0 rg BT 340.97 608.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 364.99 608.25 Td (it ) Tj ET Q q 0 0 0 rg BT 374.57 608.25 Td (is ) Tj ET Q q 0 0 0 rg BT 385.26 608.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 426.48 608.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 468.25 608.25 Td (for ) Tj ET Q q 0 0 0 rg BT 483.93 608.25 Td (our ) Tj ET Q q 0 0 0 rg BT 501.28 608.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 545.29 608.25 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 103.48 596.25 Td (business ) Tj ET Q q 0 0 0 rg BT 139.70 596.25 Td (as ) Tj ET Q q 0 0 0 rg BT 150.36 596.25 Td (refunding ) Tj ET Q q 0 0 0 rg BT 191.56 596.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 223.88 596.25 Td (increases, ) Tj ET Q q 0 0 0 rg BT 265.35 596.25 Td (however ) Tj ET Q q 0 0 0 rg BT 302.10 596.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 327.20 596.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 358.96 596.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 380.16 596.25 Td (will ) Tj ET Q q 0 0 0 rg BT 398.05 596.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 423.15 596.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 452.12 596.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 484.44 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 494.54 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 510.20 596.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 533.07 596.25 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 99.80 584.25 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 142.30 584.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 181.22 584.25 Td (Given ) Tj ET Q q 0 0 0 rg BT 208.18 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.92 584.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 252.65 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 263.51 584.25 Td (new ) Tj ET Q q 0 0 0 rg BT 282.69 584.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 329.65 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 346.61 584.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 375.78 584.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 430.51 584.25 Td (on ) Tj ET Q q 0 0 0 rg BT 443.03 584.25 Td (major ) Tj ET Q q 0 0 0 rg BT 468.88 584.25 Td (market ) Tj ET Q q 0 0 0 rg BT 499.17 584.25 Td (participants, ) Tj ET Q q 0 0 0 rg BT 550.84 584.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (may ) Tj ET Q q 0 0 0 rg BT 69.29 572.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 115.17 572.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 147.18 572.25 Td (when ) Tj ET Q q 0 0 0 rg BT 171.42 572.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 210.10 572.25 Td (is ) Tj ET Q q 0 0 0 rg BT 219.35 572.25 Td (exacerbated ) Tj ET Q q 0 0 0 rg BT 269.66 572.25 Td (by ) Tj ET Q q 0 0 0 rg BT 282.24 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 297.03 572.25 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 344.59 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.50 572.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 391.97 572.25 Td (historically ) Tj ET Q q 0 0 0 rg BT 439.53 572.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 477.65 572.25 Td (by ) Tj ET Q q 0 0 0 rg BT 490.23 572.25 Td (these ) Tj ET Q q 0 0 0 rg BT 513.35 572.25 Td (participants. ) 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 65.53 560.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 105.69 560.25 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 147.52 560.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 198.24 560.25 Td (a ) Tj ET Q q 0 0 0 rg BT 205.64 560.25 Td (conservative ) Tj ET Q q 0 0 0 rg BT 259.12 560.25 Td (bias ) Tj ET Q q 0 0 0 rg BT 278.19 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 288.92 560.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 331.31 560.25 Td (our ) Tj ET Q q 0 0 0 rg BT 347.60 560.25 Td (inventories ) Tj ET Q q 0 0 0 rg BT 394.99 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.39 560.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 447.56 560.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 488.28 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 499.01 560.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 534.74 560.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 88.11 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 105.05 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 120.88 548.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 159.48 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 169.75 548.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 201.69 548.25 Td (rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (As ) Tj ET Q q 0 0 0 rg BT 62.34 524.25 Td (to ) Tj ET Q q 0 0 0 rg BT 71.84 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 86.89 524.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 130.83 524.25 Td (tied ) Tj ET Q q 0 0 0 rg BT 147.55 524.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.05 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 170.99 524.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 197.71 524.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 233.59 524.25 Td (we ) Tj ET Q q 0 0 0 rg BT 246.97 524.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 274.79 524.25 Td (that ) Tj ET Q q 0 0 0 rg BT 291.50 524.25 Td (market ) Tj ET Q q 0 0 0 rg BT 320.99 524.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 364.38 524.25 Td (will ) Tj ET Q q 0 0 0 rg BT 381.66 524.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 406.15 524.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 435.64 524.25 Td (volatile ) Tj ET Q q 0 0 0 rg BT 467.35 524.25 Td (given ) Tj ET Q q 0 0 0 rg BT 491.29 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 505.23 524.25 Td (mixed ) Tj ET Q q 0 0 0 rg BT 531.95 524.25 Td (outlook ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.95 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.97 512.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 99.54 512.25 Td (economy ) Tj ET Q q 0 0 0 rg BT 138.99 512.25 Td (coupled ) Tj ET Q q 0 0 0 rg BT 173.44 512.25 Td (with ) Tj ET Q q 0 0 0 rg BT 194.02 512.25 Td (global ) Tj ET Q q 0 0 0 rg BT 221.81 512.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 263.47 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.70 512.25 Td (geopolitical ) Tj ET Q q 0 0 0 rg BT 330.71 512.25 Td (risks. ) Tj ET Q q 0 0 0 rg BT 354.69 512.25 Td (While ) Tj ET Q q 0 0 0 rg BT 381.92 512.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 410.26 512.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 449.16 512.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 486.95 512.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 521.40 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 537.52 512.25 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 71.22 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 87.95 500.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 118.56 500.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 157.23 500.25 Td (a ) Tj ET Q q 0 0 0 rg BT 163.96 500.25 Td (period ) Tj ET Q q 0 0 0 rg BT 191.79 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.41 500.25 Td (sustained ) Tj ET Q q 0 0 0 rg BT 241.91 500.25 Td (market ) Tj ET Q q 0 0 0 rg BT 271.96 500.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 310.35 500.25 Td (or ) Tj ET Q q 0 0 0 rg BT 320.96 500.25 Td (prolonged ) Tj ET Q q 0 0 0 rg BT 363.80 500.25 Td (market ) Tj ET Q q 0 0 0 rg BT 393.85 500.25 Td (correction ) Tj ET Q q 0 0 0 rg BT 436.66 500.25 Td (may ) Tj ET Q q 0 0 0 rg BT 456.17 500.25 Td (be ) Tj ET Q q 0 0 0 rg BT 467.89 500.25 Td (disruptive ) Tj ET Q q 0 0 0 rg BT 510.17 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 520.23 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 535.85 500.25 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 79.22 488.25 Td (activities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 74.51 464.25 Td (management ) Tj ET Q q 0 0 0 rg BT 128.38 464.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 166.70 464.25 Td (will ) Tj ET Q q 0 0 0 rg BT 185.04 464.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 222.26 464.25 Td (to ) Tj ET Q q 0 0 0 rg BT 232.82 464.25 Td (be ) Tj ET Q q 0 0 0 rg BT 245.05 464.25 Td (dependent ) Tj ET Q q 0 0 0 rg BT 288.93 464.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 311.71 464.25 Td (valuations ) Tj ET Q q 0 0 0 rg BT 355.60 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 372.82 464.25 Td (our ) Tj ET Q q 0 0 0 rg BT 388.94 464.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 435.60 464.25 Td (performance, ) Tj ET Q q 0 0 0 rg BT 491.41 464.25 Td (which ) Tj ET Q q 0 0 0 rg BT 518.63 464.25 Td (can ) Tj ET Q q 0 0 0 rg BT 535.29 464.25 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.07 452.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 96.41 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.09 452.25 Td (client ) Tj ET Q q 0 0 0 rg BT 131.65 452.25 Td (inflows ) Tj ET Q q 0 0 0 rg BT 164.00 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 180.78 452.25 Td (outflows ) Tj ET Q q 0 0 0 rg BT 218.13 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 228.81 452.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 254.49 452.25 Td (under ) Tj ET Q q 0 0 0 rg BT 279.61 452.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 335.54 452.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 353.45 452.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 391.89 452.25 Td (to ) Tj ET Q q 0 0 0 rg BT 402.02 452.25 Td (ener) Tj ET Q q 0 0 0 rg BT 419.05 452.25 Td (gy ) Tj ET Q q 0 0 0 rg BT 431.39 452.25 Td (through ) Tj ET Q q 0 0 0 rg BT 464.85 452.25 Td (a ) Tj ET Q q 0 0 0 rg BT 471.64 452.25 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 512.30 452.25 Td (ener) Tj ET Q q 0 0 0 rg BT 529.32 452.25 Td (gy ) Tj ET Q q 0 0 0 rg BT 541.67 452.25 Td (fund, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (our ) Tj ET Q q 0 0 0 rg BT 64.78 440.25 Td (MLP) Tj ET Q q 0 0 0 rg BT 84.97 440.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.92 440.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 126.63 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 143.02 440.25 Td (ener) Tj ET Q q 0 0 0 rg BT 160.05 440.25 Td (gy ) Tj ET Q q 0 0 0 rg BT 172.00 440.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 208.40 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 218.12 440.25 Td (our ) Tj ET Q q 0 0 0 rg BT 233.40 440.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 271.46 440.25 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 313.67 440.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 353.94 440.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 392.54 440.25 Td (our ) Tj ET Q q 0 0 0 rg BT 407.81 440.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 433.09 440.25 Td (under ) Tj ET Q q 0 0 0 rg BT 457.81 440.25 Td (management ) Tj ET Q q 0 0 0 rg BT 510.85 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 520.58 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 534.75 440.25 Td (second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (half ) Tj ET Q q 0 0 0 rg BT 67.00 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 77.29 428.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 101.75 428.25 Td (Sharp ) Tj ET Q q 0 0 0 rg BT 127.04 428.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 176.20 428.25 Td (in ) Tj ET Q q 0 0 0 rg BT 185.94 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 200.11 428.25 Td (price ) Tj ET Q q 0 0 0 rg BT 222.06 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 232.34 428.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 244.86 428.25 Td (may ) Tj ET Q q 0 0 0 rg BT 264.03 428.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 300.42 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 310.16 428.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 344.87 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.04 428.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 397.11 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 407.39 428.25 Td (ener) Tj ET Q q 0 0 0 rg BT 424.42 428.25 Td (gy-related ) Tj ET Q q 0 0 0 rg BT 466.91 428.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 493.86 428.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 530.27 428.25 Td (in ) Tj ET Q q 0 0 0 rg BT 540.00 428.25 Td (2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 380.25 Td (o ) Tj ET Q q 0 0 0 rg BT 62.77 380.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 96.17 380.25 Td (comparative ) Tj ET Q q 0 0 0 rg BT 148.45 380.25 Td (information ) Tj ET Q q 0 0 0 rg BT 198.51 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 209.70 380.25 Td (our ) Tj ET Q q 0 0 0 rg BT 225.89 380.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 266.51 380.25 Td (results ) Tj ET Q q 0 0 0 rg BT 295.47 380.25 Td (for ) Tj ET Q q 0 0 0 rg BT 309.99 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 325.06 380.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 357.36 380.25 Td (presented, ) Tj ET Q q 0 0 0 rg BT 401.03 380.25 Td (a ) Tj ET Q q 0 0 0 rg BT 408.32 380.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 452.85 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 464.04 380.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 500.22 380.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 536.40 380.25 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (follows ) Tj ET Q q 0 0 0 rg BT 82.63 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 97.98 368.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 142.78 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 154.24 368.25 Td (our ) Tj ET Q q 0 0 0 rg BT 170.70 368.25 Td (total ) Tj ET Q q 0 0 0 rg BT 191.60 368.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 245.27 368.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 266.18 368.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 293.04 368.25 Td ( ) Tj ET Q q 0 0 0 rg BT 296.17 368.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 327.91 368.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 346.59 368.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 383.04 368.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 419.50 368.25 Td (results ) Tj ET Q q 0 0 0 rg BT 448.74 368.25 Td (exclude ) Tj ET Q q 0 0 0 rg BT 482.96 368.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 513.29 368.25 Td (revenue ) 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 49.50 356.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 89.18 356.25 Td (required ) Tj ET Q q 0 0 0 rg BT 126.08 356.25 Td (under ) Tj ET Q q 0 0 0 rg BT 152.43 356.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 173.79 356.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 199.91 356.25 Td (. ) Tj ET Q q 0 0 0 rg BT 205.99 356.25 Td (See ) Tj ET Q q 0 0 0 rg BT 224.01 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.81 356.25 Td (sections ) Tj ET Q q 0 0 0 rg BT 275.61 356.25 Td (titled ) Tj ET Q q 0 0 0 rg BT 299.74 356.25 Td ("Explanation ) Tj ET Q q 0 0 0 rg BT 355.73 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 367.64 356.25 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 415.04 356.25 Td ( ) Tj ET Q q 0 0 0 rg BT 418.63 356.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 459.42 356.25 Td (Measures" ) Tj ET Q q 0 0 0 rg BT 505.40 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.42 356.25 Td ("Segment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 104.41 344.25 Td (from ) Tj ET Q q 0 0 0 rg BT 127.68 344.25 Td (Continuing ) Tj ET Q q 0 0 0 rg BT 176.51 344.25 Td (Operations" ) Tj ET Q q 0 0 0 rg BT 228.30 344.25 Td (in ) Tj ET Q q 0 0 0 rg BT 239.91 344.25 Td (Management's ) Tj ET Q q 0 0 0 rg BT 301.63 344.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 349.35 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 366.77 344.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 405.60 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 417.76 344.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 458.80 344.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 502.63 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 520.90 344.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 554.17 344.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 95.88 332.25 Td (for ) Tj ET Q q 0 0 0 rg BT 110.04 332.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 152.53 332.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 196.70 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 213.64 332.25 Td (reconciliations.) 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 29.10 Td (29) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 45.00 717.75 Td (Financial Summary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 693.75 Td (The ) Tj ET Q q 0 0 0 rg BT 63.09 693.75 Td (following ) Tj ET Q q 0 0 0 rg BT 104.53 693.75 Td (table ) Tj ET Q q 0 0 0 rg BT 126.51 693.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 163.50 693.75 Td (a ) Tj ET Q q 0 0 0 rg BT 170.48 693.75 Td (summary ) Tj ET Q q 0 0 0 rg BT 210.25 693.75 Td (of ) Tj ET Q q 0 0 0 rg BT 221.13 693.75 Td (the ) Tj ET Q q 0 0 0 rg BT 235.89 693.75 Td (results ) Tj ET Q q 0 0 0 rg BT 264.55 693.75 Td (of ) Tj ET Q q 0 0 0 rg BT 275.42 693.75 Td (our ) Tj ET Q q 0 0 0 rg BT 291.30 693.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 335.51 693.75 Td (on ) Tj ET Q q 0 0 0 rg BT 348.05 693.75 Td (a ) Tj ET Q q 0 0 0 rg BT 355.04 693.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 375.37 693.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 402.23 693.75 Td ( ) Tj ET Q q 0 0 0 rg BT 404.77 693.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 427.32 693.75 Td (and ) Tj ET Q q 0 0 0 rg BT 444.31 693.75 Td (the ) Tj ET Q q 0 0 0 rg BT 459.07 693.75 Td (results ) Tj ET Q q 0 0 0 rg BT 487.73 693.75 Td (of ) Tj ET Q q 0 0 0 rg BT 498.61 693.75 Td (our ) Tj ET Q q 0 0 0 rg BT 514.49 693.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 558.69 693.75 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 681.75 Td (a ) Tj ET Q q 0 0 0 rg BT 51.94 681.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 97.74 681.75 Td (of ) Tj ET Q q 0 0 0 rg BT 108.57 681.75 Td (net ) Tj ET Q q 0 0 0 rg BT 123.29 681.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 161.32 681.75 Td (for ) Tj ET Q q 0 0 0 rg BT 175.48 681.75 Td (the ) Tj ET Q q 0 0 0 rg BT 190.20 681.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 222.14 681.75 Td (indicated.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 599.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 599.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 599.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 599.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 599.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 599.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 599.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 599.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 599.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 599.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 599.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 599.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 599.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 599.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 599.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 599.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 575.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 575.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 575.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 575.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 575.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 575.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 575.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 575.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 575.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 575.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 575.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 575.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 575.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 575.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 575.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 575.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 551.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 551.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 551.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 551.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 551.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 551.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 551.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 551.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 551.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 551.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 551.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 551.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 551.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 551.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 551.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 551.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 527.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 527.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 527.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 527.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 527.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 527.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 527.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 527.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 527.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 527.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 527.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 527.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 527.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 527.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 527.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 527.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 503.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 503.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 503.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 503.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 503.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 503.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 503.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 503.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 503.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 503.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 503.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 503.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 503.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 503.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 503.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 503.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 479.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 479.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 479.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 479.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 479.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 479.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 479.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 479.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 479.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 479.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 479.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 479.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 479.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 479.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 479.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 479.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 455.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 455.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 455.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 455.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 455.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 455.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 455.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 455.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 455.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 455.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 455.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 455.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 455.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 455.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 455.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 455.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 431.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 431.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 431.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 431.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 431.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 431.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 431.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 431.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 431.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 431.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 431.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 431.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 431.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 431.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 431.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 431.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 407.25 145.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 407.25 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 407.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 407.25 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 407.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 407.25 47.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 407.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 407.25 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 407.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 407.25 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 407.25 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 407.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 407.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 407.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 407.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 407.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 373.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 373.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 373.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 373.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 373.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 373.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 373.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 373.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 373.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 373.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 373.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 373.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 373.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 373.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 373.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 373.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 339.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 339.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 339.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 339.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 339.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 339.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 339.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 339.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 339.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 339.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 339.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 339.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 339.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 339.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 339.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 339.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 315.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 315.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 315.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 315.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 315.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 315.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 315.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 315.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 315.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 315.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 315.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 315.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 315.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 315.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 315.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 315.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 281.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 281.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 281.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 281.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 281.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 281.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 281.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 281.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 281.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 281.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 281.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 281.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 281.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 281.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 281.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 281.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 257.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 257.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 257.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 257.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 257.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 257.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 257.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 257.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 257.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 257.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 257.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 257.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 257.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 257.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 257.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 257.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 233.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 233.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 233.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 233.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 233.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 233.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 233.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 233.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 233.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 233.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 233.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 233.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 233.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 233.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 233.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 233.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 209.25 145.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 209.25 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 209.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 209.25 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 209.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 209.25 47.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 209.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 209.25 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 209.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 209.25 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 209.25 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 209.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 209.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 209.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 209.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 209.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 175.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 175.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 175.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 175.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 175.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 175.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 175.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 175.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 175.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 175.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 175.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 175.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 175.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 175.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 175.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 175.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 151.25 145.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 151.25 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 151.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 151.25 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 151.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 151.25 47.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 151.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 151.25 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 151.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 151.25 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 151.25 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 151.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 151.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 151.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 151.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 151.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 117.25 145.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 117.25 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 117.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 117.25 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 117.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 117.25 47.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 117.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 117.25 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 117.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 117.25 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 117.25 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 117.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 117.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 117.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 117.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 117.25 40.00 -22.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 635.25 m 235.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 635.25 m 239.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 635.25 m 284.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 635.25 m 288.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 635.25 m 335.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 635.25 m 339.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 635.25 m 383.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 635.25 m 387.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 635.25 m 431.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 635.25 m 479.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 635.25 m 483.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 635.25 m 523.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 635.25 m 527.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 635.25 m 567.5 635.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 611.25 m 235.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 611.25 m 284.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 611.25 m 335.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 611.25 m 383.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 611.25 m 431.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 611.25 m 479.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 611.25 m 523.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 611.25 m 567.5 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 539.25 m 235.5 539.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 539.25 m 284.5 539.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 539.25 m 335.5 539.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 539.25 m 383.5 539.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 539.25 m 431.5 539.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 539.25 m 479.5 539.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 539.25 m 523.5 539.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 539.25 m 567.5 539.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 503.25 m 235.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 503.25 m 284.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 503.25 m 335.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 503.25 m 383.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 503.25 m 431.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 503.25 m 479.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 503.25 m 523.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 503.25 m 567.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 479.25 m 235.5 479.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 479.25 m 284.5 479.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 479.25 m 335.5 479.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 479.25 m 383.5 479.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 479.25 m 431.5 479.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 479.25 m 479.5 479.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 479.25 m 523.5 479.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 479.25 m 567.5 479.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 327.25 m 235.5 327.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 327.25 m 284.5 327.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 327.25 m 335.5 327.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 327.25 m 383.5 327.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 327.25 m 431.5 327.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 327.25 m 479.5 327.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 327.25 m 523.5 327.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 327.25 m 567.5 327.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 315.25 m 235.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 315.25 m 284.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 315.25 m 335.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 315.25 m 383.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 315.25 m 431.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 315.25 m 479.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 315.25 m 523.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 315.25 m 567.5 315.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 257.25 m 235.5 257.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 257.25 m 284.5 257.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 257.25 m 335.5 257.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 257.25 m 383.5 257.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 257.25 m 431.5 257.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 257.25 m 479.5 257.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 257.25 m 523.5 257.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 257.25 m 567.5 257.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 187.25 m 235.5 187.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 187.25 m 284.5 187.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 187.25 m 335.5 187.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 187.25 m 383.5 187.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 187.25 m 431.5 187.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 187.25 m 479.5 187.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 187.25 m 523.5 187.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 187.25 m 567.5 187.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 129.25 m 235.5 129.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 129.25 m 284.5 129.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 129.25 m 335.5 129.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 129.25 m 383.5 129.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 129.25 m 431.5 129.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 129.25 m 479.5 129.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 129.25 m 523.5 129.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 129.25 m 567.5 129.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 96.25 m 235.5 96.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 94.25 m 235.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 96.25 m 284.5 96.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239.5 94.25 m 284.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 96.25 m 335.5 96.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 94.25 m 335.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 96.25 m 383.5 96.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 94.25 m 383.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 96.25 m 431.5 96.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 94.25 m 431.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 96.25 m 479.5 96.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 94.25 m 479.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 96.25 m 523.5 96.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 94.25 m 523.5 94.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 96.25 m 567.5 96.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 94.25 m 567.5 94.25 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.45 662.65 Td (As a Percentage of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.95 650.65 Td (Net Revenues for the) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.65 638.65 Td (Year Ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.15 638.65 Td (Year Ended December 31,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.00 626.65 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.00 626.65 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 48.00 615.29 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.50 614.65 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.50 614.65 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.50 614.65 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.75 614.65 Td (v2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.75 614.65 Td (v2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.00 614.65 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.00 614.65 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.00 614.65 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 602.65 Td (Revenues:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 590.51 Td (Investment banking) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.00 590.65 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 590.65 Td (414,118) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.00 590.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 590.51 Td (369,811) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 291.00 590.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 590.51 Td (248,563) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 590.51 Td (12.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 590.51 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 590.51 Td (48.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.50 590.51 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.25 590.65 Td (61.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.00 590.65 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 590.51 Td (57.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 590.51 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 590.51 Td (47.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 590.51 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 578.51 Td (Institutional brokerage) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 578.65 Td (154,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 578.51 Td (156,809) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 578.51 Td (146,648) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.25 578.51 Td (\(1.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 578.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 578.51 Td (6.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.25 578.65 Td (23.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 578.51 Td (24.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 578.51 Td (27.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 566.51 Td (Asset management) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 566.65 Td (75,017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 566.51 Td (85,062) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 566.51 Td (83,045) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.75 566.51 Td (\(11.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 566.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 566.51 Td (2.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.25 566.65 Td (11.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 566.51 Td (13.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 566.51 Td (15.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 554.51 Td (Interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 554.65 Td (41,557) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 554.51 Td (48,716) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 554.51 Td (50,409) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.75 554.51 Td (\(14.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 554.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.25 554.51 Td (\(3.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.50 554.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 554.65 Td (6.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 554.51 Td (7.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 554.51 Td (9.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 542.51 Td (Investment income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 542.65 Td (10,736) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 542.51 Td (12,813) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 542.51 Td (21,566) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.75 542.51 Td (\(16.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 542.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.75 542.51 Td (\(40.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.50 542.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 542.65 Td (1.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 542.51 Td (2.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 542.51 Td (4.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 60.00 530.51 Td (Total revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 530.65 Td (696,317) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 530.51 Td (673,211) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 530.51 Td (550,231) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.25 530.51 Td (3.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 530.51 Td (22.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.75 530.65 Td (103.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.25 530.51 Td (103.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 530.51 Td (104.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 506.51 Td (Interest expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 506.65 Td (23,399) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 506.51 Td (25,073) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 506.51 Td (25,036) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.25 506.51 Td (\(6.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 506.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 506.51 Td (0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 506.65 Td (3.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 506.51 Td (3.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 506.51 Td (4.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 60.00 482.51 Td (Net revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 482.65 Td (672,918) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 482.51 Td (648,138) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 482.51 Td (525,195) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.25 482.51 Td (3.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 482.51 Td (23.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.75 482.65 Td (100.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.25 482.51 Td (100.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 482.51 Td (100.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 458.65 Td (Non-interest expenses:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 446.51 Td (Compensation and benefits) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 446.65 Td (421,733) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 446.51 Td (394,510) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 446.51 Td (322,464) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.25 446.51 Td (6.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 446.51 Td (22.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.25 446.65 Td (62.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 446.51 Td (60.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 446.51 Td (61.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 434.51 Td (Outside services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 434.65 Td (36,218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 434.51 Td (37,055) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 434.51 Td (32,982) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.25 434.51 Td (\(2.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 434.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 434.51 Td (12.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 434.65 Td (5.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 434.51 Td (5.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 434.51 Td (6.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 422.51 Td (Occupancy and equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 422.65 Td (28,301) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 422.51 Td (28,231) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 422.51 Td (25,493) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.25 422.51 Td (0.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 422.51 Td (10.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 422.65 Td (4.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 422.51 Td (4.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 422.51 Td (4.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 410.51 Td (Communications) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 410.65 Td (23,762) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 410.51 Td (22,732) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 410.51 Td (21,431) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.25 410.51 Td (4.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 410.51 Td (6.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 410.65 Td (3.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 410.51 Td (3.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 410.51 Td (4.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 398.51 Td (Marketing and business) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 389.51 Td (development) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 389.70 Td (29,990) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 389.71 Td (27,260) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 389.71 Td (21,603) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 389.71 Td (10.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 389.71 Td (26.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 389.70 Td (4.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 389.71 Td (4.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 389.71 Td (4.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 376.51 Td (Trade execution and clearance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.75 376.65 Td (7,794) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.75 376.51 Td (7,621) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 376.51 Td (8,270) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.25 376.51 Td (2.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.25 376.51 Td (\(7.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.50 376.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 376.65 Td (1.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 376.51 Td (1.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 376.51 Td (1.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 364.51 Td (Restructuring and integration costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 364.65 Td (10,652) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 364.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 364.51 Td (4,689) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.95 364.51 Td (N/M) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.95 364.51 Td (N/M) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 364.65 Td (1.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.50 364.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 364.51 Td (0.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 352.51 Td (Intangible asset amortization) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 343.51 Td (expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.75 343.70 Td (7,662) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.75 343.71 Td (9,272) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 343.71 Td (7,993) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.75 343.71 Td (\(17.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 343.71 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 343.71 Td (16.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 343.70 Td (1.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 343.71 Td (1.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 343.71 Td (1.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 330.51 Td (Other operating expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 330.65 Td (20,383) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 330.51 Td (11,146) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 330.51 Td (4,657) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 330.51 Td (82.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.25 330.51 Td (139.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 330.65 Td (3.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 330.51 Td (1.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 330.51 Td (0.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 60.00 318.51 Td (Total non-interest expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 318.65 Td (586,495) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 318.51 Td (537,827) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 318.51 Td (449,582) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.25 318.51 Td (9.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 318.51 Td (19.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.25 318.65 Td (87.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 318.51 Td (83.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 318.51 Td (85.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 294.65 Td (Income from continuing operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 285.65 Td (before income tax expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 285.70 Td (86,423) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 285.71 Td (110,311) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 285.71 Td (75,613) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.75 285.71 Td (\(21.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 285.71 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 285.71 Td (45.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.25 285.70 Td (12.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 285.71 Td (17.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 285.71 Td (14.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 260.51 Td (Income tax expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 260.65 Td (27,941) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 260.51 Td (35,986) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 260.51 Td (20,390) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.75 260.51 Td (\(22.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 260.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 260.51 Td (76.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 260.65 Td (4.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 260.51 Td (5.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 260.51 Td (3.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 236.65 Td (Income from continuing operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 236.65 Td (58,482) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 236.51 Td (74,325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 236.51 Td (55,223) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.75 236.51 Td (\(21.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 236.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 236.51 Td (34.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 236.65 Td (8.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 236.51 Td (11.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 236.51 Td (10.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 212.65 Td (Discontinued operations:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 200.51 Td (Loss from discontinued operations,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 191.51 Td (net of tax) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.00 191.70 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 191.71 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.75 191.71 Td (\(4,739) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 191.71 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.50 191.71 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.95 191.71 Td (N/M) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.00 191.70 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.50 191.71 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.25 191.71 Td (\(0.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 191.71 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 166.65 Td (Net income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 166.65 Td (58,482) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 166.51 Td (74,325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 166.51 Td (50,484) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.75 166.51 Td (\(21.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 166.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 166.51 Td (47.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 166.65 Td (8.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 166.51 Td (11.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 166.51 Td (9.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 142.51 Td (Net income applicable to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 133.51 Td (noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.75 133.70 Td (6,407) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 133.71 Td (11,153) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 133.71 Td (5,394) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.75 133.71 Td (\(42.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 133.71 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.25 133.71 Td (106.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 133.70 Td (1.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 133.71 Td (1.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 133.71 Td (1.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 108.65 Td (Net income applicable to Piper) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.50 99.65 Td (Jaffray Companies) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 193.00 99.70 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 99.70 Td (52,075) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.00 99.71 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 99.71 Td (63,172) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 291.00 99.71 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 99.71 Td (45,090) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.75 99.71 Td (\(17.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.50 99.71 Td (\)%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 99.71 Td (40.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.50 99.71 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 99.70 Td (7.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.00 99.70 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 99.71 Td (9.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 99.71 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 99.71 Td (8.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 99.71 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 83.15 Td (N/M ) Tj ET Q q 0 0 0 rg BT 61.22 83.15 Td ( ) Tj ET Q q 0 0 0 rg BT 70.34 83.15 Td (Not ) Tj ET Q q 0 0 0 rg BT 83.89 83.15 Td (meaningful) 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 29.10 Td (30) 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 60.64 717.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.60 717.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.81 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 93.56 717.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.18 717.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 177.01 717.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.01 717.60 Td (, ) Tj ET Q q 0 0 0 rg BT 201.26 717.60 Td (we ) Tj ET Q q 0 0 0 rg BT 214.67 717.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 251.39 717.60 Td (net ) Tj ET Q q 0 0 0 rg BT 265.35 717.60 Td (income ) Tj ET Q q 0 0 0 rg BT 296.53 717.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 339.37 717.60 Td (to ) Tj ET Q q 0 0 0 rg BT 348.89 717.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 371.75 717.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 383.23 717.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 401.08 717.60 Td (Companies ) Tj ET Q q 0 0 0 rg BT 447.82 717.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.89 717.60 Td ($52.1 ) Tj ET Q q 0 0 0 rg BT 482.14 717.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.03 717.60 Td (. ) Tj ET Q q 0 0 0 rg BT 515.28 717.60 Td (Net ) Tj ET Q q 0 0 0 rg BT 531.47 717.60 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 705.60 Td (from ) Tj ET Q q 0 0 0 rg BT 66.94 705.60 Td (continuing ) Tj ET Q q 0 0 0 rg BT 112.21 705.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 156.36 705.60 Td (for ) Tj ET Q q 0 0 0 rg BT 170.52 705.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.23 705.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.44 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 204.94 705.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.31 705.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 289.89 705.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.89 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 312.39 705.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.32 705.60 Td ($672.9 ) Tj ET Q q 0 0 0 rg BT 364.31 705.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.21 705.60 Td (, ) Tj ET Q q 0 0 0 rg BT 398.20 705.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.14 705.60 Td (3.8 ) Tj ET Q q 0 0 0 rg BT 420.14 705.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.56 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 452.06 705.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 487.31 705.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 529.23 705.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.51 705.60 Td ($648.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 693.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.89 693.60 Td ( ) Tj ET Q q 0 0 0 rg BT 75.66 693.60 Td (in ) Tj ET Q q 0 0 0 rg BT 85.20 693.60 Td (the ) Tj ET Q q 0 0 0 rg BT 99.18 693.60 Td (year) Tj ET Q q 0 0 0 rg BT 116.19 693.60 Td (-ago ) Tj ET Q q 0 0 0 rg BT 135.72 693.60 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.53 693.60 Td (In) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.86 693.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.63 693.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.63 693.60 Td (, ) Tj ET Q q 0 0 0 rg BT 199.90 693.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 245.54 693.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 279.52 693.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 316.83 693.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.35 693.60 Td (12.0 ) Tj ET Q q 0 0 0 rg BT 375.61 693.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.03 693.60 Td ( ) Tj ET Q q 0 0 0 rg BT 406.80 693.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.34 693.60 Td ($414.1 ) Tj ET Q q 0 0 0 rg BT 445.61 693.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.50 693.60 Td (, ) Tj ET Q q 0 0 0 rg BT 478.76 693.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 519.95 693.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 693.60 Td ($369.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 681.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.89 681.60 Td ( ) Tj ET Q q 0 0 0 rg BT 76.94 681.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.78 681.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.78 681.60 Td (, ) Tj ET Q q 0 0 0 rg BT 113.33 681.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 141.93 681.60 Td (by ) Tj ET Q q 0 0 0 rg BT 154.98 681.60 Td (strong ) Tj ET Q q 0 0 0 rg BT 183.04 681.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 220.53 681.60 Td (services ) Tj ET Q q 0 0 0 rg BT 255.79 681.60 Td (and ) Tj ET Q q 0 0 0 rg BT 273.28 681.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 293.55 681.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 334.37 681.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 372.96 681.60 Td (as ) Tj ET Q q 0 0 0 rg BT 384.34 681.60 Td (we ) Tj ET Q q 0 0 0 rg BT 399.05 681.60 Td (were ) Tj ET Q q 0 0 0 rg BT 421.54 681.60 Td (able ) Tj ET Q q 0 0 0 rg BT 441.24 681.60 Td (to ) Tj ET Q q 0 0 0 rg BT 452.08 681.60 Td (continue ) Tj ET Q q 0 0 0 rg BT 489.56 681.60 Td (to ) Tj ET Q q 0 0 0 rg BT 500.39 681.60 Td (capitalize ) Tj ET Q q 0 0 0 rg BT 541.75 681.60 Td (on ) Tj ET Q q 0 0 0 rg BT 554.81 681.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 669.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 95.17 669.60 Td (we ) Tj ET Q q 0 0 0 rg BT 109.22 669.60 Td (have ) Tj ET Q q 0 0 0 rg BT 130.49 669.60 Td (made ) Tj ET Q q 0 0 0 rg BT 154.53 669.60 Td (to ) Tj ET Q q 0 0 0 rg BT 164.70 669.60 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 208.75 669.60 Td (these ) Tj ET Q q 0 0 0 rg BT 231.69 669.60 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 278.80 669.60 Td (For ) Tj ET Q q 0 0 0 rg BT 295.08 669.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.69 669.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.90 669.60 Td ( ) Tj ET Q q 0 0 0 rg BT 329.29 669.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.56 669.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 414.04 669.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.04 669.60 Td (, ) Tj ET Q q 0 0 0 rg BT 438.93 669.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 489.10 669.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 531.46 669.60 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 657.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.36 657.60 Td ($154.9 ) Tj ET Q q 0 0 0 rg BT 97.79 657.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.68 657.60 Td (, ) Tj ET Q q 0 0 0 rg BT 132.11 657.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 174.47 657.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.18 657.60 Td ($156.8 ) Tj ET Q q 0 0 0 rg BT 225.61 657.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 657.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.43 657.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.21 657.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.14 657.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.14 657.60 Td (. ) Tj ET Q q 0 0 0 rg BT 292.93 657.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 318.08 657.60 Td (management ) Tj ET Q q 0 0 0 rg BT 372.10 657.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 391.13 657.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.49 657.60 Td ($75.0 ) Tj ET Q q 0 0 0 rg BT 438.92 657.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.81 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 470.74 657.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.45 657.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.45 657.60 Td (, ) Tj ET Q q 0 0 0 rg BT 506.88 657.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 549.24 657.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 645.60 Td ($85.1 ) Tj ET Q q 0 0 0 rg BT 69.73 645.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.62 645.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.85 645.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.63 645.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.85 645.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.85 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 135.58 645.60 Td (due ) Tj ET Q q 0 0 0 rg BT 152.25 645.60 Td (to ) Tj ET Q q 0 0 0 rg BT 162.25 645.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 187.25 645.60 Td (management ) Tj ET Q q 0 0 0 rg BT 240.57 645.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 258.90 645.60 Td (from ) Tj ET Q q 0 0 0 rg BT 280.56 645.60 Td (our ) Tj ET Q q 0 0 0 rg BT 296.12 645.60 Td (value ) Tj ET Q q 0 0 0 rg BT 320.00 645.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 347.23 645.60 Td (product ) Tj ET Q q 0 0 0 rg BT 380.00 645.60 Td (of) Tj ET Q q 0 0 0 rg BT 388.15 645.60 Td (ferings ) Tj ET Q q 0 0 0 rg BT 418.15 645.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 455.37 645.60 Td (from ) Tj ET Q q 0 0 0 rg BT 477.04 645.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 518.68 645.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 544.24 645.60 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 633.60 Td (management. ) Tj ET Q q 0 0 0 rg BT 101.05 633.60 Td (For ) Tj ET Q q 0 0 0 rg BT 117.41 633.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.09 633.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.29 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 151.76 633.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.10 633.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 236.65 633.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.65 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 261.61 633.60 Td (net ) Tj ET Q q 0 0 0 rg BT 276.29 633.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 308.19 633.60 Td (income ) Tj ET Q q 0 0 0 rg BT 340.08 633.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 381.96 633.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.20 633.60 Td ($18.2 ) Tj ET Q q 0 0 0 rg BT 417.17 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.06 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 451.02 633.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 492.91 633.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 633.60 Td ($23.6 ) Tj ET Q q 0 0 0 rg BT 538.11 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.00 633.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 621.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.40 621.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.40 621.60 Td (. ) Tj ET Q q 0 0 0 rg BT 80.32 621.60 Td (The ) Tj ET Q q 0 0 0 rg BT 98.49 621.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 135.52 621.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 175.35 621.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 209.62 621.60 Td (from ) Tj ET Q q 0 0 0 rg BT 231.68 621.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 257.06 621.60 Td (average ) Tj ET Q q 0 0 0 rg BT 290.76 621.60 Td (inventory ) Tj ET Q q 0 0 0 rg BT 331.71 621.60 Td (balances ) Tj ET Q q 0 0 0 rg BT 368.75 621.60 Td (in ) Tj ET Q q 0 0 0 rg BT 379.14 621.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 421.75 621.60 Td (and ) Tj ET Q q 0 0 0 rg BT 438.81 621.60 Td (treasury ) Tj ET Q q 0 0 0 rg BT 473.63 621.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 514.01 621.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 542.17 621.60 Td (by ) Tj ET Q q 0 0 0 rg BT 554.79 621.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 609.60 Td (closure ) Tj ET Q q 0 0 0 rg BT 75.83 609.60 Td (and ) Tj ET Q q 0 0 0 rg BT 92.22 609.60 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 137.50 609.60 Td (of ) Tj ET Q q 0 0 0 rg BT 147.78 609.60 Td (our ) Tj ET Q q 0 0 0 rg BT 163.07 609.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 205.01 609.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 226.96 609.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 247.24 609.60 Td (with ) Tj ET Q q 0 0 0 rg BT 266.97 609.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 297.81 609.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 335.87 609.60 Td (in ) Tj ET Q q 0 0 0 rg BT 345.60 609.60 Td (the ) Tj ET Q q 0 0 0 rg BT 359.77 609.60 Td (second ) Tj ET Q q 0 0 0 rg BT 389.49 609.60 Td (half ) Tj ET Q q 0 0 0 rg BT 406.99 609.60 Td (of ) Tj ET Q q 0 0 0 rg BT 417.27 609.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 441.73 609.60 Td (as ) Tj ET Q q 0 0 0 rg BT 452.01 609.60 Td (well ) Tj ET Q q 0 0 0 rg BT 471.18 609.60 Td (as ) Tj ET Q q 0 0 0 rg BT 481.46 609.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 506.18 609.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 537.57 609.60 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 597.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 93.51 597.60 Td (to ) Tj ET Q q 0 0 0 rg BT 104.27 597.60 Td (a ) Tj ET Q q 0 0 0 rg BT 111.69 597.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 151.87 597.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 187.06 597.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 207.25 597.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 254.11 597.60 Td (that ) Tj ET Q q 0 0 0 rg BT 272.09 597.60 Td (was ) Tj ET Q q 0 0 0 rg BT 290.62 597.60 Td (repaid ) Tj ET Q q 0 0 0 rg BT 318.58 597.60 Td (in ) Tj ET Q q 0 0 0 rg BT 329.33 597.60 Td (the ) Tj ET Q q 0 0 0 rg BT 344.53 597.60 Td (second ) Tj ET Q q 0 0 0 rg BT 375.28 597.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 406.57 597.60 Td (of ) Tj ET Q q 0 0 0 rg BT 417.88 597.60 Td (2014. ) Tj ET Q q 0 0 0 rg BT 443.14 597.60 Td (These ) Tj ET Q q 0 0 0 rg BT 469.99 597.60 Td (decreases ) Tj ET Q q 0 0 0 rg BT 511.28 597.60 Td (were ) Tj ET Q q 0 0 0 rg BT 533.68 597.60 Td (partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 585.60 Td (of) Tj ET Q q 0 0 0 rg BT 53.15 585.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 70.46 585.60 Td (by ) Tj ET Q q 0 0 0 rg BT 83.32 585.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 123.94 585.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 156.25 585.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 191.32 585.60 Td (at ) Tj ET Q q 0 0 0 rg BT 201.41 585.60 Td (the ) Tj ET Q q 0 0 0 rg BT 216.49 585.60 Td (end ) Tj ET Q q 0 0 0 rg BT 233.80 585.60 Td (of ) Tj ET Q q 0 0 0 rg BT 244.99 585.60 Td (the ) Tj ET Q q 0 0 0 rg BT 260.08 585.60 Td (year ) Tj ET Q q 0 0 0 rg BT 280.15 585.60 Td (due ) Tj ET Q q 0 0 0 rg BT 297.46 585.60 Td (to ) Tj ET Q q 0 0 0 rg BT 308.10 585.60 Td (a ) Tj ET Q q 0 0 0 rg BT 315.41 585.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 343.83 585.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 376.69 585.60 Td (of ) Tj ET Q q 0 0 0 rg BT 387.89 585.60 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 437.42 585.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 475.83 585.60 Td (on ) Tj ET Q q 0 0 0 rg BT 488.70 585.60 Td (our ) Tj ET Q q 0 0 0 rg BT 504.89 585.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 532.20 585.60 Td (notes. ) Tj ET Q q 0 0 0 rg BT 558.68 585.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 573.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 573.60 Td (, ) Tj ET Q q 0 0 0 rg BT 68.85 573.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 114.09 573.60 Td (income ) Tj ET Q q 0 0 0 rg BT 144.88 573.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.78 573.60 Td ($10.7 ) Tj ET Q q 0 0 0 rg BT 185.64 573.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.53 573.60 Td (, ) Tj ET Q q 0 0 0 rg BT 218.38 573.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 259.16 573.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.29 573.60 Td ($12.8 ) Tj ET Q q 0 0 0 rg BT 302.15 573.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.04 573.60 Td ( ) Tj ET Q q 0 0 0 rg BT 332.39 573.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.52 573.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.52 573.60 Td (, ) Tj ET Q q 0 0 0 rg BT 365.38 573.60 Td (as ) Tj ET Q q 0 0 0 rg BT 375.06 573.60 Td (we ) Tj ET Q q 0 0 0 rg BT 388.08 573.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 424.41 573.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 446.87 573.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 489.32 573.60 Td (with ) Tj ET Q q 0 0 0 rg BT 508.45 573.60 Td (our ) Tj ET Q q 0 0 0 rg BT 523.13 573.60 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 60.96 561.60 Td (the ) Tj ET Q q 0 0 0 rg BT 74.69 561.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 135.09 561.60 Td (interests ) Tj ET Q q 0 0 0 rg BT 169.94 561.60 Td (in ) Tj ET Q q 0 0 0 rg BT 179.23 561.60 Td (the ) Tj ET Q q 0 0 0 rg BT 192.97 561.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 231.69 561.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 265.42 561.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 285.27 561.60 Td (that ) Tj ET Q q 0 0 0 rg BT 301.79 561.60 Td (we ) Tj ET Q q 0 0 0 rg BT 314.97 561.60 Td (manage, ) Tj ET Q q 0 0 0 rg BT 350.08 561.60 Td (which ) Tj ET Q q 0 0 0 rg BT 376.04 561.60 Td (were ) Tj ET Q q 0 0 0 rg BT 396.98 561.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 431.82 561.60 Td (of) Tj ET Q q 0 0 0 rg BT 439.97 561.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 455.93 561.60 Td (by ) Tj ET Q q 0 0 0 rg BT 467.45 561.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 492.86 561.60 Td (on ) Tj ET Q q 0 0 0 rg BT 504.38 561.60 Td (our ) Tj ET Q q 0 0 0 rg BT 519.22 561.60 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 549.60 Td (of ) Tj ET Q q 0 0 0 rg BT 56.52 549.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 76.94 549.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 106.78 549.60 Td (in ) Tj ET Q q 0 0 0 rg BT 117.75 549.60 Td (our ) Tj ET Q q 0 0 0 rg BT 134.28 549.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 154.47 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 157.67 549.60 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 201.12 549.60 Td (Non-interest ) Tj ET Q q 0 0 0 rg BT 254.30 549.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 293.60 549.60 Td (from ) Tj ET Q q 0 0 0 rg BT 316.23 549.60 Td (continuing ) Tj ET Q q 0 0 0 rg BT 362.20 549.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 407.05 549.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.67 549.60 Td ($586.5 ) Tj ET Q q 0 0 0 rg BT 460.37 549.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.26 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 492.45 549.60 Td (for ) Tj ET Q q 0 0 0 rg BT 507.31 549.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.72 549.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.93 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 543.12 549.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 537.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 104.03 537.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.03 537.60 Td (, ) Tj ET Q q 0 0 0 rg BT 129.49 537.60 Td (an ) Tj ET Q q 0 0 0 rg BT 141.87 537.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 177.58 537.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.86 537.60 Td (9.0 ) Tj ET Q q 0 0 0 rg BT 204.31 537.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.73 537.60 Td ( ) Tj ET Q q 0 0 0 rg BT 236.69 537.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 279.06 537.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.79 537.60 Td ($537.8 ) Tj ET Q q 0 0 0 rg BT 320.24 537.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.13 537.60 Td ( ) Tj ET Q q 0 0 0 rg BT 352.08 537.60 Td (in ) Tj ET Q q 0 0 0 rg BT 362.81 537.60 Td (the ) Tj ET Q q 0 0 0 rg BT 377.98 537.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 400.37 537.60 Td (year) Tj ET Q q 0 0 0 rg BT 417.17 537.60 Td (, ) Tj ET Q q 0 0 0 rg BT 422.62 537.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 460.57 537.60 Td (from ) Tj ET Q q 0 0 0 rg BT 482.96 537.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 511.46 537.60 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 525.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 83.40 525.60 Td (due ) Tj ET Q q 0 0 0 rg BT 100.14 525.60 Td (to ) Tj ET Q q 0 0 0 rg BT 110.21 525.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 150.27 525.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 188.11 525.60 Td (and ) Tj ET Q q 0 0 0 rg BT 204.84 525.60 Td (expansion ) Tj ET Q q 0 0 0 rg BT 247.69 525.60 Td (of ) Tj ET Q q 0 0 0 rg BT 258.32 525.60 Td (our ) Tj ET Q q 0 0 0 rg BT 273.95 525.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 311.23 525.60 Td (institutions ) Tj ET Q q 0 0 0 rg BT 357.98 525.60 Td (group, ) Tj ET Q q 0 0 0 rg BT 386.11 525.60 Td (as ) Tj ET Q q 0 0 0 rg BT 396.74 525.60 Td (well ) Tj ET Q q 0 0 0 rg BT 416.26 525.60 Td (as ) Tj ET Q q 0 0 0 rg BT 426.89 525.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 454.74 525.60 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 530.91 525.60 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 513.60 Td (due ) Tj ET Q q 0 0 0 rg BT 62.45 513.60 Td (to ) Tj ET Q q 0 0 0 rg BT 73.25 513.60 Td (a ) Tj ET Q q 0 0 0 rg BT 80.70 513.60 Td ($9.8 ) Tj ET Q q 0 0 0 rg BT 101.22 513.60 Td (million ) Tj ET Q q 0 0 0 rg BT 133.12 513.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 155.57 513.60 Td (settlement ) Tj ET Q q 0 0 0 rg BT 199.69 513.60 Td (char) Tj ET Q q 0 0 0 rg BT 216.71 513.60 Td (ge ) Tj ET Q q 0 0 0 rg BT 229.17 513.60 Td (and ) Tj ET Q q 0 0 0 rg BT 246.62 513.60 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 300.73 513.60 Td (and ) Tj ET Q q 0 0 0 rg BT 318.18 513.60 Td (integration ) Tj ET Q q 0 0 0 rg BT 364.52 513.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 387.53 513.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 427.76 513.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 471.87 513.60 Td (with ) Tj ET Q q 0 0 0 rg BT 492.66 513.60 Td (the ) Tj ET Q q 0 0 0 rg BT 507.89 513.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 558.68 513.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 501.60 Td (River ) Tj ET Q q 0 0 0 rg BT 69.72 501.60 Td (Branch ) Tj ET Q q 0 0 0 rg BT 101.09 501.60 Td (and ) Tj ET Q q 0 0 0 rg BT 118.03 501.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 143.32 501.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 168.69 501.60 Td (. ) 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 60.64 477.60 Td (the ) Tj ET Q q 0 0 0 rg BT 74.60 477.60 Td (year ) Tj ET Q q 0 0 0 rg BT 93.56 477.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.18 477.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 177.01 477.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.01 477.60 Td (, ) Tj ET Q q 0 0 0 rg BT 201.26 477.60 Td (we ) Tj ET Q q 0 0 0 rg BT 214.67 477.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 251.39 477.60 Td (net ) Tj ET Q q 0 0 0 rg BT 265.35 477.60 Td (income ) Tj ET Q q 0 0 0 rg BT 296.53 477.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 339.37 477.60 Td (to ) Tj ET Q q 0 0 0 rg BT 348.89 477.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 371.75 477.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 383.23 477.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 401.08 477.60 Td (Companies ) Tj ET Q q 0 0 0 rg BT 447.82 477.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.89 477.60 Td ($63.2 ) Tj ET Q q 0 0 0 rg BT 482.14 477.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.03 477.60 Td (. ) Tj ET Q q 0 0 0 rg BT 515.28 477.60 Td (Net ) Tj ET Q q 0 0 0 rg BT 531.47 477.60 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 465.60 Td (from ) Tj ET Q q 0 0 0 rg BT 66.66 465.60 Td (continuing ) Tj ET Q q 0 0 0 rg BT 111.65 465.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 155.52 465.60 Td (for ) Tj ET Q q 0 0 0 rg BT 169.40 465.60 Td (the ) Tj ET Q q 0 0 0 rg BT 183.84 465.60 Td (year ) Tj ET Q q 0 0 0 rg BT 203.27 465.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.36 465.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 287.67 465.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.67 465.60 Td ( ) Tj ET Q q 0 0 0 rg BT 309.89 465.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.53 465.60 Td ($648.1 ) Tj ET Q q 0 0 0 rg BT 361.25 465.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.14 465.60 Td (, ) Tj ET Q q 0 0 0 rg BT 394.86 465.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.52 465.60 Td (23.4 ) Tj ET Q q 0 0 0 rg BT 421.24 465.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.66 465.60 Td ( ) Tj ET Q q 0 0 0 rg BT 452.88 465.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 487.86 465.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 529.50 465.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 465.60 Td ($525.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 453.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.89 453.60 Td ( ) Tj ET Q q 0 0 0 rg BT 76.54 453.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.97 453.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.97 453.60 Td (. ) Tj ET Q q 0 0 0 rg BT 112.11 453.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.09 453.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.09 453.60 Td (, ) Tj ET Q q 0 0 0 rg BT 148.24 453.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 194.77 453.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 229.63 453.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 267.82 453.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.22 453.60 Td (48.8 ) Tj ET Q q 0 0 0 rg BT 328.37 453.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.79 453.60 Td ( ) Tj ET Q q 0 0 0 rg BT 360.44 453.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.87 453.60 Td ($369.8 ) Tj ET Q q 0 0 0 rg BT 401.02 453.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.91 453.60 Td (, ) Tj ET Q q 0 0 0 rg BT 435.05 453.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 477.13 453.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.55 453.60 Td ($248.6 ) Tj ET Q q 0 0 0 rg BT 527.70 453.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.59 453.60 Td ( ) Tj ET Q q 0 0 0 rg BT 559.24 453.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 441.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 441.60 Td (, ) Tj ET Q q 0 0 0 rg BT 69.76 441.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 97.57 441.60 Td (by ) Tj ET Q q 0 0 0 rg BT 109.84 441.60 Td (robust ) Tj ET Q q 0 0 0 rg BT 137.10 441.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 173.80 441.60 Td (services ) Tj ET Q q 0 0 0 rg BT 208.27 441.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 246.07 441.60 Td (as ) Tj ET Q q 0 0 0 rg BT 256.67 441.60 Td (we ) Tj ET Q q 0 0 0 rg BT 270.59 441.60 Td (were ) Tj ET Q q 0 0 0 rg BT 292.28 441.60 Td (able ) Tj ET Q q 0 0 0 rg BT 311.20 441.60 Td (to ) Tj ET Q q 0 0 0 rg BT 321.24 441.60 Td (capitalize ) Tj ET Q q 0 0 0 rg BT 361.81 441.60 Td (on ) Tj ET Q q 0 0 0 rg BT 374.07 441.60 Td (favorable ) Tj ET Q q 0 0 0 rg BT 414.09 441.60 Td (market ) Tj ET Q q 0 0 0 rg BT 444.12 441.60 Td (conditions ) Tj ET Q q 0 0 0 rg BT 488.04 441.60 Td (and ) Tj ET Q q 0 0 0 rg BT 504.75 441.60 Td (the ) Tj ET Q q 0 0 0 rg BT 519.23 441.60 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 429.60 Td (we ) Tj ET Q q 0 0 0 rg BT 59.36 429.60 Td (have ) Tj ET Q q 0 0 0 rg BT 80.93 429.60 Td (made ) Tj ET Q q 0 0 0 rg BT 105.28 429.60 Td (to ) Tj ET Q q 0 0 0 rg BT 115.76 429.60 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 160.11 429.60 Td (our ) Tj ET Q q 0 0 0 rg BT 176.14 429.60 Td (mer) Tj ET Q q 0 0 0 rg BT 191.50 429.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 210.86 429.60 Td (and ) Tj ET Q q 0 0 0 rg BT 228.00 429.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 278.47 429.60 Td (resources ) Tj ET Q q 0 0 0 rg BT 318.92 429.60 Td (in ) Tj ET Q q 0 0 0 rg BT 329.40 429.60 Td (the ) Tj ET Q q 0 0 0 rg BT 344.31 429.60 Td (middle ) Tj ET Q q 0 0 0 rg BT 374.78 429.60 Td (market. ) Tj ET Q q 0 0 0 rg BT 407.74 429.60 Td (For ) Tj ET Q q 0 0 0 rg BT 424.33 429.60 Td (the ) Tj ET Q q 0 0 0 rg BT 439.24 429.60 Td (year ) Tj ET Q q 0 0 0 rg BT 459.15 429.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.72 429.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 544.50 429.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.50 429.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 417.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 94.60 417.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 136.40 417.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 173.76 417.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.01 417.60 Td ($156.8 ) Tj ET Q q 0 0 0 rg BT 224.34 417.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.23 417.60 Td (, ) Tj ET Q q 0 0 0 rg BT 257.55 417.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 298.80 417.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.40 417.60 Td ($146.6 ) Tj ET Q q 0 0 0 rg BT 347.73 417.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.62 417.60 Td ( ) Tj ET Q q 0 0 0 rg BT 378.44 417.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.04 417.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.04 417.60 Td (, ) Tj ET Q q 0 0 0 rg BT 412.37 417.60 Td (due ) Tj ET Q q 0 0 0 rg BT 428.63 417.60 Td (to ) Tj ET Q q 0 0 0 rg BT 438.23 417.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 465.60 417.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 487.97 417.60 Td (income ) Tj ET Q q 0 0 0 rg BT 519.23 417.60 Td (institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 405.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 87.29 405.60 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 127.64 405.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 163.28 405.60 Td (of) Tj ET Q q 0 0 0 rg BT 171.43 405.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 188.18 405.60 Td (by ) Tj ET Q q 0 0 0 rg BT 200.49 405.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 225.58 405.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 252.89 405.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 302.98 405.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 345.27 405.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 385.11 405.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 409.65 405.60 Td (management ) Tj ET Q q 0 0 0 rg BT 463.05 405.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 481.46 405.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.21 405.60 Td ($85.1 ) Tj ET Q q 0 0 0 rg BT 528.02 405.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.91 405.60 Td ( ) Tj ET Q q 0 0 0 rg BT 559.23 405.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 393.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 393.60 Td (, ) Tj ET Q q 0 0 0 rg BT 69.75 393.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 111.42 393.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.44 393.60 Td ($83.0 ) Tj ET Q q 0 0 0 rg BT 156.19 393.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.08 393.60 Td ( ) Tj ET Q q 0 0 0 rg BT 187.33 393.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.36 393.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.36 393.60 Td (. ) Tj ET Q q 0 0 0 rg BT 222.10 393.60 Td (For ) Tj ET Q q 0 0 0 rg BT 238.24 393.60 Td (the ) Tj ET Q q 0 0 0 rg BT 252.71 393.60 Td (year ) Tj ET Q q 0 0 0 rg BT 272.16 393.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.29 393.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 356.62 393.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.62 393.60 Td (, ) Tj ET Q q 0 0 0 rg BT 381.37 393.60 Td (net ) Tj ET Q q 0 0 0 rg BT 395.83 393.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 427.51 393.60 Td (income ) Tj ET Q q 0 0 0 rg BT 459.19 393.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 500.85 393.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.88 393.60 Td ($23.6 ) Tj ET Q q 0 0 0 rg BT 535.63 393.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.52 393.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 381.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 86.59 381.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.54 381.60 Td ($25.4 ) Tj ET Q q 0 0 0 rg BT 131.21 381.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.10 381.60 Td ( ) Tj ET Q q 0 0 0 rg BT 162.27 381.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.21 381.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.21 381.60 Td (. ) Tj ET Q q 0 0 0 rg BT 196.88 381.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.38 381.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.38 381.60 Td (, ) Tj ET Q q 0 0 0 rg BT 232.05 381.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 278.10 381.60 Td (income ) Tj ET Q q 0 0 0 rg BT 309.70 381.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.42 381.60 Td ($12.8 ) Tj ET Q q 0 0 0 rg BT 352.08 381.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.98 381.60 Td (, ) Tj ET Q q 0 0 0 rg BT 385.64 381.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 427.24 381.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.18 381.60 Td ($21.6 ) Tj ET Q q 0 0 0 rg BT 471.85 381.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.74 381.60 Td ( ) Tj ET Q q 0 0 0 rg BT 502.91 381.60 Td (in ) Tj ET Q q 0 0 0 rg BT 512.86 381.60 Td (the ) Tj ET Q q 0 0 0 rg BT 527.24 381.60 Td (prior) Tj ET Q q 0 0 0 rg BT 546.48 381.60 Td (-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 369.60 Td (period ) Tj ET Q q 0 0 0 rg BT 72.70 369.60 Td (as ) Tj ET Q q 0 0 0 rg BT 83.18 369.60 Td (we ) Tj ET Q q 0 0 0 rg BT 96.99 369.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 134.12 369.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 159.04 369.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 205.08 369.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 228.34 369.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 271.58 369.60 Td (with ) Tj ET Q q 0 0 0 rg BT 291.51 369.60 Td (our ) Tj ET Q q 0 0 0 rg BT 307.00 369.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 346.35 369.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 380.72 369.60 Td (and ) Tj ET Q q 0 0 0 rg BT 397.31 369.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 416.68 369.60 Td (investments, ) Tj ET Q q 0 0 0 rg BT 469.11 369.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 504.58 369.60 Td (of) Tj ET Q q 0 0 0 rg BT 512.73 369.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 529.32 369.60 Td (by ) Tj ET Q q 0 0 0 rg BT 541.47 369.60 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 357.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 68.35 357.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 111.69 357.60 Td (with ) Tj ET Q q 0 0 0 rg BT 131.72 357.60 Td (our ) Tj ET Q q 0 0 0 rg BT 147.29 357.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 193.42 357.60 Td (and ) Tj ET Q q 0 0 0 rg BT 210.11 357.60 Td (the ) Tj ET Q q 0 0 0 rg BT 224.57 357.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 285.70 357.60 Td (interests ) Tj ET Q q 0 0 0 rg BT 321.27 357.60 Td (in ) Tj ET Q q 0 0 0 rg BT 331.29 357.60 Td (the ) Tj ET Q q 0 0 0 rg BT 345.76 357.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 387.99 357.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 410.24 357.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 430.82 357.60 Td (that ) Tj ET Q q 0 0 0 rg BT 448.06 357.60 Td (we ) Tj ET Q q 0 0 0 rg BT 461.96 357.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 500.30 357.60 Td (for ) Tj ET Q q 0 0 0 rg BT 514.21 357.60 Td (the ) Tj ET Q q 0 0 0 rg BT 528.67 357.60 Td (benefit ) Tj ET Q q 0 0 0 rg BT 558.68 357.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 345.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 76.12 345.60 Td (investors. ) Tj ET Q q 0 0 0 rg BT 116.97 345.60 Td (Non-interest ) Tj ET Q q 0 0 0 rg BT 169.19 345.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 207.52 345.60 Td (from ) Tj ET Q q 0 0 0 rg BT 229.19 345.60 Td (continuing ) Tj ET Q q 0 0 0 rg BT 274.20 345.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 318.09 345.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.76 345.60 Td ($537.8 ) Tj ET Q q 0 0 0 rg BT 369.49 345.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.38 345.60 Td ( ) Tj ET Q q 0 0 0 rg BT 400.62 345.60 Td (for ) Tj ET Q q 0 0 0 rg BT 414.52 345.60 Td (the ) Tj ET Q q 0 0 0 rg BT 428.97 345.60 Td (year ) Tj ET Q q 0 0 0 rg BT 448.41 345.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.52 345.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 532.84 345.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.84 345.60 Td (, ) Tj ET Q q 0 0 0 rg BT 557.58 345.60 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 333.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 79.49 333.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.56 333.60 Td (19.6 ) Tj ET Q q 0 0 0 rg BT 108.80 333.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.23 333.60 Td ( ) Tj ET Q q 0 0 0 rg BT 139.97 333.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 181.13 333.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.65 333.60 Td ($449.6 ) Tj ET Q q 0 0 0 rg BT 219.89 333.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.78 333.60 Td ( ) Tj ET Q q 0 0 0 rg BT 250.52 333.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.04 333.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.04 333.60 Td (, ) Tj ET Q q 0 0 0 rg BT 284.28 333.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 323.23 333.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 359.96 333.60 Td (from ) Tj ET Q q 0 0 0 rg BT 381.14 333.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 408.43 333.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 465.71 333.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 503.55 333.60 Td (due ) Tj ET Q q 0 0 0 rg BT 519.73 333.60 Td (to ) Tj ET Q q 0 0 0 rg BT 529.25 333.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 321.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 84.62 321.60 Td (and ) Tj ET Q q 0 0 0 rg BT 103.14 321.60 Td (improved ) Tj ET Q q 0 0 0 rg BT 145.55 321.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 187.40 321.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 242.00 321.60 Td (and ) Tj ET Q q 0 0 0 rg BT 260.53 321.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 290.16 321.60 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 368.11 321.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 408.29 321.60 Td (due ) Tj ET Q q 0 0 0 rg BT 426.82 321.60 Td (to ) Tj ET Q q 0 0 0 rg BT 438.68 321.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 480.52 321.60 Td (business ) Tj ET Q q 0 0 0 rg BT 518.49 321.60 Td (activity ) Tj ET Q q 0 0 0 rg BT 552.56 321.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 309.60 Td (incremental ) Tj ET Q q 0 0 0 rg BT 94.38 309.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 116.57 309.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 159.84 309.60 Td (with ) Tj ET Q q 0 0 0 rg BT 179.81 309.60 Td (the ) Tj ET Q q 0 0 0 rg BT 194.21 309.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 244.16 309.60 Td (of ) Tj ET Q q 0 0 0 rg BT 254.68 309.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 329.06 309.60 Td (Securities ) Tj ET Q q 0 0 0 rg BT 370.68 309.60 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 421.19 309.60 Td (\("Seattle-Northwest"\) ) Tj ET Q q 0 0 0 rg BT 510.40 309.60 Td (and ) Tj ET Q q 0 0 0 rg BT 527.02 309.60 Td (Edgeview ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 297.60 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 82.77 297.60 Td (L.P) Tj ET Q q 0 0 0 rg BT 95.83 297.60 Td (. ) Tj ET Q q 0 0 0 rg BT 100.83 297.60 Td (\("Edgeview"\).) 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 29.10 Td (31) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 45.00 717.75 Td (Consolidated Non-Interest Expenses from Continuing Operations) 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 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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 79.73 621.75 Td (and ) Tj ET Q q 0 0 0 rg BT 96.67 621.75 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 133.06 621.75 Td (than ) Tj ET Q q 0 0 0 rg BT 152.77 621.75 Td (is ) Tj ET Q q 0 0 0 rg BT 161.94 621.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 199.41 621.75 Td (on ) Tj ET Q q 0 0 0 rg BT 211.91 621.75 Td (our ) Tj ET Q q 0 0 0 rg BT 227.74 621.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 280.79 621.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 325.50 621.75 Td (of ) Tj ET Q q 0 0 0 rg BT 336.33 621.75 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 597.75 Td (For ) Tj ET Q q 0 0 0 rg BT 61.70 597.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.72 597.75 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.93 597.75 Td ( ) Tj ET Q q 0 0 0 rg BT 96.74 597.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.42 597.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 182.31 597.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.31 597.75 Td (, ) Tj ET Q q 0 0 0 rg BT 207.62 597.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 265.96 597.75 Td (and ) Tj ET Q q 0 0 0 rg BT 283.21 597.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 317.67 597.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 356.58 597.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.14 597.75 Td (6.9 ) Tj ET Q q 0 0 0 rg BT 412.44 597.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.87 597.75 Td ( ) Tj ET Q q 0 0 0 rg BT 444.67 597.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.26 597.75 Td ($421.7 ) Tj ET Q q 0 0 0 rg BT 485.57 597.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.46 597.75 Td ( ) Tj ET Q q 0 0 0 rg BT 517.26 597.75 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.51 597.75 Td ($394.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 585.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.89 585.75 Td ( ) Tj ET Q q 0 0 0 rg BT 76.77 585.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.43 585.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.43 585.75 Td ( ) Tj ET Q q 0 0 0 rg BT 110.32 585.75 Td (due ) Tj ET Q q 0 0 0 rg BT 127.64 585.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 167.73 585.75 Td (to ) Tj ET Q q 0 0 0 rg BT 178.39 585.75 Td (improved ) Tj ET Q q 0 0 0 rg BT 219.60 585.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 257.46 585.75 Td (results. ) Tj ET Q q 0 0 0 rg BT 288.95 585.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 349.61 585.75 Td (and ) Tj ET Q q 0 0 0 rg BT 366.93 585.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 401.47 585.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 440.45 585.75 Td (as ) Tj ET Q q 0 0 0 rg BT 451.66 585.75 Td (a ) Tj ET Q q 0 0 0 rg BT 458.98 585.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 505.17 585.75 Td (of ) Tj ET Q q 0 0 0 rg BT 516.38 585.75 Td (net ) Tj ET Q q 0 0 0 rg BT 531.48 585.75 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 573.75 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.22 573.75 Td (62.7 ) Tj ET Q q 0 0 0 rg BT 81.39 573.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.82 573.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.49 573.75 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.26 573.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.93 573.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.93 573.75 Td (, ) Tj ET Q q 0 0 0 rg BT 146.10 573.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 187.20 573.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.65 573.75 Td (60.9 ) Tj ET Q q 0 0 0 rg BT 225.82 573.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.24 573.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.91 573.75 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.69 573.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.36 573.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.36 573.75 Td (. ) Tj ET Q q 0 0 0 rg BT 290.41 573.75 Td (The ) Tj ET Q q 0 0 0 rg BT 307.62 573.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 334.84 573.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 392.05 573.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 425.93 573.75 Td (ratio ) Tj ET Q q 0 0 0 rg BT 445.92 573.75 Td (was ) Tj ET Q q 0 0 0 rg BT 463.15 573.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 510.35 573.75 Td (to ) Tj ET Q q 0 0 0 rg BT 519.80 573.75 Td (incremental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 561.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 103.04 561.75 Td (related ) Tj ET Q q 0 0 0 rg BT 132.74 561.75 Td (to ) Tj ET Q q 0 0 0 rg BT 143.02 561.75 Td (the ) Tj ET Q q 0 0 0 rg BT 157.74 561.75 Td (expansion ) Tj ET Q q 0 0 0 rg BT 200.79 561.75 Td (of ) Tj ET Q q 0 0 0 rg BT 211.62 561.75 Td (our ) Tj ET Q q 0 0 0 rg BT 227.45 561.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.93 561.75 Td (institutions ) Tj ET Q q 0 0 0 rg BT 311.88 561.75 Td (group ) Tj ET Q q 0 0 0 rg BT 337.71 561.75 Td (as ) Tj ET Q q 0 0 0 rg BT 348.54 561.75 Td (well ) Tj ET Q q 0 0 0 rg BT 368.26 561.75 Td (as ) Tj ET Q q 0 0 0 rg BT 379.09 561.75 Td (a ) Tj ET Q q 0 0 0 rg BT 386.03 561.75 Td (change ) Tj ET Q q 0 0 0 rg BT 416.84 561.75 Td (in ) Tj ET Q q 0 0 0 rg BT 427.12 561.75 Td (our ) Tj ET Q q 0 0 0 rg BT 442.95 561.75 Td (mix ) Tj ET Q q 0 0 0 rg BT 461.01 561.75 Td (of ) Tj ET Q q 0 0 0 rg BT 471.84 561.75 Td (revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 537.75 Td (For ) Tj ET Q q 0 0 0 rg BT 61.40 537.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.13 537.75 Td (year ) Tj ET Q q 0 0 0 rg BT 95.85 537.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.24 537.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 180.84 537.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.84 537.75 Td (, ) Tj ET Q q 0 0 0 rg BT 205.85 537.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 263.90 537.75 Td (and ) Tj ET Q q 0 0 0 rg BT 280.85 537.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 315.02 537.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 353.63 537.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.90 537.75 Td (22.3 ) Tj ET Q q 0 0 0 rg BT 413.91 537.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.33 537.75 Td ( ) Tj ET Q q 0 0 0 rg BT 445.85 537.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.14 537.75 Td ($394.5 ) Tj ET Q q 0 0 0 rg BT 486.15 537.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.04 537.75 Td ( ) Tj ET Q q 0 0 0 rg BT 517.55 537.75 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 537.75 Td ($322.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 525.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.89 525.75 Td ( ) Tj ET Q q 0 0 0 rg BT 76.57 525.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.02 525.75 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.02 525.75 Td (, ) Tj ET Q q 0 0 0 rg BT 112.20 525.75 Td (due ) Tj ET Q q 0 0 0 rg BT 129.32 525.75 Td (to ) Tj ET Q q 0 0 0 rg BT 139.77 525.75 Td (improved ) Tj ET Q q 0 0 0 rg BT 180.78 525.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.43 525.75 Td (results. ) Tj ET Q q 0 0 0 rg BT 249.72 525.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 310.17 525.75 Td (and ) Tj ET Q q 0 0 0 rg BT 327.29 525.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 361.62 525.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 400.39 525.75 Td (as ) Tj ET Q q 0 0 0 rg BT 411.40 525.75 Td (a ) Tj ET Q q 0 0 0 rg BT 418.52 525.75 Td (percentage ) Tj ET Q q 0 0 0 rg BT 464.49 525.75 Td (of ) Tj ET Q q 0 0 0 rg BT 475.50 525.75 Td (net ) Tj ET Q q 0 0 0 rg BT 490.40 525.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 528.61 525.75 Td (was ) Tj ET Q q 0 0 0 rg BT 546.84 525.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.52 525.75 Td (60.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 513.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.42 513.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.76 513.75 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.54 513.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.88 513.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.88 513.75 Td (, ) Tj ET Q q 0 0 0 rg BT 111.72 513.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 153.49 513.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.61 513.75 Td (61.4 ) Tj ET Q q 0 0 0 rg BT 193.45 513.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.87 513.75 Td ( ) Tj ET Q q 0 0 0 rg BT 225.21 513.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.33 513.75 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.33 513.75 Td (. ) Tj ET Q q 0 0 0 rg BT 260.00 513.75 Td (The ) Tj ET Q q 0 0 0 rg BT 277.89 513.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 303.00 513.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 360.88 513.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 395.43 513.75 Td (ratio ) Tj ET Q q 0 0 0 rg BT 416.09 513.75 Td (was ) Tj ET Q q 0 0 0 rg BT 433.98 513.75 Td (due ) Tj ET Q q 0 0 0 rg BT 450.76 513.75 Td (to ) Tj ET Q q 0 0 0 rg BT 460.88 513.75 Td (an ) Tj ET Q q 0 0 0 rg BT 472.66 513.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 512.75 513.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 546.74 513.75 Td (base. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 489.75 Td (Outside ) Tj ET Q q 0 0 0 rg BT 78.13 489.75 Td (Services ) Tj ET Q q 0 0 0 rg BT 113.46 489.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.46 489.75 Td ( ) Tj ET Q q 0 0 0 rg BT 120.48 489.75 Td (Outside ) Tj ET Q q 0 0 0 rg BT 153.60 489.75 Td (services ) Tj ET Q q 0 0 0 rg BT 187.83 489.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 225.95 489.75 Td (include ) Tj ET Q q 0 0 0 rg BT 257.40 489.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 297.18 489.75 Td (processing ) Tj ET Q q 0 0 0 rg BT 341.97 489.75 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 382.58 489.75 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 428.48 489.75 Td (technology ) Tj ET Q q 0 0 0 rg BT 474.93 489.75 Td (functions, ) Tj ET Q q 0 0 0 rg BT 516.66 489.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 547.57 489.75 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 477.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 65.19 477.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 85.12 477.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 122.81 477.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 165.50 477.75 Td (with ) Tj ET Q q 0 0 0 rg BT 184.87 477.75 Td (our ) Tj ET Q q 0 0 0 rg BT 199.79 477.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 251.93 477.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 295.72 477.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 316.76 477.75 Td (management ) Tj ET Q q 0 0 0 rg BT 369.44 477.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 393.25 477.75 Td (and ) Tj ET Q q 0 0 0 rg BT 409.29 477.75 Td (other ) Tj ET Q q 0 0 0 rg BT 431.43 477.75 Td (professional ) Tj ET Q q 0 0 0 rg BT 481.90 477.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 502.09 477.75 Td (Outside ) Tj ET Q q 0 0 0 rg BT 534.79 477.75 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 465.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 82.77 465.75 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.87 465.75 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.37 465.75 Td ( ) Tj ET Q q 0 0 0 rg BT 138.04 465.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 169.14 465.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.60 465.75 Td ($36.2 ) Tj ET Q q 0 0 0 rg BT 202.77 465.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.66 465.75 Td ( ) Tj ET Q q 0 0 0 rg BT 233.34 465.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.79 465.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.79 465.75 Td (, ) Tj ET Q q 0 0 0 rg BT 266.97 465.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 308.07 465.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.53 465.75 Td ($37.1 ) Tj ET Q q 0 0 0 rg BT 351.70 465.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.59 465.75 Td ( ) Tj ET Q q 0 0 0 rg BT 382.27 465.75 Td (in ) Tj ET Q q 0 0 0 rg BT 391.72 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 405.62 465.75 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 464.50 465.75 Td (period ) Tj ET Q q 0 0 0 rg BT 491.72 465.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.73 465.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.73 465.75 Td (. ) Tj ET Q q 0 0 0 rg BT 525.91 465.75 Td (Excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 453.75 Td (the ) Tj ET Q q 0 0 0 rg BT 59.07 453.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 89.81 453.75 Td (of ) Tj ET Q q 0 0 0 rg BT 99.99 453.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 137.94 453.75 Td (from ) Tj ET Q q 0 0 0 rg BT 159.24 453.75 Td (non-controlled ) Tj ET Q q 0 0 0 rg BT 219.96 453.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 246.81 453.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 281.99 453.75 Td (in ) Tj ET Q q 0 0 0 rg BT 291.62 453.75 Td (our ) Tj ET Q q 0 0 0 rg BT 306.80 453.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 359.20 453.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 403.25 453.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 424.54 453.75 Td (management ) Tj ET Q q 0 0 0 rg BT 477.48 453.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 504.06 453.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 534.79 453.75 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 441.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 83.60 441.75 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.51 441.75 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 140.51 441.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.94 441.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 417.75 Td (Outside ) Tj ET Q q 0 0 0 rg BT 79.23 417.75 Td (services ) Tj ET Q q 0 0 0 rg BT 114.57 417.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 153.79 417.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.67 417.75 Td (12.3 ) Tj ET Q q 0 0 0 rg BT 215.30 417.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.72 417.75 Td ( ) Tj ET Q q 0 0 0 rg BT 247.85 417.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.76 417.75 Td ($37.1 ) Tj ET Q q 0 0 0 rg BT 284.38 417.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.27 417.75 Td ( ) Tj ET Q q 0 0 0 rg BT 316.40 417.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.30 417.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.30 417.75 Td (, ) Tj ET Q q 0 0 0 rg BT 352.93 417.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 395.48 417.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.39 417.75 Td ($33.0 ) Tj ET Q q 0 0 0 rg BT 442.01 417.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.90 417.75 Td ( ) Tj ET Q q 0 0 0 rg BT 474.03 417.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.94 417.75 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.94 417.75 Td (. ) Tj ET Q q 0 0 0 rg BT 510.56 417.75 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 554.79 417.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 405.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 76.68 405.75 Td (of ) Tj ET Q q 0 0 0 rg BT 87.80 405.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 126.69 405.75 Td (from ) Tj ET Q q 0 0 0 rg BT 148.92 405.75 Td (non-controlled ) Tj ET Q q 0 0 0 rg BT 210.59 405.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 238.37 405.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 274.49 405.75 Td (in ) Tj ET Q q 0 0 0 rg BT 285.06 405.75 Td (our ) Tj ET Q q 0 0 0 rg BT 301.18 405.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 354.52 405.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 399.51 405.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 421.74 405.75 Td (management ) Tj ET Q q 0 0 0 rg BT 475.62 405.75 Td (funds, ) Tj ET Q q 0 0 0 rg BT 503.13 405.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 534.81 405.75 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 393.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 83.60 393.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.85 393.75 Td (9.3 ) Tj ET Q q 0 0 0 rg BT 138.85 393.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.28 393.75 Td ( ) Tj ET Q q 0 0 0 rg BT 170.78 393.75 Td (due ) Tj ET Q q 0 0 0 rg BT 187.71 393.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 227.43 393.75 Td (to ) Tj ET Q q 0 0 0 rg BT 237.71 393.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 265.75 393.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 287.69 393.75 Td (and ) Tj ET Q q 0 0 0 rg BT 304.62 393.75 Td (other ) Tj ET Q q 0 0 0 rg BT 327.67 393.75 Td (professional ) Tj ET Q q 0 0 0 rg BT 379.05 393.75 Td (fees.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 369.75 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 93.67 369.75 Td (and ) Tj ET Q q 0 0 0 rg BT 112.36 369.75 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 159.38 369.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.38 369.75 Td ( ) Tj ET Q q 0 0 0 rg BT 168.08 369.75 Td (For ) Tj ET Q q 0 0 0 rg BT 185.66 369.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.57 369.75 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.78 369.75 Td ( ) Tj ET Q q 0 0 0 rg BT 222.47 369.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.04 369.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 309.82 369.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.82 369.75 Td (, ) Tj ET Q q 0 0 0 rg BT 336.02 369.75 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 382.46 369.75 Td (and ) Tj ET Q q 0 0 0 rg BT 400.60 369.75 Td (equipment ) Tj ET Q q 0 0 0 rg BT 446.50 369.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 486.29 369.75 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.42 369.75 Td ($28.3 ) Tj ET Q q 0 0 0 rg BT 535.61 369.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.50 369.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 357.75 Td (essentially ) Tj ET Q q 0 0 0 rg BT 89.71 357.75 Td (flat ) Tj ET Q q 0 0 0 rg BT 105.54 357.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 147.46 357.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.74 357.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.74 357.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 333.75 Td (For ) Tj ET Q q 0 0 0 rg BT 61.08 333.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.48 333.75 Td (year ) Tj ET Q q 0 0 0 rg BT 94.88 333.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.94 333.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 179.21 333.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.21 333.75 Td (, ) Tj ET Q q 0 0 0 rg BT 203.90 333.75 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 248.84 333.75 Td (and ) Tj ET Q q 0 0 0 rg BT 265.46 333.75 Td (equipment ) Tj ET Q q 0 0 0 rg BT 309.86 333.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 348.14 333.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.08 333.75 Td (10.7 ) Tj ET Q q 0 0 0 rg BT 407.77 333.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.20 333.75 Td ( ) Tj ET Q q 0 0 0 rg BT 439.38 333.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.35 333.75 Td ($28.2 ) Tj ET Q q 0 0 0 rg BT 474.03 333.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.92 333.75 Td (, ) Tj ET Q q 0 0 0 rg BT 507.61 333.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 549.22 333.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 321.75 Td ($25.5 ) Tj ET Q q 0 0 0 rg BT 70.16 321.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.05 321.75 Td ( ) Tj ET Q q 0 0 0 rg BT 101.71 321.75 Td (in ) Tj ET Q q 0 0 0 rg BT 112.15 321.75 Td (the ) Tj ET Q q 0 0 0 rg BT 127.03 321.75 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 186.90 321.75 Td (period ) Tj ET Q q 0 0 0 rg BT 215.11 321.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.10 321.75 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.10 321.75 Td (. ) Tj ET Q q 0 0 0 rg BT 251.07 321.75 Td (The ) Tj ET Q q 0 0 0 rg BT 269.28 321.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 304.69 321.75 Td (was ) Tj ET Q q 0 0 0 rg BT 322.90 321.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 362.78 321.75 Td (the ) Tj ET Q q 0 0 0 rg BT 377.65 321.75 Td (result ) Tj ET Q q 0 0 0 rg BT 402.53 321.75 Td (of ) Tj ET Q q 0 0 0 rg BT 413.52 321.75 Td (incremental ) Tj ET Q q 0 0 0 rg BT 463.38 321.75 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 508.80 321.75 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 60.08 309.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 109.60 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 119.69 309.75 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 193.64 309.75 Td (and ) Tj ET Q q 0 0 0 rg BT 209.83 309.75 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 251.56 309.75 Td (completed ) Tj ET Q q 0 0 0 rg BT 294.96 309.75 Td (during ) Tj ET Q q 0 0 0 rg BT 322.82 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 336.79 309.75 Td (third ) Tj ET Q q 0 0 0 rg BT 357.43 309.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 387.49 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 397.57 309.75 Td (2013, ) Tj ET Q q 0 0 0 rg BT 421.82 309.75 Td (and ) Tj ET Q q 0 0 0 rg BT 438.01 309.75 Td (incremental ) Tj ET Q q 0 0 0 rg BT 486.96 309.75 Td (one-time ) Tj ET Q q 0 0 0 rg BT 524.25 309.75 Td (occupancy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 297.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 67.50 297.75 Td (related ) Tj ET Q q 0 0 0 rg BT 97.20 297.75 Td (to ) Tj ET Q q 0 0 0 rg BT 107.48 297.75 Td (our ) Tj ET Q q 0 0 0 rg BT 123.31 297.75 Td (of) Tj ET Q q 0 0 0 rg BT 131.46 297.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 148.95 297.75 Td (space ) Tj ET Q q 0 0 0 rg BT 173.65 297.75 Td (in ) Tj ET Q q 0 0 0 rg BT 183.93 297.75 Td (New ) Tj ET Q q 0 0 0 rg BT 204.94 297.75 Td (Y) Tj ET Q q 0 0 0 rg BT 211.16 297.75 Td (ork ) Tj ET Q q 0 0 0 rg BT 226.99 297.75 Td (City) Tj ET Q q 0 0 0 rg BT 243.57 297.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 273.75 Td (Communications ) Tj ET Q q 0 0 0 rg BT 115.01 273.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.01 273.75 Td ( ) Tj ET Q q 0 0 0 rg BT 122.25 273.75 Td (Communication ) Tj ET Q q 0 0 0 rg BT 188.92 273.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 227.26 273.75 Td (include ) Tj ET Q q 0 0 0 rg BT 258.93 273.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 281.16 273.75 Td (for ) Tj ET Q q 0 0 0 rg BT 295.06 273.75 Td (telecommunication ) Tj ET Q q 0 0 0 rg BT 373.93 273.75 Td (and ) Tj ET Q q 0 0 0 rg BT 390.61 273.75 Td (data ) Tj ET Q q 0 0 0 rg BT 409.50 273.75 Td (communication, ) Tj ET Q q 0 0 0 rg BT 476.44 273.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 515.89 273.75 Td (consisting ) Tj ET Q q 0 0 0 rg BT 558.68 273.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 261.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 82.42 261.75 Td (for ) Tj ET Q q 0 0 0 rg BT 95.39 261.75 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 134.48 261.75 Td (third ) Tj ET Q q 0 0 0 rg BT 154.69 261.75 Td (party ) Tj ET Q q 0 0 0 rg BT 176.55 261.75 Td (market ) Tj ET Q q 0 0 0 rg BT 205.63 261.75 Td (data ) Tj ET Q q 0 0 0 rg BT 223.61 261.75 Td (information. ) Tj ET Q q 0 0 0 rg BT 274.64 261.75 Td (For ) Tj ET Q q 0 0 0 rg BT 289.84 261.75 Td (the ) Tj ET Q q 0 0 0 rg BT 303.38 261.75 Td (year ) Tj ET Q q 0 0 0 rg BT 321.90 261.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.10 261.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 404.50 261.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 261.75 Td (, ) Tj ET Q q 0 0 0 rg BT 428.32 261.75 Td (communication ) Tj ET Q q 0 0 0 rg BT 491.84 261.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 529.26 261.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 249.75 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 249.75 Td ( ) Tj ET Q q 0 0 0 rg BT 59.68 249.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 91.29 249.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.25 249.75 Td ($23.8 ) Tj ET Q q 0 0 0 rg BT 125.94 249.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.83 249.75 Td (, ) Tj ET Q q 0 0 0 rg BT 159.51 249.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 201.12 249.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.08 249.75 Td ($22.7 ) Tj ET Q q 0 0 0 rg BT 245.77 249.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.66 249.75 Td ( ) Tj ET Q q 0 0 0 rg BT 276.84 249.75 Td (for ) Tj ET Q q 0 0 0 rg BT 290.69 249.75 Td (the ) Tj ET Q q 0 0 0 rg BT 305.09 249.75 Td (year ) Tj ET Q q 0 0 0 rg BT 324.48 249.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.54 249.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 408.81 249.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.81 249.75 Td (. ) Tj ET Q q 0 0 0 rg BT 433.34 249.75 Td (The ) Tj ET Q q 0 0 0 rg BT 451.07 249.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 486.00 249.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 519.84 249.75 Td (from ) Tj ET Q q 0 0 0 rg BT 541.47 249.75 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 237.75 Td (market ) Tj ET Q q 0 0 0 rg BT 75.96 237.75 Td (data ) Tj ET Q q 0 0 0 rg BT 95.82 237.75 Td (service ) Tj ET Q q 0 0 0 rg BT 127.33 237.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 166.63 237.75 Td (due ) Tj ET Q q 0 0 0 rg BT 184.26 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 195.24 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 210.65 237.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 253.84 237.75 Td (headcount ) Tj ET Q q 0 0 0 rg BT 298.13 237.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 342.43 237.75 Td (with ) Tj ET Q q 0 0 0 rg BT 363.40 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 379.93 237.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 418.11 237.75 Td (institutions ) Tj ET Q q 0 0 0 rg BT 465.76 237.75 Td (group ) Tj ET Q q 0 0 0 rg BT 492.29 237.75 Td (expansion ) Tj ET Q q 0 0 0 rg BT 536.04 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 553.67 237.75 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 225.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 95.27 225.75 Td (of ) Tj ET Q q 0 0 0 rg BT 106.10 225.75 Td (River ) Tj ET Q q 0 0 0 rg BT 130.82 225.75 Td (Branch ) Tj ET Q q 0 0 0 rg BT 162.20 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 179.14 225.75 Td (BMO ) Tj ET Q q 0 0 0 rg BT 204.42 225.75 Td (GKST) Tj ET Q q 0 0 0 rg BT 229.79 225.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 201.75 Td (For ) Tj ET Q q 0 0 0 rg BT 60.54 201.75 Td (the ) Tj ET Q q 0 0 0 rg BT 74.40 201.75 Td (year ) Tj ET Q q 0 0 0 rg BT 93.25 201.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.77 201.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 176.50 201.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.50 201.75 Td (, ) Tj ET Q q 0 0 0 rg BT 200.65 201.75 Td (communication ) Tj ET Q q 0 0 0 rg BT 264.50 201.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 302.25 201.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 201.75 Td (6.1 ) Tj ET Q q 0 0 0 rg BT 355.79 201.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.21 201.75 Td ( ) Tj ET Q q 0 0 0 rg BT 386.86 201.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.28 201.75 Td ($22.7 ) Tj ET Q q 0 0 0 rg BT 420.43 201.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.32 201.75 Td (, ) Tj ET Q q 0 0 0 rg BT 453.47 201.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 494.54 201.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.96 201.75 Td ($21.4 ) Tj ET Q q 0 0 0 rg BT 538.11 201.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.00 201.75 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 59.16 189.75 Td (the ) Tj ET Q q 0 0 0 rg BT 73.88 189.75 Td (year ) Tj ET Q q 0 0 0 rg BT 93.58 189.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.96 189.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 178.54 189.75 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.54 189.75 Td (. ) Tj ET Q q 0 0 0 rg BT 203.36 189.75 Td (The ) Tj ET Q q 0 0 0 rg BT 221.41 189.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 256.67 189.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 290.82 189.75 Td (from ) Tj ET Q q 0 0 0 rg BT 312.76 189.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 340.81 189.75 Td (market ) Tj ET Q q 0 0 0 rg BT 371.07 189.75 Td (data ) Tj ET Q q 0 0 0 rg BT 390.22 189.75 Td (service ) Tj ET Q q 0 0 0 rg BT 421.04 189.75 Td (expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 165.75 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 90.28 165.75 Td (and ) Tj ET Q q 0 0 0 rg BT 108.91 165.75 Td (Business ) Tj ET Q q 0 0 0 rg BT 147.53 165.75 Td (Development ) Tj ET Q q 0 0 0 rg BT 203.91 165.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.91 165.75 Td ( ) Tj ET Q q 0 0 0 rg BT 212.54 165.75 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 257.82 165.75 Td (and ) Tj ET Q q 0 0 0 rg BT 275.88 165.75 Td (business ) Tj ET Q q 0 0 0 rg BT 313.40 165.75 Td (development ) Tj ET Q q 0 0 0 rg BT 368.67 165.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 408.40 165.75 Td (include ) Tj ET Q q 0 0 0 rg BT 441.46 165.75 Td (travel ) Tj ET Q q 0 0 0 rg BT 467.85 165.75 Td (and ) Tj ET Q q 0 0 0 rg BT 485.91 165.75 Td (entertainment ) Tj ET Q q 0 0 0 rg BT 544.51 165.75 Td (costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 153.75 Td (advertising ) Tj ET Q q 0 0 0 rg BT 91.91 153.75 Td (and ) Tj ET Q q 0 0 0 rg BT 108.83 153.75 Td (third ) Tj ET Q q 0 0 0 rg BT 130.20 153.75 Td (party ) Tj ET Q q 0 0 0 rg BT 153.22 153.75 Td (marketing ) Tj ET Q q 0 0 0 rg BT 196.25 153.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 217.32 153.75 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.13 153.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.13 153.75 Td (, ) Tj ET Q q 0 0 0 rg BT 253.11 153.75 Td (marketing ) Tj ET Q q 0 0 0 rg BT 296.13 153.75 Td (and ) Tj ET Q q 0 0 0 rg BT 313.05 153.75 Td (business ) Tj ET Q q 0 0 0 rg BT 349.42 153.75 Td (development ) Tj ET Q q 0 0 0 rg BT 403.55 153.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 442.13 153.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.36 153.75 Td (10.0 ) Tj ET Q q 0 0 0 rg BT 502.34 153.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.77 153.75 Td ( ) Tj ET Q q 0 0 0 rg BT 534.25 153.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.50 153.75 Td ($30.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 141.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.89 141.75 Td (, ) Tj ET Q q 0 0 0 rg BT 78.87 141.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 120.78 141.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.04 141.75 Td ($27.3 ) Tj ET Q q 0 0 0 rg BT 166.02 141.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.91 141.75 Td ( ) Tj ET Q q 0 0 0 rg BT 197.39 141.75 Td (in ) Tj ET Q q 0 0 0 rg BT 207.65 141.75 Td (the ) Tj ET Q q 0 0 0 rg BT 222.34 141.75 Td (year ) Tj ET Q q 0 0 0 rg BT 242.03 141.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.39 141.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 326.95 141.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.95 141.75 Td (, ) Tj ET Q q 0 0 0 rg BT 351.93 141.75 Td (due ) Tj ET Q q 0 0 0 rg BT 368.85 141.75 Td (to ) Tj ET Q q 0 0 0 rg BT 379.11 141.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 407.14 141.75 Td (travel ) Tj ET Q q 0 0 0 rg BT 432.38 141.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 470.96 141.75 Td (from ) Tj ET Q q 0 0 0 rg BT 492.88 141.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 533.12 141.75 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 129.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 77.49 129.75 Td (and ) Tj ET Q q 0 0 0 rg BT 94.43 129.75 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 171.34 129.75 Td (travel. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 105.75 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.53 105.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.53 105.75 Td (, ) Tj ET Q q 0 0 0 rg BT 80.23 105.75 Td (marketing ) Tj ET Q q 0 0 0 rg BT 122.98 105.75 Td (and ) Tj ET Q q 0 0 0 rg BT 139.62 105.75 Td (business ) Tj ET Q q 0 0 0 rg BT 175.71 105.75 Td (development ) Tj ET Q q 0 0 0 rg BT 229.56 105.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 267.86 105.75 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.81 105.75 Td (26.2 ) Tj ET Q q 0 0 0 rg BT 327.52 105.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.94 105.75 Td ( ) Tj ET Q q 0 0 0 rg BT 359.14 105.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.12 105.75 Td ($27.3 ) Tj ET Q q 0 0 0 rg BT 393.82 105.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.71 105.75 Td (, ) Tj ET Q q 0 0 0 rg BT 427.41 105.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 469.04 105.75 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.02 105.75 Td ($21.6 ) Tj ET Q q 0 0 0 rg BT 513.72 105.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.61 105.75 Td ( ) Tj ET Q q 0 0 0 rg BT 544.81 105.75 Td (in ) Tj ET Q q 0 0 0 rg BT 554.79 105.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 93.75 Td (year ) Tj ET Q q 0 0 0 rg BT 64.60 93.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.87 93.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 149.35 93.75 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.35 93.75 Td (, ) Tj ET Q q 0 0 0 rg BT 174.25 93.75 Td (due ) Tj ET Q q 0 0 0 rg BT 191.08 93.75 Td (to ) Tj ET Q q 0 0 0 rg BT 201.25 93.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 229.20 93.75 Td (third ) Tj ET Q q 0 0 0 rg BT 250.48 93.75 Td (party ) Tj ET Q q 0 0 0 rg BT 273.42 93.75 Td (marketing ) Tj ET Q q 0 0 0 rg BT 316.36 93.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 334.85 93.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 378.34 93.75 Td (with ) Tj ET Q q 0 0 0 rg BT 398.51 93.75 Td (our ) Tj ET Q q 0 0 0 rg BT 414.24 93.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 436.07 93.75 Td (management ) Tj ET Q q 0 0 0 rg BT 489.56 93.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 528.34 93.75 Td (as ) Tj ET Q q 0 0 0 rg BT 539.07 93.75 Td (well ) Tj ET Q q 0 0 0 rg BT 558.68 93.75 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 81.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 73.05 81.75 Td (travel ) Tj ET Q q 0 0 0 rg BT 98.31 81.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 136.91 81.75 Td (from ) Tj ET Q q 0 0 0 rg BT 158.85 81.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 199.10 81.75 Td (business ) Tj ET Q q 0 0 0 rg BT 235.49 81.75 Td (activity) Tj ET Q q 0 0 0 rg BT 264.83 81.75 Td (.) 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 29.10 Td (32) 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 (2015) 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 ($7.8 ) 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 (compared ) Tj ET Q q 0 0 0 rg BT 86.92 705.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.20 705.60 Td ($7.6 ) Tj ET Q q 0 0 0 rg BT 127.20 705.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.09 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 158.59 705.60 Td (million ) Tj ET Q q 0 0 0 rg BT 189.99 705.60 Td (in ) Tj ET Q q 0 0 0 rg BT 200.26 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 214.98 705.60 Td (year ) Tj ET Q q 0 0 0 rg BT 234.69 705.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.06 705.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 319.65 705.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 705.60 Td (. ) 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 (2014) 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 ($7.6 ) 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 ($8.3 ) 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 (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.38 669.60 Td (, ) Tj ET Q q 0 0 0 rg BT 189.38 669.60 Td (due ) Tj ET Q q 0 0 0 rg BT 206.32 669.60 Td (to ) Tj ET Q q 0 0 0 rg BT 216.60 669.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 241.87 669.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 272.70 669.60 Td (execution ) Tj ET Q q 0 0 0 rg BT 314.07 669.60 Td (expenses. ) 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 102.75 645.60 Td (and ) Tj ET Q q 0 0 0 rg BT 120.51 645.60 Td (Integration ) Tj ET Q q 0 0 0 rg BT 168.26 645.60 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.49 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 193.24 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 201.00 645.60 Td (During ) Tj ET Q q 0 0 0 rg BT 232.08 645.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.06 645.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.26 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 267.02 645.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 645.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 352.49 645.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.49 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 377.75 645.60 Td (we ) Tj ET Q q 0 0 0 rg BT 392.16 645.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 429.89 645.60 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 483.74 645.60 Td (and ) Tj ET Q q 0 0 0 rg BT 500.94 645.60 Td (integration ) Tj ET Q q 0 0 0 rg BT 547.01 645.60 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 633.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.18 633.60 Td ($10.7 ) Tj ET Q q 0 0 0 rg BT 79.53 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.43 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 110.28 633.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 149.34 633.60 Td (consisting ) Tj ET Q q 0 0 0 rg BT 191.75 633.60 Td (of ) Tj ET Q q 0 0 0 rg BT 201.93 633.60 Td (severance ) Tj ET Q q 0 0 0 rg BT 243.20 633.60 Td (benefits ) Tj ET Q q 0 0 0 rg BT 276.71 633.60 Td (and ) Tj ET Q q 0 0 0 rg BT 293.00 633.60 Td (transaction ) Tj ET Q q 0 0 0 rg BT 338.72 633.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 360.57 633.60 Td (related ) Tj ET Q q 0 0 0 rg BT 389.63 633.60 Td (to ) Tj ET Q q 0 0 0 rg BT 399.26 633.60 Td (the ) Tj ET Q q 0 0 0 rg BT 413.33 633.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 462.95 633.60 Td (of ) Tj ET Q q 0 0 0 rg BT 473.13 633.60 Td (River ) Tj ET Q q 0 0 0 rg BT 497.20 633.60 Td (Branch ) Tj ET Q q 0 0 0 rg BT 527.93 633.60 Td (and ) Tj ET Q q 0 0 0 rg BT 544.22 633.60 Td (BMO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 621.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 70.37 621.60 Td (. ) Tj ET Q q 0 0 0 rg BT 75.29 621.60 Td (For ) Tj ET Q q 0 0 0 rg BT 91.59 621.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.22 621.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.43 621.60 Td ( ) Tj ET Q q 0 0 0 rg BT 125.84 621.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.14 621.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 210.63 621.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.63 621.60 Td (, ) Tj ET Q q 0 0 0 rg BT 235.55 621.60 Td (we ) Tj ET Q q 0 0 0 rg BT 249.62 621.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 287.01 621.60 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 340.52 621.60 Td (and ) Tj ET Q q 0 0 0 rg BT 357.38 621.60 Td (integration ) Tj ET Q q 0 0 0 rg BT 403.11 621.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 425.52 621.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.27 621.60 Td ($4.7 ) Tj ET Q q 0 0 0 rg BT 456.18 621.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.08 621.60 Td (, ) Tj ET Q q 0 0 0 rg BT 489.99 621.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 529.62 621.60 Td (related ) Tj ET Q q 0 0 0 rg BT 559.23 621.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 609.60 Td (the ) Tj ET Q q 0 0 0 rg BT 60.90 609.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 112.35 609.60 Td (of ) Tj ET Q q 0 0 0 rg BT 124.36 609.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 200.24 609.60 Td (and ) Tj ET Q q 0 0 0 rg BT 218.36 609.60 Td (Edgeview) Tj ET Q q 0 0 0 rg BT 257.69 609.60 Td (. ) Tj ET Q q 0 0 0 rg BT 263.61 609.60 Td (W) Tj ET Q q 0 0 0 rg BT 272.24 609.60 Td (e ) Tj ET Q q 0 0 0 rg BT 280.36 609.60 Td (expect ) Tj ET Q q 0 0 0 rg BT 310.13 609.60 Td (to ) Tj ET Q q 0 0 0 rg BT 321.59 609.60 Td (incur ) Tj ET Q q 0 0 0 rg BT 345.82 609.60 Td (additional ) Tj ET Q q 0 0 0 rg BT 389.49 609.60 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 444.26 609.60 Td (and ) Tj ET Q q 0 0 0 rg BT 462.38 609.60 Td (integration ) Tj ET Q q 0 0 0 rg BT 509.38 609.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 533.06 609.60 Td (in ) Tj ET Q q 0 0 0 rg BT 544.51 609.60 Td (2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 597.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 84.71 597.60 Td (related ) Tj ET Q q 0 0 0 rg BT 114.41 597.60 Td (to ) Tj ET Q q 0 0 0 rg BT 124.69 597.60 Td (the ) Tj ET Q q 0 0 0 rg BT 139.41 597.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 185.79 597.60 Td (of ) Tj ET Q q 0 0 0 rg BT 196.62 597.60 Td (Simmons, ) Tj ET Q q 0 0 0 rg BT 239.41 597.60 Td (which ) Tj ET Q q 0 0 0 rg BT 266.35 597.60 Td (is ) Tj ET Q q 0 0 0 rg BT 275.52 597.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 313.55 597.60 Td (to ) Tj ET Q q 0 0 0 rg BT 323.83 597.60 Td (close ) Tj ET Q q 0 0 0 rg BT 346.88 597.60 Td (in ) Tj ET Q q 0 0 0 rg BT 357.15 597.60 Td (the ) Tj ET Q q 0 0 0 rg BT 371.87 597.60 Td (first ) Tj ET Q q 0 0 0 rg BT 390.48 597.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 421.29 597.60 Td (of ) Tj ET Q q 0 0 0 rg BT 432.12 597.60 Td (2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 573.60 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 88.00 573.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 111.00 573.60 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 165.26 573.60 Td (Expense ) Tj ET Q q 0 0 0 rg BT 200.62 573.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.62 573.60 Td ( ) Tj ET Q q 0 0 0 rg BT 207.66 573.60 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 250.24 573.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 271.72 573.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 324.30 573.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 358.54 573.60 Td (includes ) Tj ET Q q 0 0 0 rg BT 393.91 573.60 Td (the ) Tj ET Q q 0 0 0 rg BT 408.17 573.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 460.74 573.60 Td (of ) Tj ET Q q 0 0 0 rg BT 471.11 573.60 Td (definite-lived ) Tj ET Q q 0 0 0 rg BT 527.02 573.60 Td (intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 561.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 70.21 561.60 Td (consisting ) Tj ET Q q 0 0 0 rg BT 112.65 561.60 Td (of ) Tj ET Q q 0 0 0 rg BT 122.87 561.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 161.41 561.60 Td (relationships ) Tj ET Q q 0 0 0 rg BT 214.39 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 230.72 561.60 Td (non-competition ) Tj ET Q q 0 0 0 rg BT 298.70 561.60 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 348.62 561.60 Td (For ) Tj ET Q q 0 0 0 rg BT 364.39 561.60 Td (the ) Tj ET Q q 0 0 0 rg BT 378.49 561.60 Td (year ) Tj ET Q q 0 0 0 rg BT 397.58 561.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.34 561.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 481.31 561.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.31 561.60 Td (, ) Tj ET Q q 0 0 0 rg BT 505.69 561.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 547.57 561.60 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 549.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 98.49 549.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 133.64 549.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.14 549.60 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 172.59 549.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.48 549.60 Td (, ) Tj ET Q q 0 0 0 rg BT 206.93 549.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 249.30 549.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.03 549.60 Td ($9.3 ) Tj ET Q q 0 0 0 rg BT 290.48 549.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.37 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 322.32 549.60 Td (in ) Tj ET Q q 0 0 0 rg BT 333.04 549.60 Td (the ) Tj ET Q q 0 0 0 rg BT 348.21 549.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 408.36 549.60 Td (period ) Tj ET Q q 0 0 0 rg BT 436.86 549.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.14 549.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.14 549.60 Td (. ) Tj ET Q q 0 0 0 rg BT 473.58 549.60 Td (In ) Tj ET Q q 0 0 0 rg BT 484.86 549.60 Td (the ) Tj ET Q q 0 0 0 rg BT 500.03 549.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 527.41 549.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 558.68 549.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 537.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 70.74 537.60 Td (we ) Tj ET Q q 0 0 0 rg BT 85.64 537.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 123.85 537.60 Td (incremental ) Tj ET Q q 0 0 0 rg BT 174.29 537.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 217.52 537.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 240.19 537.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 293.97 537.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 329.42 537.60 Td (related ) Tj ET Q q 0 0 0 rg BT 359.86 537.60 Td (to ) Tj ET Q q 0 0 0 rg BT 370.87 537.60 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 419.65 537.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 462.88 537.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 489.45 537.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 533.78 537.60 Td (with ) Tj ET Q q 0 0 0 rg BT 554.80 537.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 525.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 95.18 525.60 Td (of ) Tj ET Q q 0 0 0 rg BT 105.91 525.60 Td (River ) Tj ET Q q 0 0 0 rg BT 130.53 525.60 Td (Branch ) Tj ET Q q 0 0 0 rg BT 161.81 525.60 Td (and ) Tj ET Q q 0 0 0 rg BT 178.65 525.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 203.84 525.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 229.21 525.60 Td (. ) Tj ET Q q 0 0 0 rg BT 234.12 525.60 Td (In ) Tj ET Q q 0 0 0 rg BT 244.85 525.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 269.75 525.60 Td (we ) Tj ET Q q 0 0 0 rg BT 283.82 525.60 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 325.09 525.60 Td (incurring ) Tj ET Q q 0 0 0 rg BT 364.15 525.60 Td (a ) Tj ET Q q 0 0 0 rg BT 370.99 525.60 Td (full ) Tj ET Q q 0 0 0 rg BT 387.28 525.60 Td (year ) Tj ET Q q 0 0 0 rg BT 406.89 525.60 Td (of ) Tj ET Q q 0 0 0 rg BT 417.63 525.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 460.02 525.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 481.86 525.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 534.80 525.60 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 513.60 Td (related ) Tj ET Q q 0 0 0 rg BT 74.23 513.60 Td (to ) Tj ET Q q 0 0 0 rg BT 84.03 513.60 Td (River ) Tj ET Q q 0 0 0 rg BT 108.28 513.60 Td (Branch ) Tj ET Q q 0 0 0 rg BT 139.18 513.60 Td (and ) Tj ET Q q 0 0 0 rg BT 155.64 513.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 180.45 513.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 206.39 513.60 Td ( ) Tj ET Q q 0 0 0 rg BT 208.41 513.60 Td (and ) Tj ET Q q 0 0 0 rg BT 224.88 513.60 Td (additional ) Tj ET Q q 0 0 0 rg BT 266.89 513.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 308.91 513.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 330.38 513.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 382.94 513.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 417.17 513.60 Td (related ) Tj ET Q q 0 0 0 rg BT 446.40 513.60 Td (to ) Tj ET Q q 0 0 0 rg BT 456.21 513.60 Td (the ) Tj ET Q q 0 0 0 rg BT 470.45 513.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 516.36 513.60 Td (of ) Tj ET Q q 0 0 0 rg BT 526.71 513.60 Td (Simmons.) 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 61.45 489.60 Td (the ) Tj ET Q q 0 0 0 rg BT 76.22 489.60 Td (year ) Tj ET Q q 0 0 0 rg BT 95.99 489.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.42 489.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 181.06 489.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.06 489.60 Td (, ) Tj ET Q q 0 0 0 rg BT 206.12 489.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 248.67 489.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 270.67 489.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 323.76 489.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 358.53 489.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.63 489.60 Td ($9.3 ) Tj ET Q q 0 0 0 rg BT 396.69 489.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.58 489.60 Td (, ) Tj ET Q q 0 0 0 rg BT 430.64 489.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 472.62 489.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.96 489.60 Td ($8.0 ) Tj ET Q q 0 0 0 rg BT 513.02 489.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.91 489.60 Td ( ) Tj ET Q q 0 0 0 rg BT 544.47 489.60 Td (in ) Tj ET Q q 0 0 0 rg BT 554.80 489.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 477.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 103.78 477.60 Td (period ) Tj ET Q q 0 0 0 rg BT 130.89 477.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.79 477.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.79 477.60 Td (. ) Tj ET Q q 0 0 0 rg BT 164.75 477.60 Td (The ) Tj ET Q q 0 0 0 rg BT 181.86 477.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 216.18 477.60 Td (reflects ) Tj ET Q q 0 0 0 rg BT 247.18 477.60 Td (a ) Tj ET Q q 0 0 0 rg BT 253.18 477.60 Td (full ) Tj ET Q q 0 0 0 rg BT 268.64 477.60 Td (year ) Tj ET Q q 0 0 0 rg BT 287.42 477.60 Td (of ) Tj ET Q q 0 0 0 rg BT 297.31 477.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 338.87 477.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 359.88 477.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 411.99 477.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 445.76 477.60 Td (related ) Tj ET Q q 0 0 0 rg BT 474.53 477.60 Td (to ) Tj ET Q q 0 0 0 rg BT 483.88 477.60 Td (the ) Tj ET Q q 0 0 0 rg BT 497.67 477.60 Td (2013 ) Tj ET Q q 0 0 0 rg BT 519.24 477.60 Td (acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 465.60 Td (of ) Tj ET Q q 0 0 0 rg BT 55.83 465.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 130.53 465.60 Td (and ) Tj ET Q q 0 0 0 rg BT 147.47 465.60 Td (Edgeview) Tj ET Q q 0 0 0 rg BT 186.81 465.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 441.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 70.55 441.60 Td (Operating ) Tj ET Q q 0 0 0 rg BT 113.88 441.60 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 153.30 441.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.30 441.60 Td ( ) Tj ET Q q 0 0 0 rg BT 160.52 441.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 185.51 441.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 225.49 441.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 263.81 441.60 Td (include ) Tj ET Q q 0 0 0 rg BT 295.46 441.60 Td (insurance ) Tj ET Q q 0 0 0 rg BT 336.00 441.60 Td (costs, ) Tj ET Q q 0 0 0 rg BT 360.72 441.60 Td (license ) Tj ET Q q 0 0 0 rg BT 390.70 441.60 Td (and ) Tj ET Q q 0 0 0 rg BT 407.36 441.60 Td (registration ) Tj ET Q q 0 0 0 rg BT 455.12 441.60 Td (fees, ) Tj ET Q q 0 0 0 rg BT 475.94 441.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 514.26 441.60 Td (related ) Tj ET Q q 0 0 0 rg BT 543.68 441.60 Td (to ) Tj ET Q q 0 0 0 rg BT 553.67 441.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 429.60 Td (charitable ) Tj ET Q q 0 0 0 rg BT 87.15 429.60 Td (giving ) Tj ET Q q 0 0 0 rg BT 115.43 429.60 Td (program ) Tj ET Q q 0 0 0 rg BT 152.04 429.60 Td (and ) Tj ET Q q 0 0 0 rg BT 169.21 429.60 Td (litigation-related ) Tj ET Q q 0 0 0 rg BT 238.57 429.60 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 279.90 429.60 Td (which ) Tj ET Q q 0 0 0 rg BT 307.07 429.60 Td (consist ) Tj ET Q q 0 0 0 rg BT 337.58 429.60 Td (of ) Tj ET Q q 0 0 0 rg BT 348.63 429.60 Td (the ) Tj ET Q q 0 0 0 rg BT 363.58 429.60 Td (amounts ) Tj ET Q q 0 0 0 rg BT 400.19 429.60 Td (we ) Tj ET Q q 0 0 0 rg BT 414.58 429.60 Td (reserve ) Tj ET Q q 0 0 0 rg BT 446.18 429.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 474.45 429.60 Td (pay ) Tj ET Q q 0 0 0 rg BT 491.62 429.60 Td (out ) Tj ET Q q 0 0 0 rg BT 507.13 429.60 Td (related ) Tj ET Q q 0 0 0 rg BT 537.06 429.60 Td (to ) Tj ET Q q 0 0 0 rg BT 547.57 429.60 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 417.60 Td (and ) Tj ET Q q 0 0 0 rg BT 61.62 417.60 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 104.89 417.60 Td (matters. ) Tj ET Q q 0 0 0 rg BT 139.00 417.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 163.95 417.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 203.89 417.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 242.16 417.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 282.09 417.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.05 417.60 Td ($20.4 ) Tj ET Q q 0 0 0 rg BT 316.73 417.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.62 417.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.80 417.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.58 417.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.75 417.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.75 417.60 Td (, ) Tj ET Q q 0 0 0 rg BT 382.43 417.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 424.03 417.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.99 417.60 Td ($1) Tj ET Q q 0 0 0 rg BT 453.62 417.60 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 468.30 417.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.19 417.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.37 417.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.14 417.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.32 417.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.32 417.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.00 417.60 Td (In) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.33 417.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 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 (we ) Tj ET Q q 0 0 0 rg BT 59.16 405.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 96.64 405.60 Td (a ) Tj ET Q q 0 0 0 rg BT 103.57 405.60 Td ($9.8 ) Tj ET Q q 0 0 0 rg BT 123.57 405.60 Td (million ) Tj ET Q q 0 0 0 rg BT 154.97 405.60 Td (char) Tj ET Q q 0 0 0 rg BT 171.99 405.60 Td (ge ) Tj ET Q q 0 0 0 rg BT 183.93 405.60 Td (related ) Tj ET Q q 0 0 0 rg BT 213.63 405.60 Td (to ) Tj ET Q q 0 0 0 rg BT 223.91 405.60 Td (settlement ) Tj ET Q q 0 0 0 rg BT 267.51 405.60 Td (of ) Tj ET Q q 0 0 0 rg BT 278.34 405.60 Td (a ) Tj ET Q q 0 0 0 rg BT 285.28 405.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 307.21 405.60 Td (matter) Tj ET Q q 0 0 0 rg BT 332.20 405.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 381.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 70.40 381.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 110.80 381.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 149.53 381.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 189.91 381.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.32 381.60 Td ($1) Tj ET Q q 0 0 0 rg BT 209.95 381.60 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 225.08 381.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.97 381.60 Td ( ) Tj ET Q q 0 0 0 rg BT 256.61 381.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.02 381.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.02 381.60 Td (, ) Tj ET Q q 0 0 0 rg BT 292.15 381.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 334.20 381.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.61 381.60 Td ($4.7 ) Tj ET Q q 0 0 0 rg BT 374.75 381.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.64 381.60 Td ( ) Tj ET Q q 0 0 0 rg BT 406.27 381.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.68 381.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.68 381.60 Td (. ) Tj ET Q q 0 0 0 rg BT 441.81 381.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.77 381.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.77 381.60 Td (, ) Tj ET Q q 0 0 0 rg BT 477.91 381.60 Td (we ) Tj ET Q q 0 0 0 rg BT 492.20 381.60 Td (received ) Tj ET Q q 0 0 0 rg BT 528.69 381.60 Td (insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 369.60 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 82.27 369.60 Td (for ) Tj ET Q q 0 0 0 rg BT 95.67 369.60 Td (the ) Tj ET Q q 0 0 0 rg BT 109.63 369.60 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 171.34 369.60 Td (of ) Tj ET Q q 0 0 0 rg BT 181.41 369.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 202.59 369.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 223.76 369.60 Td (settlements. ) Tj ET Q q 0 0 0 rg BT 272.60 369.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 322.50 369.60 Td (, ) Tj ET Q q 0 0 0 rg BT 326.74 369.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.26 369.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.26 369.60 Td (, ) Tj ET Q q 0 0 0 rg BT 360.49 369.60 Td (we ) Tj ET Q q 0 0 0 rg BT 373.89 369.60 Td (incurred ) Tj ET Q q 0 0 0 rg BT 408.94 369.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 436.23 369.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 474.06 369.60 Td (related ) Tj ET Q q 0 0 0 rg BT 503.00 369.60 Td (to ) Tj ET Q q 0 0 0 rg BT 512.52 369.60 Td (our ) Tj ET Q q 0 0 0 rg BT 527.59 369.60 Td (charitable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 357.60 Td (giving ) Tj ET Q q 0 0 0 rg BT 73.06 357.60 Td (program, ) Tj ET Q q 0 0 0 rg BT 111.93 357.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 139.98 357.60 Td (by ) Tj ET Q q 0 0 0 rg BT 152.48 357.60 Td (our ) Tj ET Q q 0 0 0 rg BT 168.31 357.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 208.56 357.60 Td (profitability) Tj ET Q q 0 0 0 rg BT 255.68 357.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 333.60 Td (Income ) Tj ET Q q 0 0 0 rg BT 77.09 333.60 Td (T) Tj ET Q q 0 0 0 rg BT 81.73 333.60 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 333.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.17 333.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.17 333.60 Td ( ) Tj ET Q q 0 0 0 rg BT 109.83 333.60 Td (For ) Tj ET Q q 0 0 0 rg BT 126.38 333.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.26 333.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.47 333.60 Td ( ) Tj ET Q q 0 0 0 rg BT 161.13 333.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.67 333.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 246.42 333.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.42 333.60 Td (, ) Tj ET Q q 0 0 0 rg BT 271.58 333.60 Td (our ) Tj ET Q q 0 0 0 rg BT 287.57 333.60 Td (provision ) Tj ET Q q 0 0 0 rg BT 328.01 333.60 Td (for ) Tj ET Q q 0 0 0 rg BT 342.34 333.60 Td (income ) Tj ET Q q 0 0 0 rg BT 374.43 333.60 Td (taxes ) Tj ET Q q 0 0 0 rg BT 397.64 333.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.86 333.60 Td ($27.9 ) Tj ET Q q 0 0 0 rg BT 441.02 333.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.91 333.60 Td ( ) Tj ET Q q 0 0 0 rg BT 472.57 333.60 Td (equating ) Tj ET Q q 0 0 0 rg BT 509.67 333.60 Td (to ) Tj ET Q q 0 0 0 rg BT 520.11 333.60 Td (an ) Tj ET Q q 0 0 0 rg BT 532.21 333.60 Td (ef) Tj ET Q q 0 0 0 rg BT 539.80 333.60 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 321.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 59.72 321.60 Td (rate, ) Tj ET Q q 0 0 0 rg BT 79.70 321.60 Td (excluding ) Tj ET Q q 0 0 0 rg BT 121.64 321.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 183.02 321.60 Td (interests, ) Tj ET Q q 0 0 0 rg BT 221.34 321.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.17 321.60 Td (34.9 ) Tj ET Q q 0 0 0 rg BT 252.17 321.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.60 321.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 297.60 Td (For ) Tj ET Q q 0 0 0 rg BT 60.81 297.60 Td (the ) Tj ET Q q 0 0 0 rg BT 74.95 297.60 Td (year ) Tj ET Q q 0 0 0 rg BT 94.08 297.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.88 297.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 177.89 297.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.89 297.60 Td (, ) Tj ET Q q 0 0 0 rg BT 202.31 297.60 Td (our ) Tj ET Q q 0 0 0 rg BT 217.57 297.60 Td (provision ) Tj ET Q q 0 0 0 rg BT 257.27 297.60 Td (for ) Tj ET Q q 0 0 0 rg BT 270.85 297.60 Td (income ) Tj ET Q q 0 0 0 rg BT 302.21 297.60 Td (taxes ) Tj ET Q q 0 0 0 rg BT 324.68 297.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 297.60 Td ($36.0 ) Tj ET Q q 0 0 0 rg BT 366.57 297.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.47 297.60 Td (, ) Tj ET Q q 0 0 0 rg BT 399.89 297.60 Td (equating ) Tj ET Q q 0 0 0 rg BT 436.25 297.60 Td (to ) Tj ET Q q 0 0 0 rg BT 445.95 297.60 Td (an ) Tj ET Q q 0 0 0 rg BT 457.31 297.60 Td (ef) Tj ET Q q 0 0 0 rg BT 464.90 297.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 494.02 297.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 508.16 297.60 Td (rate, ) Tj ET Q q 0 0 0 rg BT 527.57 297.60 Td (excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 285.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 106.38 285.60 Td (interests, ) Tj ET Q q 0 0 0 rg BT 144.71 285.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.54 285.60 Td (36.3 ) Tj ET Q q 0 0 0 rg BT 175.54 285.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.96 285.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 261.60 Td (For ) Tj ET Q q 0 0 0 rg BT 60.94 261.60 Td (the ) Tj ET Q q 0 0 0 rg BT 75.21 261.60 Td (year ) Tj ET Q q 0 0 0 rg BT 94.46 261.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.39 261.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 178.52 261.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.52 261.60 Td (, ) Tj ET Q q 0 0 0 rg BT 203.07 261.60 Td (our ) Tj ET Q q 0 0 0 rg BT 218.44 261.60 Td (provision ) Tj ET Q q 0 0 0 rg BT 258.27 261.60 Td (for ) Tj ET Q q 0 0 0 rg BT 271.98 261.60 Td (income ) Tj ET Q q 0 0 0 rg BT 303.46 261.60 Td (taxes ) Tj ET Q q 0 0 0 rg BT 326.06 261.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.66 261.60 Td ($20.4 ) Tj ET Q q 0 0 0 rg BT 368.21 261.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.10 261.60 Td ( ) Tj ET Q q 0 0 0 rg BT 399.15 261.60 Td (equating ) Tj ET Q q 0 0 0 rg BT 435.63 261.60 Td (to ) Tj ET Q q 0 0 0 rg BT 445.45 261.60 Td (an ) Tj ET Q q 0 0 0 rg BT 456.94 261.60 Td (ef) Tj ET Q q 0 0 0 rg BT 464.53 261.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 493.78 261.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 508.04 261.60 Td (rate, ) Tj ET Q q 0 0 0 rg BT 527.58 261.60 Td (excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 249.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 106.14 249.60 Td (interests, ) Tj ET Q q 0 0 0 rg BT 144.21 249.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.80 249.60 Td (29.0 ) Tj ET Q q 0 0 0 rg BT 174.55 249.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.97 249.60 Td (. ) Tj ET Q q 0 0 0 rg BT 208.73 249.60 Td (In ) Tj ET Q q 0 0 0 rg BT 219.31 249.60 Td (2013, ) Tj ET Q q 0 0 0 rg BT 244.06 249.60 Td (we ) Tj ET Q q 0 0 0 rg BT 257.98 249.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 295.21 249.60 Td (a ) Tj ET Q q 0 0 0 rg BT 301.90 249.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 316.37 249.60 Td (benefit ) Tj ET Q q 0 0 0 rg BT 346.39 249.60 Td (for ) Tj ET Q q 0 0 0 rg BT 360.30 249.60 Td (the ) Tj ET Q q 0 0 0 rg BT 374.77 249.60 Td (full ) Tj ET Q q 0 0 0 rg BT 390.91 249.60 Td (reversal ) Tj ET Q q 0 0 0 rg BT 424.81 249.60 Td (of ) Tj ET Q q 0 0 0 rg BT 435.39 249.60 Td (our ) Tj ET Q q 0 0 0 rg BT 450.98 249.60 Td (U.K ) Tj ET Q q 0 0 0 rg BT 470.17 249.60 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 519.23 249.60 Td (deferred ) Tj ET Q q 0 0 0 rg BT 554.79 249.60 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 237.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 66.94 237.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 106.65 237.60 Td (allowance ) Tj ET Q q 0 0 0 rg BT 149.68 237.60 Td (of ) Tj ET Q q 0 0 0 rg BT 160.51 237.60 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 180.51 237.60 Td (million ) Tj ET Q q 0 0 0 rg BT 211.90 237.60 Td (as ) Tj ET Q q 0 0 0 rg BT 222.73 237.60 Td (we ) Tj ET Q q 0 0 0 rg BT 236.89 237.60 Td (achieved ) Tj ET Q q 0 0 0 rg BT 274.93 237.60 Td (three ) Tj ET Q q 0 0 0 rg BT 297.41 237.60 Td (years ) Tj ET Q q 0 0 0 rg BT 321.01 237.60 Td (of ) Tj ET Q q 0 0 0 rg BT 331.84 237.60 Td (profitability ) Tj ET Q q 0 0 0 rg BT 382.11 237.60 Td (and ) Tj ET Q q 0 0 0 rg BT 399.05 237.60 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 442.63 237.60 Td (future ) Tj ET Q q 0 0 0 rg BT 469.01 237.60 Td (taxable ) Tj ET Q q 0 0 0 rg BT 500.38 237.60 Td (profits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 225.60 Td ( ) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 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 (33) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 717.75 Td (Segment Performance from Continuing Operations) 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 88.54 525.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 124.79 525.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 156.03 525.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 196.72 525.75 Td (income ) Tj ET Q q 0 0 0 rg BT 229.08 525.75 Td (and ) Tj ET Q q 0 0 0 rg BT 246.45 525.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 282.70 525.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 318.95 525.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 350.20 525.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 390.89 525.75 Td (mar) Tj ET Q q 0 0 0 rg BT 406.25 525.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 421.96 525.75 Td (exclude ) Tj ET Q q 0 0 0 rg BT 455.98 525.75 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 470.57 525.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 509.03 525.75 Td (and ) Tj ET Q q 0 0 0 rg BT 526.40 525.75 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.75 Td (related ) Tj ET Q q 0 0 0 rg BT 78.73 513.75 Td (to ) Tj ET Q q 0 0 0 rg BT 88.53 513.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 149.43 513.75 Td (interests, ) Tj ET Q q 0 0 0 rg BT 187.28 513.75 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 200.97 513.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 253.53 513.75 Td (of ) Tj ET Q q 0 0 0 rg BT 263.88 513.75 Td (intangible ) Tj ET Q q 0 0 0 rg BT 305.90 513.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 331.25 513.75 Td (related ) Tj ET Q q 0 0 0 rg BT 360.48 513.75 Td (to ) Tj ET Q q 0 0 0 rg BT 370.28 513.75 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 422.58 513.75 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 436.26 513.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 493.83 513.75 Td (from ) Tj ET Q q 0 0 0 rg BT 515.29 513.75 Td (acquisition-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.75 Td (related ) Tj ET Q q 0 0 0 rg BT 79.39 501.75 Td (agreements ) Tj ET Q q 0 0 0 rg BT 127.61 501.75 Td (and ) Tj ET Q q 0 0 0 rg BT 144.74 501.75 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 159.09 501.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 212.87 501.75 Td (and ) Tj ET Q q 0 0 0 rg BT 230.00 501.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 276.57 501.75 Td (integration ) Tj ET Q q 0 0 0 rg BT 322.58 501.75 Td (costs. ) Tj ET Q q 0 0 0 rg BT 347.77 501.75 Td (For ) Tj ET Q q 0 0 0 rg BT 364.35 501.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 384.83 501.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 411.68 501.75 Td ( ) Tj ET Q q 0 0 0 rg BT 414.37 501.75 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 455.11 501.75 Td (these ) Tj ET Q q 0 0 0 rg BT 478.35 501.75 Td (items ) Tj ET Q q 0 0 0 rg BT 502.70 501.75 Td (are ) Tj ET Q q 0 0 0 rg BT 517.60 501.75 Td (included ) Tj ET Q q 0 0 0 rg BT 554.72 501.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (each ) Tj ET Q q 0 0 0 rg BT 70.32 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 81.15 489.75 Td (their ) Tj ET Q q 0 0 0 rg BT 101.97 489.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 145.00 489.75 Td (line ) Tj ET Q q 0 0 0 rg BT 162.50 489.75 Td (items ) Tj ET Q q 0 0 0 rg BT 186.66 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 199.16 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 213.88 489.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 266.92 489.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 311.63 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 322.46 489.75 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 89.49 465.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 126.69 465.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 158.89 465.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 200.53 465.75 Td (income ) Tj ET Q q 0 0 0 rg BT 233.84 465.75 Td (and ) Tj ET Q q 0 0 0 rg BT 252.16 465.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 289.37 465.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 326.57 465.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 358.77 465.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 400.41 465.75 Td (mar) Tj ET Q q 0 0 0 rg BT 415.77 465.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 432.43 465.75 Td (present ) Tj ET Q q 0 0 0 rg BT 465.19 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 481.28 465.75 Td (segments' ) Tj ET Q q 0 0 0 rg BT 524.18 465.75 Td (results ) Tj ET Q q 0 0 0 rg BT 554.17 465.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 93.07 453.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 134.42 453.75 Td (the ) Tj ET Q q 0 0 0 rg BT 148.54 453.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 177.67 453.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 214.58 453.75 Td (from ) Tj ET Q q 0 0 0 rg BT 235.93 453.75 Td (the ) Tj ET Q q 0 0 0 rg BT 250.06 453.75 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 305.85 453.75 Td (of ) Tj ET Q q 0 0 0 rg BT 316.10 453.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 376.89 453.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 412.13 453.75 Td (in ) Tj ET Q q 0 0 0 rg BT 421.82 453.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 465.93 453.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 487.28 453.75 Td (management ) Tj ET Q q 0 0 0 rg BT 540.29 453.75 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.75 Td (and ) Tj ET Q q 0 0 0 rg BT 65.58 441.75 Td (private ) Tj ET Q q 0 0 0 rg BT 94.99 441.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 121.62 441.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 167.15 441.75 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 204.05 441.75 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 261.81 441.75 Td (of ) Tj ET Q q 0 0 0 rg BT 271.78 441.75 Td (these ) Tj ET Q q 0 0 0 rg BT 293.97 441.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 317.83 441.75 Td (results ) Tj ET Q q 0 0 0 rg BT 345.58 441.75 Td (in ) Tj ET Q q 0 0 0 rg BT 355.00 441.75 Td (the ) Tj ET Q q 0 0 0 rg BT 368.86 441.75 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 407.17 441.75 Td (of ) Tj ET Q q 0 0 0 rg BT 417.14 441.75 Td (the ) Tj ET Q q 0 0 0 rg BT 431.00 441.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 486.52 441.75 Td (share ) Tj ET Q q 0 0 0 rg BT 509.26 441.75 Td (of ) Tj ET Q q 0 0 0 rg BT 519.23 441.75 Td (the ) Tj ET Q q 0 0 0 rg BT 533.09 441.75 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (or ) Tj ET Q q 0 0 0 rg BT 60.96 429.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 79.66 429.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 128.33 429.75 Td (to ) Tj ET Q q 0 0 0 rg BT 139.24 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 154.59 429.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 182.72 429.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 219.18 429.75 Td (in ) Tj ET Q q 0 0 0 rg BT 230.09 429.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 283.77 429.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 309.12 429.75 Td (that ) Tj ET Q q 0 0 0 rg BT 327.25 429.75 Td (are ) Tj ET Q q 0 0 0 rg BT 342.59 429.75 Td (not ) Tj ET Q q 0 0 0 rg BT 358.51 429.75 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 409.68 429.75 Td (either ) Tj ET Q q 0 0 0 rg BT 435.57 429.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 469.25 429.75 Td (or ) Tj ET Q q 0 0 0 rg BT 480.71 429.75 Td (indirectly) Tj ET Q q 0 0 0 rg BT 518.38 429.75 Td (, ) Tj ET Q q 0 0 0 rg BT 524.02 429.75 Td (to ) Tj ET Q q 0 0 0 rg BT 534.93 429.75 Td (us ) Tj ET Q q 0 0 0 rg BT 546.96 429.75 Td (\(i.e. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 111.40 417.75 Td (interests\). ) Tj ET Q q 0 0 0 rg BT 153.36 417.75 Td (This ) Tj ET Q q 0 0 0 rg BT 174.16 417.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 231.05 417.75 Td (share ) Tj ET Q q 0 0 0 rg BT 255.17 417.75 Td (is ) Tj ET Q q 0 0 0 rg BT 264.86 417.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 302.85 417.75 Td (in ) Tj ET Q q 0 0 0 rg BT 313.65 417.75 Td (net ) Tj ET Q q 0 0 0 rg BT 328.88 417.75 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 386.34 417.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 430.45 417.75 Td (to ) Tj ET Q q 0 0 0 rg BT 441.24 417.75 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 503.15 417.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 539.49 417.75 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 417.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.75 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 110.46 405.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 163.65 405.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 208.51 405.75 Td (of ) Tj ET Q q 0 0 0 rg BT 219.49 405.75 Td (operations, ) Tj ET Q q 0 0 0 rg BT 266.29 405.75 Td (and ) Tj ET Q q 0 0 0 rg BT 283.38 405.75 Td (has ) Tj ET Q q 0 0 0 rg BT 299.36 405.75 Td (no ) Tj ET Q q 0 0 0 rg BT 312.01 405.75 Td (ef) Tj ET Q q 0 0 0 rg BT 319.60 405.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 337.23 405.75 Td (on ) Tj ET Q q 0 0 0 rg BT 349.88 405.75 Td (the ) Tj ET Q q 0 0 0 rg BT 364.75 405.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 395.16 405.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 432.79 405.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 485.96 405.75 Td (of ) Tj ET Q q 0 0 0 rg BT 496.94 405.75 Td (the ) Tj ET Q q 0 0 0 rg BT 511.80 405.75 Td (segments, ) Tj ET Q q 0 0 0 rg BT 554.17 405.75 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.75 Td (ultimately) Tj ET Q q 0 0 0 rg BT 89.40 393.75 Td (, ) Tj ET Q q 0 0 0 rg BT 94.35 393.75 Td (this ) Tj ET Q q 0 0 0 rg BT 111.25 393.75 Td (income ) Tj ET Q q 0 0 0 rg BT 143.13 393.75 Td (or ) Tj ET Q q 0 0 0 rg BT 153.91 393.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 171.92 393.75 Td (is ) Tj ET Q q 0 0 0 rg BT 181.04 393.75 Td (not ) Tj ET Q q 0 0 0 rg BT 196.27 393.75 Td (income ) Tj ET Q q 0 0 0 rg BT 228.15 393.75 Td (or ) Tj ET Q q 0 0 0 rg BT 238.93 393.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 256.95 393.75 Td (for ) Tj ET Q q 0 0 0 rg BT 271.06 393.75 Td (the ) Tj ET Q q 0 0 0 rg BT 285.72 393.75 Td (segments ) Tj ET Q q 0 0 0 rg BT 325.39 393.75 Td (themselves. ) Tj ET Q q 0 0 0 rg BT 374.77 393.75 Td (Included ) Tj ET Q q 0 0 0 rg BT 412.21 393.75 Td (in ) Tj ET Q q 0 0 0 rg BT 422.44 393.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 458.21 393.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 493.99 393.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 524.75 393.75 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.75 Td (income ) Tj ET Q q 0 0 0 rg BT 81.24 381.75 Td (and ) Tj ET Q q 0 0 0 rg BT 97.98 381.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 133.62 381.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 169.25 381.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 199.87 381.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 239.94 381.75 Td (mar) Tj ET Q q 0 0 0 rg BT 255.30 381.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 270.39 381.75 Td (is ) Tj ET Q q 0 0 0 rg BT 279.37 381.75 Td (the ) Tj ET Q q 0 0 0 rg BT 293.89 381.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 320.07 381.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 376.24 381.75 Td (share ) Tj ET Q q 0 0 0 rg BT 399.65 381.75 Td (of ) Tj ET Q q 0 0 0 rg BT 410.29 381.75 Td (the ) Tj ET Q q 0 0 0 rg BT 424.81 381.75 Td (income ) Tj ET Q q 0 0 0 rg BT 456.55 381.75 Td (or ) Tj ET Q q 0 0 0 rg BT 467.18 381.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 485.05 381.75 Td (attributable ) Tj ET Q q 0 0 0 rg BT 532.90 381.75 Td (to ) Tj ET Q q 0 0 0 rg BT 542.98 381.75 Td (us ) Tj ET Q q 0 0 0 rg BT 554.18 381.75 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.75 Td (an ) Tj ET Q q 0 0 0 rg BT 61.44 369.75 Td (investor ) Tj ET Q q 0 0 0 rg BT 96.16 369.75 Td (in ) Tj ET Q q 0 0 0 rg BT 106.43 369.75 Td (such ) Tj ET Q q 0 0 0 rg BT 127.26 369.75 Td (funds. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.75 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 87.39 345.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 122.49 345.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 152.59 345.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 192.13 345.75 Td (income ) Tj ET Q q 0 0 0 rg BT 223.34 345.75 Td (and ) Tj ET Q q 0 0 0 rg BT 239.56 345.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 274.66 345.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 309.77 345.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 339.86 345.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 379.40 345.75 Td (mar) Tj ET Q q 0 0 0 rg BT 394.77 345.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 409.33 345.75 Td (also ) Tj ET Q q 0 0 0 rg BT 427.21 345.75 Td (exclude ) Tj ET Q q 0 0 0 rg BT 460.09 345.75 Td (amortization ) Tj ET Q q 0 0 0 rg BT 512.40 345.75 Td (of ) Tj ET Q q 0 0 0 rg BT 522.51 345.75 Td (intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 74.71 333.75 Td (and ) Tj ET Q q 0 0 0 rg BT 91.03 333.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 148.45 333.75 Td (from ) Tj ET Q q 0 0 0 rg BT 169.76 333.75 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 246.06 333.75 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 295.83 333.75 Td (These ) Tj ET Q q 0 0 0 rg BT 321.59 333.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 357.35 333.75 Td (are ) Tj ET Q q 0 0 0 rg BT 371.44 333.75 Td (excluded ) Tj ET Q q 0 0 0 rg BT 409.41 333.75 Td (on ) Tj ET Q q 0 0 0 rg BT 421.29 333.75 Td (a ) Tj ET Q q 0 0 0 rg BT 427.61 333.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 472.79 333.75 Td ( ) Tj ET Q q 0 0 0 rg BT 474.67 333.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 496.55 333.75 Td (as ) Tj ET Q q 0 0 0 rg BT 506.76 333.75 Td (they ) Tj ET Q q 0 0 0 rg BT 525.86 333.75 Td (represent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 87.09 321.75 Td (specifically ) Tj ET Q q 0 0 0 rg BT 134.66 321.75 Td (related ) Tj ET Q q 0 0 0 rg BT 163.35 321.75 Td (to ) Tj ET Q q 0 0 0 rg BT 172.62 321.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 221.88 321.75 Td (that ) Tj ET Q q 0 0 0 rg BT 238.37 321.75 Td (will ) Tj ET Q q 0 0 0 rg BT 255.41 321.75 Td (eventually ) Tj ET Q q 0 0 0 rg BT 298.55 321.75 Td (be ) Tj ET Q q 0 0 0 rg BT 309.48 321.75 Td (fully ) Tj ET Q q 0 0 0 rg BT 329.85 321.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 371.32 321.75 Td (and ) Tj ET Q q 0 0 0 rg BT 387.25 321.75 Td (therefore ) Tj ET Q q 0 0 0 rg BT 424.82 321.75 Td (not ) Tj ET Q q 0 0 0 rg BT 439.09 321.75 Td (part ) Tj ET Q q 0 0 0 rg BT 456.12 321.75 Td (of ) Tj ET Q q 0 0 0 rg BT 465.94 321.75 Td (our ) Tj ET Q q 0 0 0 rg BT 480.76 321.75 Td (on-going ) Tj ET Q q 0 0 0 rg BT 518.35 321.75 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.81 309.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 121.68 309.75 Td (and ) Tj ET Q q 0 0 0 rg BT 138.88 309.75 Td (integration ) Tj ET Q q 0 0 0 rg BT 184.97 309.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 207.74 309.75 Td (excluded ) Tj ET Q q 0 0 0 rg BT 246.60 309.75 Td (from ) Tj ET Q q 0 0 0 rg BT 268.80 309.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 304.90 309.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 340.99 309.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 372.07 309.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 412.60 309.75 Td (income ) Tj ET Q q 0 0 0 rg BT 444.81 309.75 Td (and ) Tj ET Q q 0 0 0 rg BT 462.01 309.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 498.10 309.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 534.20 309.75 Td (pre-tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.16 297.75 Td (mar) Tj ET Q q 0 0 0 rg BT 104.53 297.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 119.21 297.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 157.75 297.75 Td (char) Tj ET Q q 0 0 0 rg BT 174.78 297.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 190.01 297.75 Td (that ) Tj ET Q q 0 0 0 rg BT 206.90 297.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 240.46 297.75 Td (from ) Tj ET Q q 0 0 0 rg BT 261.79 297.75 Td (severance ) Tj ET Q q 0 0 0 rg BT 303.11 297.75 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 339.16 297.75 Td (vacating ) Tj ET Q q 0 0 0 rg BT 374.93 297.75 Td (redundant ) Tj ET Q q 0 0 0 rg BT 416.82 297.75 Td (of) Tj ET Q q 0 0 0 rg BT 424.97 297.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 441.85 297.75 Td (space ) Tj ET Q q 0 0 0 rg BT 465.96 297.75 Td (and ) Tj ET Q q 0 0 0 rg BT 482.30 297.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 516.40 297.75 Td (termination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.75 Td (costs. ) Tj ET Q q 0 0 0 rg BT 75.40 285.75 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 133.22 285.75 Td (and ) Tj ET Q q 0 0 0 rg BT 151.06 285.75 Td (integration ) Tj ET Q q 0 0 0 rg BT 197.77 285.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 221.17 285.75 Td (are ) Tj ET Q q 0 0 0 rg BT 236.77 285.75 Td (excluded ) Tj ET Q q 0 0 0 rg BT 276.26 285.75 Td (from ) Tj ET Q q 0 0 0 rg BT 299.09 285.75 Td (our ) Tj ET Q q 0 0 0 rg BT 315.82 285.75 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 361.00 285.75 Td ( ) Tj ET Q q 0 0 0 rg BT 364.40 285.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 402.77 285.75 Td (measures ) Tj ET Q q 0 0 0 rg BT 443.38 285.75 Td (as ) Tj ET Q q 0 0 0 rg BT 455.10 285.75 Td (they ) Tj ET Q q 0 0 0 rg BT 475.71 285.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 516.31 285.75 Td (relate ) Tj ET Q q 0 0 0 rg BT 541.91 285.75 Td (to ) Tj ET Q q 0 0 0 rg BT 553.08 285.75 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 94.89 273.75 Td (or ) Tj ET Q q 0 0 0 rg BT 104.73 273.75 Td (a ) Tj ET Q q 0 0 0 rg BT 110.68 273.75 Td (specific ) Tj ET Q q 0 0 0 rg BT 143.29 273.75 Td (event ) Tj ET Q q 0 0 0 rg BT 166.45 273.75 Td (and ) Tj ET Q q 0 0 0 rg BT 182.40 273.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 223.34 273.75 Td (these ) Tj ET Q q 0 0 0 rg BT 245.40 273.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 280.80 273.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 316.75 273.75 Td (a ) Tj ET Q q 0 0 0 rg BT 322.69 273.75 Td (better ) Tj ET Q q 0 0 0 rg BT 346.97 273.75 Td (understanding ) Tj ET Q q 0 0 0 rg BT 405.13 273.75 Td (of ) Tj ET Q q 0 0 0 rg BT 414.97 273.75 Td (our ) Tj ET Q q 0 0 0 rg BT 429.81 273.75 Td (core ) Tj ET Q q 0 0 0 rg BT 448.53 273.75 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 523.91 273.75 Td (expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 104.12 261.75 Td (believes ) Tj ET Q q 0 0 0 rg BT 139.31 261.75 Td (that ) Tj ET Q q 0 0 0 rg BT 156.73 261.75 Td (presenting ) Tj ET Q q 0 0 0 rg BT 200.80 261.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 236.55 261.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 272.30 261.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 303.04 261.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 343.22 261.75 Td (income ) Tj ET Q q 0 0 0 rg BT 375.08 261.75 Td (and ) Tj ET Q q 0 0 0 rg BT 391.94 261.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 427.68 261.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 463.43 261.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 494.17 261.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 534.35 261.75 Td (mar) Tj ET Q q 0 0 0 rg BT 549.72 261.75 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.75 Td (excluding ) Tj ET Q q 0 0 0 rg BT 90.77 249.75 Td (the ) Tj ET Q q 0 0 0 rg BT 104.83 249.75 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 181.09 249.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 216.81 249.75 Td (and ) Tj ET Q q 0 0 0 rg BT 233.09 249.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 286.03 249.75 Td (and ) Tj ET Q q 0 0 0 rg BT 302.31 249.75 Td (integration ) Tj ET Q q 0 0 0 rg BT 347.47 249.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 369.31 249.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 405.59 249.75 Td (clarity ) Tj ET Q q 0 0 0 rg BT 432.97 249.75 Td (on ) Tj ET Q q 0 0 0 rg BT 444.81 249.75 Td (the ) Tj ET Q q 0 0 0 rg BT 458.87 249.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 495.69 249.75 Td (results ) Tj ET Q q 0 0 0 rg BT 523.64 249.75 Td (generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (by ) Tj ET Q q 0 0 0 rg BT 62.00 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 237.75 Td (core ) Tj ET Q q 0 0 0 rg BT 96.42 237.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 136.69 237.75 Td (components ) Tj ET Q q 0 0 0 rg BT 187.51 237.75 Td (of ) Tj ET Q q 0 0 0 rg BT 198.34 237.75 Td (our ) Tj ET Q q 0 0 0 rg BT 214.17 237.75 Td (business. ) 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 /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 67.36 693.60 Td (following ) Tj ET Q q 0 0 0 rg BT 108.56 693.60 Td (table ) Tj ET Q q 0 0 0 rg BT 130.31 693.60 Td (sets ) Tj ET Q q 0 0 0 rg BT 147.62 693.60 Td (forth ) Tj ET Q q 0 0 0 rg BT 169.37 693.60 Td (the ) Tj ET Q q 0 0 0 rg BT 183.90 693.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 215.10 693.60 Td (Markets ) Tj ET Q q 0 0 0 rg BT 250.18 693.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 285.82 693.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 321.46 693.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 358.75 693.60 Td (results ) Tj ET Q q 0 0 0 rg BT 387.17 693.60 Td (from ) Tj ET Q q 0 0 0 rg BT 408.93 693.60 Td (continuing ) Tj ET Q q 0 0 0 rg BT 454.01 693.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 497.98 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 514.73 693.60 Td (adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.60 Td (necessary ) Tj ET Q q 0 0 0 rg BT 91.66 681.60 Td (to ) Tj ET Q q 0 0 0 rg BT 102.73 681.60 Td (reconcile ) Tj ET Q q 0 0 0 rg BT 142.66 681.60 Td (to ) Tj ET Q q 0 0 0 rg BT 153.73 681.60 Td (our ) Tj ET Q q 0 0 0 rg BT 170.35 681.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 224.18 681.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 245.26 681.60 Td (GAAP) Tj ET Q q 0 0 0 rg BT 272.11 681.60 Td ( ) Tj ET Q q 0 0 0 rg BT 275.40 681.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 307.01 681.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 348.06 681.60 Td (income ) Tj ET Q q 0 0 0 rg BT 380.79 681.60 Td (and ) Tj ET Q q 0 0 0 rg BT 398.52 681.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 430.13 681.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 471.18 681.60 Td (mar) Tj ET Q q 0 0 0 rg BT 486.55 681.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 502.62 681.60 Td (for ) Tj ET Q q 0 0 0 rg BT 517.57 681.60 Td (the ) Tj ET Q q 0 0 0 rg BT 533.07 681.60 Td (periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.60 Td (presented: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 599.10 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.00 599.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 599.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 599.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 599.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 599.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 599.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 599.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 599.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 599.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 599.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 599.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 599.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 599.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 599.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 599.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 575.10 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.00 575.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 575.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 575.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 575.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 575.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 575.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 575.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 575.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 575.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 575.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 575.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 575.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 575.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 575.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 575.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 551.10 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.00 551.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 551.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 551.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 551.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 551.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 551.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 551.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 551.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 551.10 45.00 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0.9333333333333333 1 rg /GS0 gs 345.00 263.10 6.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 263.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 263.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 263.10 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 263.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 263.10 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 263.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 263.10 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 134 647.1 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 345 647.1 m 351 647.1 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 134 635.1 m 179 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179 635.1 m 183 635.1 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 295 635.1 m 299 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 635.1 m 345 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 635.1 m 396 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 635.1 m 400 635.1 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 512 635.1 m 516 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 635.1 m 562 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 623.1 m 241 623.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 623.1 m 245 623.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 623.1 m 295 623.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 623.1 m 458 623.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 623.1 m 462 623.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 623.1 m 512 623.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 599.1 m 179 599.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 599.1 m 241 599.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 599.1 m 295 599.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 599.1 m 345 599.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 599.1 m 396 599.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 599.1 m 458 599.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 599.1 m 512 599.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 599.1 m 562 599.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 539.1 m 179 539.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 539.1 m 241 539.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 539.1 m 295 539.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 539.1 m 345 539.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 539.1 m 396 539.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 539.1 m 458 539.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 539.1 m 512 539.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 539.1 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 134 463.1 m 179 463.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 463.1 m 241 463.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 463.1 m 295 463.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 463.1 m 345 463.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 463.1 m 396 463.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 463.1 m 458 463.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 463.1 m 512 463.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 463.1 m 562 463.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 355.1 m 179 355.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 355.1 m 241 355.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 355.1 m 295 355.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 355.1 m 345 355.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 355.1 m 396 355.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 355.1 m 458 355.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 355.1 m 512 355.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 355.1 m 562 355.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 307.1 m 179 307.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 307.1 m 241 307.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 307.1 m 295 307.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 307.1 m 345 307.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 307.1 m 396 307.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 307.1 m 458 307.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 307.1 m 512 307.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 307.1 m 562 307.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 276.1 m 179 276.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 274.1 m 179 274.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 276.1 m 241 276.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 274.1 m 241 274.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 276.1 m 295 276.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 274.1 m 295 274.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 276.1 m 345 276.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 274.1 m 345 274.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 276.1 m 396 276.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 274.1 m 396 274.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 276.1 m 458 276.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 274.1 m 458 274.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 276.1 m 512 276.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 274.1 m 512 274.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 276.1 m 562 276.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 274.1 m 562 274.1 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.20 651.18 Td (Year Ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 231.00 639.18 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 639.18 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 211.05 627.18 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.05 627.18 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 147.25 615.18 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.75 615.18 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.35 615.18 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.35 615.18 Td (U.S.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.25 615.18 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.75 615.18 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.35 615.18 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.35 615.18 Td (U.S.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 603.05 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 140.40 603.18 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.65 603.18 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 247.70 603.18 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.35 603.18 Td (GAAP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.40 603.18 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.65 603.18 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.70 603.18 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.35 603.18 Td (GAAP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 591.05 Td (Investment banking) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 579.05 Td (Financing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 567.05 Td (Equities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.50 567.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 567.05 Td (114,468) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.50 567.05 Td ($) 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 247.50 567.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 567.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.50 567.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 567.05 Td (114,468) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 567.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 567.05 Td (109,706) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 567.05 Td ($) 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 464.50 567.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 567.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 567.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 567.05 Td (109,706) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 555.05 Td (Debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 555.05 Td (91,195) 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 315.75 555.05 Td (91,195) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 555.05 Td (63,005) 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 532.75 555.05 Td (63,005) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 543.05 Td (Advisory services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 543.05 Td (209,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 543.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 543.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 543.05 Td (209,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 543.05 Td (197,880) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 543.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 543.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 543.05 Td (197,880) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 531.05 Td (Total investment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 523.05 Td (banking) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 523.35 Td (414,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 523.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 523.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 523.35 Td (414,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 523.35 Td (370,591) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 523.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 523.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 523.35 Td (370,591) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 499.05 Td (Institutional sales and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 491.05 Td (trading) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 479.05 Td (Equities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 479.05 Td (78,584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 479.05 Td () 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 (78,584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 479.05 Td (82,211) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 479.05 Td () 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 (82,211) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 467.05 Td (Fixed income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 467.05 Td (93,489) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.80 467.05 Td (816) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 467.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 467.05 Td (94,305) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 467.05 Td (92,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 467.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 467.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 467.05 Td (92,200) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 455.05 Td (Total institutional sales) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 447.05 Td (and trading) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 447.35 Td (172,073) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.80 447.35 Td (816) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 447.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 447.35 Td (172,889) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 447.35 Td (174,411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 447.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 447.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 447.35 Td (174,411) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 423.05 Td (Total management and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 415.05 Td (performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 153.75 415.35 Td (4,642) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 415.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 415.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.75 415.35 Td (4,642) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.75 415.35 Td (5,398) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 415.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 415.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 415.35 Td (5,398) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 391.05 Td (Investment income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 391.05 Td (15,474) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 391.05 Td (8,994) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 391.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 391.05 Td (24,468) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.75 391.05 Td (8,347) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.80 391.05 Td (15,699) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 391.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 391.05 Td (24,046) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 367.05 Td (Long-term financing) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 359.05 Td (expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.10 359.35 Td (\(7,494) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.80 359.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 359.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 359.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.10 359.35 Td (\(7,494) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.80 359.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.10 359.35 Td (\(6,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 359.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 359.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 359.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 359.35 Td (\(6,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 359.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 335.05 Td (Net revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 335.05 Td (599,521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 335.05 Td (9,810) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 335.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 335.05 Td (609,331) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 335.05 Td (552,092) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.80 335.05 Td (15,699) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 335.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 335.05 Td (567,791) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 311.05 Td (Operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 311.05 Td (511,241) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 311.05 Td (3,403) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.75 311.05 Td (16,293) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 311.05 Td (530,937) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 311.05 Td (467,198) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 311.05 Td (4,546) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.75 311.05 Td (6,917) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 311.05 Td (478,661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 287.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 279.05 Td (operating income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.50 279.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 279.35 Td (88,280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.50 279.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 279.35 Td (6,407) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.50 279.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 267.10 279.35 Td (\(16,293) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.80 279.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.50 279.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 279.35 Td (78,394) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 279.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 279.35 Td (84,894) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 279.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.80 279.35 Td (11,153) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.50 279.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.10 279.35 Td (\(6,917) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.80 279.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 279.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 279.35 Td (89,130) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 255.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 247.05 Td (operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 157.75 247.35 Td (14.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.80 247.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.75 247.35 Td (12.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.80 247.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 247.35 Td (15.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 247.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 247.35 Td (15.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 247.35 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 231.00 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 231.00 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 231.00 Td (The ) Tj ET Q q 0 0 0 rg BT 81.94 231.00 Td (following ) Tj ET Q q 0 0 0 rg BT 114.61 231.00 Td (is ) Tj ET Q q 0 0 0 rg BT 122.38 231.00 Td (a ) Tj ET Q q 0 0 0 rg BT 128.82 231.00 Td (summary ) Tj ET Q q 0 0 0 rg BT 160.59 231.00 Td (of ) Tj ET Q q 0 0 0 rg BT 169.25 231.00 Td (the ) Tj ET Q q 0 0 0 rg BT 181.47 231.00 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 222.13 231.00 Td (needed ) Tj ET Q q 0 0 0 rg BT 247.22 231.00 Td (to ) Tj ET Q q 0 0 0 rg BT 255.88 231.00 Td (r) Tj ET Q q 0 0 0 rg BT 258.70 231.00 Td (econcile ) Tj ET Q q 0 0 0 rg BT 287.79 231.00 Td (our ) Tj ET Q q 0 0 0 rg BT 301.34 231.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 344.66 231.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 360.88 231.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 381.17 231.00 Td ( ) Tj ET Q q 0 0 0 rg BT 383.61 231.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 412.27 231.00 Td (pr) Tj ET Q q 0 0 0 rg BT 419.08 231.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 437.51 231.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 471.06 231.00 Td (income ) Tj ET Q q 0 0 0 rg BT 496.60 231.00 Td (and ) Tj ET Q q 0 0 0 rg BT 511.04 231.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 539.69 231.00 Td (pr) Tj ET Q q 0 0 0 rg BT 546.51 231.00 Td (e-tax ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 221.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 100.61 221.40 Td (mar) Tj ET Q q 0 0 0 rg BT 113.20 221.40 Td (gin ) Tj ET Q q 0 0 0 rg BT 125.43 221.40 Td (to ) Tj ET Q q 0 0 0 rg BT 133.65 221.40 Td (the ) Tj ET Q q 0 0 0 rg BT 145.42 221.40 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 174.53 221.40 Td (segment ) Tj ET Q q 0 0 0 rg BT 202.75 221.40 Td (pr) Tj ET Q q 0 0 0 rg BT 209.56 221.40 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 227.55 221.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 260.66 221.40 Td (income ) Tj ET Q q 0 0 0 rg BT 285.76 221.40 Td (and ) Tj ET Q q 0 0 0 rg BT 299.76 221.40 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 328.87 221.40 Td (segment ) Tj ET Q q 0 0 0 rg BT 357.09 221.40 Td (pr) Tj ET Q q 0 0 0 rg BT 363.90 221.40 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 381.89 221.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 415.00 221.40 Td (mar) Tj ET Q q 0 0 0 rg BT 427.59 221.40 Td (gin: ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 208.80 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 97.43 208.80 Td (olling ) Tj ET Q q 0 0 0 rg BT 118.33 208.80 Td (inter) Tj ET Q q 0 0 0 rg BT 133.14 208.80 Td (ests ) Tj ET Q q 0 0 0 rg BT 147.38 208.80 Td ( ) Tj ET Q q 0 0 0 rg BT 153.61 208.80 Td (The ) Tj ET Q q 0 0 0 rg BT 167.85 208.80 Td (impacts ) Tj ET Q q 0 0 0 rg BT 194.97 208.80 Td (of ) Tj ET Q q 0 0 0 rg BT 203.43 208.80 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 249.22 208.80 Td (noncontr) Tj ET Q q 0 0 0 rg BT 277.81 208.80 Td (olling ) Tj ET Q q 0 0 0 rg BT 298.71 208.80 Td (inter) Tj ET Q q 0 0 0 rg BT 313.52 208.80 Td (ests ) Tj ET Q q 0 0 0 rg BT 327.76 208.80 Td (in ) Tj ET Q q 0 0 0 rg BT 336.22 208.80 Td (our ) Tj ET Q q 0 0 0 rg BT 349.57 208.80 Td (alternative ) Tj ET Q q 0 0 0 rg BT 386.46 208.80 Td (asset ) Tj ET Q q 0 0 0 rg BT 404.69 208.80 Td (management ) Tj ET Q q 0 0 0 rg BT 447.81 208.80 Td (funds ) Tj ET Q q 0 0 0 rg BT 467.38 208.80 Td (and ) Tj ET Q q 0 0 0 rg BT 481.61 208.80 Td (private ) Tj ET Q q 0 0 0 rg BT 506.51 208.80 Td (equity ) Tj ET Q q 0 0 0 rg BT 528.29 208.80 Td (investment ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 199.20 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 95.26 199.20 Td (ar) Tj ET Q q 0 0 0 rg BT 102.08 199.20 Td (e ) Tj ET Q q 0 0 0 rg BT 107.63 199.20 Td (not ) Tj ET Q q 0 0 0 rg BT 119.85 199.20 Td (included ) Tj ET Q q 0 0 0 rg BT 149.40 199.20 Td (in ) Tj ET Q q 0 0 0 rg BT 157.62 199.20 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 186.73 199.20 Td (segment ) Tj ET Q q 0 0 0 rg BT 214.95 199.20 Td (pr) Tj ET Q q 0 0 0 rg BT 221.76 199.20 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 239.75 199.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 272.86 199.20 Td (income ) Tj ET Q q 0 0 0 rg BT 297.96 199.20 Td (and ) Tj ET Q q 0 0 0 rg BT 311.96 199.20 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 341.07 199.20 Td (segment ) Tj ET Q q 0 0 0 rg BT 369.29 199.20 Td (pr) Tj ET Q q 0 0 0 rg BT 376.10 199.20 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 394.09 199.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 427.20 199.20 Td (mar) Tj ET Q q 0 0 0 rg BT 439.79 199.20 Td (gin. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 186.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 87.32 186.60 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 127.67 186.60 Td ( ) Tj ET Q q 0 0 0 rg BT 132.91 186.60 Td (The ) Tj ET Q q 0 0 0 rg BT 146.15 186.60 Td (following ) Tj ET Q q 0 0 0 rg BT 177.62 186.60 Td (table ) Tj ET Q q 0 0 0 rg BT 194.85 186.60 Td (sets ) Tj ET Q q 0 0 0 rg BT 208.09 186.60 Td (forth ) Tj ET Q q 0 0 0 rg BT 224.89 186.60 Td (the ) Tj ET Q q 0 0 0 rg BT 235.91 186.60 Td (items ) Tj ET Q q 0 0 0 rg BT 254.04 186.60 Td (not ) Tj ET Q q 0 0 0 rg BT 265.50 186.60 Td (included ) Tj ET Q q 0 0 0 rg BT 294.29 186.60 Td (in ) Tj ET Q q 0 0 0 rg BT 301.75 186.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 330.10 186.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 357.56 186.60 Td (pr) Tj ET Q q 0 0 0 rg BT 364.38 186.60 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 381.61 186.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 413.96 186.60 Td (income ) Tj ET Q q 0 0 0 rg BT 438.30 186.60 Td (and ) Tj ET Q q 0 0 0 rg BT 451.54 186.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 479.89 186.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 507.35 186.60 Td (pr) Tj ET Q q 0 0 0 rg BT 514.16 186.60 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 531.39 186.60 Td (operating ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 177.00 Td (mar) Tj ET Q q 0 0 0 rg BT 80.09 177.00 Td (gin ) Tj ET Q q 0 0 0 rg BT 92.32 177.00 Td (for ) Tj ET Q q 0 0 0 rg BT 103.65 177.00 Td (the ) Tj ET Q q 0 0 0 rg BT 115.43 177.00 Td (periods ) Tj ET Q q 0 0 0 rg BT 141.43 177.00 Td (pr) Tj ET Q q 0 0 0 rg BT 148.24 177.00 Td (esented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 146.50 344.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 146.50 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 146.50 11.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 146.50 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 126.50 344.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 126.50 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 126.50 11.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 126.50 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 412 156.5 m 482 156.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 156.5 m 493 156.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 156.5 m 563 156.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 146.5 m 482 146.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 146.5 m 563 146.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 146.5 m 482 146.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 146.5 m 563 146.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 116.5 m 563 116.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 116.5 m 482 116.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 107.5 m 482 107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 105.5 m 482 105.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 116.5 m 563 116.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 107.5 m 563 107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 105.5 m 563 105.5 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 444.30 158.63 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 148.50 Td (\(Dollars ) Tj ET Q q 0 0 0 rg BT 99.61 148.50 Td (in ) Tj ET Q q 0 0 0 rg BT 107.84 148.50 Td (thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 438.50 148.63 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 148.63 Td (2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 138.50 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 118.72 138.50 Td (fr) Tj ET Q q 0 0 0 rg BT 123.91 138.50 Td (om ) Tj ET Q q 0 0 0 rg BT 135.54 138.50 Td (acquisition-r) Tj ET Q q 0 0 0 rg BT 176.72 138.50 Td (elated ) Tj ET Q q 0 0 0 rg BT 198.12 138.50 Td (agr) Tj ET Q q 0 0 0 rg BT 209.09 138.50 Td (eements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.50 138.50 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 138.50 Td (4,019) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 138.50 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 138.50 Td (3,945) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 128.50 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 116.50 128.50 Td (and ) Tj ET Q q 0 0 0 rg BT 130.50 128.50 Td (integration ) Tj ET Q q 0 0 0 rg BT 168.05 128.50 Td (costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.80 128.50 Td (10,652) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.65 128.50 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 118.50 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 114.28 118.50 Td (of ) Tj ET Q q 0 0 0 rg BT 122.50 118.50 Td (intangible ) Tj ET Q q 0 0 0 rg BT 156.95 118.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 178.06 118.50 Td (r) Tj ET Q q 0 0 0 rg BT 180.88 118.50 Td (elated ) Tj ET Q q 0 0 0 rg BT 202.42 118.50 Td (to ) Tj ET Q q 0 0 0 rg BT 210.64 118.50 Td (acquisitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 118.50 Td (1,622) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 118.50 Td (2,972) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.50 108.50 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.80 108.50 Td (16,293) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 108.50 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 108.50 Td (6,917) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.00 Td (Capital ) Tj ET Q q 0 0 0 rg BT 80.94 83.00 Td (Markets ) Tj ET Q q 0 0 0 rg BT 116.26 83.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 152.14 83.00 Td (net ) Tj ET Q q 0 0 0 rg BT 166.92 83.00 Td (revenues ) Tj ET Q q 0 0 0 rg BT 205.01 83.00 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.32 83.00 Td (8.6 ) Tj ET Q q 0 0 0 rg BT 260.38 83.00 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.80 83.00 Td ( ) Tj ET Q q 0 0 0 rg BT 292.36 83.00 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.69 83.00 Td ($599.5 ) Tj ET Q q 0 0 0 rg BT 332.75 83.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.64 83.00 Td ( ) Tj ET Q q 0 0 0 rg BT 364.19 83.00 Td (for ) Tj ET Q q 0 0 0 rg BT 378.41 83.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.18 83.00 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.39 83.00 Td ( ) Tj ET Q q 0 0 0 rg BT 412.95 83.00 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.38 83.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 498.02 83.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.02 83.00 Td (, ) Tj ET Q q 0 0 0 rg BT 523.08 83.00 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.00 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.78 71.00 Td ($552.1 ) Tj ET Q q 0 0 0 rg BT 99.78 71.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.67 71.00 Td ( ) Tj ET Q q 0 0 0 rg BT 131.17 71.00 Td (in ) Tj ET Q q 0 0 0 rg BT 141.45 71.00 Td (the ) Tj ET Q q 0 0 0 rg BT 156.17 71.00 Td (prior) Tj ET Q q 0 0 0 rg BT 175.40 71.00 Td (-year ) Tj ET Q q 0 0 0 rg BT 198.44 71.00 Td (period.) 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 /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 59.67 657.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.67 657.60 Td (, ) Tj ET Q q 0 0 0 rg BT 84.01 657.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 129.73 657.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 163.79 657.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 201.17 657.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.76 657.60 Td (1) Tj ET Q q 0 0 0 rg BT 245.39 657.60 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 259.73 657.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 290.99 657.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.61 657.60 Td ($414.8 ) Tj ET Q q 0 0 0 rg BT 329.95 657.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.84 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 360.68 657.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 401.94 657.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.56 657.60 Td ($370.6 ) Tj ET Q q 0 0 0 rg BT 450.90 657.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.79 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 481.63 657.60 Td (in ) Tj ET Q q 0 0 0 rg BT 491.25 657.60 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 77.49 645.60 Td (of ) Tj ET Q q 0 0 0 rg BT 88.26 645.60 Td (the ) Tj ET Q q 0 0 0 rg BT 102.92 645.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 124.79 645.60 Td (year) Tj ET Q q 0 0 0 rg BT 141.60 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 146.54 645.60 Td (due ) Tj ET Q q 0 0 0 rg BT 163.42 645.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 203.07 645.60 Td (to ) Tj ET Q q 0 0 0 rg BT 213.29 645.60 Td (strong ) Tj ET Q q 0 0 0 rg BT 240.73 645.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 260.39 645.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 300.59 645.60 Td (and ) Tj ET Q q 0 0 0 rg BT 317.47 645.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 354.35 645.60 Td (services ) Tj ET Q q 0 0 0 rg BT 389.00 645.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 429.48 645.60 Td (For ) Tj ET Q q 0 0 0 rg BT 445.81 645.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.46 645.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.67 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 480.11 645.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.43 645.60 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 74.53 633.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 102.06 633.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 142.36 633.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 180.43 633.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.40 633.60 Td ($1) Tj ET Q q 0 0 0 rg BT 212.02 633.60 Td (14.5 ) Tj ET Q q 0 0 0 rg BT 232.06 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.95 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 265.98 633.60 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.52 633.60 Td (4.3 ) Tj ET Q q 0 0 0 rg BT 293.55 633.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.98 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 325.51 633.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 367.47 633.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.78 633.60 Td ($109.7 ) Tj ET Q q 0 0 0 rg BT 417.82 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.71 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 449.24 633.60 Td (in ) Tj ET Q q 0 0 0 rg BT 459.55 633.60 Td (the ) Tj ET Q q 0 0 0 rg BT 474.30 633.60 Td (prior) Tj ET Q q 0 0 0 rg BT 493.54 633.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 516.61 633.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 547.20 633.60 Td (as ) Tj ET Q q 0 0 0 rg BT 558.06 633.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.60 Td (result ) Tj ET Q q 0 0 0 rg BT 74.99 621.60 Td (of ) Tj ET Q q 0 0 0 rg BT 86.60 621.60 Td (more ) Tj ET Q q 0 0 0 rg BT 110.43 621.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 155.36 621.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 206.40 621.60 Td (and ) Tj ET Q q 0 0 0 rg BT 224.11 621.60 Td (slightly ) Tj ET Q q 0 0 0 rg BT 257.40 621.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 286.22 621.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 321.14 621.60 Td (per ) Tj ET Q q 0 0 0 rg BT 337.19 621.60 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 386.60 621.60 Td (W) Tj ET Q q 0 0 0 rg BT 395.24 621.60 Td (e ) Tj ET Q q 0 0 0 rg BT 402.96 621.60 Td (were ) Tj ET Q q 0 0 0 rg BT 425.66 621.60 Td (book ) Tj ET Q q 0 0 0 rg BT 448.94 621.60 Td (runner ) Tj ET Q q 0 0 0 rg BT 478.32 621.60 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.60 621.60 Td (70 ) Tj ET Q q 0 0 0 rg BT 504.87 621.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.30 621.60 Td ( ) Tj ET Q q 0 0 0 rg BT 537.58 621.60 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 621.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 100.38 609.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.28 609.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.28 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 134.40 609.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 176.94 609.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.83 609.60 Td (52 ) Tj ET Q q 0 0 0 rg BT 200.95 609.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.37 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 233.49 609.60 Td (in ) Tj ET Q q 0 0 0 rg BT 244.39 609.60 Td (the ) Tj ET Q q 0 0 0 rg BT 259.72 609.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 282.28 609.60 Td (year) Tj ET Q q 0 0 0 rg BT 298.93 609.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.55 609.60 Td (During) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.88 609.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 609.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 609.60 Td (, ) Tj ET Q q 0 0 0 rg BT 361.62 609.60 Td (we ) Tj ET Q q 0 0 0 rg BT 376.39 609.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.16 609.60 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.16 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 434.28 609.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 462.39 609.60 Td (financings, ) Tj ET Q q 0 0 0 rg BT 509.67 609.60 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 609.60 Td ($17.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.61 597.60 Td ( ) Tj ET Q q 0 0 0 rg BT 77.11 597.60 Td (for ) Tj ET Q q 0 0 0 rg BT 90.27 597.60 Td (our ) Tj ET Q q 0 0 0 rg BT 105.10 597.60 Td (clients, ) Tj ET Q q 0 0 0 rg BT 135.21 597.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 176.13 597.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.41 597.60 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.41 597.60 Td ( ) Tj ET Q q 0 0 0 rg BT 206.91 597.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 233.41 597.60 Td (financings, ) Tj ET Q q 0 0 0 rg BT 279.06 597.60 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.78 597.60 Td ($20.5 ) Tj ET Q q 0 0 0 rg BT 331.78 597.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.90 597.60 Td ( ) Tj ET Q q 0 0 0 rg BT 359.40 597.60 Td (for ) Tj ET Q q 0 0 0 rg BT 372.56 597.60 Td (our ) Tj ET Q q 0 0 0 rg BT 387.39 597.60 Td (clients ) Tj ET Q q 0 0 0 rg BT 414.99 597.60 Td (in ) Tj ET Q q 0 0 0 rg BT 424.27 597.60 Td (the ) Tj ET Q q 0 0 0 rg BT 437.99 597.60 Td (year) Tj ET Q q 0 0 0 rg BT 454.99 597.60 Td (-ago ) Tj ET Q q 0 0 0 rg BT 474.26 597.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 503.81 597.60 Td (Debt ) Tj ET Q q 0 0 0 rg BT 524.75 597.60 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 87.63 585.60 Td (for ) Tj ET Q q 0 0 0 rg BT 101.89 585.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.70 585.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.90 585.60 Td ( ) Tj ET Q q 0 0 0 rg BT 136.50 585.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.97 585.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 221.65 585.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 585.60 Td ( ) Tj ET Q q 0 0 0 rg BT 244.24 585.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.26 585.60 Td ($91.2 ) Tj ET Q q 0 0 0 rg BT 291.36 585.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.25 585.60 Td (, ) Tj ET Q q 0 0 0 rg BT 325.34 585.60 Td (an ) Tj ET Q q 0 0 0 rg BT 337.38 585.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 372.73 585.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 585.60 Td (44.7 ) Tj ET Q q 0 0 0 rg BT 403.74 585.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.17 585.60 Td ( ) Tj ET Q q 0 0 0 rg BT 435.76 585.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 477.78 585.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.15 585.60 Td ($63.0 ) Tj ET Q q 0 0 0 rg BT 523.25 585.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.14 585.60 Td ( ) Tj ET Q q 0 0 0 rg BT 554.73 585.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.60 Td (the ) Tj ET Q q 0 0 0 rg BT 65.27 573.60 Td (year) Tj ET Q q 0 0 0 rg BT 82.27 573.60 Td (-ago ) Tj ET Q q 0 0 0 rg BT 103.59 573.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 135.19 573.60 Td (due ) Tj ET Q q 0 0 0 rg BT 153.17 573.60 Td (to ) Tj ET Q q 0 0 0 rg BT 164.50 573.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 193.60 573.60 Td (public ) Tj ET Q q 0 0 0 rg BT 222.14 573.60 Td (finance ) Tj ET Q q 0 0 0 rg BT 255.11 573.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 294.20 573.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 332.74 573.60 Td (from ) Tj ET Q q 0 0 0 rg BT 355.73 573.60 Td (market-wide ) Tj ET Q q 0 0 0 rg BT 409.81 573.60 Td (increases ) Tj ET Q q 0 0 0 rg BT 450.00 573.60 Td (in ) Tj ET Q q 0 0 0 rg BT 461.33 573.60 Td (the ) Tj ET Q q 0 0 0 rg BT 477.10 573.60 Td (volume ) Tj ET Q q 0 0 0 rg BT 510.64 573.60 Td (of ) Tj ET Q q 0 0 0 rg BT 522.52 573.60 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.60 Td (issuances ) Tj ET Q q 0 0 0 rg BT 89.82 561.60 Td (in ) Tj ET Q q 0 0 0 rg BT 100.15 561.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 125.21 561.60 Td (as ) Tj ET Q q 0 0 0 rg BT 136.09 561.60 Td (well ) Tj ET Q q 0 0 0 rg BT 155.86 561.60 Td (as ) Tj ET Q q 0 0 0 rg BT 166.74 561.60 Td (market ) Tj ET Q q 0 0 0 rg BT 197.06 561.60 Td (share ) Tj ET Q q 0 0 0 rg BT 220.71 561.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 244.37 561.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 292.46 561.60 Td (to ) Tj ET Q q 0 0 0 rg BT 302.79 561.60 Td (our ) Tj ET Q q 0 0 0 rg BT 318.67 561.60 Td (geographic ) Tj ET Q q 0 0 0 rg BT 365.65 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 382.64 561.60 Td (sector ) Tj ET Q q 0 0 0 rg BT 409.07 561.60 Td (expansion ) Tj ET Q q 0 0 0 rg BT 452.17 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 469.16 561.60 Td (product ) Tj ET Q q 0 0 0 rg BT 502.26 561.60 Td (diversification. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.47 549.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 85.62 549.60 Td (our ) Tj ET Q q 0 0 0 rg BT 101.59 549.60 Td (par ) Tj ET Q q 0 0 0 rg BT 117.00 549.60 Td (value ) Tj ET Q q 0 0 0 rg BT 141.30 549.60 Td (from ) Tj ET Q q 0 0 0 rg BT 163.38 549.60 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 207.67 549.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 227.53 549.60 Td (issuances ) Tj ET Q q 0 0 0 rg BT 267.95 549.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.34 549.60 Td (49.8 ) Tj ET Q q 0 0 0 rg BT 328.49 549.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.91 549.60 Td (, ) Tj ET Q q 0 0 0 rg BT 363.05 549.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 405.12 549.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.54 549.60 Td (18.7 ) Tj ET Q q 0 0 0 rg BT 435.68 549.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.11 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 467.75 549.60 Td (for ) Tj ET Q q 0 0 0 rg BT 482.05 549.60 Td (the ) Tj ET Q q 0 0 0 rg BT 496.91 549.60 Td (industry) Tj ET Q q 0 0 0 rg BT 529.04 549.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.19 549.60 Td (During) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.52 549.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 537.60 Td (, ) Tj ET Q q 0 0 0 rg BT 73.52 537.60 Td (we ) Tj ET Q q 0 0 0 rg BT 86.71 537.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.89 537.60 Td (707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.89 537.60 Td ( ) Tj ET Q q 0 0 0 rg BT 146.41 537.60 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 189.59 537.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 231.10 537.60 Td (issues ) Tj ET Q q 0 0 0 rg BT 256.52 537.60 Td (with ) Tj ET Q q 0 0 0 rg BT 275.82 537.60 Td (a ) Tj ET Q q 0 0 0 rg BT 281.78 537.60 Td (total ) Tj ET Q q 0 0 0 rg BT 301.08 537.60 Td (par ) Tj ET Q q 0 0 0 rg BT 315.38 537.60 Td (value ) Tj ET Q q 0 0 0 rg BT 338.56 537.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.41 537.60 Td ($14.3 ) Tj ET Q q 0 0 0 rg BT 372.44 537.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.55 537.60 Td (, ) Tj ET Q q 0 0 0 rg BT 402.57 537.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 443.52 537.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.83 537.60 Td (485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.83 537.60 Td ( ) Tj ET Q q 0 0 0 rg BT 479.35 537.60 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 522.53 537.60 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.60 Td (issues ) Tj ET Q q 0 0 0 rg BT 75.60 525.60 Td (with ) Tj ET Q q 0 0 0 rg BT 95.59 525.60 Td (a ) Tj ET Q q 0 0 0 rg BT 102.24 525.60 Td (total ) Tj ET Q q 0 0 0 rg BT 122.22 525.60 Td (par ) Tj ET Q q 0 0 0 rg BT 137.20 525.60 Td (value ) Tj ET Q q 0 0 0 rg BT 161.06 525.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.60 525.60 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 191.31 525.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.42 525.60 Td ( ) Tj ET Q q 0 0 0 rg BT 219.63 525.60 Td (during ) Tj ET Q q 0 0 0 rg BT 247.95 525.60 Td (the ) Tj ET Q q 0 0 0 rg BT 262.38 525.60 Td (prior) Tj ET Q q 0 0 0 rg BT 281.62 525.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 304.36 525.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 334.62 525.60 Td (For ) Tj ET Q q 0 0 0 rg BT 350.72 525.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 525.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.35 525.60 Td ( ) Tj ET Q q 0 0 0 rg BT 384.56 525.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 525.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 468.94 525.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.94 525.60 Td (, ) Tj ET Q q 0 0 0 rg BT 493.65 525.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 530.30 525.60 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 87.55 513.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 127.82 513.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.11 513.60 Td ($209.2 ) Tj ET Q q 0 0 0 rg BT 168.13 513.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.02 513.60 Td (, ) Tj ET Q q 0 0 0 rg BT 202.03 513.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 243.97 513.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.27 513.60 Td ($197.9 ) Tj ET Q q 0 0 0 rg BT 294.28 513.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.17 513.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.69 513.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.46 513.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.98 513.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.98 513.60 Td (, ) Tj ET Q q 0 0 0 rg BT 360.99 513.60 Td (due ) Tj ET Q q 0 0 0 rg BT 377.95 513.60 Td (to ) Tj ET Q q 0 0 0 rg BT 388.24 513.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 428.51 513.60 Td (mer) Tj ET Q q 0 0 0 rg BT 443.88 513.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 463.05 513.60 Td (and ) Tj ET Q q 0 0 0 rg BT 480.00 513.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 530.29 513.60 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 87.77 501.60 Td (from ) Tj ET Q q 0 0 0 rg BT 109.94 501.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 138.22 501.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 172.60 501.60 Td (per ) Tj ET Q q 0 0 0 rg BT 188.10 501.60 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 237.21 501.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 255.49 501.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 292.10 501.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 316.49 501.60 Td (to ) Tj ET Q q 0 0 0 rg BT 327.00 501.60 Td (grow ) Tj ET Q q 0 0 0 rg BT 350.29 501.60 Td (our ) Tj ET Q q 0 0 0 rg BT 366.35 501.60 Td (mer) Tj ET Q q 0 0 0 rg BT 381.72 501.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 401.11 501.60 Td (and ) Tj ET Q q 0 0 0 rg BT 418.29 501.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 468.79 501.60 Td (resources ) Tj ET Q q 0 0 0 rg BT 509.28 501.60 Td (in ) Tj ET Q q 0 0 0 rg BT 519.80 501.60 Td (the ) Tj ET Q q 0 0 0 rg BT 534.75 501.60 Td (middle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.60 Td (market ) Tj ET Q q 0 0 0 rg BT 79.36 489.60 Td (and ) Tj ET Q q 0 0 0 rg BT 95.90 489.60 Td (continued ) Tj ET Q q 0 0 0 rg BT 137.43 489.60 Td (leadership ) Tj ET Q q 0 0 0 rg BT 180.63 489.60 Td (in ) Tj ET Q q 0 0 0 rg BT 190.51 489.60 Td (the ) Tj ET Q q 0 0 0 rg BT 204.82 489.60 Td (healthcare ) Tj ET Q q 0 0 0 rg BT 248.00 489.60 Td (sector ) Tj ET Q q 0 0 0 rg BT 273.98 489.60 Td (has ) Tj ET Q q 0 0 0 rg BT 289.41 489.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 323.16 489.60 Td (in ) Tj ET Q q 0 0 0 rg BT 333.04 489.60 Td (market ) Tj ET Q q 0 0 0 rg BT 362.90 489.60 Td (share ) Tj ET Q q 0 0 0 rg BT 386.10 489.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 409.31 489.60 Td (and ) Tj ET Q q 0 0 0 rg BT 425.85 489.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 465.70 489.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 505.69 489.60 Td (W) Tj ET Q q 0 0 0 rg BT 514.32 489.60 Td (e ) Tj ET Q q 0 0 0 rg BT 520.86 489.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.60 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 62.82 477.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 113.91 477.60 Td (with ) Tj ET Q q 0 0 0 rg BT 135.01 477.60 Td (an ) Tj ET Q q 0 0 0 rg BT 147.77 477.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 189.96 477.60 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 232.70 477.60 Td (value ) Tj ET Q q 0 0 0 rg BT 257.68 477.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.33 477.60 Td ($23.0 ) Tj ET Q q 0 0 0 rg BT 295.16 477.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.27 477.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.59 477.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.37 477.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.69 477.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.69 477.60 Td (, ) Tj ET Q q 0 0 0 rg BT 361.52 477.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 404.26 477.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.36 477.60 Td (91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.36 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 438.69 477.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 489.77 477.60 Td (with ) Tj ET Q q 0 0 0 rg BT 510.87 477.60 Td (an ) Tj ET Q q 0 0 0 rg BT 523.64 477.60 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 91.42 465.60 Td (value ) Tj ET Q q 0 0 0 rg BT 115.58 465.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.41 465.60 Td ($14.7 ) Tj ET Q q 0 0 0 rg BT 151.41 465.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.52 465.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.02 465.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.80 465.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.30 465.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.30 465.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 99.21 441.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 120.03 441.60 Td (and ) Tj ET Q q 0 0 0 rg BT 135.85 441.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 165.55 441.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 202.47 441.60 Td (comprise ) Tj ET Q q 0 0 0 rg BT 240.50 441.60 Td (all ) Tj ET Q q 0 0 0 rg BT 251.88 441.60 Td (of ) Tj ET Q q 0 0 0 rg BT 261.58 441.60 Td (the ) Tj ET Q q 0 0 0 rg BT 275.18 441.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 312.10 441.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 352.34 441.60 Td (through ) Tj ET Q q 0 0 0 rg BT 384.83 441.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 414.53 441.60 Td (activities, ) Tj ET Q q 0 0 0 rg BT 454.51 441.60 Td (which ) Tj ET Q q 0 0 0 rg BT 480.33 441.60 Td (consist ) Tj ET Q q 0 0 0 rg BT 509.49 441.60 Td (of ) Tj ET Q q 0 0 0 rg BT 519.19 441.60 Td (facilitating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 88.09 429.60 Td (trades, ) Tj ET Q q 0 0 0 rg BT 116.39 429.60 Td (executing ) Tj ET Q q 0 0 0 rg BT 157.20 429.60 Td (competitive ) Tj ET Q q 0 0 0 rg BT 206.34 429.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 248.26 429.60 Td (underwritings ) Tj ET Q q 0 0 0 rg BT 305.74 429.60 Td (and ) Tj ET Q q 0 0 0 rg BT 322.10 429.60 Td (our ) Tj ET Q q 0 0 0 rg BT 337.37 429.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 373.17 429.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 403.43 429.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 441.46 429.60 Td (in ) Tj ET Q q 0 0 0 rg BT 451.17 429.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 493.09 429.60 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 521.41 429.60 Td (mortgage-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.60 Td (backed ) Tj ET Q q 0 0 0 rg BT 81.65 417.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 123.24 417.60 Td (and ) Tj ET Q q 0 0 0 rg BT 141.51 417.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 163.12 417.60 Td (government ) Tj ET Q q 0 0 0 rg BT 214.71 417.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 246.86 417.60 Td (securities. ) Tj ET Q q 0 0 0 rg BT 290.68 417.60 Td (T) Tj ET Q q 0 0 0 rg BT 296.09 417.60 Td (o ) Tj ET Q q 0 0 0 rg BT 304.92 417.60 Td (assess ) Tj ET Q q 0 0 0 rg BT 333.19 417.60 Td (the ) Tj ET Q q 0 0 0 rg BT 349.24 417.60 Td (profitability ) Tj ET Q q 0 0 0 rg BT 400.84 417.60 Td (of ) Tj ET Q q 0 0 0 rg BT 413.00 417.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 464.60 417.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 508.41 417.60 Td (activities, ) Tj ET Q q 0 0 0 rg BT 550.84 417.60 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 89.96 405.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 139.34 405.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 180.92 405.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 218.06 405.60 Td (with ) Tj ET Q q 0 0 0 rg BT 237.44 405.60 Td (the ) Tj ET Q q 0 0 0 rg BT 251.26 405.60 Td (net ) Tj ET Q q 0 0 0 rg BT 265.08 405.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 296.11 405.60 Td (income ) Tj ET Q q 0 0 0 rg BT 327.15 405.60 Td (or ) Tj ET Q q 0 0 0 rg BT 337.08 405.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 370.89 405.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 413.58 405.60 Td (with ) Tj ET Q q 0 0 0 rg BT 432.96 405.60 Td (financing, ) Tj ET Q q 0 0 0 rg BT 474.83 405.60 Td (economically ) Tj ET Q q 0 0 0 rg BT 530.30 405.60 Td (hedging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.60 Td (and ) Tj ET Q q 0 0 0 rg BT 65.68 393.60 Td (holding ) Tj ET Q q 0 0 0 rg BT 97.98 393.60 Td (long ) Tj ET Q q 0 0 0 rg BT 117.50 393.60 Td (or ) Tj ET Q q 0 0 0 rg BT 127.57 393.60 Td (short ) Tj ET Q q 0 0 0 rg BT 149.31 393.60 Td (inventory ) Tj ET Q q 0 0 0 rg BT 189.37 393.60 Td (positions. ) Tj ET Q q 0 0 0 rg BT 229.73 393.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 247.02 393.60 Td (results ) Tj ET Q q 0 0 0 rg BT 274.87 393.60 Td (may ) Tj ET Q q 0 0 0 rg BT 293.83 393.60 Td (vary ) Tj ET Q q 0 0 0 rg BT 313.34 393.60 Td (from ) Tj ET Q q 0 0 0 rg BT 334.52 393.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 364.58 393.60 Td (to ) Tj ET Q q 0 0 0 rg BT 374.09 393.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 404.15 393.60 Td (as ) Tj ET Q q 0 0 0 rg BT 414.22 393.60 Td (a ) Tj ET Q q 0 0 0 rg BT 420.40 393.60 Td (result ) Tj ET Q q 0 0 0 rg BT 444.36 393.60 Td (of ) Tj ET Q q 0 0 0 rg BT 454.43 393.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 488.38 393.60 Td (in ) Tj ET Q q 0 0 0 rg BT 497.90 393.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 527.96 393.60 Td (mar) Tj ET Q q 0 0 0 rg BT 543.33 393.60 Td (gins, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.33 381.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 103.93 381.60 Td (and ) Tj ET Q q 0 0 0 rg BT 120.87 381.60 Td (losses, ) Tj ET Q q 0 0 0 rg BT 149.76 381.60 Td (net ) Tj ET Q q 0 0 0 rg BT 164.48 381.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 196.41 381.60 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 231.40 381.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 262.23 381.60 Td (volumes ) Tj ET Q q 0 0 0 rg BT 298.62 381.60 Td (and ) Tj ET Q q 0 0 0 rg BT 315.55 381.60 Td (the ) Tj ET Q q 0 0 0 rg BT 330.27 381.60 Td (timing ) Tj ET Q q 0 0 0 rg BT 358.88 381.60 Td (of ) Tj ET Q q 0 0 0 rg BT 369.71 381.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 419.98 381.60 Td (based ) Tj ET Q q 0 0 0 rg BT 445.25 381.60 Td (on ) Tj ET Q q 0 0 0 rg BT 457.75 381.60 Td (market ) Tj ET Q q 0 0 0 rg BT 488.01 381.60 Td (opportunities.) 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 65.73 357.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.29 357.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 357.60 Td ( ) Tj ET Q q 0 0 0 rg BT 99.84 357.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.05 357.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 184.48 357.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.48 357.60 Td (, ) Tj ET Q q 0 0 0 rg BT 209.32 357.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 244.98 357.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 295.10 357.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 337.42 357.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 375.30 357.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 417.05 357.60 Td (slightly ) Tj ET Q q 0 0 0 rg BT 449.40 357.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.51 357.60 Td ($172.1 ) Tj ET Q q 0 0 0 rg BT 489.35 357.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.25 357.60 Td (, ) Tj ET Q q 0 0 0 rg BT 523.09 357.60 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.97 345.60 Td ($174.4 ) Tj ET Q q 0 0 0 rg BT 98.17 345.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.06 345.60 Td ( ) Tj ET Q q 0 0 0 rg BT 128.75 345.60 Td (in ) Tj ET Q q 0 0 0 rg BT 138.22 345.60 Td (the ) Tj ET Q q 0 0 0 rg BT 152.13 345.60 Td (prior) Tj ET Q q 0 0 0 rg BT 171.37 345.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 193.60 345.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 223.34 345.60 Td (due ) Tj ET Q q 0 0 0 rg BT 239.47 345.60 Td (to ) Tj ET Q q 0 0 0 rg BT 248.94 345.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 273.41 345.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 300.09 345.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 349.57 345.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 391.24 345.60 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 430.97 345.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 465.98 345.60 Td (of) Tj ET Q q 0 0 0 rg BT 474.13 345.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 490.26 345.60 Td (by ) Tj ET Q q 0 0 0 rg BT 501.95 345.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 529.19 345.60 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 73.48 333.60 Td (income ) Tj ET Q q 0 0 0 rg BT 106.34 333.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 157.55 333.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 200.96 333.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 242.42 333.60 Td (Equity ) Tj ET Q q 0 0 0 rg BT 272.52 333.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 323.73 333.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 367.13 333.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 406.10 333.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.96 333.60 Td ($78.6 ) Tj ET Q q 0 0 0 rg BT 454.89 333.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.78 333.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.21 333.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.99 333.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.42 333.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.42 333.60 Td (, ) Tj ET Q q 0 0 0 rg BT 524.35 333.60 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.00 333.60 Td (4.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.92 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 81.64 321.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 123.79 321.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.28 321.60 Td ($82.2 ) Tj ET Q q 0 0 0 rg BT 169.50 321.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.39 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 201.11 321.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.61 321.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.61 321.60 Td (. ) Tj ET Q q 0 0 0 rg BT 236.63 321.60 Td (The ) Tj ET Q q 0 0 0 rg BT 254.90 321.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 292.03 321.60 Td (was ) Tj ET Q q 0 0 0 rg BT 310.30 321.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 350.23 321.60 Td (due ) Tj ET Q q 0 0 0 rg BT 367.39 321.60 Td (to ) Tj ET Q q 0 0 0 rg BT 377.88 321.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 403.37 321.60 Td (client ) Tj ET Q q 0 0 0 rg BT 428.30 321.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 459.35 321.60 Td (volumes, ) Tj ET Q q 0 0 0 rg BT 498.45 321.60 Td (of) Tj ET Q q 0 0 0 rg BT 506.60 321.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 523.76 321.60 Td (in ) Tj ET Q q 0 0 0 rg BT 534.26 321.60 Td (part ) Tj ET Q q 0 0 0 rg BT 552.52 321.60 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.60 Td (contributions ) Tj ET Q q 0 0 0 rg BT 105.78 309.60 Td (from ) Tj ET Q q 0 0 0 rg BT 128.72 309.60 Td (our ) Tj ET Q q 0 0 0 rg BT 145.56 309.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 184.04 309.60 Td (institutions ) Tj ET Q q 0 0 0 rg BT 232.00 309.60 Td (group ) Tj ET Q q 0 0 0 rg BT 258.83 309.60 Td (expansion. ) Tj ET Q q 0 0 0 rg BT 305.39 309.60 Td (For ) Tj ET Q q 0 0 0 rg BT 322.78 309.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 309.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.71 309.60 Td ( ) Tj ET Q q 0 0 0 rg BT 359.22 309.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.60 309.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 446.19 309.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.19 309.60 Td (, ) Tj ET Q q 0 0 0 rg BT 472.19 309.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 509.02 309.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 533.07 309.60 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 99.41 297.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 141.51 297.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 179.18 297.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.74 297.60 Td ($93.5 ) Tj ET Q q 0 0 0 rg BT 225.37 297.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.26 297.60 Td (, ) Tj ET Q q 0 0 0 rg BT 258.89 297.60 Td (up ) Tj ET Q q 0 0 0 rg BT 271.02 297.60 Td (slightly ) Tj ET Q q 0 0 0 rg BT 303.16 297.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 344.71 297.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.62 297.60 Td ($92.2 ) Tj ET Q q 0 0 0 rg BT 389.25 297.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.14 297.60 Td ( ) Tj ET Q q 0 0 0 rg BT 420.27 297.60 Td (in ) Tj ET Q q 0 0 0 rg BT 430.18 297.60 Td (the ) Tj ET Q q 0 0 0 rg BT 444.53 297.60 Td (prior) Tj ET Q q 0 0 0 rg BT 463.77 297.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 486.44 297.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 516.61 297.60 Td (as ) Tj ET Q q 0 0 0 rg BT 527.07 297.60 Td (a ) Tj ET Q q 0 0 0 rg BT 533.64 297.60 Td (decline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.60 Td (in ) Tj ET Q q 0 0 0 rg BT 59.75 285.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 96.09 285.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 126.88 285.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 164.89 285.60 Td (was ) Tj ET Q q 0 0 0 rg BT 182.91 285.60 Td (more ) Tj ET Q q 0 0 0 rg BT 205.93 285.60 Td (than ) Tj ET Q q 0 0 0 rg BT 225.62 285.60 Td (of) Tj ET Q q 0 0 0 rg BT 233.77 285.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 250.67 285.60 Td (by ) Tj ET Q q 0 0 0 rg BT 263.14 285.60 Td (solid ) Tj ET Q q 0 0 0 rg BT 285.06 285.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 338.05 285.60 Td (in ) Tj ET Q q 0 0 0 rg BT 348.30 285.60 Td (our ) Tj ET Q q 0 0 0 rg BT 364.10 285.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 403.23 285.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 424.03 285.60 Td (business ) Tj ET Q q 0 0 0 rg BT 460.39 285.60 Td (and ) Tj ET Q q 0 0 0 rg BT 477.30 285.60 Td (incremental ) Tj ET Q q 0 0 0 rg BT 526.96 285.60 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 93.09 273.60 Td (with ) Tj ET Q q 0 0 0 rg BT 113.37 273.60 Td (our ) Tj ET Q q 0 0 0 rg BT 129.20 273.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 175.58 273.60 Td (of ) Tj ET Q q 0 0 0 rg BT 186.41 273.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 211.70 273.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 237.07 273.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 103.70 249.60 Td (and ) Tj ET Q q 0 0 0 rg BT 120.14 249.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 172.67 249.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 190.77 249.60 Td (include ) Tj ET Q q 0 0 0 rg BT 222.20 249.60 Td (the ) Tj ET Q q 0 0 0 rg BT 236.42 249.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 254.52 249.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 295.38 249.60 Td (from ) Tj ET Q q 0 0 0 rg BT 316.82 249.60 Td (our ) Tj ET Q q 0 0 0 rg BT 332.15 249.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 374.14 249.60 Td (bond, ) Tj ET Q q 0 0 0 rg BT 398.64 249.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 437.85 249.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 472.06 249.60 Td (and ) Tj ET Q q 0 0 0 rg BT 488.50 249.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 514.94 249.60 Td (living ) Tj ET Q q 0 0 0 rg BT 540.28 249.60 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.60 Td (with ) Tj ET Q q 0 0 0 rg BT 69.74 237.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 101.08 237.60 Td (investors. ) Tj ET Q q 0 0 0 rg BT 142.15 237.60 Td (For ) Tj ET Q q 0 0 0 rg BT 158.50 237.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.17 237.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.38 237.60 Td ( ) Tj ET Q q 0 0 0 rg BT 192.83 237.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.17 237.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 277.71 237.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.71 237.60 Td (, ) Tj ET Q q 0 0 0 rg BT 302.67 237.60 Td (management ) Tj ET Q q 0 0 0 rg BT 356.21 237.60 Td (and ) Tj ET Q q 0 0 0 rg BT 373.11 237.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 426.09 237.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 444.65 237.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.53 237.60 Td ($4.6 ) Tj ET Q q 0 0 0 rg BT 486.49 237.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.38 237.60 Td (, ) Tj ET Q q 0 0 0 rg BT 520.34 237.60 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.02 237.60 Td (14.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.92 225.60 Td ( ) Tj ET Q q 0 0 0 rg BT 81.72 225.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 123.94 225.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.52 225.60 Td ($5.4 ) Tj ET Q q 0 0 0 rg BT 164.81 225.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.71 225.60 Td ( ) Tj ET Q q 0 0 0 rg BT 196.50 225.60 Td (in ) Tj ET Q q 0 0 0 rg BT 207.08 225.60 Td (the ) Tj ET Q q 0 0 0 rg BT 222.09 225.60 Td (prior) Tj ET Q q 0 0 0 rg BT 241.33 225.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 264.66 225.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 295.51 225.60 Td (due ) Tj ET Q q 0 0 0 rg BT 312.74 225.60 Td (to ) Tj ET Q q 0 0 0 rg BT 323.32 225.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 365.53 225.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 418.85 225.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 437.74 225.60 Td (from ) Tj ET Q q 0 0 0 rg BT 459.98 225.60 Td (our ) Tj ET Q q 0 0 0 rg BT 476.11 225.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 518.89 225.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 541.69 225.60 Td (fund, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 85.02 213.60 Td (of) Tj ET Q q 0 0 0 rg BT 93.17 213.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 109.80 213.60 Td (by ) Tj ET Q q 0 0 0 rg BT 122.00 213.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 149.74 213.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 202.46 213.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 220.75 213.60 Td (from ) Tj ET Q q 0 0 0 rg BT 242.39 213.60 Td (our ) Tj ET Q q 0 0 0 rg BT 257.92 213.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 297.31 213.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 331.73 213.60 Td (fund. ) Tj ET Q q 0 0 0 rg BT 354.75 213.60 Td (In ) Tj ET Q q 0 0 0 rg BT 365.28 213.60 Td (the ) Tj ET Q q 0 0 0 rg BT 379.69 213.60 Td (third ) Tj ET Q q 0 0 0 rg BT 400.78 213.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 431.29 213.60 Td (of ) Tj ET Q q 0 0 0 rg BT 441.81 213.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 466.51 213.60 Td (we ) Tj ET Q q 0 0 0 rg BT 480.37 213.60 Td (closed ) Tj ET Q q 0 0 0 rg BT 508.11 213.60 Td (the ) Tj ET Q q 0 0 0 rg BT 522.52 213.60 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 72.00 201.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 92.83 201.60 Td (and ) Tj ET Q q 0 0 0 rg BT 109.77 201.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 153.92 201.60 Td (its ) Tj ET Q q 0 0 0 rg BT 165.87 201.60 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 211.70 201.60 Td (in ) Tj ET Q q 0 0 0 rg BT 221.98 201.60 Td (October ) Tj ET Q q 0 0 0 rg BT 256.68 201.60 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.60 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 88.21 177.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 134.70 177.60 Td (income ) Tj ET Q q 0 0 0 rg BT 166.73 177.60 Td (includes ) Tj ET Q q 0 0 0 rg BT 202.66 177.60 Td (realized ) Tj ET Q q 0 0 0 rg BT 236.90 177.60 Td (and ) Tj ET Q q 0 0 0 rg BT 253.94 177.60 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 298.19 177.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 321.90 177.60 Td (and ) Tj ET Q q 0 0 0 rg BT 338.94 177.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 365.43 177.60 Td (on ) Tj ET Q q 0 0 0 rg BT 378.04 177.60 Td (our ) Tj ET Q q 0 0 0 rg BT 393.97 177.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 444.34 177.60 Td (in ) Tj ET Q q 0 0 0 rg BT 454.72 177.60 Td (the ) Tj ET Q q 0 0 0 rg BT 469.54 177.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 509.35 177.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 544.17 177.60 Td (fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.60 Td (and ) Tj ET Q q 0 0 0 rg BT 65.68 165.60 Td (the ) Tj ET Q q 0 0 0 rg BT 79.64 165.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 121.37 165.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 143.11 165.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 163.19 165.60 Td (that ) Tj ET Q q 0 0 0 rg BT 179.92 165.60 Td (we ) Tj ET Q q 0 0 0 rg BT 193.33 165.60 Td (manage ) Tj ET Q q 0 0 0 rg BT 226.16 165.60 Td (for ) Tj ET Q q 0 0 0 rg BT 239.56 165.60 Td (third ) Tj ET Q q 0 0 0 rg BT 260.19 165.60 Td (party ) Tj ET Q q 0 0 0 rg BT 282.48 165.60 Td (investors, ) Tj ET Q q 0 0 0 rg BT 322.83 165.60 Td (and ) Tj ET Q q 0 0 0 rg BT 339.01 165.60 Td (other ) Tj ET Q q 0 0 0 rg BT 361.30 165.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 380.26 165.60 Td (investments. ) Tj ET Q q 0 0 0 rg BT 432.28 165.60 Td (For ) Tj ET Q q 0 0 0 rg BT 447.91 165.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.87 165.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.08 165.60 Td ( ) Tj ET Q q 0 0 0 rg BT 480.82 165.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.44 165.60 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 153.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 153.60 Td (, ) Tj ET Q q 0 0 0 rg BT 74.15 153.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 109.63 153.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 155.67 153.60 Td (income ) Tj ET Q q 0 0 0 rg BT 187.26 153.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.97 153.60 Td ($15.5 ) Tj ET Q q 0 0 0 rg BT 229.62 153.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.51 153.60 Td (, ) Tj ET Q q 0 0 0 rg BT 263.17 153.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 304.75 153.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.68 153.60 Td ($8.3 ) Tj ET Q q 0 0 0 rg BT 334.33 153.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.23 153.60 Td ( ) Tj ET Q q 0 0 0 rg BT 365.38 153.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.31 153.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.31 153.60 Td (. ) Tj ET Q q 0 0 0 rg BT 399.97 153.60 Td (In ) Tj ET Q q 0 0 0 rg BT 410.45 153.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 435.11 153.60 Td (we ) Tj ET Q q 0 0 0 rg BT 448.92 153.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 486.05 153.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 513.75 153.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 537.02 153.60 Td (on ) Tj ET Q q 0 0 0 rg BT 549.17 153.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 88.88 141.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 123.27 141.60 Td (activities, ) Tj ET Q q 0 0 0 rg BT 164.05 141.60 Td (which ) Tj ET Q q 0 0 0 rg BT 190.67 141.60 Td (were ) Tj ET Q q 0 0 0 rg BT 212.27 141.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 247.77 141.60 Td (of) Tj ET Q q 0 0 0 rg BT 255.92 141.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 272.54 141.60 Td (by ) Tj ET Q q 0 0 0 rg BT 284.71 141.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 309.66 141.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 332.95 141.60 Td (on ) Tj ET Q q 0 0 0 rg BT 345.13 141.60 Td (the ) Tj ET Q q 0 0 0 rg BT 359.52 141.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 401.69 141.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 423.87 141.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 444.37 141.60 Td (with ) Tj ET Q q 0 0 0 rg BT 464.33 141.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 495.39 141.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 533.68 141.60 Td (that ) Tj ET Q q 0 0 0 rg BT 550.85 141.60 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.60 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 91.99 129.60 Td (in ) Tj ET Q q 0 0 0 rg BT 102.27 129.60 Td (the ) Tj ET Q q 0 0 0 rg BT 116.99 129.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 143.92 129.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 174.74 129.60 Td (of ) Tj ET Q q 0 0 0 rg BT 185.57 129.60 Td (2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.60 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 94.48 105.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 134.45 105.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 172.76 105.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 212.19 105.60 Td 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0.9333333333333333 1 rg /GS0 gs 458.00 437.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 437.10 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 437.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 437.10 46.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 406.10 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.00 406.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 406.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 406.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 406.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 406.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 406.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.00 406.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 406.10 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 406.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 406.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 406.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 406.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 406.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 406.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 406.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 384.10 85.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.00 384.10 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.00 384.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 384.10 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.00 384.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.00 384.10 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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299 544.1 m 345 544.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 544.1 m 396 544.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 544.1 m 458 544.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 544.1 m 512 544.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 544.1 m 562 544.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 468.1 m 179 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 468.1 m 241 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 468.1 m 295 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 468.1 m 345 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 468.1 m 396 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 468.1 m 458 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 468.1 m 512 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 468.1 m 562 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 363.1 m 179 363.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 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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 134 289.1 m 179 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 287.1 m 179 287.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 289.1 m 241 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 287.1 m 241 287.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 289.1 m 295 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 287.1 m 295 287.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 289.1 m 345 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299 287.1 m 345 287.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 289.1 m 396 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 287.1 m 396 287.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 289.1 m 458 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 287.1 m 458 287.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 289.1 m 512 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 287.1 m 512 287.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 289.1 m 562 289.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 287.1 m 562 287.1 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.20 651.18 Td (Year Ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 231.00 640.18 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 640.18 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 211.05 629.18 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.05 629.18 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 147.25 618.18 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.75 618.18 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.35 618.18 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.35 618.18 Td (U.S.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.25 618.18 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.75 618.18 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.35 618.18 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.35 618.18 Td (U.S.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 607.05 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 140.40 607.18 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.65 607.18 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 247.70 607.18 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.35 607.18 Td (GAAP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.40 607.18 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.65 607.18 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.70 607.18 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.35 607.18 Td (GAAP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 596.05 Td (Investment banking) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 584.05 Td (Financing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 572.05 Td (Equities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.50 572.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 572.05 Td (109,706) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.50 572.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 572.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.50 572.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 572.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.50 572.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 572.05 Td (109,706) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 572.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 572.05 Td (94,472) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 572.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 572.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.50 572.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 572.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 572.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 572.05 Td (94,472) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 560.05 Td (Debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 560.05 Td (63,005) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 560.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 560.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 560.05 Td (63,005) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 560.05 Td (71,164) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 560.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 560.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 560.05 Td (71,164) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 548.05 Td (Advisory services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 548.05 Td (197,880) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 548.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 548.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 548.05 Td (197,880) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 548.05 Td (83,292) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 548.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 548.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 548.05 Td (83,292) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 536.05 Td (Total investment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 528.05 Td (banking) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 527.35 Td (370,591) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 527.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 527.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 527.35 Td (370,591) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 527.35 Td (248,928) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 527.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 527.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 527.35 Td (248,928) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 505.05 Td (Institutional sales and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 497.05 Td (trading) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 484.05 Td (Equities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 484.05 Td (82,211) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 484.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 484.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 484.05 Td (82,211) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 484.05 Td (91,169) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 484.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 484.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 484.05 Td (91,169) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 472.05 Td (Fixed income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 472.05 Td (92,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 472.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 472.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 472.05 Td (92,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 472.05 Td (76,275) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 472.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 472.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 472.05 Td (76,275) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 460.05 Td (Total institutional sales) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 452.05 Td (and trading) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 451.35 Td (174,411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 451.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 451.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 451.35 Td (174,411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 451.35 Td (167,444) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 451.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 451.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 451.35 Td (167,444) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 429.05 Td (Total management and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 421.05 Td (performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 153.75 420.35 Td (5,398) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 420.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 420.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.75 420.35 Td (5,398) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.75 420.35 Td (3,891) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 420.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 420.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 420.35 Td (3,891) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 398.05 Td (Investment income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 153.75 398.05 Td (8,347) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.80 398.05 Td (15,699) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 398.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 398.05 Td (24,046) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 398.05 Td (21,610) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 398.05 Td (8,794) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 398.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 398.05 Td (30,404) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 376.05 Td (Long-term financing) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 368.05 Td (expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.10 367.35 Td (\(6,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.80 367.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.80 367.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 367.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.10 367.35 Td (\(6,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.80 367.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.10 367.35 Td (\(7,420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 367.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 367.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 367.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 367.35 Td (\(7,420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 367.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 345.05 Td (Net revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.75 345.05 Td (552,092) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.80 345.05 Td (15,699) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 345.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 345.05 Td (567,791) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 345.05 Td (434,453) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 345.05 Td (8,794) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 345.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 345.05 Td (443,247) 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 (467,198) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.80 323.05 Td (4,546) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.75 323.05 Td (6,917) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.75 323.05 Td (478,661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 323.05 Td (382,157) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 323.05 Td (3,400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.75 323.05 Td (7,674) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 323.05 Td (393,231) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 301.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 293.05 Td (operating income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.50 292.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.75 292.35 Td (84,894) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.50 292.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.80 292.35 Td (11,153) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.50 292.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.10 292.35 Td (\(6,917) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.80 292.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.50 292.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.75 292.35 Td (89,130) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 292.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 292.35 Td (52,296) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 292.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 292.35 Td (5,394) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.50 292.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.10 292.35 Td (\(7,674) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.80 292.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 292.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 292.35 Td (50,016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 270.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 262.05 Td (operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 157.75 261.35 Td (15.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.80 261.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.75 261.35 Td (15.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.80 261.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 261.35 Td (12.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 261.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 261.35 Td (11.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 261.35 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 245.00 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 245.00 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 245.00 Td (Other ) Tj ET Q q 0 0 0 rg BT 87.32 245.00 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 127.67 245.00 Td ( ) Tj ET Q q 0 0 0 rg BT 132.91 245.00 Td (The ) Tj ET Q q 0 0 0 rg BT 146.15 245.00 Td (following ) Tj ET Q q 0 0 0 rg BT 177.62 245.00 Td (table ) Tj ET Q q 0 0 0 rg BT 194.85 245.00 Td (sets ) Tj ET Q q 0 0 0 rg BT 208.09 245.00 Td (forth ) Tj ET Q q 0 0 0 rg BT 224.89 245.00 Td (the ) Tj ET Q q 0 0 0 rg BT 235.91 245.00 Td (items ) Tj ET Q q 0 0 0 rg BT 254.04 245.00 Td (not ) Tj ET Q q 0 0 0 rg BT 265.50 245.00 Td (included ) Tj ET Q q 0 0 0 rg BT 294.29 245.00 Td (in ) Tj ET Q q 0 0 0 rg BT 301.75 245.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 330.10 245.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 357.56 245.00 Td (pr) Tj ET Q q 0 0 0 rg BT 364.38 245.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 381.61 245.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 413.96 245.00 Td (income ) Tj ET Q q 0 0 0 rg BT 438.30 245.00 Td (and ) Tj ET Q q 0 0 0 rg BT 451.54 245.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 479.89 245.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 507.35 245.00 Td (pr) Tj ET Q q 0 0 0 rg BT 514.16 245.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 531.39 245.00 Td (operating ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 235.40 Td (mar) Tj ET Q q 0 0 0 rg BT 80.09 235.40 Td (gin ) Tj ET Q q 0 0 0 rg BT 92.32 235.40 Td (for ) Tj ET Q q 0 0 0 rg BT 103.65 235.40 Td (the ) Tj ET Q q 0 0 0 rg BT 115.43 235.40 Td (periods ) Tj ET Q q 0 0 0 rg BT 141.43 235.40 Td (pr) Tj ET Q q 0 0 0 rg BT 148.24 235.40 Td (esented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 204.90 344.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 204.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 204.90 11.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 204.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 184.90 344.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 184.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 184.90 11.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 184.90 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 412 214.89999999999998 m 482 214.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 214.89999999999998 m 493 214.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 214.89999999999998 m 563 214.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 214.89999999999998 m 482 214.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 204.89999999999998 m 482 204.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 214.89999999999998 m 563 214.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 204.89999999999998 m 563 204.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 204.89999999999998 m 482 204.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 204.89999999999998 m 563 204.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 174.89999999999998 m 482 174.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 174.89999999999998 m 563 174.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 174.89999999999998 m 482 174.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 165.89999999999998 m 482 165.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 163.89999999999998 m 482 163.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 174.89999999999998 m 563 174.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 165.89999999999998 m 563 165.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 163.89999999999998 m 563 163.89999999999998 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 444.30 217.03 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 206.90 Td (\(Dollars ) Tj ET Q q 0 0 0 rg BT 99.61 206.90 Td (in ) Tj ET Q q 0 0 0 rg BT 107.84 206.90 Td (thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 438.50 207.03 Td (2014) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 207.03 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 196.90 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 118.72 196.90 Td (fr) Tj ET Q q 0 0 0 rg BT 123.91 196.90 Td (om ) Tj ET Q q 0 0 0 rg BT 135.54 196.90 Td (acquisition-r) Tj ET Q q 0 0 0 rg BT 176.72 196.90 Td (elated ) Tj ET Q q 0 0 0 rg BT 198.12 196.90 Td (agr) Tj ET Q q 0 0 0 rg BT 209.09 196.90 Td (eements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.50 196.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 196.90 Td (3,945) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 196.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 196.90 Td (1,620) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 186.90 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 116.50 186.90 Td (and ) Tj ET Q q 0 0 0 rg BT 130.50 186.90 Td (integration ) Tj ET Q q 0 0 0 rg BT 168.05 186.90 Td (costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.65 186.90 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 186.90 Td (4,705) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 176.90 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 114.28 176.90 Td (of ) Tj ET Q q 0 0 0 rg BT 122.50 176.90 Td (intangible ) Tj ET Q q 0 0 0 rg BT 156.95 176.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 178.06 176.90 Td (r) Tj ET Q q 0 0 0 rg BT 180.88 176.90 Td (elated ) Tj ET Q q 0 0 0 rg BT 202.42 176.90 Td (to ) Tj ET Q q 0 0 0 rg BT 210.64 176.90 Td (acquisitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 176.90 Td (2,972) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 176.90 Td (1,349) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.50 166.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 166.90 Td (6,917) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 166.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 166.90 Td (7,674) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.80 Td (Capital ) Tj ET Q q 0 0 0 rg BT 80.64 143.80 Td (Markets ) Tj ET Q q 0 0 0 rg BT 115.67 143.80 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 151.26 143.80 Td (net ) Tj ET Q q 0 0 0 rg BT 165.74 143.80 Td (revenues ) Tj ET Q q 0 0 0 rg BT 203.54 143.80 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.56 143.80 Td (27.1 ) Tj ET Q q 0 0 0 rg BT 263.32 143.80 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.74 143.80 Td ( ) Tj ET Q q 0 0 0 rg BT 295.00 143.80 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.05 143.80 Td ($552.1 ) Tj ET Q q 0 0 0 rg BT 334.81 143.80 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.70 143.80 Td ( ) Tj ET Q q 0 0 0 rg BT 365.96 143.80 Td (for ) Tj ET Q q 0 0 0 rg BT 379.88 143.80 Td (the ) Tj ET Q q 0 0 0 rg BT 394.36 143.80 Td (year ) Tj ET Q q 0 0 0 rg BT 413.83 143.80 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.97 143.80 Td (December31, ) Tj ET Q q 0 0 0 rg BT 498.32 143.80 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.32 143.80 Td (, ) Tj ET Q q 0 0 0 rg BT 523.08 143.80 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.80 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.78 131.80 Td ($434.5 ) Tj ET Q q 0 0 0 rg BT 99.78 131.80 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.67 131.80 Td ( ) Tj ET Q q 0 0 0 rg BT 131.17 131.80 Td (for ) Tj ET Q q 0 0 0 rg BT 145.33 131.80 Td (the ) Tj ET Q q 0 0 0 rg BT 160.05 131.80 Td (year ) Tj ET Q q 0 0 0 rg BT 179.75 131.80 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.13 131.80 Td (December31, ) Tj ET Q q 0 0 0 rg BT 264.71 131.80 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.71 131.80 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 717.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.57 717.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.57 717.60 Td (, ) Tj ET Q q 0 0 0 rg BT 85.81 717.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 132.44 717.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 167.40 717.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 205.67 717.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.17 717.60 Td (48.9 ) Tj ET Q q 0 0 0 rg BT 266.41 717.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.84 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 298.58 717.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.10 717.60 Td ($370.6 ) Tj ET Q q 0 0 0 rg BT 339.34 717.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.23 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 370.97 717.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 413.14 717.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.66 717.60 Td ($248.9 ) Tj ET Q q 0 0 0 rg BT 463.90 717.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.79 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 495.53 717.60 Td (in ) Tj ET Q q 0 0 0 rg BT 506.05 717.60 Td (the ) Tj ET Q q 0 0 0 rg BT 521.01 717.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 543.19 717.60 Td (year) Tj ET Q q 0 0 0 rg BT 560.00 717.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.60 Td (due ) Tj ET Q q 0 0 0 rg BT 66.25 705.60 Td (to ) Tj ET Q q 0 0 0 rg BT 76.34 705.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 104.20 705.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 131.50 705.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 171.58 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 188.33 705.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 225.08 705.60 Td (services ) Tj ET Q q 0 0 0 rg BT 259.59 705.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 299.94 705.60 Td (For ) Tj ET Q q 0 0 0 rg BT 316.15 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 330.67 705.60 Td (year ) Tj ET Q q 0 0 0 rg BT 350.19 705.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.38 705.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 434.77 705.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.77 705.60 Td (, ) Tj ET Q q 0 0 0 rg BT 459.59 705.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 486.89 705.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 526.97 705.60 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.60 693.60 Td ($109.7 ) Tj ET Q q 0 0 0 rg BT 99.77 693.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.66 693.60 Td (, ) Tj ET Q q 0 0 0 rg BT 132.83 693.60 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.50 693.60 Td (16.1 ) Tj ET Q q 0 0 0 rg BT 163.67 693.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.09 693.60 Td ( ) Tj ET Q q 0 0 0 rg BT 194.76 693.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 235.85 693.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.30 693.60 Td ($94.5 ) Tj ET Q q 0 0 0 rg BT 279.47 693.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.36 693.60 Td ( ) Tj ET Q q 0 0 0 rg BT 310.03 693.60 Td (in ) Tj ET Q q 0 0 0 rg BT 319.47 693.60 Td (the ) Tj ET Q q 0 0 0 rg BT 333.36 693.60 Td (prior) Tj ET Q q 0 0 0 rg BT 352.60 693.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 374.80 693.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 404.52 693.60 Td (as ) Tj ET Q q 0 0 0 rg BT 414.52 693.60 Td (favorable ) Tj ET Q q 0 0 0 rg BT 453.94 693.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 480.61 693.60 Td (markets, ) Tj ET Q q 0 0 0 rg BT 516.43 693.60 Td (particularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.60 Td (in ) Tj ET Q q 0 0 0 rg BT 59.08 681.60 Td (the ) Tj ET Q q 0 0 0 rg BT 73.10 681.60 Td (first ) Tj ET Q q 0 0 0 rg BT 91.02 681.60 Td (half ) Tj ET Q q 0 0 0 rg BT 108.37 681.60 Td (of ) Tj ET Q q 0 0 0 rg BT 118.50 681.60 Td (2014, ) Tj ET Q q 0 0 0 rg BT 142.81 681.60 Td (led ) Tj ET Q q 0 0 0 rg BT 156.83 681.60 Td (to ) Tj ET Q q 0 0 0 rg BT 166.41 681.60 Td (an ) Tj ET Q q 0 0 0 rg BT 177.65 681.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 212.21 681.60 Td (in ) Tj ET Q q 0 0 0 rg BT 221.79 681.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 250.25 681.60 Td (raising ) Tj ET Q q 0 0 0 rg BT 279.27 681.60 Td (in ) Tj ET Q q 0 0 0 rg BT 288.85 681.60 Td (our ) Tj ET Q q 0 0 0 rg BT 303.98 681.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 327.45 681.60 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 359.52 681.60 Td (especially ) Tj ET Q q 0 0 0 rg BT 401.31 681.60 Td (healthcare, ) Tj ET Q q 0 0 0 rg BT 446.69 681.60 Td (our ) Tj ET Q q 0 0 0 rg BT 461.82 681.60 Td (strongest ) Tj ET Q q 0 0 0 rg BT 499.74 681.60 Td (sector) Tj ET Q q 0 0 0 rg BT 523.21 681.60 Td (, ) Tj ET Q q 0 0 0 rg BT 527.52 681.60 Td (resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.60 Td (in ) Tj ET Q q 0 0 0 rg BT 59.13 669.60 Td (more ) Tj ET Q q 0 0 0 rg BT 81.53 669.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 125.03 669.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 174.65 669.60 Td (and ) Tj ET Q q 0 0 0 rg BT 190.94 669.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 218.34 669.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 251.83 669.60 Td (per ) Tj ET Q q 0 0 0 rg BT 266.46 669.60 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 314.68 669.60 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.86 669.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.86 669.60 Td (, ) Tj ET Q q 0 0 0 rg BT 369.21 669.60 Td (we ) Tj ET Q q 0 0 0 rg BT 382.73 669.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.23 669.60 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.23 669.60 Td ( ) Tj ET Q q 0 0 0 rg BT 438.08 669.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 464.93 669.60 Td (financings, ) Tj ET Q q 0 0 0 rg BT 510.93 669.60 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 669.60 Td ($20.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.61 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 78.09 657.60 Td (for ) Tj ET Q q 0 0 0 rg BT 92.22 657.60 Td (our ) Tj ET Q q 0 0 0 rg BT 108.03 657.60 Td (clients, ) Tj ET Q q 0 0 0 rg BT 139.11 657.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 181.00 657.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.26 657.60 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.26 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 213.73 657.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 241.20 657.60 Td (financings, ) Tj ET Q q 0 0 0 rg BT 287.83 657.60 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.52 657.60 Td ($19.3 ) Tj ET Q q 0 0 0 rg BT 342.50 657.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.61 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 371.08 657.60 Td (for ) Tj ET Q q 0 0 0 rg BT 385.22 657.60 Td (our ) Tj ET Q q 0 0 0 rg BT 401.02 657.60 Td (clients ) Tj ET Q q 0 0 0 rg BT 429.60 657.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.86 657.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.86 657.60 Td (. ) Tj ET Q q 0 0 0 rg BT 464.83 657.60 Td (Debt ) Tj ET Q q 0 0 0 rg BT 486.74 657.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 526.98 657.60 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.60 Td (for ) Tj ET Q q 0 0 0 rg BT 63.56 645.60 Td (the ) Tj ET Q q 0 0 0 rg BT 78.19 645.60 Td (year ) Tj ET Q q 0 0 0 rg BT 97.80 645.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.08 645.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 182.57 645.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.57 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 204.97 645.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.81 645.60 Td ($63.0 ) Tj ET Q q 0 0 0 rg BT 251.71 645.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.60 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 285.51 645.60 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.13 645.60 Td (1) Tj ET Q q 0 0 0 rg BT 314.76 645.60 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 329.67 645.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.09 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 361.50 645.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 403.33 645.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.51 645.60 Td ($71.2 ) Tj ET Q q 0 0 0 rg BT 448.41 645.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.31 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 479.71 645.60 Td (in ) Tj ET Q q 0 0 0 rg BT 489.89 645.60 Td (the ) Tj ET Q q 0 0 0 rg BT 504.51 645.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 526.36 645.60 Td (year) Tj ET Q q 0 0 0 rg BT 543.16 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 548.07 645.60 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (to ) Tj ET Q q 0 0 0 rg BT 60.06 633.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 85.62 633.60 Td (public ) Tj ET Q q 0 0 0 rg BT 113.40 633.60 Td (finance ) Tj ET Q q 0 0 0 rg BT 145.61 633.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 183.93 633.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 221.71 633.60 Td (from ) Tj ET Q q 0 0 0 rg BT 243.94 633.60 Td (fewer ) Tj ET Q q 0 0 0 rg BT 269.48 633.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 313.92 633.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 364.47 633.60 Td (as ) Tj ET Q q 0 0 0 rg BT 375.58 633.60 Td (our ) Tj ET Q q 0 0 0 rg BT 391.70 633.60 Td (volume ) Tj ET Q q 0 0 0 rg BT 424.48 633.60 Td (of ) Tj ET Q q 0 0 0 rg BT 435.59 633.60 Td (new ) Tj ET Q q 0 0 0 rg BT 455.04 633.60 Td (market ) Tj ET Q q 0 0 0 rg BT 485.59 633.60 Td (issuances ) Tj ET Q q 0 0 0 rg BT 526.14 633.60 Td (declined, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.60 Td (and ) Tj ET Q q 0 0 0 rg BT 67.15 621.60 Td (reduced ) Tj ET Q q 0 0 0 rg BT 102.01 621.60 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 156.88 621.60 Td (spreads. ) Tj ET Q q 0 0 0 rg BT 192.59 621.60 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.13 621.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.13 621.60 Td (, ) Tj ET Q q 0 0 0 rg BT 249.85 621.60 Td (we ) Tj ET Q q 0 0 0 rg BT 264.72 621.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.58 621.60 Td (485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.58 621.60 Td ( ) Tj ET Q q 0 0 0 rg BT 327.80 621.60 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 372.66 621.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 415.87 621.60 Td (issues ) Tj ET Q q 0 0 0 rg BT 442.97 621.60 Td (with ) Tj ET Q q 0 0 0 rg BT 463.97 621.60 Td (a ) Tj ET Q q 0 0 0 rg BT 471.62 621.60 Td (total ) Tj ET Q q 0 0 0 rg BT 492.61 621.60 Td (par ) Tj ET Q q 0 0 0 rg BT 508.59 621.60 Td (value ) Tj ET Q q 0 0 0 rg BT 533.46 621.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 621.60 Td ($9.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.61 609.60 Td (, ) Tj ET Q q 0 0 0 rg BT 81.34 609.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 123.99 609.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.99 609.60 Td (522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.99 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 163.22 609.60 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 208.09 609.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 251.31 609.60 Td (issues ) Tj ET Q q 0 0 0 rg BT 278.42 609.60 Td (with ) Tj ET Q q 0 0 0 rg BT 299.43 609.60 Td (a ) Tj ET Q q 0 0 0 rg BT 307.09 609.60 Td (total ) Tj ET Q q 0 0 0 rg BT 328.09 609.60 Td (par ) Tj ET Q q 0 0 0 rg BT 344.08 609.60 Td (value ) Tj ET Q q 0 0 0 rg BT 368.96 609.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.52 609.60 Td ($9.7 ) Tj ET Q q 0 0 0 rg BT 401.24 609.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.36 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 430.58 609.60 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.92 609.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.92 609.60 Td (. ) Tj ET Q q 0 0 0 rg BT 485.64 609.60 Td (For ) Tj ET Q q 0 0 0 rg BT 502.76 609.60 Td (the ) Tj ET Q q 0 0 0 rg BT 518.20 609.60 Td (year ) Tj ET Q q 0 0 0 rg BT 538.63 609.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.01 597.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.01 597.60 Td (, ) Tj ET Q q 0 0 0 rg BT 132.93 597.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 169.79 597.60 Td (services ) Tj ET Q q 0 0 0 rg BT 204.42 597.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 242.38 597.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 282.55 597.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.75 597.60 Td ($197.9 ) Tj ET Q q 0 0 0 rg BT 322.67 597.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.57 597.60 Td (, ) Tj ET Q q 0 0 0 rg BT 356.49 597.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 398.33 597.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.53 597.60 Td ($83.3 ) Tj ET Q q 0 0 0 rg BT 443.46 597.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.35 597.60 Td ( ) Tj ET Q q 0 0 0 rg BT 474.77 597.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.97 597.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.97 597.60 Td (, ) Tj ET Q q 0 0 0 rg BT 509.89 597.60 Td (due ) Tj ET Q q 0 0 0 rg BT 526.75 597.60 Td (to ) Tj ET Q q 0 0 0 rg BT 536.95 597.60 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 71.07 585.60 Td (mer) Tj ET Q q 0 0 0 rg BT 86.43 585.60 Td (ger ) Tj ET Q q 0 0 0 rg BT 102.99 585.60 Td (and ) Tj ET Q q 0 0 0 rg BT 121.21 585.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 172.77 585.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 208.20 585.60 Td (from ) Tj ET Q q 0 0 0 rg BT 231.42 585.60 Td (more ) Tj ET Q q 0 0 0 rg BT 255.75 585.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 301.18 585.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 352.73 585.60 Td (and ) Tj ET Q q 0 0 0 rg BT 370.96 585.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 400.29 585.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 435.72 585.60 Td (per ) Tj ET Q q 0 0 0 rg BT 452.27 585.60 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 502.42 585.60 Td (Low ) Tj ET Q q 0 0 0 rg BT 524.54 585.60 Td (volatility) Tj ET Q q 0 0 0 rg BT 560.00 585.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.60 Td (attractive ) Tj ET Q q 0 0 0 rg BT 88.55 573.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 127.61 573.60 Td (levels ) Tj ET Q q 0 0 0 rg BT 152.78 573.60 Td (and ) Tj ET Q q 0 0 0 rg BT 169.07 573.60 Td (readily ) Tj ET Q q 0 0 0 rg BT 198.68 573.60 Td (available ) Tj ET Q q 0 0 0 rg BT 236.62 573.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 261.24 573.60 Td (created ) Tj ET Q q 0 0 0 rg BT 291.95 573.60 Td (a ) Tj ET Q q 0 0 0 rg BT 298.24 573.60 Td (robust ) Tj ET Q q 0 0 0 rg BT 325.09 573.60 Td (mer) Tj ET Q q 0 0 0 rg BT 340.45 573.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 358.96 573.60 Td (and ) Tj ET Q q 0 0 0 rg BT 375.25 573.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 424.87 573.60 Td (environment ) Tj ET Q q 0 0 0 rg BT 477.26 573.60 Td (in ) Tj ET Q q 0 0 0 rg BT 486.89 573.60 Td (2014. ) Tj ET Q q 0 0 0 rg BT 511.24 573.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 528.64 573.60 Td (strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 73.51 561.60 Td (to ) Tj ET Q q 0 0 0 rg BT 83.63 561.60 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 127.63 561.60 Td (our ) Tj ET Q q 0 0 0 rg BT 143.31 561.60 Td (mer) Tj ET Q q 0 0 0 rg BT 158.67 561.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 177.68 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 194.47 561.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 244.59 561.60 Td (resources ) Tj ET Q q 0 0 0 rg BT 284.69 561.60 Td (in ) Tj ET Q q 0 0 0 rg BT 294.81 561.60 Td (the ) Tj ET Q q 0 0 0 rg BT 309.38 561.60 Td (middle ) Tj ET Q q 0 0 0 rg BT 339.50 561.60 Td (market ) Tj ET Q q 0 0 0 rg BT 369.61 561.60 Td (enabled ) Tj ET Q q 0 0 0 rg BT 403.05 561.60 Td (us ) Tj ET Q q 0 0 0 rg BT 414.29 561.60 Td (to ) Tj ET Q q 0 0 0 rg BT 424.41 561.60 Td (capitalize ) Tj ET Q q 0 0 0 rg BT 465.06 561.60 Td (on ) Tj ET Q q 0 0 0 rg BT 477.41 561.60 Td (this ) Tj ET Q q 0 0 0 rg BT 494.20 561.60 Td (environment. ) Tj ET Q q 0 0 0 rg BT 549.42 561.60 Td (W) Tj ET Q q 0 0 0 rg BT 558.06 561.60 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.98 549.60 Td (91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.98 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 106.81 549.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 157.41 549.60 Td (with ) Tj ET Q q 0 0 0 rg BT 178.02 549.60 Td (an ) Tj ET Q q 0 0 0 rg BT 190.29 549.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 231.99 549.60 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 274.24 549.60 Td (value ) Tj ET Q q 0 0 0 rg BT 298.73 549.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.89 549.60 Td ($14.7 ) Tj ET Q q 0 0 0 rg BT 335.22 549.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.34 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 364.17 549.60 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.11 549.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.11 549.60 Td (, ) Tj ET Q q 0 0 0 rg BT 418.44 549.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 460.70 549.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.31 549.60 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.31 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 494.14 549.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 544.73 549.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (an ) Tj ET Q q 0 0 0 rg BT 61.44 537.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 102.80 537.60 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 144.72 537.60 Td (value ) Tj ET Q q 0 0 0 rg BT 168.88 537.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.71 537.60 Td ($5.3 ) Tj ET Q q 0 0 0 rg BT 199.71 537.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.82 537.60 Td ( ) Tj ET Q q 0 0 0 rg BT 228.32 537.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.60 537.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.60 537.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.18 513.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.18 513.60 Td (, ) Tj ET Q q 0 0 0 rg BT 85.03 513.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 135.15 513.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 177.48 513.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 215.36 513.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 255.47 513.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.59 513.60 Td ($174.4 ) Tj ET Q q 0 0 0 rg BT 295.44 513.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.33 513.60 Td (, ) Tj ET Q q 0 0 0 rg BT 329.18 513.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 370.96 513.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.08 513.60 Td ($167.4 ) Tj ET Q q 0 0 0 rg BT 420.93 513.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.82 513.60 Td ( ) Tj ET Q q 0 0 0 rg BT 452.17 513.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 513.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.30 513.60 Td (, ) Tj ET Q q 0 0 0 rg BT 487.15 513.60 Td (due ) Tj ET Q q 0 0 0 rg BT 503.93 513.60 Td (to ) Tj ET Q q 0 0 0 rg BT 514.06 513.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 541.96 513.60 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (income ) Tj ET Q q 0 0 0 rg BT 82.31 501.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 133.46 501.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 176.81 501.60 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 218.23 501.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 254.92 501.60 Td (of) Tj ET Q q 0 0 0 rg BT 263.07 501.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 280.89 501.60 Td (by ) Tj ET Q q 0 0 0 rg BT 294.26 501.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 320.41 501.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 348.78 501.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 399.93 501.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 443.28 501.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 484.69 501.60 Td (Equity ) Tj ET Q q 0 0 0 rg BT 514.73 501.60 Td (institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 92.26 489.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 130.58 489.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.79 489.60 Td ($82.2 ) Tj ET Q q 0 0 0 rg BT 178.07 489.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.96 489.60 Td ( ) Tj ET Q q 0 0 0 rg BT 209.74 489.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.30 489.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.30 489.60 Td (, ) Tj ET Q q 0 0 0 rg BT 245.59 489.60 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.59 489.60 Td (9.8 ) Tj ET Q q 0 0 0 rg BT 285.87 489.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.30 489.60 Td ( ) Tj ET Q q 0 0 0 rg BT 318.08 489.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 360.29 489.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.85 489.60 Td ($91.2 ) Tj ET Q q 0 0 0 rg BT 406.13 489.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.02 489.60 Td ( ) Tj ET Q q 0 0 0 rg BT 437.80 489.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.36 489.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.36 489.60 Td (, ) Tj ET Q q 0 0 0 rg BT 473.64 489.60 Td (due ) Tj ET Q q 0 0 0 rg BT 490.87 489.60 Td (to ) Tj ET Q q 0 0 0 rg BT 501.43 489.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 526.98 489.60 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.60 Td (from ) Tj ET Q q 0 0 0 rg BT 71.06 477.60 Td (block ) Tj ET Q q 0 0 0 rg BT 95.41 477.60 Td (trades ) Tj ET Q q 0 0 0 rg BT 121.41 477.60 Td (and ) Tj ET Q q 0 0 0 rg BT 137.98 477.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 163.99 477.60 Td (from ) Tj ET Q q 0 0 0 rg BT 185.56 477.60 Td (our ) Tj ET Q q 0 0 0 rg BT 201.02 477.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 228.14 477.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 264.14 477.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 294.59 477.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 332.81 477.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 374.36 477.60 Td (to ) Tj ET Q q 0 0 0 rg BT 384.27 477.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 414.72 477.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 437.95 477.60 Td (in ) Tj ET Q q 0 0 0 rg BT 447.86 477.60 Td (the ) Tj ET Q q 0 0 0 rg BT 462.20 477.60 Td (prior) Tj ET Q q 0 0 0 rg BT 481.44 477.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 504.10 477.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 534.28 477.60 Td (For ) Tj ET Q q 0 0 0 rg BT 550.30 477.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (year ) Tj ET Q q 0 0 0 rg BT 68.75 465.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.66 465.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 152.78 465.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.78 465.60 Td (, ) Tj ET Q q 0 0 0 rg BT 177.32 465.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 199.91 465.60 Td (income ) Tj ET Q q 0 0 0 rg BT 231.38 465.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 281.20 465.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 323.21 465.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 360.79 465.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.25 465.60 Td ($92.2 ) Tj ET Q q 0 0 0 rg BT 406.79 465.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.68 465.60 Td (, ) Tj ET Q q 0 0 0 rg BT 440.22 465.60 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.26 465.60 Td (20.9 ) Tj ET Q q 0 0 0 rg BT 471.80 465.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.22 465.60 Td ( ) Tj ET Q q 0 0 0 rg BT 503.26 465.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 544.72 465.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.60 Td ($76.3 ) Tj ET Q q 0 0 0 rg BT 73.48 453.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.38 453.60 Td ( ) Tj ET Q q 0 0 0 rg BT 103.86 453.60 Td (in ) Tj ET Q q 0 0 0 rg BT 113.12 453.60 Td (the ) Tj ET Q q 0 0 0 rg BT 126.82 453.60 Td (prior) Tj ET Q q 0 0 0 rg BT 146.06 453.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 168.08 453.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 197.61 453.60 Td (Higher ) Tj ET Q q 0 0 0 rg BT 226.86 453.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 256.67 453.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 279.26 453.60 Td (and ) Tj ET Q q 0 0 0 rg BT 295.18 453.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 344.44 453.60 Td (made ) Tj ET Q q 0 0 0 rg BT 367.58 453.60 Td (in ) Tj ET Q q 0 0 0 rg BT 376.84 453.60 Td (our ) Tj ET Q q 0 0 0 rg BT 391.65 453.60 Td (middle ) Tj ET Q q 0 0 0 rg BT 420.91 453.60 Td (markets ) Tj ET Q q 0 0 0 rg BT 454.05 453.60 Td (team ) Tj ET Q q 0 0 0 rg BT 474.97 453.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 515.31 453.60 Td (incremental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 83.26 441.60 Td (to ) Tj ET Q q 0 0 0 rg BT 93.15 441.60 Td (of) Tj ET Q q 0 0 0 rg BT 101.30 441.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 117.85 441.60 Td (the ) Tj ET Q q 0 0 0 rg BT 132.18 441.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 161.51 441.60 Td (of ) Tj ET Q q 0 0 0 rg BT 171.95 441.60 Td (client ) Tj ET Q q 0 0 0 rg BT 196.28 441.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 226.71 441.60 Td (volumes ) Tj ET Q q 0 0 0 rg BT 262.71 441.60 Td (remaining ) Tj ET Q q 0 0 0 rg BT 305.37 441.60 Td (relatively ) Tj ET Q q 0 0 0 rg BT 345.24 441.60 Td (flat. ) Tj ET Q q 0 0 0 rg BT 363.18 441.60 Td (In ) Tj ET Q q 0 0 0 rg BT 373.62 441.60 Td (the ) Tj ET Q q 0 0 0 rg BT 387.95 441.60 Td (second ) Tj ET Q q 0 0 0 rg BT 417.83 441.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 448.26 441.60 Td (of ) Tj ET Q q 0 0 0 rg BT 458.71 441.60 Td (2013, ) Tj ET Q q 0 0 0 rg BT 483.32 441.60 Td (we ) Tj ET Q q 0 0 0 rg BT 497.09 441.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 534.18 441.60 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 75.95 429.60 Td (on ) Tj ET Q q 0 0 0 rg BT 88.50 429.60 Td (inventory ) Tj ET Q q 0 0 0 rg BT 129.39 429.60 Td (positions ) Tj ET Q q 0 0 0 rg BT 168.06 429.60 Td (due ) Tj ET Q q 0 0 0 rg BT 185.05 429.60 Td (to ) Tj ET Q q 0 0 0 rg BT 195.39 429.60 Td (a ) Tj ET Q q 0 0 0 rg BT 202.38 429.60 Td (volatile ) Tj ET Q q 0 0 0 rg BT 234.93 429.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 265.81 429.60 Td (environment ) Tj ET Q q 0 0 0 rg BT 318.91 429.60 Td (caused ) Tj ET Q q 0 0 0 rg BT 348.67 429.60 Td (by ) Tj ET Q q 0 0 0 rg BT 361.23 429.60 Td (a ) Tj ET Q q 0 0 0 rg BT 368.22 429.60 Td (rapid ) Tj ET Q q 0 0 0 rg BT 391.33 429.60 Td (rise ) Tj ET Q q 0 0 0 rg BT 408.32 429.60 Td (in ) Tj ET Q q 0 0 0 rg BT 418.66 429.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 450.65 429.60 Td (rates ) Tj ET Q q 0 0 0 rg BT 472.08 429.60 Td (and ) Tj ET Q q 0 0 0 rg BT 489.07 429.60 Td (widening ) Tj ET Q q 0 0 0 rg BT 528.85 429.60 Td (of ) Tj ET Q q 0 0 0 rg BT 539.73 429.60 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.60 Td (spreads ) Tj ET Q q 0 0 0 rg BT 81.99 417.60 Td (during ) Tj ET Q q 0 0 0 rg BT 110.60 417.60 Td (that ) Tj ET Q q 0 0 0 rg BT 128.09 417.60 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.60 Td (For ) Tj ET Q q 0 0 0 rg BT 65.22 393.60 Td (the ) Tj ET Q q 0 0 0 rg BT 79.26 393.60 Td (year ) Tj ET Q q 0 0 0 rg BT 98.30 393.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.00 393.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 181.91 393.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.91 393.60 Td (, ) Tj ET Q q 0 0 0 rg BT 206.24 393.60 Td (management ) Tj ET Q q 0 0 0 rg BT 259.16 393.60 Td (and ) Tj ET Q q 0 0 0 rg BT 275.42 393.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 327.77 393.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 345.70 393.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.96 393.60 Td ($5.4 ) Tj ET Q q 0 0 0 rg BT 386.29 393.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.18 393.60 Td (, ) Tj ET Q q 0 0 0 rg BT 419.50 393.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 460.76 393.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.36 393.60 Td ($3.9 ) Tj ET Q q 0 0 0 rg BT 499.69 393.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.58 393.60 Td ( ) Tj ET Q q 0 0 0 rg BT 530.41 393.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.01 393.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 393.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.60 Td (due ) Tj ET Q q 0 0 0 rg BT 66.44 381.60 Td (to ) Tj ET Q q 0 0 0 rg BT 76.72 381.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 116.97 381.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 169.99 381.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 188.59 381.60 Td (from ) Tj ET Q q 0 0 0 rg BT 210.53 381.60 Td (our ) Tj ET Q q 0 0 0 rg BT 226.36 381.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 268.85 381.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 291.35 381.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 312.18 381.60 Td (with ) Tj ET Q q 0 0 0 rg BT 332.46 381.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 363.85 381.60 Td (investors.) 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 65.31 357.60 Td (the ) Tj ET Q q 0 0 0 rg BT 79.44 357.60 Td (year ) Tj ET Q q 0 0 0 rg BT 98.57 357.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.36 357.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 182.37 357.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.37 357.60 Td (, ) Tj ET Q q 0 0 0 rg BT 206.78 357.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 242.03 357.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 287.83 357.60 Td (income ) Tj ET Q q 0 0 0 rg BT 319.18 357.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 357.60 Td ($8.3 ) Tj ET Q q 0 0 0 rg BT 356.07 357.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.96 357.60 Td (, ) Tj ET Q q 0 0 0 rg BT 389.38 357.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 430.72 357.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.41 357.60 Td ($21.6 ) Tj ET Q q 0 0 0 rg BT 464.83 357.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.72 357.60 Td ( ) Tj ET Q q 0 0 0 rg BT 495.64 357.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.34 357.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.34 357.60 Td (. ) Tj ET Q q 0 0 0 rg BT 529.76 357.60 Td (In ) Tj ET Q q 0 0 0 rg BT 540.00 357.60 Td (2013, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.60 Td (we ) Tj ET Q q 0 0 0 rg BT 63.56 345.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 100.95 345.60 Td (lar) Tj ET Q q 0 0 0 rg BT 111.31 345.60 Td (ger ) Tj ET Q q 0 0 0 rg BT 126.48 345.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 150.00 345.60 Td (on ) Tj ET Q q 0 0 0 rg BT 162.40 345.60 Td (our ) Tj ET Q q 0 0 0 rg BT 178.14 345.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 217.74 345.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 252.37 345.60 Td (activities. ) Tj ET Q q 0 0 0 rg BT 293.37 345.60 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 334.09 345.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 368.71 345.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 418.89 345.60 Td (made ) Tj ET Q q 0 0 0 rg BT 442.95 345.60 Td (before ) Tj ET Q q 0 0 0 rg BT 470.89 345.60 Td (2010 ) Tj ET Q q 0 0 0 rg BT 493.30 345.60 Td (are ) Tj ET Q q 0 0 0 rg BT 507.91 345.60 Td (accounted ) Tj ET Q q 0 0 0 rg BT 550.85 345.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.60 Td (on ) Tj ET Q q 0 0 0 rg BT 62.35 333.60 Td (a ) Tj ET Q q 0 0 0 rg BT 69.64 333.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 88.60 333.60 Td (basis, ) Tj ET Q q 0 0 0 rg BT 113.95 333.60 Td (which ) Tj ET Q q 0 0 0 rg BT 141.24 333.60 Td (can ) Tj ET Q q 0 0 0 rg BT 157.97 333.60 Td (result, ) Tj ET Q q 0 0 0 rg BT 185.53 333.60 Td (and ) Tj ET Q q 0 0 0 rg BT 202.82 333.60 Td (in ) Tj ET Q q 0 0 0 rg BT 213.45 333.60 Td (2013 ) Tj ET Q q 0 0 0 rg BT 236.30 333.60 Td (did ) Tj ET Q q 0 0 0 rg BT 251.93 333.60 Td (result, ) Tj ET Q q 0 0 0 rg BT 279.50 333.60 Td (in ) Tj ET Q q 0 0 0 rg BT 290.13 333.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 335.19 333.60 Td (realized ) Tj ET Q q 0 0 0 rg BT 369.68 333.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 393.64 333.60 Td (in ) Tj ET Q q 0 0 0 rg BT 404.27 333.60 Td (the ) Tj ET Q q 0 0 0 rg BT 419.34 333.60 Td (period ) Tj ET Q q 0 0 0 rg BT 447.73 333.60 Td (of ) Tj ET Q q 0 0 0 rg BT 458.91 333.60 Td (a ) Tj ET Q q 0 0 0 rg BT 466.20 333.60 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 502.95 333.60 Td (event ) Tj ET Q q 0 0 0 rg BT 527.45 333.60 Td (for ) Tj ET Q q 0 0 0 rg BT 541.96 333.60 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.60 Td (investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.11 321.60 Td (Note ) Tj ET Q q 0 0 0 rg BT 123.88 321.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.88 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 136.22 321.60 Td (of ) Tj ET Q q 0 0 0 rg BT 146.89 321.60 Td (our ) Tj ET Q q 0 0 0 rg BT 162.55 321.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 215.43 321.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.75 321.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 297.30 321.60 Td (highlights ) Tj ET Q q 0 0 0 rg BT 339.64 321.60 Td (the ) Tj ET Q q 0 0 0 rg BT 354.19 321.60 Td (dif) Tj ET Q q 0 0 0 rg BT 365.12 321.60 Td (ference ) Tj ET Q q 0 0 0 rg BT 396.87 321.60 Td (between ) Tj ET Q q 0 0 0 rg BT 432.52 321.60 Td (the ) Tj ET Q q 0 0 0 rg BT 447.08 321.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 463.29 321.60 Td (value ) Tj ET Q q 0 0 0 rg BT 487.28 321.60 Td (of ) Tj ET Q q 0 0 0 rg BT 497.95 321.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 548.06 321.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 309.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 82.83 309.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 105.33 309.60 Td (for ) Tj ET Q q 0 0 0 rg BT 119.49 309.60 Td (these ) Tj ET Q q 0 0 0 rg BT 142.53 309.60 Td (investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.60 Td (For ) Tj ET Q q 0 0 0 rg BT 65.85 285.60 Td (the ) Tj ET Q q 0 0 0 rg BT 80.53 285.60 Td (year ) Tj ET Q q 0 0 0 rg BT 100.19 285.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.53 285.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 185.07 285.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.07 285.60 Td (, ) Tj ET Q q 0 0 0 rg BT 210.03 285.60 Td (long-term ) Tj ET Q q 0 0 0 rg BT 251.92 285.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 292.14 285.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 330.70 285.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 372.57 285.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.81 285.60 Td ($6.7 ) Tj ET Q q 0 0 0 rg BT 402.77 285.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.66 285.60 Td (, ) Tj ET Q q 0 0 0 rg BT 436.62 285.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 478.50 285.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.74 285.60 Td ($7.4 ) Tj ET Q q 0 0 0 rg BT 508.69 285.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.59 285.60 Td ( ) Tj ET Q q 0 0 0 rg BT 540.04 285.60 Td (in ) Tj ET Q q 0 0 0 rg BT 550.28 285.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.60 Td (prior) Tj ET Q q 0 0 0 rg BT 68.74 273.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 91.78 273.60 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 81.21 249.60 Td (Markets ) Tj ET Q q 0 0 0 rg BT 116.81 249.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 152.96 249.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 189.12 249.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 220.26 249.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 260.85 249.60 Td (mar) Tj ET Q q 0 0 0 rg BT 276.22 249.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 291.82 249.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.31 249.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.31 249.60 Td ( ) Tj ET Q q 0 0 0 rg BT 329.14 249.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 369.72 249.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.33 249.60 Td (15.4 ) Tj ET Q q 0 0 0 rg BT 400.66 249.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.08 249.60 Td (, ) Tj ET Q q 0 0 0 rg BT 435.41 249.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 477.67 249.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.27 249.60 Td (12.0 ) Tj ET Q q 0 0 0 rg BT 518.60 249.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.02 249.60 Td ( ) Tj ET Q q 0 0 0 rg BT 550.85 249.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 237.60 Td (, ) Tj ET Q q 0 0 0 rg BT 74.50 237.60 Td (due ) Tj ET Q q 0 0 0 rg BT 91.44 237.60 Td (to ) Tj ET Q q 0 0 0 rg BT 101.72 237.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 141.98 237.60 Td (leverage ) Tj ET Q q 0 0 0 rg BT 178.34 237.60 Td (gained ) Tj ET Q q 0 0 0 rg BT 207.50 237.60 Td (from ) Tj ET Q q 0 0 0 rg BT 229.44 237.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 269.69 237.60 Td (revenues. ) 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 (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 68.94 693.60 Td (following ) Tj ET Q q 0 0 0 rg BT 111.72 693.60 Td (table ) Tj ET Q q 0 0 0 rg BT 135.05 693.60 Td (sets ) Tj ET Q q 0 0 0 rg BT 153.95 693.60 Td (forth ) Tj ET Q q 0 0 0 rg BT 177.28 693.60 Td (the ) Tj ET Q q 0 0 0 rg BT 192.53 693.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 218.65 693.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 274.74 693.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 311.96 693.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 350.84 693.60 Td (results ) Tj ET Q q 0 0 0 rg BT 380.84 693.60 Td (from ) Tj ET Q q 0 0 0 rg BT 404.17 693.60 Td (continuing ) Tj ET Q q 0 0 0 rg BT 450.84 693.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 496.39 693.60 Td (and ) Tj ET Q q 0 0 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396.00 384.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 384.10 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 384.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 384.10 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 384.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 384.10 46.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 353.10 86.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 353.10 45.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 353.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 353.10 58.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 353.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 353.10 50.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 353.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 353.10 46.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 353.10 5.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 353.10 45.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 353.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 353.10 58.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 353.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 353.10 50.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 353.10 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 353.10 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 135 646.1 m 180 646.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 646.1 m 184 646.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 646.1 m 242 646.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 646.1 m 246 646.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 646.1 m 296 646.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 646.1 m 300 646.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 646.1 m 346 646.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 646.1 m 351 646.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 646.1 m 396 646.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 646.1 m 400 646.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 646.1 m 458 646.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 646.1 m 462 646.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 646.1 m 512 646.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 646.1 m 516 646.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 646.1 m 562 646.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 636.1 m 180 636.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 636.1 m 184 636.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 636.1 m 242 636.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 636.1 m 246 636.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 636.1 m 296 636.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 636.1 m 300 636.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 636.1 m 346 636.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 636.1 m 396 636.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 636.1 m 400 636.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 636.1 m 458 636.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 636.1 m 462 636.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 636.1 m 512 636.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 636.1 m 516 636.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 636.1 m 562 636.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 625.1 m 242 625.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 625.1 m 246 625.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 625.1 m 296 625.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 625.1 m 458 625.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 625.1 m 462 625.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 625.1 m 512 625.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 605.1 m 180 605.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 605.1 m 242 605.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 605.1 m 296 605.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 605.1 m 346 605.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 605.1 m 396 605.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 605.1 m 458 605.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 605.1 m 512 605.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 605.1 m 562 605.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 575.1 m 180 575.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 575.1 m 242 575.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 575.1 m 296 575.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 575.1 m 346 575.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 575.1 m 396 575.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 575.1 m 458 575.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 575.1 m 512 575.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 575.1 m 562 575.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 524.1 m 180 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 524.1 m 242 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 524.1 m 296 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 524.1 m 346 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 524.1 m 396 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 524.1 m 458 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 524.1 m 512 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 524.1 m 562 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 524.1 m 180 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 524.1 m 242 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 524.1 m 296 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 524.1 m 346 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 524.1 m 396 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 524.1 m 458 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 524.1 m 512 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 524.1 m 562 524.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 465.1 m 180 465.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 465.1 m 242 465.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 465.1 m 296 465.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 465.1 m 346 465.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 465.1 m 396 465.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 465.1 m 458 465.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 465.1 m 512 465.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 465.1 m 562 465.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 425.1 m 180 425.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 425.1 m 242 425.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 425.1 m 296 425.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 425.1 m 346 425.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 425.1 m 396 425.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 425.1 m 458 425.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 425.1 m 512 425.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 425.1 m 562 425.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 395.1 m 180 395.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 135 393.1 m 180 393.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 395.1 m 242 395.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 393.1 m 242 393.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 395.1 m 296 395.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 393.1 m 296 393.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 395.1 m 346 395.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 393.1 m 346 393.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 395.1 m 396 395.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 393.1 m 396 393.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 395.1 m 458 395.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 393.1 m 458 393.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 395.1 m 512 395.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 393.1 m 512 393.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 395.1 m 562 395.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 393.1 m 562 393.1 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.70 648.23 Td (Year Ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 232.00 638.23 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 638.23 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.05 628.18 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.05 628.18 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 148.25 617.23 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.75 617.23 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.35 617.23 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.35 617.23 Td (U.S.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.25 617.23 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.75 617.23 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.35 617.23 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.35 617.23 Td (U.S.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 607.10 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 141.40 607.23 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.65 607.23 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.70 607.23 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.35 607.23 Td (GAAP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.40 607.23 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.65 607.23 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.70 607.23 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.35 607.23 Td (GAAP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 597.10 Td (Management fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 587.10 Td (Value equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.50 587.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 587.10 Td (38,249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 186.50 587.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 587.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.50 587.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.80 587.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.50 587.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 587.10 Td (38,249) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 587.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 587.10 Td (47,987) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 587.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 587.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.50 587.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 587.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 587.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 587.10 Td (47,987) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 577.10 Td (MLP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 577.10 Td (31,918) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 577.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.80 577.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 577.10 Td (31,918) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 577.10 Td (30,785) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 577.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 577.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 577.10 Td (30,785) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 567.05 Td (Total management fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 567.05 Td (70,167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 567.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.80 567.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 567.05 Td (70,167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 567.05 Td (78,772) 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 (78,772) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 546.10 Td (Performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 536.10 Td (Value equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 160.75 536.10 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.75 536.10 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 536.10 Td (684) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 536.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 536.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.75 536.10 Td (684) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 526.10 Td (MLP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 164.80 526.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 330.80 526.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 526.10 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 526.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 526.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.75 526.10 Td (208) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 516.10 Td (Total performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 160.75 516.10 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 516.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.80 516.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.75 516.10 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 516.10 Td (892) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 516.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 516.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.75 516.10 Td (892) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 496.05 Td (Total management and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 488.05 Td (performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 489.35 Td (70,375) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 489.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.80 489.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 489.35 Td (70,375) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 489.35 Td (79,664) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 489.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 489.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 489.35 Td (79,664) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 467.10 Td (Investment income/\(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 152.10 467.10 Td (\(6,788) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.80 467.10 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 467.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.80 467.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.10 467.10 Td (\(6,788) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 467.10 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 467.10 Td (683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 467.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 467.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.75 467.10 Td (683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 447.10 Td (Total net revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 447.10 Td (63,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 447.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.80 447.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 447.10 Td (63,587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 447.10 Td (80,347) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 447.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 447.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 447.10 Td (80,347) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 427.10 Td (Operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 427.10 Td (49,304) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 427.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.75 427.10 Td (6,254) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 427.10 Td (55,558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 427.10 Td (51,582) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 427.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.75 427.10 Td (7,584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 427.10 Td (59,166) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 407.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 399.05 Td (operating income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.50 398.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 398.35 Td (14,283) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 186.50 398.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.80 398.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.50 398.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.10 398.35 Td (\(6,254) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.80 398.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.50 398.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.75 398.35 Td (8,029) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 398.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 398.35 Td (28,765) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 398.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 398.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.50 398.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.10 398.35 Td (\(7,584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.80 398.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 398.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 398.35 Td (21,181) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 376.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 368.05 Td (operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.75 367.35 Td (22.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.80 367.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 367.35 Td (12.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 367.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 367.35 Td (35.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 367.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 367.35 Td (26.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 367.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 345.05 Td (Adjusted segment pre-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 337.05 Td (tax operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 329.05 Td (excluding investment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 321.05 Td (income/\(loss\) \(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.75 321.35 Td (29.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.80 321.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 321.35 Td (35.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 321.35 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 305.00 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 305.00 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 305.00 Td (Other ) Tj ET Q q 0 0 0 rg BT 87.32 305.00 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 127.67 305.00 Td ( ) Tj ET Q q 0 0 0 rg BT 132.91 305.00 Td (The ) Tj ET Q q 0 0 0 rg BT 146.15 305.00 Td (following ) Tj ET Q q 0 0 0 rg BT 177.62 305.00 Td (table ) Tj ET Q q 0 0 0 rg BT 194.85 305.00 Td (sets ) Tj ET Q q 0 0 0 rg BT 208.09 305.00 Td (forth ) Tj ET Q q 0 0 0 rg BT 224.89 305.00 Td (the ) Tj ET Q q 0 0 0 rg BT 235.91 305.00 Td (items ) Tj ET Q q 0 0 0 rg BT 254.04 305.00 Td (not ) Tj ET Q q 0 0 0 rg BT 265.50 305.00 Td (included ) Tj ET Q q 0 0 0 rg BT 294.29 305.00 Td (in ) Tj ET Q q 0 0 0 rg BT 301.75 305.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 330.10 305.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 357.56 305.00 Td (pr) Tj ET Q q 0 0 0 rg BT 364.38 305.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 381.61 305.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 413.96 305.00 Td (income ) Tj ET Q q 0 0 0 rg BT 438.30 305.00 Td (and ) Tj ET Q q 0 0 0 rg BT 451.54 305.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 479.89 305.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 507.35 305.00 Td (pr) Tj ET Q q 0 0 0 rg BT 514.16 305.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 531.39 305.00 Td (operating ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 295.40 Td (mar) Tj ET Q q 0 0 0 rg BT 80.09 295.40 Td (gin ) Tj ET Q q 0 0 0 rg BT 92.32 295.40 Td (for ) Tj ET Q q 0 0 0 rg BT 103.65 295.40 Td (the ) Tj ET Q q 0 0 0 rg BT 115.43 295.40 Td (periods ) Tj ET Q q 0 0 0 rg BT 141.43 295.40 Td (pr) Tj ET Q q 0 0 0 rg BT 148.24 295.40 Td (esented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 264.90 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 264.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 264.90 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 264.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 244.90 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 244.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 244.90 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 244.90 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 415 274.9 m 485 274.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 274.9 m 493 274.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 274.9 m 563 274.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 264.9 m 485 264.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 264.9 m 563 264.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 264.9 m 485 264.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 264.9 m 563 264.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 244.89999999999998 m 485 244.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 235.89999999999998 m 485 235.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 233.89999999999998 m 485 233.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 244.89999999999998 m 563 244.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 235.89999999999998 m 563 235.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 233.89999999999998 m 563 233.89999999999998 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 445.80 277.03 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 266.90 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.50 267.03 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 267.03 Td (2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 256.90 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.50 256.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.80 256.90 Td (214) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 256.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 256.90 Td (1,284) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 246.90 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.80 246.90 Td (6,040) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 246.90 Td (6,300) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.50 236.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.80 236.90 Td (6,254) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 236.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 236.90 Td (7,584) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 222.80 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 60.83 222.80 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 222.80 Td (Management ) Tj ET Q q 0 0 0 rg BT 110.98 222.80 Td (believes ) Tj ET Q q 0 0 0 rg BT 138.46 222.80 Td (that ) Tj ET Q q 0 0 0 rg BT 152.62 222.80 Td (pr) Tj ET Q q 0 0 0 rg BT 159.44 222.80 Td (esenting ) Tj ET Q q 0 0 0 rg BT 187.81 222.80 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 216.64 222.80 Td (segment ) Tj ET Q q 0 0 0 rg BT 244.57 222.80 Td (pr) Tj ET Q q 0 0 0 rg BT 251.38 222.80 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 269.09 222.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 301.91 222.80 Td (mar) Tj ET Q q 0 0 0 rg BT 314.51 222.80 Td (gin ) Tj ET Q q 0 0 0 rg BT 326.45 222.80 Td (excluding ) Tj ET Q q 0 0 0 rg BT 359.26 222.80 Td (investment ) Tj ET Q q 0 0 0 rg BT 395.19 222.80 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 440.00 222.80 Td (pr) Tj ET Q q 0 0 0 rg BT 446.82 222.80 Td (ovides ) Tj ET Q q 0 0 0 rg BT 468.97 222.80 Td (the ) Tj ET Q q 0 0 0 rg BT 480.46 222.80 Td (most ) Tj ET Q q 0 0 0 rg BT 497.29 222.80 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 535.00 222.80 Td (basis ) Tj ET Q q 0 0 0 rg BT 553.17 222.80 Td (for ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 213.20 Td (comparison ) Tj ET Q q 0 0 0 rg BT 107.28 213.20 Td (of ) Tj ET Q q 0 0 0 rg BT 115.36 213.20 Td (Asset ) Tj ET Q q 0 0 0 rg BT 134.24 213.20 Td (Management ) Tj ET Q q 0 0 0 rg BT 178.01 213.20 Td (operating ) Tj ET Q q 0 0 0 rg BT 211.12 213.20 Td (r) Tj ET Q q 0 0 0 rg BT 213.93 213.20 Td (esults ) Tj ET Q q 0 0 0 rg BT 234.16 213.20 Td (acr) Tj ET Q q 0 0 0 rg BT 244.52 213.20 Td (oss ) Tj ET Q q 0 0 0 rg BT 256.75 213.20 Td (periods. ) 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 (Management ) Tj ET Q q 0 0 0 rg BT 102.96 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 118.67 717.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 170.45 717.60 Td (fee ) Tj ET Q q 0 0 0 rg BT 183.92 717.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 220.72 717.60 Td (comprise ) Tj ET Q q 0 0 0 rg BT 258.64 717.60 Td (the ) Tj ET Q q 0 0 0 rg BT 272.11 717.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 308.91 717.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 349.04 717.60 Td (through ) Tj ET Q q 0 0 0 rg BT 381.41 717.60 Td (management ) Tj ET Q q 0 0 0 rg BT 433.76 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 449.46 717.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 494.60 717.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 530.31 717.60 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 93.79 705.60 Td (for ) Tj ET Q q 0 0 0 rg BT 108.10 705.60 Td (separately ) Tj ET Q q 0 0 0 rg BT 151.28 705.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 190.03 705.60 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 230.16 705.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 272.23 705.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 297.10 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 314.19 705.60 Td (partnerships. ) Tj ET Q q 0 0 0 rg BT 368.22 705.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 415.30 705.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 468.47 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 485.56 705.60 Td (client ) Tj ET Q q 0 0 0 rg BT 510.42 705.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 532.51 705.60 Td (inflows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 65.86 693.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 102.78 693.60 Td (have ) Tj ET Q q 0 0 0 rg BT 123.58 693.60 Td (a ) Tj ET Q q 0 0 0 rg BT 129.94 693.60 Td (direct ) Tj ET Q q 0 0 0 rg BT 154.62 693.60 Td (ef) Tj ET Q q 0 0 0 rg BT 162.21 693.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 179.11 693.60 Td (on ) Tj ET Q q 0 0 0 rg BT 191.03 693.60 Td (management ) Tj ET Q q 0 0 0 rg BT 244.04 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 260.40 693.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 312.84 693.60 Td (fee ) Tj ET Q q 0 0 0 rg BT 326.97 693.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 366.93 693.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 421.05 693.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 439.07 693.60 Td (are ) Tj ET Q q 0 0 0 rg BT 453.20 693.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 492.32 693.60 Td (based ) Tj ET Q q 0 0 0 rg BT 517.01 693.60 Td (on ) Tj ET Q q 0 0 0 rg BT 528.93 693.60 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 71.36 609.60 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 118.20 609.60 Td (of ) Tj ET Q q 0 0 0 rg BT 128.39 609.60 Td (client ) Tj ET Q q 0 0 0 rg BT 152.46 609.60 Td (assets. ) Tj ET Q q 0 0 0 rg BT 179.74 609.60 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.59 609.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 249.54 609.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.54 609.60 Td (, ) Tj ET Q q 0 0 0 rg BT 273.89 609.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.51 609.60 Td (nine ) Tj ET Q q 0 0 0 rg BT 352.59 609.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.01 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 383.87 609.60 Td (of ) Tj ET Q q 0 0 0 rg BT 394.06 609.60 Td (our ) Tj ET Q q 0 0 0 rg BT 408.83 609.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 434.03 609.60 Td (was ) Tj ET Q q 0 0 0 rg BT 451.44 609.60 Td (eligible ) Tj ET Q q 0 0 0 rg BT 483.28 609.60 Td (to ) Tj ET Q q 0 0 0 rg BT 492.92 609.60 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 (2015) 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 ($70.2 ) 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 (10.9 ) 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 ($78.8 ) 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 81.16 561.60 Td (in ) Tj ET Q q 0 0 0 rg BT 91.70 561.60 Td (the ) Tj ET Q q 0 0 0 rg BT 106.68 561.60 Td (prior) Tj ET Q q 0 0 0 rg BT 125.92 561.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 149.22 561.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 180.03 561.60 Td (due ) Tj ET Q q 0 0 0 rg BT 197.24 561.60 Td (to ) Tj ET Q q 0 0 0 rg BT 207.78 561.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 249.96 561.60 Td (management ) Tj ET Q q 0 0 0 rg BT 303.81 561.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 322.68 561.60 Td (from ) Tj ET Q q 0 0 0 rg BT 344.88 561.60 Td (our ) Tj ET Q q 0 0 0 rg BT 360.98 561.60 Td (value ) Tj ET Q q 0 0 0 rg BT 385.40 561.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 413.16 561.60 Td (strategies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.19 561.60 Td (In) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.52 561.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.28 561.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.28 561.60 Td (, ) Tj ET Q q 0 0 0 rg BT 492.55 561.60 Td (management ) Tj ET Q q 0 0 0 rg BT 546.40 561.60 Td (fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.60 Td (related ) Tj ET Q q 0 0 0 rg BT 79.19 549.60 Td (to ) Tj ET Q q 0 0 0 rg BT 89.46 549.60 Td (our ) Tj ET Q q 0 0 0 rg BT 105.29 549.60 Td (value ) Tj ET Q q 0 0 0 rg BT 129.43 549.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 156.92 549.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 197.17 549.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.10 549.60 Td ($38.2 ) Tj ET Q q 0 0 0 rg BT 244.09 549.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.98 549.60 Td (, ) Tj ET Q q 0 0 0 rg BT 277.97 549.60 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.68 549.60 Td (20.3 ) Tj ET Q q 0 0 0 rg BT 322.68 549.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.10 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 354.59 549.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 396.51 549.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.78 549.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.78 549.60 Td (, ) Tj ET Q q 0 0 0 rg BT 431.77 549.60 Td (due ) Tj ET Q q 0 0 0 rg BT 448.70 549.60 Td (to ) Tj ET Q q 0 0 0 rg BT 458.97 549.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 484.23 549.60 Td (average ) Tj ET Q q 0 0 0 rg BT 517.25 549.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 543.08 549.60 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (net ) Tj ET Q q 0 0 0 rg BT 63.82 537.60 Td (client ) Tj ET Q q 0 0 0 rg BT 88.14 537.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 125.25 537.60 Td (and ) Tj ET Q q 0 0 0 rg BT 141.79 537.60 Td (market ) Tj ET Q q 0 0 0 rg BT 171.66 537.60 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 225.69 537.60 Td (as ) Tj ET Q q 0 0 0 rg BT 236.12 537.60 Td (well ) Tj ET Q q 0 0 0 rg BT 255.44 537.60 Td (as ) Tj ET Q q 0 0 0 rg BT 265.88 537.60 Td (a ) Tj ET Q q 0 0 0 rg BT 272.42 537.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 297.30 537.60 Td (average ) Tj ET Q q 0 0 0 rg BT 330.49 537.60 Td (ef) Tj ET Q q 0 0 0 rg BT 338.08 537.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 367.39 537.60 Td (yield. ) Tj ET Q q 0 0 0 rg BT 391.83 537.60 Td (The ) Tj ET Q q 0 0 0 rg BT 409.49 537.60 Td (average ) Tj ET Q q 0 0 0 rg BT 442.68 537.60 Td (ef) Tj ET Q q 0 0 0 rg BT 450.26 537.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 479.57 537.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 513.32 537.60 Td (yield ) Tj ET Q q 0 0 0 rg BT 535.43 537.60 Td (for ) Tj ET Q q 0 0 0 rg BT 549.19 537.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.60 Td (value ) Tj ET Q q 0 0 0 rg BT 73.46 525.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 100.76 525.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 140.83 525.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.69 525.60 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.69 525.60 Td ( ) Tj ET Q q 0 0 0 rg BT 171.00 525.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 193.30 525.60 Td (points ) Tj ET Q q 0 0 0 rg BT 220.06 525.60 Td (for ) Tj ET Q q 0 0 0 rg BT 234.02 525.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.55 525.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.75 525.60 Td ( ) Tj ET Q q 0 0 0 rg BT 268.06 525.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.24 525.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 352.63 525.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.63 525.60 Td (, ) Tj ET Q q 0 0 0 rg BT 377.44 525.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 419.17 525.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.25 525.60 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.25 525.60 Td ( ) Tj ET Q q 0 0 0 rg BT 441.56 525.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 463.87 525.60 Td (points ) Tj ET Q q 0 0 0 rg BT 490.62 525.60 Td (for ) Tj ET Q q 0 0 0 rg BT 504.59 525.60 Td (the ) Tj ET Q q 0 0 0 rg BT 519.11 525.60 Td (year ) Tj ET Q q 0 0 0 rg BT 538.62 525.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.53 513.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.53 513.60 Td (. ) Tj ET Q q 0 0 0 rg BT 133.77 513.60 Td (The ) Tj ET Q q 0 0 0 rg BT 152.27 513.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 184.09 513.60 Td (in ) Tj ET Q q 0 0 0 rg BT 194.82 513.60 Td (the ) Tj ET Q q 0 0 0 rg BT 209.99 513.60 Td (average ) Tj ET Q q 0 0 0 rg BT 244.02 513.60 Td (ef) Tj ET Q q 0 0 0 rg BT 251.61 513.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 281.76 513.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 316.36 513.60 Td (yield ) Tj ET Q q 0 0 0 rg BT 339.31 513.60 Td (was ) Tj ET Q q 0 0 0 rg BT 357.81 513.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 386.31 513.60 Td (by ) Tj ET Q q 0 0 0 rg BT 399.26 513.60 Td (lar) Tj ET Q q 0 0 0 rg BT 409.62 513.60 Td (ge ) Tj ET Q q 0 0 0 rg BT 422.01 513.60 Td (new ) Tj ET Q q 0 0 0 rg BT 441.62 513.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 492.35 513.60 Td (from ) Tj ET Q q 0 0 0 rg BT 514.74 513.60 Td (institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (investors, ) Tj ET Q q 0 0 0 rg BT 91.13 501.60 Td (which ) Tj ET Q q 0 0 0 rg BT 118.59 501.60 Td (have ) Tj ET Q q 0 0 0 rg BT 140.49 501.60 Td (a ) Tj ET Q q 0 0 0 rg BT 147.95 501.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 173.74 501.60 Td (fee ) Tj ET Q q 0 0 0 rg BT 188.97 501.60 Td (structure. ) Tj ET Q q 0 0 0 rg BT 229.48 501.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 284.71 501.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 303.83 501.60 Td (from ) Tj ET Q q 0 0 0 rg BT 326.29 501.60 Td (our ) Tj ET Q q 0 0 0 rg BT 342.64 501.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 362.83 501.60 Td ( ) Tj ET Q q 0 0 0 rg BT 365.85 501.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 406.64 501.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.42 501.60 Td (3.7 ) Tj ET Q q 0 0 0 rg BT 462.94 501.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.36 501.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.38 501.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.16 501.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.18 501.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.18 501.60 Td ( ) Tj ET Q q 0 0 0 rg BT 529.21 501.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.01 501.60 Td ($31.9 ) 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 84.07 489.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 126.68 489.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.64 489.60 Td ($30.8 ) Tj ET Q q 0 0 0 rg BT 173.32 489.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.21 489.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.39 489.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.17 489.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.35 489.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.35 489.60 Td (, ) Tj ET Q q 0 0 0 rg BT 242.03 489.60 Td (due ) Tj ET Q q 0 0 0 rg BT 259.65 489.60 Td (to ) Tj ET Q q 0 0 0 rg BT 270.61 489.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 299.34 489.60 Td (average ) Tj ET Q q 0 0 0 rg BT 333.60 489.60 Td (ef) Tj ET Q q 0 0 0 rg BT 341.19 489.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 371.58 489.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 406.40 489.60 Td (yields, ) Tj ET Q q 0 0 0 rg BT 435.97 489.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 472.47 489.60 Td (of) Tj ET Q q 0 0 0 rg BT 480.62 489.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 498.24 489.60 Td (by ) Tj ET Q q 0 0 0 rg BT 511.42 489.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 536.67 489.60 Td (AUM, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 77.75 477.60 Td (by ) Tj ET Q q 0 0 0 rg BT 90.45 477.60 Td (sharp ) Tj ET Q q 0 0 0 rg BT 114.81 477.60 Td (declines ) Tj ET Q q 0 0 0 rg BT 150.27 477.60 Td (in ) Tj ET Q q 0 0 0 rg BT 160.75 477.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 180.94 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 183.64 477.60 Td (valuations. ) Tj ET Q q 0 0 0 rg BT 229.75 477.60 Td (The ) Tj ET Q q 0 0 0 rg BT 248.00 477.60 Td (average ) Tj ET Q q 0 0 0 rg BT 281.78 477.60 Td (ef) Tj ET Q q 0 0 0 rg BT 289.37 477.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 319.27 477.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 353.62 477.60 Td (yield ) Tj ET Q q 0 0 0 rg BT 376.31 477.60 Td (for ) Tj ET Q q 0 0 0 rg BT 390.67 477.60 Td (our ) Tj ET Q q 0 0 0 rg BT 406.70 477.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 426.89 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 429.59 477.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 470.06 477.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.31 477.60 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.31 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 501.01 477.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 523.71 477.60 Td (points ) Tj ET Q q 0 0 0 rg BT 550.86 477.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.91 465.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.12 465.60 Td ( ) Tj ET Q q 0 0 0 rg BT 83.32 465.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.39 465.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 167.67 465.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.67 465.60 Td (, ) Tj ET Q q 0 0 0 rg BT 192.37 465.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 233.99 465.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.96 465.60 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.96 465.60 Td ( ) Tj ET Q q 0 0 0 rg BT 256.16 465.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 278.35 465.60 Td (points ) Tj ET Q q 0 0 0 rg BT 305.00 465.60 Td (for ) Tj ET Q q 0 0 0 rg BT 318.85 465.60 Td (the ) Tj ET Q q 0 0 0 rg BT 333.27 465.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 392.67 465.60 Td (period ) Tj ET Q q 0 0 0 rg BT 420.41 465.60 Td (in ) Tj ET Q q 0 0 0 rg BT 430.39 465.60 Td (the ) Tj ET Q q 0 0 0 rg BT 444.80 465.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 466.44 465.60 Td (year) Tj ET Q q 0 0 0 rg BT 483.09 465.60 Td (. ) Tj ET Q q 0 0 0 rg BT 487.63 465.60 Td (The ) Tj ET Q q 0 0 0 rg BT 505.37 465.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 540.32 465.60 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 465.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.60 Td (average ) Tj ET Q q 0 0 0 rg BT 82.48 453.60 Td (ef) Tj ET Q q 0 0 0 rg BT 90.07 453.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 119.17 453.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 152.72 453.60 Td (yield ) Tj ET Q q 0 0 0 rg BT 174.61 453.60 Td (was ) Tj ET Q q 0 0 0 rg BT 192.06 453.60 Td (due ) Tj ET Q q 0 0 0 rg BT 208.40 453.60 Td (to ) Tj ET Q q 0 0 0 rg BT 218.08 453.60 Td (more ) Tj ET Q q 0 0 0 rg BT 240.53 453.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 265.75 453.60 Td (from ) Tj ET Q q 0 0 0 rg BT 287.09 453.60 Td (individual ) Tj ET Q q 0 0 0 rg BT 329.54 453.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 367.55 453.60 Td (in ) Tj ET Q q 0 0 0 rg BT 377.23 453.60 Td (open-ended ) Tj ET Q q 0 0 0 rg BT 425.77 453.60 Td (mutual ) Tj ET Q q 0 0 0 rg BT 455.45 453.60 Td (funds, ) Tj ET Q q 0 0 0 rg BT 482.07 453.60 Td (which ) Tj ET Q q 0 0 0 rg BT 508.41 453.60 Td (earned ) Tj ET Q q 0 0 0 rg BT 536.95 453.60 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td (fees. ) Tj ET Q q 0 0 0 rg BT 71.31 441.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 90.08 441.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 110.27 441.60 Td ( ) Tj ET Q q 0 0 0 rg BT 113.49 441.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 154.47 441.60 Td (are ) Tj ET Q q 0 0 0 rg BT 169.89 441.60 Td (ener) Tj ET Q q 0 0 0 rg BT 186.91 441.60 Td (gy-oriented ) Tj ET Q q 0 0 0 rg BT 236.22 441.60 Td (and ) Tj ET Q q 0 0 0 rg BT 253.88 441.60 Td (valuations ) Tj ET Q q 0 0 0 rg BT 298.20 441.60 Td (declined ) Tj ET Q q 0 0 0 rg BT 335.28 441.60 Td (significantly ) Tj ET Q q 0 0 0 rg BT 388.49 441.60 Td (in ) Tj ET Q q 0 0 0 rg BT 399.48 441.60 Td (the ) Tj ET Q q 0 0 0 rg BT 414.92 441.60 Td (second ) Tj ET Q q 0 0 0 rg BT 445.90 441.60 Td (half ) Tj ET Q q 0 0 0 rg BT 464.66 441.60 Td (of ) Tj ET Q q 0 0 0 rg BT 476.21 441.60 Td (2015 ) Tj ET Q q 0 0 0 rg BT 499.42 441.60 Td (and ) Tj ET Q q 0 0 0 rg BT 517.08 441.60 Td (continue ) Tj ET Q q 0 0 0 rg BT 554.72 441.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td (decline, ) Tj ET Q q 0 0 0 rg BT 83.24 429.60 Td (which ) Tj ET Q q 0 0 0 rg BT 110.05 429.60 Td (meaningfully ) Tj ET Q q 0 0 0 rg BT 165.74 429.60 Td (reduces ) Tj ET Q q 0 0 0 rg BT 198.65 429.60 Td (our ) Tj ET Q q 0 0 0 rg BT 214.35 429.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 234.54 429.60 Td ( ) Tj ET Q q 0 0 0 rg BT 236.38 429.60 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 264.06 429.60 Td (Absent ) Tj ET Q q 0 0 0 rg BT 294.76 429.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 339.35 429.60 Td (market ) Tj ET Q q 0 0 0 rg BT 369.48 429.60 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 421.27 429.60 Td (or ) Tj ET Q q 0 0 0 rg BT 431.97 429.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 476.55 429.60 Td (inflows, ) Tj ET Q q 0 0 0 rg BT 511.42 429.60 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.10 417.60 Td (from ) Tj ET Q q 0 0 0 rg BT 90.04 417.60 Td (our ) Tj ET Q q 0 0 0 rg BT 105.87 417.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 126.06 417.60 Td ( ) Tj ET Q q 0 0 0 rg BT 128.56 417.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 168.82 417.60 Td (will ) Tj ET Q q 0 0 0 rg BT 186.88 417.60 Td (likely ) Tj ET Q q 0 0 0 rg BT 212.15 417.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 243.52 417.60 Td (in ) Tj ET Q q 0 0 0 rg BT 253.80 417.60 Td (2016 ) Tj ET Q q 0 0 0 rg BT 276.30 417.60 Td (given ) Tj ET Q q 0 0 0 rg BT 301.02 417.60 Td (current ) Tj ET Q q 0 0 0 rg BT 331.83 417.60 Td (conditions ) Tj ET Q q 0 0 0 rg BT 376.00 417.60 Td (in ) Tj ET Q q 0 0 0 rg BT 386.28 417.60 Td (the ) Tj ET Q q 0 0 0 rg BT 400.99 417.60 Td (ener) Tj ET Q q 0 0 0 rg BT 418.02 417.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 430.52 417.60 Td (markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.60 Td (For ) Tj ET Q q 0 0 0 rg BT 66.22 393.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.26 393.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.47 393.60 Td ( ) Tj ET Q q 0 0 0 rg BT 101.29 393.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.00 393.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 186.91 393.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.91 393.60 Td (, ) Tj ET Q q 0 0 0 rg BT 212.23 393.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 265.58 393.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 284.51 393.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.76 393.60 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 327.09 393.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.98 393.60 Td (, ) Tj ET Q q 0 0 0 rg BT 361.31 393.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 403.56 393.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.16 393.60 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 434.49 393.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.38 393.60 Td ( ) Tj ET Q q 0 0 0 rg BT 466.20 393.60 Td (in ) Tj ET Q q 0 0 0 rg BT 476.81 393.60 Td (the ) Tj ET Q q 0 0 0 rg BT 491.85 393.60 Td (prior) Tj ET Q q 0 0 0 rg BT 511.09 393.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 534.45 393.60 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.53 381.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 120.54 381.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 139.13 381.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 176.59 381.60 Td (in ) Tj ET Q q 0 0 0 rg BT 186.86 381.60 Td (2015 ) Tj ET Q q 0 0 0 rg BT 209.35 381.60 Td (and ) Tj ET Q q 0 0 0 rg BT 226.27 381.60 Td (2014 ) Tj ET Q q 0 0 0 rg BT 248.76 381.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 288.46 381.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 322.61 381.60 Td (from ) Tj ET Q q 0 0 0 rg BT 344.53 381.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 374.22 381.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 398.93 381.60 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 441.95 381.60 Td (their ) Tj ET Q q 0 0 0 rg BT 462.76 381.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 515.77 381.60 Td (tar) Tj ET Q q 0 0 0 rg BT 526.14 381.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 544.74 381.60 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.60 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 369.60 Td (specified ) Tj ET Q q 0 0 0 rg BT 95.03 369.60 Td (measurement ) Tj ET Q q 0 0 0 rg BT 150.84 369.60 Td (period ) Tj ET Q q 0 0 0 rg BT 178.89 369.60 Td (or ) Tj ET Q q 0 0 0 rg BT 189.72 369.60 Td (at ) Tj ET Q q 0 0 0 rg BT 199.44 369.60 Td (the ) Tj ET Q q 0 0 0 rg BT 214.15 369.60 Td (time ) Tj ET Q q 0 0 0 rg BT 234.43 369.60 Td (of ) Tj ET Q q 0 0 0 rg BT 245.26 369.60 Td (client ) Tj ET Q q 0 0 0 rg BT 269.97 369.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 291.91 369.60 Td (withdrawals.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 95.98 345.60 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 152.46 345.60 Td (includes ) Tj ET Q q 0 0 0 rg BT 187.83 345.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 210.98 345.60 Td (and ) Tj ET Q q 0 0 0 rg BT 227.47 345.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 253.41 345.60 Td (from ) Tj ET Q q 0 0 0 rg BT 274.89 345.60 Td (our ) Tj ET Q q 0 0 0 rg BT 290.27 345.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 340.09 345.60 Td (in ) Tj ET Q q 0 0 0 rg BT 349.91 345.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 391.38 345.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 415.65 345.60 Td (and ) Tj ET Q q 0 0 0 rg BT 432.13 345.60 Td (private ) Tj ET Q q 0 0 0 rg BT 461.94 345.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 486.21 345.60 Td (or ) Tj ET Q q 0 0 0 rg BT 496.58 345.60 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 547.51 345.60 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.60 Td (we ) Tj ET Q q 0 0 0 rg BT 63.68 333.60 Td (manage. ) Tj ET Q q 0 0 0 rg BT 99.80 333.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.65 333.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.65 333.60 Td (, ) Tj ET Q q 0 0 0 rg BT 135.68 333.60 Td (we ) Tj ET Q q 0 0 0 rg BT 149.86 333.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 187.36 333.60 Td (an ) Tj ET Q q 0 0 0 rg BT 199.32 333.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 245.73 333.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 263.81 333.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.67 333.60 Td ($6.8 ) Tj ET Q q 0 0 0 rg BT 294.69 333.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.58 333.60 Td ( ) Tj ET Q q 0 0 0 rg BT 326.10 333.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 354.17 333.60 Td (by ) Tj ET Q q 0 0 0 rg BT 366.70 333.60 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 410.86 333.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 437.28 333.60 Td (in ) Tj ET Q q 0 0 0 rg BT 447.58 333.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 467.77 333.60 Td ( ) Tj ET Q q 0 0 0 rg BT 470.29 333.60 Td (investments, ) Tj ET Q q 0 0 0 rg BT 523.09 333.60 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.60 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 321.60 Td (income ) Tj ET Q q 0 0 0 rg BT 101.71 321.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.54 321.60 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 132.54 321.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.43 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 163.93 321.60 Td (for ) Tj ET Q q 0 0 0 rg BT 178.09 321.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.81 321.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.02 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 212.52 321.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.89 321.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 297.48 321.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.48 321.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.60 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 88.50 297.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 124.72 297.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 155.93 297.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 196.59 297.60 Td (mar) Tj ET Q q 0 0 0 rg BT 211.96 297.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 227.63 297.60 Td (for ) Tj ET Q q 0 0 0 rg BT 242.18 297.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.30 297.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.50 297.60 Td ( ) Tj ET Q q 0 0 0 rg BT 277.40 297.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.17 297.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 363.15 297.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 297.60 Td ( ) Tj ET Q q 0 0 0 rg BT 386.04 297.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.49 297.60 Td (22.5 ) Tj ET Q q 0 0 0 rg BT 424.88 297.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.31 297.60 Td (, ) Tj ET Q q 0 0 0 rg BT 459.70 297.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 502.02 297.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.69 297.60 Td (35.8 ) Tj ET Q q 0 0 0 rg BT 533.09 297.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.51 297.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.60 Td (for ) Tj ET Q q 0 0 0 rg BT 64.17 285.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.40 285.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.60 285.60 Td ( ) Tj ET Q q 0 0 0 rg BT 99.61 285.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 285.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 185.59 285.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.59 285.60 Td (. ) Tj ET Q q 0 0 0 rg BT 211.10 285.60 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 255.21 285.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 302.10 285.60 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 359.55 285.60 Td (on ) Tj ET Q q 0 0 0 rg BT 372.56 285.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 392.78 285.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 422.44 285.60 Td (invested ) Tj ET Q q 0 0 0 rg BT 458.78 285.60 Td (in ) Tj ET Q 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-21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 410.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 410.00 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 410.00 7.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 410.00 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 410.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 410.00 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 410.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 410.00 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 410.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 410.00 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 379.00 86.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 379.00 45.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 379.00 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 379.00 58.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 379.00 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 379.00 50.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 379.00 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 379.00 45.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 379.00 7.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 379.00 45.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 379.00 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 379.00 58.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 379.00 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 379.00 50.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 379.00 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 379.00 45.00 -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 346 712 m 353 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 712 m 398 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 712 m 402 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 712 m 460 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 712 m 464 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 712 m 514 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514 712 m 518 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 712 m 563 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 712 m 181 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 700 m 181 700 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181 712 m 185 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181 700 m 185 700 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 712 m 243 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 700 m 243 700 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 712 m 247 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 700 m 247 700 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 712 m 297 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 700 m 297 700 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 712 m 301 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 700 m 301 700 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 712 m 346 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 700 m 346 700 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 712 m 353 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 712 m 398 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 700 m 398 700 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 712 m 402 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 700 m 402 700 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 712 m 460 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 700 m 460 700 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 712 m 464 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 700 m 464 700 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 712 m 514 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 700 m 514 700 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514 712 m 518 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514 700 m 518 700 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 712 m 563 712 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 700 m 563 700 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 688 m 243 688 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 688 m 247 688 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 688 m 297 688 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 688 m 460 688 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 688 m 464 688 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 688 m 514 688 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 664 m 181 664 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 664 m 243 664 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 664 m 297 664 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 664 m 346 664 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 664 m 398 664 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 664 m 460 664 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 664 m 514 664 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 664 m 563 664 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 630 m 181 630 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 630 m 243 630 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 630 m 297 630 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 630 m 346 630 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 630 m 398 630 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 630 m 460 630 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 630 m 514 630 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 630 m 563 630 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 571 m 181 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 571 m 243 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 571 m 297 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 571 m 346 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 571 m 398 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 571 m 460 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 571 m 514 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 571 m 563 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 571 m 181 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 571 m 243 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 571 m 297 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 571 m 346 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 571 m 398 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 571 m 460 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 571 m 514 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 571 m 563 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 503 m 181 503 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 503 m 243 503 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 503 m 297 503 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 503 m 346 503 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 503 m 398 503 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 503 m 460 503 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 503 m 514 503 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 503 m 563 503 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 455 m 181 455 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 455 m 243 455 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 455 m 297 455 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 455 m 346 455 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 455 m 398 455 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 455 m 460 455 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 455 m 514 455 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 455 m 563 455 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 423 m 181 423 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 421 m 181 421 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 423 m 243 423 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 421 m 243 421 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 423 m 297 423 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 421 m 297 421 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 423 m 346 423 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 421 m 346 421 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 423 m 398 423 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 421 m 398 421 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 423 m 460 423 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 421 m 460 421 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 423 m 514 423 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 421 m 514 421 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 423 m 563 423 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 421 m 563 421 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.70 716.08 Td (Year Ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 232.50 704.08 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.50 704.08 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.05 692.08 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.05 692.08 Td (Adjustments \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 149.25 680.08 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 187.75 680.08 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.35 680.08 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.85 680.08 Td (U.S.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.25 680.08 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.75 680.08 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.35 680.08 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.85 680.08 Td (U.S.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 667.95 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.40 668.08 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.65 668.08 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.70 668.08 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.85 668.08 Td (GAAP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.40 668.08 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.65 668.08 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.70 668.08 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.85 668.08 Td (GAAP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 656.00 Td (Management fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 645.95 Td (Value equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.50 645.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 645.95 Td (47,987) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.50 645.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 645.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.50 645.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 645.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.50 645.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 645.95 Td (47,987) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 645.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 645.95 Td (50,066) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.50 645.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 645.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.50 645.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 645.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.50 645.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 645.95 Td (50,066) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 633.95 Td (MLP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 633.95 Td (30,785) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 633.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 633.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 633.95 Td (30,785) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 633.95 Td (21,248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 633.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 633.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 633.95 Td (21,248) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 621.95 Td (Total management fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 621.95 Td (78,772) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 621.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 621.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 621.95 Td (78,772) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 621.95 Td (71,314) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 621.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 621.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 621.95 Td (71,314) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 598.95 Td (Performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 586.95 Td (Value equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.75 586.95 Td (684) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 586.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 586.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.75 586.95 Td (684) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 586.95 Td (7,620) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 586.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 586.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.75 586.95 Td (7,620) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 574.95 Td (MLP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.75 574.95 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 574.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 574.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.75 574.95 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 574.95 Td (220) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 574.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 574.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.75 574.95 Td (220) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 562.95 Td (Total performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.75 562.95 Td (892) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 562.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 562.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.75 562.95 Td (892) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 562.95 Td (7,840) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 562.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 562.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.75 562.95 Td (7,840) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 538.95 Td (Total management and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 530.95 Td (performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 531.25 Td (79,664) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 531.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 531.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 531.25 Td (79,664) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 531.25 Td (79,154) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 531.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 531.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 531.25 Td (79,154) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 506.95 Td (Investment income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.75 506.95 Td (683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 506.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 506.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.75 506.95 Td (683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.75 506.95 Td (2,794) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 506.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 506.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.75 506.95 Td (2,794) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 482.95 Td (Total net revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 482.95 Td (80,347) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 482.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 482.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 482.95 Td (80,347) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 482.95 Td (81,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 482.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 482.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 482.95 Td (81,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 458.95 Td (Operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 458.95 Td (51,582) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 458.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.75 458.95 Td (7,584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 458.95 Td (59,166) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 458.95 Td (48,439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 458.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.75 458.95 Td (7,912) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 458.95 Td (56,351) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 434.95 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 426.95 Td (operating income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.50 426.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 426.25 Td (28,765) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.50 426.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 426.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.50 426.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.10 426.25 Td (\(7,584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.80 426.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.50 426.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 426.25 Td (21,181) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 426.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 426.25 Td (33,509) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.50 426.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 426.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.50 426.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.10 426.25 Td (\(7,912) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.80 426.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.50 426.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 426.25 Td (25,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 401.95 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 393.95 Td (operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.75 393.25 Td (35.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.80 393.25 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 393.25 Td (26.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 393.25 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 393.25 Td (40.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 393.25 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.75 393.25 Td (31.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.80 393.25 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 370.95 Td (Adjusted segment pre-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 362.95 Td (tax operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 354.95 Td (excluding investment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 346.95 Td (income \(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.75 347.25 Td (35.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.80 347.25 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 347.25 Td (38.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 347.25 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 330.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 330.90 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 330.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 87.32 330.90 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 127.67 330.90 Td ( ) Tj ET Q q 0 0 0 rg BT 132.91 330.90 Td (The ) Tj ET Q q 0 0 0 rg BT 146.15 330.90 Td (following ) Tj ET Q q 0 0 0 rg BT 177.62 330.90 Td (table ) Tj ET Q q 0 0 0 rg BT 194.85 330.90 Td (sets ) Tj ET Q q 0 0 0 rg BT 208.09 330.90 Td (forth ) Tj ET Q q 0 0 0 rg BT 224.89 330.90 Td (the ) Tj ET Q q 0 0 0 rg BT 235.91 330.90 Td (items ) Tj ET Q q 0 0 0 rg BT 254.04 330.90 Td (not ) Tj ET Q q 0 0 0 rg BT 265.50 330.90 Td (included ) Tj ET Q q 0 0 0 rg BT 294.29 330.90 Td (in ) Tj ET Q q 0 0 0 rg BT 301.75 330.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 330.10 330.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 357.56 330.90 Td (pr) Tj ET Q q 0 0 0 rg BT 364.38 330.90 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 381.61 330.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 413.96 330.90 Td (income ) Tj ET Q q 0 0 0 rg BT 438.30 330.90 Td (and ) Tj ET Q q 0 0 0 rg BT 451.54 330.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 479.89 330.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 507.35 330.90 Td (pr) Tj ET Q q 0 0 0 rg BT 514.16 330.90 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 531.39 330.90 Td (operating ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 321.30 Td (mar) Tj ET Q q 0 0 0 rg BT 80.09 321.30 Td (gin ) Tj ET Q q 0 0 0 rg BT 92.32 321.30 Td (for ) Tj ET Q q 0 0 0 rg BT 103.65 321.30 Td (the ) Tj ET Q q 0 0 0 rg BT 115.43 321.30 Td (periods ) Tj ET Q q 0 0 0 rg BT 141.43 321.30 Td (pr) Tj ET Q q 0 0 0 rg BT 148.24 321.30 Td (esented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 290.80 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 290.80 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 290.80 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 290.80 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 270.80 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 270.80 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 270.80 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 270.80 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 415 300.79999999999995 m 485 300.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 300.79999999999995 m 493 300.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 300.79999999999995 m 563 300.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 290.79999999999995 m 485 290.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 290.79999999999995 m 563 290.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 290.79999999999995 m 485 290.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 290.79999999999995 m 563 290.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 260.79999999999995 m 485 260.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 251.79999999999995 m 485 251.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 249.79999999999995 m 485 249.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 260.79999999999995 m 563 260.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 251.79999999999995 m 563 251.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 249.79999999999995 m 563 249.79999999999995 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 445.80 302.93 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 292.80 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.50 292.93 Td (2014) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 292.93 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 282.80 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.50 282.80 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.80 282.80 Td (1,284) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 282.80 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 282.80 Td (1,284) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 272.80 Td (Restructuring and integration costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.65 272.80 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.10 272.80 Td (\(16) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 559.80 272.80 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 262.80 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.80 262.80 Td (6,300) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 262.80 Td (6,644) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.50 252.80 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.80 252.80 Td (7,584) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 252.80 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 252.80 Td (7,912) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 238.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 60.83 238.70 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 238.70 Td (Management ) Tj ET Q q 0 0 0 rg BT 112.16 238.70 Td (believes ) Tj ET Q q 0 0 0 rg BT 140.81 238.70 Td (that ) Tj ET Q q 0 0 0 rg BT 156.15 238.70 Td (pr) Tj ET Q q 0 0 0 rg BT 162.97 238.70 Td (esenting ) Tj ET Q q 0 0 0 rg BT 192.52 238.70 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 222.52 238.70 Td (segment ) Tj ET Q q 0 0 0 rg BT 251.63 238.70 Td (pr) Tj ET Q q 0 0 0 rg BT 258.45 238.70 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 277.33 238.70 Td (operating ) Tj ET Q q 0 0 0 rg BT 311.33 238.70 Td (mar) Tj ET Q q 0 0 0 rg BT 323.92 238.70 Td (gin ) Tj ET Q q 0 0 0 rg BT 337.04 238.70 Td (excluding ) Tj ET Q q 0 0 0 rg BT 371.03 238.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 408.13 238.70 Td (income ) Tj ET Q q 0 0 0 rg BT 434.13 238.70 Td (pr) Tj ET Q q 0 0 0 rg BT 440.94 238.70 Td (ovides ) Tj ET Q q 0 0 0 rg BT 464.27 238.70 Td (the ) Tj ET Q q 0 0 0 rg BT 476.94 238.70 Td (most ) Tj ET Q q 0 0 0 rg BT 494.94 238.70 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 533.83 238.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 553.17 238.70 Td (for ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 229.10 Td (comparison ) Tj ET Q q 0 0 0 rg BT 107.28 229.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.36 229.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 134.24 229.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 178.01 229.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 211.12 229.10 Td (r) Tj ET Q q 0 0 0 rg BT 213.93 229.10 Td (esults ) Tj ET Q q 0 0 0 rg BT 234.16 229.10 Td (acr) Tj ET Q q 0 0 0 rg BT 244.52 229.10 Td (oss ) Tj ET Q q 0 0 0 rg BT 256.75 229.10 Td (periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 205.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.01 205.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.84 205.10 Td (year ) Tj ET Q q 0 0 0 rg BT 100.66 205.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.15 205.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 185.85 205.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.85 205.10 Td (, ) Tj ET Q q 0 0 0 rg BT 210.96 205.10 Td (management ) Tj ET Q q 0 0 0 rg BT 264.67 205.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 283.38 205.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.43 205.10 Td ($78.8 ) Tj ET Q q 0 0 0 rg BT 330.54 205.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.43 205.10 Td (, ) Tj ET Q q 0 0 0 rg BT 364.55 205.10 Td (an ) Tj ET Q q 0 0 0 rg BT 376.60 205.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 411.97 205.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.91 205.10 Td (10.5 ) Tj ET Q q 0 0 0 rg BT 443.03 205.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.45 205.10 Td (, ) Tj ET Q q 0 0 0 rg BT 477.57 205.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 519.60 205.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 205.10 Td ($71.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 193.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 193.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.24 193.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.86 193.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.86 193.10 Td (, ) Tj ET Q q 0 0 0 rg BT 117.20 193.10 Td (due ) Tj ET Q q 0 0 0 rg BT 134.49 193.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.11 193.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 185.71 193.10 Td (management ) Tj ET Q q 0 0 0 rg BT 239.64 193.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 258.58 193.10 Td (from ) Tj ET Q q 0 0 0 rg BT 280.86 193.10 Td (our ) Tj ET Q q 0 0 0 rg BT 297.04 193.10 Td (MLP) Tj ET Q q 0 0 0 rg BT 317.23 193.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.07 193.10 Td (product ) Tj ET Q q 0 0 0 rg BT 353.46 193.10 Td (of) Tj ET Q q 0 0 0 rg BT 361.61 193.10 Td (ferings, ) Tj ET Q q 0 0 0 rg BT 394.73 193.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 430.89 193.10 Td (of) Tj ET Q q 0 0 0 rg BT 439.04 193.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 456.32 193.10 Td (by ) Tj ET Q q 0 0 0 rg BT 469.17 193.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 511.43 193.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.28 181.10 Td (from ) Tj ET Q q 0 0 0 rg BT 90.40 181.10 Td (our ) Tj ET Q q 0 0 0 rg BT 106.41 181.10 Td (value ) Tj ET Q q 0 0 0 rg BT 130.75 181.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 158.42 181.10 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 201.37 181.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.38 181.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.38 181.10 Td (, ) Tj ET Q q 0 0 0 rg BT 237.56 181.10 Td (management ) Tj ET Q q 0 0 0 rg BT 291.33 181.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 310.11 181.10 Td (related ) Tj ET Q q 0 0 0 rg BT 339.99 181.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.45 181.10 Td (our ) Tj ET Q q 0 0 0 rg BT 366.46 181.10 Td (value ) Tj ET Q q 0 0 0 rg BT 390.79 181.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 418.47 181.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 458.91 181.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.02 181.10 Td ($48.0 ) Tj ET Q q 0 0 0 rg BT 506.20 181.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.10 181.10 Td (, ) Tj ET Q q 0 0 0 rg BT 540.28 181.10 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.10 Td (4.2 ) Tj ET Q q 0 0 0 rg BT 64.10 169.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.53 169.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.63 169.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 137.16 169.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.04 169.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.04 169.10 Td (, ) Tj ET Q q 0 0 0 rg BT 171.64 169.10 Td (due ) Tj ET Q q 0 0 0 rg BT 188.19 169.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.07 169.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 222.94 169.10 Td (average ) Tj ET Q q 0 0 0 rg BT 255.66 169.10 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 283.45 169.10 Td (The ) Tj ET Q q 0 0 0 rg BT 301.10 169.10 Td (average ) Tj ET Q q 0 0 0 rg BT 334.29 169.10 Td (ef) Tj ET Q q 0 0 0 rg BT 341.87 169.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 371.18 169.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 404.93 169.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 427.03 169.10 Td (for ) Tj ET Q q 0 0 0 rg BT 440.79 169.10 Td (our ) Tj ET Q q 0 0 0 rg BT 456.23 169.10 Td (value ) Tj ET Q q 0 0 0 rg BT 479.98 169.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 507.08 169.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 546.95 169.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.10 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 157.10 Td ( ) Tj ET Q q 0 0 0 rg BT 62.26 157.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 85.02 157.10 Td (points ) Tj ET Q q 0 0 0 rg BT 112.22 157.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.76 157.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.76 157.10 Td (, ) Tj ET Q q 0 0 0 rg BT 148.02 157.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 190.20 157.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.74 157.10 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.74 157.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.50 157.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 236.26 157.10 Td (points ) Tj ET Q q 0 0 0 rg BT 263.46 157.10 Td (in ) Tj ET Q q 0 0 0 rg BT 274.00 157.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.98 157.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 311.17 157.10 Td (year) Tj ET Q q 0 0 0 rg BT 327.83 157.10 Td (. ) Tj ET Q q 0 0 0 rg BT 333.09 157.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 388.05 157.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 406.91 157.10 Td (from ) Tj ET Q q 0 0 0 rg BT 429.10 157.10 Td (our ) Tj ET Q q 0 0 0 rg BT 445.19 157.10 Td (our ) Tj ET Q q 0 0 0 rg BT 461.28 157.10 Td (MLP) Tj ET Q q 0 0 0 rg BT 481.47 157.10 Td ( ) Tj ET Q q 0 0 0 rg BT 484.23 157.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 524.75 157.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.10 Td (44.9 ) Tj ET Q q 0 0 0 rg BT 68.90 145.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.32 145.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.23 145.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.90 145.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.90 145.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.81 145.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.48 145.10 Td ($30.8 ) Tj ET Q q 0 0 0 rg BT 165.89 145.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.78 145.10 Td (, ) Tj ET Q q 0 0 0 rg BT 199.18 145.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 240.50 145.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.18 145.10 Td ($21.2 ) Tj ET Q q 0 0 0 rg BT 284.58 145.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.47 145.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.38 145.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.05 145.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.05 145.10 Td (, ) Tj ET Q q 0 0 0 rg BT 349.46 145.10 Td (due ) Tj ET Q q 0 0 0 rg BT 365.79 145.10 Td (to ) Tj ET Q q 0 0 0 rg BT 375.47 145.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 415.13 145.10 Td (average ) Tj ET Q q 0 0 0 rg BT 447.69 145.10 Td (AUM ) Tj ET Q q 0 0 0 rg BT 472.93 145.10 Td (from ) Tj ET Q q 0 0 0 rg BT 494.27 145.10 Td (net ) Tj ET Q q 0 0 0 rg BT 508.39 145.10 Td (client ) Tj ET Q q 0 0 0 rg BT 532.50 145.10 Td (inflows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.52 133.10 Td (net ) Tj ET Q q 0 0 0 rg BT 81.31 133.10 Td (market ) Tj ET Q q 0 0 0 rg BT 111.65 133.10 Td (appreciation, ) Tj ET Q q 0 0 0 rg BT 166.15 133.10 Td (as ) Tj ET Q q 0 0 0 rg BT 177.06 133.10 Td (well ) Tj ET Q q 0 0 0 rg BT 196.85 133.10 Td (as ) Tj ET Q q 0 0 0 rg BT 207.76 133.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 235.89 133.10 Td (average ) Tj ET Q q 0 0 0 rg BT 269.55 133.10 Td (ef) Tj ET Q q 0 0 0 rg BT 277.14 133.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 306.92 133.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 341.14 133.10 Td (yield. ) Tj ET Q q 0 0 0 rg BT 366.21 133.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 384.34 133.10 Td (average ) Tj ET Q q 0 0 0 rg BT 418.01 133.10 Td (ef) Tj ET Q q 0 0 0 rg BT 425.59 133.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 455.37 133.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 489.60 133.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 512.17 133.10 Td (for ) Tj ET Q q 0 0 0 rg BT 526.41 133.10 Td (our ) Tj ET Q q 0 0 0 rg BT 542.32 133.10 Td (MLP) Tj ET Q q 0 0 0 rg BT 562.51 133.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 90.00 121.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.28 121.10 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.28 121.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.02 121.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 143.75 121.10 Td (points ) Tj ET Q q 0 0 0 rg BT 170.94 121.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.45 121.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.45 121.10 Td (, ) Tj ET Q q 0 0 0 rg BT 206.68 121.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 248.84 121.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.35 121.10 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.35 121.10 Td ( ) Tj ET Q q 0 0 0 rg BT 272.09 121.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 294.82 121.10 Td (points ) Tj ET Q q 0 0 0 rg BT 322.00 121.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.52 121.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.52 121.10 Td (. ) Tj ET Q q 0 0 0 rg BT 357.55 121.10 Td (The ) Tj ET Q q 0 0 0 rg BT 375.84 121.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 411.32 121.10 Td (in ) Tj ET Q q 0 0 0 rg BT 421.84 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.79 121.10 Td (average ) Tj ET Q q 0 0 0 rg BT 470.61 121.10 Td (ef) Tj ET Q q 0 0 0 rg BT 478.19 121.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 508.13 121.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 542.51 121.10 Td (yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 109.10 Td (was ) Tj ET Q q 0 0 0 rg BT 67.55 109.10 Td (due ) Tj ET Q q 0 0 0 rg BT 84.49 109.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.77 109.10 Td (more ) Tj ET Q q 0 0 0 rg BT 117.82 109.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 143.65 109.10 Td (from ) Tj ET Q q 0 0 0 rg BT 165.58 109.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 208.64 109.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 247.24 109.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.52 109.10 Td (open-ended ) Tj ET Q q 0 0 0 rg BT 306.67 109.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 333.89 109.10 Td (which ) Tj ET Q q 0 0 0 rg BT 360.83 109.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 389.97 109.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 418.02 109.10 Td (fees.) Tj ET Q 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 (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 (2014) 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 ($0.9 ) 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 ($7.8 ) 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 (2013) 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 68.00 705.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 105.39 705.60 Td (in ) Tj ET Q q 0 0 0 rg BT 115.57 705.60 Td (2014 ) Tj ET Q q 0 0 0 rg BT 137.98 705.60 Td (were ) Tj ET Q q 0 0 0 rg BT 159.81 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 174.44 705.60 Td (result ) Tj ET Q q 0 0 0 rg BT 199.06 705.60 Td (of ) Tj ET Q q 0 0 0 rg BT 209.79 705.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 239.40 705.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 264.03 705.60 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 306.97 705.60 Td (their ) Tj ET Q q 0 0 0 rg BT 327.70 705.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 380.63 705.60 Td (tar) Tj ET Q q 0 0 0 rg BT 391.00 705.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 409.51 705.60 Td (at ) Tj ET Q q 0 0 0 rg BT 419.13 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 433.76 705.60 Td (time ) Tj ET Q q 0 0 0 rg BT 453.94 705.60 Td (of ) Tj ET Q q 0 0 0 rg BT 464.67 705.60 Td (client ) Tj ET Q q 0 0 0 rg BT 489.29 705.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.14 705.60 Td (withdrawals. ) 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 69.63 693.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 124.75 693.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 145.43 693.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 185.00 693.60 Td (in ) Tj ET Q q 0 0 0 rg BT 197.36 693.60 Td (2013 ) Tj ET Q q 0 0 0 rg BT 221.95 693.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 258.19 693.60 Td (from ) Tj ET Q q 0 0 0 rg BT 282.22 693.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 314.01 693.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 340.82 693.60 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 385.94 693.60 Td (their ) Tj ET Q q 0 0 0 rg BT 408.85 693.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 463.96 693.60 Td (tar) Tj ET Q q 0 0 0 rg BT 474.33 693.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 495.02 693.60 Td (over ) Tj ET Q q 0 0 0 rg BT 517.38 693.60 Td (a ) Tj ET Q q 0 0 0 rg BT 526.41 693.60 Td (specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.60 Td (measurement ) Tj ET Q q 0 0 0 rg BT 105.31 681.60 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.60 Td (For ) Tj ET Q q 0 0 0 rg BT 65.89 657.60 Td (the ) Tj ET Q q 0 0 0 rg BT 80.61 657.60 Td (year ) Tj ET Q q 0 0 0 rg BT 100.32 657.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.69 657.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 185.28 657.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.28 657.60 Td (, ) Tj ET Q q 0 0 0 rg BT 210.28 657.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 256.66 657.60 Td (income ) Tj ET Q q 0 0 0 rg BT 288.59 657.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.64 657.60 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 326.64 657.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.54 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 358.04 657.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 399.96 657.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.24 657.60 Td ($2.8 ) Tj ET Q q 0 0 0 rg BT 440.24 657.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.13 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 471.63 657.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.79 657.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.79 657.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 87.93 633.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 123.58 633.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 154.21 633.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 194.30 633.60 Td (mar) Tj ET Q q 0 0 0 rg BT 209.66 633.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 224.76 633.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.74 633.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.74 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 261.06 633.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.94 633.60 Td (35.8 ) Tj ET Q q 0 0 0 rg BT 298.76 633.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.18 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 333.00 633.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 374.75 633.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.84 633.60 Td (40.9 ) Tj ET Q q 0 0 0 rg BT 404.67 633.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.09 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 436.41 633.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.39 633.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.39 633.60 Td (. ) Tj ET Q q 0 0 0 rg BT 475.21 633.60 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 518.64 633.60 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.60 Td (income, ) Tj ET Q q 0 0 0 rg BT 84.34 621.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 120.58 621.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 156.81 621.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 188.04 621.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 228.71 621.60 Td (mar) Tj ET Q q 0 0 0 rg BT 244.08 621.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 259.77 621.60 Td (for ) Tj ET Q q 0 0 0 rg BT 274.34 621.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.47 621.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.67 621.60 Td ( ) Tj ET Q q 0 0 0 rg BT 309.58 621.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.37 621.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 395.36 621.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.36 621.60 Td ( ) Tj ET Q q 0 0 0 rg BT 418.27 621.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.74 621.60 Td (35.3 ) Tj ET Q q 0 0 0 rg BT 457.15 621.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.57 621.60 Td (, ) Tj ET Q q 0 0 0 rg BT 491.98 621.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 534.31 621.60 Td (to ) Tj ET Q q 0 0 0 rg BT 545.00 621.60 Td (38.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 82.86 609.60 Td (for ) Tj ET Q q 0 0 0 rg BT 98.46 609.60 Td (the ) Tj ET Q q 0 0 0 rg BT 114.62 609.60 Td (year ) Tj ET Q q 0 0 0 rg BT 135.77 609.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.58 609.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 223.61 609.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.61 609.60 Td (. ) Tj ET Q q 0 0 0 rg BT 249.76 609.60 Td (The ) Tj ET Q q 0 0 0 rg BT 269.25 609.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 307.60 609.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 343.19 609.60 Td (from ) Tj ET Q q 0 0 0 rg BT 366.57 609.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 396.06 609.60 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 473.87 609.60 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 516.41 609.60 Td (particularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 97.54 597.60 Td (to ) Tj ET Q q 0 0 0 rg BT 107.82 597.60 Td (third ) Tj ET Q q 0 0 0 rg BT 129.20 597.60 Td (party ) Tj ET Q q 0 0 0 rg BT 152.25 597.60 Td (marketing ) Tj ET Q q 0 0 0 rg BT 195.29 597.60 Td (fees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 573.60 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 573.60 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 573.60 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 181.13 573.60 Td (the ) Tj ET Q q 0 0 0 rg BT 195.85 573.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 230.55 573.60 Td (in ) Tj ET Q q 0 0 0 rg BT 240.83 573.60 Td (our ) Tj ET Q q 0 0 0 rg BT 256.11 573.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 281.95 573.60 Td (for ) Tj ET Q q 0 0 0 rg BT 296.11 573.60 Td (the ) Tj ET Q q 0 0 0 rg BT 310.82 573.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 342.76 573.60 Td (presented: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 515.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 515.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 515.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 515.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 515.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 515.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 491.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 491.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 491.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 491.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 491.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 491.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 467.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 467.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 467.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 467.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 467.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 467.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 443.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 443.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 443.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 443.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 443.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 443.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 419.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 419.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 419.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 419.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 419.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 419.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 395.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 395.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 395.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 395.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 395.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 395.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 371.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 371.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 371.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 371.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 371.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 371.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 347.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 347.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 347.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 347.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 347.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 347.10 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 306 539.1 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 386 539.1 m 394 539.1 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 474 539.1 m 482 539.1 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 306 527.1 m 386 527.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 527.1 m 474 527.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 527.1 m 562 527.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 479.1 m 386 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 479.1 m 474 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 479.1 m 562 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 468.1 m 386 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 466.1 m 386 466.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 468.1 m 474 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 466.1 m 474 466.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 479.1 m 562 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 468.1 m 562 468.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 466.1 m 562 466.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 407.1 m 562 407.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 407.1 m 386 407.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 396.1 m 386 396.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 394.1 m 386 394.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 407.1 m 474 407.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 396.1 m 474 396.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 394.1 m 474 394.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 407.1 m 562 407.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 396.1 m 562 396.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 394.1 m 562 394.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 335.1 m 562 335.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 335.1 m 386 335.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 324.1 m 386 324.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 322.1 m 386 322.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 335.1 m 474 335.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 324.1 m 474 324.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 322.1 m 474 322.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 335.1 m 562 335.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 324.1 m 562 324.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 322.1 m 562 322.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.80 553.83 Td (Twelve Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.40 541.83 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 531.05 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 529.83 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.50 529.83 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.50 529.83 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 517.83 Td (Value Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 505.83 Td (Beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 505.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 505.83 Td (5,758) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 505.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 505.83 Td (6,683) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 505.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 505.83 Td (5,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 493.72 Td (Net outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 493.72 Td (\(572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 493.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 493.72 Td (\(979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 493.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 493.72 Td (\(756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 493.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 481.72 Td (Net market appreciation/\(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 481.72 Td (\(232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 481.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 481.72 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 481.72 Td (1,574) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 469.83 Td (End of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 469.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 469.83 Td (4,954) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 469.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 469.83 Td (5,758) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 469.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 469.83 Td (6,683) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 445.83 Td (MLP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 433.83 Td (Beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 433.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 433.83 Td (5,711) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 433.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 433.83 Td (4,549) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 433.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 433.83 Td (3,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 421.72 Td (Net inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 421.72 Td (434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 421.72 Td (719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 421.72 Td (498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 409.72 Td (Net market appreciation/\(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.30 409.72 Td (\(2,221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 409.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 409.72 Td (443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 409.72 Td (865) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 397.83 Td (End of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 397.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 397.83 Td (3,924) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 397.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 397.83 Td (5,711) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 397.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 397.83 Td (4,549) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 373.83 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 361.83 Td (Beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 361.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 361.83 Td (11,469) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 361.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 361.83 Td (11,232) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 361.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 361.83 Td (9,051) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 349.72 Td (Net outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 349.72 Td (\(138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 349.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 349.72 Td (\(260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 349.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 349.72 Td (\(258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 349.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 337.72 Td (Net market appreciation/\(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.30 337.72 Td (\(2,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 337.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 337.72 Td (497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 337.72 Td (2,439) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 325.83 Td (End of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 325.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 325.83 Td (8,878) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 325.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 325.83 Td (11,469) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 325.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 325.83 Td (11,232) 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 (For ) Tj ET Q q 0 0 0 rg BT 65.34 299.60 Td (the ) Tj ET Q q 0 0 0 rg BT 79.50 299.60 Td (year ) Tj ET Q q 0 0 0 rg BT 98.66 299.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.49 299.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 182.52 299.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.52 299.60 Td (, ) Tj ET Q q 0 0 0 rg BT 206.97 299.60 Td (total ) Tj ET Q q 0 0 0 rg BT 226.26 299.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 251.54 299.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 292.90 299.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.63 299.60 Td ($8.9 ) Tj ET Q q 0 0 0 rg BT 322.08 299.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.19 299.60 Td ( ) Tj ET Q q 0 0 0 rg BT 350.14 299.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 377.63 299.60 Td (by ) Tj ET Q q 0 0 0 rg BT 389.58 299.60 Td (net ) Tj ET Q q 0 0 0 rg BT 403.75 299.60 Td (market ) Tj ET Q q 0 0 0 rg BT 433.46 299.60 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 484.83 299.60 Td (in ) Tj ET Q q 0 0 0 rg BT 494.55 299.60 Td (our ) Tj ET Q q 0 0 0 rg BT 509.83 299.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 530.02 299.60 Td ( ) Tj ET Q q 0 0 0 rg BT 531.97 299.60 Td (product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.60 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 287.60 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 90.40 287.60 Td (V) Tj ET Q q 0 0 0 rg BT 96.51 287.60 Td (alue ) Tj ET Q q 0 0 0 rg BT 115.84 287.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 142.91 287.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 168.92 287.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.14 287.60 Td ($5.0 ) Tj ET Q q 0 0 0 rg BT 207.31 287.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.42 287.60 Td ( ) Tj ET Q q 0 0 0 rg BT 236.10 287.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.98 287.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 304.74 287.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.74 287.60 Td (, ) Tj ET Q q 0 0 0 rg BT 329.91 287.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 372.00 287.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.45 287.60 Td ($5.8 ) Tj ET Q q 0 0 0 rg BT 402.62 287.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.74 287.60 Td ( ) Tj ET Q q 0 0 0 rg BT 431.41 287.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.30 287.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 500.05 287.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.05 287.60 Td ( ) Tj ET Q q 0 0 0 rg BT 522.72 287.60 Td (due ) Tj ET Q q 0 0 0 rg BT 539.83 287.60 Td (to ) Tj ET Q q 0 0 0 rg BT 550.28 287.60 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.60 Td (client ) Tj ET Q q 0 0 0 rg BT 73.52 275.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 110.34 275.60 Td (and ) Tj ET Q q 0 0 0 rg BT 126.59 275.60 Td (net ) Tj ET Q q 0 0 0 rg BT 140.62 275.60 Td (market ) Tj ET Q q 0 0 0 rg BT 170.20 275.60 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 221.43 275.60 Td (during ) Tj ET Q q 0 0 0 rg BT 249.35 275.60 Td (the ) Tj ET Q q 0 0 0 rg BT 263.38 275.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 293.24 275.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.38 275.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.38 275.60 Td (, ) Tj ET Q q 0 0 0 rg BT 327.69 275.60 Td (our ) Tj ET Q q 0 0 0 rg BT 342.84 275.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 395.17 275.60 Td (in ) Tj ET Q q 0 0 0 rg BT 404.76 275.60 Td (our ) Tj ET Q q 0 0 0 rg BT 419.91 275.60 Td (small/mid-cap ) Tj ET Q q 0 0 0 rg BT 478.93 275.60 Td (value ) Tj ET Q q 0 0 0 rg BT 502.40 275.60 Td (strategy ) Tj ET Q q 0 0 0 rg BT 535.86 275.60 Td (lagged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.60 Td (its ) Tj ET Q q 0 0 0 rg BT 60.62 263.60 Td (relative ) Tj ET Q q 0 0 0 rg BT 92.27 263.60 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 138.37 263.60 Td (which ) Tj ET Q q 0 0 0 rg BT 164.48 263.60 Td (contributed ) Tj ET Q q 0 0 0 rg BT 211.69 263.60 Td (to ) Tj ET Q q 0 0 0 rg BT 221.15 263.60 Td (client ) Tj ET Q q 0 0 0 rg BT 245.03 263.60 Td (outflows, ) Tj ET Q q 0 0 0 rg BT 284.20 263.60 Td (as ) Tj ET Q q 0 0 0 rg BT 294.20 263.60 Td (did ) Tj ET Q q 0 0 0 rg BT 308.66 263.60 Td (the ) Tj ET Q q 0 0 0 rg BT 322.54 263.60 Td (continued ) Tj ET Q q 0 0 0 rg BT 363.65 263.60 Td (movement ) Tj ET Q q 0 0 0 rg BT 407.53 263.60 Td (to ) Tj ET Q q 0 0 0 rg BT 416.99 263.60 Td (passive ) Tj ET Q q 0 0 0 rg BT 448.10 263.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 471.99 263.60 Td (over ) Tj ET Q q 0 0 0 rg BT 491.43 263.60 Td (actively-managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.60 Td (funds. ) Tj ET Q q 0 0 0 rg BT 76.54 251.60 Td (These ) Tj ET Q q 0 0 0 rg BT 102.91 251.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 140.40 251.60 Td (were ) Tj ET Q q 0 0 0 rg BT 162.32 251.60 Td (of) Tj ET Q q 0 0 0 rg BT 170.47 251.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 187.41 251.60 Td (by ) Tj ET Q q 0 0 0 rg BT 199.90 251.60 Td (client ) Tj ET Q q 0 0 0 rg BT 224.61 251.60 Td (inflows ) Tj ET Q q 0 0 0 rg BT 257.10 251.60 Td (related ) Tj ET Q q 0 0 0 rg BT 286.80 251.60 Td (to ) Tj ET Q q 0 0 0 rg BT 297.07 251.60 Td (our ) Tj ET Q q 0 0 0 rg BT 312.89 251.60 Td (international ) Tj ET Q q 0 0 0 rg BT 365.92 251.60 Td (and ) Tj ET Q q 0 0 0 rg BT 382.86 251.60 Td (ener) Tj ET Q q 0 0 0 rg BT 399.88 251.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 412.38 251.60 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 455.13 251.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 475.33 251.60 Td ( ) Tj ET Q q 0 0 0 rg BT 477.27 251.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 503.10 251.60 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.01 251.60 Td ($1.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.61 239.60 Td ( ) Tj ET Q q 0 0 0 rg BT 77.91 239.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.99 239.60 Td ($3.9 ) Tj ET Q q 0 0 0 rg BT 107.80 239.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.91 239.60 Td ( ) Tj ET Q q 0 0 0 rg BT 136.21 239.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.73 239.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 204.11 239.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.11 239.60 Td ( ) Tj ET Q q 0 0 0 rg BT 226.41 239.60 Td (as ) Tj ET Q q 0 0 0 rg BT 237.05 239.60 Td (net ) Tj ET Q q 0 0 0 rg BT 251.56 239.60 Td (market ) Tj ET Q q 0 0 0 rg BT 281.63 239.60 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 333.35 239.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.98 239.60 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 363.78 239.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 239.60 Td ( ) Tj ET Q q 0 0 0 rg BT 392.20 239.60 Td (was ) Tj ET Q q 0 0 0 rg BT 410.05 239.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 445.67 239.60 Td (of) Tj ET Q q 0 0 0 rg BT 453.82 239.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 470.56 239.60 Td (by ) Tj ET Q q 0 0 0 rg BT 482.86 239.60 Td (net ) Tj ET Q q 0 0 0 rg BT 497.38 239.60 Td (client ) Tj ET Q q 0 0 0 rg BT 521.89 239.60 Td (inflows ) Tj ET Q q 0 0 0 rg BT 554.19 239.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.60 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 69.50 227.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.61 227.60 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 72.12 203.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 98.29 203.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 138.88 203.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 203.60 Td ($1) Tj ET Q q 0 0 0 rg BT 159.13 203.60 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 174.47 203.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.58 203.60 Td ( ) Tj ET Q q 0 0 0 rg BT 203.42 203.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.04 203.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.04 203.60 Td ( ) Tj ET Q q 0 0 0 rg BT 236.87 203.60 Td (as ) Tj ET Q q 0 0 0 rg BT 248.04 203.60 Td (market ) Tj ET Q q 0 0 0 rg BT 278.64 203.60 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 330.90 203.60 Td (and ) Tj ET Q q 0 0 0 rg BT 348.18 203.60 Td (net ) Tj ET Q q 0 0 0 rg BT 363.23 203.60 Td (client ) Tj ET Q q 0 0 0 rg BT 388.28 203.60 Td (inflows ) Tj ET Q q 0 0 0 rg BT 421.12 203.60 Td (in ) Tj ET Q q 0 0 0 rg BT 431.74 203.60 Td (our ) Tj ET Q q 0 0 0 rg BT 447.91 203.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 468.10 203.60 Td ( ) Tj ET Q q 0 0 0 rg BT 470.94 203.60 Td (product ) Tj ET Q q 0 0 0 rg BT 504.32 203.60 Td (of) Tj ET Q q 0 0 0 rg BT 512.47 203.60 Td (ferings ) Tj ET Q q 0 0 0 rg BT 543.08 203.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 85.68 191.60 Td (of) Tj ET Q q 0 0 0 rg BT 93.83 191.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 111.14 191.60 Td (by ) Tj ET Q q 0 0 0 rg BT 124.00 191.60 Td (net ) Tj ET Q q 0 0 0 rg BT 139.08 191.60 Td (client ) Tj ET Q q 0 0 0 rg BT 164.16 191.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 202.02 191.60 Td (in ) Tj ET Q q 0 0 0 rg BT 212.66 191.60 Td (our ) Tj ET Q q 0 0 0 rg BT 228.86 191.60 Td (value ) Tj ET Q q 0 0 0 rg BT 253.37 191.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 281.23 191.60 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 324.15 191.60 Td (V) Tj ET Q q 0 0 0 rg BT 330.27 191.60 Td (alue ) Tj ET Q q 0 0 0 rg BT 349.79 191.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 377.01 191.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 403.21 191.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.63 191.60 Td ($5.8 ) Tj ET Q q 0 0 0 rg BT 441.99 191.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.10 191.60 Td ( ) Tj ET Q q 0 0 0 rg BT 470.97 191.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.05 191.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 540.00 191.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 191.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 91.98 179.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.82 179.60 Td ($6.7 ) Tj ET Q q 0 0 0 rg BT 123.38 179.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 179.60 Td ( ) Tj ET Q q 0 0 0 rg BT 152.56 179.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.83 179.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 221.98 179.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.98 179.60 Td ( ) Tj ET Q q 0 0 0 rg BT 245.04 179.60 Td (due ) Tj ET Q q 0 0 0 rg BT 262.54 179.60 Td (to ) Tj ET Q q 0 0 0 rg BT 273.38 179.60 Td (net ) Tj ET Q q 0 0 0 rg BT 288.66 179.60 Td (client ) Tj ET Q q 0 0 0 rg BT 313.93 179.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 351.99 179.60 Td (during ) Tj ET Q q 0 0 0 rg BT 381.16 179.60 Td (the ) Tj ET Q q 0 0 0 rg BT 396.43 179.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 427.54 179.60 Td (In ) Tj ET Q q 0 0 0 rg BT 438.93 179.60 Td (2014, ) Tj ET Q q 0 0 0 rg BT 464.49 179.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 518.08 179.60 Td (in ) Tj ET Q q 0 0 0 rg BT 528.92 179.60 Td (our ) Tj ET Q q 0 0 0 rg BT 545.31 179.60 Td (core ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.60 Td (domestic ) Tj ET Q q 0 0 0 rg BT 88.06 167.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 128.28 167.60 Td (lagged ) Tj ET Q q 0 0 0 rg BT 157.40 167.60 Td (their ) Tj ET Q q 0 0 0 rg BT 178.18 167.60 Td (relative ) Tj ET Q q 0 0 0 rg BT 210.62 167.60 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 261.39 167.60 Td (which ) Tj ET Q q 0 0 0 rg BT 288.28 167.60 Td (hindered ) Tj ET Q q 0 0 0 rg BT 325.73 167.60 Td (our ) Tj ET Q q 0 0 0 rg BT 341.52 167.60 Td (ability ) Tj ET Q q 0 0 0 rg BT 369.52 167.60 Td (to ) Tj ET Q q 0 0 0 rg BT 379.76 167.60 Td (attract ) Tj ET Q q 0 0 0 rg BT 407.20 167.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 451.87 167.60 Td (net ) Tj ET Q q 0 0 0 rg BT 466.54 167.60 Td (new ) Tj ET Q q 0 0 0 rg BT 485.66 167.60 Td (value ) Tj ET Q q 0 0 0 rg BT 509.77 167.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 536.68 167.60 Td (AUM. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 69.69 155.60 Td ( ) Tj ET Q q 0 0 0 rg BT 72.31 155.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 99.01 155.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.12 155.60 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 160.98 155.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.10 155.60 Td ( ) Tj ET Q q 0 0 0 rg BT 190.46 155.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.60 155.60 Td ($5.7 ) Tj ET Q q 0 0 0 rg BT 222.46 155.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.57 155.60 Td ( ) Tj ET Q q 0 0 0 rg BT 251.94 155.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.08 155.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.08 155.60 Td ( ) Tj ET Q q 0 0 0 rg BT 286.44 155.60 Td (as ) Tj ET Q q 0 0 0 rg BT 298.13 155.60 Td (we ) Tj ET Q q 0 0 0 rg BT 313.15 155.60 Td (experienced ) Tj ET Q q 0 0 0 rg BT 364.81 155.60 Td (net ) Tj ET Q q 0 0 0 rg BT 380.39 155.60 Td (client ) Tj ET Q q 0 0 0 rg BT 405.97 155.60 Td (inflows ) Tj ET Q q 0 0 0 rg BT 439.33 155.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.02 155.60 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 471.88 155.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 155.60 Td ( ) Tj ET Q q 0 0 0 rg BT 501.36 155.60 Td (and ) Tj ET Q q 0 0 0 rg BT 519.16 155.60 Td (net ) Tj ET Q q 0 0 0 rg BT 534.74 155.60 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.60 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 101.42 143.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.25 143.60 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 132.25 143.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.36 143.60 Td (. ) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 717.75 Td (Discontinued Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.75 Td (Discontinued ) Tj ET Q q 0 0 0 rg BT 105.07 693.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 148.97 693.75 Td (include ) Tj ET Q q 0 0 0 rg BT 180.64 693.75 Td (the ) Tj ET Q q 0 0 0 rg BT 195.10 693.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 217.34 693.75 Td (to ) Tj ET Q q 0 0 0 rg BT 227.37 693.75 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 264.60 693.75 Td (our ) Tj ET Q q 0 0 0 rg BT 280.17 693.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 304.64 693.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 329.10 693.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 357.99 693.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 391.89 693.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 430.52 693.75 Td (which ) Tj ET Q q 0 0 0 rg BT 457.21 693.75 Td (ceased ) Tj ET Q q 0 0 0 rg BT 486.09 693.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 529.99 693.75 Td (in ) Tj ET Q q 0 0 0 rg BT 540.01 693.75 Td (2012, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.64 681.75 Td (the ) Tj ET Q q 0 0 0 rg BT 81.56 681.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 122.03 681.75 Td (results ) Tj ET Q q 0 0 0 rg BT 150.84 681.75 Td (of ) Tj ET Q q 0 0 0 rg BT 161.88 681.75 Td (F) Tj ET Q q 0 0 0 rg BT 166.70 681.75 Td (AMCO, ) Tj ET Q q 0 0 0 rg BT 201.91 681.75 Td (an ) Tj ET Q q 0 0 0 rg BT 214.05 681.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 236.19 681.75 Td (management ) Tj ET Q q 0 0 0 rg BT 289.98 681.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 333.80 681.75 Td (we ) Tj ET Q q 0 0 0 rg BT 348.16 681.75 Td (sold ) Tj ET Q q 0 0 0 rg BT 367.54 681.75 Td (in ) Tj ET Q q 0 0 0 rg BT 378.02 681.75 Td (2013. ) Tj ET Q q 0 0 0 rg BT 403.22 681.75 Td (For ) Tj ET Q q 0 0 0 rg BT 419.82 681.75 Td (the ) Tj ET Q q 0 0 0 rg BT 434.74 681.75 Td (year ) Tj ET Q q 0 0 0 rg BT 454.65 681.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.23 681.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 540.02 681.75 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.02 681.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.75 Td (we ) Tj ET Q q 0 0 0 rg BT 63.66 669.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 101.14 669.75 Td (a ) Tj ET Q q 0 0 0 rg BT 108.07 669.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 126.14 669.75 Td (from ) Tj ET Q q 0 0 0 rg BT 148.07 669.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 201.68 669.75 Td (operations, ) Tj ET Q q 0 0 0 rg BT 248.33 669.75 Td (net ) Tj ET Q q 0 0 0 rg BT 263.05 669.75 Td (of ) Tj ET Q q 0 0 0 rg BT 273.88 669.75 Td (tax, ) Tj ET Q q 0 0 0 rg BT 291.10 669.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.93 669.75 Td ($4.7 ) Tj ET Q q 0 0 0 rg BT 321.93 669.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.82 669.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 645.75 Td (results ) Tj ET Q q 0 0 0 rg BT 96.16 645.75 Td (of ) Tj ET Q q 0 0 0 rg BT 106.99 645.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 160.59 645.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 204.74 645.75 Td (for ) Tj ET Q q 0 0 0 rg BT 218.90 645.75 Td (the ) Tj ET Q q 0 0 0 rg BT 233.62 645.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 258.34 645.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 283.06 645.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 312.21 645.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 346.37 645.75 Td (business ) Tj ET Q q 0 0 0 rg BT 382.76 645.75 Td (were ) Tj ET Q q 0 0 0 rg BT 404.69 645.75 Td (as ) Tj ET Q q 0 0 0 rg BT 415.52 645.75 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 599.25 443.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 599.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 575.25 443.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 575.25 70.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 552.25 443.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 552.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 528.25 443.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 528.25 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 493 599.25 m 563 599.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 587.25 m 563 587.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 540.25 m 563 540.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 517.25 m 563 517.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 515.25 m 563 515.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.40 625.98 Td (Year 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BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 518.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 518.87 Td (\(782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 518.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET 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 67.55 492.75 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 87.55 492.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.44 492.75 Td ( ) Tj ET Q q 0 0 0 rg BT 118.94 492.75 Td (of ) Tj ET Q q 0 0 0 rg BT 129.77 492.75 Td (other ) Tj ET Q q 0 0 0 rg BT 152.82 492.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 191.41 492.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 228.89 492.75 Td (in ) Tj ET Q q 0 0 0 rg BT 239.17 492.75 Td (2013 ) Tj ET Q q 0 0 0 rg BT 261.67 492.75 Td (consisted ) Tj ET Q q 0 0 0 rg BT 301.38 492.75 Td (of ) Tj ET Q q 0 0 0 rg BT 312.21 492.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 334.71 492.75 Td (to ) Tj ET Q q 0 0 0 rg BT 344.99 492.75 Td (dissolve ) Tj ET Q q 0 0 0 rg BT 380.27 492.75 Td (our ) Tj ET Q q 0 0 0 rg BT 396.10 492.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 420.82 492.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 445.54 492.75 Td (subsidiaries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 468.75 Td (results ) Tj ET Q q 0 0 0 rg BT 96.16 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 106.99 468.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 160.59 468.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 204.74 468.75 Td (for ) Tj ET Q q 0 0 0 rg BT 218.90 468.75 Td (F) Tj ET Q q 0 0 0 rg BT 223.72 468.75 Td (AMCO ) Tj ET Q q 0 0 0 rg BT 256.23 468.75 Td (were ) Tj ET Q q 0 0 0 rg BT 278.16 468.75 Td (as ) Tj ET Q q 0 0 0 rg BT 288.99 468.75 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 422.25 443.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 422.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 398.25 443.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 398.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 374.25 443.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 374.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 350.25 443.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 350.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 326.25 443.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 326.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 302.25 443.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 302.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 278.25 443.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 278.25 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 492 422.25 m 562 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 386.25 m 562 386.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 338.25 m 562 338.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 290.25 m 562 290.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 267.25 m 562 267.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 265.25 m 562 265.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.40 448.98 Td (Year Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.40 436.98 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 426.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 424.98 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 412.87 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 412.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 412.87 Td (1,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 388.87 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 388.87 Td (5,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 364.87 Td (Loss from discontinued operations before income tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 364.87 Td (\(3,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 364.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 340.87 Td (Income tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 340.87 Td (\(1,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 340.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 316.87 Td (Loss from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 316.87 Td (\(2,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 316.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 292.87 Td (Loss on sale, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 292.87 Td (\(1,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 292.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 268.87 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 268.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 268.87 Td (\(3,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 268.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.74 242.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 86.00 242.75 Td (from ) Tj ET Q q 0 0 0 rg BT 108.14 242.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 161.94 242.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 206.29 242.75 Td (for ) Tj ET Q q 0 0 0 rg BT 220.65 242.75 Td (the ) Tj ET Q q 0 0 0 rg BT 235.57 242.75 Td (year ) Tj ET Q q 0 0 0 rg BT 255.47 242.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 282.05 242.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 340.83 242.75 Td (2013 ) Tj ET Q q 0 0 0 rg BT 363.53 242.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 403.44 242.75 Td (related ) Tj ET Q q 0 0 0 rg BT 433.34 242.75 Td (to ) Tj ET Q q 0 0 0 rg BT 443.81 242.75 Td (an ) Tj ET Q q 0 0 0 rg BT 455.95 242.75 Td (indemnification ) Tj ET Q q 0 0 0 rg BT 521.96 242.75 Td (obligation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.75 Td (related ) Tj ET Q q 0 0 0 rg BT 79.20 230.75 Td (to ) Tj ET Q q 0 0 0 rg BT 89.48 230.75 Td (the ) Tj ET Q q 0 0 0 rg BT 104.20 230.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 122.24 230.75 Td (of ) Tj ET Q q 0 0 0 rg BT 133.07 230.75 Td (F) Tj ET Q q 0 0 0 rg BT 137.89 230.75 Td (AMCO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.75 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 206.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 88.38 206.75 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.38 206.75 Td ( ) Tj ET Q q 0 0 0 rg BT 95.88 206.75 Td (to ) Tj ET Q q 0 0 0 rg BT 106.16 206.75 Td (our ) Tj ET Q q 0 0 0 rg BT 121.99 206.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 175.03 206.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.51 206.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 257.22 206.75 Td (for ) Tj ET Q q 0 0 0 rg BT 271.38 206.75 Td (further ) Tj ET Q q 0 0 0 rg BT 301.09 206.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 345.26 206.75 Td (of ) Tj ET Q q 0 0 0 rg BT 356.09 206.75 Td (our ) Tj ET Q q 0 0 0 rg BT 371.92 206.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 425.52 206.75 Td (operations.) 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 33.60 Td (43) 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.) 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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 89.52 380.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 124.56 380.25 Td (or ) Tj ET Q q 0 0 0 rg BT 135.14 380.25 Td (our ) Tj ET Q q 0 0 0 rg BT 150.73 380.25 Td (role ) Tj ET Q q 0 0 0 rg BT 168.54 380.25 Td (as ) Tj ET Q q 0 0 0 rg BT 179.12 380.25 Td (a ) Tj ET Q q 0 0 0 rg BT 185.82 380.25 Td (manager ) Tj ET Q q 0 0 0 rg BT 222.50 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 233.09 380.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 277.54 380.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 299.24 380.25 Td (management ) Tj ET Q q 0 0 0 rg BT 352.58 380.25 Td (funds, ) Tj ET Q q 0 0 0 rg BT 379.56 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 394.04 380.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 410.17 380.25 Td (values ) Tj ET Q q 0 0 0 rg BT 437.98 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 448.56 380.25 Td (our ) Tj ET Q q 0 0 0 rg BT 464.15 380.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 501.39 380.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 550.31 380.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 96.87 368.25 Td (internally) Tj ET Q q 0 0 0 rg BT 134.54 368.25 Td (. ) Tj ET Q q 0 0 0 rg BT 139.42 368.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.25 368.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 178.08 368.25 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.08 368.25 Td ( ) Tj ET Q q 0 0 0 rg BT 185.46 368.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.29 368.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 224.11 368.25 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.11 368.25 Td ( ) Tj ET Q q 0 0 0 rg BT 231.50 368.25 Td (to ) Tj ET Q q 0 0 0 rg BT 241.66 368.25 Td (our ) Tj ET Q q 0 0 0 rg BT 257.38 368.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 310.31 368.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 347.68 368.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 392.28 368.25 Td (for ) Tj ET Q q 0 0 0 rg BT 406.32 368.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 448.70 368.25 Td (information ) Tj ET Q q 0 0 0 rg BT 498.30 368.25 Td (on ) Tj ET Q q 0 0 0 rg BT 510.68 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.29 368.25 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.29 356.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.08 356.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 113.52 356.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 162.64 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 179.54 356.25 Td (our ) Tj ET Q q 0 0 0 rg BT 195.33 356.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 211.66 356.25 Td (value ) Tj ET Q q 0 0 0 rg BT 235.77 356.25 Td (processes, ) Tj ET Q q 0 0 0 rg BT 279.05 356.25 Td (including ) Tj ET Q q 0 0 0 rg BT 319.29 356.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 352.84 356.25 Td (control ) Tj ET Q q 0 0 0 rg BT 383.62 356.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 424.40 356.25 Td (to ) Tj ET Q q 0 0 0 rg BT 434.64 356.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 477.08 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 491.75 356.25 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 554.19 356.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 344.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 80.59 344.25 Td (value ) Tj ET Q q 0 0 0 rg BT 104.75 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.58 344.25 Td (our ) Tj ET Q q 0 0 0 rg BT 131.41 344.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 168.89 344.25 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 (7) 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 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 33.60 Td (44) 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 (2015) 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 ($218.0 ) 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 ($21.1 ) 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 76.24 680.25 Td ($6.1 ) Tj ET Q q 0 0 0 rg BT 96.05 680.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.94 680.25 Td ( ) Tj ET Q q 0 0 0 rg BT 127.25 680.25 Td (is ) Tj ET Q q 0 0 0 rg BT 136.22 680.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 184.07 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 194.15 680.25 Td (our ) Tj ET Q q 0 0 0 rg BT 209.79 680.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 236.52 680.25 Td (River ) Tj ET Q q 0 0 0 rg BT 261.04 680.25 Td (Branch ) Tj ET Q q 0 0 0 rg BT 292.22 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 308.97 680.25 Td (BMO ) Tj ET Q q 0 0 0 rg BT 334.06 680.25 Td (GKST) Tj ET Q q 0 0 0 rg BT 359.99 680.25 Td ( ) Tj ET Q q 0 0 0 rg BT 362.30 680.25 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 414.71 680.25 Td (The ) Tj ET Q q 0 0 0 rg BT 432.56 680.25 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.41 680.25 Td ($196.8 ) Tj ET Q q 0 0 0 rg BT 505.22 680.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.11 680.25 Td ( ) Tj ET Q q 0 0 0 rg BT 536.42 680.25 Td (relates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.41 668.25 Td (our ) Tj ET Q q 0 0 0 rg BT 74.88 668.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 96.45 668.25 Td (management ) Tj ET Q q 0 0 0 rg BT 149.67 668.25 Td (segment. ) Tj ET Q q 0 0 0 rg BT 187.16 668.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.29 668.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 257.51 668.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.51 668.25 Td (, ) Tj ET Q q 0 0 0 rg BT 282.14 668.25 Td (we ) Tj ET Q q 0 0 0 rg BT 295.94 668.25 Td (had ) Tj ET Q q 0 0 0 rg BT 312.51 668.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 354.63 668.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 380.10 668.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.56 668.25 Td ($30.5 ) Tj ET Q q 0 0 0 rg BT 415.20 668.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.09 668.25 Td (, ) Tj ET Q q 0 0 0 rg BT 448.72 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 459.19 668.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.76 668.25 Td ($8.3 ) Tj ET Q q 0 0 0 rg BT 505.39 668.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.28 668.25 Td ( ) Tj ET Q q 0 0 0 rg BT 536.42 668.25 Td (relates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 656.25 Td (our ) Tj ET Q q 0 0 0 rg BT 75.61 656.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 104.76 656.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 138.91 656.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 174.74 656.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.68 656.25 Td ($22.3 ) Tj ET Q q 0 0 0 rg BT 216.68 656.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.57 656.25 Td ( ) Tj ET Q q 0 0 0 rg BT 248.07 656.25 Td (relates ) Tj ET Q q 0 0 0 rg BT 276.66 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 286.94 656.25 Td (our ) Tj ET Q q 0 0 0 rg BT 302.77 656.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 324.71 656.25 Td (management ) Tj ET Q q 0 0 0 rg BT 378.30 656.25 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 (14) 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 (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 65.94 524.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 97.62 524.25 Td (to ) Tj ET Q q 0 0 0 rg BT 108.76 524.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 144.33 524.25 Td (a ) Tj ET Q q 0 0 0 rg BT 152.13 524.25 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 197.70 524.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 245.51 524.25 Td (to ) Tj ET Q q 0 0 0 rg BT 256.65 524.25 Td (test ) Tj ET Q q 0 0 0 rg BT 273.90 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 289.48 524.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 328.40 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 339.54 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 356.24 524.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 386.25 524.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 421.27 524.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 461.29 524.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 480.21 524.25 Td (for ) Tj ET Q q 0 0 0 rg BT 495.24 524.25 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 546.96 524.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (following ) Tj ET Q q 0 0 0 rg BT 90.92 512.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 125.66 512.25 Td (events ) Tj ET Q q 0 0 0 rg BT 153.74 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 170.71 512.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 229.89 512.25 Td (were ) Tj ET Q q 0 0 0 rg BT 251.85 512.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 292.69 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 303.01 512.25 Td (concluding ) Tj ET Q q 0 0 0 rg BT 349.97 512.25 Td (that ) Tj ET Q q 0 0 0 rg BT 367.50 512.25 Td (it ) Tj ET Q q 0 0 0 rg BT 375.59 512.25 Td (was ) Tj ET Q q 0 0 0 rg BT 393.68 512.25 Td (not ) Tj ET Q q 0 0 0 rg BT 408.99 512.25 Td (more ) Tj ET Q q 0 0 0 rg BT 432.07 512.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 457.38 512.25 Td (than ) Tj ET Q q 0 0 0 rg BT 477.13 512.25 Td (not ) Tj ET Q q 0 0 0 rg BT 492.44 512.25 Td (that ) Tj ET Q q 0 0 0 rg BT 509.97 512.25 Td (this ) Tj ET Q q 0 0 0 rg BT 526.96 512.25 Td (goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (was ) Tj ET Q q 0 0 0 rg BT 67.00 500.25 Td (impaired: ) Tj ET Q q 0 0 0 rg BT 107.28 500.25 Td ( ) Tj ET Q q 0 0 0 rg BT 109.23 500.25 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 175.04 500.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 221.16 500.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 255.89 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 272.28 500.25 Td (market ) Tj ET Q q 0 0 0 rg BT 302.00 500.25 Td (considerations ) Tj ET Q q 0 0 0 rg BT 361.72 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.11 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.28 500.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 422.00 500.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 458.93 500.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 511.40 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 521.69 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 535.86 500.25 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 83.66 488.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 122.81 488.25 Td (unit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.88 464.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 96.05 464.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 145.43 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.60 464.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 197.00 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 215.27 464.25 Td (other ) Tj ET Q q 0 0 0 rg BT 239.66 464.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 283.48 464.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 310.65 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 328.93 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.98 464.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 393.26 464.25 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 444.30 464.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 494.24 464.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 530.30 464.25 Td (requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.81 452.25 Td (to ) Tj ET Q q 0 0 0 rg BT 114.82 452.25 Td (make ) Tj ET Q q 0 0 0 rg BT 139.69 452.25 Td (subjective ) Tj ET Q q 0 0 0 rg BT 183.46 452.25 Td (judgments ) Tj ET Q q 0 0 0 rg BT 228.35 452.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 276.00 452.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 316.43 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 327.99 452.25 Td (how ) Tj ET Q q 0 0 0 rg BT 348.43 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 363.88 452.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 401.52 452.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 428.08 452.25 Td (or ) Tj ET Q q 0 0 0 rg BT 439.63 452.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 485.08 452.25 Td (will ) Tj ET Q q 0 0 0 rg BT 503.86 452.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 539.29 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 452.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (future ) Tj ET Q q 0 0 0 rg BT 75.77 440.25 Td (using ) Tj ET Q q 0 0 0 rg BT 99.83 440.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 139.43 440.25 Td (methods ) Tj ET Q q 0 0 0 rg BT 175.71 440.25 Td (including ) Tj ET Q q 0 0 0 rg BT 215.87 440.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 261.58 440.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 281.74 440.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 302.46 440.25 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 339.57 440.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 357.51 440.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 398.22 440.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 418.38 440.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 442.99 440.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 480.37 440.25 Td (extend ) Tj ET Q q 0 0 0 rg BT 509.42 440.25 Td (for ) Tj ET Q q 0 0 0 rg BT 523.47 440.25 Td (five ) Tj ET Q q 0 0 0 rg BT 541.41 440.25 Td (years ) 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 69.10 428.25 Td (by ) Tj ET Q q 0 0 0 rg BT 81.77 428.25 Td (their ) Tj ET Q q 0 0 0 rg BT 102.76 428.25 Td (nature, ) Tj ET Q q 0 0 0 rg BT 132.91 428.25 Td (are ) Tj ET Q q 0 0 0 rg BT 147.78 428.25 Td (dif) Tj ET Q q 0 0 0 rg BT 158.71 428.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 182.48 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 192.92 428.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 235.57 428.25 Td (over ) Tj ET Q q 0 0 0 rg BT 256.00 428.25 Td (an ) Tj ET Q q 0 0 0 rg BT 268.10 428.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 306.86 428.25 Td (time ) Tj ET Q q 0 0 0 rg BT 327.30 428.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 358.01 428.25 Td (Events ) Tj ET Q q 0 0 0 rg BT 387.89 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 405.00 428.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 434.87 428.25 Td (that ) Tj ET Q q 0 0 0 rg BT 452.53 428.25 Td (may ) Tj ET Q q 0 0 0 rg BT 472.41 428.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 525.07 428.25 Td (af) Tj ET Q q 0 0 0 rg BT 532.66 428.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 550.31 428.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.32 416.25 Td (include, ) Tj ET Q q 0 0 0 rg BT 123.86 416.25 Td (among ) Tj ET Q q 0 0 0 rg BT 153.68 416.25 Td (others, ) Tj ET Q q 0 0 0 rg BT 183.22 416.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 233.03 416.25 Td (forces ) Tj ET Q q 0 0 0 rg BT 260.07 416.25 Td (and ) Tj ET Q q 0 0 0 rg BT 277.11 416.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 311.92 416.25 Td (in ) Tj ET Q q 0 0 0 rg BT 322.31 416.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 356.56 416.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 387.49 416.25 Td (trends, ) Tj ET Q q 0 0 0 rg BT 417.03 416.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 435.75 416.25 Td (structures, ) Tj ET Q q 0 0 0 rg BT 479.73 416.25 Td (technology) Tj ET Q q 0 0 0 rg BT 523.51 416.25 Td (, ) Tj ET Q q 0 0 0 rg BT 528.62 416.25 Td (discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 70.85 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 87.77 404.25 Td (market ) Tj ET Q q 0 0 0 rg BT 118.01 404.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 164.47 404.25 Td (T) Tj ET Q q 0 0 0 rg BT 169.88 404.25 Td (o ) Tj ET Q q 0 0 0 rg BT 177.35 404.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 204.27 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 218.96 404.25 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 281.42 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 292.22 404.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 312.47 404.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 333.27 404.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 372.96 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 389.87 404.25 Td (validate ) Tj ET Q q 0 0 0 rg BT 424.00 404.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 475.92 404.25 Td (used ) Tj ET Q q 0 0 0 rg BT 496.73 404.25 Td (in ) Tj ET Q q 0 0 0 rg BT 506.98 404.25 Td (our ) Tj ET Q q 0 0 0 rg BT 522.79 404.25 Td (estimates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (we ) Tj ET Q q 0 0 0 rg BT 63.73 392.25 Td (review ) Tj ET Q q 0 0 0 rg BT 93.52 392.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 133.30 392.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 186.40 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 197.31 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.10 392.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 258.00 392.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 283.90 392.25 Td (or ) Tj ET Q q 0 0 0 rg BT 294.81 392.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 325.15 392.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 353.56 392.25 Td (In ) Tj ET Q q 0 0 0 rg BT 364.46 392.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 404.26 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.05 392.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 435.50 392.25 Td (value ) Tj ET Q q 0 0 0 rg BT 459.73 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 470.64 392.25 Td (our ) Tj ET Q q 0 0 0 rg BT 486.54 392.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 525.77 392.25 Td (units, ) Tj ET Q q 0 0 0 rg BT 550.30 392.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (volatile ) Tj ET Q q 0 0 0 rg BT 81.57 380.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 108.64 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.05 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.35 380.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 173.19 380.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 206.93 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 223.45 380.25 Td (our ) Tj ET Q q 0 0 0 rg BT 238.86 380.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 273.72 380.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 308.01 380.25 Td (us ) Tj ET Q q 0 0 0 rg BT 318.98 380.25 Td (to ) Tj ET Q q 0 0 0 rg BT 328.84 380.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 364.80 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.10 380.25 Td (business ) Tj ET Q q 0 0 0 rg BT 415.07 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 431.59 380.25 Td (market ) Tj ET Q q 0 0 0 rg BT 461.44 380.25 Td (cycle ) Tj ET Q q 0 0 0 rg BT 484.61 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 501.13 380.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 527.66 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 541.96 380.25 Td (stage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.04 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.47 368.25 Td (cycle ) Tj ET Q q 0 0 0 rg BT 97.78 368.25 Td (in ) Tj ET Q q 0 0 0 rg BT 107.77 368.25 Td (estimating ) Tj ET Q q 0 0 0 rg BT 151.65 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 166.08 368.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 194.40 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 211.05 368.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 237.70 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.25 368.25 Td (future ) Tj ET Q q 0 0 0 rg BT 274.34 368.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 294.32 368.25 Td (flows. ) Tj ET Q q 0 0 0 rg BT 321.25 368.25 Td (In ) Tj ET Q q 0 0 0 rg BT 331.80 368.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 366.78 368.25 Td (to ) Tj ET Q q 0 0 0 rg BT 376.77 368.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 422.31 368.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 442.29 368.25 Td (flows, ) Tj ET Q q 0 0 0 rg BT 469.23 368.25 Td (we ) Tj ET Q q 0 0 0 rg BT 483.10 368.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 519.19 368.25 Td (our ) Tj ET Q q 0 0 0 rg BT 534.74 368.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (capitalization, ) Tj ET Q q 0 0 0 rg BT 107.23 356.25 Td (public ) Tj ET Q q 0 0 0 rg BT 133.60 356.25 Td (company ) Tj ET Q q 0 0 0 rg BT 171.63 356.25 Td (comparables ) Tj ET Q q 0 0 0 rg BT 223.53 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 239.34 356.25 Td (multiples ) Tj ET Q q 0 0 0 rg BT 277.93 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.63 356.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 313.43 356.25 Td (mer) Tj ET Q q 0 0 0 rg BT 328.79 356.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 346.83 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 362.63 356.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 411.78 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 421.48 356.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 450.63 356.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 494.22 356.25 Td (in ) Tj ET Q q 0 0 0 rg BT 503.37 356.25 Td (our ) Tj ET Q q 0 0 0 rg BT 518.07 356.25 Td (subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 97.63 344.25 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 134.24 344.25 Td (V) Tj ET Q q 0 0 0 rg BT 140.35 344.25 Td (aluation ) Tj ET Q q 0 0 0 rg BT 174.60 344.25 Td (multiples ) Tj ET Q q 0 0 0 rg BT 213.86 344.25 Td (may ) Tj ET Q q 0 0 0 rg BT 233.11 344.25 Td (be ) Tj ET Q q 0 0 0 rg BT 244.59 344.25 Td (based ) Tj ET Q q 0 0 0 rg BT 269.39 344.25 Td (on ) Tj ET Q q 0 0 0 rg BT 281.43 344.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 321.50 344.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 357.41 344.25 Td (before ) Tj ET Q q 0 0 0 rg BT 384.99 344.25 Td (interest, ) Tj ET Q q 0 0 0 rg BT 418.96 344.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 444.04 344.25 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 495.50 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 511.97 344.25 Td (amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (\(EBITDA\), ) Tj ET Q q 0 0 0 rg BT 98.81 332.25 Td (price-to-earnings ) Tj ET Q q 0 0 0 rg BT 170.59 332.25 Td (or ) Tj ET Q q 0 0 0 rg BT 182.41 332.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 203.66 332.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 229.37 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.18 332.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 291.31 332.25 Td (public ) Tj ET Q q 0 0 0 rg BT 319.79 332.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 366.04 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 383.96 332.25 Td (business ) Tj ET Q q 0 0 0 rg BT 421.34 332.25 Td (segments. ) Tj ET Q q 0 0 0 rg BT 464.29 332.25 Td (These ) Tj ET Q q 0 0 0 rg BT 491.65 332.25 Td (multiples ) Tj ET Q q 0 0 0 rg BT 532.36 332.25 Td (may ) Tj ET Q q 0 0 0 rg BT 553.06 332.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 85.33 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 95.60 320.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 131.98 320.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 181.69 320.25 Td (dif) Tj ET Q q 0 0 0 rg BT 192.62 320.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 228.42 320.25 Td (including ) Tj ET Q q 0 0 0 rg BT 268.69 320.25 Td (size, ) Tj ET Q q 0 0 0 rg BT 289.24 320.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 329.50 320.25 Td (leverage ) Tj ET Q q 0 0 0 rg BT 365.87 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 382.81 320.25 Td (other ) Tj ET Q q 0 0 0 rg BT 405.85 320.25 Td (factors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 296.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.51 296.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 108.09 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 123.35 296.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 151.94 296.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 189.42 296.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 237.45 296.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 271.60 296.25 Td (as ) Tj ET Q q 0 0 0 rg BT 281.86 296.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.12 296.25 Td (October31, ) Tj ET Q q 0 0 0 rg BT 341.26 296.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.26 296.25 Td (, ) Tj ET Q q 0 0 0 rg BT 365.69 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 382.06 296.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 425.09 296.25 Td (there ) Tj ET Q q 0 0 0 rg BT 447.00 296.25 Td (was ) Tj ET Q q 0 0 0 rg BT 464.49 296.25 Td (no ) Tj ET Q q 0 0 0 rg BT 476.42 296.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 513.91 296.25 Td (impairment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 272.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.08 272.25 Td (also ) Tj ET Q q 0 0 0 rg BT 83.68 272.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 124.50 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 139.21 272.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 181.70 272.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 207.53 272.25 Td (\(indefinite ) Tj ET Q q 0 0 0 rg BT 251.68 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 268.62 272.25 Td (definite-lived\) ) Tj ET Q q 0 0 0 rg BT 328.32 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 345.26 272.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 388.85 272.25 Td (there ) Tj ET Q q 0 0 0 rg BT 411.34 272.25 Td (was ) Tj ET Q q 0 0 0 rg BT 429.39 272.25 Td (no ) Tj ET Q q 0 0 0 rg BT 441.89 272.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 490.49 272.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.76 272.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.76 272.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (Compensation Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (Stock-Based Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (As ) Tj ET Q q 0 0 0 rg BT 62.35 200.25 Td (part ) Tj ET Q q 0 0 0 rg BT 79.63 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 89.70 200.25 Td (our ) Tj ET Q q 0 0 0 rg BT 104.77 200.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 162.05 200.25 Td (to ) Tj ET Q q 0 0 0 rg BT 171.56 200.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 216.07 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.24 200.25 Td (directors, ) Tj ET Q q 0 0 0 rg BT 271.46 200.25 Td (we ) Tj ET Q q 0 0 0 rg BT 284.86 200.25 Td (use ) Tj ET Q q 0 0 0 rg BT 299.93 200.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 348.87 200.25 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 408.65 200.25 Td (consisting ) Tj ET Q q 0 0 0 rg BT 450.95 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 461.01 200.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 499.95 200.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 525.30 200.25 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.15 188.25 Td (units ) Tj ET Q q 0 0 0 rg BT 95.14 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.12 188.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 135.78 188.25 Td (options. ) Tj ET Q q 0 0 0 rg BT 170.08 188.25 Td (W) Tj ET Q q 0 0 0 rg BT 178.72 188.25 Td (e ) Tj ET Q q 0 0 0 rg BT 185.70 188.25 Td (account ) Tj ET Q q 0 0 0 rg BT 219.34 188.25 Td (for ) Tj ET Q q 0 0 0 rg BT 233.54 188.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 261.08 188.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 291.94 188.25 Td (in ) Tj ET Q q 0 0 0 rg BT 302.26 188.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 349.77 188.25 Td (with ) Tj ET Q q 0 0 0 rg BT 370.09 188.25 Td (F) Tj ET Q q 0 0 0 rg BT 374.91 188.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 396.34 188.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 445.54 188.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 487.52 188.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 539.87 188.25 Td (T) Tj ET Q q 0 0 0 rg BT 545.28 188.25 Td (opic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (718, ) Tj ET Q q 0 0 0 rg BT 68.72 176.25 Td ("CompensationStock ) Tj ET Q q 0 0 0 rg BT 160.07 176.25 Td (Compensation," ) Tj ET Q q 0 0 0 rg BT 226.14 176.25 Td (\("ASC ) Tj ET Q q 0 0 0 rg BT 254.73 176.25 Td (718"\), ) Tj ET Q q 0 0 0 rg BT 281.36 176.25 Td (which ) Tj ET Q q 0 0 0 rg BT 307.51 176.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 341.44 176.25 Td (all ) Tj ET Q q 0 0 0 rg BT 353.15 176.25 Td (share-based ) Tj ET Q q 0 0 0 rg BT 402.06 176.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 442.11 176.25 Td (to ) Tj ET Q q 0 0 0 rg BT 451.60 176.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 498.58 176.25 Td (including ) Tj ET Q q 0 0 0 rg BT 538.08 176.25 Td (grants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.41 164.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 101.87 164.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 125.56 164.25 Td (options, ) Tj ET Q q 0 0 0 rg BT 160.09 164.25 Td (to ) Tj ET Q q 0 0 0 rg BT 170.45 164.25 Td (be ) Tj ET Q q 0 0 0 rg BT 182.47 164.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 228.92 164.25 Td (on ) Tj ET Q q 0 0 0 rg BT 241.50 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.30 164.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 309.43 164.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 354.22 164.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.13 164.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 409.37 164.25 Td (at ) Tj ET Q q 0 0 0 rg BT 419.17 164.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 442.30 164.25 Td (date ) Tj ET Q q 0 0 0 rg BT 461.54 164.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 478.00 164.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 504.74 164.25 Td (Compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 84.93 152.25 Td (related ) Tj ET Q q 0 0 0 rg BT 115.36 152.25 Td (to ) Tj ET Q q 0 0 0 rg BT 126.37 152.25 Td (share-based ) Tj ET Q q 0 0 0 rg BT 176.79 152.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 208.34 152.25 Td (which ) Tj ET Q q 0 0 0 rg BT 236.00 152.25 Td (require ) Tj ET Q q 0 0 0 rg BT 267.54 152.25 Td (future ) Tj ET Q q 0 0 0 rg BT 294.65 152.25 Td (service ) Tj ET Q q 0 0 0 rg BT 326.19 152.25 Td (are ) Tj ET Q q 0 0 0 rg BT 341.62 152.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 384.83 152.25 Td (over ) Tj ET Q q 0 0 0 rg BT 405.83 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 421.27 152.25 Td (service ) Tj ET Q q 0 0 0 rg BT 452.81 152.25 Td (period ) Tj ET Q q 0 0 0 rg BT 481.58 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.14 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.58 152.25 Td (award, ) Tj ET Q q 0 0 0 rg BT 538.74 152.25 Td (net ) Tj ET Q q 0 0 0 rg BT 554.18 152.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 90.81 140.25 Td (forfeitures. ) Tj ET Q q 0 0 0 rg BT 137.95 140.25 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 189.81 140.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 221.12 140.25 Td (that ) Tj ET Q q 0 0 0 rg BT 239.11 140.25 Td (do ) Tj ET Q q 0 0 0 rg BT 252.10 140.25 Td (not ) Tj ET Q q 0 0 0 rg BT 267.87 140.25 Td (require ) Tj ET Q q 0 0 0 rg BT 299.18 140.25 Td (future ) Tj ET Q q 0 0 0 rg BT 326.05 140.25 Td (service ) Tj ET Q q 0 0 0 rg BT 357.36 140.25 Td (are ) Tj ET Q q 0 0 0 rg BT 372.56 140.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 419.41 140.25 Td (in ) Tj ET Q q 0 0 0 rg BT 430.18 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.39 140.25 Td (year ) Tj ET Q q 0 0 0 rg BT 465.59 140.25 Td (in ) Tj ET Q q 0 0 0 rg BT 476.36 140.25 Td (which ) Tj ET Q q 0 0 0 rg BT 503.79 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 519.00 140.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 550.31 140.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 83.09 128.25 Td (to ) Tj ET Q q 0 0 0 rg BT 93.37 128.25 Td (be ) Tj ET Q q 0 0 0 rg BT 105.31 128.25 Td (earned. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 104.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 88.38 104.25 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.38 104.25 Td ( ) Tj ET Q q 0 0 0 rg BT 100.88 104.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.16 104.25 Td (our ) Tj ET Q q 0 0 0 rg BT 126.99 104.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 180.03 104.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 217.51 104.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 262.22 104.25 Td (for ) Tj ET Q q 0 0 0 rg BT 276.38 104.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 318.87 104.25 Td (information ) Tj ET Q q 0 0 0 rg BT 368.58 104.25 Td (about ) Tj ET Q q 0 0 0 rg BT 393.30 104.25 Td (our ) Tj ET Q q 0 0 0 rg BT 409.13 104.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 458.84 104.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 516.88 104.25 Td (plans.) 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 33.60 Td (45) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Income T) Tj ET Q q 0 0 0 rg BT 88.30 740.25 Td (axes) 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 65.60 716.25 Td (file ) Tj ET Q q 0 0 0 rg BT 81.96 716.25 Td (a ) Tj ET Q q 0 0 0 rg BT 89.42 716.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 142.99 716.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 163.80 716.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 194.58 716.25 Td (income ) Tj ET Q q 0 0 0 rg BT 227.04 716.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 242.29 716.25 Td (return, ) Tj ET Q q 0 0 0 rg BT 271.69 716.25 Td (which ) Tj ET Q q 0 0 0 rg BT 299.16 716.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 335.51 716.25 Td (all ) Tj ET Q q 0 0 0 rg BT 348.53 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 359.89 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 376.25 716.25 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 420.38 716.25 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 472.90 716.25 Td (W) Tj ET Q q 0 0 0 rg BT 481.54 716.25 Td (e ) Tj ET Q q 0 0 0 rg BT 489.01 716.25 Td (also ) Tj ET Q q 0 0 0 rg BT 508.14 716.25 Td (are ) Tj ET Q q 0 0 0 rg BT 523.38 716.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 554.73 716.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (income ) Tj ET Q q 0 0 0 rg BT 81.06 704.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 95.41 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 105.32 704.25 Td (various ) Tj ET Q q 0 0 0 rg BT 136.88 704.25 Td (states ) Tj ET Q q 0 0 0 rg BT 161.23 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 177.80 704.25 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 236.58 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 253.15 704.25 Td (those ) Tj ET Q q 0 0 0 rg BT 276.38 704.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 307.39 704.25 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 358.96 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 368.87 704.25 Td (which ) Tj ET Q q 0 0 0 rg BT 395.44 704.25 Td (we ) Tj ET Q q 0 0 0 rg BT 409.23 704.25 Td (operate. ) Tj ET Q q 0 0 0 rg BT 442.81 704.25 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 481.61 704.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 519.28 704.25 Td (for ) Tj ET Q q 0 0 0 rg BT 533.07 704.25 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 72.54 692.25 Td (are ) Tj ET Q q 0 0 0 rg BT 87.24 692.25 Td (based ) Tj ET Q q 0 0 0 rg BT 112.50 692.25 Td (on ) Tj ET Q q 0 0 0 rg BT 124.99 692.25 Td (income ) Tj ET Q q 0 0 0 rg BT 156.91 692.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 192.72 692.25 Td (for ) Tj ET Q q 0 0 0 rg BT 206.87 692.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 244.35 692.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 285.16 692.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 323.20 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.13 692.25 Td (do ) Tj ET Q q 0 0 0 rg BT 352.62 692.25 Td (not ) Tj ET Q q 0 0 0 rg BT 367.89 692.25 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 414.81 692.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 453.95 692.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 490.32 692.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 528.91 692.25 Td (payable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 87.84 680.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 102.88 680.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 129.03 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 146.28 680.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 186.32 680.25 Td (are ) Tj ET Q q 0 0 0 rg BT 201.34 680.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 248.02 680.25 Td (for ) Tj ET Q q 0 0 0 rg BT 262.50 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.53 680.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 315.88 680.25 Td (future ) Tj ET Q q 0 0 0 rg BT 342.58 680.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 357.61 680.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 415.40 680.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 463.76 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 474.35 680.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 518.26 680.25 Td (dif) Tj ET Q q 0 0 0 rg BT 529.19 680.25 Td (ferences ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (between ) Tj ET Q q 0 0 0 rg BT 85.50 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.39 668.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 138.05 668.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 179.06 668.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 215.05 668.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 251.62 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.63 668.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 296.98 668.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 322.99 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.11 668.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 380.00 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 397.12 668.25 Td (their ) Tj ET Q q 0 0 0 rg BT 418.13 668.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 461.34 668.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 476.24 668.25 Td (bases ) Tj ET Q q 0 0 0 rg BT 500.58 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 517.70 668.25 Td (for ) Tj ET Q q 0 0 0 rg BT 532.04 668.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 546.94 668.25 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (carry-forwards. ) Tj ET Q q 0 0 0 rg BT 113.67 656.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 151.46 656.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 165.93 656.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 191.52 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 208.22 656.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 247.70 656.25 Td (are ) Tj ET Q q 0 0 0 rg BT 262.16 656.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 302.74 656.25 Td (using ) Tj ET Q q 0 0 0 rg BT 326.67 656.25 Td (enacted ) Tj ET Q q 0 0 0 rg BT 359.46 656.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 373.94 656.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 395.07 656.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 432.87 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 442.90 656.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 467.38 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 477.42 656.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 508.55 656.25 Td (income ) Tj ET Q q 0 0 0 rg BT 540.24 656.25 Td (in ) Tj ET Q q 0 0 0 rg BT 550.28 656.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (years ) Tj ET Q q 0 0 0 rg BT 72.77 644.25 Td (in ) Tj ET Q q 0 0 0 rg BT 82.73 644.25 Td (which ) Tj ET Q q 0 0 0 rg BT 109.34 644.25 Td (those ) Tj ET Q q 0 0 0 rg BT 132.62 644.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 175.89 644.25 Td (dif) Tj ET Q q 0 0 0 rg BT 186.82 644.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 222.30 644.25 Td (are ) Tj ET Q q 0 0 0 rg BT 236.68 644.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 274.38 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 284.34 644.25 Td (be ) Tj ET Q q 0 0 0 rg BT 295.95 644.25 Td (recovered ) Tj ET Q q 0 0 0 rg BT 337.54 644.25 Td (or ) Tj ET Q q 0 0 0 rg BT 348.04 644.25 Td (settled. ) Tj ET Q q 0 0 0 rg BT 378.66 644.25 Td (The ) Tj ET Q q 0 0 0 rg BT 396.38 644.25 Td (ef) Tj ET Q q 0 0 0 rg BT 403.97 644.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 421.13 644.25 Td (on ) Tj ET Q q 0 0 0 rg BT 433.31 644.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 468.79 644.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 483.18 644.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 508.68 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 525.29 644.25 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.91 632.25 Td (a ) Tj ET Q q 0 0 0 rg BT 66.43 632.25 Td (change ) Tj ET Q q 0 0 0 rg BT 96.82 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 106.68 632.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 120.97 632.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 141.93 632.25 Td (is ) Tj ET Q q 0 0 0 rg BT 150.68 632.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 196.62 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.48 632.25 Td (income ) Tj ET Q q 0 0 0 rg BT 237.99 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 247.85 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.14 632.25 Td (period ) Tj ET Q q 0 0 0 rg BT 289.77 632.25 Td (that ) Tj ET Q q 0 0 0 rg BT 306.84 632.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 342.25 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.54 632.25 Td (enactment ) Tj ET Q q 0 0 0 rg BT 399.71 632.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 420.95 632.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 458.55 632.25 Td (income ) Tj ET Q q 0 0 0 rg BT 490.07 632.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 512.69 632.25 Td (are ) Tj ET Q q 0 0 0 rg BT 526.98 632.25 Td (provided ) 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 62.83 620.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 105.59 620.25 Td (dif) Tj ET Q q 0 0 0 rg BT 116.52 620.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 151.49 620.25 Td (in ) Tj ET Q q 0 0 0 rg BT 160.94 620.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 199.27 620.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 228.14 620.25 Td (items, ) Tj ET Q q 0 0 0 rg BT 253.97 620.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 298.96 620.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 337.83 620.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 395.04 620.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 414.76 620.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 453.63 620.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 478.91 620.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 517.78 620.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 540.55 620.25 Td (units, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (options, ) Tj ET Q q 0 0 0 rg BT 82.87 608.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 121.49 608.25 Td (mutual ) Tj ET Q q 0 0 0 rg BT 150.68 608.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 170.43 608.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 196.84 608.25 Td (\(MFRS ) Tj ET Q q 0 0 0 rg BT 228.27 608.25 Td (awards\), ) Tj ET Q q 0 0 0 rg BT 263.84 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.70 608.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 314.42 608.25 Td (compensation\). ) Tj ET Q q 0 0 0 rg BT 377.11 608.25 Td (The ) Tj ET Q q 0 0 0 rg BT 394.07 608.25 Td (realization ) Tj ET Q q 0 0 0 rg BT 437.69 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 447.44 608.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 482.16 608.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 495.80 608.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 520.54 608.25 Td (is ) Tj ET Q q 0 0 0 rg BT 528.63 608.25 Td (assessed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.50 596.25 Td (a ) Tj ET Q q 0 0 0 rg BT 73.50 596.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 113.28 596.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 156.37 596.25 Td (is ) Tj ET Q q 0 0 0 rg BT 165.60 596.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 212.03 596.25 Td (to ) Tj ET Q q 0 0 0 rg BT 222.37 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.15 596.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 264.14 596.25 Td (that ) Tj ET Q q 0 0 0 rg BT 281.70 596.25 Td (it ) Tj ET Q q 0 0 0 rg BT 289.82 596.25 Td (is ) Tj ET Q q 0 0 0 rg BT 299.05 596.25 Td (more ) Tj ET Q q 0 0 0 rg BT 322.16 596.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 347.50 596.25 Td (than ) Tj ET Q q 0 0 0 rg BT 367.28 596.25 Td (not ) Tj ET Q q 0 0 0 rg BT 382.62 596.25 Td (that ) Tj ET Q q 0 0 0 rg BT 400.18 596.25 Td (any ) Tj ET Q q 0 0 0 rg BT 417.18 596.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 448.63 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 459.52 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.30 596.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 510.17 596.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 524.95 596.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 546.95 596.25 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (not ) Tj ET Q q 0 0 0 rg BT 64.93 584.25 Td (be ) Tj ET Q q 0 0 0 rg BT 77.01 584.25 Td (realized. ) Tj ET Q q 0 0 0 rg BT 113.61 584.25 Td (W) Tj ET Q q 0 0 0 rg BT 122.25 584.25 Td (e ) Tj ET Q q 0 0 0 rg BT 129.34 584.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 160.86 584.25 Td (that ) Tj ET Q q 0 0 0 rg BT 178.50 584.25 Td (our ) Tj ET Q q 0 0 0 rg BT 194.48 584.25 Td (future ) Tj ET Q q 0 0 0 rg BT 221.01 584.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 252.53 584.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 281.29 584.25 Td (will ) Tj ET Q q 0 0 0 rg BT 299.49 584.25 Td (be ) Tj ET Q q 0 0 0 rg BT 311.58 584.25 Td (suf) Tj ET Q q 0 0 0 rg BT 323.62 584.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 351.81 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 362.24 584.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 403.75 584.25 Td (our ) Tj ET Q q 0 0 0 rg BT 419.73 584.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 455.68 584.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 470.55 584.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 499.03 584.25 Td (However) Tj ET Q q 0 0 0 rg BT 535.28 584.25 Td (, ) Tj ET Q q 0 0 0 rg BT 540.43 584.25 Td (if ) Tj ET Q q 0 0 0 rg BT 549.18 584.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (projections ) Tj ET Q q 0 0 0 rg BT 96.86 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 108.12 572.25 Td (future ) Tj ET Q q 0 0 0 rg BT 134.93 572.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 166.73 572.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 195.76 572.25 Td (do ) Tj ET Q q 0 0 0 rg BT 208.69 572.25 Td (not ) Tj ET Q q 0 0 0 rg BT 224.40 572.25 Td (materialize, ) Tj ET Q q 0 0 0 rg BT 274.24 572.25 Td (we ) Tj ET Q q 0 0 0 rg BT 288.83 572.25 Td (may ) Tj ET Q q 0 0 0 rg BT 308.98 572.25 Td (conclude ) Tj ET Q q 0 0 0 rg BT 348.00 572.25 Td (that ) Tj ET Q q 0 0 0 rg BT 365.92 572.25 Td (a ) Tj ET Q q 0 0 0 rg BT 373.29 572.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 413.43 572.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 456.89 572.25 Td (is ) Tj ET Q q 0 0 0 rg BT 466.49 572.25 Td (necessary) Tj ET Q q 0 0 0 rg BT 504.71 572.25 Td (, ) Tj ET Q q 0 0 0 rg BT 510.14 572.25 Td (which ) Tj ET Q q 0 0 0 rg BT 537.50 572.25 Td (would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 79.07 560.25 Td (our ) Tj ET Q q 0 0 0 rg BT 94.76 560.25 Td (results ) Tj ET Q q 0 0 0 rg BT 123.23 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 133.91 560.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 177.93 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 188.06 560.25 Td (that ) Tj ET Q q 0 0 0 rg BT 205.42 560.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 235.82 560.25 Td (In ) Tj ET Q q 0 0 0 rg BT 246.51 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 261.09 560.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 287.88 560.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 318.56 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.25 560.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 354.10 560.25 Td (we ) Tj ET Q q 0 0 0 rg BT 368.12 560.25 Td (reversed ) Tj ET Q q 0 0 0 rg BT 404.35 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 418.92 560.25 Td (full ) Tj ET Q q 0 0 0 rg BT 435.17 560.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 467.52 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.21 560.25 Td (our ) Tj ET Q q 0 0 0 rg BT 493.90 560.25 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 515.70 560.25 Td (subsidiary's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 84.59 548.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 98.58 548.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 119.80 548.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 158.80 548.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 201.11 548.25 Td (based ) Tj ET Q q 0 0 0 rg BT 225.66 548.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 247.44 548.25 Td (achieving ) Tj ET Q q 0 0 0 rg BT 288.10 548.25 Td (three ) Tj ET Q q 0 0 0 rg BT 309.86 548.25 Td (years ) Tj ET Q q 0 0 0 rg BT 332.74 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.85 548.25 Td (profitability ) Tj ET Q q 0 0 0 rg BT 392.40 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 408.62 548.25 Td (projected ) Tj ET Q q 0 0 0 rg BT 447.61 548.25 Td (future ) Tj ET Q q 0 0 0 rg BT 473.26 548.25 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 511.29 548.25 Td (This ) Tj ET Q q 0 0 0 rg BT 530.85 548.25 Td (resulted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 536.25 Td (a ) Tj ET Q q 0 0 0 rg BT 66.72 536.25 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 86.72 536.25 Td (million ) Tj ET Q q 0 0 0 rg BT 118.11 536.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 132.83 536.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 163.09 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 173.37 536.25 Td (our ) Tj ET Q q 0 0 0 rg BT 189.20 536.25 Td (results ) Tj ET Q q 0 0 0 rg BT 217.81 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 228.64 536.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 512.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.28 512.25 Td (record ) Tj ET Q q 0 0 0 rg BT 93.52 512.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 129.53 512.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 144.45 512.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 178.80 512.25 Td (for ) Tj ET Q q 0 0 0 rg BT 193.17 512.25 Td (future ) Tj ET Q q 0 0 0 rg BT 219.75 512.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 234.67 512.25 Td (deductions ) Tj ET Q q 0 0 0 rg BT 280.69 512.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 318.93 512.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 341.63 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.55 512.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 388.14 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 399.17 512.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 449.08 512.25 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 509.83 512.25 Td (If ) Tj ET Q q 0 0 0 rg BT 519.19 512.25 Td (deductions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 85.60 500.25 Td (on ) Tj ET Q q 0 0 0 rg BT 98.38 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 114.50 500.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 129.50 500.25 Td (return ) Tj ET Q q 0 0 0 rg BT 156.16 500.25 Td (for ) Tj ET Q q 0 0 0 rg BT 170.60 500.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 220.59 500.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 278.91 500.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 299.74 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.74 500.25 Td (value ) Tj ET Q q 0 0 0 rg BT 339.18 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 350.30 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.30 500.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 415.29 500.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 473.61 500.25 Td (at ) Tj ET Q q 0 0 0 rg BT 483.61 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 498.61 500.25 Td (time ) Tj ET Q q 0 0 0 rg BT 519.17 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.28 500.25 Td (vesting\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 78.84 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.64 488.25 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 138.66 488.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 156.36 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 166.27 488.25 Td (those ) Tj ET Q q 0 0 0 rg BT 188.97 488.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 237.22 488.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 282.67 488.25 Td (for ) Tj ET Q q 0 0 0 rg BT 295.92 488.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 332.48 488.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 370.73 488.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 390.36 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.16 488.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 426.30 488.25 Td (date ) Tj ET Q q 0 0 0 rg BT 444.54 488.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 460.00 488.25 Td (value ) Tj ET Q q 0 0 0 rg BT 483.25 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.16 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 506.97 488.25 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (computed ) Tj ET Q q 0 0 0 rg BT 91.44 476.25 Td (in ) Tj ET Q q 0 0 0 rg BT 101.73 476.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 149.21 476.25 Td (with ) Tj ET Q q 0 0 0 rg BT 168.94 476.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 190.91 476.25 Td (718\), ) Tj ET Q q 0 0 0 rg BT 214.25 476.25 Td (we ) Tj ET Q q 0 0 0 rg BT 228.42 476.25 Td (record ) Tj ET Q q 0 0 0 rg BT 256.47 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.20 476.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 299.81 476.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 314.53 476.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 344.81 476.25 Td (as ) Tj ET Q q 0 0 0 rg BT 355.65 476.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 398.15 476.25 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 428.99 476.25 Td (capital. ) Tj ET Q q 0 0 0 rg BT 460.65 476.25 Td (Conversely) Tj ET Q q 0 0 0 rg BT 505.55 476.25 Td (, ) Tj ET Q q 0 0 0 rg BT 510.56 476.25 Td (if ) Tj ET Q q 0 0 0 rg BT 519.18 476.25 Td (deductions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 85.99 464.25 Td (on ) Tj ET Q q 0 0 0 rg BT 99.16 464.25 Td (our ) Tj ET Q q 0 0 0 rg BT 115.66 464.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 131.04 464.25 Td (return ) Tj ET Q q 0 0 0 rg BT 158.09 464.25 Td (for ) Tj ET Q q 0 0 0 rg BT 172.92 464.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 223.30 464.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 282.01 464.25 Td (are ) Tj ET Q q 0 0 0 rg BT 297.39 464.25 Td (less ) Tj ET Q q 0 0 0 rg BT 315.56 464.25 Td (than ) Tj ET Q q 0 0 0 rg BT 335.95 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.33 464.25 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 398.93 464.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 418.21 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.71 464.25 Td (those ) Tj ET Q q 0 0 0 rg BT 453.99 464.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 503.83 464.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 550.86 464.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.11 452.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 128.90 452.25 Td (we ) Tj ET Q q 0 0 0 rg BT 143.20 452.25 Td (of) Tj ET Q q 0 0 0 rg BT 151.35 452.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 168.42 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.27 452.25 Td (deficiency ) Tj ET Q q 0 0 0 rg BT 227.54 452.25 Td (first ) Tj ET Q q 0 0 0 rg BT 246.28 452.25 Td (to ) Tj ET Q q 0 0 0 rg BT 256.69 452.25 Td (any ) Tj ET Q q 0 0 0 rg BT 273.77 452.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 318.62 452.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 365.11 452.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 393.84 452.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 408.69 452.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 442.98 452.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 480.59 452.25 Td (as ) Tj ET Q q 0 0 0 rg BT 491.55 452.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 534.18 452.25 Td (paid-in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 78.38 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 95.04 440.25 Td (any ) Tj ET Q q 0 0 0 rg BT 111.70 440.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 154.47 440.25 Td (deficiency ) Tj ET Q q 0 0 0 rg BT 198.34 440.25 Td (is ) Tj ET Q q 0 0 0 rg BT 207.23 440.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 244.43 440.25 Td (as ) Tj ET Q q 0 0 0 rg BT 254.99 440.25 Td (income ) Tj ET Q q 0 0 0 rg BT 286.65 440.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 301.09 440.25 Td (expense. ) Tj ET Q q 0 0 0 rg BT 337.53 440.25 Td (As ) Tj ET Q q 0 0 0 rg BT 350.87 440.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.43 440.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 419.74 440.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.74 440.25 Td (, ) Tj ET Q q 0 0 0 rg BT 444.46 440.25 Td (we ) Tj ET Q q 0 0 0 rg BT 458.35 440.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.01 440.25 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 494.74 440.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.63 440.25 Td ( ) Tj ET Q q 0 0 0 rg BT 525.86 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 536.41 440.25 Td (excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.01 428.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 97.96 428.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 135.23 428.25 Td (as ) Tj ET Q q 0 0 0 rg BT 145.86 428.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 188.14 428.25 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 218.76 428.25 Td (capital. ) Tj ET Q q 0 0 0 rg BT 250.21 428.25 Td (In ) Tj ET Q q 0 0 0 rg BT 260.83 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 275.34 428.25 Td (first ) Tj ET Q q 0 0 0 rg BT 293.75 428.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 324.36 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 334.98 428.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 359.78 428.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.83 428.25 Td (1) Tj ET Q q 0 0 0 rg BT 424.46 428.25 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.96 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 449.26 428.25 Td (options ) Tj ET Q q 0 0 0 rg BT 481.00 428.25 Td (expired ) Tj ET Q q 0 0 0 rg BT 513.28 428.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.01 428.25 Td (437,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.51 428.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.01 416.25 Td (vested ) Tj ET Q q 0 0 0 rg BT 105.07 416.25 Td (at ) Tj ET Q q 0 0 0 rg BT 114.81 416.25 Td (share ) Tj ET Q q 0 0 0 rg BT 138.42 416.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 164.81 416.25 Td (less ) Tj ET Q q 0 0 0 rg BT 182.33 416.25 Td (than ) Tj ET Q q 0 0 0 rg BT 202.07 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 216.80 416.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 239.86 416.25 Td (date ) Tj ET Q q 0 0 0 rg BT 259.04 416.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 275.43 416.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 302.10 416.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 339.61 416.25 Td (in ) Tj ET Q q 0 0 0 rg BT 349.91 416.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.87 416.25 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 376.88 416.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.77 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 408.29 416.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 448.57 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 459.42 416.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 488.04 416.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 502.77 416.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 536.94 416.25 Td (within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 91.99 404.25 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 122.82 404.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 151.97 404.25 Td (in ) Tj ET Q q 0 0 0 rg BT 162.24 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.96 404.25 Td (first ) Tj ET Q q 0 0 0 rg BT 195.57 404.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 226.38 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.21 404.25 Td (2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 380.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.78 380.25 Td (establish ) Tj ET Q q 0 0 0 rg BT 101.97 380.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 136.93 380.25 Td (for ) Tj ET Q q 0 0 0 rg BT 150.79 380.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 190.19 380.25 Td (income ) Tj ET Q q 0 0 0 rg BT 221.82 380.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 236.24 380.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 274.56 380.25 Td (in ) Tj ET Q q 0 0 0 rg BT 284.54 380.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 331.70 380.25 Td (with ) Tj ET Q q 0 0 0 rg BT 351.68 380.25 Td (F) Tj ET Q q 0 0 0 rg BT 356.49 380.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 377.66 380.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 426.52 380.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 468.16 380.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 520.19 380.25 Td (T) Tj ET Q q 0 0 0 rg BT 525.60 380.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 545.01 380.25 Td (740, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td ("Income ) Tj ET Q q 0 0 0 rg BT 86.10 368.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.51 368.25 Td (axes," ) Tj ET Q q 0 0 0 rg BT 118.59 368.25 Td (when ) Tj ET Q q 0 0 0 rg BT 142.98 368.25 Td (it ) Tj ET Q q 0 0 0 rg BT 151.26 368.25 Td (is ) Tj ET Q q 0 0 0 rg BT 160.66 368.25 Td (not ) Tj ET Q q 0 0 0 rg BT 176.17 368.25 Td (more ) Tj ET Q q 0 0 0 rg BT 199.44 368.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 224.94 368.25 Td (than ) Tj ET Q q 0 0 0 rg BT 244.89 368.25 Td (not ) Tj ET Q q 0 0 0 rg BT 260.40 368.25 Td (that ) Tj ET Q q 0 0 0 rg BT 278.12 368.25 Td (a ) Tj ET Q q 0 0 0 rg BT 285.29 368.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 315.22 368.25 Td (position ) Tj ET Q q 0 0 0 rg BT 350.17 368.25 Td (or ) Tj ET Q q 0 0 0 rg BT 361.23 368.25 Td (component ) Tj ET Q q 0 0 0 rg BT 408.39 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.45 368.25 Td (a ) Tj ET Q q 0 0 0 rg BT 426.62 368.25 Td (position ) Tj ET Q q 0 0 0 rg BT 461.57 368.25 Td (will ) Tj ET Q q 0 0 0 rg BT 479.86 368.25 Td (be ) Tj ET Q q 0 0 0 rg BT 492.03 368.25 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 535.30 368.25 Td (upheld ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (by ) Tj ET Q q 0 0 0 rg BT 62.43 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.57 356.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 112.71 356.25 Td (taxing ) Tj ET Q q 0 0 0 rg BT 140.63 356.25 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 188.27 356.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 235.08 356.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 275.78 356.25 Td (is ) Tj ET Q q 0 0 0 rg BT 285.38 356.25 Td (required ) Tj ET Q q 0 0 0 rg BT 321.63 356.25 Td (in ) Tj ET Q q 0 0 0 rg BT 332.33 356.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 376.91 356.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 417.04 356.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 432.19 356.25 Td (positions. ) Tj ET Q q 0 0 0 rg BT 473.73 356.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 492.21 356.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 507.36 356.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 548.07 356.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (related ) Tj ET Q q 0 0 0 rg BT 80.68 344.25 Td (accruals ) Tj ET Q q 0 0 0 rg BT 117.40 344.25 Td (include ) Tj ET Q q 0 0 0 rg BT 150.81 344.25 Td (the ) Tj ET Q q 0 0 0 rg BT 167.00 344.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 198.19 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 210.49 344.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 251.68 344.25 Td (for ) Tj ET Q q 0 0 0 rg BT 267.31 344.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 308.49 344.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 324.68 344.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 364.77 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 383.18 344.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 419.36 344.25 Td (to ) Tj ET Q q 0 0 0 rg BT 431.11 344.25 Td (the ) Tj ET Q q 0 0 0 rg BT 447.30 344.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 484.04 344.25 Td (that ) Tj ET Q q 0 0 0 rg BT 503.00 344.25 Td (are ) Tj ET Q q 0 0 0 rg BT 519.18 344.25 Td (considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 99.70 332.25 Td (T) Tj ET Q q 0 0 0 rg BT 105.11 332.25 Td (o ) Tj ET Q q 0 0 0 rg BT 112.46 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 127.01 332.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 153.79 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.35 332.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 205.67 332.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 220.23 332.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 257.01 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.68 332.25 Td (these ) Tj ET Q q 0 0 0 rg BT 290.57 332.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 322.34 332.25 Td (changes, ) Tj ET Q q 0 0 0 rg BT 359.39 332.25 Td (such ) Tj ET Q q 0 0 0 rg BT 380.06 332.25 Td (change ) Tj ET Q q 0 0 0 rg BT 410.72 332.25 Td (in ) Tj ET Q q 0 0 0 rg BT 420.84 332.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 456.50 332.25 Td (will ) Tj ET Q q 0 0 0 rg BT 474.40 332.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 503.95 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.51 332.25 Td (income ) Tj ET Q q 0 0 0 rg BT 550.28 332.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 89.78 320.25 Td (in ) Tj ET Q q 0 0 0 rg BT 100.06 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.77 320.25 Td (period ) Tj ET Q q 0 0 0 rg BT 142.82 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 153.65 320.25 Td (change ) Tj ET Q q 0 0 0 rg BT 184.47 320.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 203.90 320.25 Td (in ) Tj ET Q q 0 0 0 rg BT 214.18 320.25 Td (turn, ) Tj ET Q q 0 0 0 rg BT 235.29 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 251.12 320.25 Td (results ) Tj ET Q q 0 0 0 rg BT 279.73 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.56 320.25 Td (operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (Liquidity) Tj ET Q q 0 0 0 rg BT 88.97 296.25 Td (, Funding and Capital Resour) Tj ET Q q 0 0 0 rg BT 215.76 296.25 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 88.53 272.25 Td (is ) Tj ET Q q 0 0 0 rg BT 97.00 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.14 272.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 136.70 272.25 Td (importance ) Tj ET Q q 0 0 0 rg BT 183.49 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 193.07 272.25 Td (us ) Tj ET Q q 0 0 0 rg BT 203.77 272.25 Td (given ) Tj ET Q q 0 0 0 rg BT 227.79 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 241.82 272.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 268.61 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.74 272.25 Td (our ) Tj ET Q q 0 0 0 rg BT 293.88 272.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 332.08 272.25 Td (Insuf) Tj ET Q q 0 0 0 rg BT 352.45 272.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 379.79 272.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 415.49 272.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 452.29 272.25 Td (from ) Tj ET Q q 0 0 0 rg BT 473.54 272.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 505.88 272.25 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (contributes ) Tj ET Q q 0 0 0 rg BT 96.33 260.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 109.01 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.85 260.25 Td (may ) Tj ET Q q 0 0 0 rg BT 145.47 260.25 Td (be ) Tj ET Q q 0 0 0 rg BT 157.31 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.92 260.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 196.53 260.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 209.76 260.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 247.14 260.25 Td (institution ) Tj ET Q q 0 0 0 rg BT 290.10 260.25 Td (failure. ) Tj ET Q q 0 0 0 rg BT 320.56 260.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 369.90 260.25 Td (, ) Tj ET Q q 0 0 0 rg BT 374.80 260.25 Td (we ) Tj ET Q q 0 0 0 rg BT 388.86 260.25 Td (regularly ) Tj ET Q q 0 0 0 rg BT 427.35 260.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 461.42 260.25 Td (our ) Tj ET Q q 0 0 0 rg BT 477.15 260.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 513.44 260.25 Td (position ) Tj ET Q q 0 0 0 rg BT 548.07 260.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 87.18 248.25 Td (a ) Tj ET Q q 0 0 0 rg BT 94.30 248.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 130.88 248.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 165.22 248.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 203.45 248.25 Td (to ) Tj ET Q q 0 0 0 rg BT 213.91 248.25 Td (enable ) Tj ET Q q 0 0 0 rg BT 242.69 248.25 Td (our ) Tj ET Q q 0 0 0 rg BT 258.71 248.25 Td (business ) Tj ET Q q 0 0 0 rg BT 295.29 248.25 Td (to ) Tj ET Q q 0 0 0 rg BT 305.75 248.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 342.87 248.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.33 248.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 385.44 248.25 Td (even ) Tj ET Q q 0 0 0 rg BT 407.00 248.25 Td (under ) Tj ET Q q 0 0 0 rg BT 432.46 248.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 465.68 248.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 527.51 248.25 Td (although ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (there ) Tj ET Q q 0 0 0 rg BT 71.99 236.25 Td (can ) Tj ET Q q 0 0 0 rg BT 88.36 236.25 Td (be ) Tj ET Q q 0 0 0 rg BT 100.30 236.25 Td (no ) Tj ET Q q 0 0 0 rg BT 112.80 236.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 154.17 236.25 Td (that ) Tj ET Q q 0 0 0 rg BT 171.66 236.25 Td (our ) Tj ET Q q 0 0 0 rg BT 187.49 236.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 221.65 236.25 Td (will ) Tj ET Q q 0 0 0 rg BT 239.71 236.25 Td (be ) Tj ET Q q 0 0 0 rg BT 251.64 236.25 Td (successful ) Tj ET Q q 0 0 0 rg BT 295.24 236.25 Td (under ) Tj ET Q q 0 0 0 rg BT 320.51 236.25 Td (all ) Tj ET Q q 0 0 0 rg BT 333.01 236.25 Td (circumstances.) 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 68.65 212.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 106.13 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.05 212.25 Td (our ) Tj ET Q q 0 0 0 rg BT 134.98 212.25 Td (tangible ) Tj ET Q q 0 0 0 rg BT 170.79 212.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 197.72 212.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 229.10 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.03 212.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 267.96 212.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 299.32 212.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 347.90 212.25 Td (into ) Tj ET Q q 0 0 0 rg BT 367.05 212.25 Td (cash. ) Tj ET Q q 0 0 0 rg BT 390.92 212.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 431.73 212.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 482.00 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.03 212.25 Td (other ) Tj ET Q q 0 0 0 rg BT 524.18 212.25 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 87.79 200.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 116.61 200.25 Td (are ) Tj ET Q q 0 0 0 rg BT 130.99 200.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 156.48 200.25 Td (at ) Tj ET Q q 0 0 0 rg BT 165.87 200.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 181.91 200.25 Td (value ) Tj ET Q q 0 0 0 rg BT 205.74 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.34 200.25 Td (are ) Tj ET Q q 0 0 0 rg BT 236.72 200.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 276.09 200.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 306.02 200.25 Td (marketable ) Tj ET Q q 0 0 0 rg BT 352.61 200.25 Td (in ) Tj ET Q q 0 0 0 rg BT 362.55 200.25 Td (most ) Tj ET Q q 0 0 0 rg BT 384.17 200.25 Td (market ) Tj ET Q q 0 0 0 rg BT 414.10 200.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 460.43 200.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 510.91 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 200.25 Td (payables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.87 188.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 104.96 188.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 135.87 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.90 188.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 187.70 188.25 Td (or) Tj ET Q q 0 0 0 rg BT 195.85 188.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 243.98 188.25 Td (usually ) Tj ET Q q 0 0 0 rg BT 275.46 188.25 Td (settle ) Tj ET Q q 0 0 0 rg BT 299.16 188.25 Td (within ) Tj ET Q q 0 0 0 rg BT 327.31 188.25 Td (a ) Tj ET Q q 0 0 0 rg BT 334.34 188.25 Td (few ) Tj ET Q q 0 0 0 rg BT 351.93 188.25 Td (days. ) Tj ET Q q 0 0 0 rg BT 374.78 188.25 Td (As ) Tj ET Q q 0 0 0 rg BT 388.49 188.25 Td (part ) Tj ET Q q 0 0 0 rg BT 406.63 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 417.55 188.25 Td (our ) Tj ET Q q 0 0 0 rg BT 433.48 188.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 469.96 188.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 500.97 188.25 Td (, ) Tj ET Q q 0 0 0 rg BT 506.06 188.25 Td (we ) Tj ET Q q 0 0 0 rg BT 520.32 188.25 Td (emphasize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (diversification ) Tj ET Q q 0 0 0 rg BT 110.39 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.86 176.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 156.10 176.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 189.22 176.25 Td (to ) Tj ET Q q 0 0 0 rg BT 200.13 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.49 176.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 243.05 176.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 278.96 176.25 Td (while ) Tj ET Q q 0 0 0 rg BT 304.32 176.25 Td (considering ) Tj ET Q q 0 0 0 rg BT 354.10 176.25 Td (tenor ) Tj ET Q q 0 0 0 rg BT 377.79 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.36 176.25 Td (cost. ) Tj ET Q q 0 0 0 rg BT 417.10 176.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 435.79 176.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 462.25 176.25 Td (are ) Tj ET Q q 0 0 0 rg BT 477.59 176.25 Td (financed ) Tj ET Q q 0 0 0 rg BT 515.15 176.25 Td (by ) Tj ET Q q 0 0 0 rg BT 528.28 176.25 Td (our ) Tj ET Q q 0 0 0 rg BT 544.75 176.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 74.19 164.25 Td (from ) Tj ET Q q 0 0 0 rg BT 96.09 164.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 142.72 164.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 170.18 164.25 Td (capital, ) Tj ET Q q 0 0 0 rg BT 201.80 164.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.70 164.25 Td (our ) Tj ET Q q 0 0 0 rg BT 234.50 164.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 268.08 164.25 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 326.73 164.25 Td (The ) Tj ET Q q 0 0 0 rg BT 344.74 164.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 394.42 164.25 Td (in ) Tj ET Q q 0 0 0 rg BT 404.67 164.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 424.90 164.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 449.59 164.25 Td (from ) Tj ET Q q 0 0 0 rg BT 471.50 164.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 511.73 164.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 550.29 164.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 82.46 152.25 Td (related ) Tj ET Q q 0 0 0 rg BT 112.08 152.25 Td (to ) Tj ET Q q 0 0 0 rg BT 122.28 152.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 144.69 152.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 184.87 152.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 223.39 152.25 Td (from ) Tj ET Q q 0 0 0 rg BT 245.25 152.25 Td (our ) Tj ET Q q 0 0 0 rg BT 261.00 152.25 Td (various ) Tj ET Q q 0 0 0 rg BT 292.85 152.25 Td (businesses.One ) Tj ET Q q 0 0 0 rg BT 359.15 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.90 152.25 Td (our ) Tj ET Q q 0 0 0 rg BT 385.65 152.25 Td (most ) Tj ET Q q 0 0 0 rg BT 407.52 152.25 Td (important ) Tj ET Q q 0 0 0 rg BT 448.82 152.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 466.24 152.25 Td (management ) Tj ET Q q 0 0 0 rg BT 519.74 152.25 Td (disciplines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.47 140.25 Td (our ) Tj ET Q q 0 0 0 rg BT 74.10 140.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 101.96 140.25 Td (to ) Tj ET Q q 0 0 0 rg BT 112.04 140.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 145.44 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.95 140.25 Td (size ) Tj ET Q q 0 0 0 rg BT 177.80 140.25 Td (and ) Tj ET Q q 0 0 0 rg BT 194.54 140.25 Td (composition ) Tj ET Q q 0 0 0 rg BT 246.29 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.92 140.25 Td (our ) Tj ET Q q 0 0 0 rg BT 272.55 140.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 305.39 140.25 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 330.57 140.25 Td (While ) Tj ET Q q 0 0 0 rg BT 357.31 140.25 Td (our ) Tj ET Q q 0 0 0 rg BT 372.94 140.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 394.68 140.25 Td (base ) Tj ET Q q 0 0 0 rg BT 414.75 140.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 449.26 140.25 Td (due ) Tj ET Q q 0 0 0 rg BT 466.00 140.25 Td (to ) Tj ET Q q 0 0 0 rg BT 476.08 140.25 Td (client ) Tj ET Q q 0 0 0 rg BT 500.60 140.25 Td (activity) Tj ET Q q 0 0 0 rg BT 529.94 140.25 Td (, ) Tj ET Q q 0 0 0 rg BT 534.74 140.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 98.83 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.39 128.25 Td (business ) Tj ET Q q 0 0 0 rg BT 151.40 128.25 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 208.80 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.14 128.25 Td (size ) Tj ET Q q 0 0 0 rg BT 240.80 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.36 128.25 Td (composition ) Tj ET Q q 0 0 0 rg BT 308.93 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.38 128.25 Td (our ) Tj ET Q q 0 0 0 rg BT 334.83 128.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 367.48 128.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 390.15 128.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 417.80 128.25 Td (our ) Tj ET Q q 0 0 0 rg BT 433.25 128.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 463.14 128.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 480.26 128.25 Td (tolerance, ) Tj ET Q q 0 0 0 rg BT 521.52 128.25 Td (our ) Tj ET Q q 0 0 0 rg BT 536.97 128.25 Td (ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 116.25 Td (access ) Tj ET Q q 0 0 0 rg BT 87.82 116.25 Td (stable ) Tj ET Q q 0 0 0 rg BT 113.64 116.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 147.25 116.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 179.74 116.25 Td (and ) Tj ET Q q 0 0 0 rg BT 196.68 116.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.39 116.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 243.89 116.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.72 116.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 282.21 116.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 311.37 116.25 Td (we ) Tj ET Q q 0 0 0 rg BT 325.53 116.25 Td (hold.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 81.60 92.25 Td (market ) Tj ET Q q 0 0 0 rg BT 112.03 92.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 156.36 92.25 Td (can ) Tj ET Q q 0 0 0 rg BT 172.91 92.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 202.79 92.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.67 92.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 254.23 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.23 92.25 Td (our ) Tj ET Q q 0 0 0 rg BT 281.23 92.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 322.22 92.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 363.51 92.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 402.83 92.25 Td (us ) Tj ET Q q 0 0 0 rg BT 414.39 92.25 Td (to ) Tj ET Q q 0 0 0 rg BT 424.83 92.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 445.28 92.25 Td (lar) Tj ET Q q 0 0 0 rg BT 455.65 92.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 471.08 92.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 512.07 92.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 550.86 92.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (longer ) Tj ET Q q 0 0 0 rg BT 77.55 80.25 Td (than ) Tj ET Q q 0 0 0 rg BT 97.26 80.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 135.30 80.25 Td (or ) Tj ET Q q 0 0 0 rg BT 146.13 80.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 185.28 80.25 Td (us ) Tj ET Q q 0 0 0 rg BT 196.67 80.25 Td (to ) Tj ET Q q 0 0 0 rg BT 206.95 80.25 Td (take ) Tj ET Q q 0 0 0 rg BT 226.11 80.25 Td (other ) Tj ET Q q 0 0 0 rg BT 249.15 80.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 279.98 80.25 Td (that ) Tj ET Q q 0 0 0 rg BT 297.47 80.25 Td (may ) Tj ET Q q 0 0 0 rg BT 317.19 80.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 358.01 80.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 387.72 80.25 Td (our ) Tj ET Q q 0 0 0 rg BT 403.55 80.25 Td (results.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.80 740.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 103.65 740.10 Td (component ) Tj ET Q q 0 0 0 rg BT 150.72 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.68 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 177.64 740.10 Td (employees) Tj ET Q q 0 0 0 rg BT 222.99 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.63 740.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 283.80 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 293.11 740.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 312.96 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.37 740.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 352.66 740.10 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 407.49 740.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 446.77 740.10 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 507.26 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 525.44 740.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 554.19 740.10 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 72.45 728.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 111.50 728.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 169.45 728.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 212.68 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 239.52 728.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 279.13 728.10 Td (are ) Tj ET Q q 0 0 0 rg BT 293.74 728.10 Td (made ) Tj ET Q q 0 0 0 rg BT 317.80 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.98 728.10 Td (February) Tj ET Q q 0 0 0 rg BT 363.43 728.10 Td (, ) Tj ET Q q 0 0 0 rg BT 368.33 728.10 Td (has ) Tj ET Q q 0 0 0 rg BT 384.07 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 390.91 728.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 435.52 728.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 465.14 728.10 Td (on ) Tj ET Q q 0 0 0 rg BT 477.54 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 493.28 728.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 513.45 728.10 Td (position ) Tj ET Q q 0 0 0 rg BT 548.08 728.10 Td (and ) 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 82.74 716.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 692.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.08 692.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 103.67 692.10 Td (do ) Tj ET Q q 0 0 0 rg BT 116.17 692.10 Td (not ) Tj ET Q q 0 0 0 rg BT 131.45 692.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 148.39 692.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 168.66 692.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 210.04 692.10 Td (on ) Tj ET Q q 0 0 0 rg BT 222.54 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 238.37 692.10 Td (common ) Tj ET Q q 0 0 0 rg BT 275.87 692.10 Td (stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 58.76 668.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 88.92 668.10 Td (October1, ) Tj ET Q q 0 0 0 rg BT 134.09 668.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 159.56 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 175.85 668.10 Td (board ) Tj ET Q q 0 0 0 rg BT 201.58 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.87 668.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 250.82 668.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 295.99 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.17 668.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 357.43 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.73 668.10 Td (up ) Tj ET Q q 0 0 0 rg BT 381.69 668.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.43 668.10 Td ($100.0 ) Tj ET Q q 0 0 0 rg BT 422.89 668.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.79 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 454.75 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 465.49 668.10 Td (common ) Tj ET Q q 0 0 0 rg BT 503.45 668.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 531.40 668.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (September ) Tj ET Q q 0 0 0 rg BT 93.96 656.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 108.16 656.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 131.98 656.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 181.88 656.10 Td (, ) Tj ET Q q 0 0 0 rg BT 186.08 656.10 Td (ef) Tj ET Q q 0 0 0 rg BT 193.67 656.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 222.19 656.10 Td (August ) Tj ET Q q 0 0 0 rg BT 252.78 656.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 266.98 656.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 291.17 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 306.20 656.10 Td (board ) Tj ET Q q 0 0 0 rg BT 330.67 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.69 656.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 377.37 656.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 421.27 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.19 656.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 480.19 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.22 656.10 Td (up ) Tj ET Q q 0 0 0 rg BT 501.91 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.39 656.10 Td (an ) Tj ET Q q 0 0 0 rg BT 522.52 656.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td ($150.0 ) Tj ET Q q 0 0 0 rg BT 79.61 644.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.11 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.50 644.10 Td (common ) Tj ET Q q 0 0 0 rg BT 159.10 644.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 186.70 644.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.42 644.10 Td (September30, ) Tj ET Q q 0 0 0 rg BT 280.79 644.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.79 644.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 644.10 Td (During) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.23 644.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.84 644.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.84 644.10 Td (, ) Tj ET Q q 0 0 0 rg BT 361.95 644.10 Td (we ) Tj ET Q q 0 0 0 rg BT 376.22 644.10 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.13 644.10 Td (2,459,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.13 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.74 644.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 497.34 644.10 Td (for ) Tj ET Q q 0 0 0 rg BT 511.61 644.10 Td (an ) Tj ET Q q 0 0 0 rg BT 523.65 644.10 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 87.66 632.10 Td (price ) Tj ET Q q 0 0 0 rg BT 110.28 632.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.23 632.10 Td ($1) Tj ET Q q 0 0 0 rg BT 130.86 632.10 Td (18.5 ) Tj ET Q q 0 0 0 rg BT 150.99 632.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.88 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 182.51 632.10 Td (related ) Tj ET Q q 0 0 0 rg BT 212.34 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.74 632.10 Td (these ) Tj ET Q q 0 0 0 rg BT 245.92 632.10 Td (authorizations. ) Tj ET Q q 0 0 0 rg BT 307.11 632.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.74 632.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 378.45 632.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.45 632.10 Td (, ) Tj ET Q q 0 0 0 rg BT 403.58 632.10 Td (we ) Tj ET Q q 0 0 0 rg BT 417.87 632.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.93 632.10 Td ($131.5 ) Tj ET Q q 0 0 0 rg BT 465.06 632.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.95 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 496.58 632.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 539.75 632.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (these ) Tj ET Q q 0 0 0 rg BT 72.55 620.10 Td (authorizations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 596.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.01 596.10 Td (also ) Tj ET Q q 0 0 0 rg BT 83.55 596.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 121.52 596.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 148.94 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.70 596.10 Td (common ) Tj ET Q q 0 0 0 rg BT 197.13 596.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 220.67 596.10 Td (from ) Tj ET Q q 0 0 0 rg BT 242.54 596.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 282.17 596.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 305.71 596.10 Td (award ) Tj ET Q q 0 0 0 rg BT 332.57 596.10 Td (recipients ) Tj ET Q q 0 0 0 rg BT 373.88 596.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 396.31 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.96 596.10 Td (award ) Tj ET Q q 0 0 0 rg BT 437.82 596.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 469.13 596.10 Td (as ) Tj ET Q q 0 0 0 rg BT 479.90 596.10 Td (recipients ) Tj ET Q q 0 0 0 rg BT 521.20 596.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 537.52 596.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.63 584.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 81.42 584.10 Td (their ) Tj ET Q q 0 0 0 rg BT 102.10 584.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 154.45 584.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 169.02 584.10 Td (obligations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.32 584.10 Td (During) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 584.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.01 584.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.01 584.10 Td (, ) Tj ET Q q 0 0 0 rg BT 273.87 584.10 Td (we ) Tj ET Q q 0 0 0 rg BT 287.88 584.10 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.77 584.10 Td (281,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.27 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 365.63 584.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 392.98 584.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.66 584.10 Td ($14.5 ) Tj ET Q q 0 0 0 rg BT 428.52 584.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.41 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.77 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.45 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 486.14 584.10 Td (common ) Tj ET Q q 0 0 0 rg BT 523.49 584.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 550.84 584.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (this ) Tj ET Q q 0 0 0 rg BT 66.45 572.10 Td (purpose. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (Cash Flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.37 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.67 524.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 110.30 524.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 158.71 524.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.79 524.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 227.74 524.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.74 524.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.61 524.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.90 524.10 Td ($189.9 ) Tj ET Q q 0 0 0 rg BT 303.27 524.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.16 524.10 Td (, ) Tj ET Q q 0 0 0 rg BT 337.52 524.10 Td (an ) Tj ET Q q 0 0 0 rg BT 349.83 524.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 385.45 524.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.64 524.10 Td ($174.0 ) Tj ET Q q 0 0 0 rg BT 427.01 524.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.90 524.10 Td ( ) Tj ET Q q 0 0 0 rg BT 458.76 524.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.07 524.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 540.02 524.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.02 524.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 92.94 512.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 132.50 512.10 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.50 512.10 Td ($379.5 ) Tj ET Q q 0 0 0 rg BT 202.46 512.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.35 512.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.80 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.59 512.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 267.81 512.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 308.48 512.10 Td (due ) Tj ET Q q 0 0 0 rg BT 326.38 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.61 512.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 358.83 512.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 401.15 512.10 Td (from ) Tj ET Q q 0 0 0 rg BT 424.05 512.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 461.38 512.10 Td (as ) Tj ET Q q 0 0 0 rg BT 473.17 512.10 Td (well ) Tj ET Q q 0 0 0 rg BT 493.84 512.10 Td (as ) Tj ET Q q 0 0 0 rg BT 505.63 512.10 Td (a ) Tj ET Q q 0 0 0 rg BT 513.52 512.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 554.74 512.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.06 500.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 118.69 500.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 167.58 500.10 Td (related ) Tj ET Q q 0 0 0 rg BT 197.59 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 208.16 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.18 500.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 269.31 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.44 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 296.57 500.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 339.36 500.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 362.16 500.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 383.29 500.10 Td (with ) Tj ET Q q 0 0 0 rg BT 403.87 500.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 435.56 500.10 Td (investors, ) Tj ET Q q 0 0 0 rg BT 476.97 500.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 524.75 500.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 87.18 488.10 Td (, ) Tj ET Q q 0 0 0 rg BT 93.02 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.81 488.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 143.02 488.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 189.67 488.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 241.05 488.10 Td (which ) Tj ET Q q 0 0 0 rg BT 268.83 488.10 Td (are ) Tj ET Q q 0 0 0 rg BT 284.39 488.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 331.05 488.10 Td (used ) Tj ET Q q 0 0 0 rg BT 352.73 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 363.86 488.10 Td (make ) Tj ET Q q 0 0 0 rg BT 388.86 488.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 424.97 488.10 Td (on ) Tj ET Q q 0 0 0 rg BT 438.31 488.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 479.42 488.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 499.44 488.10 Td (short. ) Tj ET Q q 0 0 0 rg BT 525.29 488.10 Td (Investing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 87.24 476.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.66 476.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.66 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 118.30 476.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.27 476.10 Td ($16.2 ) Tj ET Q q 0 0 0 rg BT 162.41 476.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.30 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 192.94 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.91 476.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 222.31 476.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 261.17 476.10 Td (related ) Tj ET Q q 0 0 0 rg BT 290.01 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.43 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.28 476.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 362.70 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.67 476.10 Td (River ) Tj ET Q q 0 0 0 rg BT 396.52 476.10 Td (Branch ) Tj ET Q q 0 0 0 rg BT 427.04 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.12 476.10 Td (BMO ) Tj ET Q q 0 0 0 rg BT 467.54 476.10 Td (GKST) Tj ET Q q 0 0 0 rg BT 492.91 476.10 Td (, ) Tj ET Q q 0 0 0 rg BT 497.05 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.13 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.98 476.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.17 464.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 83.05 464.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 111.22 464.10 Td (In ) Tj ET Q q 0 0 0 rg BT 121.88 464.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 146.72 464.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 186.82 464.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 225.25 464.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.92 464.10 Td ($189.0 ) Tj ET Q q 0 0 0 rg BT 275.76 464.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 464.10 Td ( ) Tj ET Q q 0 0 0 rg BT 306.99 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.65 464.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 337.76 464.10 Td (as ) Tj ET Q q 0 0 0 rg BT 348.42 464.10 Td (we ) Tj ET Q q 0 0 0 rg BT 362.42 464.10 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.06 464.10 Td ($133.0 ) Tj ET Q q 0 0 0 rg BT 442.90 464.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.79 464.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.13 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.79 464.10 Td (common ) Tj ET Q q 0 0 0 rg BT 522.12 464.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 548.07 464.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 100.26 452.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.15 452.10 Td ($106.8 ) Tj ET Q q 0 0 0 rg BT 137.10 452.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.00 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.45 452.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 205.32 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 215.55 452.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 276.89 452.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 312.67 452.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 350.12 452.10 Td (from ) Tj ET Q q 0 0 0 rg BT 372.01 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.69 452.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 432.47 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.26 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 459.04 452.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 501.49 452.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 523.94 452.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 544.73 452.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 80.97 440.10 Td (investors. ) Tj ET Q q 0 0 0 rg BT 122.16 440.10 Td (In ) Tj ET Q q 0 0 0 rg BT 133.08 440.10 Td (October ) Tj ET Q q 0 0 0 rg BT 167.87 440.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 192.95 440.10 Td (we ) Tj ET Q q 0 0 0 rg BT 207.20 440.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 239.21 440.10 Td (into ) Tj ET Q q 0 0 0 rg BT 257.35 440.10 Td (a ) Tj ET Q q 0 0 0 rg BT 264.37 440.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 295.82 440.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 337.29 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.31 440.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 391.33 440.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 413.35 440.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 451.46 440.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 498.47 440.10 Td (under ) Tj ET Q q 0 0 0 rg BT 523.82 440.10 Td (which ) Tj ET Q q 0 0 0 rg BT 550.85 440.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 77.00 428.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 120.04 428.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 143.09 428.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 160.58 428.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 187.52 428.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 211.13 428.10 Td (that ) Tj ET Q q 0 0 0 rg BT 228.63 428.10 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.68 428.10 Td ($125.0 ) Tj ET Q q 0 0 0 rg BT 296.68 428.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.57 428.10 Td ( ) Tj ET Q q 0 0 0 rg BT 328.07 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.35 428.10 Td (financing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.12 428.10 Td ($75.0 ) Tj ET Q q 0 0 0 rg BT 406.12 428.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.02 428.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.52 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.35 428.10 Td (which ) Tj ET Q q 0 0 0 rg BT 475.29 428.10 Td (was ) Tj ET Q q 0 0 0 rg BT 493.35 428.10 Td (used ) Tj ET Q q 0 0 0 rg BT 514.18 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 524.46 428.10 Td (repay ) Tj ET Q q 0 0 0 rg BT 549.17 428.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.67 416.10 Td (B ) Tj ET Q q 0 0 0 rg BT 82.84 416.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 117.54 416.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 135.03 416.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 161.97 416.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 185.57 416.10 Td (that ) Tj ET Q q 0 0 0 rg BT 203.07 416.10 Td (were ) Tj ET Q q 0 0 0 rg BT 225.00 416.10 Td (due ) Tj ET Q q 0 0 0 rg BT 241.94 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 252.21 416.10 Td (November ) Tj ET Q q 0 0 0 rg BT 296.92 416.10 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 71.94 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.81 392.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 109.01 392.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 156.99 392.10 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.84 392.10 Td ($107.8 ) Tj ET Q q 0 0 0 rg BT 228.78 392.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.67 392.10 Td ( ) Tj ET Q q 0 0 0 rg BT 260.10 392.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.32 392.10 Td ($15.9 ) Tj ET Q q 0 0 0 rg BT 295.25 392.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.14 392.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.58 392.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.23 392.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 394.75 392.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 392.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.19 392.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.06 392.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 497.58 392.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.58 392.10 Td (. ) Tj ET Q q 0 0 0 rg BT 522.52 392.10 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 88.81 380.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.34 380.10 Td ($50.1 ) Tj ET Q q 0 0 0 rg BT 136.05 380.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.94 380.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.15 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.69 380.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 200.66 380.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 241.08 380.10 Td (due ) Tj ET Q q 0 0 0 rg BT 258.73 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.71 380.10 Td (an ) Tj ET Q q 0 0 0 rg BT 282.36 380.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 318.32 380.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.30 380.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 370.27 380.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 399.31 380.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 448.61 380.10 Td (related ) Tj ET Q q 0 0 0 rg BT 479.02 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 490.00 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 506.54 380.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 548.07 380.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 81.67 368.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 128.27 368.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 179.60 368.10 Td (which ) Tj ET Q q 0 0 0 rg BT 207.34 368.10 Td (are ) Tj ET Q q 0 0 0 rg BT 222.85 368.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 269.47 368.10 Td (used ) Tj ET Q q 0 0 0 rg BT 291.10 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 302.18 368.10 Td (make ) Tj ET Q q 0 0 0 rg BT 327.13 368.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 363.20 368.10 Td (on ) Tj ET Q q 0 0 0 rg BT 376.50 368.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 417.56 368.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 437.53 368.10 Td (short. ) Tj ET Q q 0 0 0 rg BT 463.33 368.10 Td (Partially ) Tj ET Q q 0 0 0 rg BT 500.51 368.10 Td (of) Tj ET Q q 0 0 0 rg BT 508.66 368.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 541.96 368.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 88.79 356.10 Td (in ) Tj ET Q q 0 0 0 rg BT 99.21 356.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 139.61 356.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 165.58 356.10 Td (were ) Tj ET Q q 0 0 0 rg BT 187.65 356.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 208.06 356.10 Td (received ) Tj ET Q q 0 0 0 rg BT 244.56 356.10 Td (from ) Tj ET Q q 0 0 0 rg BT 266.64 356.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 303.16 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.24 356.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 360.63 356.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 418.81 356.10 Td (related ) Tj ET Q q 0 0 0 rg BT 448.66 356.10 Td (accruals. ) Tj ET Q q 0 0 0 rg BT 486.55 356.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 526.41 356.10 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.03 344.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.03 344.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.79 344.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.87 344.10 Td ($5.4 ) Tj ET Q q 0 0 0 rg BT 124.13 344.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.02 344.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.78 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.86 344.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 187.39 344.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 227.35 344.10 Td (related ) Tj ET Q q 0 0 0 rg BT 257.31 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.84 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.82 344.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 321.11 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 332.19 344.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 355.50 344.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 384.08 344.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 406.84 344.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.92 344.10 Td ($52.0 ) Tj ET Q q 0 0 0 rg BT 443.18 344.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.07 344.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.83 344.10 Td (was ) Tj ET Q q 0 0 0 rg BT 493.13 344.10 Td (used ) Tj ET Q q 0 0 0 rg BT 514.22 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.75 344.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 87.12 332.10 Td (as ) Tj ET Q q 0 0 0 rg BT 96.97 332.10 Td (we ) Tj ET Q q 0 0 0 rg BT 110.15 332.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 143.32 332.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 178.73 332.10 Td (due ) Tj ET Q q 0 0 0 rg BT 194.69 332.10 Td (under ) Tj ET Q q 0 0 0 rg BT 218.98 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 233.83 332.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 277.00 332.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 316.29 332.10 Td (related ) Tj ET Q q 0 0 0 rg BT 345.01 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.31 332.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 403.03 332.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 426.76 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 442.72 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 457.57 332.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 482.41 332.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 510.03 332.10 Td (arrangement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 320.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 73.50 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 82.70 320.10 Td (part ) Tj ET Q q 0 0 0 rg BT 99.66 320.10 Td (by ) Tj ET Q q 0 0 0 rg BT 111.07 320.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 149.13 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.33 320.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 203.05 320.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 252.18 320.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 302.08 320.10 Td (, ) Tj ET Q q 0 0 0 rg BT 306.00 320.10 Td (we ) Tj ET Q q 0 0 0 rg BT 319.08 320.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 368.79 320.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.64 320.10 Td ($9.0 ) Tj ET Q q 0 0 0 rg BT 393.56 320.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.45 320.10 Td ( ) Tj ET Q q 0 0 0 rg BT 423.87 320.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 459.70 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.89 320.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 529.19 320.10 Td (interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (due ) Tj ET Q q 0 0 0 rg BT 66.22 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 76.28 308.10 Td (net ) Tj ET Q q 0 0 0 rg BT 90.78 308.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 111.39 308.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 140.32 308.10 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 191.48 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.20 308.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.81 308.10 Td ($10.9 ) Tj ET Q q 0 0 0 rg BT 253.60 308.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.49 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.77 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.38 308.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 315.43 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.49 308.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 371.08 308.10 Td (common ) Tj ET Q q 0 0 0 rg BT 408.35 308.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 431.75 308.10 Td (from ) Tj ET Q q 0 0 0 rg BT 453.47 308.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 498.51 308.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 527.46 308.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 554.73 308.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 71.43 296.10 Td (their ) Tj ET Q q 0 0 0 rg BT 92.26 296.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 106.98 296.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 153.92 296.10 Td (related ) Tj ET Q q 0 0 0 rg BT 183.62 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.90 296.10 Td (award ) Tj ET Q q 0 0 0 rg BT 220.83 296.10 Td (vestings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.04 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.01 272.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 109.32 272.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 157.40 272.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.69 272.10 Td ($18.3 ) Tj ET Q q 0 0 0 rg BT 222.72 272.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.61 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.15 272.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.47 272.10 Td ($123.7 ) Tj ET Q q 0 0 0 rg BT 294.50 272.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.39 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.93 272.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.68 272.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 394.30 272.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.30 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.84 272.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.82 272.10 Td (December ) Tj ET Q q 0 0 0 rg BT 482.44 272.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 497.47 272.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.47 272.10 Td (. ) Tj ET Q q 0 0 0 rg BT 522.51 272.10 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 87.98 260.10 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.90 260.10 Td ($42.2 ) Tj ET Q q 0 0 0 rg BT 150.78 260.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.67 260.10 Td ( ) Tj ET Q q 0 0 0 rg BT 182.04 260.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 221.63 260.10 Td (due ) Tj ET Q q 0 0 0 rg BT 238.45 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 248.60 260.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 268.75 260.10 Td (received ) Tj ET Q q 0 0 0 rg BT 304.99 260.10 Td (from ) Tj ET Q q 0 0 0 rg BT 326.80 260.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 363.06 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.87 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.47 260.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 429.60 260.10 Td (in ) Tj ET Q q 0 0 0 rg BT 439.75 260.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 497.67 260.10 Td (related ) Tj ET Q q 0 0 0 rg BT 527.25 260.10 Td (accruals. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (These ) Tj ET Q q 0 0 0 rg BT 75.31 248.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 113.89 248.10 Td (were ) Tj ET Q q 0 0 0 rg BT 135.25 248.10 Td (of) Tj ET Q q 0 0 0 rg BT 143.40 248.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 159.77 248.10 Td (in ) Tj ET Q q 0 0 0 rg BT 169.49 248.10 Td (part ) Tj ET Q q 0 0 0 rg BT 186.97 248.10 Td (by ) Tj ET Q q 0 0 0 rg BT 198.90 248.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 218.60 248.10 Td (used ) Tj ET Q q 0 0 0 rg BT 238.87 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 248.58 248.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 268.84 248.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 299.64 248.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 344.88 248.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 392.35 248.10 Td (as ) Tj ET Q q 0 0 0 rg BT 402.61 248.10 Td (we ) Tj ET Q q 0 0 0 rg BT 416.20 248.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 455.89 248.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 490.04 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.31 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 515.57 248.10 Td (inventories, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (deployment ) Tj ET Q q 0 0 0 rg BT 98.54 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.71 236.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 137.19 236.10 Td (into ) Tj ET Q q 0 0 0 rg BT 154.58 236.10 Td (other ) Tj ET Q q 0 0 0 rg BT 176.96 236.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 196.01 236.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 245.61 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 261.88 236.10 Td (an ) Tj ET Q q 0 0 0 rg BT 273.16 236.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 307.74 236.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.35 236.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 335.28 236.10 Td (receivable. ) Tj ET Q q 0 0 0 rg BT 380.70 236.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 419.75 236.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 457.68 236.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.29 236.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.29 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 489.12 236.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.28 236.10 Td ($30.0 ) Tj ET Q q 0 0 0 rg BT 533.61 236.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.51 236.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.29 224.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 83.03 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.71 224.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 134.06 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.85 224.10 Td (which ) Tj ET Q q 0 0 0 rg BT 171.75 224.10 Td (related ) Tj ET Q q 0 0 0 rg BT 201.42 224.10 Td (to ) Tj ET Q q 0 0 0 rg BT 211.67 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 227.46 224.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 277.70 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.49 224.10 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 363.16 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 380.06 224.10 Td (Edgeview) Tj ET Q q 0 0 0 rg BT 419.40 224.10 Td (. ) Tj ET Q q 0 0 0 rg BT 424.36 224.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 446.83 224.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.62 224.10 Td ($5.8 ) Tj ET Q q 0 0 0 rg BT 477.59 224.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.48 224.10 Td ( ) Tj ET Q q 0 0 0 rg BT 508.95 224.10 Td (was ) Tj ET Q q 0 0 0 rg BT 526.96 224.10 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (through ) Tj ET Q q 0 0 0 rg BT 83.05 212.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 123.25 212.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 161.79 212.10 Td (as ) Tj ET Q q 0 0 0 rg BT 172.57 212.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 211.65 212.10 Td (in ) Tj ET Q q 0 0 0 rg BT 221.87 212.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 283.20 212.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 315.07 212.10 Td (were ) Tj ET Q q 0 0 0 rg BT 336.94 212.10 Td (of) Tj ET Q q 0 0 0 rg BT 345.09 212.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 361.97 212.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.19 212.10 Td (part ) Tj ET Q q 0 0 0 rg BT 390.18 212.10 Td (by ) Tj ET Q q 0 0 0 rg BT 402.62 212.10 Td (a ) Tj ET Q q 0 0 0 rg BT 409.50 212.10 Td (net ) Tj ET Q q 0 0 0 rg BT 424.16 212.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 461.01 212.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.23 212.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 516.98 212.10 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 200.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 110.59 200.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 150.86 200.10 Td (that ) Tj ET Q q 0 0 0 rg BT 168.35 200.10 Td (were ) Tj ET Q q 0 0 0 rg BT 190.28 200.10 Td (used ) Tj ET Q q 0 0 0 rg BT 211.11 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.39 200.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 242.22 200.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 283.04 200.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.98 200.10 Td ($71.5 ) Tj ET Q q 0 0 0 rg BT 324.98 200.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.88 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 356.38 200.10 Td (used ) Tj ET Q q 0 0 0 rg BT 377.21 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 387.48 200.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 433.29 200.10 Td (common ) Tj ET Q q 0 0 0 rg BT 470.78 200.10 Td (stock.) 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 (Leverage ) 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 68.36 716.25 Td (following ) Tj ET Q q 0 0 0 rg BT 110.55 716.25 Td (table ) Tj ET Q q 0 0 0 rg BT 133.30 716.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 169.37 716.25 Td (total ) Tj ET Q q 0 0 0 rg BT 190.46 716.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 219.60 716.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 256.23 716.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 285.37 716.25 Td (total ) Tj ET Q q 0 0 0 rg BT 306.45 716.25 Td (shareholders) Tj ET Q q 0 0 0 rg BT 359.58 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 362.89 716.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 391.19 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 408.94 716.25 Td (tangible ) Tj ET Q q 0 0 0 rg BT 444.46 716.25 Td (shareholders) Tj ET Q q 0 0 0 rg BT 497.59 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 500.90 716.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 529.20 716.25 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 716.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 87.00 704.25 Td (leverage ) Tj ET Q q 0 0 0 rg BT 123.36 704.25 Td (ratios ) Tj ET Q q 0 0 0 rg BT 148.07 704.25 Td (as ) Tj ET Q q 0 0 0 rg BT 158.90 704.25 Td (of:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 657.75 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 657.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 657.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 657.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 633.75 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 633.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 633.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 633.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 609.75 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 609.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 609.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 609.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 585.75 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 585.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 585.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 585.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 561.75 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 561.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 561.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 561.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 537.75 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 537.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 537.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 537.75 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 404 669.75 m 479 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 669.75 m 562 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 633.75 m 479 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 633.75 m 562 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 622.75 m 479 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 620.75 m 479 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 622.75 m 562 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 620.75 m 562 620.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 573.75 m 479 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 573.75 m 562 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 562.75 m 479 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 560.75 m 479 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 562.75 m 562 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 560.75 m 562 560.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.90 684.48 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 684.48 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 673.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 672.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 672.48 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 660.37 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 660.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 660.48 Td (2,138,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 660.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 660.37 Td (2,623,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 648.37 Td (Deduct: Goodwill and intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.30 648.53 Td (\(248,506) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 648.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 648.37 Td (\(242,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 648.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 636.37 Td (Deduct: Assets from noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.30 636.53 Td (\(88,590) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 636.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 636.37 Td (\(308,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 636.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 624.37 Td (Adjusted assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 624.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 624.48 Td (1,801,422) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 624.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 624.37 Td (2,072,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 600.37 Td (Total shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 600.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 600.48 Td (832,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 600.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 600.37 Td (969,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 588.37 Td (Deduct: Goodwill and intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.30 588.53 Td (\(248,506) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 588.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 588.37 Td (\(242,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 588.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 576.37 Td (Deduct: Noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.30 576.53 Td (\(49,161) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 576.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 576.37 Td (\(149,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 576.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 564.37 Td (Tangible common shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 564.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 564.48 Td (535,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 564.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 564.37 Td (577,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 540.37 Td (Leverage ratio \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 540.48 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 540.37 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 516.37 Td (Adjusted leverage ratio \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 516.48 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 516.37 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 501.65 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 501.65 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 99.27 501.65 Td (ratio ) Tj ET Q q 0 0 0 rg BT 116.82 501.65 Td (equals ) Tj ET Q q 0 0 0 rg BT 139.71 501.65 Td (total ) Tj ET Q q 0 0 0 rg BT 156.38 501.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 177.49 501.65 Td (divided ) Tj ET Q q 0 0 0 rg BT 203.04 501.65 Td (by ) Tj ET Q q 0 0 0 rg BT 212.59 501.65 Td (total ) Tj ET Q q 0 0 0 rg BT 229.26 501.65 Td (shar) Tj ET Q q 0 0 0 rg BT 243.19 501.65 Td (eholders) Tj ET Q q 0 0 0 rg BT 272.52 501.65 Td ( ) Tj ET Q q 0 0 0 rg BT 274.52 501.65 Td (equity) Tj ET Q q 0 0 0 rg BT 293.62 501.65 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 489.05 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 489.05 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 97.50 489.05 Td (leverage ) Tj ET Q q 0 0 0 rg BT 127.04 489.05 Td (ratio ) Tj ET Q q 0 0 0 rg BT 144.59 489.05 Td (equals ) Tj ET Q q 0 0 0 rg BT 167.48 489.05 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 196.59 489.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 217.70 489.05 Td (divided ) Tj ET Q q 0 0 0 rg BT 243.25 489.05 Td (by ) Tj ET Q q 0 0 0 rg BT 252.80 489.05 Td (tangible ) Tj ET Q q 0 0 0 rg BT 281.02 489.05 Td (common ) Tj ET Q q 0 0 0 rg BT 310.13 489.05 Td (shar) Tj ET Q q 0 0 0 rg BT 324.05 489.05 Td (eholders) Tj ET Q q 0 0 0 rg BT 353.38 489.05 Td ( ) Tj ET Q q 0 0 0 rg BT 355.38 489.05 Td (equity) Tj ET Q q 0 0 0 rg BT 374.49 489.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.05 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 87.87 465.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 113.47 465.05 Td (and ) Tj ET Q q 0 0 0 rg BT 130.17 465.05 Td (tangible ) Tj ET Q q 0 0 0 rg BT 164.65 465.05 Td (common ) Tj ET Q q 0 0 0 rg BT 201.91 465.05 Td (shareholders) Tj ET Q q 0 0 0 rg BT 255.04 465.05 Td ( ) Tj ET Q q 0 0 0 rg BT 257.30 465.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 284.56 465.05 Td (are ) Tj ET Q q 0 0 0 rg BT 299.04 465.05 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 344.22 465.05 Td ( ) Tj ET Q q 0 0 0 rg BT 346.49 465.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.73 465.05 Td (measures. ) Tj ET Q q 0 0 0 rg BT 425.71 465.05 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 465.75 465.05 Td (and ) Tj ET Q q 0 0 0 rg BT 482.45 465.05 Td (intangible ) Tj ET Q q 0 0 0 rg BT 524.71 465.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 550.31 465.05 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.05 Td (subtracted ) Tj ET Q q 0 0 0 rg BT 92.26 453.05 Td (from ) Tj ET Q q 0 0 0 rg BT 113.37 453.05 Td (total ) Tj ET Q q 0 0 0 rg BT 132.81 453.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 157.80 453.05 Td (and ) Tj ET Q q 0 0 0 rg BT 173.91 453.05 Td (total ) Tj ET Q q 0 0 0 rg BT 193.35 453.05 Td (shareholders) Tj ET Q q 0 0 0 rg BT 246.47 453.05 Td ( ) Tj ET Q q 0 0 0 rg BT 248.14 453.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 274.80 453.05 Td (in ) Tj ET Q q 0 0 0 rg BT 284.24 453.05 Td (determining ) Tj ET Q q 0 0 0 rg BT 334.23 453.05 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 369.22 453.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 394.22 453.05 Td (and ) Tj ET Q q 0 0 0 rg BT 410.32 453.05 Td (tangible ) Tj ET Q q 0 0 0 rg BT 444.20 453.05 Td (common ) Tj ET Q q 0 0 0 rg BT 480.86 453.05 Td (shareholders) Tj ET Q q 0 0 0 rg BT 533.99 453.05 Td ( ) Tj ET Q q 0 0 0 rg BT 535.66 453.05 Td (equity) Tj ET Q q 0 0 0 rg BT 560.00 453.05 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.05 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 441.05 Td (, ) Tj ET Q q 0 0 0 rg BT 101.81 441.05 Td (as ) Tj ET Q q 0 0 0 rg BT 112.29 441.05 Td (we ) Tj ET Q q 0 0 0 rg BT 126.10 441.05 Td (believe ) Tj ET Q q 0 0 0 rg BT 157.12 441.05 Td (that ) Tj ET Q q 0 0 0 rg BT 174.26 441.05 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 211.97 441.05 Td (and ) Tj ET Q q 0 0 0 rg BT 228.55 441.05 Td (intangible ) Tj ET Q q 0 0 0 rg BT 270.69 441.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 296.17 441.05 Td (do ) Tj ET Q q 0 0 0 rg BT 308.32 441.05 Td (not ) Tj ET Q q 0 0 0 rg BT 323.25 441.05 Td (constitute ) Tj ET Q q 0 0 0 rg BT 364.28 441.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 404.19 441.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 429.67 441.05 Td (which ) Tj ET Q q 0 0 0 rg BT 456.25 441.05 Td (can ) Tj ET Q q 0 0 0 rg BT 472.28 441.05 Td (be ) Tj ET Q q 0 0 0 rg BT 483.87 441.05 Td (deployed ) Tj ET Q q 0 0 0 rg BT 522.67 441.05 Td (in ) Tj ET Q q 0 0 0 rg BT 532.60 441.05 Td (a ) Tj ET Q q 0 0 0 rg BT 539.18 441.05 Td (liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.05 Td (manner) Tj ET Q q 0 0 0 rg BT 78.93 429.05 Td (. ) Tj ET Q q 0 0 0 rg BT 82.75 429.05 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 121.10 429.05 Td (attributed ) Tj ET Q q 0 0 0 rg BT 161.11 429.05 Td (to ) Tj ET Q q 0 0 0 rg BT 170.57 429.05 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 231.14 429.05 Td (interests ) Tj ET Q q 0 0 0 rg BT 266.15 429.05 Td (are ) Tj ET Q q 0 0 0 rg BT 280.05 429.05 Td (subtracted ) Tj ET Q q 0 0 0 rg BT 322.83 429.05 Td (from ) Tj ET Q q 0 0 0 rg BT 343.95 429.05 Td (total ) Tj ET Q q 0 0 0 rg BT 363.41 429.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 388.43 429.05 Td (and ) Tj ET Q q 0 0 0 rg BT 404.55 429.05 Td (total ) Tj ET Q q 0 0 0 rg BT 424.01 429.05 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 478.04 429.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 504.72 429.05 Td (in ) Tj ET Q q 0 0 0 rg BT 514.18 429.05 Td (determining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.05 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 84.57 417.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 109.65 417.05 Td (and ) Tj ET Q q 0 0 0 rg BT 125.84 417.05 Td (tangible ) Tj ET Q q 0 0 0 rg BT 159.80 417.05 Td (common ) Tj ET Q q 0 0 0 rg BT 196.54 417.05 Td (shareholders) Tj ET Q q 0 0 0 rg BT 249.67 417.05 Td ( ) Tj ET Q q 0 0 0 rg BT 251.41 417.05 Td (equity) Tj ET Q q 0 0 0 rg BT 275.76 417.05 Td (, ) Tj ET Q q 0 0 0 rg BT 280.01 417.05 Td (respectively) Tj ET Q q 0 0 0 rg BT 327.67 417.05 Td (, ) Tj ET Q q 0 0 0 rg BT 331.92 417.05 Td (as ) Tj ET Q q 0 0 0 rg BT 342.00 417.05 Td (they ) Tj ET Q q 0 0 0 rg BT 360.96 417.05 Td (represent ) Tj ET Q q 0 0 0 rg BT 399.35 417.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 424.43 417.05 Td (and ) Tj ET Q q 0 0 0 rg BT 440.62 417.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.36 417.05 Td (interests ) Tj ET Q q 0 0 0 rg BT 502.43 417.05 Td (in ) Tj ET Q q 0 0 0 rg BT 511.96 417.05 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.05 Td (entities ) Tj ET Q q 0 0 0 rg BT 80.27 405.05 Td (that ) Tj ET Q q 0 0 0 rg BT 97.14 405.05 Td (are ) Tj ET Q q 0 0 0 rg BT 111.24 405.05 Td (not ) Tj ET Q q 0 0 0 rg BT 125.90 405.05 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 175.82 405.05 Td (either ) Tj ET Q q 0 0 0 rg BT 200.47 405.05 Td (directly ) Tj ET Q q 0 0 0 rg BT 232.89 405.05 Td (or ) Tj ET Q q 0 0 0 rg BT 243.11 405.05 Td (indirectly) Tj ET Q q 0 0 0 rg BT 280.78 405.05 Td (, ) Tj ET Q q 0 0 0 rg BT 285.16 405.05 Td (to ) Tj ET Q q 0 0 0 rg BT 294.82 405.05 Td (Piper ) Tj ET Q q 0 0 0 rg BT 317.81 405.05 Td (Jaf) Tj ET Q q 0 0 0 rg BT 329.29 405.05 Td (fray ) Tj ET Q q 0 0 0 rg BT 347.28 405.05 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 396.52 405.05 Td (W) Tj ET Q q 0 0 0 rg BT 405.16 405.05 Td (e ) Tj ET Q q 0 0 0 rg BT 411.48 405.05 Td (view ) Tj ET Q q 0 0 0 rg BT 432.80 405.05 Td (the ) Tj ET Q q 0 0 0 rg BT 446.90 405.05 Td (resulting ) Tj ET Q q 0 0 0 rg BT 483.78 405.05 Td (measure ) Tj ET Q q 0 0 0 rg BT 518.98 405.05 Td (of ) Tj ET Q q 0 0 0 rg BT 529.19 405.05 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.05 Td (leverage, ) Tj ET Q q 0 0 0 rg BT 88.88 393.05 Td (also ) Tj ET Q q 0 0 0 rg BT 108.01 393.05 Td (a ) Tj ET Q q 0 0 0 rg BT 115.47 393.05 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 160.66 393.05 Td ( ) Tj ET Q q 0 0 0 rg BT 163.68 393.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.68 393.05 Td (measure, ) Tj ET Q q 0 0 0 rg BT 240.52 393.05 Td (as ) Tj ET Q q 0 0 0 rg BT 251.87 393.05 Td (a ) Tj ET Q q 0 0 0 rg BT 259.33 393.05 Td (more ) Tj ET Q q 0 0 0 rg BT 282.90 393.05 Td (relevant ) Tj ET Q q 0 0 0 rg BT 318.12 393.05 Td (measure ) Tj ET Q q 0 0 0 rg BT 354.46 393.05 Td (of ) Tj ET Q q 0 0 0 rg BT 365.81 393.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 403.81 393.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 421.83 393.05 Td (when ) Tj ET Q q 0 0 0 rg BT 446.52 393.05 Td (comparing ) Tj ET Q q 0 0 0 rg BT 492.30 393.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 530.30 393.05 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.05 Td (companies. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 357.05 Td (Funding and Capital Resources ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.05 Td (The ) Tj ET Q q 0 0 0 rg BT 67.72 333.05 Td (primary ) Tj ET Q q 0 0 0 rg BT 102.06 333.05 Td (goal ) Tj ET Q q 0 0 0 rg BT 121.95 333.05 Td (of ) Tj ET Q q 0 0 0 rg BT 132.96 333.05 Td (our ) Tj ET Q q 0 0 0 rg BT 148.97 333.05 Td (funding ) Tj ET Q q 0 0 0 rg BT 182.75 333.05 Td (activities ) Tj ET Q q 0 0 0 rg BT 221.53 333.05 Td (is ) Tj ET Q q 0 0 0 rg BT 230.87 333.05 Td (to ) Tj ET Q q 0 0 0 rg BT 241.33 333.05 Td (ensure ) Tj ET Q q 0 0 0 rg BT 270.11 333.05 Td (adequate ) Tj ET Q q 0 0 0 rg BT 308.31 333.05 Td (funding ) Tj ET Q q 0 0 0 rg BT 342.10 333.05 Td (over ) Tj ET Q q 0 0 0 rg BT 362.55 333.05 Td (a ) Tj ET Q q 0 0 0 rg BT 369.66 333.05 Td (wide ) Tj ET Q q 0 0 0 rg BT 391.78 333.05 Td (range ) Tj ET Q q 0 0 0 rg BT 416.66 333.05 Td (of ) Tj ET Q q 0 0 0 rg BT 427.67 333.05 Td (market ) Tj ET Q q 0 0 0 rg BT 458.11 333.05 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 504.95 333.05 Td (Given ) Tj ET Q q 0 0 0 rg BT 532.07 333.05 Td (the ) Tj ET Q q 0 0 0 rg BT 546.96 333.05 Td (mix ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.05 Td (of ) Tj ET Q q 0 0 0 rg BT 60.74 321.05 Td (our ) Tj ET Q q 0 0 0 rg BT 76.97 321.05 Td (business ) Tj ET Q q 0 0 0 rg BT 113.77 321.05 Td (activities, ) Tj ET Q q 0 0 0 rg BT 155.27 321.05 Td (funding ) Tj ET Q q 0 0 0 rg BT 189.29 321.05 Td (requirements ) Tj ET Q q 0 0 0 rg BT 244.39 321.05 Td (are ) Tj ET Q q 0 0 0 rg BT 259.50 321.05 Td (fulfilled ) Tj ET Q q 0 0 0 rg BT 294.62 321.05 Td (through ) Tj ET Q q 0 0 0 rg BT 328.64 321.05 Td (a ) Tj ET Q q 0 0 0 rg BT 335.98 321.05 Td (diversified ) Tj ET Q q 0 0 0 rg BT 381.65 321.05 Td (range ) Tj ET Q q 0 0 0 rg BT 406.76 321.05 Td (of ) Tj ET Q q 0 0 0 rg BT 418.00 321.05 Td (short-term ) Tj ET Q q 0 0 0 rg BT 462.56 321.05 Td (and ) Tj ET Q q 0 0 0 rg BT 479.90 321.05 Td (long-term ) Tj ET Q q 0 0 0 rg BT 522.24 321.05 Td (financing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.05 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 309.05 Td (e ) Tj ET Q q 0 0 0 rg BT 65.07 309.05 Td (attempt ) Tj ET Q q 0 0 0 rg BT 97.55 309.05 Td (to ) Tj ET Q q 0 0 0 rg BT 107.82 309.05 Td (ensure ) Tj ET Q q 0 0 0 rg BT 136.40 309.05 Td (that ) Tj ET Q q 0 0 0 rg BT 153.89 309.05 Td (the ) Tj ET Q q 0 0 0 rg BT 168.60 309.05 Td (tenor ) Tj ET Q q 0 0 0 rg BT 191.63 309.05 Td (of ) Tj ET Q q 0 0 0 rg BT 202.45 309.05 Td (our ) Tj ET Q q 0 0 0 rg BT 218.27 309.05 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 262.42 309.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 302.13 309.05 Td (equals ) Tj ET Q q 0 0 0 rg BT 330.17 309.05 Td (or ) Tj ET Q q 0 0 0 rg BT 340.99 309.05 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 375.13 309.05 Td (the ) Tj ET Q q 0 0 0 rg BT 389.83 309.05 Td (expected ) Tj ET Q q 0 0 0 rg BT 427.85 309.05 Td (holding ) Tj ET Q q 0 0 0 rg BT 460.90 309.05 Td (period ) Tj ET Q q 0 0 0 rg BT 488.94 309.05 Td (of ) Tj ET Q q 0 0 0 rg BT 499.76 309.05 Td (the ) Tj ET Q q 0 0 0 rg BT 514.47 309.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 540.29 309.05 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.05 Td (financed. ) Tj ET Q q 0 0 0 rg BT 88.54 297.05 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.21 297.05 Td (ability ) Tj ET Q q 0 0 0 rg BT 133.87 297.05 Td (to ) Tj ET Q q 0 0 0 rg BT 143.77 297.05 Td (support ) Tj ET Q q 0 0 0 rg BT 175.88 297.05 Td (increases ) Tj ET Q q 0 0 0 rg BT 214.65 297.05 Td (in ) Tj ET Q q 0 0 0 rg BT 224.54 297.05 Td (total ) Tj ET Q q 0 0 0 rg BT 244.43 297.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 269.87 297.05 Td (is ) Tj ET Q q 0 0 0 rg BT 278.66 297.05 Td (lar) Tj ET Q q 0 0 0 rg BT 289.03 297.05 Td (gely ) Tj ET Q q 0 0 0 rg BT 308.36 297.05 Td (a ) Tj ET Q q 0 0 0 rg BT 314.91 297.05 Td (function ) Tj ET Q q 0 0 0 rg BT 350.35 297.05 Td (of ) Tj ET Q q 0 0 0 rg BT 360.80 297.05 Td (our ) Tj ET Q q 0 0 0 rg BT 376.25 297.05 Td (ability ) Tj ET Q q 0 0 0 rg BT 403.91 297.05 Td (to ) Tj ET Q q 0 0 0 rg BT 413.81 297.05 Td (obtain ) Tj ET Q q 0 0 0 rg BT 440.92 297.05 Td (funding ) Tj ET Q q 0 0 0 rg BT 474.14 297.05 Td (from ) Tj ET Q q 0 0 0 rg BT 495.70 297.05 Td (external ) Tj ET Q q 0 0 0 rg BT 530.01 297.05 Td (sources. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.05 Td (Access ) Tj ET Q q 0 0 0 rg BT 79.28 285.05 Td (to ) Tj ET Q q 0 0 0 rg BT 88.53 285.05 Td (these ) Tj ET Q q 0 0 0 rg BT 110.54 285.05 Td (external ) Tj ET Q q 0 0 0 rg BT 144.20 285.05 Td (sources, ) Tj ET Q q 0 0 0 rg BT 178.16 285.05 Td (as ) Tj ET Q q 0 0 0 rg BT 187.95 285.05 Td (well ) Tj ET Q q 0 0 0 rg BT 206.63 285.05 Td (as ) Tj ET Q q 0 0 0 rg BT 216.43 285.05 Td (the ) Tj ET Q q 0 0 0 rg BT 230.11 285.05 Td (cost ) Tj ET Q q 0 0 0 rg BT 247.68 285.05 Td (of ) Tj ET Q q 0 0 0 rg BT 257.47 285.05 Td (that ) Tj ET Q q 0 0 0 rg BT 273.93 285.05 Td (financing, ) Tj ET Q q 0 0 0 rg BT 315.66 285.05 Td (is ) Tj ET Q q 0 0 0 rg BT 323.79 285.05 Td (dependent ) Tj ET Q q 0 0 0 rg BT 366.35 285.05 Td (upon ) Tj ET Q q 0 0 0 rg BT 387.81 285.05 Td (various ) Tj ET Q q 0 0 0 rg BT 418.72 285.05 Td (factors, ) Tj ET Q q 0 0 0 rg BT 449.89 285.05 Td (including ) Tj ET Q q 0 0 0 rg BT 489.13 285.05 Td (market ) Tj ET Q q 0 0 0 rg BT 518.35 285.05 Td (conditions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.05 Td (the ) Tj ET Q q 0 0 0 rg BT 64.91 273.05 Td (general ) Tj ET Q q 0 0 0 rg BT 97.53 273.05 Td (availability ) Tj ET Q q 0 0 0 rg BT 145.71 273.05 Td (of ) Tj ET Q q 0 0 0 rg BT 157.23 273.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 183.19 273.05 Td (and ) Tj ET Q q 0 0 0 rg BT 200.82 273.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 226.78 273.05 Td (ratings. ) Tj ET Q q 0 0 0 rg BT 259.45 273.05 Td (W) Tj ET Q q 0 0 0 rg BT 268.09 273.05 Td (e ) Tj ET Q q 0 0 0 rg BT 275.72 273.05 Td (currently ) Tj ET Q q 0 0 0 rg BT 315.01 273.05 Td (do ) Tj ET Q q 0 0 0 rg BT 328.20 273.05 Td (not ) Tj ET Q q 0 0 0 rg BT 344.18 273.05 Td (have ) Tj ET Q q 0 0 0 rg BT 366.25 273.05 Td (a ) Tj ET Q q 0 0 0 rg BT 373.88 273.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 399.84 273.05 Td (rating, ) Tj ET Q q 0 0 0 rg BT 428.85 273.05 Td (which ) Tj ET Q q 0 0 0 rg BT 456.49 273.05 Td (could ) Tj ET Q q 0 0 0 rg BT 481.90 273.05 Td (adversely ) Tj ET Q q 0 0 0 rg BT 523.40 273.05 Td (af) Tj ET Q q 0 0 0 rg BT 530.99 273.05 Td (fect ) Tj ET Q q 0 0 0 rg BT 549.17 273.05 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.05 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 85.54 261.05 Td (and ) Tj ET Q q 0 0 0 rg BT 102.14 261.05 Td (competitive ) Tj ET Q q 0 0 0 rg BT 151.50 261.05 Td (position ) Tj ET Q q 0 0 0 rg BT 185.88 261.05 Td (by ) Tj ET Q q 0 0 0 rg BT 198.03 261.05 Td (increasing ) Tj ET Q q 0 0 0 rg BT 241.28 261.05 Td (our ) Tj ET Q q 0 0 0 rg BT 256.76 261.05 Td (financing ) Tj ET Q q 0 0 0 rg BT 296.68 261.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 318.83 261.05 Td (and ) Tj ET Q q 0 0 0 rg BT 335.42 261.05 Td (limiting ) Tj ET Q q 0 0 0 rg BT 369.25 261.05 Td (access ) Tj ET Q q 0 0 0 rg BT 396.94 261.05 Td (to ) Tj ET Q q 0 0 0 rg BT 406.87 261.05 Td (sources ) Tj ET Q q 0 0 0 rg BT 439.01 261.05 Td (of ) Tj ET Q q 0 0 0 rg BT 449.50 261.05 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 485.54 261.05 Td (that ) Tj ET Q q 0 0 0 rg BT 502.69 261.05 Td (require ) Tj ET Q q 0 0 0 rg BT 533.16 261.05 Td (a ) Tj ET Q q 0 0 0 rg BT 539.75 261.05 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.05 Td (rating ) Tj ET Q q 0 0 0 rg BT 75.33 249.05 Td (as ) Tj ET Q q 0 0 0 rg BT 86.16 249.05 Td (a ) Tj ET Q q 0 0 0 rg BT 93.09 249.05 Td (condition ) Tj ET Q q 0 0 0 rg BT 133.37 249.05 Td (to ) Tj ET Q q 0 0 0 rg BT 143.65 249.05 Td (providing ) Tj ET Q q 0 0 0 rg BT 185.03 249.05 Td (the ) Tj ET Q q 0 0 0 rg BT 199.75 249.05 Td (funds.) 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 /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 74.88 704.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 103.04 704.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 149.24 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.74 704.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 187.23 704.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 208.18 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.56 704.10 Td (credit, ) Tj ET Q q 0 0 0 rg BT 245.89 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 262.38 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 271.11 704.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 308.16 704.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 364.07 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 376.13 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 391.52 704.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 431.34 704.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 469.01 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 473.42 704.10 Td (These ) Tj ET Q q 0 0 0 rg BT 499.36 704.10 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 ) 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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 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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 (2015) 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 346.65 468.22 Td (154.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 468.22 Td (29.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 468.22 Td (92.5) 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 (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 444.22 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.50 444.22 Td (21) 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 (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 432.22 Td (99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.50 432.22 Td (33) 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 156.57421875 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 74.88 406.10 Td (Broker ) Tj ET Q q 0 0 0 rg BT 103.82 406.10 Td (Arrangement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.57 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 158.07 406.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.57 406.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 181.62 406.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 223.11 406.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 262.37 406.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 297.74 406.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 327.56 406.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 365.16 406.10 Td (are ) Tj ET Q q 0 0 0 rg BT 378.87 406.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 423.68 406.10 Td (operated ) Tj ET Q q 0 0 0 rg BT 459.61 406.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.88 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 474.82 406.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 494.65 406.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 531.13 406.10 Td (vehicle. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 394.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.22 394.10 Td (also ) Tj ET Q q 0 0 0 rg BT 83.97 394.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 128.82 394.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 167.56 394.10 Td (a ) Tj ET Q q 0 0 0 rg BT 174.64 394.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 217.27 394.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 239.91 394.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 260.88 394.10 Td (with ) Tj ET Q q 0 0 0 rg BT 281.30 394.10 Td (third ) Tj ET Q q 0 0 0 rg BT 302.83 394.10 Td (party ) Tj ET Q q 0 0 0 rg BT 326.01 394.10 Td (investors, ) Tj ET Q q 0 0 0 rg BT 367.26 394.10 Td (which ) Tj ET Q q 0 0 0 rg BT 394.34 394.10 Td (was ) Tj ET Q q 0 0 0 rg BT 412.53 394.10 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 455.16 394.10 Td (in ) Tj ET Q q 0 0 0 rg BT 465.58 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.44 394.10 Td (second ) Tj ET Q q 0 0 0 rg BT 510.85 394.10 Td (half ) Tj ET Q q 0 0 0 rg BT 529.04 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 540.01 394.10 Td (2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 382.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.37 382.10 Td (have ) Tj ET Q q 0 0 0 rg BT 85.03 382.10 Td (established ) Tj ET Q q 0 0 0 rg BT 131.26 382.10 Td (an ) Tj ET Q q 0 0 0 rg BT 142.48 382.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 194.24 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.81 382.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 230.60 382.10 Td (overnight ) Tj ET Q q 0 0 0 rg BT 270.71 382.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 310.26 382.10 Td (by ) Tj ET Q q 0 0 0 rg BT 322.05 382.10 Td (a ) Tj ET Q q 0 0 0 rg BT 328.28 382.10 Td (single ) Tj ET Q q 0 0 0 rg BT 353.96 382.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 379.07 382.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 406.96 382.10 Td (related ) Tj ET Q q 0 0 0 rg BT 435.95 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 445.52 382.10 Td (our ) Tj ET Q q 0 0 0 rg BT 460.64 382.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 496.30 382.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 526.42 382.10 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.75 370.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 102.21 370.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 142.44 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.35 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.04 370.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 218.71 370.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 240.62 370.10 Td (management ) Tj ET Q q 0 0 0 rg BT 294.18 370.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 314.98 370.10 Td (that ) Tj ET Q q 0 0 0 rg BT 332.44 370.10 Td (we ) Tj ET Q q 0 0 0 rg BT 346.58 370.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 391.26 370.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 429.83 370.10 Td (with ) Tj ET Q q 0 0 0 rg BT 450.08 370.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 481.43 370.10 Td (investors. ) Tj ET Q q 0 0 0 rg BT 522.51 370.10 Td (Financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (under ) Tj ET Q q 0 0 0 rg BT 74.66 358.10 Td (this ) Tj ET Q q 0 0 0 rg BT 91.49 358.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 143.85 358.10 Td (is ) Tj ET Q q 0 0 0 rg BT 152.90 358.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 185.83 358.10 Td (by ) Tj ET Q q 0 0 0 rg BT 198.21 358.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 227.80 358.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 270.45 358.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 310.05 358.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 352.43 358.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 395.08 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.91 358.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 451.49 358.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 496.65 358.10 Td (could ) Tj ET Q q 0 0 0 rg BT 521.26 358.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 550.29 358.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.25 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.33 346.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 127.20 346.10 Td (available ) Tj ET Q q 0 0 0 rg BT 166.04 346.10 Td (under ) Tj ET Q q 0 0 0 rg BT 191.56 346.10 Td (this ) Tj ET Q q 0 0 0 rg BT 208.76 346.10 Td (arrangement. ) Tj ET Q q 0 0 0 rg BT 263.99 346.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 282.29 346.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 308.37 346.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 337.22 346.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 377.74 346.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 416.59 346.10 Td (are ) Tj ET Q q 0 0 0 rg BT 431.56 346.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 469.29 346.10 Td (net ) Tj ET Q q 0 0 0 rg BT 484.26 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.34 346.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 543.06 346.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 79.51 334.10 Td (activity) Tj ET Q q 0 0 0 rg BT 108.85 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 112.92 334.10 Td (This ) Tj ET Q q 0 0 0 rg BT 132.38 334.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 165.17 334.10 Td (is ) Tj ET Q q 0 0 0 rg BT 173.53 334.10 Td (at ) Tj ET Q q 0 0 0 rg BT 182.43 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.34 334.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 237.46 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.47 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.38 334.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 286.39 334.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 314.17 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.30 334.10 Td (could ) Tj ET Q q 0 0 0 rg BT 354.20 334.10 Td (be ) Tj ET Q q 0 0 0 rg BT 365.32 334.10 Td (denied ) Tj ET Q q 0 0 0 rg BT 393.66 334.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 423.68 334.10 Td (to ) Tj ET Q q 0 0 0 rg BT 433.14 334.10 Td (a ) Tj ET Q q 0 0 0 rg BT 439.26 334.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 465.38 334.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 494.74 334.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.43 334.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 322.10 Td (, ) Tj ET Q q 0 0 0 rg BT 74.50 322.10 Td (we ) Tj ET Q q 0 0 0 rg BT 88.66 322.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.60 322.10 Td ($169.3 ) Tj ET Q q 0 0 0 rg BT 135.60 322.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.49 322.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.99 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.82 322.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 218.08 322.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 267.25 322.10 Td (under ) Tj ET Q q 0 0 0 rg BT 292.52 322.10 Td (this ) Tj ET Q q 0 0 0 rg BT 309.47 322.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 335.29 322.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 363.89 322.10 Td (arrangement.) 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 49.5 296.7669921875 m 119.275390625 296.7669921875 l s q 0 0 0 rg BT 49.50 298.10 Td (Committed ) Tj ET Q q 0 0 0 rg BT 97.06 298.10 Td (Lines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.28 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.83 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 129.39 298.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 147.50 298.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 192.83 298.10 Td (line ) Tj ET Q q 0 0 0 rg BT 210.38 298.10 Td (is ) Tj ET Q q 0 0 0 rg BT 219.61 298.10 Td (a ) Tj ET Q q 0 0 0 rg BT 226.61 298.10 Td (one-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.14 298.10 Td ($250 ) Tj ET Q q 0 0 0 rg BT 286.70 298.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.59 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.15 298.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 359.04 298.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 392.13 298.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 417.45 298.10 Td (facility) Tj ET Q q 0 0 0 rg BT 445.13 298.10 Td (. ) Tj ET Q q 0 0 0 rg BT 450.00 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 458.64 298.10 Td (e ) Tj ET Q q 0 0 0 rg BT 465.63 298.10 Td (use ) Tj ET Q q 0 0 0 rg BT 481.52 298.10 Td (this ) Tj ET Q q 0 0 0 rg BT 498.53 298.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 523.85 298.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 554.73 298.10 Td (in ) 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 64.15 286.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 100.47 286.10 Td (course ) Tj ET Q q 0 0 0 rg BT 129.01 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.77 286.10 Td (business ) Tj ET Q q 0 0 0 rg BT 176.10 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.32 286.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 207.09 286.10 Td (a ) Tj ET Q q 0 0 0 rg BT 213.96 286.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 245.29 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 256.06 286.10 Td (our ) Tj ET Q q 0 0 0 rg BT 271.83 286.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 294.26 286.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 340.85 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.73 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.38 286.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 404.82 286.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 445.57 286.10 Td (under ) Tj ET Q q 0 0 0 rg BT 470.78 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.44 286.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 516.19 286.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 542.51 286.10 Td (daily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (based ) Tj ET Q q 0 0 0 rg BT 75.62 274.10 Td (on ) Tj ET Q q 0 0 0 rg BT 88.97 274.10 Td (our ) Tj ET Q q 0 0 0 rg BT 105.65 274.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 140.11 274.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 167.98 274.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 210.76 274.10 Td (under ) Tj ET Q q 0 0 0 rg BT 236.88 274.10 Td (this ) Tj ET Q q 0 0 0 rg BT 254.68 274.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 286.35 274.10 Td (are ) Tj ET Q q 0 0 0 rg BT 301.91 274.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 335.79 274.10 Td (by ) Tj ET Q q 0 0 0 rg BT 349.14 274.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 379.69 274.10 Td (marketable ) Tj ET Q q 0 0 0 rg BT 427.46 274.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 470.83 274.10 Td (The ) Tj ET Q q 0 0 0 rg BT 489.73 274.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 521.40 274.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 558.07 274.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 88.15 262.10 Td (that ) Tj ET Q q 0 0 0 rg BT 105.70 262.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 140.47 262.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 164.13 262.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 175.61 262.10 Td (fray& ) Tj ET Q q 0 0 0 rg BT 204.55 262.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 221.28 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.61 262.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 269.16 262.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 310.61 262.10 Td (net ) Tj ET Q q 0 0 0 rg BT 325.38 262.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 354.59 262.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.48 262.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 388.04 262.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.93 262.10 Td (, ) Tj ET Q q 0 0 0 rg BT 421.99 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.98 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.76 262.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 483.53 262.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 521.63 262.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 554.18 262.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (all ) Tj ET Q q 0 0 0 rg BT 61.53 250.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 100.21 250.10 Td (under ) Tj ET Q q 0 0 0 rg BT 125.01 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.26 250.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 169.61 250.10 Td (will ) Tj ET Q q 0 0 0 rg BT 187.21 250.10 Td (be ) Tj ET Q q 0 0 0 rg BT 198.68 250.10 Td (due ) Tj ET Q q 0 0 0 rg BT 215.15 250.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.18 250.10 Td (December17, ) Tj ET Q q 0 0 0 rg BT 285.30 250.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.30 250.10 Td (. ) Tj ET Q q 0 0 0 rg BT 309.69 250.10 Td (This ) Tj ET Q q 0 0 0 rg BT 329.50 250.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 354.30 250.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 384.65 250.10 Td (has ) Tj ET Q q 0 0 0 rg BT 400.01 250.10 Td (been ) Tj ET Q q 0 0 0 rg BT 420.93 250.10 Td (in ) Tj ET Q q 0 0 0 rg BT 430.74 250.10 Td (place ) Tj ET Q q 0 0 0 rg BT 453.86 250.10 Td (since ) Tj ET Q q 0 0 0 rg BT 476.45 250.10 Td (2008 ) Tj ET Q q 0 0 0 rg BT 498.48 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.95 250.10 Td (we ) Tj ET Q q 0 0 0 rg BT 528.65 250.10 Td (renewed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.36 238.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 95.32 238.10 Td (for ) Tj ET Q q 0 0 0 rg BT 109.61 238.10 Td (another ) Tj ET Q q 0 0 0 rg BT 142.24 238.10 Td (one-year ) Tj ET Q q 0 0 0 rg BT 179.85 238.10 Td (term ) Tj ET Q q 0 0 0 rg BT 200.82 238.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.24 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.09 238.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 253.17 238.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 284.12 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.09 238.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 319.65 238.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.29 238.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 391.01 238.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.01 238.10 Td (, ) Tj ET Q q 0 0 0 rg BT 416.15 238.10 Td (we ) Tj ET Q q 0 0 0 rg BT 430.45 238.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.53 238.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.53 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 460.17 238.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 499.45 238.10 Td (against ) Tj ET Q q 0 0 0 rg BT 530.42 238.10 Td (this ) Tj ET Q q 0 0 0 rg BT 547.50 238.10 Td (line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 226.10 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 49.5 200.76699218750002 m 129.1376953125 200.76699218750002 l s q 0 0 0 rg BT 49.50 202.10 Td (Uncommitted ) Tj ET Q q 0 0 0 rg BT 106.92 202.10 Td (Lines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.14 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.57 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.82 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 147.46 202.10 Td (e ) Tj ET Q q 0 0 0 rg BT 154.33 202.10 Td (use ) Tj ET Q q 0 0 0 rg BT 170.09 202.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 225.29 202.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 246.61 202.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.82 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.46 202.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 307.77 202.10 Td (course ) Tj ET Q q 0 0 0 rg BT 336.30 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.06 202.10 Td (business ) Tj ET Q q 0 0 0 rg BT 383.38 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.59 202.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 414.35 202.10 Td (a ) Tj ET Q q 0 0 0 rg BT 421.22 202.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 452.54 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.30 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 479.06 202.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 501.49 202.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 548.07 202.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.10 190.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 96.47 190.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 137.17 190.10 Td (under ) Tj ET Q q 0 0 0 rg BT 162.32 190.10 Td (our ) Tj ET Q q 0 0 0 rg BT 178.03 190.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 233.18 190.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 254.45 190.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 280.71 190.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 303.08 190.10 Td (based ) Tj ET Q q 0 0 0 rg BT 328.23 190.10 Td (on ) Tj ET Q q 0 0 0 rg BT 340.61 190.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.32 190.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 389.81 190.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 417.46 190.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 435.39 190.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 490.54 190.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 523.46 190.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 544.72 190.10 Td (total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td ($185 ) Tj ET Q q 0 0 0 rg BT 71.89 178.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.78 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.17 178.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.34 178.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.34 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.73 178.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 166.45 178.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.27 178.10 Td (are ) Tj ET Q q 0 0 0 rg BT 197.87 178.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 241.35 178.10 Td (on ) Tj ET Q q 0 0 0 rg BT 253.74 178.10 Td (having ) Tj ET Q q 0 0 0 rg BT 283.35 178.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 331.27 178.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 373.36 178.10 Td (as ) Tj ET Q q 0 0 0 rg BT 384.07 178.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 431.44 178.10 Td (by ) Tj ET Q q 0 0 0 rg BT 443.83 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.44 178.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 480.27 178.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 526.80 178.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.96 178.10 Td (secure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.32 166.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 96.46 166.10 Td (under ) Tj ET Q q 0 0 0 rg BT 121.61 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.21 166.10 Td (line. ) Tj ET Q q 0 0 0 rg BT 156.09 166.10 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 197.90 166.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 243.06 166.10 Td (could ) Tj ET Q q 0 0 0 rg BT 267.66 166.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 296.69 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.29 166.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 343.67 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.38 166.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 387.87 166.10 Td (available ) Tj ET Q q 0 0 0 rg BT 426.34 166.10 Td (under ) Tj ET Q q 0 0 0 rg BT 451.49 166.10 Td (these ) Tj ET Q q 0 0 0 rg BT 474.42 166.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 507.34 166.10 Td (lines. ) Tj ET Q q 0 0 0 rg BT 530.94 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 539.58 166.10 Td (e ) Tj ET Q q 0 0 0 rg BT 546.40 166.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.14 154.10 Td (an ) Tj ET Q q 0 0 0 rg BT 83.33 154.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 138.86 154.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 182.16 154.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 213.24 154.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.77 154.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.21 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.97 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.06 154.10 Td (these ) Tj ET Q q 0 0 0 rg BT 285.36 154.10 Td (banks. ) Tj ET Q q 0 0 0 rg BT 313.34 154.10 Td (All ) Tj ET Q q 0 0 0 rg BT 328.88 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.97 154.10 Td (these ) Tj ET Q q 0 0 0 rg BT 363.28 154.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 418.80 154.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 440.45 154.10 Td (are ) Tj ET Q q 0 0 0 rg BT 455.41 154.10 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 510.38 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.57 154.10 Td (are ) Tj ET Q q 0 0 0 rg BT 542.54 154.10 Td (not ) Tj ET Q q 0 0 0 rg BT 558.08 154.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 101.61 142.10 Td (by ) Tj ET Q q 0 0 0 rg BT 113.17 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.94 142.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 147.94 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.28 142.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 189.38 142.10 Td (an ) Tj ET Q q 0 0 0 rg BT 200.38 142.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 234.69 142.10 Td (under ) Tj ET Q q 0 0 0 rg BT 259.02 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 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/F1 10.00 Tf ET q 0 0 0 rg BT 374.65 542.22 Td (64.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 542.22 Td (159.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 542.22 Td (216.1) 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 291.65 530.22 Td (19.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 530.22 Td (6.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 530.22 Td (18.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 530.22 Td (28.9) 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 (364.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 518.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 518.22 Td (344.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 518.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 518.22 Td (504.8) 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 (563.8) 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 (2015) 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 ($412.7 ) 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 ($448.9 ) 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 BT /F1 10.00 Tf ET 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.82 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.04 480.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.60 480.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.60 480.10 Td (, ) Tj ET Q q 0 0 0 rg BT 115.33 480.10 Td (due ) Tj ET Q q 0 0 0 rg BT 132.00 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 142.00 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 148.67 480.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 188.66 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.67 480.10 Td (average ) Tj ET Q q 0 0 0 rg BT 231.98 480.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 272.53 480.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 309.18 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.85 480.10 Td (an ) Tj ET Q q 0 0 0 rg BT 337.52 480.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 372.50 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.06 480.10 Td ($50 ) Tj ET Q q 0 0 0 rg BT 400.29 480.10 Td (million ) Tj ET Q q 0 0 0 rg BT 431.40 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.41 480.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 483.07 480.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 523.06 480.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.62 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 540.29 480.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.40 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.18 468.10 Td (new ) Tj ET Q q 0 0 0 rg BT 94.40 468.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 117.51 468.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 135.06 468.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 159.30 468.10 Td (C ) Tj ET Q q 0 0 0 rg BT 168.53 468.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 194.43 468.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 221.99 468.10 Td (during ) Tj ET Q q 0 0 0 rg BT 250.67 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.45 468.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 293.21 468.10 Td (. ) Tj ET Q q 0 0 0 rg BT 298.09 468.10 Td (The ) Tj ET Q q 0 0 0 rg BT 316.20 468.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 351.52 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 361.87 468.10 Td (average ) Tj ET Q q 0 0 0 rg BT 395.51 468.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 429.19 468.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 471.18 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.52 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.30 468.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 523.31 468.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 554.19 468.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 71.90 456.10 Td (was ) Tj ET Q q 0 0 0 rg BT 89.86 456.10 Td (due ) Tj ET Q q 0 0 0 rg BT 106.70 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.89 456.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 137.06 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.47 456.10 Td (being ) Tj ET Q q 0 0 0 rg BT 164.09 456.10 Td (used ) Tj ET Q q 0 0 0 rg BT 184.82 456.10 Td (for ) Tj ET Q q 0 0 0 rg BT 198.89 456.10 Td (share ) Tj ET Q q 0 0 0 rg BT 222.39 456.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 271.99 456.10 Td (in ) Tj ET Q q 0 0 0 rg BT 282.18 456.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 307.08 456.10 Td (which ) Tj ET Q q 0 0 0 rg BT 333.92 456.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 367.98 456.10 Td (in ) Tj ET Q q 0 0 0 rg BT 378.17 456.10 Td (an ) Tj ET Q q 0 0 0 rg BT 390.01 456.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 430.17 456.10 Td (need ) Tj ET Q q 0 0 0 rg BT 451.45 456.10 Td (for ) Tj ET Q q 0 0 0 rg BT 465.52 456.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 499.03 456.10 Td (when ) Tj ET Q q 0 0 0 rg BT 523.09 456.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 444.10 Td (year) Tj ET Q q 0 0 0 rg BT 91.50 444.10 Td (-ago ) Tj ET Q q 0 0 0 rg BT 111.77 444.10 Td (period. ) 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 67.55 420.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 420.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 420.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 166.14 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.85 420.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 223.90 420.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 246.40 420.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 280.01 420.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 312.50 420.10 Td (by ) Tj ET Q q 0 0 0 rg BT 325.00 420.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 355.82 420.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.98 420.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.98 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.48 420.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.42 420.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.42 420.10 Td (, ) Tj ET Q q 0 0 0 rg BT 434.42 420.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 482.08 420.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 397.60 357.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 397.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 397.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 397.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 397.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 373.60 357.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 373.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 373.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 373.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 373.60 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 415 397.6 m 485 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 397.6 m 563 397.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 401.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 400.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 400.33 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 388.22 Td (First Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 388.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 388.22 Td (949.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 388.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 388.22 Td (897.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 376.22 Td (Second Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 376.22 Td (876.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 376.22 Td (766.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 364.22 Td (Third Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 364.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 364.22 Td (666.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 364.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 364.22 Td (543.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 352.22 Td (Fourth Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 352.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 352.22 Td (531.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 352.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 352.22 Td (644.1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (Senior Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 302.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.28 302.10 Td (have ) Tj ET Q q 0 0 0 rg BT 84.86 302.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 115.99 302.10 Td (into ) Tj ET Q q 0 0 0 rg BT 133.25 302.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 167.15 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.29 302.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 205.54 302.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 222.23 302.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 248.37 302.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 271.18 302.10 Td (with ) Tj ET Q q 0 0 0 rg BT 290.67 302.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 319.57 302.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 350.16 302.10 Td (advised ) Tj ET Q q 0 0 0 rg BT 382.41 302.10 Td (by ) Tj ET Q q 0 0 0 rg BT 394.11 302.10 Td (Pacific ) Tj ET Q q 0 0 0 rg BT 423.58 302.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 469.71 302.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 523.62 302.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (\("PIMCO"\). ) Tj ET Q q 0 0 0 rg BT 100.82 290.10 Td (The ) Tj ET Q q 0 0 0 rg BT 118.87 290.10 Td (following ) Tj ET Q q 0 0 0 rg BT 160.25 290.10 Td (table ) Tj ET Q q 0 0 0 rg BT 182.19 290.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 217.45 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.17 290.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 281.34 290.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 314.37 290.10 Td (by ) Tj ET Q q 0 0 0 rg BT 326.87 290.10 Td (note ) Tj ET Q q 0 0 0 rg BT 346.58 290.10 Td (class ) Tj ET Q q 0 0 0 rg BT 368.52 290.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.24 290.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 436.82 290.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.82 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.32 290.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.26 290.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.26 290.10 Td (, ) Tj ET Q q 0 0 0 rg BT 501.26 290.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 548.92 290.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 243.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 243.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 243.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 243.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 219.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 219.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 219.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 219.60 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 405 267.6 m 480 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 267.6 m 488 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 267.6 m 563 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 243.60000000000002 m 480 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 243.60000000000002 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 405 243.60000000000002 m 480 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 243.60000000000002 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 405 207.60000000000002 m 480 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 207.60000000000002 m 563 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 207.60000000000002 m 480 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 196.60000000000002 m 480 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 194.60000000000002 m 480 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 207.60000000000002 m 563 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 196.60000000000002 m 563 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 194.60000000000002 m 563 194.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.60 270.33 Td (Outstanding Balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.90 258.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.90 258.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 247.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.00 246.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.00 246.33 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 234.22 Td (Class A Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 234.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.65 234.33 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 234.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 234.22 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 222.22 Td (Class B Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.15 222.33 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 222.22 Td (75,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 210.22 Td (Class C Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 210.33 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 210.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 198.22 Td (Total senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.50 198.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 198.33 Td (175,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 198.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 198.22 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 172.10 Td (October8, ) Tj ET Q q 0 0 0 rg BT 109.49 172.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.49 172.10 Td (, ) Tj ET Q q 0 0 0 rg BT 134.76 172.10 Td (we ) Tj ET Q q 0 0 0 rg BT 149.20 172.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 181.40 172.10 Td (into ) Tj ET Q q 0 0 0 rg BT 199.74 172.10 Td (a ) Tj ET Q q 0 0 0 rg BT 206.96 172.10 Td (second ) Tj ET Q q 0 0 0 rg BT 237.50 172.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 276.38 172.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.59 172.10 Td (restated ) Tj ET Q q 0 0 0 rg BT 327.46 172.10 Td (note ) Tj ET Q q 0 0 0 rg BT 347.46 172.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 385.77 172.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 430.19 172.10 Td (\("Second ) Tj ET Q q 0 0 0 rg BT 469.21 172.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 510.86 172.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.08 172.10 Td (Restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 71.54 160.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 109.66 160.10 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 164.09 160.10 Td (under ) Tj ET Q q 0 0 0 rg BT 189.46 160.10 Td (which ) Tj ET Q q 0 0 0 rg BT 216.49 160.10 Td (we ) Tj ET Q q 0 0 0 rg BT 230.75 160.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.34 160.10 Td ($125 ) Tj ET Q q 0 0 0 rg BT 280.94 160.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.83 160.10 Td ( ) Tj ET Q q 0 0 0 rg BT 312.43 160.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.36 160.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 346.50 160.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 364.08 160.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 388.35 160.10 Td (C ) Tj ET Q q 0 0 0 rg BT 397.61 160.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 425.85 160.10 Td (The ) Tj ET Q q 0 0 0 rg BT 444.00 160.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 468.26 160.10 Td (C ) Tj ET Q q 0 0 0 rg BT 477.53 160.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 503.46 160.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 523.26 160.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 555.29 160.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.06 148.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 89.84 148.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 112.52 148.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 129.63 148.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.08 148.10 Td (5.06 ) Tj ET Q q 0 0 0 rg BT 159.71 148.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.13 148.10 Td (, ) Tj ET Q q 0 0 0 rg BT 193.76 148.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 226.98 148.10 Td (semi-annually ) Tj ET Q q 0 0 0 rg BT 285.75 148.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.32 148.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 332.21 148.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.33 148.10 Td (October9, ) Tj ET Q q 0 0 0 rg BT 388.66 148.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.66 148.10 Td (. ) Tj ET Q q 0 0 0 rg BT 413.14 148.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.81 148.10 Td ($50 ) Tj ET Q q 0 0 0 rg BT 447.93 148.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.83 148.10 Td ( ) Tj ET Q q 0 0 0 rg BT 478.95 148.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.41 148.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 523.73 148.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 540.85 148.10 Td (Class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 136.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.70 136.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 84.56 136.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 112.10 136.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.41 136.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.41 136.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.94 136.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 164.68 136.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 196.64 136.10 Td (at ) Tj ET Q q 0 0 0 rg BT 206.39 136.10 Td (a ) Tj ET Q q 0 0 0 rg BT 213.36 136.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 230.88 136.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 255.06 136.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.37 136.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.36 136.10 Td (-month ) Tj ET Q q 0 0 0 rg BT 316.78 136.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 349.31 136.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.51 136.10 Td (3.00 ) Tj ET Q q 0 0 0 rg BT 388.54 136.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.97 136.10 Td (, ) Tj ET Q q 0 0 0 rg BT 423.00 136.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 458.86 136.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.83 136.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 509.45 136.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 548.08 136.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 80.00 124.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.74 124.10 Td (May31, ) Tj ET Q q 0 0 0 rg BT 128.81 124.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.81 124.10 Td (. ) Tj ET Q q 0 0 0 rg BT 153.85 124.10 Td (The ) Tj ET Q q 0 0 0 rg BT 172.14 124.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 207.08 124.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 224.81 124.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 249.21 124.10 Td (B ) Tj ET Q q 0 0 0 rg BT 258.62 124.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 284.69 124.10 Td (with ) Tj ET Q q 0 0 0 rg BT 305.21 124.10 Td (a ) Tj ET Q q 0 0 0 rg BT 312.39 124.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 350.67 124.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 383.40 124.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.47 124.10 Td ($75 ) Tj ET Q q 0 0 0 rg BT 412.21 124.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.10 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 443.84 124.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 471.58 124.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.10 124.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.10 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 504.84 124.10 Td (were ) Tj ET Q q 0 0 0 rg BT 527.01 124.10 Td (repaid ) Tj ET Q q 0 0 0 rg BT 554.73 124.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.10 Td (full ) Tj ET Q q 0 0 0 rg BT 65.89 112.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.38 112.10 Td (November30, ) Tj ET Q q 0 0 0 rg BT 138.09 112.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.09 112.10 Td (, ) Tj ET Q q 0 0 0 rg BT 163.09 112.10 Td (from ) Tj ET Q q 0 0 0 rg BT 185.03 112.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.74 112.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 237.78 112.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.61 112.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.32 112.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 287.49 112.10 Td (C ) Tj ET Q q 0 0 0 rg BT 296.66 112.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 324.81 112.10 Td (The ) Tj ET Q q 0 0 0 rg BT 342.86 112.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 372.57 112.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 410.61 112.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 447.00 112.10 Td (of ) Tj ET Q q 0 0 0 rg BT 457.83 112.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.54 112.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 499.48 112.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 523.09 112.10 Td (are ) Tj ET Q q 0 0 0 rg BT 537.79 112.10 Td (due ) Tj ET Q q 0 0 0 rg BT 554.73 112.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.10 Td (full ) Tj ET Q q 0 0 0 rg BT 65.89 100.10 Td (on ) Tj ET Q q 0 0 0 rg BT 78.39 100.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.10 100.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 136.14 100.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 172.52 100.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 195.56 100.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.50 100.10 Td (may ) Tj ET Q q 0 0 0 rg BT 232.22 100.10 Td (not ) Tj ET Q q 0 0 0 rg BT 247.50 100.10 Td (be ) Tj ET Q q 0 0 0 rg BT 259.44 100.10 Td (prepaid.) 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 (The ) Tj ET Q q 0 0 0 rg BT 67.91 740.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 99.58 740.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 141.32 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.62 740.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 195.92 740.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 218.22 740.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 256.55 740.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 303.84 740.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 340.03 740.10 Td (customary ) Tj ET Q q 0 0 0 rg BT 384.55 740.10 Td (events ) Tj ET Q q 0 0 0 rg BT 412.96 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.15 740.10 Td (default ) Tj ET Q q 0 0 0 rg BT 454.78 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.08 740.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 514.93 740.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 535.29 740.10 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.15 728.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 103.21 728.10 Td (require ) Tj ET Q q 0 0 0 rg BT 134.63 728.10 Td (us ) Tj ET Q q 0 0 0 rg BT 146.62 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.51 728.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 195.60 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 203.15 728.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 245.14 728.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 298.79 728.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 334.11 728.10 Td (net ) Tj ET Q q 0 0 0 rg BT 349.43 728.10 Td (worth ) Tj ET Q q 0 0 0 rg BT 375.87 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.41 728.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 435.41 728.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 479.61 728.10 Td (net ) Tj ET Q q 0 0 0 rg BT 494.93 728.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 527.19 728.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 549.18 728.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 85.63 716.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 106.22 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.92 716.10 Td (require ) Tj ET Q q 0 0 0 rg BT 153.50 716.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 206.30 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.89 716.10 Td (a ) Tj ET Q q 0 0 0 rg BT 223.60 716.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 264.75 716.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 285.34 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.94 716.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 335.97 716.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 356.00 716.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 376.60 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 386.64 716.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 409.46 716.10 Td (char) Tj ET Q q 0 0 0 rg BT 426.48 716.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 444.41 716.10 Td (W) Tj ET Q q 0 0 0 rg BT 453.45 716.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 466.27 716.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 496.86 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 506.90 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.38 716.10 Td (net ) Tj ET Q q 0 0 0 rg BT 535.86 716.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (covenant, ) Tj ET Q q 0 0 0 rg BT 90.50 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 106.24 704.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 126.44 704.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 154.94 704.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 181.78 704.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 225.30 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 234.38 704.10 Td (required ) Tj ET Q q 0 0 0 rg BT 270.10 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.29 704.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 317.69 704.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 358.99 704.10 Td (net ) Tj ET Q q 0 0 0 rg BT 373.62 704.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 402.68 704.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.42 704.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 435.83 704.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.72 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 469.10 704.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.50 704.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 540.00 704.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 704.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.66 692.10 Td (were ) Tj ET Q q 0 0 0 rg BT 85.59 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.87 692.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 144.46 692.10 Td (with ) Tj ET Q q 0 0 0 rg BT 164.73 692.10 Td (all ) Tj ET Q q 0 0 0 rg BT 177.23 692.10 Td (covenants.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (Contractual Obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.44 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.26 644.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 103.19 644.10 Td (course ) Tj ET Q q 0 0 0 rg BT 130.89 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.83 644.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 178.83 644.10 Td (we ) Tj ET Q q 0 0 0 rg BT 192.09 644.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 213.68 644.10 Td (into ) Tj ET Q q 0 0 0 rg BT 230.84 644.10 Td (various ) Tj ET Q q 0 0 0 rg BT 261.89 644.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 307.91 644.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 353.96 644.10 Td (that ) Tj ET Q q 0 0 0 rg BT 370.56 644.10 Td (may ) Tj ET Q q 0 0 0 rg BT 389.38 644.10 Td (require ) Tj ET Q q 0 0 0 rg BT 419.30 644.10 Td (future ) Tj ET Q q 0 0 0 rg BT 444.79 644.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 464.16 644.10 Td (payments. ) Tj ET Q q 0 0 0 rg BT 506.48 644.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.63 644.10 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (table ) Tj ET Q q 0 0 0 rg BT 71.28 632.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 121.38 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.94 632.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 182.70 632.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 218.93 632.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.49 632.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 286.92 632.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.92 632.10 Td (, ) Tj ET Q q 0 0 0 rg BT 311.76 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 321.88 632.10 Td (total ) Tj ET Q q 0 0 0 rg BT 342.00 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.78 632.10 Td (by ) Tj ET Q q 0 0 0 rg BT 371.12 632.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 414.01 632.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 447.24 632.10 Td (. ) Tj ET Q q 0 0 0 rg BT 452.08 632.10 Td (Excluded ) Tj ET Q q 0 0 0 rg BT 492.19 632.10 Td (from ) Tj ET Q q 0 0 0 rg BT 513.97 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.53 632.10 Td (table ) Tj ET Q q 0 0 0 rg BT 550.31 632.10 Td (are ) 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 57.05 620.10 Td (number ) Tj ET Q q 0 0 0 rg BT 90.71 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.15 620.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 149.71 620.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 187.79 620.10 Td (on ) Tj ET Q q 0 0 0 rg BT 200.91 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.23 620.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 269.89 620.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 315.21 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.65 620.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 364.75 620.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 405.63 620.10 Td (that ) Tj ET Q q 0 0 0 rg BT 423.74 620.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 464.05 620.10 Td (are ) Tj ET Q q 0 0 0 rg BT 479.37 620.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 524.14 620.10 Td (in ) Tj ET Q q 0 0 0 rg BT 535.03 620.10 Td (nature, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.47 608.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 122.21 608.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 162.18 608.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 214.64 608.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 245.17 608.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 287.09 608.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 330.94 608.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 378.70 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.34 608.10 Td (other ) Tj ET Q q 0 0 0 rg BT 418.08 608.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 455.27 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.91 608.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 505.20 608.10 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 546.95 608.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 85.86 596.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 126.66 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 136.91 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.61 596.10 Td (table ) Tj ET Q q 0 0 0 rg BT 173.52 596.10 Td (below ) Tj ET Q q 0 0 0 rg BT 200.43 596.10 Td (may ) Tj ET Q q 0 0 0 rg BT 220.13 596.10 Td (not ) Tj ET Q q 0 0 0 rg BT 235.38 596.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 282.28 596.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 310.29 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 326.10 596.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 352.45 596.10 Td (future ) Tj ET Q q 0 0 0 rg BT 378.80 596.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 399.05 596.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 432.63 596.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 489.81 596.10 Td (because ) Tj ET Q q 0 0 0 rg BT 523.93 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.63 596.10 Td (actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 78.11 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.94 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.66 584.10 Td (future ) Tj ET Q q 0 0 0 rg BT 130.04 584.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 170.86 584.10 Td (made ) Tj ET Q q 0 0 0 rg BT 195.02 584.10 Td (may ) Tj ET Q q 0 0 0 rg BT 214.73 584.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 235.00 584.10 Td (from ) Tj ET Q q 0 0 0 rg BT 256.94 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.66 584.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 297.48 584.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 344.40 584.10 Td (obligation. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 537.60 159.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.00 537.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 537.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 537.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 537.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 537.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 537.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 537.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 537.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 537.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 513.60 159.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.00 513.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 513.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 513.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 513.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 513.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 513.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 513.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 513.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 513.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 489.60 159.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.00 489.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 489.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 489.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 489.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 489.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 489.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 489.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 489.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 489.60 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 209 537.6 m 269 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 537.6 m 338 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 537.6 m 407 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 537.6 m 475 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 537.6 m 544 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209 537.6 m 269 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 537.6 m 338 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 537.6 m 407 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 537.6 m 475 537.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.00 559.12 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.00 559.12 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 552.35 Td (2021 and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 541.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.50 547.12 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.80 547.12 Td ( - 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.80 547.12 Td ( - 2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.30 540.35 Td (ther) Tj ET Q q 0 0 0 rg BT 440.89 540.35 Td (eafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.05 547.12 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 528.22 Td (Operating lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.50 528.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 528.22 Td (12.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 528.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 528.22 Td (19.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 528.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 528.22 Td (17.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 528.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 528.22 Td (17.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.50 528.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 528.22 Td (68.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 516.22 Td (Purchase commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 516.22 Td (19.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 516.22 Td (17.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 516.22 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 516.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 516.22 Td (37.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 504.22 Td (Investment commitments \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 504.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 504.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 504.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 504.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 504.22 Td (32.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 492.22 Td (Loan commitments \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 492.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 492.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 492.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 492.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 492.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 480.22 Td (Senior notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 480.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 480.22 Td (175.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 480.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 480.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 480.22 Td (175.0) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 464.30 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 464.30 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 67.50 453.50 Td (opportunities. Investment commitments consist of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.48 453.50 Td ($22.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.48 453.50 Td ( to an affiliated mer) Tj ET Q q 0 0 0 rg BT 366.64 453.50 Td (chant banking fund, and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.38 453.50 Td ($10.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.38 453.50 Td ( to an affiliated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 442.70 Td (fund, which pr) Tj ET Q q 0 0 0 rg BT 119.42 442.70 Td (ovides financing to senior living facilities.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 428.90 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 428.90 Td (W) Tj ET Q q 0 0 0 rg BT 74.17 428.90 Td (e may commit to bridge loan financing for our clients. W) Tj ET Q q 0 0 0 rg BT 278.07 428.90 Td (e ar) Tj ET Q q 0 0 0 rg BT 291.98 428.90 Td (e unable to estimate the timing on the funding of these commitments and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 418.10 Td (had no commitments outstanding at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.25 418.10 Td (December31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.98 418.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 87.68 394.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 144.20 394.10 Td (include ) Tj ET Q q 0 0 0 rg BT 175.72 394.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 223.33 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.19 394.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 270.81 394.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 296.79 394.10 Td (or ) Tj ET Q q 0 0 0 rg BT 307.20 394.10 Td (services ) Tj ET Q q 0 0 0 rg BT 341.49 394.10 Td (that ) Tj ET Q q 0 0 0 rg BT 358.57 394.10 Td (are ) Tj ET Q q 0 0 0 rg BT 372.86 394.10 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 421.57 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.09 394.10 Td (legally ) Tj ET Q q 0 0 0 rg BT 467.39 394.10 Td (binding ) Tj ET Q q 0 0 0 rg BT 500.02 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.55 394.10 Td (that ) Tj ET Q q 0 0 0 rg BT 533.62 394.10 Td (specify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (all ) Tj ET Q q 0 0 0 rg BT 61.61 382.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 105.94 382.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 132.78 382.10 Td (including ) Tj ET Q q 0 0 0 rg BT 172.67 382.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 195.33 382.10 Td (or ) Tj ET Q q 0 0 0 rg BT 205.78 382.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 246.79 382.10 Td (quantities ) Tj ET Q q 0 0 0 rg BT 287.79 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.69 382.10 Td (be ) Tj ET Q q 0 0 0 rg BT 309.25 382.10 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 354.40 382.10 Td (fixed, ) Tj ET Q q 0 0 0 rg BT 379.57 382.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 420.58 382.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.02 382.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 465.34 382.10 Td (price ) Tj ET Q q 0 0 0 rg BT 487.45 382.10 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 533.74 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 382.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 101.87 370.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 130.37 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.09 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.70 370.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 204.46 370.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 242.95 370.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 299.78 370.10 Td (with ) Tj ET Q q 0 0 0 rg BT 319.95 370.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 354.54 370.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 385.26 370.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 429.32 370.10 Td (are ) Tj ET Q q 0 0 0 rg BT 443.91 370.10 Td (included ) Tj ET Q q 0 0 0 rg BT 480.74 370.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.91 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.51 370.10 Td (table ) Tj ET Q q 0 0 0 rg BT 527.34 370.10 Td (based ) Tj ET Q q 0 0 0 rg BT 552.50 370.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.42 358.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 106.01 358.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 153.13 358.10 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 192.21 358.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 224.34 358.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 262.58 358.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 319.72 358.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 351.85 358.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 400.65 358.10 Td (or ) Tj ET Q q 0 0 0 rg BT 411.68 358.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 446.02 358.10 Td (provisions. ) Tj ET Q q 0 0 0 rg BT 492.70 358.10 Td (The ) Tj ET Q q 0 0 0 rg BT 510.94 358.10 Td (table ) Tj ET Q q 0 0 0 rg BT 533.08 358.10 Td (reflects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 346.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 105.61 346.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 152.53 346.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 188.91 346.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 214.19 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 224.47 346.10 Td (be ) Tj ET Q q 0 0 0 rg BT 236.40 346.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 256.12 346.10 Td (under ) Tj ET Q q 0 0 0 rg BT 281.39 346.10 Td (these ) Tj ET Q q 0 0 0 rg BT 304.44 346.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 352.47 346.10 Td (assuming ) Tj ET Q q 0 0 0 rg BT 392.75 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.46 346.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 446.06 346.10 Td (are ) Tj ET Q q 0 0 0 rg BT 460.76 346.10 Td (not ) Tj ET Q q 0 0 0 rg BT 476.04 346.10 Td (terminated.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (Capital Requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.16 298.10 Td (a ) Tj ET Q q 0 0 0 rg BT 70.14 298.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 112.11 298.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 140.76 298.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 167.73 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.71 298.10 Td (member ) Tj ET Q q 0 0 0 rg BT 220.02 298.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 239.78 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.66 298.10 Td (FINRA, ) Tj ET Q q 0 0 0 rg BT 285.71 298.10 Td (our ) Tj ET Q q 0 0 0 rg BT 301.58 298.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 321.91 298.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 350.55 298.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 377.52 298.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 421.18 298.10 Td (is ) Tj ET Q q 0 0 0 rg BT 430.39 298.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 461.26 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.59 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.35 298.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 521.11 298.10 Td (net ) Tj ET Q q 0 0 0 rg BT 535.87 298.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 67.92 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 79.13 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.22 286.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 115.43 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.75 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.84 286.10 Td (net ) Tj ET Q q 0 0 0 rg BT 162.93 286.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 192.46 286.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 210.88 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.08 286.10 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 257.25 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 265.89 286.10 Td (e ) Tj ET Q q 0 0 0 rg BT 273.21 286.10 Td (have ) Tj ET Q q 0 0 0 rg BT 294.96 286.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 326.14 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.80 286.10 Td (use ) Tj ET Q q 0 0 0 rg BT 353.00 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.09 286.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 413.17 286.10 Td (method ) Tj ET Q q 0 0 0 rg BT 446.04 286.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 487.23 286.10 Td (by ) Tj ET Q q 0 0 0 rg BT 500.11 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.20 286.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 550.29 286.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 78.97 274.10 Td (rule, ) Tj ET Q q 0 0 0 rg BT 99.84 274.10 Td (which ) Tj ET Q q 0 0 0 rg BT 127.11 274.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 162.14 274.10 Td (that ) Tj ET Q q 0 0 0 rg BT 179.96 274.10 Td (we ) Tj ET Q q 0 0 0 rg BT 194.44 274.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 232.25 274.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 273.97 274.10 Td (net ) Tj ET Q q 0 0 0 rg BT 289.01 274.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 318.48 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 329.64 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.68 274.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 375.26 274.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.41 274.10 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 406.73 274.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.63 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.45 274.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.60 274.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 457.43 274.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.85 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 489.67 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.83 274.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 542.51 274.10 Td (debit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 86.14 262.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 115.56 262.10 Td (from ) Tj ET Q q 0 0 0 rg BT 137.21 262.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 176.08 262.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 228.56 262.10 Td (as ) Tj ET Q q 0 0 0 rg BT 239.10 262.10 Td (this ) Tj ET Q q 0 0 0 rg BT 255.76 262.10 Td (is ) Tj ET Q q 0 0 0 rg BT 264.64 262.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 296.84 262.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.83 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.26 262.10 Td (rule. ) Tj ET Q q 0 0 0 rg BT 341.52 262.10 Td (FINRA) Tj ET Q q 0 0 0 rg BT 370.97 262.10 Td ( ) Tj ET Q q 0 0 0 rg BT 373.18 262.10 Td (may ) Tj ET Q q 0 0 0 rg BT 392.61 262.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 426.49 262.10 Td (a ) Tj ET Q q 0 0 0 rg BT 433.14 262.10 Td (member ) Tj ET Q q 0 0 0 rg BT 468.11 262.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 487.54 262.10 Td (from ) Tj ET Q q 0 0 0 rg BT 509.19 262.10 Td (expanding ) Tj ET Q q 0 0 0 rg BT 553.06 262.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (business ) Tj ET Q q 0 0 0 rg BT 85.16 250.10 Td (or ) Tj ET Q q 0 0 0 rg BT 95.26 250.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 124.25 250.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 164.91 250.10 Td (if ) Tj ET Q q 0 0 0 rg BT 172.78 250.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 209.55 250.10 Td (net ) Tj ET Q q 0 0 0 rg BT 223.54 250.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 251.96 250.10 Td (would ) Tj ET Q q 0 0 0 rg BT 278.73 250.10 Td (be ) Tj ET Q q 0 0 0 rg BT 289.93 250.10 Td (less ) Tj ET Q q 0 0 0 rg BT 306.70 250.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.69 250.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 332.46 250.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.89 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.66 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.76 250.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 414.39 250.10 Td (debit ) Tj ET Q q 0 0 0 rg BT 436.15 250.10 Td (balances. ) Tj ET Q q 0 0 0 rg BT 474.46 250.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 515.65 250.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.20 250.10 Td (af) Tj ET Q q 0 0 0 rg BT 532.79 250.10 Td (filiates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (repayment ) Tj ET Q q 0 0 0 rg BT 93.17 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.97 238.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 156.10 238.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 197.28 238.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 233.75 238.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 273.54 238.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.45 238.10 Td (other ) Tj ET Q q 0 0 0 rg BT 311.47 238.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 337.93 238.10 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 388.28 238.10 Td (are ) Tj ET Q q 0 0 0 rg BT 401.96 238.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 431.75 238.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.00 238.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 469.67 238.10 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 512.52 238.10 Td (notifications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.64 226.10 Td (other ) Tj ET Q q 0 0 0 rg BT 89.88 226.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 134.25 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 145.27 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.19 226.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 195.10 226.10 Td (net ) Tj ET Q q 0 0 0 rg BT 210.01 226.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 239.36 226.10 Td (rules. ) Tj ET Q q 0 0 0 rg BT 263.80 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 272.44 226.10 Td (e ) Tj ET Q q 0 0 0 rg BT 279.57 226.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 308.36 226.10 Td (that ) Tj ET Q q 0 0 0 rg BT 326.06 226.10 Td (these ) Tj ET Q q 0 0 0 rg BT 349.30 226.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 393.67 226.10 Td (will ) Tj ET Q q 0 0 0 rg BT 411.92 226.10 Td (not ) Tj ET Q q 0 0 0 rg BT 427.39 226.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 457.30 226.10 Td (our ) Tj ET Q q 0 0 0 rg BT 473.33 226.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 501.58 226.10 Td (to ) Tj ET Q q 0 0 0 rg BT 512.05 226.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 534.18 226.10 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.68 214.10 Td (future ) Tj ET Q q 0 0 0 rg BT 93.30 214.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 142.38 214.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.12 214.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 213.94 214.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.94 214.10 Td (, ) Tj ET Q q 0 0 0 rg BT 239.18 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 255.25 214.10 Td (net ) Tj ET Q q 0 0 0 rg BT 270.21 214.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 299.60 214.10 Td (under ) Tj ET Q q 0 0 0 rg BT 325.11 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.07 214.10 Td (SEC) Tj ET Q q 0 0 0 rg BT 361.19 214.10 Td (s ) Tj ET Q q 0 0 0 rg BT 367.82 214.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 402.78 214.10 Td (net ) Tj ET Q q 0 0 0 rg BT 417.73 214.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 447.13 214.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 465.41 214.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.71 214.10 Td ($187.9 ) Tj ET Q q 0 0 0 rg BT 513.95 214.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.84 214.10 Td (, ) Tj ET Q q 0 0 0 rg BT 548.08 214.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 89.19 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.91 202.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 145.30 202.10 Td (net ) Tj ET Q q 0 0 0 rg BT 160.02 202.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 189.17 202.10 Td (required ) Tj ET Q q 0 0 0 rg BT 224.98 202.10 Td (under ) Tj ET Q q 0 0 0 rg BT 250.25 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.97 202.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 285.81 202.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 303.86 202.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.36 202.10 Td ($186.9 ) Tj ET Q q 0 0 0 rg BT 346.36 202.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 202.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 89.75 178.10 Td (we ) Tj ET Q q 0 0 0 rg BT 103.89 178.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 135.79 178.10 Td (with ) Tj ET Q q 0 0 0 rg BT 156.04 178.10 Td (a ) Tj ET Q q 0 0 0 rg BT 162.95 178.10 Td (level ) Tj ET Q q 0 0 0 rg BT 184.86 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.67 178.10 Td (net ) Tj ET Q q 0 0 0 rg BT 210.36 178.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 239.48 178.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 292.51 178.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 322.74 178.10 Td (than ) Tj ET Q q 0 0 0 rg BT 342.43 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.12 178.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 398.49 178.10 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 442.07 178.10 Td (established ) Tj ET Q q 0 0 0 rg BT 488.98 178.10 Td (by ) Tj ET Q q 0 0 0 rg BT 501.45 178.10 Td (FINRA) Tj ET Q q 0 0 0 rg BT 530.90 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 533.38 178.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 178.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 72.84 166.10 Td (a ) Tj ET Q q 0 0 0 rg BT 79.78 166.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 125.05 166.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 165.32 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.15 166.10 Td (our ) Tj ET Q q 0 0 0 rg BT 191.98 166.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 221.13 166.10 Td (would ) Tj ET Q q 0 0 0 rg BT 248.63 166.10 Td (curtail ) Tj ET Q q 0 0 0 rg BT 276.67 166.10 Td (many ) Tj ET Q q 0 0 0 rg BT 301.38 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.21 166.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.04 166.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 359.43 166.10 Td (Markets ) Tj ET Q q 0 0 0 rg BT 394.70 166.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 428.84 166.10 Td (producing ) Tj ET Q q 0 0 0 rg BT 471.89 166.10 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.65 142.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 119.88 142.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.88 142.10 Td (, ) Tj ET Q q 0 0 0 rg BT 144.53 142.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 167.79 142.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 179.27 142.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 197.51 142.10 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 218.55 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 234.03 142.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 262.27 142.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 288.85 142.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 332.10 142.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 373.67 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.60 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.97 142.10 Td (United ) Tj ET Q q 0 0 0 rg BT 427.33 142.10 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 469.76 142.10 Td (was ) Tj ET Q q 0 0 0 rg BT 487.46 142.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 517.93 142.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 530.36 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 546.95 142.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.35 130.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 107.52 130.10 Td (with, ) Tj ET Q q 0 0 0 rg BT 129.87 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.16 130.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 172.89 130.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 227.17 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 237.57 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.86 130.10 Td (Prudential ) Tj ET Q q 0 0 0 rg BT 295.04 130.10 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 340.54 130.10 Td (Authority ) Tj ET Q q 0 0 0 rg BT 381.50 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.02 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.31 130.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 451.60 130.10 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 487.10 130.10 Td (Authority ) Tj ET Q q 0 0 0 rg BT 528.06 130.10 Td (pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 118.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 114.21 118.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 150.03 118.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 166.97 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.80 118.10 Td (2012.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 72.73 94.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.21 94.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 102.43 94.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 126.77 94.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 151.12 94.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 184.90 94.10 Td (is ) Tj ET Q q 0 0 0 rg BT 193.69 94.10 Td (licensed ) Tj ET Q q 0 0 0 rg BT 228.57 94.10 Td (by ) Tj ET Q q 0 0 0 rg BT 240.70 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.03 94.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 279.38 94.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 303.72 94.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 345.28 94.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.84 94.10 Td (Futures ) Tj ET Q q 0 0 0 rg BT 393.96 94.10 Td (Commission, ) Tj ET Q q 0 0 0 rg BT 449.15 94.10 Td (which ) Tj ET Q q 0 0 0 rg BT 475.71 94.10 Td (is ) Tj ET Q q 0 0 0 rg BT 484.50 94.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 514.94 94.10 Td (to ) Tj ET Q q 0 0 0 rg BT 524.84 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.18 94.10 Td (liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.92 82.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 135.88 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.98 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.96 82.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 207.16 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.36 82.10 Td (Futures ) Tj ET Q q 0 0 0 rg BT 259.12 82.10 Td (\(Financial ) Tj ET Q q 0 0 0 rg BT 303.43 82.10 Td (Resources\) ) Tj ET Q q 0 0 0 rg BT 351.62 82.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 374.28 82.10 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 428.58 82.10 Td (under ) Tj ET Q q 0 0 0 rg BT 455.12 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.10 82.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 514.29 82.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.50 82.10 Td (Futures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (Ordinance. ) Tj ET Q q 0 0 0 rg BT 95.76 70.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.48 70.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 167.27 70.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.27 70.10 Td (, ) Tj ET Q q 0 0 0 rg BT 192.49 70.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 216.31 70.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 227.79 70.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 246.61 70.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 271.54 70.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 296.48 70.10 Td (Limited ) Tj ET Q q 0 0 0 rg BT 330.85 70.10 Td (was ) Tj ET Q q 0 0 0 rg BT 349.12 70.10 Td (in ) Tj ET Q q 0 0 0 rg BT 359.61 70.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 408.42 70.10 Td (with ) Tj ET Q q 0 0 0 rg BT 428.91 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.84 70.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 469.89 70.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 499.26 70.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 554.17 70.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 58.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 88.94 58.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 113.66 58.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 155.59 58.10 Td (and ) Tj ET Q q 0 0 0 rg BT 172.53 58.10 Td (Futures ) Tj ET Q q 0 0 0 rg BT 205.03 58.10 Td (Commission.) 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102.38 523.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 132.92 523.05 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 172.59 523.05 Td (which ) Tj ET Q q 0 0 0 rg BT 193.80 523.05 Td (is ) Tj ET Q q 0 0 0 rg BT 201.24 523.05 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 233.56 523.05 Td (by ) Tj ET Q q 0 0 0 rg BT 243.21 523.05 Td (collateral ) Tj ET Q q 0 0 0 rg BT 276.42 523.05 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 306.74 523.05 Td (In ) Tj ET Q q 0 0 0 rg BT 315.51 523.05 Td (addition, ) Tj ET Q q 0 0 0 rg BT 346.28 523.05 Td (we ) Tj ET Q q 0 0 0 rg BT 357.27 523.05 Td (have ) Tj ET Q q 0 0 0 rg BT 374.47 523.05 Td (a ) Tj ET Q q 0 0 0 rg BT 380.58 523.05 Td (limited ) Tj ET Q q 0 0 0 rg BT 404.90 523.05 Td (number ) Tj ET Q q 0 0 0 rg BT 431.44 523.05 Td (of ) Tj ET Q q 0 0 0 rg BT 439.77 523.05 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 488.53 523.05 Td (\(contractual ) Tj ET Q q 0 0 0 rg BT 530.18 523.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 556.28 523.05 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 513.45 Td ($186.4 ) Tj ET Q q 0 0 0 rg BT 91.76 513.45 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 114.43 513.45 Td ( ) Tj ET Q q 0 0 0 rg BT 116.69 513.45 Td (at ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 125.17 513.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 172.30 513.45 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 188.30 513.45 Td (\) ) 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 (2015) 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 ($24.4 ) 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 ($16.9 ) 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 (2015) 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 (2014) 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 ($31.8 ) Tj ET Q q 0 0 0 rg BT 539.84 472.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 562.51 472.05 Td ( ) Tj ET Q 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 ($37.0 ) 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 (6) 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 (Loan 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 65.08 293.85 Td (may ) Tj ET Q q 0 0 0 rg BT 84.79 293.85 Td (commit ) Tj ET Q q 0 0 0 rg BT 117.84 293.85 Td (to ) Tj ET Q q 0 0 0 rg BT 128.12 293.85 Td (bridge ) Tj ET Q q 0 0 0 rg BT 156.17 293.85 Td (loan ) Tj ET Q q 0 0 0 rg BT 175.89 293.85 Td (financing ) Tj ET Q q 0 0 0 rg BT 216.15 293.85 Td (for ) Tj ET Q q 0 0 0 rg BT 230.31 293.85 Td (our ) Tj ET Q q 0 0 0 rg BT 246.14 293.85 Td (clients. ) Tj ET Q q 0 0 0 rg BT 277.06 293.85 Td (W) Tj ET Q q 0 0 0 rg BT 285.70 293.85 Td (e ) Tj ET Q q 0 0 0 rg BT 292.64 293.85 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.58 293.85 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.58 293.85 Td ( ) Tj ET Q q 0 0 0 rg BT 322.08 293.85 Td (loan ) Tj ET Q q 0 0 0 rg BT 341.79 293.85 Td (commitments ) Tj ET Q q 0 0 0 rg BT 398.73 293.85 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 447.90 293.85 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.62 293.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 516.20 293.85 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.20 293.85 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 269.85 Td (Investment ) Tj ET Q q 0 0 0 rg BT 97.56 269.85 Td (Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.85 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.57 245.85 Td (private ) Tj ET Q q 0 0 0 rg BT 97.86 245.85 Td (equity ) Tj ET Q q 0 0 0 rg BT 125.37 245.85 Td (and ) Tj ET Q q 0 0 0 rg BT 142.33 245.85 Td (principal ) Tj ET Q q 0 0 0 rg BT 180.40 245.85 Td (investments, ) Tj ET Q q 0 0 0 rg BT 233.19 245.85 Td (including ) Tj ET Q q 0 0 0 rg BT 273.48 245.85 Td (those ) Tj ET Q q 0 0 0 rg BT 297.11 245.85 Td (made ) Tj ET Q q 0 0 0 rg BT 321.29 245.85 Td (as ) Tj ET Q q 0 0 0 rg BT 332.14 245.85 Td (part ) Tj ET Q q 0 0 0 rg BT 350.21 245.85 Td (of ) Tj ET Q q 0 0 0 rg BT 361.06 245.85 Td (our ) Tj ET Q q 0 0 0 rg BT 376.91 245.85 Td (merchant ) Tj ET Q q 0 0 0 rg BT 416.63 245.85 Td (banking ) Tj ET Q q 0 0 0 rg BT 451.37 245.85 Td (activities, ) Tj ET Q q 0 0 0 rg BT 492.49 245.85 Td (are ) Tj ET Q q 0 0 0 rg BT 507.22 245.85 Td (made ) Tj ET Q q 0 0 0 rg BT 531.40 245.85 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.85 Td (investments ) Tj ET Q q 0 0 0 rg BT 100.00 233.85 Td (in ) Tj ET Q q 0 0 0 rg BT 110.51 233.85 Td (various ) Tj ET Q q 0 0 0 rg BT 142.68 233.85 Td (limited ) Tj ET Q q 0 0 0 rg BT 173.74 233.85 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 225.34 233.85 Td (or ) Tj ET Q q 0 0 0 rg BT 236.40 233.85 Td (limited ) Tj ET Q q 0 0 0 rg BT 267.46 233.85 Td (liability ) Tj ET Q q 0 0 0 rg BT 301.30 233.85 Td (companies ) Tj ET Q q 0 0 0 rg BT 346.79 233.85 Td (that ) Tj ET Q q 0 0 0 rg BT 364.52 233.85 Td (provide ) Tj ET Q q 0 0 0 rg BT 397.80 233.85 Td (financing ) Tj ET Q q 0 0 0 rg BT 438.29 233.85 Td (or ) Tj ET Q q 0 0 0 rg BT 449.35 233.85 Td (make ) Tj ET Q q 0 0 0 rg BT 473.73 233.85 Td (investments ) Tj ET Q q 0 0 0 rg BT 524.24 233.85 Td (in ) Tj ET Q q 0 0 0 rg BT 534.74 233.85 Td (private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.85 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.54 221.85 Td (funds. ) Tj ET Q q 0 0 0 rg BT 103.17 221.85 Td (W) Tj ET Q q 0 0 0 rg BT 111.80 221.85 Td (e ) Tj ET Q q 0 0 0 rg BT 118.29 221.85 Td (commit ) Tj ET Q q 0 0 0 rg BT 150.89 221.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 179.59 221.85 Td (or ) Tj ET Q q 0 0 0 rg BT 189.97 221.85 Td (act ) Tj ET Q q 0 0 0 rg BT 203.67 221.85 Td (as ) Tj ET Q q 0 0 0 rg BT 214.05 221.85 Td (the ) Tj ET Q q 0 0 0 rg BT 228.31 221.85 Td (managing ) Tj ET Q q 0 0 0 rg BT 269.80 221.85 Td (partner ) Tj ET Q q 0 0 0 rg BT 300.16 221.85 Td (of ) Tj ET Q q 0 0 0 rg BT 310.54 221.85 Td (these ) Tj ET Q q 0 0 0 rg BT 333.13 221.85 Td (entities. ) Tj ET Q q 0 0 0 rg BT 366.56 221.85 Td (For ) Tj ET Q q 0 0 0 rg BT 382.50 221.85 Td (a ) Tj ET Q q 0 0 0 rg BT 388.99 221.85 Td (complete ) Tj ET Q q 0 0 0 rg BT 427.69 221.85 Td (discussion ) Tj ET Q q 0 0 0 rg BT 471.41 221.85 Td (of ) Tj ET Q q 0 0 0 rg BT 481.79 221.85 Td (our ) Tj ET Q q 0 0 0 rg BT 497.16 221.85 Td (activities ) Tj ET Q q 0 0 0 rg BT 535.31 221.85 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.85 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 209.85 Td (these ) Tj ET Q q 0 0 0 rg BT 82.83 209.85 Td (types ) Tj ET Q q 0 0 0 rg BT 106.43 209.85 Td (of ) Tj ET Q q 0 0 0 rg BT 117.26 209.85 Td (entities, ) Tj ET Q q 0 0 0 rg BT 151.15 209.85 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.41 209.85 Td (Note ) Tj ET Q q 0 0 0 rg BT 188.35 209.85 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.35 209.85 Td (, ) Tj ET Q q 0 0 0 rg BT 198.35 209.85 Td (") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.43 209.85 Td (V) Tj ET Q q 0 0 0 rg BT 208.55 209.85 Td (ariable ) Tj ET Q q 0 0 0 rg BT 238.25 209.85 Td (Interest ) Tj ET Q q 0 0 0 rg BT 270.74 209.85 Td (Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.29 209.85 Td (," ) Tj ET Q q 0 0 0 rg BT 310.37 209.85 Td (in ) Tj ET Q q 0 0 0 rg BT 320.65 209.85 Td (the ) Tj ET Q q 0 0 0 rg BT 335.36 209.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 358.97 209.85 Td (to ) Tj ET Q q 0 0 0 rg BT 369.25 209.85 Td (our ) Tj ET Q q 0 0 0 rg BT 385.08 209.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 438.12 209.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 475.60 209.85 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.85 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 185.85 Td (e ) Tj ET Q q 0 0 0 rg BT 64.68 185.85 Td (have ) Tj ET Q q 0 0 0 rg BT 85.66 185.85 Td (committed ) Tj ET Q q 0 0 0 rg BT 130.53 185.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 159.28 185.85 Td (to ) Tj ET Q q 0 0 0 rg BT 169.16 185.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 198.46 185.85 Td (entities ) Tj ET Q q 0 0 0 rg BT 229.45 185.85 Td (and ) Tj ET Q q 0 0 0 rg BT 245.99 185.85 Td (these ) Tj ET Q q 0 0 0 rg BT 268.64 185.85 Td (commitments ) Tj ET Q q 0 0 0 rg BT 325.18 185.85 Td (generally ) Tj ET Q q 0 0 0 rg BT 364.48 185.85 Td (have ) Tj ET Q q 0 0 0 rg BT 385.46 185.85 Td (no ) Tj ET Q q 0 0 0 rg BT 397.56 185.85 Td (specified ) Tj ET Q q 0 0 0 rg BT 435.76 185.85 Td (call ) Tj ET Q q 0 0 0 rg BT 452.30 185.85 Td (dates. ) Tj ET Q q 0 0 0 rg BT 477.29 185.85 Td (W) Tj ET Q q 0 0 0 rg BT 485.93 185.85 Td (e ) Tj ET Q q 0 0 0 rg BT 492.47 185.85 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.01 185.85 Td ($32.8 ) Tj ET Q q 0 0 0 rg BT 533.61 185.85 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 185.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.85 Td (of ) Tj ET Q q 0 0 0 rg BT 60.98 173.85 Td (commitments ) Tj ET Q q 0 0 0 rg BT 118.58 173.85 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 168.39 173.85 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.76 173.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 238.00 173.85 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.00 173.85 Td (, ) Tj ET Q q 0 0 0 rg BT 263.65 173.85 Td (of ) Tj ET Q q 0 0 0 rg BT 275.14 173.85 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.73 173.85 Td ($22.3 ) Tj ET Q q 0 0 0 rg BT 328.38 173.85 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.27 173.85 Td ( ) Tj ET Q q 0 0 0 rg BT 360.43 173.85 Td (relate ) Tj ET Q q 0 0 0 rg BT 385.78 173.85 Td (to ) Tj ET Q q 0 0 0 rg BT 396.71 173.85 Td (an ) Tj ET Q q 0 0 0 rg BT 409.31 173.85 Td (af) Tj ET Q q 0 0 0 rg BT 416.89 173.85 Td (filiated ) Tj ET Q q 0 0 0 rg BT 448.37 173.85 Td (merchant ) Tj ET Q q 0 0 0 rg BT 488.72 173.85 Td (banking ) Tj ET Q q 0 0 0 rg BT 524.09 173.85 Td (fund, ) Tj ET Q q 0 0 0 rg BT 548.08 173.85 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.85 Td ($10.0 ) Tj ET Q q 0 0 0 rg BT 74.50 161.85 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 161.85 Td ( ) Tj ET Q q 0 0 0 rg BT 105.89 161.85 Td (relate ) Tj ET Q q 0 0 0 rg BT 130.59 161.85 Td (to ) Tj ET Q q 0 0 0 rg BT 140.87 161.85 Td (an ) Tj ET Q q 0 0 0 rg BT 152.81 161.85 Td (af) Tj ET Q q 0 0 0 rg BT 160.40 161.85 Td (filiated ) Tj ET Q q 0 0 0 rg BT 191.22 161.85 Td (fund, ) Tj ET Q q 0 0 0 rg BT 214.55 161.85 Td (which ) Tj ET Q q 0 0 0 rg BT 241.49 161.85 Td (provides ) Tj ET Q q 0 0 0 rg BT 278.43 161.85 Td (financing ) Tj ET Q q 0 0 0 rg BT 318.69 161.85 Td (for ) Tj ET Q q 0 0 0 rg BT 332.85 161.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 359.79 161.85 Td (living ) Tj ET Q q 0 0 0 rg BT 385.62 161.85 Td (facilities.) Tj ET Q endstream endobj 105 0 obj <>] /Rotate 0 /Contents 106 0 R>> endobj 106 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 (52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 740.25 Td (Risk Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 716.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 70.79 716.25 Td (is ) Tj ET Q q 0 0 0 rg BT 79.91 716.25 Td (an ) Tj ET Q q 0 0 0 rg BT 91.80 716.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 127.02 716.25 Td (part ) Tj ET Q q 0 0 0 rg BT 145.01 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.80 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 171.58 716.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 210.24 716.25 Td (The ) Tj ET Q q 0 0 0 rg BT 228.24 716.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 266.23 716.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 287.58 716.25 Td (we ) Tj ET Q q 0 0 0 rg BT 301.69 716.25 Td (face ) Tj ET Q q 0 0 0 rg BT 320.78 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 331.01 716.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 371.23 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 387.01 716.25 Td (business ) Tj ET Q q 0 0 0 rg BT 423.35 716.25 Td (include: ) Tj ET Q q 0 0 0 rg BT 458.02 716.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 494.34 716.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 514.29 716.25 Td (market ) Tj ET Q q 0 0 0 rg BT 544.51 716.25 Td (risk, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 704.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 86.18 704.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 105.96 704.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 131.01 704.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 150.80 704.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 198.06 704.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 217.85 704.25 Td (human ) Tj ET Q q 0 0 0 rg BT 247.35 704.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 276.28 704.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 296.07 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 312.79 704.25 Td (legal, ) Tj ET Q q 0 0 0 rg BT 337.01 704.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 380.39 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 397.11 704.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 445.49 704.25 Td (risks. ) Tj ET Q q 0 0 0 rg BT 469.00 704.25 Td (The ) Tj ET Q q 0 0 0 rg BT 486.83 704.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 513.55 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 523.61 704.25 Td (which ) Tj ET Q q 0 0 0 rg BT 550.34 704.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 692.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 85.76 692.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 118.74 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 135.06 692.25 Td (ef) Tj ET Q q 0 0 0 rg BT 142.64 692.25 Td (fectively ) Tj ET Q q 0 0 0 rg BT 179.50 692.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 212.48 692.25 Td (each ) Tj ET Q q 0 0 0 rg BT 232.67 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 242.88 692.25 Td (these ) Tj ET Q q 0 0 0 rg BT 265.30 692.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 286.08 692.25 Td (is ) Tj ET Q q 0 0 0 rg BT 294.62 692.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 324.26 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 333.92 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 349.13 692.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 385.99 692.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 425.64 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 441.96 692.25 Td (profitability) Tj ET Q q 0 0 0 rg BT 489.08 692.25 Td (. ) Tj ET Q q 0 0 0 rg BT 493.32 692.25 Td (W) Tj ET Q q 0 0 0 rg BT 501.96 692.25 Td (e ) Tj ET Q q 0 0 0 rg BT 508.27 692.25 Td (have ) Tj ET Q q 0 0 0 rg BT 529.03 692.25 Td (a ) Tj ET Q q 0 0 0 rg BT 535.35 692.25 Td (formal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.08 680.25 Td (management ) Tj ET Q q 0 0 0 rg BT 120.26 680.25 Td (process ) Tj ET Q q 0 0 0 rg BT 152.33 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 162.20 680.25 Td (identify) Tj ET Q q 0 0 0 rg BT 192.65 680.25 Td (, ) Tj ET Q q 0 0 0 rg BT 197.24 680.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 223.76 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 240.29 680.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 274.04 680.25 Td (each ) Tj ET Q q 0 0 0 rg BT 294.44 680.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 311.52 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 328.05 680.25 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 371.24 680.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 405.54 680.25 Td (in ) Tj ET Q q 0 0 0 rg BT 415.41 680.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 462.45 680.25 Td (with ) Tj ET Q q 0 0 0 rg BT 482.31 680.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 514.38 680.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 547.57 680.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 668.25 Td (procedures. ) Tj ET Q q 0 0 0 rg BT 99.10 668.25 Td (The ) Tj ET Q q 0 0 0 rg BT 117.58 668.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 135.52 668.25 Td (management ) Tj ET Q q 0 0 0 rg BT 189.55 668.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 229.71 668.25 Td (are ) Tj ET Q q 0 0 0 rg BT 244.86 668.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 296.67 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 307.94 668.25 Td (our ) Tj ET Q q 0 0 0 rg BT 324.21 668.25 Td (business ) Tj ET Q q 0 0 0 rg BT 361.05 668.25 Td (lines. ) Tj ET Q q 0 0 0 rg BT 385.37 668.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 403.87 668.25 Td (management ) Tj ET Q q 0 0 0 rg BT 457.90 668.25 Td (takes ) Tj ET Q q 0 0 0 rg BT 481.38 668.25 Td (an ) Tj ET Q q 0 0 0 rg BT 493.76 668.25 Td (active ) Tj ET Q q 0 0 0 rg BT 520.58 668.25 Td (role ) Tj ET Q q 0 0 0 rg BT 539.06 668.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.78 668.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.50 656.25 Td (management ) Tj ET Q q 0 0 0 rg BT 121.09 656.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 156.08 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 173.02 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.73 656.25 Td (results ) Tj ET Q q 0 0 0 rg BT 216.34 656.25 Td (are ) Tj ET Q q 0 0 0 rg BT 231.05 656.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 266.87 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.14 656.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 304.08 656.25 Td (management ) Tj ET Q q 0 0 0 rg BT 357.67 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.61 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.33 656.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 416.26 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 427.09 656.25 Td (Directors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.66 632.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 89.76 632.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 134.08 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 144.52 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.84 632.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 185.39 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.83 632.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 235.15 632.25 Td (oversees ) Tj ET Q q 0 0 0 rg BT 271.68 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 286.01 632.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 303.12 632.25 Td (management ) Tj ET Q q 0 0 0 rg BT 356.32 632.25 Td (process ) Tj ET Q q 0 0 0 rg BT 388.42 632.25 Td (as ) Tj ET Q q 0 0 0 rg BT 398.86 632.25 Td (well ) Tj ET Q q 0 0 0 rg BT 418.18 632.25 Td (as ) Tj ET Q q 0 0 0 rg BT 428.62 632.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 461.84 632.25 Td (that ) Tj ET Q q 0 0 0 rg BT 478.94 632.25 Td (have ) Tj ET Q q 0 0 0 rg BT 499.93 632.25 Td (been ) Tj ET Q q 0 0 0 rg BT 520.91 632.25 Td (developed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.25 Td (by ) Tj ET Q q 0 0 0 rg BT 63.00 620.25 Td (management ) Tj ET Q q 0 0 0 rg BT 117.08 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 127.86 620.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 162.52 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 179.96 620.25 Td (control ) Tj ET Q q 0 0 0 rg BT 211.28 620.25 Td (our ) Tj ET Q q 0 0 0 rg BT 227.61 620.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 262.26 620.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.24 620.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 318.23 620.25 Td (exposures. ) Tj ET Q q 0 0 0 rg BT 363.72 620.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 382.27 620.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 407.48 620.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 450.46 620.25 Td (Of) Tj ET Q q 0 0 0 rg BT 460.83 620.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 482.14 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 499.58 620.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 524.79 620.25 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 608.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 81.21 608.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 103.16 608.25 Td (with ) Tj ET Q q 0 0 0 rg BT 123.46 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 138.19 608.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 160.71 608.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 205.43 608.25 Td (on ) Tj ET Q q 0 0 0 rg BT 217.95 608.25 Td (a ) Tj ET Q q 0 0 0 rg BT 224.91 608.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 263.53 608.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 286.04 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.34 608.25 Td (discuss ) Tj ET Q q 0 0 0 rg BT 327.75 608.25 Td (our ) Tj ET Q q 0 0 0 rg BT 343.60 608.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 376.39 608.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 401.67 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 418.63 608.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 455.04 608.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 476.45 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 493.41 608.25 Td (other ) Tj ET Q q 0 0 0 rg BT 516.47 608.25 Td (risk-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.25 Td (topics.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 572.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.15 572.25 Td (use ) Tj ET Q q 0 0 0 rg BT 80.55 572.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 113.16 572.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 161.33 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 171.18 572.25 Td (assist ) Tj ET Q q 0 0 0 rg BT 194.92 572.25 Td (in ) Tj ET Q q 0 0 0 rg BT 204.77 572.25 Td (governing ) Tj ET Q q 0 0 0 rg BT 247.38 572.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 264.45 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.96 572.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 309.13 572.25 Td (that ) Tj ET Q q 0 0 0 rg BT 326.20 572.25 Td (our ) Tj ET Q q 0 0 0 rg BT 341.60 572.25 Td (business ) Tj ET Q q 0 0 0 rg BT 377.56 572.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 415.73 572.25 Td (are ) Tj ET Q q 0 0 0 rg BT 430.00 572.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 465.95 572.25 Td (assessed, ) Tj ET Q q 0 0 0 rg BT 504.40 572.25 Td (monitored ) Tj ET Q q 0 0 0 rg BT 547.58 572.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (managed. ) Tj ET Q q 0 0 0 rg BT 91.73 560.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 110.41 560.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 148.53 560.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 166.66 560.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 212.00 560.25 Td (oversees ) Tj ET Q q 0 0 0 rg BT 249.56 560.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 267.70 560.25 Td (management ) Tj ET Q q 0 0 0 rg BT 321.92 560.25 Td (practices, ) Tj ET Q q 0 0 0 rg BT 363.09 560.25 Td (including ) Tj ET Q q 0 0 0 rg BT 403.99 560.25 Td (defining ) Tj ET Q q 0 0 0 rg BT 440.45 560.25 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 485.77 560.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 503.91 560.25 Td (tolerances ) Tj ET Q q 0 0 0 rg BT 547.57 560.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.25 Td (approving ) Tj ET Q q 0 0 0 rg BT 92.97 548.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 110.40 548.25 Td (management ) Tj ET Q q 0 0 0 rg BT 163.91 548.25 Td (policies. ) Tj ET Q q 0 0 0 rg BT 199.94 548.25 Td (Membership ) Tj ET Q q 0 0 0 rg BT 252.92 548.25 Td (is ) Tj ET Q q 0 0 0 rg BT 262.01 548.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 306.09 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.85 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 332.60 548.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 357.25 548.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 399.65 548.25 Td (Of) Tj ET Q q 0 0 0 rg BT 410.02 548.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 427.94 548.25 Td (, ) Tj ET Q q 0 0 0 rg BT 432.86 548.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 457.51 548.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 497.14 548.25 Td (Of) Tj ET Q q 0 0 0 rg BT 507.52 548.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 525.43 548.25 Td (, ) Tj ET Q q 0 0 0 rg BT 530.36 548.25 Td (General ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.25 Td (Counsel, ) Tj ET Q q 0 0 0 rg BT 86.78 536.25 Td (T) Tj ET Q q 0 0 0 rg BT 92.54 536.25 Td (reasurer) Tj ET Q q 0 0 0 rg BT 124.34 536.25 Td (, ) Tj ET Q q 0 0 0 rg BT 128.46 536.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 151.18 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.13 536.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 191.63 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.69 536.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 234.30 536.25 Td (Risk, ) Tj ET Q q 0 0 0 rg BT 256.76 536.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 279.48 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.43 536.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 316.61 536.25 Td (Finance, ) Tj ET Q q 0 0 0 rg BT 352.39 536.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 375.11 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 385.06 536.25 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 409.46 536.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 441.06 536.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 476.56 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 492.62 536.25 Td (Firm ) Tj ET Q q 0 0 0 rg BT 513.69 536.25 Td (Investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.29 524.25 Td (T) Tj ET Q q 0 0 0 rg BT 72.05 524.25 Td (rading, ) Tj ET Q q 0 0 0 rg BT 102.10 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 118.53 524.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 141.63 524.25 Td (of ) Tj ET Q q 0 0 0 rg BT 151.96 524.25 Td (Equities. ) Tj ET Q q 0 0 0 rg BT 189.24 524.25 Td (Designated ) Tj ET Q q 0 0 0 rg BT 236.22 524.25 Td (members ) Tj ET Q q 0 0 0 rg BT 274.88 524.25 Td (of ) Tj ET Q q 0 0 0 rg BT 285.20 524.25 Td (this ) Tj ET Q q 0 0 0 rg BT 301.65 524.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 345.86 524.25 Td (also ) Tj ET Q q 0 0 0 rg BT 363.97 524.25 Td (convene ) Tj ET Q q 0 0 0 rg BT 399.28 524.25 Td (an ) Tj ET Q q 0 0 0 rg BT 410.72 524.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 451.03 524.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 468.03 524.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 512.24 524.25 Td (which ) Tj ET Q q 0 0 0 rg BT 538.67 524.25 Td (meets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.25 Td (on ) Tj ET Q q 0 0 0 rg BT 63.19 512.25 Td (a ) Tj ET Q q 0 0 0 rg BT 70.83 512.25 Td (regular ) Tj ET Q q 0 0 0 rg BT 102.33 512.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 125.53 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 136.50 512.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 171.36 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 188.99 512.25 Td (discuss ) Tj ET Q q 0 0 0 rg BT 221.07 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 237.60 512.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 272.45 512.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 310.62 512.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 328.81 512.25 Td (exposures. ) Tj ET Q q 0 0 0 rg BT 374.27 512.25 Td (W) Tj ET Q q 0 0 0 rg BT 382.90 512.25 Td (e ) Tj ET Q q 0 0 0 rg BT 390.54 512.25 Td (also ) Tj ET Q q 0 0 0 rg BT 409.84 512.25 Td (have ) Tj ET Q q 0 0 0 rg BT 431.91 512.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 481.20 512.25 Td (which ) Tj ET Q q 0 0 0 rg BT 508.83 512.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 543.12 512.25 Td (risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.25 Td (related ) Tj ET Q q 0 0 0 rg BT 81.10 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 92.78 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 110.01 500.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 133.35 500.25 Td (management ) Tj ET Q q 0 0 0 rg BT 188.34 500.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 230.01 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 248.35 500.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 287.79 500.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 341.96 500.25 Td (Membership ) Tj ET Q q 0 0 0 rg BT 396.41 500.25 Td (is ) Tj ET Q q 0 0 0 rg BT 406.98 500.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 452.54 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 464.77 500.25 Td (various ) Tj ET Q q 0 0 0 rg BT 498.11 500.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 525.33 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 537.57 500.25 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 108.35 488.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 135.87 488.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 186.73 488.25 Td (that ) Tj ET Q q 0 0 0 rg BT 206.48 488.25 Td (help ) Tj ET Q q 0 0 0 rg BT 228.45 488.25 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 266.52 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 285.72 488.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 322.14 488.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 341.90 488.25 Td (include ) Tj ET Q q 0 0 0 rg BT 376.09 488.25 Td (underwriting, ) Tj ET Q q 0 0 0 rg BT 435.00 488.25 Td (leadership ) Tj ET Q q 0 0 0 rg BT 480.85 488.25 Td (team ) Tj ET Q q 0 0 0 rg BT 505.04 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 524.24 488.25 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.25 Td (committees. ) Tj ET Q q 0 0 0 rg BT 101.02 476.25 Td (These ) Tj ET Q q 0 0 0 rg BT 127.50 476.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 176.20 476.25 Td (help ) Tj ET Q q 0 0 0 rg BT 196.02 476.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 229.72 476.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 247.33 476.25 Td (by ) Tj ET Q q 0 0 0 rg BT 259.93 476.25 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 296.97 476.25 Td (that ) Tj ET Q q 0 0 0 rg BT 314.57 476.25 Td (business ) Tj ET Q q 0 0 0 rg BT 351.07 476.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 389.77 476.25 Td (are ) Tj ET Q q 0 0 0 rg BT 404.59 476.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 441.07 476.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 479.77 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 496.81 476.25 Td (within ) Tj ET Q q 0 0 0 rg BT 524.97 476.25 Td (a ) Tj ET Q q 0 0 0 rg BT 532.02 476.25 Td (defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.25 Td (scope ) Tj ET Q q 0 0 0 rg BT 74.66 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 84.89 464.25 Td (activity) Tj ET Q q 0 0 0 rg BT 114.23 464.25 Td (. ) Tj ET Q q 0 0 0 rg BT 118.62 464.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 136.07 464.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 175.18 464.25 Td (committee, ) Tj ET Q q 0 0 0 rg BT 221.78 464.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 265.33 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.55 464.25 Td (members ) Tj ET Q q 0 0 0 rg BT 314.10 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 324.33 464.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 350.66 464.25 Td (management ) Tj ET Q q 0 0 0 rg BT 403.64 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.98 464.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 436.87 464.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 492.35 464.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 524.79 464.25 Td (oversight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.98 452.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 97.28 452.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 154.26 452.25 Td (for ) Tj ET Q q 0 0 0 rg BT 168.46 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.21 452.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 216.29 452.25 Td (control ) Tj ET Q q 0 0 0 rg BT 247.16 452.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 288.01 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 304.99 452.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 351.40 452.25 Td (related ) Tj ET Q q 0 0 0 rg BT 381.14 452.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.45 452.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 407.87 452.25 Td (value ) Tj ET Q q 0 0 0 rg BT 432.06 452.25 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 493.74 452.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 543.64 452.25 Td (, ) Tj ET Q q 0 0 0 rg BT 548.68 452.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 96.82 440.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 113.67 440.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 161.61 440.25 Td (address ) Tj ET Q q 0 0 0 rg BT 193.44 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 209.72 440.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 243.23 440.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 260.07 440.25 Td (related ) Tj ET Q q 0 0 0 rg BT 289.11 440.25 Td (to ) Tj ET Q q 0 0 0 rg BT 298.73 440.25 Td (information ) Tj ET Q q 0 0 0 rg BT 347.79 440.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 381.30 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 397.58 440.25 Td (security) Tj ET Q q 0 0 0 rg BT 428.59 440.25 Td (, ) Tj ET Q q 0 0 0 rg BT 432.93 440.25 Td (legal, ) Tj ET Q q 0 0 0 rg BT 456.71 440.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 499.64 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 515.92 440.25 Td (compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.25 Td (matters, ) Tj ET Q q 0 0 0 rg BT 84.43 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 101.37 428.25 Td (third ) Tj ET Q q 0 0 0 rg BT 122.76 428.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 151.91 428.25 Td (such ) Tj ET Q q 0 0 0 rg BT 172.74 428.25 Td (as ) Tj ET Q q 0 0 0 rg BT 183.57 428.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 217.73 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 234.67 428.25 Td (service ) Tj ET Q q 0 0 0 rg BT 265.49 428.25 Td (providers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.25 Td (W) Tj ET Q q 0 0 0 rg BT 59.04 404.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 71.51 404.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 101.75 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.45 404.25 Td (market ) Tj ET Q q 0 0 0 rg BT 141.13 404.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 158.05 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.40 404.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 199.09 404.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 218.51 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.64 404.25 Td (cornerstone ) Tj ET Q q 0 0 0 rg BT 281.21 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 291.46 404.25 Td (our ) Tj ET Q q 0 0 0 rg BT 306.70 404.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 323.62 404.25 Td (management ) Tj ET Q q 0 0 0 rg BT 376.63 404.25 Td (process ) Tj ET Q q 0 0 0 rg BT 408.54 404.25 Td (is ) Tj ET Q q 0 0 0 rg BT 417.13 404.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 439.04 404.25 Td (communication ) Tj ET Q q 0 0 0 rg BT 503.17 404.25 Td (among ) Tj ET Q q 0 0 0 rg BT 532.30 404.25 Td (traders, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.60 392.25 Td (department ) Tj ET Q q 0 0 0 rg BT 127.86 392.25 Td (management ) Tj ET Q q 0 0 0 rg BT 181.22 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.93 392.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 224.65 392.25 Td (management ) Tj ET Q q 0 0 0 rg BT 278.01 392.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 324.71 392.25 Td (our ) Tj ET Q q 0 0 0 rg BT 340.32 392.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 380.92 392.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 421.81 392.25 Td (including ) Tj ET Q q 0 0 0 rg BT 461.86 392.25 Td (those ) Tj ET Q q 0 0 0 rg BT 485.24 392.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 528.61 392.25 Td (with ) Tj ET Q q 0 0 0 rg BT 548.67 392.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 86.76 380.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 117.96 380.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 159.45 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.77 380.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 207.41 380.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 225.30 380.25 Td (profile. ) Tj ET Q q 0 0 0 rg BT 257.34 380.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 275.77 380.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 293.65 380.25 Td (management ) Tj ET Q q 0 0 0 rg BT 347.63 380.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 387.73 380.25 Td (supplement ) Tj ET Q q 0 0 0 rg BT 436.71 380.25 Td (this ) Tj ET Q q 0 0 0 rg BT 454.05 380.25 Td (communication ) Tj ET Q q 0 0 0 rg BT 519.14 380.25 Td (process ) Tj ET Q q 0 0 0 rg BT 552.01 380.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 91.21 368.25 Td (their ) Tj ET Q q 0 0 0 rg BT 111.86 368.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 163.06 368.25 Td (perspectives ) Tj ET Q q 0 0 0 rg BT 214.80 368.25 Td (on ) Tj ET Q q 0 0 0 rg BT 227.13 368.25 Td (our ) Tj ET Q q 0 0 0 rg BT 242.78 368.25 Td (market ) Tj ET Q q 0 0 0 rg BT 272.87 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 289.63 368.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 314.72 368.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 332.05 368.25 Td (profile ) Tj ET Q q 0 0 0 rg BT 361.03 368.25 Td (on ) Tj ET Q q 0 0 0 rg BT 373.35 368.25 Td (a ) Tj ET Q q 0 0 0 rg BT 380.11 368.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 402.43 368.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 427.09 368.25 Td (The ) Tj ET Q q 0 0 0 rg BT 444.96 368.25 Td (broader ) Tj ET Q q 0 0 0 rg BT 477.82 368.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 520.69 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 531.34 368.25 Td (our ) Tj ET Q q 0 0 0 rg BT 547.00 368.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.99 356.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 144.12 356.25 Td (are ) Tj ET Q q 0 0 0 rg BT 159.23 356.25 Td (to ) Tj ET Q q 0 0 0 rg BT 169.91 356.25 Td (understand ) Tj ET Q q 0 0 0 rg BT 216.69 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.82 356.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 249.72 356.25 Td (profile ) Tj ET Q q 0 0 0 rg BT 279.28 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.52 356.25 Td (each ) Tj ET Q q 0 0 0 rg BT 311.74 356.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 342.97 356.25 Td (area, ) Tj ET Q q 0 0 0 rg BT 365.02 356.25 Td (to ) Tj ET Q q 0 0 0 rg BT 375.70 356.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 424.15 356.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 442.06 356.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 489.40 356.25 Td (company-wide, ) Tj ET Q q 0 0 0 rg BT 554.23 356.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.25 Td (assist ) Tj ET Q q 0 0 0 rg BT 73.51 344.25 Td (in ) Tj ET Q q 0 0 0 rg BT 83.12 344.25 Td (implementing ) Tj ET Q q 0 0 0 rg BT 140.51 344.25 Td (ef) Tj ET Q q 0 0 0 rg BT 148.10 344.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 177.13 344.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 211.19 344.25 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 253.29 344.25 Td (to ) Tj ET Q q 0 0 0 rg BT 262.91 344.25 Td (articulate ) Tj ET Q q 0 0 0 rg BT 301.94 344.25 Td (lar) Tj ET Q q 0 0 0 rg BT 312.31 344.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 323.58 344.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 353.75 344.25 Td (or ) Tj ET Q q 0 0 0 rg BT 363.91 344.25 Td (position ) Tj ET Q q 0 0 0 rg BT 397.98 344.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 418.71 344.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.32 344.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 454.60 344.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 510.02 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 526.30 344.25 Td (to ) Tj ET Q q 0 0 0 rg BT 535.92 344.25 Td (ensure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.25 Td (accurate ) Tj ET Q q 0 0 0 rg BT 85.80 332.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 102.18 332.25 Td (values ) Tj ET Q q 0 0 0 rg BT 130.22 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 141.05 332.25 Td (our ) Tj ET Q q 0 0 0 rg BT 156.88 332.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 194.37 332.25 Td (instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 71.39 308.25 Td (management ) Tj ET Q q 0 0 0 rg BT 125.52 308.25 Td (techniques, ) Tj ET Q q 0 0 0 rg BT 173.83 308.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 215.20 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.68 308.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 273.49 308.25 Td (may ) Tj ET Q q 0 0 0 rg BT 293.75 308.25 Td (not ) Tj ET Q q 0 0 0 rg BT 309.58 308.25 Td (be ) Tj ET Q q 0 0 0 rg BT 322.06 308.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 343.99 308.25 Td (ef) Tj ET Q q 0 0 0 rg BT 351.58 308.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 381.83 308.25 Td (in ) Tj ET Q q 0 0 0 rg BT 392.65 308.25 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 436.81 308.25 Td (our ) Tj ET Q q 0 0 0 rg BT 453.18 308.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 471.23 308.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 510.38 308.25 Td (in ) Tj ET Q q 0 0 0 rg BT 521.20 308.25 Td (all ) Tj ET Q q 0 0 0 rg BT 534.24 308.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.25 Td (environments ) Tj ET Q q 0 0 0 rg BT 106.93 296.25 Td (or ) Tj ET Q q 0 0 0 rg BT 117.76 296.25 Td (against ) Tj ET Q q 0 0 0 rg BT 148.59 296.25 Td (all ) Tj ET Q q 0 0 0 rg BT 161.08 296.25 Td (types ) Tj ET Q q 0 0 0 rg BT 184.69 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.52 296.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 215.52 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.46 296.25 Td (any ) Tj ET Q q 0 0 0 rg BT 249.40 296.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 266.90 296.25 Td (management ) Tj ET Q q 0 0 0 rg BT 320.49 296.25 Td (failures ) Tj ET Q q 0 0 0 rg BT 352.97 296.25 Td (could ) Tj ET Q q 0 0 0 rg BT 377.69 296.25 Td (expose ) Tj ET Q q 0 0 0 rg BT 407.96 296.25 Td (us ) Tj ET Q q 0 0 0 rg BT 419.35 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.63 296.25 Td (material ) Tj ET Q q 0 0 0 rg BT 464.89 296.25 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 521.25 296.25 Td (losses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 272.25 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 89.17 272.25 Td (Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.25 Td (Strategic ) Tj ET Q q 0 0 0 rg BT 87.86 248.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 105.18 248.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 148.03 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.57 248.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 179.89 248.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 223.30 248.25 Td (with ) Tj ET Q q 0 0 0 rg BT 243.40 248.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 284.03 248.25 Td (management ) Tj ET Q q 0 0 0 rg BT 337.43 248.25 Td (failing ) Tj ET Q q 0 0 0 rg BT 365.85 248.25 Td (to ) Tj ET Q q 0 0 0 rg BT 375.95 248.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 409.92 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 426.68 248.25 Td (execute ) Tj ET Q q 0 0 0 rg BT 459.53 248.25 Td (on ) Tj ET Q q 0 0 0 rg BT 471.85 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 486.39 248.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 534.24 248.25 Td (overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 93.40 236.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.69 236.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 147.42 236.25 Td (vision ) Tj ET Q q 0 0 0 rg BT 174.72 236.25 Td (which ) Tj ET Q q 0 0 0 rg BT 202.02 236.25 Td (demonstrates ) Tj ET Q q 0 0 0 rg BT 257.64 236.25 Td (a ) Tj ET Q q 0 0 0 rg BT 264.93 236.25 Td (commitment ) Tj ET Q q 0 0 0 rg BT 318.33 236.25 Td (to ) Tj ET Q q 0 0 0 rg BT 328.97 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.04 236.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 391.47 236.25 Td (culture, ) Tj ET Q q 0 0 0 rg BT 424.59 236.25 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 480.76 236.25 Td (responds ) Tj ET Q q 0 0 0 rg BT 519.17 236.25 Td (to ) Tj ET Q q 0 0 0 rg BT 529.80 236.25 Td (external ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 79.71 224.25 Td (in ) Tj ET Q q 0 0 0 rg BT 89.99 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.70 224.25 Td (marketplace, ) Tj ET Q q 0 0 0 rg BT 158.56 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 175.50 224.25 Td (is ) Tj ET Q q 0 0 0 rg BT 184.67 224.25 Td (in ) Tj ET Q q 0 0 0 rg BT 194.95 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.66 224.25 Td (best ) Tj ET Q q 0 0 0 rg BT 228.27 224.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 264.10 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 274.93 224.25 Td (our ) Tj ET Q q 0 0 0 rg BT 290.76 224.25 Td (clients, ) Tj ET Q q 0 0 0 rg BT 321.86 224.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 367.12 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.06 224.25 Td (shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.50 200.25 Td (leadership ) Tj ET Q q 0 0 0 rg BT 110.54 200.25 Td (team ) Tj ET Q q 0 0 0 rg BT 131.92 200.25 Td (is ) Tj ET Q q 0 0 0 rg BT 140.54 200.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 188.04 200.25 Td (for ) Tj ET Q q 0 0 0 rg BT 201.65 200.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 243.03 200.25 Td (our ) Tj ET Q q 0 0 0 rg BT 258.31 200.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 294.13 200.25 Td (risks. ) Tj ET Q q 0 0 0 rg BT 317.33 200.25 Td (The ) Tj ET Q q 0 0 0 rg BT 334.82 200.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 361.21 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 371.49 200.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 410.64 200.25 Td (oversees ) Tj ET Q q 0 0 0 rg BT 447.02 200.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.18 200.25 Td (leadership ) Tj ET Q q 0 0 0 rg BT 504.22 200.25 Td (team ) Tj ET Q q 0 0 0 rg BT 525.61 200.25 Td (in ) Tj ET Q q 0 0 0 rg BT 535.33 200.25 Td (setting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 188.25 Td (executing ) Tj ET Q q 0 0 0 rg BT 108.31 188.25 Td (our ) Tj ET Q q 0 0 0 rg BT 124.14 188.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 160.51 188.25 Td (plan.) 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 50.00 740.25 Td (Market Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 716.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 81.94 716.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 100.01 716.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 143.61 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.90 716.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 176.96 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 188.36 716.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.41 716.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 265.58 716.25 Td (that ) Tj ET Q q 0 0 0 rg BT 283.64 716.25 Td (may ) Tj ET Q q 0 0 0 rg BT 303.93 716.25 Td (result ) Tj ET Q q 0 0 0 rg BT 329.21 716.25 Td (from ) Tj ET Q q 0 0 0 rg BT 351.71 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 367.00 716.25 Td (change ) Tj ET Q q 0 0 0 rg BT 398.38 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 409.22 716.25 Td (value ) Tj ET Q q 0 0 0 rg BT 433.95 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 445.34 716.25 Td (a ) Tj ET Q q 0 0 0 rg BT 452.85 716.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 490.89 716.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 536.73 716.25 Td (due ) Tj ET Q q 0 0 0 rg BT 554.24 716.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 704.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 99.10 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 108.77 704.25 Td (its ) Tj ET Q q 0 0 0 rg BT 120.11 704.25 Td (market ) Tj ET Q q 0 0 0 rg BT 149.77 704.25 Td (price. ) Tj ET Q q 0 0 0 rg BT 174.15 704.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 191.59 704.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 229.58 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 239.25 704.25 Td (market ) Tj ET Q q 0 0 0 rg BT 268.91 704.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 285.80 704.25 Td (is ) Tj ET Q q 0 0 0 rg BT 294.36 704.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 326.80 704.25 Td (related ) Tj ET Q q 0 0 0 rg BT 355.89 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 365.56 704.25 Td (our ) Tj ET Q q 0 0 0 rg BT 380.78 704.25 Td (role ) Tj ET Q q 0 0 0 rg BT 398.22 704.25 Td (as ) Tj ET Q q 0 0 0 rg BT 408.44 704.25 Td (a ) Tj ET Q q 0 0 0 rg BT 414.78 704.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 451.65 704.25 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 504.63 704.25 Td (for ) Tj ET Q q 0 0 0 rg BT 518.18 704.25 Td (our ) Tj ET Q q 0 0 0 rg BT 533.40 704.25 Td (clients, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.98 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 75.52 692.25 Td (market-making ) Tj ET Q q 0 0 0 rg BT 138.81 692.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 177.11 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.76 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 209.29 692.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 245.37 692.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 275.90 692.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 316.70 692.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 347.78 692.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 368.88 692.25 Td (are ) Tj ET Q q 0 0 0 rg BT 383.29 692.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 418.26 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.24 692.25 Td (both ) Tj ET Q q 0 0 0 rg BT 448.23 692.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 468.20 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 484.84 692.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 527.03 692.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 100.78 680.25 Td (The ) Tj ET Q q 0 0 0 rg BT 118.07 680.25 Td (scope ) Tj ET Q q 0 0 0 rg BT 142.59 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 152.66 680.25 Td (our ) Tj ET Q q 0 0 0 rg BT 167.74 680.25 Td (market ) Tj ET Q q 0 0 0 rg BT 197.25 680.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 213.99 680.25 Td (management ) Tj ET Q q 0 0 0 rg BT 266.82 680.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 299.67 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 315.85 680.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 361.47 680.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 396.54 680.25 Td (all ) Tj ET Q q 0 0 0 rg BT 408.28 680.25 Td (market-sensitive ) Tj ET Q q 0 0 0 rg BT 476.11 680.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 512.83 680.25 Td (instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.05 656.25 Td (dif) Tj ET Q q 0 0 0 rg BT 78.98 656.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 104.79 656.25 Td (types ) Tj ET Q q 0 0 0 rg BT 128.40 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 139.23 656.25 Td (market ) Tj ET Q q 0 0 0 rg BT 169.50 656.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 187.00 656.25 Td (include:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 632.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.07 632.25 Td (est ) Tj ET Q q 0 0 0 rg BT 82.62 632.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 103.38 632.25 Td (Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.04 632.25 Td ( ) Tj ET Q q 0 0 0 rg BT 135.48 632.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 167.91 632.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 185.33 632.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 202.77 632.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 245.75 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.41 632.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 297.84 632.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 336.39 632.25 Td (from ) Tj ET Q q 0 0 0 rg BT 358.26 632.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 392.91 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 403.13 632.25 Td (market ) Tj ET Q q 0 0 0 rg BT 433.33 632.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 465.21 632.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 488.85 632.25 Td (W) Tj ET Q q 0 0 0 rg BT 497.49 632.25 Td (e ) Tj ET Q q 0 0 0 rg BT 504.37 632.25 Td (are ) Tj ET Q q 0 0 0 rg BT 519.01 632.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 554.22 632.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.81 620.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 99.16 620.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 116.54 620.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 146.12 620.25 Td (from ) Tj ET Q q 0 0 0 rg BT 167.93 620.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 202.51 620.25 Td (in ) Tj ET Q q 0 0 0 rg BT 212.66 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.25 620.25 Td (level ) Tj ET Q q 0 0 0 rg BT 249.06 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 265.87 620.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 304.35 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 315.05 620.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 346.86 620.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 370.61 620.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 405.19 620.25 Td (in ) Tj ET Q q 0 0 0 rg BT 415.34 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.92 620.25 Td (shape ) Tj ET Q q 0 0 0 rg BT 455.07 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 465.77 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.36 620.25 Td (yield ) Tj ET Q q 0 0 0 rg BT 502.72 620.25 Td (curve, ) Tj ET Q q 0 0 0 rg BT 529.80 620.25 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 61.52 608.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 88.02 608.25 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 124.25 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.43 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.39 608.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 177.11 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 189.18 608.25 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 244.02 608.25 Td (on ) Tj ET Q q 0 0 0 rg BT 257.76 608.25 Td (our ) Tj ET Q q 0 0 0 rg BT 274.83 608.25 Td (interest-earning ) Tj ET Q q 0 0 0 rg BT 341.32 608.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 368.39 608.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 413.23 608.25 Td (client ) Tj ET Q q 0 0 0 rg BT 439.18 608.25 Td (mar) Tj ET Q q 0 0 0 rg BT 454.55 608.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 471.07 608.25 Td (balances, ) Tj ET Q q 0 0 0 rg BT 511.73 608.25 Td (investments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.25 Td (inventories, ) Tj ET Q q 0 0 0 rg BT 99.87 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.25 596.25 Td (resale ) Tj ET Q q 0 0 0 rg BT 143.51 596.25 Td (agreements\) ) Tj ET Q q 0 0 0 rg BT 195.31 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 212.69 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 228.96 596.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 263.01 596.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 295.94 596.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 339.99 596.25 Td (client ) Tj ET Q q 0 0 0 rg BT 365.14 596.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 385.85 596.25 Td (balances, ) Tj ET Q q 0 0 0 rg BT 425.72 596.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 470.31 596.25 Td (financing, ) Tj ET Q q 0 0 0 rg BT 513.52 596.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 540.90 596.25 Td (notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.64 584.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 112.15 584.25 Td (agreements\), ) Tj ET Q q 0 0 0 rg BT 165.72 584.25 Td (which ) Tj ET Q q 0 0 0 rg BT 192.36 584.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 223.99 584.25 Td (these ) Tj ET Q q 0 0 0 rg BT 246.74 584.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 274.77 584.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 306.96 584.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 324.15 584.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 341.35 584.25 Td (is ) Tj ET Q q 0 0 0 rg BT 350.23 584.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 388.52 584.25 Td (by ) Tj ET Q q 0 0 0 rg BT 400.73 584.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 429.60 584.25 Td (short ) Tj ET Q q 0 0 0 rg BT 451.80 584.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 471.79 584.25 Td (government ) Tj ET Q q 0 0 0 rg BT 521.75 584.25 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.25 Td (agency ) Tj ET Q q 0 0 0 rg BT 81.87 572.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 125.69 572.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 166.99 572.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 187.76 572.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 229.08 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 247.07 572.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 290.61 572.25 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 332.76 572.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.75 572.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 373.74 572.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.74 572.25 Td ( ) Tj ET Q q 0 0 0 rg BT 382.29 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 394.18 572.25 Td (our ) Tj ET Q q 0 0 0 rg BT 411.06 572.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 472.93 572.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 527.02 572.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.60 560.25 Td (for ) Tj ET Q q 0 0 0 rg BT 108.65 560.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 151.03 560.25 Td (information ) Tj ET Q q 0 0 0 rg BT 200.63 560.25 Td (on ) Tj ET Q q 0 0 0 rg BT 213.02 560.25 Td (our ) Tj ET Q q 0 0 0 rg BT 228.74 560.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 271.11 560.25 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 312.09 560.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 330.03 560.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 361.86 560.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 379.23 560.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 413.84 560.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 453.99 560.25 Td (may ) Tj ET Q q 0 0 0 rg BT 473.59 560.25 Td (not ) Tj ET Q q 0 0 0 rg BT 488.76 560.25 Td (work ) Tj ET Q q 0 0 0 rg BT 511.70 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 521.87 560.25 Td (all ) Tj ET Q q 0 0 0 rg BT 534.25 560.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.25 Td (environments ) Tj ET Q q 0 0 0 rg BT 106.93 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 123.87 548.25 Td (as ) Tj ET Q q 0 0 0 rg BT 134.70 548.25 Td (a ) Tj ET Q q 0 0 0 rg BT 141.64 548.25 Td (result ) Tj ET Q q 0 0 0 rg BT 166.36 548.25 Td (may ) Tj ET Q q 0 0 0 rg BT 186.07 548.25 Td (not ) Tj ET Q q 0 0 0 rg BT 201.35 548.25 Td (be ) Tj ET Q q 0 0 0 rg BT 213.29 548.25 Td (ef) Tj ET Q q 0 0 0 rg BT 220.88 548.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 250.58 548.25 Td (in ) Tj ET Q q 0 0 0 rg BT 260.86 548.25 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 304.47 548.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 336.40 548.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 353.89 548.25 Td (risk.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 524.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 79.08 524.25 Td (Price ) Tj ET Q q 0 0 0 rg BT 103.71 524.25 Td (Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.90 524.25 Td ( ) Tj ET Q q 0 0 0 rg BT 136.88 524.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 166.52 524.25 Td (price ) Tj ET Q q 0 0 0 rg BT 189.48 524.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 207.46 524.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 250.97 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 266.16 524.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 304.13 524.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 322.67 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 333.42 524.25 Td (value ) Tj ET Q q 0 0 0 rg BT 358.05 524.25 Td (due ) Tj ET Q q 0 0 0 rg BT 375.47 524.25 Td (to ) Tj ET Q q 0 0 0 rg BT 386.22 524.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 419.74 524.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 454.92 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 465.67 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.87 524.25 Td (level ) Tj ET Q q 0 0 0 rg BT 503.28 524.25 Td (or ) Tj ET Q q 0 0 0 rg BT 514.58 524.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 553.67 524.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.43 512.25 Td (prices. ) Tj ET Q q 0 0 0 rg BT 106.07 512.25 Td (W) Tj ET Q q 0 0 0 rg BT 114.70 512.25 Td (e ) Tj ET Q q 0 0 0 rg BT 121.58 512.25 Td (are ) Tj ET Q q 0 0 0 rg BT 136.22 512.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 171.43 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 181.64 512.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 209.07 512.25 Td (price ) Tj ET Q q 0 0 0 rg BT 231.49 512.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 248.93 512.25 Td (through ) Tj ET Q q 0 0 0 rg BT 282.47 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 298.24 512.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 329.00 512.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 367.53 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 377.74 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.40 512.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 412.62 512.25 Td (market. ) Tj ET Q q 0 0 0 rg BT 445.14 512.25 Td (W) Tj ET Q q 0 0 0 rg BT 453.78 512.25 Td (e ) Tj ET Q q 0 0 0 rg BT 460.65 512.25 Td (attempt ) Tj ET Q q 0 0 0 rg BT 493.08 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 503.29 512.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 532.37 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 547.02 512.25 Td (risk ) 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 60.79 500.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 78.80 500.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 114.02 500.25 Td (in ) Tj ET Q q 0 0 0 rg BT 124.25 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 140.04 500.25 Td (market-making ) Tj ET Q q 0 0 0 rg BT 203.58 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 220.48 500.25 Td (in ) Tj ET Q q 0 0 0 rg BT 230.71 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 246.50 500.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 287.28 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 298.06 500.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 325.51 500.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 365.73 500.25 Td (by ) Tj ET Q q 0 0 0 rg BT 378.18 500.25 Td (establishing ) Tj ET Q q 0 0 0 rg BT 428.41 500.25 Td (limits ) Tj ET Q q 0 0 0 rg BT 453.65 500.25 Td (on ) Tj ET Q q 0 0 0 rg BT 466.11 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.78 500.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 516.01 500.25 Td (level ) Tj ET Q q 0 0 0 rg BT 537.90 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.68 500.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 90.83 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 107.76 488.25 Td (by ) Tj ET Q q 0 0 0 rg BT 120.26 488.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 162.20 488.25 Td (net ) Tj ET Q q 0 0 0 rg BT 176.91 488.25 Td (position ) Tj ET Q q 0 0 0 rg BT 211.64 488.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 237.47 488.25 Td (within ) Tj ET Q q 0 0 0 rg BT 265.52 488.25 Td (those ) Tj ET Q q 0 0 0 rg BT 289.13 488.25 Td (limits.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 464.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.56 464.25 Td (alue-at-Risk ) Tj ET Q q 0 0 0 rg BT 108.62 464.25 Td (\("V) Tj ET Q q 0 0 0 rg BT 123.06 464.25 Td (aR"\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 440.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.15 440.25 Td (use ) Tj ET Q q 0 0 0 rg BT 80.55 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 94.84 440.25 Td (statistical ) Tj ET Q q 0 0 0 rg BT 134.68 440.25 Td (technique ) Tj ET Q q 0 0 0 rg BT 175.62 440.25 Td (known ) Tj ET Q q 0 0 0 rg BT 204.92 440.25 Td (as ) Tj ET Q q 0 0 0 rg BT 215.17 440.25 Td (V) Tj ET Q q 0 0 0 rg BT 221.28 440.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 234.46 440.25 Td (to ) Tj ET Q q 0 0 0 rg BT 244.31 440.25 Td (measure, ) Tj ET Q q 0 0 0 rg BT 282.20 440.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 315.94 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 332.45 440.25 Td (review ) Tj ET Q q 0 0 0 rg BT 361.72 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.01 440.25 Td (market ) Tj ET Q q 0 0 0 rg BT 405.85 440.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 422.92 440.25 Td (exposures ) Tj ET Q q 0 0 0 rg BT 464.98 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 474.83 440.25 Td (our ) Tj ET Q q 0 0 0 rg BT 490.23 440.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 520.63 440.25 Td (portfolios. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.25 Td (V) Tj ET Q q 0 0 0 rg BT 56.11 428.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 69.62 428.25 Td (is ) Tj ET Q q 0 0 0 rg BT 78.69 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 93.31 428.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 130.70 428.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 148.67 428.25 Td (in ) Tj ET Q q 0 0 0 rg BT 158.85 428.25 Td (value ) Tj ET Q q 0 0 0 rg BT 182.90 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 193.63 428.25 Td (our ) Tj ET Q q 0 0 0 rg BT 209.37 428.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 240.09 428.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 281.11 428.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 322.95 428.25 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 387.56 428.25 Td (interests, ) Tj ET Q q 0 0 0 rg BT 425.79 428.25 Td (due ) Tj ET Q q 0 0 0 rg BT 442.63 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 452.81 428.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 485.75 428.25 Td (market ) Tj ET Q q 0 0 0 rg BT 515.91 428.25 Td (movements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.25 Td (over ) Tj ET Q q 0 0 0 rg BT 70.06 416.25 Td (a ) Tj ET Q q 0 0 0 rg BT 76.78 416.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 109.06 416.25 Td (time ) Tj ET Q q 0 0 0 rg BT 129.12 416.25 Td (horizon ) Tj ET Q q 0 0 0 rg BT 161.95 416.25 Td (with ) Tj ET Q q 0 0 0 rg BT 182.02 416.25 Td (a ) Tj ET Q q 0 0 0 rg BT 188.74 416.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 227.12 416.25 Td (confidence ) Tj ET Q q 0 0 0 rg BT 273.27 416.25 Td (level. ) Tj ET Q q 0 0 0 rg BT 297.33 416.25 Td (W) Tj ET Q q 0 0 0 rg BT 305.97 416.25 Td (e ) Tj ET Q q 0 0 0 rg BT 312.69 416.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 347.19 416.25 Td (a ) Tj ET Q q 0 0 0 rg BT 353.91 416.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 376.03 416.25 Td (V) Tj ET Q q 0 0 0 rg BT 382.14 416.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 395.54 416.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 430.04 416.25 Td (on ) Tj ET Q q 0 0 0 rg BT 442.33 416.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 495.17 416.25 Td (all ) Tj ET Q q 0 0 0 rg BT 507.45 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.07 416.25 Td (our ) Tj ET Q q 0 0 0 rg BT 533.69 416.25 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 91.41 404.25 Td (including ) Tj ET Q q 0 0 0 rg BT 131.98 404.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 155.32 404.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 190.04 404.25 Td (equities, ) Tj ET Q q 0 0 0 rg BT 226.44 404.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 274.21 404.25 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 303.40 404.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 375.60 404.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 416.16 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.39 404.25 Td (all ) Tj ET Q q 0 0 0 rg BT 446.18 404.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 490.06 404.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 531.73 404.25 Td (hedges. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.25 Td (These ) Tj ET Q q 0 0 0 rg BT 77.60 392.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 117.43 392.25 Td (encompass ) Tj ET Q q 0 0 0 rg BT 165.03 392.25 Td (both ) Tj ET Q q 0 0 0 rg BT 186.52 392.25 Td (customer) Tj ET Q q 0 0 0 rg BT 222.98 392.25 Td (-related ) Tj ET Q q 0 0 0 rg BT 257.23 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.39 392.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 312.98 392.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 345.02 392.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 387.34 392.25 Td (which ) Tj ET Q q 0 0 0 rg BT 415.49 392.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 440.87 392.25 Td (on ) Tj ET Q q 0 0 0 rg BT 454.59 392.25 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 502.73 392.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 554.22 392.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 93.59 380.25 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 123.59 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 141.63 380.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 214.64 380.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 257.71 380.25 Td (A) Tj ET Q q 0 0 0 rg BT 264.38 380.25 Td ( ) Tj ET Q q 0 0 0 rg BT 267.72 380.25 Td (V) Tj ET Q q 0 0 0 rg BT 273.84 380.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 288.55 380.25 Td (model ) Tj ET Q q 0 0 0 rg BT 317.14 380.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 355.19 380.25 Td (a ) Tj ET Q q 0 0 0 rg BT 363.23 380.25 Td (common ) Tj ET Q q 0 0 0 rg BT 401.82 380.25 Td (metric ) Tj ET Q q 0 0 0 rg BT 430.97 380.25 Td (for ) Tj ET Q q 0 0 0 rg BT 446.23 380.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 487.06 380.25 Td (market ) Tj ET Q q 0 0 0 rg BT 518.42 380.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 537.02 380.25 Td (across ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.25 Td (business ) Tj ET Q q 0 0 0 rg BT 86.65 368.25 Td (lines ) Tj ET Q q 0 0 0 rg BT 108.29 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.48 368.25 Td (products. ) Tj ET Q q 0 0 0 rg BT 165.18 368.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 202.37 368.25 Td (in ) Tj ET Q q 0 0 0 rg BT 212.71 368.25 Td (V) Tj ET Q q 0 0 0 rg BT 218.82 368.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 232.68 368.25 Td (between ) Tj ET Q q 0 0 0 rg BT 268.75 368.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 308.16 368.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 340.36 368.25 Td (are ) Tj ET Q q 0 0 0 rg BT 355.32 368.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 395.28 368.25 Td (due ) Tj ET Q q 0 0 0 rg BT 412.47 368.25 Td (to ) Tj ET Q q 0 0 0 rg BT 423.00 368.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 457.97 368.25 Td (in ) Tj ET Q q 0 0 0 rg BT 468.50 368.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 494.58 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 505.67 368.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 523.42 368.25 Td (exposure, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.25 Td (volatilities ) Tj ET Q q 0 0 0 rg BT 94.72 356.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 122.76 356.25 Td (correlations ) Tj ET Q q 0 0 0 rg BT 172.47 356.25 Td (among ) Tj ET Q q 0 0 0 rg BT 202.18 356.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 224.12 356.25 Td (classes ) Tj ET Q q 0 0 0 rg BT 254.39 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 271.33 356.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 314.38 356.25 Td (securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 332.25 Td (e ) Tj ET Q q 0 0 0 rg BT 66.46 332.25 Td (use ) Tj ET Q q 0 0 0 rg BT 83.17 332.25 Td (a ) Tj ET Q q 0 0 0 rg BT 90.99 332.25 Td (Monte ) Tj ET Q q 0 0 0 rg BT 120.48 332.25 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 146.08 332.25 Td (simulation ) Tj ET Q q 0 0 0 rg BT 191.69 332.25 Td (methodology ) Tj ET Q q 0 0 0 rg BT 247.84 332.25 Td (for ) Tj ET Q q 0 0 0 rg BT 262.64 332.25 Td (V) Tj ET Q q 0 0 0 rg BT 268.76 332.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 283.25 332.25 Td (calculations. ) Tj ET Q q 0 0 0 rg BT 336.64 332.25 Td (W) Tj ET Q q 0 0 0 rg BT 345.28 332.25 Td (e ) Tj ET Q q 0 0 0 rg BT 353.10 332.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 385.36 332.25 Td (this ) Tj ET Q q 0 0 0 rg BT 403.19 332.25 Td (methodology ) Tj ET Q q 0 0 0 rg BT 459.35 332.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 496.92 332.25 Td (V) Tj ET Q q 0 0 0 rg BT 503.04 332.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 517.53 332.25 Td (results ) Tj ET Q q 0 0 0 rg BT 547.02 332.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 85.30 320.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 112.25 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.89 320.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 142.32 320.25 Td (profile ) Tj ET Q q 0 0 0 rg BT 170.39 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 180.15 320.25 Td (all ) Tj ET Q q 0 0 0 rg BT 191.56 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 206.32 320.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 256.90 320.25 Td (including ) Tj ET Q q 0 0 0 rg BT 296.10 320.25 Td (those ) Tj ET Q q 0 0 0 rg BT 318.63 320.25 Td (that ) Tj ET Q q 0 0 0 rg BT 335.05 320.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 365.90 320.25 Td (optionality) Tj ET Q q 0 0 0 rg BT 408.58 320.25 Td (, ) Tj ET Q q 0 0 0 rg BT 412.51 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 428.37 320.25 Td (also ) Tj ET Q q 0 0 0 rg BT 445.90 320.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 488.40 320.25 Td (models ) Tj ET Q q 0 0 0 rg BT 518.71 320.25 Td (correlation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.25 Td (movements ) Tj ET Q q 0 0 0 rg BT 98.08 308.25 Td (among ) Tj ET Q q 0 0 0 rg BT 127.28 308.25 Td (all ) Tj ET Q q 0 0 0 rg BT 139.26 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.57 308.25 Td (our ) Tj ET Q q 0 0 0 rg BT 164.88 308.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 186.29 308.25 Td (classes. ) Tj ET Q q 0 0 0 rg BT 218.54 308.25 Td (In ) Tj ET Q q 0 0 0 rg BT 228.85 308.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 266.11 308.25 Td (it ) Tj ET Q q 0 0 0 rg BT 273.64 308.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 310.06 308.25 Td (improved ) Tj ET Q q 0 0 0 rg BT 350.37 308.25 Td (tail ) Tj ET Q q 0 0 0 rg BT 365.12 308.25 Td (results ) Tj ET Q q 0 0 0 rg BT 393.21 308.25 Td (as ) Tj ET Q q 0 0 0 rg BT 403.52 308.25 Td (there ) Tj ET Q q 0 0 0 rg BT 425.48 308.25 Td (are ) Tj ET Q q 0 0 0 rg BT 439.67 308.25 Td (no ) Tj ET Q q 0 0 0 rg BT 451.65 308.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 503.08 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 513.39 308.25 Td (distribution, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 296.25 Td (can ) Tj ET Q q 0 0 0 rg BT 83.32 296.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 116.36 296.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 158.85 296.25 Td (insight ) Tj ET Q q 0 0 0 rg BT 188.58 296.25 Td (for ) Tj ET Q q 0 0 0 rg BT 202.74 296.25 Td (scenario ) Tj ET Q q 0 0 0 rg BT 238.55 296.25 Td (shock ) Tj ET Q q 0 0 0 rg BT 264.38 296.25 Td (analysis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.25 Td (Model-based ) Tj ET Q q 0 0 0 rg BT 104.47 272.25 Td (V) Tj ET Q q 0 0 0 rg BT 110.58 272.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 124.13 272.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 156.55 272.25 Td (from ) Tj ET Q q 0 0 0 rg BT 178.42 272.25 Td (simulation ) Tj ET Q q 0 0 0 rg BT 223.08 272.25 Td (has ) Tj ET Q q 0 0 0 rg BT 238.85 272.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 274.05 272.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 319.26 272.25 Td (including: ) Tj ET Q q 0 0 0 rg BT 362.25 272.25 Td (reliance ) Tj ET Q q 0 0 0 rg BT 396.33 272.25 Td (on ) Tj ET Q q 0 0 0 rg BT 408.76 272.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 448.41 272.25 Td (data ) Tj ET Q q 0 0 0 rg BT 467.50 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 477.72 272.25 Td (predict ) Tj ET Q q 0 0 0 rg BT 507.92 272.25 Td (future ) Tj ET Q q 0 0 0 rg BT 534.23 272.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.25 Td (risk; ) Tj ET Q q 0 0 0 rg BT 70.06 260.25 Td (V) Tj ET Q q 0 0 0 rg BT 76.18 260.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 89.75 260.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 132.74 260.25 Td (using ) Tj ET Q q 0 0 0 rg BT 156.88 260.25 Td (a ) Tj ET Q q 0 0 0 rg BT 163.78 260.25 Td (one-day ) Tj ET Q q 0 0 0 rg BT 198.45 260.25 Td (time ) Tj ET Q q 0 0 0 rg BT 218.69 260.25 Td (horizon ) Tj ET Q q 0 0 0 rg BT 251.70 260.25 Td (does ) Tj ET Q q 0 0 0 rg BT 272.50 260.25 Td (not ) Tj ET Q q 0 0 0 rg BT 287.74 260.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 309.09 260.25 Td (capture ) Tj ET Q q 0 0 0 rg BT 340.98 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.66 260.25 Td (market ) Tj ET Q q 0 0 0 rg BT 385.89 260.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 403.36 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 414.15 260.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 452.73 260.25 Td (that ) Tj ET Q q 0 0 0 rg BT 470.19 260.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 499.31 260.25 Td (be ) Tj ET Q q 0 0 0 rg BT 511.22 260.25 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 553.67 260.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 248.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 75.56 248.25 Td (with ) Tj ET Q q 0 0 0 rg BT 96.30 248.25 Td (hedges ) Tj ET Q q 0 0 0 rg BT 127.04 248.25 Td (within ) Tj ET Q q 0 0 0 rg BT 155.57 248.25 Td (one ) Tj ET Q q 0 0 0 rg BT 172.97 248.25 Td (day; ) Tj ET Q q 0 0 0 rg BT 193.16 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.57 248.25 Td (published ) Tj ET Q q 0 0 0 rg BT 252.21 248.25 Td (V) Tj ET Q q 0 0 0 rg BT 258.32 248.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 272.40 248.25 Td (results ) Tj ET Q q 0 0 0 rg BT 301.48 248.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 329.98 248.25 Td (past ) Tj ET Q q 0 0 0 rg BT 349.05 248.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 380.35 248.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 419.43 248.25 Td (while ) Tj ET Q q 0 0 0 rg BT 444.62 248.25 Td (future ) Tj ET Q q 0 0 0 rg BT 471.47 248.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 489.43 248.25 Td (depends ) Tj ET Q q 0 0 0 rg BT 525.17 248.25 Td (on ) Tj ET Q q 0 0 0 rg BT 538.14 248.25 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.25 Td (positions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.27 212.25 Td (modeling ) Tj ET Q q 0 0 0 rg BT 108.76 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.82 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.76 212.25 Td (market ) Tj ET Q q 0 0 0 rg BT 165.24 212.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 182.96 212.25 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 242.87 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 253.93 212.25 Td (our ) Tj ET Q q 0 0 0 rg BT 269.98 212.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 301.03 212.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 339.87 212.25 Td (involves ) Tj ET Q q 0 0 0 rg BT 376.47 212.25 Td (a ) Tj ET Q q 0 0 0 rg BT 383.64 212.25 Td (number ) Tj ET Q q 0 0 0 rg BT 416.90 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 427.96 212.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 480.13 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 497.29 212.25 Td (approximations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.25 Td (While ) Tj ET Q q 0 0 0 rg BT 77.67 200.25 Td (we ) Tj ET Q q 0 0 0 rg BT 92.58 200.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 124.69 200.25 Td (that ) Tj ET Q q 0 0 0 rg BT 142.93 200.25 Td (these ) Tj ET Q q 0 0 0 rg BT 166.71 200.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 219.40 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 237.08 200.25 Td (approximations ) Tj ET Q q 0 0 0 rg BT 302.54 200.25 Td (are ) Tj ET Q q 0 0 0 rg BT 317.98 200.25 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 366.48 200.25 Td (dif) Tj ET Q q 0 0 0 rg BT 377.41 200.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 403.96 200.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 456.65 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 474.33 200.25 Td (approximations ) Tj ET Q q 0 0 0 rg BT 539.79 200.25 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.25 Td (produce ) Tj ET Q q 0 0 0 rg BT 84.11 188.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 126.54 188.25 Td (dif) Tj ET Q q 0 0 0 rg BT 137.47 188.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 162.55 188.25 Td (V) Tj ET Q q 0 0 0 rg BT 168.66 188.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 181.67 188.25 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 223.14 188.25 Td (When ) Tj ET Q q 0 0 0 rg BT 248.91 188.25 Td (comparing ) Tj ET Q q 0 0 0 rg BT 293.58 188.25 Td (our ) Tj ET Q q 0 0 0 rg BT 308.67 188.25 Td (V) Tj ET Q q 0 0 0 rg BT 314.78 188.25 Td (aR ) Tj ET Q q 0 0 0 rg BT 327.79 188.25 Td (numbers ) Tj ET Q q 0 0 0 rg BT 364.12 188.25 Td (to ) Tj ET Q q 0 0 0 rg BT 373.80 188.25 Td (those ) Tj ET Q q 0 0 0 rg BT 396.81 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 407.04 188.25 Td (other ) Tj ET Q q 0 0 0 rg BT 429.48 188.25 Td (firms, ) Tj ET Q q 0 0 0 rg BT 454.99 188.25 Td (it ) Tj ET Q q 0 0 0 rg BT 462.44 188.25 Td (is ) Tj ET Q q 0 0 0 rg BT 471.01 188.25 Td (important ) Tj ET Q q 0 0 0 rg BT 511.79 188.25 Td (to ) Tj ET Q q 0 0 0 rg BT 521.47 188.25 Td (remember ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.25 Td (that ) Tj ET Q q 0 0 0 rg BT 67.50 176.25 Td (dif) Tj ET Q q 0 0 0 rg BT 78.42 176.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 104.24 176.25 Td (methodologies, ) Tj ET Q q 0 0 0 rg BT 168.12 176.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 220.07 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 237.01 176.25 Td (approximations ) Tj ET Q q 0 0 0 rg BT 301.72 176.25 Td (could ) Tj ET Q q 0 0 0 rg BT 326.44 176.25 Td (produce ) Tj ET Q q 0 0 0 rg BT 361.14 176.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 413.63 176.25 Td (dif) Tj ET Q q 0 0 0 rg BT 424.56 176.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 450.38 176.25 Td (results.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.51 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.36 740.10 Td (table ) Tj ET Q q 0 0 0 rg BT 129.76 740.10 Td (quantifies ) Tj ET Q q 0 0 0 rg BT 171.16 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.34 740.10 Td (model-based ) Tj ET Q q 0 0 0 rg BT 238.26 740.10 Td (V) Tj ET Q q 0 0 0 rg BT 244.37 740.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 257.44 740.10 Td (simulated ) Tj ET Q q 0 0 0 rg BT 298.29 740.10 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 332.19 740.10 Td (component ) Tj ET Q q 0 0 0 rg BT 378.59 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.88 740.10 Td (market ) Tj ET Q q 0 0 0 rg BT 418.61 740.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 435.58 740.10 Td (for ) Tj ET Q q 0 0 0 rg BT 449.20 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.38 740.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 494.79 740.10 Td (presented, ) Tj ET Q q 0 0 0 rg BT 537.56 740.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 728.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.89 728.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 107.00 728.10 Td (using ) Tj ET Q q 0 0 0 rg BT 131.35 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.25 728.10 Td (past ) Tj ET Q q 0 0 0 rg BT 165.04 728.10 Td (250 ) Tj ET Q q 0 0 0 rg BT 182.72 728.10 Td (days ) Tj ET Q q 0 0 0 rg BT 203.73 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.74 728.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 254.63 728.10 Td (data. ) Tj ET Q q 0 0 0 rg BT 276.28 728.10 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 349.19 728.10 Td (V) Tj ET Q q 0 0 0 rg BT 355.30 728.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 369.09 728.10 Td (we ) Tj ET Q q 0 0 0 rg BT 383.43 728.10 Td (use ) Tj ET Q q 0 0 0 rg BT 399.44 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 406.56 728.10 Td (95 ) Tj ET Q q 0 0 0 rg BT 419.24 728.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 451.35 728.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 497.89 728.10 Td (level ) Tj ET Q q 0 0 0 rg BT 520.00 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 537.12 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 544.24 728.10 Td (one-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 716.10 Td (day ) Tj ET Q q 0 0 0 rg BT 66.31 716.10 Td (time ) Tj ET Q q 0 0 0 rg BT 85.95 716.10 Td (horizon. ) Tj ET Q q 0 0 0 rg BT 120.73 716.10 Td (This ) Tj ET Q q 0 0 0 rg BT 140.37 716.10 Td (means ) Tj ET Q q 0 0 0 rg BT 167.79 716.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 187.15 716.10 Td (over ) Tj ET Q q 0 0 0 rg BT 206.79 716.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 228.93 716.10 Td (there ) Tj ET Q q 0 0 0 rg BT 250.78 716.10 Td (is ) Tj ET Q q 0 0 0 rg BT 259.32 716.10 Td (a ) Tj ET Q q 0 0 0 rg BT 265.62 716.10 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 291.58 716.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 303.44 716.10 Td (chance ) Tj ET Q q 0 0 0 rg BT 333.07 716.10 Td (that ) Tj ET Q q 0 0 0 rg BT 349.93 716.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 371.79 716.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 401.98 716.10 Td (net ) Tj ET Q q 0 0 0 rg BT 416.07 716.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 453.47 716.10 Td (will ) Tj ET Q q 0 0 0 rg BT 470.90 716.10 Td (fall ) Tj ET Q q 0 0 0 rg BT 486.09 716.10 Td (below ) Tj ET Q q 0 0 0 rg BT 512.40 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.48 716.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 72.42 704.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 103.17 704.10 Td (net ) Tj ET Q q 0 0 0 rg BT 117.81 704.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 155.77 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 168.20 704.10 Td (an ) Tj ET Q q 0 0 0 rg BT 180.06 704.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 212.48 704.10 Td (at ) Tj ET Q q 0 0 0 rg BT 222.12 704.10 Td (least ) Tj ET Q q 0 0 0 rg BT 242.87 704.10 Td (as ) Tj ET Q q 0 0 0 rg BT 253.62 704.10 Td (lar) Tj ET Q q 0 0 0 rg BT 263.99 704.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 275.85 704.10 Td (as ) Tj ET Q q 0 0 0 rg BT 286.61 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.25 704.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 336.81 704.10 Td (V) Tj ET Q q 0 0 0 rg BT 342.93 704.10 Td (aR. ) Tj ET Q q 0 0 0 rg BT 358.96 704.10 Td (Shortfalls ) Tj ET Q q 0 0 0 rg BT 400.27 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 412.69 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 419.56 704.10 Td (single ) Tj ET Q q 0 0 0 rg BT 445.87 704.10 Td (day ) Tj ET Q q 0 0 0 rg BT 462.73 704.10 Td (can ) Tj ET Q q 0 0 0 rg BT 479.03 704.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 509.21 704.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 544.77 704.10 Td (V) Tj ET Q q 0 0 0 rg BT 550.89 704.10 Td (aR ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.32 692.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 106.85 692.10 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 145.56 692.10 Td (Shortfalls ) Tj ET Q q 0 0 0 rg BT 186.77 692.10 Td (can ) Tj ET Q q 0 0 0 rg BT 202.97 692.10 Td (also ) Tj ET Q q 0 0 0 rg BT 221.40 692.10 Td (accumulate ) Tj ET Q q 0 0 0 rg BT 269.24 692.10 Td (over ) Tj ET Q q 0 0 0 rg BT 289.33 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 296.09 692.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 323.96 692.10 Td (time ) Tj ET Q q 0 0 0 rg BT 344.05 692.10 Td (horizon, ) Tj ET Q q 0 0 0 rg BT 379.42 692.10 Td (such ) Tj ET Q q 0 0 0 rg BT 400.07 692.10 Td (as ) Tj ET Q q 0 0 0 rg BT 410.72 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 417.48 692.10 Td (number ) Tj ET Q q 0 0 0 rg BT 450.35 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.00 692.10 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 510.52 692.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 541.17 692.10 Td (days. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 94.12 680.10 Td (there ) Tj ET Q q 0 0 0 rg BT 116.31 680.10 Td (can ) Tj ET Q q 0 0 0 rg BT 132.40 680.10 Td (be ) Tj ET Q q 0 0 0 rg BT 144.04 680.10 Td (no ) Tj ET Q q 0 0 0 rg BT 156.25 680.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 197.32 680.10 Td (that ) Tj ET Q q 0 0 0 rg BT 214.53 680.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 240.61 680.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 266.70 680.10 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 319.43 680.10 Td (any ) Tj ET Q q 0 0 0 rg BT 336.08 680.10 Td (given ) Tj ET Q q 0 0 0 rg BT 360.50 680.10 Td (day ) Tj ET Q q 0 0 0 rg BT 377.15 680.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 406.57 680.10 Td (from ) Tj ET Q q 0 0 0 rg BT 428.22 680.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 462.63 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 472.62 680.10 Td (market ) Tj ET Q q 0 0 0 rg BT 502.59 680.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 546.46 680.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (not ) Tj ET Q q 0 0 0 rg BT 65.28 668.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 95.53 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.07 668.10 Td (V) Tj ET Q q 0 0 0 rg BT 116.18 668.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 129.79 668.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 166.18 668.10 Td (shown ) Tj ET Q q 0 0 0 rg BT 194.79 668.10 Td (below ) Tj ET Q q 0 0 0 rg BT 221.73 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 232.56 668.10 Td (that ) Tj ET Q q 0 0 0 rg BT 250.05 668.10 Td (such ) Tj ET Q q 0 0 0 rg BT 270.88 668.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 297.28 668.10 Td (will ) Tj ET Q q 0 0 0 rg BT 315.33 668.10 Td (not ) Tj ET Q q 0 0 0 rg BT 330.61 668.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 355.32 668.10 Td (more ) Tj ET Q q 0 0 0 rg BT 378.36 668.10 Td (than ) Tj ET Q q 0 0 0 rg BT 398.08 668.10 Td (once ) Tj ET Q q 0 0 0 rg BT 419.46 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 429.74 668.10 Td (a ) Tj ET Q q 0 0 0 rg BT 436.67 668.10 Td (20-day ) Tj ET Q q 0 0 0 rg BT 466.94 668.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 497.77 668.10 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 (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 636.33 Td (2014) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 624.33 Td (608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 624.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 624.22 Td (740) 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 464.65 612.33 Td (119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 612.22 Td (235) 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 (\(66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 600.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 600.22 Td (\(129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 600.22 Td (\)) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 588.33 Td (661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 588.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 588.22 Td (846) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 573.50 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 573.50 Td (Equals ) Tj ET Q q 0 0 0 rg BT 92.40 573.50 Td (the ) Tj ET Q q 0 0 0 rg BT 104.36 573.50 Td (differ) Tj ET Q q 0 0 0 rg BT 121.39 573.50 Td (ence ) Tj ET Q q 0 0 0 rg BT 138.22 573.50 Td (between ) Tj ET Q q 0 0 0 rg BT 166.61 573.50 Td (total ) Tj ET Q q 0 0 0 rg BT 183.46 573.50 Td (V) Tj ET Q q 0 0 0 rg BT 187.46 573.50 Td (aR ) Tj ET Q q 0 0 0 rg BT 198.53 573.50 Td (and ) Tj ET Q q 0 0 0 rg BT 212.71 573.50 Td (the ) Tj ET Q q 0 0 0 rg BT 224.66 573.50 Td (sum ) Tj ET Q q 0 0 0 rg BT 239.73 573.50 Td (of ) Tj ET Q q 0 0 0 rg BT 248.13 573.50 Td (the ) Tj ET Q q 0 0 0 rg BT 260.09 573.50 Td (V) Tj ET Q q 0 0 0 rg BT 264.09 573.50 Td (aRs ) Tj ET Q q 0 0 0 rg BT 278.27 573.50 Td (for ) Tj ET Q q 0 0 0 rg BT 289.78 573.50 Td (the ) Tj ET Q q 0 0 0 rg BT 301.73 573.50 Td (two ) Tj ET Q q 0 0 0 rg BT 315.47 573.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 329.65 573.50 Td (categories. ) Tj ET Q q 0 0 0 rg BT 367.16 573.50 Td (This ) Tj ET Q q 0 0 0 rg BT 383.12 573.50 Td (effect ) Tj ET Q q 0 0 0 rg BT 402.62 573.50 Td (arises ) Tj ET Q q 0 0 0 rg BT 423.91 573.50 Td (because ) Tj ET Q q 0 0 0 rg BT 451.86 573.50 Td (the ) Tj ET Q q 0 0 0 rg BT 463.81 573.50 Td (two ) Tj ET Q q 0 0 0 rg BT 477.55 573.50 Td (market ) Tj ET Q q 0 0 0 rg BT 501.95 573.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 516.13 573.50 Td (categories ) Tj ET Q q 0 0 0 rg BT 551.63 573.50 Td (ar) Tj ET Q q 0 0 0 rg BT 558.45 573.50 Td (e ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 563.90 Td (not ) Tj ET Q q 0 0 0 rg BT 80.22 563.90 Td (perfectly ) Tj ET Q q 0 0 0 rg BT 110.21 563.90 Td (corr) Tj ET Q q 0 0 0 rg BT 123.69 563.90 Td (elated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.90 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 539.90 Td (e ) Tj ET Q q 0 0 0 rg BT 65.47 539.90 Td (view ) Tj ET Q q 0 0 0 rg BT 87.30 539.90 Td (average ) Tj ET Q q 0 0 0 rg BT 120.61 539.90 Td (V) Tj ET Q q 0 0 0 rg BT 126.72 539.90 Td (aR ) Tj ET Q q 0 0 0 rg BT 140.23 539.90 Td (over ) Tj ET Q q 0 0 0 rg BT 160.39 539.90 Td (a ) Tj ET Q q 0 0 0 rg BT 167.22 539.90 Td (period ) Tj ET Q q 0 0 0 rg BT 195.17 539.90 Td (of ) Tj ET Q q 0 0 0 rg BT 205.89 539.90 Td (time ) Tj ET Q q 0 0 0 rg BT 226.06 539.90 Td (as ) Tj ET Q q 0 0 0 rg BT 236.79 539.90 Td (more ) Tj ET Q q 0 0 0 rg BT 259.73 539.90 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 328.93 539.90 Td (trends ) Tj ET Q q 0 0 0 rg BT 355.76 539.90 Td (in ) Tj ET Q q 0 0 0 rg BT 365.93 539.90 Td (the ) Tj ET Q q 0 0 0 rg BT 380.54 539.90 Td (business ) Tj ET Q q 0 0 0 rg BT 416.83 539.90 Td (than ) Tj ET Q q 0 0 0 rg BT 436.27 539.90 Td (V) Tj ET Q q 0 0 0 rg BT 442.38 539.90 Td (aR ) Tj ET Q q 0 0 0 rg BT 455.89 539.90 Td (at ) Tj ET Q q 0 0 0 rg BT 465.50 539.90 Td (any ) Tj ET Q q 0 0 0 rg BT 482.33 539.90 Td (single ) Tj ET Q q 0 0 0 rg BT 508.61 539.90 Td (point ) Tj ET Q q 0 0 0 rg BT 531.57 539.90 Td (in ) Tj ET Q q 0 0 0 rg BT 541.74 539.90 Td (time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.90 Td (The ) Tj ET Q q 0 0 0 rg BT 67.96 527.90 Td (table ) Tj ET Q q 0 0 0 rg BT 89.80 527.90 Td (below ) Tj ET Q q 0 0 0 rg BT 116.65 527.90 Td (illustrates ) Tj ET Q q 0 0 0 rg BT 157.95 527.90 Td (the ) Tj ET Q q 0 0 0 rg BT 172.57 527.90 Td (daily ) Tj ET Q q 0 0 0 rg BT 194.98 527.90 Td (high, ) Tj ET Q q 0 0 0 rg BT 217.67 527.90 Td (low ) Tj ET Q q 0 0 0 rg BT 235.08 527.90 Td (and ) Tj ET Q q 0 0 0 rg BT 251.93 527.90 Td (average ) Tj ET Q q 0 0 0 rg BT 285.42 527.90 Td (value-at-risk ) Tj ET Q q 0 0 0 rg BT 338.37 527.90 Td (calculated ) Tj ET Q q 0 0 0 rg BT 381.31 527.90 Td (for ) Tj ET Q q 0 0 0 rg BT 395.38 527.90 Td (each ) Tj ET Q q 0 0 0 rg BT 416.10 527.90 Td (component ) Tj ET Q q 0 0 0 rg BT 462.95 527.90 Td (of ) Tj ET Q q 0 0 0 rg BT 473.69 527.90 Td (market ) Tj ET Q q 0 0 0 rg BT 503.87 527.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 521.28 527.90 Td (during ) Tj ET Q q 0 0 0 rg BT 549.80 527.90 Td (the ) Tj ET Q q 0 0 0 rg BT 564.51 527.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.90 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.10 515.90 Td ( ) Tj ET Q q 0 0 0 rg BT 73.60 515.90 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.98 515.90 Td (December31, ) Tj ET Q q 0 0 0 rg BT 158.56 515.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.56 515.90 Td ( ) Tj ET Q q 0 0 0 rg BT 181.06 515.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 515.90 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.00 515.90 Td (, ) Tj ET Q q 0 0 0 rg BT 223.00 515.90 Td (respectively) Tj ET Q q 0 0 0 rg BT 270.66 515.90 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 481.40 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 481.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 481.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 481.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 481.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 481.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 457.40 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 457.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 457.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 457.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 457.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 457.40 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 336.5 493.4 m 406.5 493.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 493.4 m 484.5 493.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 493.4 m 562.5 493.4 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 497.35 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.40 496.13 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.55 496.13 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.60 496.13 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 484.13 Td (For) Tj ET Q q 0 0 0 rg BT 68.37 484.13 Td ( the ) Tj ET Q q 0 0 0 rg BT 86.33 484.13 Td (Y) Tj ET Q q 0 0 0 rg BT 92.44 484.13 Td (ear) Tj ET Q q 0 0 0 rg BT 106.13 484.13 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 182.05 484.13 Td ( 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 472.02 Td (Interest Rate Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 472.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 472.02 Td (853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 472.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 472.02 Td (415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 472.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 472.02 Td (582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.02 Td (Equity Price Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 460.02 Td (618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 460.02 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 460.02 Td (314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 448.02 Td (Diversification Effect \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 448.02 Td (\(133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 448.02 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.02 Td (Total Value-at-Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 436.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 436.02 Td (1,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 436.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 436.02 Td (487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 436.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 436.02 Td (763) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 399.40 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 399.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 399.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 399.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 399.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 399.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 375.40 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 375.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 375.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 375.40 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 375.40 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 375.40 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 336.5 411.4 m 406.5 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 411.4 m 484.5 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 411.4 m 562.5 411.4 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 415.35 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.40 414.13 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.55 414.13 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.60 414.13 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 402.13 Td (For the Year Ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 390.02 Td (Interest Rate Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 390.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 390.02 Td (1,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 390.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 390.02 Td (291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 390.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 390.02 Td (797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 378.02 Td (Equity Price Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 378.02 Td (920) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 378.02 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 378.02 Td (265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 366.02 Td (Diversification Effect \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 366.02 Td (\(232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 366.02 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 354.02 Td (Total Value-at-Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 354.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 354.02 Td (1,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 354.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 354.02 Td (302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 354.02 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 354.02 Td (830) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 339.30 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 339.30 Td (Equals ) Tj ET Q q 0 0 0 rg BT 92.40 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 104.36 339.30 Td (differ) Tj ET Q q 0 0 0 rg BT 121.39 339.30 Td (ence ) Tj ET Q q 0 0 0 rg BT 138.22 339.30 Td (between ) Tj ET Q q 0 0 0 rg BT 166.61 339.30 Td (total ) Tj ET Q q 0 0 0 rg BT 183.46 339.30 Td (V) Tj ET Q q 0 0 0 rg BT 187.46 339.30 Td (aR ) Tj ET Q q 0 0 0 rg BT 198.53 339.30 Td (and ) Tj ET Q q 0 0 0 rg BT 212.71 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 224.66 339.30 Td (sum ) Tj ET Q q 0 0 0 rg BT 239.73 339.30 Td (of ) Tj ET Q q 0 0 0 rg BT 248.13 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 260.09 339.30 Td (V) Tj ET Q q 0 0 0 rg BT 264.09 339.30 Td (aRs ) Tj ET Q q 0 0 0 rg BT 278.27 339.30 Td (for ) Tj ET Q q 0 0 0 rg BT 289.78 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 301.73 339.30 Td (two ) Tj ET Q q 0 0 0 rg BT 315.47 339.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 329.65 339.30 Td (categories. ) Tj ET Q q 0 0 0 rg BT 367.16 339.30 Td (This ) Tj ET Q q 0 0 0 rg BT 383.12 339.30 Td (effect ) Tj ET Q q 0 0 0 rg BT 402.62 339.30 Td (arises ) Tj ET Q q 0 0 0 rg BT 423.91 339.30 Td (because ) Tj ET Q q 0 0 0 rg BT 451.86 339.30 Td (the ) Tj ET Q q 0 0 0 rg BT 463.81 339.30 Td (two ) Tj ET Q q 0 0 0 rg BT 477.55 339.30 Td (market ) Tj ET Q q 0 0 0 rg BT 501.95 339.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 516.13 339.30 Td (categories ) Tj ET Q q 0 0 0 rg BT 551.63 339.30 Td (ar) Tj ET Q q 0 0 0 rg BT 558.45 339.30 Td (e ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 329.70 Td (not ) Tj ET Q q 0 0 0 rg BT 80.90 329.70 Td (perfectly ) Tj ET Q q 0 0 0 rg BT 111.57 329.70 Td (corr) Tj ET Q q 0 0 0 rg BT 125.05 329.70 Td (elated. ) Tj ET Q q 0 0 0 rg BT 149.27 329.70 Td (Because ) Tj ET Q q 0 0 0 rg BT 178.61 329.70 Td (high ) Tj ET Q q 0 0 0 rg BT 195.51 329.70 Td (and ) Tj ET Q q 0 0 0 rg BT 210.19 329.70 Td (low ) Tj ET Q q 0 0 0 rg BT 224.43 329.70 Td (V) Tj ET Q q 0 0 0 rg BT 228.43 329.70 Td (aR ) Tj ET Q q 0 0 0 rg BT 239.99 329.70 Td (numbers ) Tj ET Q q 0 0 0 rg BT 270.23 329.70 Td (for ) Tj ET Q q 0 0 0 rg BT 282.24 329.70 Td (these ) Tj ET Q q 0 0 0 rg BT 301.36 329.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 316.04 329.70 Td (categories ) Tj ET Q q 0 0 0 rg BT 352.04 329.70 Td (may ) Tj ET Q q 0 0 0 rg BT 368.05 329.70 Td (have ) Tj ET Q q 0 0 0 rg BT 385.83 329.70 Td (occurr) Tj ET Q q 0 0 0 rg BT 406.86 329.70 Td (ed ) Tj ET Q q 0 0 0 rg BT 417.09 329.70 Td (on ) Tj ET Q q 0 0 0 rg BT 427.77 329.70 Td (differ) Tj ET Q q 0 0 0 rg BT 444.81 329.70 Td (ent ) Tj ET Q q 0 0 0 rg BT 457.26 329.70 Td (days, ) Tj ET Q q 0 0 0 rg BT 476.61 329.70 Td (high ) Tj ET Q q 0 0 0 rg BT 493.51 329.70 Td (and ) Tj ET Q q 0 0 0 rg BT 508.19 329.70 Td (low ) Tj ET Q q 0 0 0 rg BT 522.43 329.70 Td (numbers ) Tj ET Q q 0 0 0 rg BT 552.66 329.70 Td (for ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 320.10 Td (diversification ) Tj ET Q q 0 0 0 rg BT 116.21 320.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 139.98 320.10 Td (would ) Tj ET Q q 0 0 0 rg BT 161.54 320.10 Td (not ) Tj ET Q q 0 0 0 rg BT 173.77 320.10 Td (be ) Tj ET Q q 0 0 0 rg BT 183.32 320.10 Td (meaningful.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 296.10 Td (rading ) Tj ET Q q 0 0 0 rg BT 83.80 296.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 110.20 296.10 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 149.89 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 165.72 296.10 Td (one-day ) Tj ET Q q 0 0 0 rg BT 200.24 296.10 Td (V) Tj ET Q q 0 0 0 rg BT 206.36 296.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 219.97 296.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.47 296.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.14 296.10 Td ( ) Tj ET Q q 0 0 0 rg BT 246.64 296.10 Td (occasions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.01 296.10 Td (during) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.12 296.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.62 296.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.62 296.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.71 272.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 108.57 272.10 Td (V) Tj ET Q q 0 0 0 rg BT 114.68 272.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 127.95 272.10 Td (as ) Tj ET Q q 0 0 0 rg BT 138.44 272.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.93 272.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 207.17 272.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.17 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 229.33 272.10 Td (was ) Tj ET Q q 0 0 0 rg BT 247.04 272.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 271.96 272.10 Td (than ) Tj ET Q q 0 0 0 rg BT 291.34 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.71 272.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 341.03 272.10 Td (V) Tj ET Q q 0 0 0 rg BT 347.14 272.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 360.41 272.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.57 272.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 430.81 272.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.81 272.10 Td (. ) Tj ET Q q 0 0 0 rg BT 455.31 272.10 Td (The ) Tj ET Q q 0 0 0 rg BT 473.02 272.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 509.59 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 519.37 272.10 Td (V) Tj ET Q q 0 0 0 rg BT 525.49 272.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 538.75 272.10 Td (is ) Tj ET Q q 0 0 0 rg BT 547.58 272.10 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 260.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 85.55 260.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 124.16 260.10 Td (during ) Tj ET Q q 0 0 0 rg BT 152.76 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.48 260.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 223.29 260.10 Td (period ) Tj ET Q q 0 0 0 rg BT 251.34 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 268.28 260.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 302.42 260.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 343.25 260.10 Td (levels.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.03 236.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 94.50 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 103.85 236.10 Td (V) Tj ET Q q 0 0 0 rg BT 109.96 236.10 Td (aR, ) Tj ET Q q 0 0 0 rg BT 125.27 236.10 Td (we ) Tj ET Q q 0 0 0 rg BT 138.63 236.10 Td (also ) Tj ET Q q 0 0 0 rg BT 156.43 236.10 Td (employ ) Tj ET Q q 0 0 0 rg BT 188.12 236.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 229.81 236.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 268.71 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 278.19 236.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 311.55 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.69 236.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 360.48 236.10 Td (market ) Tj ET Q q 0 0 0 rg BT 389.94 236.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 406.63 236.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 444.43 236.10 Td (including ) Tj ET Q q 0 0 0 rg BT 483.90 236.10 Td (net ) Tj ET Q q 0 0 0 rg BT 497.81 236.10 Td (market ) Tj ET Q q 0 0 0 rg BT 527.27 236.10 Td (position, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 85.56 224.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 126.39 224.10 Td (option ) Tj ET Q q 0 0 0 rg BT 154.17 224.10 Td (sensitivities, ) Tj ET Q q 0 0 0 rg BT 206.13 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.80 224.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 263.35 224.10 Td (turnover) Tj ET Q q 0 0 0 rg BT 296.68 224.10 Td (. ) Tj ET Q q 0 0 0 rg BT 300.92 224.10 Td (All ) Tj ET Q q 0 0 0 rg BT 315.93 224.10 Td (metrics ) Tj ET Q q 0 0 0 rg BT 347.59 224.10 Td (are ) Tj ET Q q 0 0 0 rg BT 362.03 224.10 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 408.13 224.10 Td (by ) Tj ET Q q 0 0 0 rg BT 420.36 224.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 442.03 224.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 498.68 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.35 224.10 Td (are ) Tj ET Q q 0 0 0 rg BT 529.79 224.10 Td (used ) Tj ET Q q 0 0 0 rg BT 550.35 224.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 96.67 212.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 121.67 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.33 212.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 179.42 212.10 Td (approvals. ) Tj ET Q q 0 0 0 rg BT 223.02 212.10 Td (In ) Tj ET Q q 0 0 0 rg BT 233.57 212.10 Td (times ) Tj ET Q q 0 0 0 rg BT 257.46 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 268.01 212.10 Td (market ) Tj ET Q q 0 0 0 rg BT 298.00 212.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 333.46 212.10 Td (, ) Tj ET Q q 0 0 0 rg BT 338.18 212.10 Td (we ) Tj ET Q q 0 0 0 rg BT 352.06 212.10 Td (also ) Tj ET Q q 0 0 0 rg BT 370.39 212.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 404.82 212.10 Td (ad ) Tj ET Q q 0 0 0 rg BT 416.48 212.10 Td (hoc ) Tj ET Q q 0 0 0 rg BT 433.14 212.10 Td (stress ) Tj ET Q q 0 0 0 rg BT 457.58 212.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 477.58 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 494.24 212.10 Td (scenario ) Tj ET Q q 0 0 0 rg BT 529.78 212.10 Td (analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (as ) Tj ET Q q 0 0 0 rg BT 61.10 200.10 Td (market ) Tj ET Q q 0 0 0 rg BT 91.63 200.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 136.06 200.10 Td (dictate. ) Tj ET Q q 0 0 0 rg BT 167.98 200.10 Td (Unlike ) Tj ET Q q 0 0 0 rg BT 197.97 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 213.87 200.10 Td (V) Tj ET Q q 0 0 0 rg BT 219.98 200.10 Td (aR, ) Tj ET Q q 0 0 0 rg BT 236.36 200.10 Td (which ) Tj ET Q q 0 0 0 rg BT 263.56 200.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 303.54 200.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 341.30 200.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 367.96 200.10 Td (within ) Tj ET Q q 0 0 0 rg BT 396.28 200.10 Td (a ) Tj ET Q q 0 0 0 rg BT 403.49 200.10 Td (given ) Tj ET Q q 0 0 0 rg BT 428.48 200.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 475.11 200.10 Td (level, ) Tj ET Q q 0 0 0 rg BT 499.81 200.10 Td (stress ) Tj ET Q q 0 0 0 rg BT 524.80 200.10 Td (scenarios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (do ) Tj ET Q q 0 0 0 rg BT 61.74 188.10 Td (not ) Tj ET Q q 0 0 0 rg BT 76.26 188.10 Td (have ) Tj ET Q q 0 0 0 rg BT 96.88 188.10 Td (an ) Tj ET Q q 0 0 0 rg BT 108.06 188.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 150.90 188.10 Td (implied ) Tj ET Q q 0 0 0 rg BT 183.19 188.10 Td (probability) Tj ET Q q 0 0 0 rg BT 226.42 188.10 Td (. ) Tj ET Q q 0 0 0 rg BT 230.67 188.10 Td (Rather) Tj ET Q q 0 0 0 rg BT 256.92 188.10 Td (, ) Tj ET Q q 0 0 0 rg BT 261.16 188.10 Td (stress ) Tj ET Q q 0 0 0 rg BT 285.13 188.10 Td (testing ) Tj ET Q q 0 0 0 rg BT 313.54 188.10 Td (is ) Tj ET Q q 0 0 0 rg BT 321.95 188.10 Td (used ) Tj ET Q q 0 0 0 rg BT 342.02 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 351.54 188.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 386.60 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.56 188.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 437.29 188.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 454.60 188.10 Td (from ) Tj ET Q q 0 0 0 rg BT 475.78 188.10 Td (market ) Tj ET Q q 0 0 0 rg BT 505.28 188.10 Td (moves ) Tj ET Q q 0 0 0 rg BT 533.13 188.10 Td (outside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.65 176.10 Td (V) Tj ET Q q 0 0 0 rg BT 71.76 176.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 85.37 176.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 131.73 176.10 Td (levels.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (Liquidity Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 128.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.23 128.10 Td (are ) Tj ET Q q 0 0 0 rg BT 79.59 128.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 114.52 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 124.45 128.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 160.50 128.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 177.65 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 187.58 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 203.07 128.10 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 248.54 128.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 281.80 128.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 322.56 128.10 Td (by ) Tj ET Q q 0 0 0 rg BT 334.71 128.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 367.42 128.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 412.34 128.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 443.39 128.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 483.87 128.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 522.14 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.74 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 548.67 128.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (role ) Tj ET Q q 0 0 0 rg BT 68.05 116.10 Td (as ) Tj ET Q q 0 0 0 rg BT 78.88 116.10 Td (a ) Tj ET Q q 0 0 0 rg BT 85.82 116.10 Td (remarketing ) Tj ET Q q 0 0 0 rg BT 136.63 116.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 160.78 116.10 Td (for ) Tj ET Q q 0 0 0 rg BT 174.94 116.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 209.64 116.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 227.13 116.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 261.28 116.10 Td (notes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (See ) Tj ET Q q 0 0 0 rg BT 67.23 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.24 92.10 Td (section ) Tj ET Q q 0 0 0 rg BT 113.36 92.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 146.15 92.10 Td ("Liquidity) Tj ET Q q 0 0 0 rg BT 186.80 92.10 Td (, ) Tj ET Q q 0 0 0 rg BT 192.10 92.10 Td (Funding ) Tj ET Q q 0 0 0 rg BT 228.23 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.46 92.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 277.14 92.10 Td (Resources" ) Tj ET Q q 0 0 0 rg BT 325.12 92.10 Td (in ) Tj ET Q q 0 0 0 rg BT 335.69 92.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 354.59 92.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 366.55 92.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 387.67 92.10 Td (7, ) Tj ET Q q 0 0 0 rg BT 397.96 92.10 Td ("Management) Tj ET Q q 0 0 0 rg BT 457.02 92.10 Td (s ) Tj ET Q q 0 0 0 rg BT 463.71 92.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 510.39 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.01 92.10 Td (Analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.46 80.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 99.81 80.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 141.95 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.52 80.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 190.10 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.56 80.10 Td (Operations," ) Tj ET Q q 0 0 0 rg BT 253.15 80.10 Td (in ) Tj ET Q q 0 0 0 rg BT 263.06 80.10 Td (this ) Tj ET Q q 0 0 0 rg BT 279.64 80.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 303.45 80.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 326.13 80.10 Td (for ) Tj ET Q q 0 0 0 rg BT 339.92 80.10 Td (information ) Tj ET Q q 0 0 0 rg BT 389.27 80.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 429.72 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 445.18 80.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 481.21 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.78 80.10 Td (how ) Tj ET Q q 0 0 0 rg BT 517.13 80.10 Td (we ) Tj ET Q q 0 0 0 rg BT 530.92 80.10 Td (manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 86.39 68.10 Td (risk.) Tj ET Q endstream endobj 111 0 obj <>] /Rotate 0 /Contents 112 0 R>> endobj 112 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 (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 740.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.22 740.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 109.21 740.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 150.49 740.10 Td (including ) Tj ET Q q 0 0 0 rg BT 190.93 740.10 Td (those ) Tj ET Q q 0 0 0 rg BT 214.71 740.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 258.47 740.10 Td (with ) Tj ET Q q 0 0 0 rg BT 278.91 740.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 315.45 740.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 346.44 740.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 387.71 740.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 418.70 740.10 Td (us ) Tj ET Q q 0 0 0 rg BT 430.25 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 440.70 740.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 478.35 740.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 516.00 740.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 542.56 740.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.33 728.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 104.21 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.11 728.10 Td (value ) Tj ET Q q 0 0 0 rg BT 137.88 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.32 728.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 179.33 728.10 Td (positions. ) Tj ET Q q 0 0 0 rg BT 220.06 728.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 251.06 728.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 268.17 728.10 Td (can ) Tj ET Q q 0 0 0 rg BT 284.17 728.10 Td (be ) Tj ET Q q 0 0 0 rg BT 295.72 728.10 Td (exacerbated ) Tj ET Q q 0 0 0 rg BT 345.57 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.47 728.10 Td (times ) Tj ET Q q 0 0 0 rg BT 379.25 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.69 728.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 420.14 728.10 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 461.70 728.10 Td (when ) Tj ET Q q 0 0 0 rg BT 485.48 728.10 Td (market ) Tj ET Q q 0 0 0 rg BT 515.35 728.10 Td (participants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 716.10 Td (refrain ) Tj ET Q q 0 0 0 rg BT 79.01 716.10 Td (from ) Tj ET Q q 0 0 0 rg BT 100.82 716.10 Td (transacting ) Tj ET Q q 0 0 0 rg BT 147.06 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.20 716.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 187.90 716.10 Td (quantities ) Tj ET Q q 0 0 0 rg BT 229.14 716.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 257.06 716.10 Td (at ) Tj ET Q q 0 0 0 rg BT 266.64 716.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 297.33 716.10 Td (bid-of) Tj ET Q q 0 0 0 rg BT 321.59 716.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 335.06 716.10 Td (spreads. ) Tj ET Q q 0 0 0 rg BT 369.92 716.10 Td (Depending ) Tj ET Q q 0 0 0 rg BT 416.16 716.10 Td (on ) Tj ET Q q 0 0 0 rg BT 428.53 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.11 716.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 476.57 716.10 Td (security) Tj ET Q q 0 0 0 rg BT 507.58 716.10 Td (, ) Tj ET Q q 0 0 0 rg BT 512.45 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.03 716.10 Td (structure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.13 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.15 704.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 113.94 704.10 Td (product, ) Tj ET Q q 0 0 0 rg BT 149.79 704.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 178.13 704.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 208.70 704.10 Td (market ) Tj ET Q q 0 0 0 rg BT 239.27 704.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 286.24 704.10 Td (we ) Tj ET Q q 0 0 0 rg BT 300.70 704.10 Td (may ) Tj ET Q q 0 0 0 rg BT 320.72 704.10 Td (be ) Tj ET Q q 0 0 0 rg BT 332.96 704.10 Td (forced ) Tj ET Q q 0 0 0 rg BT 361.30 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 371.88 704.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 392.46 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 399.70 704.10 Td (security ) Tj ET Q q 0 0 0 rg BT 434.16 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 448.62 704.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 501.98 704.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 530.33 704.10 Td (than ) Tj ET Q q 0 0 0 rg BT 550.35 704.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (had ) Tj ET Q q 0 0 0 rg BT 66.94 692.10 Td (planned ) Tj ET Q q 0 0 0 rg BT 101.09 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 111.92 692.10 Td (forced ) Tj ET Q q 0 0 0 rg BT 139.96 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.24 692.10 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 187.73 692.10 Td (into ) Tj ET Q q 0 0 0 rg BT 205.79 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 212.72 692.10 Td (challenging ) Tj ET Q q 0 0 0 rg BT 261.88 692.10 Td (market ) Tj ET Q q 0 0 0 rg BT 292.14 692.10 Td (if ) Tj ET Q q 0 0 0 rg BT 300.75 692.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 334.36 692.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 371.84 692.10 Td (unavailable. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (Credit Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 77.21 644.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 94.43 644.10 Td (refers ) Tj ET Q q 0 0 0 rg BT 119.40 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 129.40 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.83 644.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 181.04 644.10 Td (for ) Tj ET Q q 0 0 0 rg BT 194.92 644.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 212.70 644.10 Td (due ) Tj ET Q q 0 0 0 rg BT 229.35 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.35 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.78 644.10 Td (default ) Tj ET Q q 0 0 0 rg BT 283.76 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 294.31 644.10 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 347.61 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.61 644.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 382.59 644.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 412.58 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.13 644.10 Td (a ) Tj ET Q q 0 0 0 rg BT 429.78 644.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 479.66 644.10 Td (, ) Tj ET Q q 0 0 0 rg BT 484.38 644.10 Td (customer) Tj ET Q q 0 0 0 rg BT 520.63 644.10 Td (, ) Tj ET Q q 0 0 0 rg BT 525.35 644.10 Td (borrower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.94 632.10 Td (issuer ) Tj ET Q q 0 0 0 rg BT 86.88 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.82 632.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 138.19 632.10 Td (we ) Tj ET Q q 0 0 0 rg BT 152.46 632.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 172.85 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.24 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 199.18 632.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 230.11 632.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 267.79 632.10 Td (. ) Tj ET Q q 0 0 0 rg BT 272.71 632.10 Td (The ) Tj ET Q q 0 0 0 rg BT 290.87 632.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 318.46 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.51 632.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 368.12 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.06 632.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 404.43 632.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 422.04 632.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 457.42 632.10 Td (on ) Tj ET Q q 0 0 0 rg BT 470.03 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.86 632.10 Td (type ) Tj ET Q q 0 0 0 rg BT 504.68 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 515.62 632.10 Td (transaction, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 620.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 102.20 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.14 620.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 154.97 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.80 620.10 Td (that ) Tj ET Q q 0 0 0 rg BT 183.29 620.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 229.66 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.60 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.32 620.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 290.47 620.10 Td (involved.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 77.76 596.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 106.63 596.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 124.40 596.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 149.94 596.10 Td (from ) Tj ET Q q 0 0 0 rg BT 172.14 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.13 596.10 Td (possibility ) Tj ET Q q 0 0 0 rg BT 231.57 596.10 Td (that ) Tj ET Q q 0 0 0 rg BT 249.34 596.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 284.31 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 294.86 596.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 320.39 596.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 353.15 596.10 Td (will ) Tj ET Q q 0 0 0 rg BT 371.47 596.10 Td (af) Tj ET Q q 0 0 0 rg BT 379.06 596.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 396.82 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.80 596.10 Td (value ) Tj ET Q q 0 0 0 rg BT 436.23 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.32 596.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 485.07 596.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 537.01 596.10 Td (Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 82.17 584.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 120.99 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.38 584.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 160.32 584.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 177.50 584.10 Td (premiums ) Tj ET Q q 0 0 0 rg BT 219.67 584.10 Td (required ) Tj ET Q q 0 0 0 rg BT 255.16 584.10 Td (by ) Tj ET Q q 0 0 0 rg BT 267.34 584.10 Td (market ) Tj ET Q q 0 0 0 rg BT 297.28 584.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 346.11 584.10 Td (for ) Tj ET Q q 0 0 0 rg BT 359.95 584.10 Td (a ) Tj ET Q q 0 0 0 rg BT 366.56 584.10 Td (given ) Tj ET Q q 0 0 0 rg BT 390.95 584.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 415.89 584.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 445.84 584.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 468.29 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.68 584.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 524.85 584.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 547.02 584.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.38 572.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 77.54 572.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 123.25 572.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 151.19 572.10 Td (by ) Tj ET Q q 0 0 0 rg BT 164.13 572.10 Td (a ) Tj ET Q q 0 0 0 rg BT 170.86 572.10 Td (AA-rated ) Tj ET Q q 0 0 0 rg BT 211.56 572.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 237.28 572.10 Td (must ) Tj ET Q q 0 0 0 rg BT 259.67 572.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 294.81 572.10 Td (over ) Tj ET Q q 0 0 0 rg BT 315.52 572.10 Td (a ) Tj ET Q q 0 0 0 rg BT 322.90 572.10 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 359.71 572.10 Td (alternative\). ) Tj ET Q q 0 0 0 rg BT 410.68 572.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 448.06 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 458.78 572.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 484.48 572.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 517.41 572.10 Td (result ) Tj ET Q q 0 0 0 rg BT 542.57 572.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 87.29 560.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 121.80 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 131.88 560.10 Td (an ) Tj ET Q q 0 0 0 rg BT 143.62 560.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 167.32 560.10 Td () Tj ET Q q 0 0 0 rg BT 170.10 560.10 Td (s ) Tj ET Q q 0 0 0 rg BT 176.29 560.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 201.36 560.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 226.98 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 237.61 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.13 560.10 Td (market) Tj ET Q q 0 0 0 rg BT 282.67 560.10 Td (s ) Tj ET Q q 0 0 0 rg BT 288.87 560.10 Td (perception ) Tj ET Q q 0 0 0 rg BT 333.37 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.00 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.52 560.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 382.22 560.10 Td () Tj ET Q q 0 0 0 rg BT 385.00 560.10 Td (s ) Tj ET Q q 0 0 0 rg BT 391.19 560.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 416.26 560.10 Td (worthiness. ) Tj ET Q q 0 0 0 rg BT 464.22 560.10 Td (W) Tj ET Q q 0 0 0 rg BT 472.86 560.10 Td (e ) Tj ET Q q 0 0 0 rg BT 479.60 560.10 Td (are ) Tj ET Q q 0 0 0 rg BT 494.11 560.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 529.18 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 539.26 560.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 78.67 548.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 96.23 548.10 Td (with ) Tj ET Q q 0 0 0 rg BT 116.58 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.36 548.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 151.15 548.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 200.38 548.10 Td (held ) Tj ET Q q 0 0 0 rg BT 220.16 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 230.51 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 246.41 548.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 277.30 548.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 314.98 548.10 Td (, ) Tj ET Q q 0 0 0 rg BT 320.04 548.10 Td (including ) Tj ET Q q 0 0 0 rg BT 360.38 548.10 Td (those ) Tj ET Q q 0 0 0 rg BT 384.06 548.10 Td (held ) Tj ET Q q 0 0 0 rg BT 403.84 548.10 Td (for ) Tj ET Q q 0 0 0 rg BT 418.07 548.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 454.51 548.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 485.40 548.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 526.38 548.10 Td (W) Tj ET Q q 0 0 0 rg BT 535.02 548.10 Td (e ) Tj ET Q q 0 0 0 rg BT 542.03 548.10 Td (enter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.10 Td (into ) Tj ET Q q 0 0 0 rg BT 67.70 536.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 117.61 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 127.54 536.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 153.56 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.04 536.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 207.28 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.20 536.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 242.11 536.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 270.36 536.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 287.50 536.10 Td (through ) Tj ET Q q 0 0 0 rg BT 320.76 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.12 536.10 Td (use ) Tj ET Q q 0 0 0 rg BT 350.60 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.07 536.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 407.09 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.68 536.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 453.02 536.10 Td (other ) Tj ET Q q 0 0 0 rg BT 475.72 536.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 512.84 536.10 Td (instruments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (These ) Tj ET Q q 0 0 0 rg BT 76.08 524.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 110.50 524.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 150.46 524.10 Td (may ) Tj ET Q q 0 0 0 rg BT 169.88 524.10 Td (not ) Tj ET Q q 0 0 0 rg BT 184.86 524.10 Td (work ) Tj ET Q q 0 0 0 rg BT 207.62 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 217.60 524.10 Td (all ) Tj ET Q q 0 0 0 rg BT 229.79 524.10 Td (market ) Tj ET Q q 0 0 0 rg BT 259.76 524.10 Td (environments ) Tj ET Q q 0 0 0 rg BT 316.40 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 333.04 524.10 Td (as ) Tj ET Q q 0 0 0 rg BT 343.57 524.10 Td (a ) Tj ET Q q 0 0 0 rg BT 350.21 524.10 Td (result ) Tj ET Q q 0 0 0 rg BT 374.63 524.10 Td (may ) Tj ET Q q 0 0 0 rg BT 394.05 524.10 Td (not ) Tj ET Q q 0 0 0 rg BT 409.03 524.10 Td (be ) Tj ET Q q 0 0 0 rg BT 420.67 524.10 Td (ef) Tj ET Q q 0 0 0 rg BT 428.26 524.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 457.66 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 467.64 524.10 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 510.95 524.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 535.92 524.10 Td (spread ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 488.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.20 488.10 Td (are ) Tj ET Q q 0 0 0 rg BT 81.53 488.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 117.42 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.32 488.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 154.21 488.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 172.33 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.23 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 199.68 488.10 Td (role ) Tj ET Q q 0 0 0 rg BT 218.35 488.10 Td (as ) Tj ET Q q 0 0 0 rg BT 229.80 488.10 Td (a ) Tj ET Q q 0 0 0 rg BT 237.37 488.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 268.81 488.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 322.47 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.37 488.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 364.81 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.37 488.10 Td (customers, ) Tj ET Q q 0 0 0 rg BT 428.54 488.10 Td (as ) Tj ET Q q 0 0 0 rg BT 439.99 488.10 Td (a ) Tj ET Q q 0 0 0 rg BT 447.55 488.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 476.22 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.67 488.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 528.56 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 546.12 488.10 Td (as ) Tj ET Q q 0 0 0 rg BT 557.57 488.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.10 Td (member ) Tj ET Q q 0 0 0 rg BT 85.25 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.07 476.10 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 140.20 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.13 476.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 191.81 476.10 Td (or) Tj ET Q q 0 0 0 rg BT 199.96 476.10 Td (ganizations. ) Tj ET Q q 0 0 0 rg BT 250.31 476.10 Td (The ) Tj ET Q q 0 0 0 rg BT 268.35 476.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 285.83 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.65 476.10 Td (default ) Tj ET Q q 0 0 0 rg BT 326.90 476.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 362.16 476.10 Td (on ) Tj ET Q q 0 0 0 rg BT 374.64 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.35 476.10 Td (creditworthiness ) Tj ET Q q 0 0 0 rg BT 457.93 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.74 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.45 476.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 536.47 476.10 Td (and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.10 Td (issuer ) Tj ET Q q 0 0 0 rg BT 76.89 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.78 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.56 464.10 Td (security) Tj ET Q q 0 0 0 rg BT 135.57 464.10 Td (. ) Tj ET Q q 0 0 0 rg BT 141.37 464.10 Td (W) Tj ET Q q 0 0 0 rg BT 150.01 464.10 Td (e ) Tj ET Q q 0 0 0 rg BT 158.01 464.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 194.34 464.10 Td (this ) Tj ET Q q 0 0 0 rg BT 212.35 464.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 230.91 464.10 Td (by ) Tj ET Q q 0 0 0 rg BT 244.47 464.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 295.80 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.80 464.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 361.81 464.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 405.92 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.92 464.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 466.34 464.10 Td (position ) Tj ET Q q 0 0 0 rg BT 502.13 464.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 528.47 464.10 Td (for ) Tj ET Q q 0 0 0 rg BT 543.69 464.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 102.32 452.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 134.08 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.65 452.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 180.42 452.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 205.53 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.64 452.10 Td (activity) Tj ET Q q 0 0 0 rg BT 244.99 452.10 Td (, ) Tj ET Q q 0 0 0 rg BT 249.27 452.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 281.61 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 297.83 452.10 Td (marking ) Tj ET Q q 0 0 0 rg BT 332.94 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.51 452.10 Td (market ) Tj ET Q q 0 0 0 rg BT 372.06 452.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 411.04 452.10 Td (on ) Tj ET Q q 0 0 0 rg BT 422.82 452.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 451.81 452.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 501.36 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.58 452.10 Td (conducting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (business ) Tj ET Q q 0 0 0 rg BT 85.81 440.10 Td (through ) Tj ET Q q 0 0 0 rg BT 118.83 440.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 152.94 440.10 Td (or) Tj ET Q q 0 0 0 rg BT 161.09 440.10 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 211.05 440.10 Td (which ) Tj ET Q q 0 0 0 rg BT 237.40 440.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 278.18 440.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 333.12 440.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 350.58 440.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 367.50 440.10 Td (management ) Tj ET Q q 0 0 0 rg BT 420.50 440.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 459.63 440.10 Td (also ) Tj ET Q q 0 0 0 rg BT 477.65 440.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 512.88 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.01 440.10 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.72 428.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 111.54 428.10 Td (with ) Tj ET Q q 0 0 0 rg BT 132.04 428.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 182.54 428.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 241.90 428.10 Td (with ) Tj ET Q q 0 0 0 rg BT 262.40 428.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 290.12 428.10 Td (we ) Tj ET Q q 0 0 0 rg BT 304.51 428.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 325.01 428.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 371.04 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.20 428.10 Td (resale ) Tj ET Q q 0 0 0 rg BT 414.23 428.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 458.60 428.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 498.25 428.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 522.08 428.10 Td (borrow ) Tj ET Q q 0 0 0 rg BT 553.68 428.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 68.91 416.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 107.52 416.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 155.46 416.10 Td (TBAs ) Tj ET Q q 0 0 0 rg BT 181.04 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 197.17 416.10 Td (other ) Tj ET Q q 0 0 0 rg BT 219.40 416.10 Td (documented ) Tj ET Q q 0 0 0 rg BT 269.96 416.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 319.43 416.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 371.65 416.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 418.87 416.10 Td (that ) Tj ET Q q 0 0 0 rg BT 435.56 416.10 Td (may ) Tj ET Q q 0 0 0 rg BT 454.46 416.10 Td (give ) Tj ET Q q 0 0 0 rg BT 473.37 416.10 Td (rise ) Tj ET Q q 0 0 0 rg BT 489.49 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 498.96 416.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 523.41 416.10 Td (exposure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.23 392.10 Td (client ) Tj ET Q q 0 0 0 rg BT 93.12 392.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 131.89 392.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 164.57 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.46 392.10 Td (execution, ) Tj ET Q q 0 0 0 rg BT 223.51 392.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 267.29 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.40 392.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 324.84 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.85 392.10 Td (various ) Tj ET Q q 0 0 0 rg BT 367.97 392.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 420.91 392.10 Td (Client ) Tj ET Q q 0 0 0 rg BT 448.03 392.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 486.80 392.10 Td (are ) Tj ET Q q 0 0 0 rg BT 501.69 392.10 Td (transacted ) Tj ET Q q 0 0 0 rg BT 544.90 392.10 Td (on ) Tj ET Q q 0 0 0 rg BT 557.57 392.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 86.22 380.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 115.22 380.10 Td (payment, ) Tj ET Q q 0 0 0 rg BT 155.61 380.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 176.83 380.10 Td (or ) Tj ET Q q 0 0 0 rg BT 188.62 380.10 Td (mar) Tj ET Q q 0 0 0 rg BT 203.98 380.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 220.21 380.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 246.17 380.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 265.17 380.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 291.39 380.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 330.94 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.17 380.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 393.41 380.10 Td (client ) Tj ET Q q 0 0 0 rg BT 419.07 380.10 Td (business ) Tj ET Q q 0 0 0 rg BT 456.42 380.10 Td (is ) Tj ET Q q 0 0 0 rg BT 466.54 380.10 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 507.76 380.10 Td (by ) Tj ET Q q 0 0 0 rg BT 521.22 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.89 380.10 Td (use ) Tj ET Q q 0 0 0 rg BT 553.67 380.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (industry-standard ) Tj ET Q q 0 0 0 rg BT 121.94 368.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 156.67 368.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 184.17 368.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 220.57 368.10 Td (through ) Tj ET Q q 0 0 0 rg BT 253.63 368.10 Td (depositories ) Tj ET Q q 0 0 0 rg BT 303.92 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.31 368.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 354.47 368.10 Td (banks. ) Tj ET Q q 0 0 0 rg BT 382.26 368.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 409.21 368.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 447.27 368.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 490.32 368.10 Td (with ) Tj ET Q q 0 0 0 rg BT 510.06 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.35 368.10 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (mar) Tj ET Q q 0 0 0 rg BT 65.37 356.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 80.59 356.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 118.02 356.10 Td (in ) Tj ET Q q 0 0 0 rg BT 128.24 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.91 356.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 163.13 356.10 Td (is ) Tj ET Q q 0 0 0 rg BT 172.25 356.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 215.80 356.10 Td (daily) Tj ET Q q 0 0 0 rg BT 235.14 356.10 Td (. ) Tj ET Q q 0 0 0 rg BT 240.09 356.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 258.09 356.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 275.53 356.10 Td (management ) Tj ET Q q 0 0 0 rg BT 329.07 356.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 368.73 356.10 Td (have ) Tj ET Q q 0 0 0 rg BT 390.05 356.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 415.26 356.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 432.71 356.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 466.25 356.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 516.47 356.10 Td (appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.26 344.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 100.55 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.49 344.10 Td (collateralization ) Tj ET Q q 0 0 0 rg BT 184.39 344.10 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 228.00 344.10 Td (for ) Tj ET Q q 0 0 0 rg BT 242.16 344.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.99 344.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 301.04 344.10 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 336.87 344.10 Td (mar) Tj ET Q q 0 0 0 rg BT 352.24 344.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 367.51 344.10 Td (lending.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 320.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.16 320.10 Td (are ) Tj ET Q q 0 0 0 rg BT 81.46 320.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 112.87 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.74 320.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 181.24 320.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 199.33 320.10 Td (if ) Tj ET Q q 0 0 0 rg BT 208.53 320.10 Td (we ) Tj ET Q q 0 0 0 rg BT 223.27 320.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 244.14 320.10 Td (lar) Tj ET Q q 0 0 0 rg BT 254.51 320.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 267.03 320.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 310.67 320.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 351.52 320.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 393.23 320.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 426.85 320.10 Td (lar) Tj ET Q q 0 0 0 rg BT 437.21 320.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 449.74 320.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 500.59 320.10 Td (with ) Tj ET Q q 0 0 0 rg BT 521.46 320.10 Td (individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 109.59 308.10 Td (or ) Tj ET Q q 0 0 0 rg BT 120.88 308.10 Td (groups ) Tj ET Q q 0 0 0 rg BT 151.05 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.33 308.10 Td (related ) Tj ET Q q 0 0 0 rg BT 192.49 308.10 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 254.58 308.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 284.19 308.10 Td (lar) Tj ET Q q 0 0 0 rg BT 294.56 308.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 306.95 308.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 331.01 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.74 308.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 385.25 308.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 428.74 308.10 Td (or ) Tj ET Q q 0 0 0 rg BT 440.03 308.10 Td (make ) Tj ET Q q 0 0 0 rg BT 464.63 308.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 510.36 308.10 Td (underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (commitments. ) Tj ET Q q 0 0 0 rg BT 109.11 296.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 167.93 296.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 185.11 296.10 Td (can ) Tj ET Q q 0 0 0 rg BT 201.16 296.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 225.54 296.10 Td (by ) Tj ET Q q 0 0 0 rg BT 237.71 296.10 Td (industry) Tj ET Q q 0 0 0 rg BT 269.84 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 274.51 296.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 321.11 296.10 Td (area ) Tj ET Q q 0 0 0 rg BT 339.93 296.10 Td (or ) Tj ET Q q 0 0 0 rg BT 350.43 296.10 Td (type ) Tj ET Q q 0 0 0 rg BT 369.82 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.32 296.10 Td (client. ) Tj ET Q q 0 0 0 rg BT 407.21 296.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 448.81 296.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 491.52 296.10 Td (under ) Tj ET Q q 0 0 0 rg BT 516.46 296.10 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 61.01 284.10 Td (resell ) Tj ET Q q 0 0 0 rg BT 85.90 284.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 116.91 284.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 157.36 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.92 284.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 209.92 284.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 238.15 284.10 Td (by ) Tj ET Q q 0 0 0 rg BT 251.39 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.84 284.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 287.86 284.10 Td (government ) Tj ET Q q 0 0 0 rg BT 338.85 284.10 Td (or ) Tj ET Q q 0 0 0 rg BT 350.42 284.10 Td (its ) Tj ET Q q 0 0 0 rg BT 363.10 284.10 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 403.02 284.10 Td (The ) Tj ET Q q 0 0 0 rg BT 421.80 284.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 481.68 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 492.69 284.10 Td (these ) Tj ET Q q 0 0 0 rg BT 516.47 284.10 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 87.67 272.10 Td (are ) Tj ET Q q 0 0 0 rg BT 102.56 272.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 136.89 272.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 167.89 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.90 272.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 199.36 272.10 Td (government ) Tj ET Q q 0 0 0 rg BT 249.80 272.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 290.25 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 307.36 272.10 Td (major ) Tj ET Q q 0 0 0 rg BT 333.37 272.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 371.03 272.10 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 420.66 272.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 462.22 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.34 272.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 525.90 272.10 Td (positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 74.85 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.48 260.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 150.12 260.10 Td (made, ) Tj ET Q q 0 0 0 rg BT 177.47 260.10 Td (including ) Tj ET Q q 0 0 0 rg BT 218.44 260.10 Td (underwritings, ) Tj ET Q q 0 0 0 rg BT 279.68 260.10 Td (may ) Tj ET Q q 0 0 0 rg BT 300.09 260.10 Td (result ) Tj ET Q q 0 0 0 rg BT 325.50 260.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.47 260.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 375.77 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 386.74 260.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 430.49 260.10 Td (issuers ) Tj ET Q q 0 0 0 rg BT 460.90 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.54 260.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 526.45 260.10 Td (Potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 107.88 248.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 126.34 248.10 Td (is ) Tj ET Q q 0 0 0 rg BT 136.47 248.10 Td (carefully ) Tj ET Q q 0 0 0 rg BT 175.46 248.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 220.03 248.10 Td (through ) Tj ET Q q 0 0 0 rg BT 254.60 248.10 Td (review ) Tj ET Q q 0 0 0 rg BT 285.27 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 297.06 248.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 357.16 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.06 248.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 419.06 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.96 248.10 Td (is ) Tj ET Q q 0 0 0 rg BT 447.09 248.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 486.65 248.10 Td (through ) Tj ET Q q 0 0 0 rg BT 521.22 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.89 248.10 Td (use ) Tj ET Q q 0 0 0 rg BT 553.68 248.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 83.60 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.54 236.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 125.83 236.10 Td (established ) Tj ET Q q 0 0 0 rg BT 172.76 236.10 Td (by ) Tj ET Q q 0 0 0 rg BT 185.26 236.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 212.20 236.10 Td (management. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 212.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.81 212.10 Td (have ) Tj ET Q q 0 0 0 rg BT 87.42 212.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 141.24 212.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 194.51 212.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 220.01 212.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 258.84 212.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.36 212.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.90 212.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.64 212.10 Td (non-publicly ) Tj ET Q q 0 0 0 rg BT 351.48 212.10 Td (rated ) Tj ET Q q 0 0 0 rg BT 374.20 212.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 405.82 212.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.10 212.10 Td ($24.4 ) Tj ET Q q 0 0 0 rg BT 464.34 212.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.23 212.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.97 212.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.92 212.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 200.10 Td (. ) Tj ET Q q 0 0 0 rg BT 75.15 200.10 Td (This ) Tj ET Q q 0 0 0 rg BT 95.78 200.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 149.16 200.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 174.77 200.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 213.72 200.10 Td (is ) Tj ET Q q 0 0 0 rg BT 223.25 200.10 Td (part ) Tj ET Q q 0 0 0 rg BT 241.64 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.83 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 269.01 200.10 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 329.06 200.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 371.89 200.10 Td (program ) Tj ET Q q 0 0 0 rg BT 408.62 200.10 Td (related ) Tj ET Q q 0 0 0 rg BT 438.68 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.31 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.49 200.10 Td (public ) Tj ET Q q 0 0 0 rg BT 493.33 200.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 525.61 200.10 Td (business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (consisting ) Tj ET Q q 0 0 0 rg BT 92.55 188.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 131.75 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.06 188.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 173.49 188.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 190.46 188.10 Td (swaps. ) Tj ET Q q 0 0 0 rg BT 219.39 188.10 Td (One ) Tj ET Q q 0 0 0 rg BT 238.04 188.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 280.01 188.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 332.53 188.10 Td (represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.06 188.10 Td (69.4 ) Tj ET Q q 0 0 0 rg BT 394.55 188.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.97 188.10 Td (, ) Tj ET Q q 0 0 0 rg BT 428.46 188.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.78 188.10 Td ($16.9 ) Tj ET Q q 0 0 0 rg BT 463.27 188.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.16 188.10 Td (, ) Tj ET Q q 0 0 0 rg BT 496.65 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.97 188.10 Td (this ) Tj ET Q q 0 0 0 rg BT 523.40 188.10 Td (exposure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 77.25 176.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 115.60 176.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 158.94 176.10 Td (with ) Tj ET Q q 0 0 0 rg BT 178.98 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 194.56 176.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 236.79 176.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 295.68 176.10 Td (is ) Tj ET Q q 0 0 0 rg BT 304.61 176.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 332.41 176.10 Td (by ) Tj ET Q q 0 0 0 rg BT 344.66 176.10 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 410.76 176.10 Td (market ) Tj ET Q q 0 0 0 rg BT 440.78 176.10 Td (movements ) Tj ET Q q 0 0 0 rg BT 489.14 176.10 Td (in ) Tj ET Q q 0 0 0 rg BT 499.17 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.64 176.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.76 176.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.67 176.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.58 164.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 96.38 164.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 113.73 164.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 136.65 164.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 175.11 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.91 164.10 Td (is ) Tj ET Q q 0 0 0 rg BT 200.95 164.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 244.42 164.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 282.88 164.10 Td (by ) Tj ET Q q 0 0 0 rg BT 295.24 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 310.94 164.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 348.29 164.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 365.65 164.10 Td (committee. ) Tj ET Q q 0 0 0 rg BT 412.55 164.10 Td (W) Tj ET Q q 0 0 0 rg BT 421.19 164.10 Td (e ) Tj ET Q q 0 0 0 rg BT 428.00 164.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 460.35 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.50 164.10 Td (minimize ) Tj ET Q q 0 0 0 rg BT 510.63 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.21 164.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 550.34 164.10 Td (\(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (repayment\) ) Tj ET Q q 0 0 0 rg BT 100.09 152.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 119.65 152.10 Td (in ) Tj ET Q q 0 0 0 rg BT 131.98 152.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 176.52 152.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 227.75 152.10 Td (by ) Tj ET Q q 0 0 0 rg BT 242.30 152.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 279.63 152.10 Td (into ) Tj ET Q q 0 0 0 rg BT 299.74 152.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 352.06 152.10 Td (with ) Tj ET Q q 0 0 0 rg BT 374.40 152.10 Td (high-quality ) Tj ET Q q 0 0 0 rg BT 427.84 152.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 489.04 152.10 Td (that ) Tj ET Q q 0 0 0 rg BT 508.59 152.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.36 152.10 Td (reviewed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 100.26 140.10 Td (by ) Tj ET Q q 0 0 0 rg BT 112.76 140.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 139.70 140.10 Td (management.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (Operational ) Tj ET Q q 0 0 0 rg BT 101.95 116.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (Operational ) Tj ET Q q 0 0 0 rg BT 99.38 92.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 116.56 92.10 Td (is ) Tj ET Q q 0 0 0 rg BT 125.40 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.80 92.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 156.97 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.48 92.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 187.72 92.10 Td (or ) Tj ET Q q 0 0 0 rg BT 198.22 92.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 231.50 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.45 92.10 Td (our ) Tj ET Q q 0 0 0 rg BT 256.96 92.10 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 302.18 92.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 339.35 92.10 Td (from ) Tj ET Q q 0 0 0 rg BT 360.96 92.10 Td (inadequate ) Tj ET Q q 0 0 0 rg BT 406.45 92.10 Td (or ) Tj ET Q q 0 0 0 rg BT 416.96 92.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 441.90 92.10 Td (processes, ) Tj ET Q q 0 0 0 rg BT 484.89 92.10 Td (people ) Tj ET Q q 0 0 0 rg BT 513.73 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 530.34 92.10 Td (systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.76 80.10 Td (from ) Tj ET Q q 0 0 0 rg BT 82.62 80.10 Td (external ) Tj ET Q q 0 0 0 rg BT 117.25 80.10 Td (events. ) Tj ET Q q 0 0 0 rg BT 147.55 80.10 Td (W) Tj ET Q q 0 0 0 rg BT 156.18 80.10 Td (e ) Tj ET Q q 0 0 0 rg BT 163.05 80.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 181.02 80.10 Td (on ) Tj ET Q q 0 0 0 rg BT 193.45 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.09 80.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 236.07 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.82 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.58 80.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 307.77 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.63 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 340.39 80.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 376.98 80.10 Td (both ) Tj ET Q q 0 0 0 rg BT 397.19 80.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 430.15 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.02 80.10 Td (at ) Tj ET Q q 0 0 0 rg BT 456.66 80.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 496.85 80.10 Td (centers ) Tj ET Q q 0 0 0 rg BT 527.59 80.10 Td (operated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.10 68.10 Td (third ) Tj ET Q q 0 0 0 rg BT 83.09 68.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 114.35 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 124.23 68.10 Td (process ) Tj ET Q q 0 0 0 rg BT 156.32 68.10 Td (a ) Tj ET Q q 0 0 0 rg BT 162.86 68.10 Td (lar) Tj ET Q q 0 0 0 rg BT 173.23 68.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 184.77 68.10 Td (number ) Tj ET Q q 0 0 0 rg BT 217.42 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.85 68.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 280.21 68.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 297.87 68.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 331.64 68.10 Td (may ) Tj ET Q q 0 0 0 rg BT 350.96 68.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 366.39 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.27 68.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 407.79 68.10 Td (properly ) Tj ET Q q 0 0 0 rg BT 443.77 68.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.20 68.10 Td (become ) Tj ET Q q 0 0 0 rg BT 487.40 68.10 Td (disabled ) Tj ET Q q 0 0 0 rg BT 522.83 68.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.26 68.10 Td (a ) Tj ET Q q 0 0 0 rg BT 539.80 68.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.24 56.10 Td (events ) Tj ET Q q 0 0 0 rg BT 89.71 56.10 Td (that ) Tj ET Q q 0 0 0 rg BT 107.61 56.10 Td (are ) Tj ET Q q 0 0 0 rg BT 122.74 56.10 Td (wholly ) Tj ET Q q 0 0 0 rg BT 153.43 56.10 Td (or ) Tj ET Q q 0 0 0 rg BT 164.67 56.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 200.91 56.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 233.26 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 249.50 56.10 Td (control. ) Tj ET Q q 0 0 0 rg BT 283.24 56.10 Td (In ) Tj ET Q q 0 0 0 rg BT 294.49 56.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.62 56.10 Td (event ) Tj ET Q q 0 0 0 rg BT 334.19 56.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.43 56.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.78 56.10 Td (breakdown ) Tj ET Q q 0 0 0 rg BT 400.13 56.10 Td (or ) Tj ET Q q 0 0 0 rg BT 411.37 56.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 450.94 56.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 491.62 56.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.86 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 519.11 56.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 553.69 56.10 Td (or ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 740.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 88.78 740.10 Td (action ) Tj ET Q q 0 0 0 rg BT 115.34 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 127.47 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 142.92 740.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 187.81 740.10 Td (or ) Tj ET Q q 0 0 0 rg BT 198.27 740.10 Td (third ) Tj ET Q q 0 0 0 rg BT 219.28 740.10 Td (party ) Tj ET Q q 0 0 0 rg BT 241.95 740.10 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 278.24 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 292.02 740.10 Td (could ) Tj ET Q q 0 0 0 rg BT 316.36 740.10 Td (suf) Tj ET Q q 0 0 0 rg BT 328.40 740.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 341.63 740.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 378.73 740.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 398.92 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 405.49 740.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 448.17 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.62 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 474.08 740.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 520.93 740.10 Td (regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 728.10 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 89.06 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.34 728.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 138.28 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.90 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 163.07 728.10 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 207.83 728.10 Td (W) Tj ET Q q 0 0 0 rg BT 216.46 728.10 Td (e ) Tj ET Q q 0 0 0 rg BT 222.75 728.10 Td (also ) Tj ET Q q 0 0 0 rg BT 240.70 728.10 Td (face ) Tj ET Q q 0 0 0 rg BT 259.19 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.25 728.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 290.09 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.26 728.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 347.09 728.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 375.02 728.10 Td (or ) Tj ET Q q 0 0 0 rg BT 385.20 728.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 433.14 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.31 728.10 Td (any ) Tj ET Q q 0 0 0 rg BT 459.59 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.77 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.83 728.10 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 529.82 728.10 Td (clearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 716.10 Td (houses ) Tj ET Q q 0 0 0 rg BT 80.58 716.10 Td (or ) Tj ET Q q 0 0 0 rg BT 92.27 716.10 Td (other ) Tj ET Q q 0 0 0 rg BT 116.17 716.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.51 716.10 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 215.06 716.10 Td (we ) Tj ET Q q 0 0 0 rg BT 230.08 716.10 Td (use ) Tj ET Q q 0 0 0 rg BT 246.77 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 257.90 716.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 296.23 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 312.92 716.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 354.04 716.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 406.92 716.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 427.50 716.10 Td (such ) Tj ET Q q 0 0 0 rg BT 449.19 716.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 478.64 716.10 Td (or ) Tj ET Q q 0 0 0 rg BT 490.32 716.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 539.78 716.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 90.82 704.10 Td (af) Tj ET Q q 0 0 0 rg BT 98.40 704.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 115.89 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 131.72 704.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 159.77 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.05 704.10 Td (ef) Tj ET Q q 0 0 0 rg BT 177.64 704.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 195.12 704.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 245.39 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 262.32 704.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 295.92 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 311.75 704.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 350.35 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 360.63 704.10 Td (risk. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.09 680.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 114.29 680.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 133.38 680.10 Td (on ) Tj ET Q q 0 0 0 rg BT 146.92 680.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 176.00 680.10 Td (processing, ) Tj ET Q q 0 0 0 rg BT 224.81 680.10 Td (storage ) Tj ET Q q 0 0 0 rg BT 257.23 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.21 680.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 329.31 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.18 680.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 392.48 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.46 680.10 Td (other ) Tj ET Q q 0 0 0 rg BT 434.55 680.10 Td (information ) Tj ET Q q 0 0 0 rg BT 485.30 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 496.62 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 513.49 680.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 547.57 680.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 96.76 668.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 137.41 668.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 171.96 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.28 668.10 Td (networks. ) Tj ET Q q 0 0 0 rg BT 231.33 668.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 249.76 668.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 290.41 668.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 327.46 668.10 Td (software ) Tj ET Q q 0 0 0 rg BT 364.77 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.09 668.10 Td (networks ) Tj ET Q q 0 0 0 rg BT 421.64 668.10 Td (may ) Tj ET Q q 0 0 0 rg BT 441.74 668.10 Td (be ) Tj ET Q q 0 0 0 rg BT 454.06 668.10 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 499.15 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 509.81 668.10 Td (unauthorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (access, ) Tj ET Q q 0 0 0 rg BT 79.97 656.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 119.67 656.10 Td (viruses ) Tj ET Q q 0 0 0 rg BT 149.94 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 160.21 656.10 Td (other ) Tj ET Q q 0 0 0 rg BT 182.69 656.10 Td (malicious ) Tj ET Q q 0 0 0 rg BT 223.51 656.10 Td (code, ) Tj ET Q q 0 0 0 rg BT 246.82 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.19 656.10 Td (other ) Tj ET Q q 0 0 0 rg BT 285.68 656.10 Td (events ) Tj ET Q q 0 0 0 rg BT 313.16 656.10 Td (that ) Tj ET Q q 0 0 0 rg BT 330.09 656.10 Td (could ) Tj ET Q q 0 0 0 rg BT 354.24 656.10 Td (have ) Tj ET Q q 0 0 0 rg BT 375.06 656.10 Td (an ) Tj ET Q q 0 0 0 rg BT 386.43 656.10 Td (information ) Tj ET Q q 0 0 0 rg BT 435.58 656.10 Td (security ) Tj ET Q q 0 0 0 rg BT 469.17 656.10 Td (impact. ) Tj ET Q q 0 0 0 rg BT 500.68 656.10 Td (The ) Tj ET Q q 0 0 0 rg BT 518.16 656.10 Td (occurrence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.59 644.10 Td (one ) Tj ET Q q 0 0 0 rg BT 77.30 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 87.89 644.10 Td (more ) Tj ET Q q 0 0 0 rg BT 110.70 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.30 644.10 Td (these ) Tj ET Q q 0 0 0 rg BT 144.11 644.10 Td (events ) Tj ET Q q 0 0 0 rg BT 171.92 644.10 Td (could ) Tj ET Q q 0 0 0 rg BT 196.40 644.10 Td (jeopardize ) Tj ET Q q 0 0 0 rg BT 240.31 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 255.90 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 266.50 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 282.09 644.10 Td (clients' ) Tj ET Q q 0 0 0 rg BT 312.26 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 322.86 644.10 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 383.56 644.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 433.59 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.29 644.10 Td (other ) Tj ET Q q 0 0 0 rg BT 473.10 644.10 Td (information ) Tj ET Q q 0 0 0 rg BT 522.58 644.10 Td (processed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.06 632.10 Td (stored ) Tj ET Q q 0 0 0 rg BT 94.13 632.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 107.03 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.09 632.10 Td (transmitted ) Tj ET Q q 0 0 0 rg BT 171.71 632.10 Td (through, ) Tj ET Q q 0 0 0 rg BT 207.94 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 223.89 632.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 264.28 632.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 298.58 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.64 632.10 Td (networks, ) Tj ET Q q 0 0 0 rg BT 357.42 632.10 Td (or ) Tj ET Q q 0 0 0 rg BT 368.38 632.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 409.88 632.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 434.71 632.10 Td (interruptions ) Tj ET Q q 0 0 0 rg BT 488.44 632.10 Td (or ) Tj ET Q q 0 0 0 rg BT 499.39 632.10 Td (malfunctions ) Tj ET Q q 0 0 0 rg BT 554.23 632.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (our) Tj ET Q q 0 0 0 rg BT 62.93 620.10 Td (, ) Tj ET Q q 0 0 0 rg BT 68.68 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 85.26 620.10 Td (clients', ) Tj ET Q q 0 0 0 rg BT 118.91 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 135.49 620.10 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 197.19 620.10 Td (or ) Tj ET Q q 0 0 0 rg BT 208.76 620.10 Td (third ) Tj ET Q q 0 0 0 rg BT 230.90 620.10 Td (parties' ) Tj ET Q q 0 0 0 rg BT 262.61 620.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 309.78 620.10 Td (W) Tj ET Q q 0 0 0 rg BT 318.42 620.10 Td (e ) Tj ET Q q 0 0 0 rg BT 326.10 620.10 Td (take ) Tj ET Q q 0 0 0 rg BT 346.01 620.10 Td (protective ) Tj ET Q q 0 0 0 rg BT 389.24 620.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 429.69 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.38 620.10 Td (endeavor ) Tj ET Q q 0 0 0 rg BT 487.28 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 498.31 620.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 530.44 620.10 Td (them ) Tj ET Q q 0 0 0 rg BT 553.69 620.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 109.14 608.10 Td (warrant.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.44 584.10 Td (order ) Tj ET Q q 0 0 0 rg BT 85.65 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.55 584.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 132.43 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.98 584.10 Td (control ) Tj ET Q q 0 0 0 rg BT 181.42 584.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 229.51 584.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 250.12 584.10 Td (we ) Tj ET Q q 0 0 0 rg BT 264.90 584.10 Td (have ) Tj ET Q q 0 0 0 rg BT 286.88 584.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 331.09 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.64 584.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 386.19 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.08 584.10 Td (enhance ) Tj ET Q q 0 0 0 rg BT 432.95 584.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 467.16 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 484.71 584.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 531.69 584.10 Td (that ) Tj ET Q q 0 0 0 rg BT 549.80 584.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 87.03 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.29 572.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 128.87 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.79 572.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 177.37 572.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 223.83 572.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 240.31 572.10 Td (at ) Tj ET Q q 0 0 0 rg BT 249.01 572.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 296.03 572.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 320.83 572.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 366.20 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.90 572.10 Td (or) Tj ET Q q 0 0 0 rg BT 388.05 572.10 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 433.58 572.10 Td (W) Tj ET Q q 0 0 0 rg BT 442.21 572.10 Td (e ) Tj ET Q q 0 0 0 rg BT 448.14 572.10 Td (also ) Tj ET Q q 0 0 0 rg BT 465.73 572.10 Td (have ) Tj ET Q q 0 0 0 rg BT 486.08 572.10 Td (business ) Tj ET Q q 0 0 0 rg BT 521.46 572.10 Td (continuity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 73.51 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 83.69 560.10 Td (place ) Tj ET Q q 0 0 0 rg BT 107.18 560.10 Td (that ) Tj ET Q q 0 0 0 rg BT 124.58 560.10 Td (we ) Tj ET Q q 0 0 0 rg BT 138.64 560.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 169.91 560.10 Td (will ) Tj ET Q q 0 0 0 rg BT 187.86 560.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 212.47 560.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 242.63 560.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 283.35 560.10 Td (on ) Tj ET Q q 0 0 0 rg BT 295.75 560.10 Td (a ) Tj ET Q q 0 0 0 rg BT 302.59 560.10 Td (company-wide ) Tj ET Q q 0 0 0 rg BT 364.41 560.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 389.31 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.15 560.10 Td (redundancies ) Tj ET Q q 0 0 0 rg BT 461.30 560.10 Td (are ) Tj ET Q q 0 0 0 rg BT 475.91 560.10 Td (built ) Tj ET Q q 0 0 0 rg BT 496.65 560.10 Td (into ) Tj ET Q q 0 0 0 rg BT 514.60 560.10 Td (our ) Tj ET Q q 0 0 0 rg BT 530.33 560.10 Td (systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.97 548.10 Td (we ) Tj ET Q q 0 0 0 rg BT 75.27 548.10 Td (have ) Tj ET Q q 0 0 0 rg BT 96.79 548.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 130.52 548.10 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 181.01 548.10 Td (These ) Tj ET Q q 0 0 0 rg BT 207.52 548.10 Td (control ) Tj ET Q q 0 0 0 rg BT 238.49 548.10 Td (mechanisms ) Tj ET Q q 0 0 0 rg BT 290.56 548.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 323.19 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.61 548.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 362.35 548.10 Td (that ) Tj ET Q q 0 0 0 rg BT 379.99 548.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 427.61 548.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 461.35 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.43 548.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 524.94 548.10 Td (are ) Tj ET Q q 0 0 0 rg BT 539.79 548.10 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.10 Td (followed ) Tj ET Q q 0 0 0 rg BT 88.05 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.99 536.10 Td (that ) Tj ET Q q 0 0 0 rg BT 122.48 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 138.31 536.10 Td (various ) Tj ET Q q 0 0 0 rg BT 170.25 536.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 214.97 536.10 Td (are ) Tj ET Q q 0 0 0 rg BT 229.68 536.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 269.94 536.10 Td (within ) Tj ET Q q 0 0 0 rg BT 298.00 536.10 Td (established ) Tj ET Q q 0 0 0 rg BT 344.93 536.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 385.19 536.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 418.79 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.73 536.10 Td (limits.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (Human Capital Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.27 488.10 Td (business ) Tj ET Q q 0 0 0 rg BT 102.88 488.10 Td (is ) Tj ET Q q 0 0 0 rg BT 111.27 488.10 Td (a ) Tj ET Q q 0 0 0 rg BT 117.42 488.10 Td (human ) Tj ET Q q 0 0 0 rg BT 146.36 488.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 174.73 488.10 Td (business ) Tj ET Q q 0 0 0 rg BT 210.33 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.49 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 241.54 488.10 Td (success ) Tj ET Q q 0 0 0 rg BT 273.25 488.10 Td (is ) Tj ET Q q 0 0 0 rg BT 281.63 488.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 324.45 488.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 346.16 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.10 488.10 Td (skills, ) Tj ET Q q 0 0 0 rg BT 385.43 488.10 Td (expertise ) Tj ET Q q 0 0 0 rg BT 423.25 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.40 488.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 491.64 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.69 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 516.74 488.10 Td (employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.66 476.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 97.33 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.22 476.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 145.21 476.10 Td (ef) Tj ET Q q 0 0 0 rg BT 152.79 476.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 190.89 476.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.78 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.11 476.10 Td (marketplace ) Tj ET Q q 0 0 0 rg BT 269.08 476.10 Td (is ) Tj ET Q q 0 0 0 rg BT 278.86 476.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 323.07 476.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 346.18 476.10 Td (attracting ) Tj ET Q q 0 0 0 rg BT 387.05 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.60 476.10 Td (retaining ) Tj ET Q q 0 0 0 rg BT 443.26 476.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 481.91 476.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 529.47 476.10 Td (who ) Tj ET Q q 0 0 0 rg BT 549.80 476.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.10 Td (motivated ) Tj ET Q q 0 0 0 rg BT 93.16 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 104.10 464.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 128.37 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.75 464.10 Td (best ) Tj ET Q q 0 0 0 rg BT 163.02 464.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 199.52 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.01 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 227.51 464.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 259.28 464.10 Td (thereby ) Tj ET Q q 0 0 0 rg BT 292.43 464.10 Td (serving ) Tj ET Q q 0 0 0 rg BT 325.04 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.42 464.10 Td (best ) Tj ET Q q 0 0 0 rg BT 359.69 464.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 396.19 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.68 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 424.18 464.10 Td (company) Tj ET Q q 0 0 0 rg BT 460.19 464.10 Td (. ) Tj ET Q q 0 0 0 rg BT 465.15 464.10 Td (Attracting ) Tj ET Q q 0 0 0 rg BT 508.86 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 526.47 464.10 Td (retaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 95.70 452.10 Td (depends, ) Tj ET Q q 0 0 0 rg BT 133.91 452.10 Td (among ) Tj ET Q q 0 0 0 rg BT 164.07 452.10 Td (other ) Tj ET Q q 0 0 0 rg BT 187.56 452.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 217.45 452.10 Td (on ) Tj ET Q q 0 0 0 rg BT 230.39 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 246.66 452.10 Td (company's ) Tj ET Q q 0 0 0 rg BT 291.95 452.10 Td (culture, ) Tj ET Q q 0 0 0 rg BT 325.15 452.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 381.68 452.10 Td (work ) Tj ET Q q 0 0 0 rg BT 405.18 452.10 Td (environment, ) Tj ET Q q 0 0 0 rg BT 461.16 452.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 508.52 452.10 Td (locations ) Tj ET Q q 0 0 0 rg BT 547.57 452.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (compensation. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (Legal, Regulatory and Compliance Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (Legal, ) Tj ET Q q 0 0 0 rg BT 77.54 392.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 120.90 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.61 392.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 185.97 392.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 203.24 392.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 238.84 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.33 392.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 270.60 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.20 392.10 Td (non-compliance ) Tj ET Q q 0 0 0 rg BT 347.90 392.10 Td (with ) Tj ET Q q 0 0 0 rg BT 367.95 392.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 411.31 392.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 433.01 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.72 392.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 493.09 392.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 547.56 392.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 67.17 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 76.57 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 91.51 380.10 Td (reputation ) Tj ET Q q 0 0 0 rg BT 133.66 380.10 Td (we ) Tj ET Q q 0 0 0 rg BT 146.94 380.10 Td (may ) Tj ET Q q 0 0 0 rg BT 165.77 380.10 Td (suf) Tj ET Q q 0 0 0 rg BT 177.81 380.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 190.52 380.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.46 380.10 Td (a ) Tj ET Q q 0 0 0 rg BT 206.51 380.10 Td (result ) Tj ET Q q 0 0 0 rg BT 230.34 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.28 380.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 267.99 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.38 380.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 308.99 380.10 Td (with ) Tj ET Q q 0 0 0 rg BT 328.38 380.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 350.82 380.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 399.37 380.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 422.92 380.10 Td (related ) Tj ET Q q 0 0 0 rg BT 451.74 380.10 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 512.21 380.10 Td (or) Tj ET Q q 0 0 0 rg BT 520.36 380.10 Td (ganization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 89.67 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.01 368.10 Td (codes ) Tj ET Q q 0 0 0 rg BT 130.69 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.92 368.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 174.48 368.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 217.47 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.15 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 242.38 368.10 Td (business ) Tj ET Q q 0 0 0 rg BT 278.18 368.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 318.54 368.10 Td (W) Tj ET Q q 0 0 0 rg BT 327.18 368.10 Td (e ) Tj ET Q q 0 0 0 rg BT 333.52 368.10 Td (are ) Tj ET Q q 0 0 0 rg BT 347.63 368.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 386.74 368.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 416.97 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.65 368.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 466.32 368.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 508.76 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.44 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.56 368.10 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 102.78 356.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.90 356.10 Td (which ) Tj ET Q q 0 0 0 rg BT 141.68 356.10 Td (we ) Tj ET Q q 0 0 0 rg BT 156.69 356.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 191.68 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 208.35 356.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 247.84 356.10 Td (W) Tj ET Q q 0 0 0 rg BT 256.48 356.10 Td (e ) Tj ET Q q 0 0 0 rg BT 264.26 356.10 Td (have ) Tj ET Q q 0 0 0 rg BT 286.48 356.10 Td (established ) Tj ET Q q 0 0 0 rg BT 334.26 356.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 381.46 356.10 Td (that ) Tj ET Q q 0 0 0 rg BT 399.80 356.10 Td (are ) Tj ET Q q 0 0 0 rg BT 415.35 356.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 454.24 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 465.36 356.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 494.80 356.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 544.23 356.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 92.45 344.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 128.81 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.62 344.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 187.08 344.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 243.14 344.10 Td (such ) Tj ET Q q 0 0 0 rg BT 262.84 344.10 Td (as ) Tj ET Q q 0 0 0 rg BT 272.53 344.10 Td (public ) Tj ET Q q 0 0 0 rg BT 298.89 344.10 Td (company ) Tj ET Q q 0 0 0 rg BT 336.91 344.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 374.93 344.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 423.24 344.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 465.70 344.10 Td (net ) Tj ET Q q 0 0 0 rg BT 479.28 344.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 507.29 344.10 Td (requirements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 73.13 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 91.26 332.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 123.28 332.10 Td (practices, ) Tj ET Q q 0 0 0 rg BT 165.01 332.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 203.69 332.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 241.82 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.85 332.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 289.47 332.10 Td (use ) Tj ET Q q 0 0 0 rg BT 306.50 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.63 332.10 Td (safekeeping ) Tj ET Q q 0 0 0 rg BT 376.08 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.10 332.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 428.45 332.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 454.37 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.50 332.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 516.46 332.10 Td (anti-money ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (laundering, ) Tj ET Q q 0 0 0 rg BT 97.48 320.10 Td (privacy ) Tj ET Q q 0 0 0 rg BT 129.67 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.32 320.10 Td (recordkeeping. ) Tj ET Q q 0 0 0 rg BT 208.07 320.10 Td (W) Tj ET Q q 0 0 0 rg BT 216.71 320.10 Td (e ) Tj ET Q q 0 0 0 rg BT 223.36 320.10 Td (have ) Tj ET Q q 0 0 0 rg BT 244.44 320.10 Td (also ) Tj ET Q q 0 0 0 rg BT 262.77 320.10 Td (established ) Tj ET Q q 0 0 0 rg BT 309.41 320.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 355.49 320.10 Td (that ) Tj ET Q q 0 0 0 rg BT 372.70 320.10 Td (are ) Tj ET Q q 0 0 0 rg BT 387.12 320.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 424.87 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 434.86 320.10 Td (require ) Tj ET Q q 0 0 0 rg BT 465.39 320.10 Td (that ) Tj ET Q q 0 0 0 rg BT 482.60 320.10 Td (our ) Tj ET Q q 0 0 0 rg BT 498.14 320.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 531.46 320.10 Td (relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.70 308.10 Td (ethics ) Tj ET Q q 0 0 0 rg BT 84.94 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.30 308.10 Td (business ) Tj ET Q q 0 0 0 rg BT 137.11 308.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 170.68 308.10 Td (are ) Tj ET Q q 0 0 0 rg BT 184.81 308.10 Td (followed. ) Tj ET Q q 0 0 0 rg BT 224.64 308.10 Td (The ) Tj ET Q q 0 0 0 rg BT 242.10 308.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 263.46 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.81 308.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 322.83 308.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 346.40 308.10 Td (on ) Tj ET Q q 0 0 0 rg BT 358.32 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.46 308.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 409.36 308.10 Td (services ) Tj ET Q q 0 0 0 rg BT 443.48 308.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 478.18 308.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 512.87 308.10 Td (a ) Tj ET Q q 0 0 0 rg BT 519.23 308.10 Td (continuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (business ) Tj ET Q q 0 0 0 rg BT 86.39 296.10 Td (challenge ) Tj ET Q q 0 0 0 rg BT 127.20 296.10 Td (for ) Tj ET Q q 0 0 0 rg BT 141.36 296.10 Td (us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.70 272.10 Td (business ) Tj ET Q q 0 0 0 rg BT 103.75 272.10 Td (also ) Tj ET Q q 0 0 0 rg BT 122.00 272.10 Td (subjects ) Tj ET Q q 0 0 0 rg BT 156.37 272.10 Td (us ) Tj ET Q q 0 0 0 rg BT 167.41 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.34 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.71 272.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 228.30 272.10 Td (income ) Tj ET Q q 0 0 0 rg BT 259.88 272.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 274.25 272.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 294.73 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.21 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.58 272.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 371.17 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.10 272.10 Td (which ) Tj ET Q q 0 0 0 rg BT 407.69 272.10 Td (we ) Tj ET Q q 0 0 0 rg BT 421.50 272.10 Td (have ) Tj ET Q q 0 0 0 rg BT 442.53 272.10 Td (business ) Tj ET Q q 0 0 0 rg BT 478.57 272.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 524.88 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.47 272.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.23 260.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 86.57 260.10 Td (may ) Tj ET Q q 0 0 0 rg BT 106.80 260.10 Td (be ) Tj ET Q q 0 0 0 rg BT 119.25 260.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 150.59 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 161.38 260.10 Td (dif) Tj ET Q q 0 0 0 rg BT 172.30 260.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 198.63 260.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 259.40 260.10 Td (by ) Tj ET Q q 0 0 0 rg BT 272.41 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.64 260.10 Td (taxpayer ) Tj ET Q q 0 0 0 rg BT 325.08 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.53 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.76 260.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 392.97 260.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 450.96 260.10 Td (taxing ) Tj ET Q q 0 0 0 rg BT 478.97 260.10 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 526.47 260.10 Td (W) Tj ET Q q 0 0 0 rg BT 535.11 260.10 Td (e ) Tj ET Q q 0 0 0 rg BT 542.56 260.10 Td (must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.10 Td (make ) Tj ET Q q 0 0 0 rg BT 74.36 248.10 Td (judgments ) Tj ET Q q 0 0 0 rg BT 118.73 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.87 248.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 196.33 248.10 Td (about ) Tj ET Q q 0 0 0 rg BT 221.25 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.17 248.10 Td (application ) Tj ET Q q 0 0 0 rg BT 283.30 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.33 248.10 Td (these ) Tj ET Q q 0 0 0 rg BT 317.58 248.10 Td (inherently ) Tj ET Q q 0 0 0 rg BT 360.83 248.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 397.96 248.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 412.88 248.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 433.91 248.10 Td (when ) Tj ET Q q 0 0 0 rg BT 458.28 248.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 509.30 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.22 248.10 Td (provision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.16 236.10 Td (income ) Tj ET Q q 0 0 0 rg BT 96.09 236.10 Td (taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (Effects of Inflation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 85.49 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 101.00 188.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 126.51 188.10 Td (are ) Tj ET Q q 0 0 0 rg BT 140.90 188.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 166.41 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.03 188.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 222.41 188.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 266.25 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 276.20 188.10 Td (nature, ) Tj ET Q q 0 0 0 rg BT 305.87 188.10 Td (they ) Tj ET Q q 0 0 0 rg BT 325.27 188.10 Td (are ) Tj ET Q q 0 0 0 rg BT 339.65 188.10 Td (not ) Tj ET Q q 0 0 0 rg BT 354.61 188.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 406.78 188.10 Td (af) Tj ET Q q 0 0 0 rg BT 414.37 188.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 440.97 188.10 Td (by ) Tj ET Q q 0 0 0 rg BT 453.15 188.10 Td (inflation. ) Tj ET Q q 0 0 0 rg BT 491.71 188.10 Td (However) Tj ET Q q 0 0 0 rg BT 527.96 188.10 Td (, ) Tj ET Q q 0 0 0 rg BT 532.64 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 547.03 188.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.60 176.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 96.75 176.10 Td (af) Tj ET Q q 0 0 0 rg BT 104.34 176.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 125.49 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 141.09 176.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 181.96 176.10 Td (such ) Tj ET Q q 0 0 0 rg BT 202.56 176.10 Td (as ) Tj ET Q q 0 0 0 rg BT 213.16 176.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 254.30 176.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 314.61 176.10 Td (of) Tj ET Q q 0 0 0 rg BT 322.76 176.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 340.02 176.10 Td (space ) Tj ET Q q 0 0 0 rg BT 364.50 176.10 Td (leasing ) Tj ET Q q 0 0 0 rg BT 395.09 176.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 417.36 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.07 176.10 Td (communications ) Tj ET Q q 0 0 0 rg BT 502.44 176.10 Td (char) Tj ET Q q 0 0 0 rg BT 519.47 176.10 Td (ges, ) Tj ET Q q 0 0 0 rg BT 537.57 176.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.45 164.10 Td (not ) Tj ET Q q 0 0 0 rg BT 84.46 164.10 Td (be ) Tj ET Q q 0 0 0 rg BT 96.13 164.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 126.12 164.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 174.98 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.99 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.44 164.10 Td (price ) Tj ET Q q 0 0 0 rg BT 221.65 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.21 164.10 Td (services ) Tj ET Q q 0 0 0 rg BT 266.65 164.10 Td (we ) Tj ET Q q 0 0 0 rg BT 280.54 164.10 Td (of) Tj ET Q q 0 0 0 rg BT 288.69 164.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 302.02 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 312.03 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.59 164.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 358.26 164.10 Td (T) Tj ET Q q 0 0 0 rg BT 363.67 164.10 Td (o ) Tj ET Q q 0 0 0 rg BT 370.90 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.35 164.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 412.01 164.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 448.13 164.10 Td (results ) Tj ET Q q 0 0 0 rg BT 476.46 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 486.47 164.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 511.48 164.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 543.15 164.10 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.82 152.10 Td (has ) Tj ET Q q 0 0 0 rg BT 82.54 152.10 Td (other ) Tj ET Q q 0 0 0 rg BT 105.47 152.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 138.39 152.10 Td (ef) Tj ET Q q 0 0 0 rg BT 145.98 152.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 167.24 152.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 189.63 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.23 152.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 244.38 152.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 280.92 152.10 Td (it ) Tj ET Q q 0 0 0 rg BT 288.86 152.10 Td (may ) Tj ET Q q 0 0 0 rg BT 308.46 152.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 349.17 152.10 Td (af) Tj ET Q q 0 0 0 rg BT 356.75 152.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 374.12 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 389.84 152.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 427.20 152.10 Td (position ) Tj ET Q q 0 0 0 rg BT 461.82 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.64 152.10 Td (results ) Tj ET Q q 0 0 0 rg BT 507.13 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.85 152.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (ITEM 7A. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 105.89 128.10 Td (QUANTIT) Tj ET Q q 0 0 0 rg BT 149.78 128.10 Td (A) Tj ET Q q 0 0 0 rg BT 155.90 128.10 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 181.37 128.10 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 241.65 128.10 Td (A) Tj ET Q q 0 0 0 rg BT 247.77 128.10 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 344.10 128.10 Td (ABOUT MARKET RISK.) 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 68.24 104.10 Td (information ) Tj ET Q q 0 0 0 rg BT 118.65 104.10 Td (under ) Tj ET Q q 0 0 0 rg BT 144.62 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.03 104.10 Td (caption ) Tj ET Q q 0 0 0 rg BT 192.66 104.10 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 218.28 104.10 Td (Management" ) Tj ET Q q 0 0 0 rg BT 277.76 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.74 104.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 308.05 104.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 320.40 104.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 341.93 104.10 Td (7 ) Tj ET Q q 0 0 0 rg BT 350.12 104.10 Td (entitled, ) Tj ET Q q 0 0 0 rg BT 385.81 104.10 Td ("Management) Tj ET Q q 0 0 0 rg BT 444.87 104.10 Td (s ) Tj ET Q q 0 0 0 rg BT 451.96 104.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 499.05 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.98 104.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 554.18 104.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.21 92.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 131.72 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.66 92.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 180.60 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.43 92.10 Td (Operations," ) Tj ET Q q 0 0 0 rg BT 244.39 92.10 Td (is ) Tj ET Q q 0 0 0 rg BT 253.56 92.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 306.59 92.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 334.08 92.10 Td (by ) Tj ET Q q 0 0 0 rg BT 346.58 92.10 Td (reference.) 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 /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 599.5833984375 l s q 0 0 1 rg BT 57.50 600.92 Td (Consolidated Statements of Financial Condition) 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 57.5 584.5833984375 m 213.8623046875 584.5833984375 l s q 0 0 1 rg BT 57.50 585.92 Td (Consolidated Statements of Operations) 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 57.5 569.5833984375 m 265.234375 569.5833984375 l s q 0 0 1 rg BT 57.50 570.92 Td (Consolidated Statements of Comprehensive Income) 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 57.5 554.5833984375 m 300.3759765625 554.5833984375 l s q 0 0 1 rg BT 57.50 555.92 Td (Consolidated Statements of Changes in Shareholders' Equity) 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 57.5 539.5833984375 m 216.9384765625 539.5833984375 l s q 0 0 1 rg BT 57.50 540.92 Td (Consolidated Statements of Cash Flows) 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 57.50 525.92 Td (Notes to the Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 510.92 Td (Note 1) 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 110.5 509.5833984375 m 266.3935546875 509.5833984375 l s q 0 0 1 rg BT 110.50 510.92 Td (Or) Tj ET Q q 0 0 1 rg BT 120.87 510.92 Td (ganization and Basis of Presentation) 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 63.50 495.92 Td (Note 2) 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 110.5 494.5833984375 m 289.3671875 494.5833984375 l s q 0 0 1 rg BT 110.50 495.92 Td (Summary of Significant ) Tj ET Q q 0 0 1 rg BT 208.55 495.92 Td (Accounting Policies) 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 63.50 480.92 Td (Note 3) 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 110.5 479.5833984375 m 256.0224609375 479.5833984375 l s q 0 0 1 rg BT 110.50 480.92 Td (Recent ) Tj ET Q q 0 0 1 rg BT 140.21 480.92 Td (Accounting Pronouncements) 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 63.50 465.92 Td (Note 4) 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 110.5 464.5833984375 m 157.1650390625 464.5833984375 l s q 0 0 1 rg BT 110.50 465.92 Td (Acquisition) 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 157.1650390625 464.5833984375 m 161.056640625 464.5833984375 l s q 0 0 1 rg BT 157.17 465.92 Td (s) 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 63.50 451.82 Td (Note 5) 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 110.5 449.5833984375 m 210.2021484375 449.5833984375 l s q 0 0 1 rg BT 110.50 450.92 Td (Discontinued Operations) 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 63.50 436.82 Td (Note 6) 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 110.5 434.5833984375 m 460.44140625 434.5833984375 l s q 0 0 1 rg BT 110.50 435.92 Td (Financial Instruments and Other Inventory Positions Owned and Financial Instruments ) 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 119.5 424.5833984375 m 355.046875 424.5833984375 l s q 0 0 1 rg BT 119.50 425.92 Td (and Other Inventory Positions Sold, but Not ) Tj ET Q q 0 0 1 rg BT 298.01 425.92 Td (Y) Tj ET Q q 0 0 1 rg BT 304.23 425.92 Td (et Purchased) 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 63.50 410.92 Td (Note 7) 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 110.5 409.5833984375 m 251.955078125 409.5833984375 l s q 0 0 1 rg BT 110.50 410.92 Td (Fair ) Tj ET Q q 0 0 1 rg BT 128.93 410.92 Td (V) Tj ET Q q 0 0 1 rg BT 135.04 410.92 Td (alue of Financial Instruments) 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 63.50 395.92 Td (Note 8) 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 110.5 394.5833984375 m 209.3525390625 394.5833984375 l s q 0 0 1 rg BT 110.50 395.92 Td (V) Tj ET Q q 0 0 1 rg BT 116.61 395.92 Td (ariable Interest Entities) 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 63.50 380.92 Td (Note 9) 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 110.5 379.5833984375 m 427.9951171875 379.5833984375 l s q 0 0 1 rg BT 110.50 380.92 Td (Receivables from and Payables to Brokers, Dealers and Clearing Or) Tj ET Q q 0 0 1 rg BT 382.45 380.92 Td (ganizations) 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 63.50 365.92 Td (Note 10) 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 110.5 364.5833984375 m 291.291015625 364.5833984375 l s q 0 0 1 rg BT 110.50 365.92 Td (Receivables from and Payables to Customers) 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 63.50 350.92 Td (Note 11) 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 110.5 349.5833984375 m 261.5791015625 349.5833984375 l s q 0 0 1 rg BT 110.50 350.92 Td (Collateralized Securities ) Tj ET Q q 0 0 1 rg BT 210.84 350.92 Td (T) Tj ET Q q 0 0 1 rg BT 216.59 350.92 Td (ransactions) 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 63.50 335.92 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 158.8251953125 334.5833984375 l s q 0 0 1 rg BT 110.50 335.92 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 63.50 320.92 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 161.330078125 319.5833984375 l s q 0 0 1 rg BT 110.50 320.92 Td (Other ) Tj ET Q q 0 0 1 rg BT 135.22 320.92 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 236.3203125 304.5833984375 l s q 0 0 1 rg BT 110.50 305.92 Td (Goodwill and Intangible ) Tj ET Q q 0 0 1 rg BT 210.21 305.92 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 63.50 290.92 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 161.33984375 289.5833984375 l s q 0 0 1 rg BT 110.50 290.92 Td (Fixed ) Tj ET Q q 0 0 1 rg BT 135.23 290.92 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 63.50 275.92 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 198.9521484375 274.5833984375 l s q 0 0 1 rg BT 110.50 275.92 Td (Short-T) Tj ET Q q 0 0 1 rg BT 140.91 275.92 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 63.50 260.92 Td (Note 17) 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 110.5 259.5833984375 m 162.4384765625 259.5833984375 l s q 0 0 1 rg BT 110.50 260.92 Td (Senior Notes) 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 63.50 245.92 Td (Note 18) 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 110.5 244.58339843750002 m 167.7119140625 244.58339843750002 l s q 0 0 1 rg BT 110.50 245.92 Td (Contingencies) 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 167.7119140625 244.58339843750002 m 293.7958984375 244.58339843750002 l s q 0 0 1 rg BT 167.71 245.92 Td (, Commitments and Guarantees) 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 63.50 230.92 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 164.93359375 229.58339843750002 l s q 0 0 1 rg BT 110.50 230.92 Td (Restructuring) 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 194.4599609375 214.58339843750002 l s q 0 0 1 rg BT 110.50 215.92 Td (Shareholders) Tj ET Q q 0 0 1 rg BT 165.29 215.92 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 63.50 200.92 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 207.1455078125 199.58339843750002 l s q 0 0 1 rg BT 110.50 200.92 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 63.50 185.92 Td (Note 22) 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 110.5 184.58339843750002 m 192.443359375 184.58339843750002 l s q 0 0 1 rg BT 110.50 185.92 Td (Compensation Plans) 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 63.50 170.92 Td (Note 23) 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 110.5 169.58339843750002 m 187.1455078125 169.58339843750002 l s q 0 0 1 rg BT 110.50 170.92 Td (Earnings Per Share) 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 63.50 155.92 Td (Note 24) 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 110.5 154.58339843750002 m 187.990234375 154.58339843750002 l s q 0 0 1 rg BT 110.50 155.92 Td (Segment Reporting) 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 63.50 140.92 Td (Note 25) 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 110.5 139.58339843750002 m 336.5498046875 139.58339843750002 l s q 0 0 1 rg BT 110.50 140.92 Td (Net Capital Requirements and Other Regulatory Matters) 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 63.50 125.92 Td (Note 26) 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 110.5 124.58339843750002 m 165.9833984375 124.58339843750002 l s q 0 0 1 rg BT 110.50 125.92 Td (Income ) Tj ET Q q 0 0 1 rg BT 142.80 125.92 Td (T) Tj ET Q q 0 0 1 rg BT 148.21 125.92 Td (axes) 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 63.50 110.92 Td (Note 27) 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 110.5 109.58339843750002 m 305.5537109375 109.58339843750002 l s q 0 0 1 rg BT 110.50 110.92 Td (Piper Jaf) Tj ET Q q 0 0 1 rg BT 145.59 110.92 Td (fray Companies \(Parent Company only\)) 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 51.5 94.58339843750002 m 133.4189453125 94.58339843750002 l s q 0 0 1 rg BT 51.50 95.92 Td (Supplementary Data) 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 529 659.5833984375 m 539 659.5833984375 l s q 0 0 1 rg BT 529.00 660.92 Td (58) 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 529 644.5833984375 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0 1 rg BT 529.00 570.92 Td (64) 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 529 554.5833984375 m 539 554.5833984375 l s q 0 0 1 rg BT 529.00 555.92 Td (65) 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 529 539.5833984375 m 539 539.5833984375 l s q 0 0 1 rg BT 529.00 540.92 Td (67) 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 529 509.5833984375 m 539 509.5833984375 l s q 0 0 1 rg BT 529.00 510.92 Td (69) Tj ET Q BT /F1 10.00 Tf ET 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 529 494.5833984375 m 539 494.5833984375 l s q 0 0 1 rg BT 529.00 495.92 Td (70) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 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q 0 0 0 rg BT 208.87 645.75 Td (Control ) Tj ET Q q 0 0 0 rg BT 254.42 645.75 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 297.45 645.75 Td (Framework ) Tj ET Q q 0 0 0 rg BT 346.05 645.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 373.55 645.75 Td (by ) Tj ET Q q 0 0 0 rg BT 386.05 645.75 Td (the ) Tj ET Q q 0 0 0 rg BT 400.76 645.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 447.70 645.75 Td (of ) Tj ET Q q 0 0 0 rg BT 458.52 645.75 Td (Sponsoring ) Tj ET Q q 0 0 0 rg BT 506.58 645.75 Td (Or) Tj ET Q q 0 0 0 rg BT 516.95 645.75 Td (ganizations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.82 633.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.81 633.75 Td (T) Tj ET Q q 0 0 0 rg BT 81.57 633.75 Td (readway ) Tj ET Q q 0 0 0 rg BT 118.42 633.75 Td (Commission ) Tj ET Q q 0 0 0 rg BT 171.98 633.75 Td (\(2013 ) Tj ET Q q 0 0 0 rg BT 198.30 633.75 Td (framework\) ) Tj ET Q q 0 0 0 rg BT 248.49 633.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 267.02 633.75 Td (COSO ) Tj ET Q q 0 0 0 rg BT 296.69 633.75 Td (criteria\). ) 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 (2015) 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 (2015) 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 (February25, ) Tj ET Q q 0 0 0 rg BT 484.10 273.75 Td (2016) 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 (February25, 2016) 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 121 0 obj <> endobj 122 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (60) 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 (2015) 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 (2014) 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 (2015) 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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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 0.9333333333333333 1 rg /GS0 gs 50.00 292.50 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 292.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 292.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 292.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 268.50 370.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 268.50 67.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 268.50 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 268.50 67.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 224.50 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 224.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 224.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 224.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 200.50 370.00 -22.00 re f /GS0 gs 0.8 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 (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.00 689.23 Td (2014) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 665.23 Td (189,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 665.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 665.12 Td (15,867) 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 (81,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 653.12 Td (25,011) 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 (41,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 629.12 Td (9,658) 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 (147,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 617.12 Td (161,009) 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 (136,983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 605.12 Td (308,165) 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 (283,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 581.12 Td (507,794) 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 (707,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 569.12 Td (1,108,567) 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 450.65 557.23 Td (990,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 557.12 Td (1,616,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 533.07 Td (Fixed assets \(net of accumulated depreciation and amortization of $51,874 and $47,327,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 523.12 Td (respectively\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 525.18 Td (18,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 525.17 Td (18,171) 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 (217,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 511.12 Td (211,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 499.12 Td (Intangible assets \(net of accumulated amortization of $48,803 and $41,141, respectively\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 499.23 Td (30,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 499.12 Td (30,658) 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 (163,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 487.12 Td (126,840) 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 (119,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 475.12 Td (100,299) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 463.23 Td (2,138,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 463.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 463.12 Td (2,623,917) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 427.23 Td (446,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 427.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 427.12 Td (377,767) 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 (125,000) 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 (37,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 391.12 Td (13,328) 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 (48,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 379.12 Td (25,564) 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 (45,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 367.12 Td (102,646) 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 (239,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 355.12 Td (738,124) 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 (251,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 343.12 Td (228,877) 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 (62,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 331.12 Td (43,151) 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 (1,305,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 319.12 Td (1,654,457) 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, 2015 and December 31, 2014;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 259.07 Td (Shares issued: 19,510,858 at December 31, 2015 and 19,523,371 at December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 249.12 Td (2014;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 237.07 Td (Shares outstanding: 13,311,016 at December 31, 2015 and 15,265,420 at) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 227.12 Td (December 31, 2014) 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 (752,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 215.12 Td (735,415) 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 (279,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 203.12 Td (227,065) 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: 6,199,842 at December 31, 2015 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 181.12 Td (4,257,951 shares at December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.30 183.23 Td 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ET q 0 0 0 rg BT 530.65 641.12 Td (83,045) 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 374.65 629.23 Td (41,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 629.12 Td (48,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 629.12 Td (50,409) 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 374.65 617.23 Td (10,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 617.12 Td (12,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 617.12 Td (21,566) 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 369.65 593.23 Td (696,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 593.12 Td (673,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 593.12 Td (550,231) 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 374.65 569.23 Td (23,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 569.12 Td (25,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 569.12 Td (25,036) 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 369.65 545.23 Td (672,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 545.12 Td (648,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 545.12 Td (525,195) 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 369.65 509.23 Td (421,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 509.12 Td (394,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 509.12 Td (322,464) 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 374.65 497.23 Td (36,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 497.12 Td (37,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 497.12 Td (32,982) 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 374.65 485.23 Td (28,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 485.12 Td (28,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 485.12 Td (25,493) 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 374.65 473.23 Td (23,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 473.12 Td (22,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 473.12 Td (21,431) 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 374.65 461.23 Td (29,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 461.12 Td (27,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 461.12 Td (21,603) 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 379.65 449.23 Td (7,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 449.12 Td (7,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 449.12 Td (8,270) 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 374.65 437.23 Td (10,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 437.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 437.12 Td (4,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 425.12 Td (Intangible asset amortization expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 425.23 Td (7,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 425.12 Td (9,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 425.12 Td (7,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 413.12 Td (Other operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 413.23 Td (20,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 413.12 Td (11,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 413.12 Td (4,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 389.12 Td (Total non-interest expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 389.23 Td (586,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 389.12 Td (537,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 389.12 Td (449,582) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 365.23 Td (Income from continuing operations before income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 365.23 Td (86,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 365.12 Td (110,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 365.12 Td (75,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 341.12 Td (Income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 341.23 Td (27,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 341.12 Td (35,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 341.12 Td (20,390) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 317.23 Td (Income from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 317.23 Td (58,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 317.12 Td (74,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 317.12 Td (55,223) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 293.23 Td (Discontinued operations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 281.12 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 281.23 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 281.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 281.12 Td (\(4,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 281.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 257.23 Td (Net income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 257.23 Td (58,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 257.12 Td (74,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 257.12 Td (50,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 233.12 Td (Net income applicable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 233.23 Td (6,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 233.12 Td (11,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 233.12 Td (5,394) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 209.23 Td (Net income applicable to Piper Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 209.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 209.23 Td (52,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 209.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 209.12 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 209.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 209.12 Td (45,090) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 185.23 Td (Net income applicable to Piper Jaffray Companies common) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 175.23 Td (shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 175.18 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 175.18 Td (48,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 175.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 175.17 Td (58,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 175.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 175.17 Td (40,596) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 257.35 149.11 Td (Continued on next page) Tj ET Q endstream endobj 127 0 obj <>] /Rotate 0 /Contents 128 0 R>> endobj 128 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 195.00 727.60 Td (Consolidated Statements of Operations Continued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (63) Tj ET Q 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 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 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 (\(Amounts in thousands, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 688.23 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 688.23 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 688.23 Td (2013) 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 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0.9333333333333333 1 rg /GS0 gs 471.50 302.50 52.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 302.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 302.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 257.50 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 122.50 257.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 126.50 257.50 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 257.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 257.50 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 257.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 257.50 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 257.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 257.50 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 257.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 257.50 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 257.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 257.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 257.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 257.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 257.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 257.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 257.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 257.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 226.50 86.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 122.50 226.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 126.50 226.50 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 226.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 226.50 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 226.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 226.50 43.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 226.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 226.50 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 226.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 226.50 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 226.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 226.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 226.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 226.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 226.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 226.50 52.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 226.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 226.50 53.00 -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 126.5 662.5 m 176.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 662.5 m 218.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 662.5 m 265.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 662.5 m 309.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 662.5 m 353.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 662.5 m 410.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 662.5 m 467.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 662.5 m 523.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 662.5 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 126.5 435.5 m 176.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 435.5 m 218.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 435.5 m 265.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 435.5 m 309.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 435.5 m 353.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 435.5 m 410.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 435.5 m 467.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 435.5 m 523.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 435.5 m 580.5 435.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126.5 226.5 m 176.5 226.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 226.5 m 218.5 226.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 226.5 m 265.5 226.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 226.5 m 309.5 226.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 226.5 m 353.5 226.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 226.5 m 410.5 226.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 226.5 m 467.5 226.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 226.5 m 523.5 226.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 226.5 m 580.5 226.5 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 432.80 702.56 Td (Total) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 137.15 690.56 Td (Common) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 227.55 690.56 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 426.65 690.56 Td (Common) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 545.80 690.56 Td (Total) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 678.54 Td (\(Amounts in thousands,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 140.95 678.56 Td (Shares) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 185.15 678.56 Td (Common) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 232.20 678.56 Td (Paid-In) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 275.55 678.56 Td (Retained) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.50 678.56 Td (Treasury) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.20 678.56 Td (Comprehensive) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 419.75 678.56 Td (Shareholders') Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 474.50 678.56 Td (Noncontrolling) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 532.75 678.56 Td (Shareholders') Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 666.54 Td ( except share amounts\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 132.30 666.56 Td (Outstanding) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 190.60 666.56 Td (Stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 232.40 666.56 Td (Capital) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 275.35 666.56 Td (Earnings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.60 666.56 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 430.35 666.56 Td (Equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 484.00 666.56 Td (Interests) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 543.35 666.56 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 31, 2012) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 142.10 643.56 Td (15,213,796) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 183.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 205.15 643.56 Td (195) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 225.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 239.90 643.56 Td (754,566) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 272.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.85 643.56 Td (118,803) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 325.55 643.61 Td (\(140,939) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 350.65 643.56 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 397.15 643.56 Td (667) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 417.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 441.90 643.56 Td (733,292) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 474.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.40 643.56 Td (56,883) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 530.00 643.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 554.90 643.56 Td (790,175) 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 166.65 619.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 619.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 619.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.40 619.55 Td (45,090) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 619.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 619.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.40 619.55 Td (45,090) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.90 619.55 Td (5,394) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 619.55 Td (50,484) 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 166.65 600.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 600.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 243.40 600.55 Td (23,528) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 600.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 600.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 600.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.40 600.55 Td (23,528) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 600.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 600.55 Td (23,528) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 588.55 Td (Repurchase of common) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 581.55 Td (stock through share) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 574.55 Td (repurchase program) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 143.30 574.55 Td (\(1,719,662) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 173.65 574.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 574.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 574.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 574.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 329.05 574.60 Td (\(55,929) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 350.65 574.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 574.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 443.05 574.60 Td (\(55,929) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 464.65 574.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 574.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 556.05 574.55 Td (\(55,929) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 574.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 562.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 555.55 Td (for restricted stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 548.55 Td (vestings) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 145.65 548.55 Td (1,173,180) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 548.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 241.05 548.55 Td (\(38,636) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 548.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 548.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 331.40 548.55 Td (38,636) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 548.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.65 548.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 548.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 570.65 548.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 536.55 Td (Repurchase of common) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 529.55 Td (stock for employee tax) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 522.55 Td (withholding) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 148.55 522.55 Td (\(386,713) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 173.65 522.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 522.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 522.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 522.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 329.05 522.60 Td (\(15,533) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 350.65 522.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 522.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 443.05 522.60 Td (\(15,533) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 464.65 522.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 522.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 556.05 522.55 Td (\(15,533) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 522.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 510.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 503.55 Td (for 401k match) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 154.40 503.55 Td (96,049) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 503.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 252.15 503.55 Td (803) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 503.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 334.90 503.55 Td (3,136) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 503.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 448.90 503.55 Td (3,939) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 503.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 561.90 503.55 Td (3,939) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 491.55 Td (Shares reserved to meet) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 484.55 Td (deferred compensation) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 477.55 Td (obligations) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 157.90 477.55 Td (6,768) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 477.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 477.55 Td (60) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 477.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 477.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 477.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.65 477.55 Td (60) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 477.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 570.65 477.55 Td (60) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 465.55 Td (Other comprehensive) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 458.55 Td (income) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 458.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 458.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 458.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 458.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 458.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 397.15 458.55 Td (229) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.15 458.55 Td (229) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 458.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 567.15 458.55 Td (229) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 446.55 Td (Fund capital) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 439.55 Td (contributions, net) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 439.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 439.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 439.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 439.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 439.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 439.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.65 439.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.40 439.55 Td (85,119) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 439.55 Td (85,119) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 427.56 Td (Balance at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 420.56 Td (December31, 2013) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 142.10 420.56 Td (14,383,418) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 183.00 420.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 205.15 420.56 Td (195) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 225.00 420.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 239.90 420.56 Td (740,321) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 272.00 420.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.85 420.56 Td (163,893) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.00 420.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 325.55 420.61 Td (\(170,629) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 350.65 420.56 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.00 420.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 397.15 420.56 Td (896) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 417.00 420.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 441.90 420.56 Td (734,676) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 474.00 420.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 497.90 420.56 Td (147,396) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 530.00 420.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 554.90 420.56 Td (882,072) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 396.55 Td (Net income) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 396.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 396.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 396.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.40 396.55 Td (63,172) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 396.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 396.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.40 396.55 Td (63,172) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.40 396.55 Td (11,153) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 396.55 Td (74,325) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 384.55 Td (Amortization/issuance of) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 377.55 Td (restricted stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 377.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 377.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 243.40 377.55 Td (23,649) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 377.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 377.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 377.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.40 377.55 Td (23,649) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 377.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 377.55 Td (23,649) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 365.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 358.55 Td (for options exercised) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 150.90 358.55 Td (137,864) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 358.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 252.15 358.55 Td (834) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 358.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 334.90 358.55 Td (4,618) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 358.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 448.90 358.55 Td (5,452) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 358.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 561.90 358.55 Td (5,452) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 346.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 339.55 Td (for restricted stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 332.55 Td (vestings) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 150.90 332.55 Td (892,385) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 332.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 241.05 332.55 Td (\(30,295) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 332.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 332.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 331.40 332.55 Td (30,295) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 332.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.65 332.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 332.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 570.65 332.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 320.55 Td (Repurchase of common) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 313.55 Td (stock for employee tax) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 306.55 Td (withholding) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 148.55 306.55 Td (\(256,055) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 173.65 306.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 306.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 306.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 306.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 329.05 306.60 Td (\(10,854) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 350.65 306.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 306.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 443.05 306.60 Td (\(10,854) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 464.65 306.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 306.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 556.05 306.55 Td (\(10,854) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 306.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 294.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 287.55 Td (for 401k match) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 150.90 287.55 Td (103,598) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 287.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 252.15 287.55 Td (726) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 287.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 334.90 287.55 Td (3,430) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 287.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 448.90 287.55 Td (4,156) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 287.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 561.90 287.55 Td (4,156) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 275.55 Td (Shares reserved to meet) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 268.55 Td (deferred compensation) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 261.55 Td (obligations) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 157.90 261.55 Td (4,210) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 261.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 252.15 261.55 Td (180) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 261.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 261.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 261.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.15 261.55 Td (180) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 261.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 567.15 261.55 Td (180) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 249.55 Td (Other comprehensive loss) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 249.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 249.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 249.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 249.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 249.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 394.80 249.60 Td (\(519) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 407.65 249.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 451.80 249.60 Td (\(519) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 464.65 249.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 249.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 564.80 249.55 Td (\(519) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 249.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 237.55 Td (Fund capital) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 230.55 Td (withdrawals, net) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 230.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 230.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 230.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 230.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 230.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 230.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.65 230.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 502.55 230.60 Td (\(9,001) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 520.65 230.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 559.55 230.55 Td (\(9,001) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 230.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 218.56 Td (Balance at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 211.56 Td (December31, 2014) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 142.10 211.56 Td (15,265,420) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 183.00 211.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 205.15 211.56 Td (195) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 225.00 211.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 239.90 211.56 Td (735,415) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 272.00 211.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.85 211.56 Td (227,065) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.00 211.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 325.55 211.61 Td (\(143,140) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 350.65 211.56 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.00 211.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 397.15 211.56 Td (377) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 417.00 211.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 441.90 211.56 Td (819,912) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 474.00 211.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 497.90 211.56 Td (149,548) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 530.00 211.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 554.90 211.56 Td (969,460) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 269.85 187.45 Td (Continued on next page) Tj ET Q endstream endobj 133 0 obj <>] /Rotate 0 /Contents 134 0 R>> endobj 134 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 (66) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126.5 661.5 m 176.5 661.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 661.5 m 218.5 661.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 661.5 m 265.5 661.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 661.5 m 309.5 661.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 661.5 m 353.5 661.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 661.5 m 410.5 661.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 661.5 m 467.5 661.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 661.5 m 523.5 661.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 661.5 m 580.5 661.5 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 363.65 701.56 Td (Accumulated) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 432.80 701.56 Td (Total) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 137.15 689.56 Td (Common) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 227.55 689.56 Td (Additional) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.60 689.56 Td (Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.65 689.56 Td (Common) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 545.80 689.56 Td (Total) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 677.54 Td (\(Amounts in thousands,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 140.95 677.56 Td (Shares) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 185.15 677.56 Td (Common) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 232.20 677.56 Td (Paid-In) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 275.55 677.56 Td (Retained) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.50 677.56 Td (Treasury) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.20 677.56 Td (Comprehensive) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 419.75 677.56 Td (Shareholders') Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 474.50 677.56 Td (Noncontrolling) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 532.75 677.56 Td (Shareholders') Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 39.00 665.54 Td ( except share amounts\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 132.30 665.56 Td (Outstanding) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 190.60 665.56 Td (Stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 232.40 665.56 Td (Capital) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 275.35 665.56 Td (Earnings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.60 665.56 Td (Stock) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 362.30 665.56 Td (Income/\(Loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 430.35 665.56 Td (Equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 484.00 665.56 Td (Interests) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 543.35 665.56 Td (Equity) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 645.50 86.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 122.50 645.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 126.50 645.50 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 645.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 645.50 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 645.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 645.50 43.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 645.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 645.50 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 645.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 645.50 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 645.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 645.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 645.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 645.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 645.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 645.50 52.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 645.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 645.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 600.50 86.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 122.50 600.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 126.50 600.50 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 600.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 600.50 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 600.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 600.50 43.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 600.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 600.50 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 600.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 600.50 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 600.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 600.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 600.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 600.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 600.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 600.50 52.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 600.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 600.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 555.50 86.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 122.50 555.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 126.50 555.50 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 555.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 555.50 38.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 555.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 555.50 43.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 555.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 555.50 40.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 555.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 555.50 40.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 555.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 555.50 53.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 555.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 555.50 53.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 555.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 555.50 52.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 555.50 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 555.50 53.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 503.50 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 122.50 503.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 126.50 503.50 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 503.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 503.50 38.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 503.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 503.50 43.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 503.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 503.50 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 503.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 503.50 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 503.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 503.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 503.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 503.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 503.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 503.50 52.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 503.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 503.50 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 472.50 86.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 122.50 472.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 126.50 472.50 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 472.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 472.50 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 472.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 472.50 43.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 472.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 472.50 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 472.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 472.50 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 472.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 472.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 472.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 472.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 472.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 472.50 52.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 472.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 472.50 53.00 -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 126.5 472.5 m 176.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 472.5 m 218.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 472.5 m 265.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 472.5 m 309.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 472.5 m 353.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 472.5 m 410.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 472.5 m 467.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 472.5 m 523.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 472.5 m 580.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126.5 454.5 m 176.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126.5 452.5 m 176.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 454.5 m 218.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 452.5 m 218.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 454.5 m 265.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 452.5 m 265.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 454.5 m 309.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 452.5 m 309.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 454.5 m 353.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 452.5 m 353.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 454.5 m 410.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 452.5 m 410.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 454.5 m 467.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 452.5 m 467.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 454.5 m 523.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 452.5 m 523.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 454.5 m 580.5 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 452.5 m 580.5 452.5 l s BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 649.55 Td (Net income) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 649.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 183.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 649.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 225.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 649.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 272.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.40 649.55 Td (52,075) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 316.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 649.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 360.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 649.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 417.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.40 649.55 Td (52,075) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 474.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.90 649.55 Td (6,407) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 530.00 649.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 649.55 Td (58,482) 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 166.65 630.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 630.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 243.40 630.55 Td (43,237) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 630.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 630.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 630.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.40 630.55 Td (43,237) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 630.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 630.55 Td (43,237) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 618.55 Td (Repurchase of common) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 611.55 Td (stock through share) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 604.55 Td (repurchase program) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 143.30 604.55 Td (\(2,459,400) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 173.65 604.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 604.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 604.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 604.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 325.55 604.60 Td (\(118,464) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 350.65 604.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 604.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 439.55 604.60 Td (\(118,464) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 464.65 604.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 604.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 552.55 604.55 Td (\(118,464) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 604.55 Td (\)) 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 154.40 585.55 Td (50,671) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 585.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 585.55 Td (96) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 585.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 334.90 585.55 Td (1,760) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 585.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 448.90 585.55 Td (1,856) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 585.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 561.90 585.55 Td (1,856) 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) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 559.55 Td (vestings) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 150.90 559.55 Td (734,080) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 559.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 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7.00 Tf ET q 0 0 0 rg BT 343.65 507.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 507.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.65 507.55 Td (70) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 507.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 570.65 507.55 Td (70) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 495.55 Td (Other comprehensive loss) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 495.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 495.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 495.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 495.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 495.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 394.80 495.60 Td (\(566) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 407.65 495.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 451.80 495.60 Td (\(566) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 464.65 495.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 495.55 Td () Tj ET Q BT /F1 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0 i [] 0 d 0 J 0 j 3 M 484 698.5 m 492 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 698.5 m 406 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 686.5 m 406 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 698.5 m 484 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 686.5 m 484 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 698.5 m 492 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 698.5 m 562 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 686.5 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 336 376.5 m 406 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 376.5 m 484 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 376.5 m 562 376.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 352.5 m 406 352.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 352.5 m 484 352.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 352.5 m 562 352.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 292.5 m 406 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 292.5 m 484 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 292.5 m 562 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 268.5 m 406 268.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 268.5 m 484 268.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 268.5 m 562 268.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.10 701.23 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 690.45 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 689.23 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 689.23 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 689.23 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 677.23 Td (Operating Activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 665.12 Td (Net income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 665.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 665.23 Td (58,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 665.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 665.12 Td (74,325) 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 530.65 665.12 Td (50,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 653.07 Td (Adjustments to reconcile net income to net cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 643.12 Td (provided by/\(used in\) operating activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 631.12 Td (Depreciation and amortization of fixed assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 631.23 Td (5,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 631.12 Td (5,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 631.12 Td (5,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 619.12 Td (Deferred income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 619.28 Td (\(20,959) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 619.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 619.12 Td (\(10,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 619.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 619.12 Td (\(2,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 619.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 607.12 Td (Loss on sale of FAMCO) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 607.23 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 607.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 607.12 Td (1,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 595.12 Td (Stock-based and deferred compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 595.23 Td (48,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 595.12 Td (28,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 595.12 Td (21,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 583.12 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 583.23 Td (7,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 583.12 Td (9,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 583.12 Td (7,993) 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 (6,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 571.12 Td (5,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 571.12 Td (6,300) 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 371.30 547.28 Td (\(56,011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 547.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 547.12 Td (18,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 547.12 Td (\(12,005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 547.12 Td (\)) 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 371.30 523.28 Td (\(31,509) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 523.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 523.12 Td (1,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 523.12 Td (2,162) 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 374.65 511.23 Td (13,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 511.12 Td (\(33,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 511.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 511.12 Td (21,004) 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 369.65 499.23 Td (171,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 499.12 Td (\(140,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 499.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 499.12 Td (\(22,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 499.12 Td (\)) 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 369.65 487.23 Td (126,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 487.12 Td (\(27,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 487.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 487.12 Td (4,685) 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 (\(37,021) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 475.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 475.12 Td (\(14,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 475.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 475.12 Td (\(26,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 475.12 Td (\)) 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 379.65 463.23 Td (2,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 463.12 Td (3,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 463.12 Td (\(3,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 463.12 Td (\)) 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 374.65 427.23 Td (24,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 427.12 Td (\(19,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 427.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 427.12 Td (\(8,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 427.12 Td (\)) 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 374.65 415.23 Td (22,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 415.12 Td (\(2,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 415.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 415.12 Td (\(33,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 415.12 Td (\)) 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 374.65 403.23 Td (18,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 403.12 Td () 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 379.65 391.23 Td (2,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 391.12 Td (67,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 391.12 Td (32,233) 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 374.65 379.23 Td (19,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 379.12 Td (\(15,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 379.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 379.12 Td (\(2,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 379.12 Td (\)) 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 369.65 355.23 Td (379,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 355.12 Td (\(50,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 355.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 355.12 Td (42,163) 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 (\(11,739) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 319.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 319.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 319.12 Td (\(24,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 319.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 307.12 Td (Repayment of FAMCO note) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 307.23 Td (1,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 307.12 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 307.12 Td (250) 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 376.30 295.28 Td (\(5,914) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 295.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 295.12 Td (\(7,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 295.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 295.12 Td (\(5,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 295.12 Td (\)) 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 (\(16,153) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 271.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 271.12 Td (\(5,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 271.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 271.12 Td (\(29,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 271.12 Td (\)) 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 137 0 obj <>] /Rotate 0 /Contents 138 0 R>> endobj 138 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 (68) Tj ET Q 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 (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 688.23 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 688.23 Td (2013) 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 0.9333333333333333 1 rg /GS0 gs 406.00 591.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 591.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 591.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 591.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 567.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 567.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 567.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 567.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 567.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 567.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 543.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 543.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 543.50 8.00 -12.00 re f /GS0 gs 0.8 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 0.9333333333333333 1 rg /GS0 gs 484.00 495.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 495.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 471.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 471.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 471.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 471.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 471.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 471.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 447.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 447.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 447.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 447.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 447.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 447.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 423.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 423.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 423.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 423.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 423.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 423.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 399.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 399.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 399.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 399.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 399.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 399.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 375.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 375.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 375.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 375.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 375.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 375.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 351.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 351.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 351.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 351.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 351.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 351.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 317.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 317.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 317.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 317.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 317.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 317.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 293.50 287.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 293.50 70.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 293.50 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 293.50 70.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 293.50 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 293.50 70.00 -22.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 567.5 m 562 567.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 567.5 m 406 567.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 567.5 m 484 567.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 543.5 m 406 543.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 543.5 m 484 543.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 543.5 m 562 543.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 507.5 m 406 507.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 507.5 m 484 507.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 507.5 m 562 507.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 507.5 m 406 507.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 459.5 m 406 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 459.5 m 484 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 459.5 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 336 459.5 m 406 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 459.5 m 484 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 459.5 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 336 436.5 m 406 436.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 434.5 m 406 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 436.5 m 484 436.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 434.5 m 484 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 436.5 m 562 436.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 434.5 m 562 434.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 676.23 Td (Financing Activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 664.12 Td (Increase/\(decrease\) in short-term financing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 664.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 664.23 Td (68,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 664.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 664.12 Td (\(136,944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 664.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 664.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 664.12 Td (37,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 652.12 Td (Issuance of senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 652.23 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 652.12 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 652.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 640.12 Td (Repayment of senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 640.28 Td (\(75,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 640.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 640.12 Td (\(50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 640.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 640.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 628.07 Td (Increase/\(decrease\) in securities sold under agreements to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 618.12 Td (repurchase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 620.23 Td (\(75,377) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 620.18 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 620.17 Td (98,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 620.22 Td (\(45,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 620.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 606.12 Td (Increase/\(decrease\) in noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.30 606.28 Td (\(106,794) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 606.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 606.12 Td (\(9,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 606.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 606.12 Td (85,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 594.12 Td (Repurchase of common stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.30 594.28 Td (\(132,925) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 594.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 594.12 Td (\(10,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 594.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 594.12 Td (\(71,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 594.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 582.12 Td (Excess tax benefit from stock-based compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 582.23 Td (5,858) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 582.12 Td (1,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 582.12 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 570.12 Td (Proceeds from stock option exercises) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 570.23 Td (1,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 570.12 Td (5,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 570.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 546.12 Td (Net cash provided by/\(used in\) financing activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.30 546.28 Td (\(188,959) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 546.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 546.12 Td (\(52,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 546.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 546.12 Td (5,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 522.12 Td (Currency adjustment:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 510.12 Td (Effect of exchange rate changes on cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.80 510.28 Td (\(369) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 510.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 510.12 Td (\(343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 510.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 510.12 Td (303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 486.12 Td (Net increase/\(decrease\) in cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 486.23 Td (174,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 486.12 Td (\(107,816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 486.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 486.12 Td (18,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 462.12 Td (Cash and cash equivalents at beginning of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 462.23 Td (15,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 462.12 Td (123,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 462.12 Td (105,371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 438.12 Td (Cash and cash equivalents at end of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 438.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 438.23 Td (189,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 438.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 438.12 Td (15,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 438.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 438.12 Td (123,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 414.12 Td (Supplemental disclosure of cash flow information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 402.12 Td (Cash paid during the year for:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 390.12 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 390.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 390.23 Td (24,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 390.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 390.12 Td (25,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 390.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 390.12 Td (23,487) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 378.23 Td (31,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 378.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 378.12 Td (58,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 378.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 378.12 Td (745) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 354.12 Td (Non-cash financing activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 342.12 Td (Issuance of common stock for retirement plan obligations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 330.07 Td (103,598 shares and 96,049 shares for the years ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.50 320.12 Td (2014 and 2013, respectively) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 322.18 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 322.18 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 322.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 322.17 Td (4,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 322.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 322.17 Td (3,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 296.12 Td (Issuance of restricted common stock for annual equity award:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 284.07 Td (550,650 shares, 402,074 shares and 431,582 shares for the years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.50 274.12 Td (ended December 31, 2015, 2014 and 2013, respectively) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 276.18 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 276.18 Td (30,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 276.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 276.17 Td (16,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 276.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 276.17 Td (17,699) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.40 248.00 Td (See Notes to the Consolidated Financial Statements) 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 252.45 757.60 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 (69) 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 72.81 648.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.29 648.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 102.58 648.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 149.78 648.75 Td (is ) Tj ET Q q 0 0 0 rg BT 158.65 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 173.06 648.75 Td (parent ) Tj ET Q q 0 0 0 rg BT 200.25 648.75 Td (company ) Tj ET Q q 0 0 0 rg BT 239.10 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 249.63 648.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 272.94 648.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 284.42 648.75 Td (fray& ) Tj ET Q q 0 0 0 rg BT 312.99 648.75 Td (Co. ) Tj ET Q q 0 0 0 rg BT 329.36 648.75 Td (\(Piper ) Tj ET Q q 0 0 0 rg BT 360.44 648.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 371.92 648.75 Td (fray\), ) Tj ET Q q 0 0 0 rg BT 400.48 648.75 Td (a ) Tj ET Q q 0 0 0 rg BT 407.12 648.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 447.08 648.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 475.38 648.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 502.00 648.75 Td (and ) Tj ET Q q 0 0 0 rg BT 518.64 648.75 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 109.18 624.75 Td (in ) Tj ET Q q 0 0 0 rg BT 120.02 624.75 Td (London, ) Tj ET Q q 0 0 0 rg BT 156.68 624.75 Td (England; ) Tj ET Q q 0 0 0 rg BT 195.16 624.75 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 235.44 624.75 Td (Research, ) Tj ET Q q 0 0 0 rg BT 277.63 624.75 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 295.96 624.75 Td (\(ARI\), ) Tj ET Q q 0 0 0 rg BT 334.27 624.75 Td (which ) Tj ET Q q 0 0 0 rg BT 361.76 624.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 399.25 624.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 421.74 624.75 Td (management ) Tj ET Q q 0 0 0 rg BT 475.88 624.75 Td (services ) Tj ET Q q 0 0 0 rg BT 511.15 624.75 Td (to ) Tj ET Q q 0 0 0 rg BT 521.98 624.75 Td (separately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 87.24 612.75 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 126.38 612.75 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 171.34 612.75 Td (and ) Tj ET Q q 0 0 0 rg BT 187.43 612.75 Td (open-end ) Tj ET Q q 0 0 0 rg BT 226.29 612.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 250.16 612.75 Td (and ) Tj ET Q q 0 0 0 rg BT 266.25 612.75 Td (partnerships; ) Tj ET Q q 0 0 0 rg BT 319.55 612.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 342.31 612.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 353.79 612.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 371.54 612.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 417.62 612.75 Td (Group ) Tj ET Q q 0 0 0 rg BT 444.82 612.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 464.24 612.75 Td (which ) Tj ET Q q 0 0 0 rg BT 490.33 612.75 Td (consists ) Tj ET Q q 0 0 0 rg BT 523.65 612.75 Td (of ) Tj ET Q q 0 0 0 rg BT 533.63 612.75 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 91.38 600.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 136.57 600.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 159.01 600.75 Td (management ) Tj ET Q q 0 0 0 rg BT 213.09 600.75 Td (services; ) Tj ET Q q 0 0 0 rg BT 251.07 600.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 275.17 600.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 286.65 600.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 305.75 600.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 345.95 600.75 Td (Products ) Tj ET Q q 0 0 0 rg BT 383.95 600.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 404.71 600.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 428.81 600.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 440.29 600.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 459.39 600.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 499.59 600.75 Td (Products ) Tj ET Q q 0 0 0 rg BT 537.59 600.75 Td (II ) Tj ET Q q 0 0 0 rg BT 547.24 600.75 Td (Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (and ) Tj ET Q q 0 0 0 rg BT 65.90 588.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 88.97 588.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 100.45 588.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 118.51 588.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 157.69 588.75 Td (Products ) Tj ET Q q 0 0 0 rg BT 194.65 588.75 Td (III ) Tj ET Q q 0 0 0 rg BT 206.60 588.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 226.34 588.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 257.18 588.75 Td (that ) Tj ET Q q 0 0 0 rg BT 274.14 588.75 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 311.08 588.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 353.02 588.75 Td (transactions; ) Tj ET Q q 0 0 0 rg BT 405.53 588.75 Td (and ) Tj ET Q q 0 0 0 rg BT 421.93 588.75 Td (other ) Tj ET Q q 0 0 0 rg BT 444.44 588.75 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 489.71 588.75 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 541.39 588.75 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 60.98 576.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 80.36 576.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 128.64 576.75 Td (and ) Tj ET Q q 0 0 0 rg BT 146.36 576.75 Td (its ) Tj ET Q q 0 0 0 rg BT 159.09 576.75 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 209.60 576.75 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 258.92 576.75 Td (, ) Tj ET Q q 0 0 0 rg BT 264.71 576.75 Td (the ) Tj ET Q q 0 0 0 rg BT 280.21 576.75 Td (Company\) ) Tj ET Q q 0 0 0 rg BT 334.58 576.75 Td (operate ) Tj ET Q q 0 0 0 rg BT 367.29 576.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.35 576.75 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.35 576.75 Td ( ) Tj ET Q q 0 0 0 rg BT 396.64 576.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 436.58 576.75 Td (segments: ) Tj ET Q q 0 0 0 rg BT 479.85 576.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 512.02 576.75 Td (Markets ) Tj ET Q q 0 0 0 rg BT 548.07 576.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 74.22 564.75 Td (Management. ) Tj ET Q q 0 0 0 rg BT 130.87 564.75 Td (A) Tj ET Q q 0 0 0 rg BT 137.54 564.75 Td ( ) Tj ET Q q 0 0 0 rg BT 140.04 564.75 Td (summary ) Tj ET Q q 0 0 0 rg BT 179.76 564.75 Td (of ) Tj ET Q q 0 0 0 rg BT 190.59 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 205.31 564.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 243.90 564.75 Td (of ) Tj ET Q q 0 0 0 rg BT 254.73 564.75 Td (each ) Tj ET Q q 0 0 0 rg BT 275.55 564.75 Td (of ) Tj ET Q q 0 0 0 rg BT 286.38 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 301.10 564.75 Td (Company) Tj ET Q q 0 0 0 rg BT 342.76 564.75 Td (s ) Tj ET Q q 0 0 0 rg BT 349.15 564.75 Td (business ) Tj ET Q q 0 0 0 rg BT 385.54 564.75 Td (segments ) Tj ET Q q 0 0 0 rg BT 425.26 564.75 Td (is ) Tj ET Q q 0 0 0 rg BT 434.43 564.75 Td (as ) Tj ET Q q 0 0 0 rg BT 445.26 564.75 Td (follows:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (Capital Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.75 Td (The ) Tj ET Q q 0 0 0 rg BT 69.68 516.75 Td (Capital ) Tj ET Q q 0 0 0 rg BT 103.19 516.75 Td (Markets ) Tj ET Q q 0 0 0 rg BT 140.58 516.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 178.54 516.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 217.61 516.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 270.01 516.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 296.58 516.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 329.53 516.75 Td (and ) Tj ET Q q 0 0 0 rg BT 348.60 516.75 Td (research ) Tj ET Q q 0 0 0 rg BT 386.54 516.75 Td (services ) Tj ET Q q 0 0 0 rg BT 423.37 516.75 Td (and ) Tj ET Q q 0 0 0 rg BT 442.44 516.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 490.95 516.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 527.80 516.75 Td (services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.75 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 101.67 504.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 127.46 504.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 159.62 504.75 Td (and ) Tj ET Q q 0 0 0 rg BT 177.91 504.75 Td (research ) Tj ET Q q 0 0 0 rg BT 215.05 504.75 Td (services ) Tj ET Q q 0 0 0 rg BT 251.10 504.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 276.61 504.75 Td (on ) Tj ET Q q 0 0 0 rg BT 290.45 504.75 Td (the ) Tj ET Q q 0 0 0 rg BT 306.51 504.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 338.68 504.75 Td (of ) Tj ET Q q 0 0 0 rg BT 350.85 504.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 379.69 504.75 Td (and ) Tj ET Q q 0 0 0 rg BT 397.97 504.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 422.36 504.75 Td (income ) Tj ET Q q 0 0 0 rg BT 455.64 504.75 Td (products ) Tj ET Q q 0 0 0 rg BT 493.92 504.75 Td (with ) Tj ET Q q 0 0 0 rg BT 515.54 504.75 Td (institutions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.75 Td (government ) Tj ET Q q 0 0 0 rg BT 100.29 492.75 Td (and ) Tj ET Q q 0 0 0 rg BT 117.76 492.75 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 161.33 492.75 Td (entities. ) Tj ET Q q 0 0 0 rg BT 195.74 492.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 237.64 492.75 Td (are ) Tj ET Q q 0 0 0 rg BT 252.88 492.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 294.77 492.75 Td (through ) Tj ET Q q 0 0 0 rg BT 328.90 492.75 Td (commissions ) Tj ET Q q 0 0 0 rg BT 384.16 492.75 Td (and ) Tj ET Q q 0 0 0 rg BT 401.62 492.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 424.09 492.75 Td (credits ) Tj ET Q q 0 0 0 rg BT 453.77 492.75 Td (earned ) Tj ET Q q 0 0 0 rg BT 483.45 492.75 Td (on ) Tj ET Q q 0 0 0 rg BT 496.47 492.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 524.50 492.75 Td (and ) Tj ET Q q 0 0 0 rg BT 541.96 492.75 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.75 Td (income ) Tj ET Q q 0 0 0 rg BT 80.75 480.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 130.34 480.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 151.60 480.75 Td (activities, ) Tj ET Q q 0 0 0 rg BT 192.01 480.75 Td (net ) Tj ET Q q 0 0 0 rg BT 206.04 480.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 237.29 480.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 274.64 480.75 Td (on ) Tj ET Q q 0 0 0 rg BT 286.46 480.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 316.60 480.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 356.18 480.75 Td (held ) Tj ET Q q 0 0 0 rg BT 375.21 480.75 Td (in ) Tj ET Q q 0 0 0 rg BT 384.81 480.75 Td (inventory) Tj ET Q q 0 0 0 rg BT 422.48 480.75 Td (, ) Tj ET Q q 0 0 0 rg BT 426.80 480.75 Td (and ) Tj ET Q q 0 0 0 rg BT 443.05 480.75 Td (profits ) Tj ET Q q 0 0 0 rg BT 470.97 480.75 Td (and ) Tj ET Q q 0 0 0 rg BT 487.23 480.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 512.94 480.75 Td (from ) Tj ET Q q 0 0 0 rg BT 534.19 480.75 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.75 Td (these ) Tj ET Q q 0 0 0 rg BT 72.71 468.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 115.63 468.75 Td (Investment ) Tj ET Q q 0 0 0 rg BT 162.72 468.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 197.60 468.75 Td (services ) Tj ET Q q 0 0 0 rg BT 232.46 468.75 Td (include ) Tj ET Q q 0 0 0 rg BT 264.55 468.75 Td (management ) Tj ET Q q 0 0 0 rg BT 318.30 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 329.29 468.75 Td (and ) Tj ET Q q 0 0 0 rg BT 346.39 468.75 Td (participation ) Tj ET Q q 0 0 0 rg BT 399.58 468.75 Td (in ) Tj ET Q q 0 0 0 rg BT 410.02 468.75 Td (underwritings, ) Tj ET Q q 0 0 0 rg BT 470.73 468.75 Td (mer) Tj ET Q q 0 0 0 rg BT 486.09 468.75 Td (ger ) Tj ET Q q 0 0 0 rg BT 501.52 468.75 Td (and ) Tj ET Q q 0 0 0 rg BT 518.62 468.75 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (services ) Tj ET Q q 0 0 0 rg BT 83.21 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 99.16 456.75 Td (public ) Tj ET Q q 0 0 0 rg BT 125.66 456.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 156.60 456.75 Td (activities. ) Tj ET Q q 0 0 0 rg BT 196.70 456.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 237.09 456.75 Td (are ) Tj ET Q q 0 0 0 rg BT 250.80 456.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 291.17 456.75 Td (through ) Tj ET Q q 0 0 0 rg BT 323.79 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 337.51 456.75 Td (receipt ) Tj ET Q q 0 0 0 rg BT 366.22 456.75 Td (of ) Tj ET Q q 0 0 0 rg BT 376.06 456.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 412.01 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 427.95 456.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 467.22 456.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 487.00 456.75 Td (Also, ) Tj ET Q q 0 0 0 rg BT 509.90 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 456.75 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.75 Td (generates ) Tj ET Q q 0 0 0 rg BT 90.02 444.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 124.43 444.75 Td (through ) Tj ET Q q 0 0 0 rg BT 158.30 444.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 194.94 444.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 226.03 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 243.23 444.75 Td (investing ) Tj ET Q q 0 0 0 rg BT 282.66 444.75 Td (activities, ) Tj ET Q q 0 0 0 rg BT 324.03 444.75 Td (which ) Tj ET Q q 0 0 0 rg BT 351.23 444.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 375.66 444.75 Td (on ) Tj ET Q q 0 0 0 rg BT 388.42 444.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 438.96 444.75 Td (in ) Tj ET Q q 0 0 0 rg BT 449.50 444.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 492.26 444.75 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 521.42 444.75 Td (mortgage-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (backed ) Tj ET Q q 0 0 0 rg BT 79.78 432.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 122.01 432.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 141.77 432.75 Td (government ) Tj ET Q q 0 0 0 rg BT 191.50 432.75 Td (agency ) Tj ET Q q 0 0 0 rg BT 221.78 432.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 264.01 432.75 Td (and ) Tj ET Q q 0 0 0 rg BT 280.42 432.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 319.59 432.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 353.77 432.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 391.84 432.75 Td (involving ) Tj ET Q q 0 0 0 rg BT 432.14 432.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 459.10 432.75 Td (or ) Tj ET Q q 0 0 0 rg BT 469.40 432.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 488.59 432.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 538.33 432.75 Td (in ) Tj ET Q q 0 0 0 rg BT 548.07 432.75 Td (late ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (stage ) Tj ET Q q 0 0 0 rg BT 72.45 420.75 Td (private ) Tj ET Q q 0 0 0 rg BT 102.62 420.75 Td (companies. ) Tj ET Q q 0 0 0 rg BT 150.11 420.75 Td (The ) Tj ET Q q 0 0 0 rg BT 168.06 420.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 209.35 420.75 Td (has ) Tj ET Q q 0 0 0 rg BT 225.08 420.75 Td (created ) Tj ET Q q 0 0 0 rg BT 256.34 420.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 300.94 420.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 322.78 420.75 Td (management ) Tj ET Q q 0 0 0 rg BT 376.27 420.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 400.90 420.75 Td (in ) Tj ET Q q 0 0 0 rg BT 411.08 420.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 450.68 420.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 485.30 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 502.14 420.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 528.98 420.75 Td (living ) Tj ET Q q 0 0 0 rg BT 554.72 420.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (order ) Tj ET Q q 0 0 0 rg BT 73.33 408.75 Td (to ) Tj ET Q q 0 0 0 rg BT 83.84 408.75 Td (invest ) Tj ET Q q 0 0 0 rg BT 110.46 408.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 130.41 408.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 159.79 408.75 Td (and ) Tj ET Q q 0 0 0 rg BT 176.96 408.75 Td (to ) Tj ET Q q 0 0 0 rg BT 187.47 408.75 Td (manage ) Tj ET Q q 0 0 0 rg BT 221.30 408.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 250.68 408.75 Td (from ) Tj ET Q q 0 0 0 rg BT 272.85 408.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 304.47 408.75 Td (investors. ) Tj ET Q q 0 0 0 rg BT 345.61 408.75 Td (The ) Tj ET Q q 0 0 0 rg BT 363.89 408.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 405.51 408.75 Td (receives ) Tj ET Q q 0 0 0 rg BT 440.99 408.75 Td (management ) Tj ET Q q 0 0 0 rg BT 494.82 408.75 Td (and ) Tj ET Q q 0 0 0 rg BT 511.99 408.75 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.10 396.75 Td (for ) Tj ET Q q 0 0 0 rg BT 82.26 396.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 124.19 396.75 Td (these ) Tj ET Q q 0 0 0 rg BT 147.24 396.75 Td (funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.11 372.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 103.94 372.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.22 372.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 136.16 372.75 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.16 372.75 Td (, ) Tj ET Q q 0 0 0 rg BT 146.16 372.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.88 372.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 202.26 372.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 255.87 372.75 Td (its ) Tj ET Q q 0 0 0 rg BT 267.82 372.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 292.54 372.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 317.26 372.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 346.41 372.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 380.56 372.75 Td (business ) Tj ET Q q 0 0 0 rg BT 416.96 372.75 Td (in ) Tj ET Q q 0 0 0 rg BT 427.23 372.75 Td (2012.) 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 q 0 0 0 rg BT 565.00 324.75 Td ( ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.75 Td (As discussed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.22 276.75 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.16 276.75 Td (, Fiduciary ) Tj ET Q q 0 0 0 rg BT 186.43 276.75 Td (Asset Management, LLC \(F) Tj ET Q q 0 0 0 rg BT 302.33 276.75 Td (AMCO\) was sold in 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 252.75 Td (Basis of Pr) Tj ET Q q 0 0 0 rg BT 95.43 252.75 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.50 228.75 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 128.26 228.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 181.26 228.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.69 228.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 263.35 228.75 Td (have ) Tj ET Q q 0 0 0 rg BT 284.68 228.75 Td (been ) Tj ET Q q 0 0 0 rg BT 306.01 228.75 Td (prepared ) Tj ET Q q 0 0 0 rg BT 343.44 228.75 Td (in ) Tj ET Q q 0 0 0 rg BT 353.67 228.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 401.09 228.75 Td (with ) Tj ET Q q 0 0 0 rg BT 421.32 228.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 441.55 228.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 481.21 228.75 Td (accepted ) Tj ET Q q 0 0 0 rg BT 518.63 228.75 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.75 Td (principles ) Tj ET Q q 0 0 0 rg BT 90.60 216.75 Td (\(U.S. ) Tj ET Q q 0 0 0 rg BT 117.82 216.75 Td (GAAP\) ) Tj ET Q q 0 0 0 rg BT 154.48 216.75 Td (and ) Tj ET Q q 0 0 0 rg BT 170.58 216.75 Td (include ) Tj ET Q q 0 0 0 rg BT 201.68 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 215.56 216.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 252.21 216.75 Td (of ) Tj ET Q q 0 0 0 rg BT 262.21 216.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 284.98 216.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 296.46 216.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 314.22 216.75 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 363.38 216.75 Td (its ) Tj ET Q q 0 0 0 rg BT 374.50 216.75 Td (wholly ) Tj ET Q q 0 0 0 rg BT 403.94 216.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 432.26 216.75 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 483.65 216.75 Td (and ) Tj ET Q q 0 0 0 rg BT 499.75 216.75 Td (all ) Tj ET Q q 0 0 0 rg BT 511.41 216.75 Td (other ) Tj ET Q q 0 0 0 rg BT 533.62 216.75 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.75 Td (in ) Tj ET Q q 0 0 0 rg BT 58.81 204.75 Td (which ) Tj ET Q q 0 0 0 rg BT 84.78 204.75 Td (the ) Tj ET Q q 0 0 0 rg BT 98.53 204.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 138.95 204.75 Td (has ) Tj ET Q q 0 0 0 rg BT 153.82 204.75 Td (a ) Tj ET Q q 0 0 0 rg BT 159.79 204.75 Td (controlling ) Tj ET Q q 0 0 0 rg BT 205.20 204.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 241.72 204.75 Td (interest. ) Tj ET Q q 0 0 0 rg BT 275.18 204.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 337.82 204.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 372.68 204.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 410.86 204.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 437.39 204.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 472.24 204.75 Td (in ) Tj ET Q q 0 0 0 rg BT 481.56 204.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 533.63 204.75 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.75 Td (that ) Tj ET Q q 0 0 0 rg BT 67.54 192.75 Td (are ) Tj ET Q q 0 0 0 rg BT 82.79 192.75 Td (not ) Tj ET Q q 0 0 0 rg BT 98.61 192.75 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 149.69 192.75 Td (either ) Tj ET Q q 0 0 0 rg BT 175.50 192.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 209.08 192.75 Td (or ) Tj ET Q q 0 0 0 rg BT 220.46 192.75 Td (indirectly) Tj ET Q q 0 0 0 rg BT 258.13 192.75 Td (, ) Tj ET Q q 0 0 0 rg BT 263.67 192.75 Td (to ) Tj ET Q q 0 0 0 rg BT 274.49 192.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 298.65 192.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 310.13 192.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 329.27 192.75 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 379.81 192.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 443.95 192.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 480.32 192.75 Td (include ) Tj ET Q q 0 0 0 rg BT 512.80 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 528.06 192.75 Td (minority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.92 180.75 Td (holders) Tj ET Q q 0 0 0 rg BT 108.94 180.75 Td ( ) Tj ET Q q 0 0 0 rg BT 111.37 180.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 167.66 180.75 Td (share ) Tj ET Q q 0 0 0 rg BT 191.19 180.75 Td (of ) Tj ET Q q 0 0 0 rg BT 201.94 180.75 Td (the ) Tj ET Q q 0 0 0 rg BT 216.58 180.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 244.00 180.75 Td (in ) Tj ET Q q 0 0 0 rg BT 254.20 180.75 Td (a ) Tj ET Q q 0 0 0 rg BT 261.06 180.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 303.47 180.75 Td (bond ) Tj ET Q q 0 0 0 rg BT 325.90 180.75 Td (fund, ) Tj ET Q q 0 0 0 rg BT 349.15 180.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 388.78 180.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 423.42 180.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 444.17 180.75 Td (and ) Tj ET Q q 0 0 0 rg BT 461.03 180.75 Td (private ) Tj ET Q q 0 0 0 rg BT 491.22 180.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 518.64 180.75 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.75 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 86.71 168.75 Td (All ) Tj ET Q q 0 0 0 rg BT 101.99 168.75 Td (material ) Tj ET Q q 0 0 0 rg BT 137.25 168.75 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 194.73 168.75 Td (balances ) Tj ET Q q 0 0 0 rg BT 231.65 168.75 Td (have ) Tj ET Q q 0 0 0 rg BT 253.03 168.75 Td (been ) Tj ET Q q 0 0 0 rg BT 274.41 168.75 Td (eliminated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.36 144.75 Td (preparation ) Tj ET Q q 0 0 0 rg BT 117.20 144.75 Td (of ) Tj ET Q q 0 0 0 rg BT 128.84 144.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 167.13 144.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 212.65 144.75 Td (and ) Tj ET Q q 0 0 0 rg BT 230.40 144.75 Td (related ) Tj ET Q q 0 0 0 rg BT 260.92 144.75 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 308.67 144.75 Td (in ) Tj ET Q q 0 0 0 rg BT 319.75 144.75 Td (conformity ) Tj ET Q q 0 0 0 rg BT 367.50 144.75 Td (with ) Tj ET Q q 0 0 0 rg BT 388.59 144.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 409.68 144.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 436.54 144.75 Td ( ) Tj ET Q q 0 0 0 rg BT 439.85 144.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 475.36 144.75 Td (management ) Tj ET Q q 0 0 0 rg BT 529.76 144.75 Td (to ) Tj ET Q q 0 0 0 rg BT 540.85 144.75 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.27 132.75 Td (and ) Tj ET Q q 0 0 0 rg BT 106.26 132.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 158.27 132.75 Td (that ) Tj ET Q q 0 0 0 rg BT 175.82 132.75 Td (af) Tj ET Q q 0 0 0 rg BT 183.41 132.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 200.95 132.75 Td (the ) Tj ET Q q 0 0 0 rg BT 215.72 132.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 251.59 132.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 288.04 132.75 Td (of ) Tj ET Q q 0 0 0 rg BT 298.92 132.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 324.81 132.75 Td (and ) Tj ET Q q 0 0 0 rg BT 341.80 132.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 381.58 132.75 Td (at ) Tj ET Q q 0 0 0 rg BT 391.35 132.75 Td (the ) Tj ET Q q 0 0 0 rg BT 406.12 132.75 Td (date ) Tj ET Q q 0 0 0 rg BT 425.33 132.75 Td (of ) Tj ET Q q 0 0 0 rg BT 436.22 132.75 Td (the ) Tj ET Q q 0 0 0 rg BT 450.99 132.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 488.53 132.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 533.30 132.75 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 132.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 85.44 120.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 121.94 120.75 Td (of ) Tj ET Q q 0 0 0 rg BT 132.90 120.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 171.05 120.75 Td (and ) Tj ET Q q 0 0 0 rg BT 188.11 120.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 226.83 120.75 Td (during ) Tj ET Q q 0 0 0 rg BT 255.56 120.75 Td (the ) Tj ET Q q 0 0 0 rg BT 270.40 120.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 309.68 120.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 339.77 120.75 Td (Although ) Tj ET Q q 0 0 0 rg BT 380.17 120.75 Td (these ) Tj ET Q q 0 0 0 rg BT 403.33 120.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 443.17 120.75 Td (and ) Tj ET Q q 0 0 0 rg BT 460.23 120.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 512.30 120.75 Td (are ) Tj ET Q q 0 0 0 rg BT 527.12 120.75 Td (based ) Tj ET Q q 0 0 0 rg BT 552.51 120.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 108.75 Td (best ) Tj ET Q q 0 0 0 rg BT 82.83 108.75 Td (information ) Tj ET Q q 0 0 0 rg BT 132.54 108.75 Td (available, ) Tj ET Q q 0 0 0 rg BT 173.63 108.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 200.00 108.75 Td (results ) Tj ET Q q 0 0 0 rg BT 228.61 108.75 Td (could ) Tj ET Q q 0 0 0 rg BT 253.32 108.75 Td (dif) Tj ET Q q 0 0 0 rg BT 264.25 108.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 277.85 108.75 Td (from ) Tj ET Q q 0 0 0 rg BT 299.79 108.75 Td (those ) Tj ET Q q 0 0 0 rg BT 323.40 108.75 Td (estimates.) Tj ET Q endstream endobj 141 0 obj <>] /Rotate 0 /Contents 142 0 R>> endobj 142 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 (70) 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 66.92 660.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.67 660.25 Td (determines ) Tj ET Q q 0 0 0 rg BT 153.42 660.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 187.49 660.25 Td (it ) Tj ET Q q 0 0 0 rg BT 194.92 660.25 Td (has ) Tj ET Q q 0 0 0 rg BT 210.12 660.25 Td (a ) Tj ET Q q 0 0 0 rg BT 216.43 660.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 262.18 660.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 299.03 660.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 330.33 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 339.98 660.25 Td (an ) Tj ET Q q 0 0 0 rg BT 351.29 660.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 375.94 660.25 Td (by ) Tj ET Q q 0 0 0 rg BT 387.81 660.25 Td (first ) Tj ET Q q 0 0 0 rg BT 405.78 660.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 449.30 660.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 483.38 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.47 660.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 522.11 660.25 Td (is ) Tj ET Q q 0 0 0 rg BT 530.65 660.25 Td (a ) Tj ET Q q 0 0 0 rg BT 536.96 660.25 Td (voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.43 648.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 106.71 648.25 Td (or ) Tj ET Q q 0 0 0 rg BT 117.54 648.25 Td (a ) Tj ET Q q 0 0 0 rg BT 124.48 648.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 159.18 648.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 191.11 648.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 216.38 648.25 Td (\(VIE\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.43 624.25 Td (oting ) Tj ET Q q 0 0 0 rg BT 78.17 624.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 109.78 624.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 140.85 624.25 Td (are ) Tj ET Q q 0 0 0 rg BT 155.23 624.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 186.29 624.25 Td (in ) Tj ET Q q 0 0 0 rg BT 196.25 624.25 Td (which ) Tj ET Q q 0 0 0 rg BT 222.87 624.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 234.49 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.89 624.25 Td (total ) Tj ET Q q 0 0 0 rg BT 268.84 624.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 296.02 624.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 342.08 624.25 Td (at ) Tj ET Q q 0 0 0 rg BT 351.48 624.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 368.66 624.25 Td (is ) Tj ET Q q 0 0 0 rg BT 377.51 624.25 Td (suf) Tj ET Q q 0 0 0 rg BT 389.55 624.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 417.27 624.25 Td (to ) Tj ET Q q 0 0 0 rg BT 427.23 624.25 Td (enable ) Tj ET Q q 0 0 0 rg BT 455.50 624.25 Td (each ) Tj ET Q q 0 0 0 rg BT 476.00 624.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 500.95 624.25 Td (to ) Tj ET Q q 0 0 0 rg BT 510.91 624.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 542.51 624.25 Td (itself ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (independently ) Tj ET Q q 0 0 0 rg BT 108.51 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.31 612.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 139.88 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 154.46 612.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 181.81 612.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 213.61 612.25 Td (have ) Tj ET Q q 0 0 0 rg BT 234.84 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.42 612.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 292.33 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 302.46 612.25 Td (absorb ) Tj ET Q q 0 0 0 rg BT 331.48 612.25 Td (losses, ) Tj ET Q q 0 0 0 rg BT 360.23 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.81 612.25 Td (right ) Tj ET Q q 0 0 0 rg BT 396.05 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 406.19 612.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 437.41 612.25 Td (residual ) Tj ET Q q 0 0 0 rg BT 471.42 612.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 501.55 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.35 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.92 612.25 Td (right ) Tj ET Q q 0 0 0 rg BT 554.17 612.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (power ) Tj ET Q q 0 0 0 rg BT 77.14 600.25 Td (to ) Tj ET Q q 0 0 0 rg BT 87.57 600.25 Td (make ) Tj ET Q q 0 0 0 rg BT 111.88 600.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 151.75 600.25 Td (about ) Tj ET Q q 0 0 0 rg BT 176.62 600.25 Td (or ) Tj ET Q q 0 0 0 rg BT 187.60 600.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 213.02 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.89 600.25 Td (entity) Tj ET Q q 0 0 0 rg BT 253.44 600.25 Td (s ) Tj ET Q q 0 0 0 rg BT 259.99 600.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 298.74 600.25 Td (that ) Tj ET Q q 0 0 0 rg BT 316.39 600.25 Td (most ) Tj ET Q q 0 0 0 rg BT 338.49 600.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 391.13 600.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 421.00 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.86 600.25 Td (entity) Tj ET Q q 0 0 0 rg BT 461.42 600.25 Td (s ) Tj ET Q q 0 0 0 rg BT 467.96 600.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 509.49 600.25 Td (performance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 88.60 588.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 137.68 588.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 179.55 588.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 206.41 588.25 Td (\(F) Tj ET Q q 0 0 0 rg BT 219.00 588.25 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 248.11 588.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 297.19 588.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 339.06 588.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 391.30 588.25 Td (T) Tj ET Q q 0 0 0 rg BT 396.71 588.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 416.35 588.25 Td (810, ) Tj ET Q q 0 0 0 rg BT 436.28 588.25 Td (Consolidations, ) Tj ET Q q 0 0 0 rg BT 510.08 588.25 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 539.73 588.25 Td (810\) ) Tj ET Q q 0 0 0 rg BT 565.00 588.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (states ) Tj ET Q q 0 0 0 rg BT 73.52 576.25 Td (that ) Tj ET Q q 0 0 0 rg BT 90.32 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.34 576.25 Td (usual ) Tj ET Q q 0 0 0 rg BT 127.25 576.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 166.83 576.25 Td (for ) Tj ET Q q 0 0 0 rg BT 180.29 576.25 Td (a ) Tj ET Q q 0 0 0 rg BT 186.53 576.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 232.22 576.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 269.00 576.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 300.24 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 309.82 576.25 Td (a ) Tj ET Q q 0 0 0 rg BT 316.06 576.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 343.42 576.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 374.66 576.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 399.23 576.25 Td (is ) Tj ET Q q 0 0 0 rg BT 407.71 576.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 451.17 576.25 Td (of ) Tj ET Q q 0 0 0 rg BT 461.30 576.25 Td (a ) Tj ET Q q 0 0 0 rg BT 467.55 576.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 503.23 576.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 530.59 576.25 Td (interest. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 564.25 Td (, ) Tj ET Q q 0 0 0 rg BT 103.84 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.55 564.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 159.94 564.25 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 211.87 564.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 239.93 564.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 271.86 564.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 303.25 564.25 Td (in ) Tj ET Q q 0 0 0 rg BT 313.52 564.25 Td (which ) Tj ET Q q 0 0 0 rg BT 340.46 564.25 Td (it ) Tj ET Q q 0 0 0 rg BT 348.52 564.25 Td (has ) Tj ET Q q 0 0 0 rg BT 364.35 564.25 Td (all, ) Tj ET Q q 0 0 0 rg BT 379.34 564.25 Td (or ) Tj ET Q q 0 0 0 rg BT 390.17 564.25 Td (a ) Tj ET Q q 0 0 0 rg BT 397.11 564.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 433.49 564.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 446.82 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.54 564.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 489.60 564.25 Td (interests.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 72.64 540.25 Td (are ) Tj ET Q q 0 0 0 rg BT 87.43 540.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 118.90 540.25 Td (that ) Tj ET Q q 0 0 0 rg BT 136.49 540.25 Td (lack ) Tj ET Q q 0 0 0 rg BT 155.73 540.25 Td (one ) Tj ET Q q 0 0 0 rg BT 172.76 540.25 Td (or ) Tj ET Q q 0 0 0 rg BT 183.67 540.25 Td (more ) Tj ET Q q 0 0 0 rg BT 206.81 540.25 Td (of ) Tj ET Q q 0 0 0 rg BT 217.73 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.53 540.25 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 292.31 540.25 Td (of ) Tj ET Q q 0 0 0 rg BT 303.23 540.25 Td (a ) Tj ET Q q 0 0 0 rg BT 310.25 540.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 338.40 540.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 370.42 540.25 Td (entity) Tj ET Q q 0 0 0 rg BT 392.54 540.25 Td (. ) Tj ET Q q 0 0 0 rg BT 397.44 540.25 Td (W) Tj ET Q q 0 0 0 rg BT 406.48 540.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 419.63 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 434.43 540.25 Td (exception ) Tj ET Q q 0 0 0 rg BT 475.89 540.25 Td (of ) Tj ET Q q 0 0 0 rg BT 486.81 540.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 518.28 540.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 550.86 540.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 65.19 528.25 Td (deferral ) Tj ET Q q 0 0 0 rg BT 99.74 528.25 Td (codified ) Tj ET Q q 0 0 0 rg BT 135.97 528.25 Td (in ) Tj ET Q q 0 0 0 rg BT 147.22 528.25 Td (F) Tj ET Q q 0 0 0 rg BT 152.04 528.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 174.20 528.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 224.32 528.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 267.23 528.25 Td (Update ) Tj ET Q q 0 0 0 rg BT 299.57 528.25 Td (\(ASU\) ) Tj ET Q q 0 0 0 rg BT 338.59 528.25 Td (No.2010-10, ) Tj ET Q q 0 0 0 rg BT 395.11 528.25 Td (Consolidation: ) Tj ET Q q 0 0 0 rg BT 461.14 528.25 Td (Amendments ) Tj ET Q q 0 0 0 rg BT 517.93 528.25 Td (for ) Tj ET Q q 0 0 0 rg BT 533.06 528.25 Td (Certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 96.85 516.25 Td (Funds, ) Tj ET Q q 0 0 0 rg BT 131.16 516.25 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 161.85 516.25 Td (2010-10\) ) Tj ET Q q 0 0 0 rg BT 205.87 516.25 Td (\(generally ) Tj ET Q q 0 0 0 rg BT 249.32 516.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 271.67 516.25 Td (managers ) Tj ET Q q 0 0 0 rg BT 312.91 516.25 Td (and ) Tj ET Q q 0 0 0 rg BT 330.26 516.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 377.06 516.25 Td (companies\), ) Tj ET Q q 0 0 0 rg BT 427.93 516.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 450.30 516.25 Td (810 ) Tj ET Q q 0 0 0 rg BT 468.22 516.25 Td (states ) Tj ET Q q 0 0 0 rg BT 493.35 516.25 Td (that ) Tj ET Q q 0 0 0 rg BT 511.26 516.25 Td (a ) Tj ET Q q 0 0 0 rg BT 518.62 516.25 Td (controlling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.21 504.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 119.38 504.25 Td (in ) Tj ET Q q 0 0 0 rg BT 129.89 504.25 Td (a ) Tj ET Q q 0 0 0 rg BT 136.86 504.25 Td (VIE ) Tj ET Q q 0 0 0 rg BT 156.25 504.25 Td (is ) Tj ET Q q 0 0 0 rg BT 165.66 504.25 Td (present ) Tj ET Q q 0 0 0 rg BT 197.26 504.25 Td (when ) Tj ET Q q 0 0 0 rg BT 221.66 504.25 Td (an ) Tj ET Q q 0 0 0 rg BT 233.83 504.25 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 275.98 504.25 Td (has ) Tj ET Q q 0 0 0 rg BT 292.04 504.25 Td (one ) Tj ET Q q 0 0 0 rg BT 309.21 504.25 Td (or ) Tj ET Q q 0 0 0 rg BT 320.28 504.25 Td (more ) Tj ET Q q 0 0 0 rg BT 343.56 504.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 378.49 504.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 414.55 504.25 Td (that ) Tj ET Q q 0 0 0 rg BT 432.27 504.25 Td (have ) Tj ET Q q 0 0 0 rg BT 453.88 504.25 Td (both ) Tj ET Q q 0 0 0 rg BT 474.39 504.25 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 486.56 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.51 504.25 Td (power ) Tj ET Q q 0 0 0 rg BT 529.23 504.25 Td (to ) Tj ET Q q 0 0 0 rg BT 539.74 504.25 Td (direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.97 492.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 102.33 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.92 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 127.23 492.25 Td (VIE ) Tj ET Q q 0 0 0 rg BT 146.15 492.25 Td (that ) Tj ET Q q 0 0 0 rg BT 163.40 492.25 Td (most ) Tj ET Q q 0 0 0 rg BT 185.10 492.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 237.35 492.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 266.82 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.13 492.25 Td (VIE) Tj ET Q q 0 0 0 rg BT 300.57 492.25 Td (s ) Tj ET Q q 0 0 0 rg BT 306.72 492.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 347.85 492.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 400.63 492.25 Td (and ) Tj ET Q q 0 0 0 rg BT 417.32 492.25 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 431.80 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 446.27 492.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 489.08 492.25 Td (to ) Tj ET Q q 0 0 0 rg BT 499.12 492.25 Td (absorb ) Tj ET Q q 0 0 0 rg BT 528.03 492.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 554.18 492.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.87 480.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 88.79 480.25 Td (or ) Tj ET Q q 0 0 0 rg BT 99.27 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.64 480.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 138.56 480.25 Td (to ) Tj ET Q q 0 0 0 rg BT 148.49 480.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 179.51 480.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 213.31 480.25 Td (from ) Tj ET Q q 0 0 0 rg BT 234.90 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.11 480.25 Td (VIE ) Tj ET Q q 0 0 0 rg BT 267.92 480.25 Td (that ) Tj ET Q q 0 0 0 rg BT 285.06 480.25 Td (could ) Tj ET Q q 0 0 0 rg BT 309.43 480.25 Td (potentially ) Tj ET Q q 0 0 0 rg BT 354.35 480.25 Td (be ) Tj ET Q q 0 0 0 rg BT 365.94 480.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 410.30 480.25 Td (to ) Tj ET Q q 0 0 0 rg BT 420.23 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 434.44 480.25 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 455.27 480.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 504.61 480.25 Td (, ) Tj ET Q q 0 0 0 rg BT 509.26 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.63 480.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.25 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 101.25 468.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 124.30 468.25 Td (in ) Tj ET Q q 0 0 0 rg BT 134.58 468.25 Td (which ) Tj ET Q q 0 0 0 rg BT 161.52 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.24 468.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 217.63 468.25 Td (has ) Tj ET Q q 0 0 0 rg BT 233.46 468.25 Td (a ) Tj ET Q q 0 0 0 rg BT 240.39 468.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 286.78 468.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.26 468.25 Td (interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.25 Td (Entities ) Tj ET Q q 0 0 0 rg BT 83.68 444.25 Td (meeting ) Tj ET Q q 0 0 0 rg BT 119.53 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.38 444.25 Td (deferral ) Tj ET Q q 0 0 0 rg BT 170.09 444.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 211.50 444.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 245.12 444.25 Td (by ) Tj ET Q q 0 0 0 rg BT 257.95 444.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 281.59 444.25 Td (2010-10 ) Tj ET Q q 0 0 0 rg BT 318.55 444.25 Td (are ) Tj ET Q q 0 0 0 rg BT 334.39 444.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 376.33 444.25 Td (under ) Tj ET Q q 0 0 0 rg BT 402.73 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 418.58 444.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 459.16 444.25 Td (VIE ) Tj ET Q q 0 0 0 rg BT 479.45 444.25 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 521.68 444.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 550.30 444.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 88.77 432.25 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 129.43 432.25 Td (a ) Tj ET Q q 0 0 0 rg BT 135.93 432.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 181.87 432.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.92 432.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 250.41 432.25 Td (in ) Tj ET Q q 0 0 0 rg BT 260.25 432.25 Td (an ) Tj ET Q q 0 0 0 rg BT 271.75 432.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 296.59 432.25 Td (is ) Tj ET Q q 0 0 0 rg BT 305.32 432.25 Td (present ) Tj ET Q q 0 0 0 rg BT 336.26 432.25 Td (when ) Tj ET Q q 0 0 0 rg BT 359.98 432.25 Td (an ) Tj ET Q q 0 0 0 rg BT 371.48 432.25 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 412.97 432.25 Td (has ) Tj ET Q q 0 0 0 rg BT 428.36 432.25 Td (one ) Tj ET Q q 0 0 0 rg BT 444.86 432.25 Td (or ) Tj ET Q q 0 0 0 rg BT 455.25 432.25 Td (more ) Tj ET Q q 0 0 0 rg BT 477.86 432.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 512.13 432.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 547.51 432.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.25 Td (will ) Tj ET Q q 0 0 0 rg BT 68.16 420.25 Td (absorb ) Tj ET Q q 0 0 0 rg BT 97.92 420.25 Td (a ) Tj ET Q q 0 0 0 rg BT 105.45 420.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 142.44 420.25 Td (of ) Tj ET Q q 0 0 0 rg BT 153.87 420.25 Td (the ) Tj ET Q q 0 0 0 rg BT 169.18 420.25 Td (entity) Tj ET Q q 0 0 0 rg BT 194.73 420.25 Td (s ) Tj ET Q q 0 0 0 rg BT 201.72 420.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 240.36 420.25 Td (losses, ) Tj ET Q q 0 0 0 rg BT 269.85 420.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 301.81 420.25 Td (a ) Tj ET Q q 0 0 0 rg BT 309.35 420.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 346.33 420.25 Td (of ) Tj ET Q q 0 0 0 rg BT 357.76 420.25 Td (the ) Tj ET Q q 0 0 0 rg BT 373.08 420.25 Td (entity) Tj ET Q q 0 0 0 rg BT 398.63 420.25 Td (s ) Tj ET Q q 0 0 0 rg BT 405.62 420.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 444.25 420.25 Td (residual ) Tj ET Q q 0 0 0 rg BT 479.00 420.25 Td (returns, ) Tj ET Q q 0 0 0 rg BT 512.37 420.25 Td (or ) Tj ET Q q 0 0 0 rg BT 523.80 420.25 Td (both. ) Tj ET Q q 0 0 0 rg BT 546.96 420.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.25 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 92.07 408.25 Td (with ) Tj ET Q q 0 0 0 rg BT 112.99 408.25 Td (a ) Tj ET Q q 0 0 0 rg BT 120.57 408.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 167.60 408.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 205.72 408.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 238.30 408.25 Td (is ) Tj ET Q q 0 0 0 rg BT 248.11 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 263.47 408.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 298.27 408.25 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 346.38 408.25 Td (and ) Tj ET Q q 0 0 0 rg BT 363.97 408.25 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 416.54 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.68 408.25 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 453.29 408.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 502.62 408.25 Td (, ) Tj ET Q q 0 0 0 rg BT 508.27 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.63 408.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.25 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 101.12 396.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 124.03 396.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 154.71 396.25 Td (to ) Tj ET Q q 0 0 0 rg BT 164.85 396.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.42 396.25 Td (deferral ) Tj ET Q q 0 0 0 rg BT 212.86 396.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 256.89 396.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 289.23 396.25 Td (by ) Tj ET Q q 0 0 0 rg BT 301.07 396.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 323.43 396.25 Td (2010-10 ) Tj ET Q q 0 0 0 rg BT 359.12 396.25 Td (in ) Tj ET Q q 0 0 0 rg BT 369.26 396.25 Td (which ) Tj ET Q q 0 0 0 rg BT 396.05 396.25 Td (the ) Tj ET Q q 0 0 0 rg BT 410.63 396.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 451.87 396.25 Td (is ) Tj ET Q q 0 0 0 rg BT 460.90 396.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 494.35 396.25 Td (to ) Tj ET Q q 0 0 0 rg BT 504.48 396.25 Td (be ) Tj ET Q q 0 0 0 rg BT 516.28 396.25 Td (the ) Tj ET Q q 0 0 0 rg BT 530.85 396.25 Td (primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.25 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 93.82 384.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.25 Td (When ) Tj ET Q q 0 0 0 rg BT 76.53 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 91.89 360.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 133.93 360.25 Td (does ) Tj ET Q q 0 0 0 rg BT 155.40 360.25 Td (not ) Tj ET Q q 0 0 0 rg BT 171.33 360.25 Td (have ) Tj ET Q q 0 0 0 rg BT 193.36 360.25 Td (a ) Tj ET Q q 0 0 0 rg BT 200.94 360.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 247.97 360.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 286.10 360.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 318.68 360.25 Td (in ) Tj ET Q q 0 0 0 rg BT 329.61 360.25 Td (an ) Tj ET Q q 0 0 0 rg BT 342.20 360.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 368.12 360.25 Td (but ) Tj ET Q q 0 0 0 rg BT 384.05 360.25 Td (exerts ) Tj ET Q q 0 0 0 rg BT 411.07 360.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 456.43 360.25 Td (influence ) Tj ET Q q 0 0 0 rg BT 496.78 360.25 Td (over ) Tj ET Q q 0 0 0 rg BT 517.70 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 533.07 360.25 Td (entity) Tj ET Q q 0 0 0 rg BT 558.62 360.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.64 348.25 Td (and ) Tj ET Q q 0 0 0 rg BT 106.45 348.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.81 348.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 177.29 348.25 Td (\(generally ) Tj ET Q q 0 0 0 rg BT 220.20 348.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 252.56 348.25 Td (as ) Tj ET Q q 0 0 0 rg BT 263.26 348.25 Td (owning ) Tj ET Q q 0 0 0 rg BT 295.64 348.25 Td (a ) Tj ET Q q 0 0 0 rg BT 302.45 348.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 330.38 348.25 Td (or ) Tj ET Q q 0 0 0 rg BT 341.09 348.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 382.34 348.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 414.15 348.25 Td (of ) Tj ET Q q 0 0 0 rg BT 424.85 348.25 Td (between ) Tj ET Q q 0 0 0 rg BT 460.54 348.25 Td (20 ) Tj ET Q q 0 0 0 rg BT 472.92 348.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 504.72 348.25 Td (to ) Tj ET Q q 0 0 0 rg BT 514.87 348.25 Td (50 ) Tj ET Q q 0 0 0 rg BT 527.25 348.25 Td (percent\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.65 336.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 110.16 336.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 155.98 336.25 Td (is ) Tj ET Q q 0 0 0 rg BT 164.58 336.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 207.05 336.25 Td (for ) Tj ET Q q 0 0 0 rg BT 220.64 336.25 Td (under ) Tj ET Q q 0 0 0 rg BT 245.34 336.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.50 336.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 286.42 336.25 Td (method ) Tj ET Q q 0 0 0 rg BT 318.35 336.25 Td (of ) Tj ET Q q 0 0 0 rg BT 328.62 336.25 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 376.78 336.25 Td (The ) Tj ET Q q 0 0 0 rg BT 394.26 336.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 435.08 336.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 472.00 336.25 Td (for ) Tj ET Q q 0 0 0 rg BT 485.60 336.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 514.73 336.25 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.91 324.25 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 111.41 324.25 Td (under ) Tj ET Q q 0 0 0 rg BT 136.81 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 151.66 324.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 179.28 324.25 Td (method ) Tj ET Q q 0 0 0 rg BT 211.91 324.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.87 324.25 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 271.87 324.25 Td (If ) Tj ET Q q 0 0 0 rg BT 281.16 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 296.00 324.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 337.52 324.25 Td (does ) Tj ET Q q 0 0 0 rg BT 358.48 324.25 Td (not ) Tj ET Q q 0 0 0 rg BT 373.89 324.25 Td (have ) Tj ET Q q 0 0 0 rg BT 395.39 324.25 Td (a ) Tj ET Q q 0 0 0 rg BT 402.46 324.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 448.97 324.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 486.58 324.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 518.65 324.25 Td (in, ) Tj ET Q q 0 0 0 rg BT 531.55 324.25 Td (or ) Tj ET Q q 0 0 0 rg BT 542.51 324.25 Td (exert ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.06 312.25 Td (influence ) Tj ET Q q 0 0 0 rg BT 133.60 312.25 Td (over) Tj ET Q q 0 0 0 rg BT 150.97 312.25 Td (, ) Tj ET Q q 0 0 0 rg BT 155.81 312.25 Td (an ) Tj ET Q q 0 0 0 rg BT 167.60 312.25 Td (entity) Tj ET Q q 0 0 0 rg BT 189.72 312.25 Td (, ) Tj ET Q q 0 0 0 rg BT 194.56 312.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.12 312.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 250.35 312.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 287.68 312.25 Td (for ) Tj ET Q q 0 0 0 rg BT 301.69 312.25 Td (its ) Tj ET Q q 0 0 0 rg BT 313.48 312.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 359.71 312.25 Td (at ) Tj ET Q q 0 0 0 rg BT 369.27 312.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 385.49 312.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 411.99 312.25 Td (if ) Tj ET Q q 0 0 0 rg BT 420.44 312.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.00 312.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 451.22 312.25 Td (value ) Tj ET Q q 0 0 0 rg BT 475.22 312.25 Td (option ) Tj ET Q q 0 0 0 rg BT 503.12 312.25 Td (was ) Tj ET Q q 0 0 0 rg BT 521.01 312.25 Td (elected, ) Tj ET Q q 0 0 0 rg BT 554.17 312.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.25 Td (at ) Tj ET Q q 0 0 0 rg BT 59.22 300.25 Td (cost.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 276.25 Td (Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 71.40 252.25 Td (and ) Tj ET Q q 0 0 0 rg BT 87.73 252.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 107.40 252.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 154.83 252.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 184.51 252.25 Td (of ) Tj ET Q q 0 0 0 rg BT 194.73 252.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 214.40 252.25 Td (and ) Tj ET Q q 0 0 0 rg BT 230.73 252.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 258.19 252.25 Td (liquid ) Tj ET Q q 0 0 0 rg BT 283.42 252.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 333.09 252.25 Td (with ) Tj ET Q q 0 0 0 rg BT 352.76 252.25 Td (maturities ) Tj ET Q q 0 0 0 rg BT 394.65 252.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.87 252.25 Td (90 ) Tj ET Q q 0 0 0 rg BT 416.77 252.25 Td (days ) Tj ET Q q 0 0 0 rg BT 436.99 252.25 Td (or ) Tj ET Q q 0 0 0 rg BT 447.22 252.25 Td (less ) Tj ET Q q 0 0 0 rg BT 464.12 252.25 Td (at ) Tj ET Q q 0 0 0 rg BT 473.23 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.34 252.25 Td (date ) Tj ET Q q 0 0 0 rg BT 505.89 252.25 Td (of ) Tj ET Q q 0 0 0 rg BT 516.12 252.25 Td (origination.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (In ) Tj ET Q q 0 0 0 rg BT 61.24 228.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 109.61 228.25 Td (with ) Tj ET Q q 0 0 0 rg BT 130.80 228.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 153.10 228.25 Td (15c3-3 ) Tj ET Q q 0 0 0 rg BT 184.28 228.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.02 228.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.65 228.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 254.49 228.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 296.57 228.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 314.42 228.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.16 228.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 352.07 228.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 376.59 228.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 388.07 228.25 Td (fray) Tj ET Q q 0 0 0 rg BT 403.52 228.25 Td (, ) Tj ET Q q 0 0 0 rg BT 409.43 228.25 Td (as ) Tj ET Q q 0 0 0 rg BT 421.17 228.25 Td (a ) Tj ET Q q 0 0 0 rg BT 429.02 228.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 471.85 228.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 501.36 228.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 529.20 228.25 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 88.91 216.25 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 129.15 216.25 Td (is ) Tj ET Q q 0 0 0 rg BT 138.57 216.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 169.65 216.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.18 216.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 235.13 216.25 Td (related ) Tj ET Q q 0 0 0 rg BT 265.09 216.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.62 216.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 326.14 216.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 346.66 216.25 Td (or ) Tj ET Q q 0 0 0 rg BT 357.75 216.25 Td (qualified ) Tj ET Q q 0 0 0 rg BT 396.04 216.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 436.56 216.25 Td (in ) Tj ET Q q 0 0 0 rg BT 447.09 216.25 Td (a ) Tj ET Q q 0 0 0 rg BT 454.28 216.25 Td (segregated ) Tj ET Q q 0 0 0 rg BT 499.79 216.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 531.41 216.25 Td (account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.38 204.25 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 118.64 204.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 148.90 204.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.73 204.25 Td (its ) Tj ET Q q 0 0 0 rg BT 171.68 204.25 Td (customers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (Customer) Tj ET Q q 0 0 0 rg BT 91.53 180.25 Td ( ) Tj ET Q q 0 0 0 rg BT 93.85 180.25 Td (T) Tj ET Q q 0 0 0 rg BT 99.78 180.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (Customer ) Tj ET Q q 0 0 0 rg BT 90.71 156.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 130.80 156.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 180.88 156.25 Td (are ) Tj ET Q q 0 0 0 rg BT 195.41 156.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 232.71 156.25 Td (on ) Tj ET Q q 0 0 0 rg BT 245.04 156.25 Td (a ) Tj ET Q q 0 0 0 rg BT 251.80 156.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 295.22 156.25 Td (date ) Tj ET Q q 0 0 0 rg BT 314.20 156.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 339.02 156.25 Td (while ) Tj ET Q q 0 0 0 rg BT 363.56 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.10 156.25 Td (related ) Tj ET Q q 0 0 0 rg BT 407.63 156.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 445.49 156.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.25 156.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 500.67 156.25 Td (are ) Tj ET Q q 0 0 0 rg BT 515.20 156.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 552.50 156.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.86 144.25 Td (trade-date ) Tj ET Q q 0 0 0 rg BT 99.74 144.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 125.16 144.25 Td (Customer ) Tj ET Q q 0 0 0 rg BT 166.97 144.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 214.85 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.21 144.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 270.11 144.25 Td (include ) Tj ET Q q 0 0 0 rg BT 302.46 144.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 339.27 144.25 Td (related ) Tj ET Q q 0 0 0 rg BT 369.39 144.25 Td (to ) Tj ET Q q 0 0 0 rg BT 380.08 144.25 Td (both ) Tj ET Q q 0 0 0 rg BT 400.78 144.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 421.47 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.82 144.25 Td (mar) Tj ET Q q 0 0 0 rg BT 454.19 144.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 469.88 144.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 523.06 144.25 Td (Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 78.68 132.25 Td (by ) Tj ET Q q 0 0 0 rg BT 91.19 132.25 Td (customers, ) Tj ET Q q 0 0 0 rg BT 136.76 132.25 Td (including ) Tj ET Q q 0 0 0 rg BT 177.05 132.25 Td (those ) Tj ET Q q 0 0 0 rg BT 200.67 132.25 Td (that ) Tj ET Q q 0 0 0 rg BT 218.19 132.25 Td (collateralize ) Tj ET Q q 0 0 0 rg BT 269.56 132.25 Td (mar) Tj ET Q q 0 0 0 rg BT 284.92 132.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 300.22 132.25 Td (or ) Tj ET Q q 0 0 0 rg BT 311.06 132.25 Td (other ) Tj ET Q q 0 0 0 rg BT 334.13 132.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 364.42 132.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 417.20 132.25 Td (are ) Tj ET Q q 0 0 0 rg BT 431.92 132.25 Td (not ) Tj ET Q q 0 0 0 rg BT 447.22 132.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 484.71 132.25 Td (on ) Tj ET Q q 0 0 0 rg BT 497.22 132.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.96 132.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.21 120.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.04 120.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 142.52 120.25 Td (condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 96.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 101.99 96.25 Td (fr) Tj ET Q q 0 0 0 rg BT 109.57 96.25 Td (om ) Tj ET Q q 0 0 0 rg BT 125.40 96.25 Td (and ) Tj ET Q q 0 0 0 rg BT 144.03 96.25 Td (Payables ) Tj ET Q q 0 0 0 rg BT 184.30 96.25 Td (to ) Tj ET Q q 0 0 0 rg BT 195.13 96.25 Td (Br) Tj ET Q q 0 0 0 rg BT 206.06 96.25 Td (okers, ) Tj ET Q q 0 0 0 rg BT 234.39 96.25 Td (Dealers ) Tj ET Q q 0 0 0 rg BT 269.10 96.25 Td (and ) Tj ET Q q 0 0 0 rg BT 287.72 96.25 Td (Clearing ) Tj ET Q q 0 0 0 rg BT 327.44 96.25 Td (Organizations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 100.81 72.25 Td (from ) Tj ET Q q 0 0 0 rg BT 123.24 72.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 158.72 72.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 190.03 72.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.47 72.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 242.66 72.25 Td (or) Tj ET Q q 0 0 0 rg BT 250.81 72.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 299.35 72.25 Td (include ) Tj ET Q q 0 0 0 rg BT 331.78 72.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 379.74 72.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 409.95 72.25 Td (from ) Tj ET Q q 0 0 0 rg BT 432.39 72.25 Td (unsettled ) Tj ET Q q 0 0 0 rg BT 471.49 72.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 512.24 72.25 Td (transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 84.79 60.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 104.52 60.25 Td (for ) Tj ET Q q 0 0 0 rg BT 118.70 60.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 158.97 60.25 Td (borrowed, ) Tj ET Q q 0 0 0 rg BT 202.31 60.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 249.79 60.25 Td (from ) Tj ET Q q 0 0 0 rg BT 271.74 60.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 306.46 60.25 Td (or) Tj ET Q q 0 0 0 rg BT 314.61 60.25 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 365.17 60.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 400.46 60.25 Td (with ) Tj ET Q q 0 0 0 rg BT 420.75 60.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 455.46 60.25 Td (or) Tj ET Q q 0 0 0 rg BT 463.61 60.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 511.67 60.25 Td (and ) Tj ET Q q 0 0 0 rg BT 528.62 60.25 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 93.01 48.25 Td (for ) Tj ET Q q 0 0 0 rg BT 107.10 48.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 147.30 48.25 Td (not ) Tj ET Q q 0 0 0 rg BT 162.51 48.25 Td (delivered ) Tj ET Q q 0 0 0 rg BT 202.14 48.25 Td (to ) Tj ET Q q 0 0 0 rg BT 212.35 48.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.00 48.25 Td (purchaser ) Tj ET Q q 0 0 0 rg BT 268.30 48.25 Td (by ) Tj ET Q q 0 0 0 rg BT 280.73 48.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.38 48.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 338.91 48.25 Td (date ) Tj ET Q q 0 0 0 rg BT 358.00 48.25 Td (\(securities ) Tj ET Q q 0 0 0 rg BT 405.96 48.25 Td (failed ) Tj ET Q q 0 0 0 rg BT 431.16 48.25 Td (to ) Tj ET Q q 0 0 0 rg BT 441.37 48.25 Td (deliver\). ) Tj ET Q q 0 0 0 rg BT 481.83 48.25 Td (Payables ) Tj ET Q q 0 0 0 rg BT 519.81 48.25 Td (to ) Tj ET Q q 0 0 0 rg BT 530.02 48.25 Td (brokers, ) 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 252.45 757.60 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 (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 79.28 708.10 Td (and ) Tj ET Q q 0 0 0 rg BT 95.18 708.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 128.85 708.10 Td (or) Tj ET Q q 0 0 0 rg BT 137.00 708.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 184.00 708.10 Td (include ) Tj ET Q q 0 0 0 rg BT 214.90 708.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 251.35 708.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 280.03 708.10 Td (from ) Tj ET Q q 0 0 0 rg BT 300.93 708.10 Td (unsettled ) Tj ET Q q 0 0 0 rg BT 338.50 708.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 377.73 708.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 429.46 708.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 465.90 708.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.15 708.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 508.81 708.10 Td (or) Tj ET Q q 0 0 0 rg BT 516.96 708.10 Td (ganizations ) 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 67.19 696.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 104.32 696.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 138.67 696.10 Td (for ) Tj ET Q q 0 0 0 rg BT 153.58 696.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 194.59 696.10 Td (not ) Tj ET Q q 0 0 0 rg BT 210.62 696.10 Td (received ) Tj ET Q q 0 0 0 rg BT 247.73 696.10 Td (from ) Tj ET Q q 0 0 0 rg BT 270.42 696.10 Td (a ) Tj ET Q q 0 0 0 rg BT 278.11 696.10 Td (seller ) Tj ET Q q 0 0 0 rg BT 303.01 696.10 Td (by ) Tj ET Q q 0 0 0 rg BT 316.26 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.73 696.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 376.07 696.10 Td (date ) Tj ET Q q 0 0 0 rg BT 395.98 696.10 Td (\(securities ) Tj ET Q q 0 0 0 rg BT 444.76 696.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 470.77 696.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.80 696.10 Td (receive\). ) Tj ET Q q 0 0 0 rg BT 524.18 696.10 Td (Unsettled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.92 684.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 140.34 684.10 Td (related ) Tj ET Q q 0 0 0 rg BT 170.20 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.63 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.50 684.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 242.74 684.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 271.49 684.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 298.57 684.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 342.88 684.10 Td (are ) Tj ET Q q 0 0 0 rg BT 357.74 684.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 395.37 684.10 Td (at ) Tj ET Q q 0 0 0 rg BT 405.25 684.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 440.10 684.10 Td (value ) Tj ET Q q 0 0 0 rg BT 464.41 684.10 Td (on ) Tj ET Q q 0 0 0 rg BT 477.07 684.10 Td (a ) Tj ET Q q 0 0 0 rg BT 484.16 684.10 Td (net ) Tj ET Q q 0 0 0 rg BT 499.03 684.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 524.19 684.10 Td (Unsettled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.76 672.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 140.03 672.10 Td (related ) Tj ET Q q 0 0 0 rg BT 169.73 672.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.01 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.72 672.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 241.80 672.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 294.85 672.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 337.34 672.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 359.84 672.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 380.67 672.10 Td (are ) Tj ET Q q 0 0 0 rg BT 395.37 672.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 432.85 672.10 Td (on ) Tj ET Q q 0 0 0 rg BT 445.35 672.10 Td (a ) Tj ET Q q 0 0 0 rg BT 452.29 672.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 475.90 672.10 Td (basis.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (Collateralized Securities ) Tj ET Q q 0 0 0 rg BT 155.96 648.10 Td (T) Tj ET Q q 0 0 0 rg BT 161.88 648.10 Td (ransactions) 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 91.48 624.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 134.56 624.10 Td (under ) Tj ET Q q 0 0 0 rg BT 159.87 624.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 207.94 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 218.26 624.10 Td (resell ) Tj ET Q q 0 0 0 rg BT 242.46 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.44 624.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 299.75 624.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 318.96 624.10 Td (under ) Tj ET Q q 0 0 0 rg BT 344.28 624.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 392.35 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.67 624.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 448.52 624.10 Td (are ) Tj ET Q q 0 0 0 rg BT 463.27 624.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 493.57 624.10 Td (at ) Tj ET Q q 0 0 0 rg BT 503.33 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.09 624.10 Td (contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 85.63 612.10 Td (at ) Tj ET Q q 0 0 0 rg BT 95.09 612.10 Td (which ) Tj ET Q q 0 0 0 rg BT 121.77 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.23 612.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 176.24 612.10 Td (will ) Tj ET Q q 0 0 0 rg BT 194.04 612.10 Td (be ) Tj ET Q q 0 0 0 rg BT 205.72 612.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 260.18 612.10 Td (resold ) Tj ET Q q 0 0 0 rg BT 286.86 612.10 Td (or ) Tj ET Q q 0 0 0 rg BT 297.43 612.10 Td (repurchased, ) Tj ET Q q 0 0 0 rg BT 350.48 612.10 Td (including ) Tj ET Q q 0 0 0 rg BT 390.49 612.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 423.82 612.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 458.00 612.10 Td (It ) Tj ET Q q 0 0 0 rg BT 466.35 612.10 Td (is ) Tj ET Q q 0 0 0 rg BT 475.26 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.72 612.10 Td (Company) Tj ET Q q 0 0 0 rg BT 531.39 612.10 Td (s ) Tj ET Q q 0 0 0 rg BT 537.52 612.10 Td (policy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.60 600.10 Td (take ) Tj ET Q q 0 0 0 rg BT 78.58 600.10 Td (possession ) Tj ET Q q 0 0 0 rg BT 123.68 600.10 Td (or ) Tj ET Q q 0 0 0 rg BT 134.33 600.10 Td (control ) Tj ET Q q 0 0 0 rg BT 164.98 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.63 600.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 215.71 600.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 258.57 600.10 Td (under ) Tj ET Q q 0 0 0 rg BT 283.66 600.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 331.51 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.61 600.10 Td (resell ) Tj ET Q q 0 0 0 rg BT 365.59 600.10 Td (at ) Tj ET Q q 0 0 0 rg BT 375.12 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.66 600.10 Td (time ) Tj ET Q q 0 0 0 rg BT 409.76 600.10 Td (these ) Tj ET Q q 0 0 0 rg BT 432.62 600.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 480.48 600.10 Td (are ) Tj ET Q q 0 0 0 rg BT 495.00 600.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 526.75 600.10 Td (into. ) Tj ET Q q 0 0 0 rg BT 546.96 600.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 109.07 588.10 Td (to ) Tj ET Q q 0 0 0 rg BT 119.79 588.10 Td (these ) Tj ET Q q 0 0 0 rg BT 143.27 588.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 191.73 588.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 229.66 588.10 Td (are ) Tj ET Q q 0 0 0 rg BT 244.80 588.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 279.39 588.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 310.63 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.90 588.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 342.62 588.10 Td (government ) Tj ET Q q 0 0 0 rg BT 393.31 588.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 434.01 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.38 588.10 Td (major ) Tj ET Q q 0 0 0 rg BT 477.64 588.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.55 588.10 Td (institutions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 91.43 576.10 Td (is ) Tj ET Q q 0 0 0 rg BT 100.60 576.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 129.75 576.10 Td (daily) Tj ET Q q 0 0 0 rg BT 149.10 576.10 Td (, ) Tj ET Q q 0 0 0 rg BT 154.10 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 171.04 576.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 213.53 576.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 253.23 576.10 Td (is ) Tj ET Q q 0 0 0 rg BT 262.40 576.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 299.33 576.10 Td (from ) Tj ET Q q 0 0 0 rg BT 321.27 576.10 Td (or ) Tj ET Q q 0 0 0 rg BT 332.10 576.10 Td (refunded ) Tj ET Q q 0 0 0 rg BT 370.13 576.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.41 576.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 439.55 576.10 Td (when ) Tj ET Q q 0 0 0 rg BT 463.71 576.10 Td (appropriate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.33 552.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 132.05 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.89 552.10 Td (loaned ) Tj ET Q q 0 0 0 rg BT 177.94 552.10 Td (result ) Tj ET Q q 0 0 0 rg BT 202.56 552.10 Td (from ) Tj ET Q q 0 0 0 rg BT 224.40 552.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 274.56 552.10 Td (with ) Tj ET Q q 0 0 0 rg BT 294.74 552.10 Td (other ) Tj ET Q q 0 0 0 rg BT 317.68 552.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 346.18 552.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 376.89 552.10 Td (or ) Tj ET Q q 0 0 0 rg BT 387.62 552.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 425.00 552.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 471.85 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.69 552.10 Td (are ) Tj ET Q q 0 0 0 rg BT 503.30 552.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 540.67 552.10 Td (at ) Tj ET Q q 0 0 0 rg BT 550.29 552.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 81.88 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.59 540.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 112.73 540.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 152.31 540.10 Td (advanced ) Tj ET Q q 0 0 0 rg BT 192.45 540.10 Td (or ) Tj ET Q q 0 0 0 rg BT 203.16 540.10 Td (received. ) Tj ET Q q 0 0 0 rg BT 241.73 540.10 Td (These ) Tj ET Q q 0 0 0 rg BT 267.99 540.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 304.25 540.10 Td (are ) Tj ET Q q 0 0 0 rg BT 318.84 540.10 Td (included ) Tj ET Q q 0 0 0 rg BT 355.65 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 365.81 540.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 413.16 540.10 Td (from ) Tj ET Q q 0 0 0 rg BT 434.98 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.80 540.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 489.17 540.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.33 540.10 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 534.20 540.10 Td (dealers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.37 528.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 103.01 528.10 Td (or) Tj ET Q q 0 0 0 rg BT 111.16 528.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 160.13 528.10 Td (on ) Tj ET Q q 0 0 0 rg BT 173.57 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.22 528.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 243.20 528.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 288.84 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.61 528.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.02 528.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 382.73 528.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 425.60 528.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 467.35 528.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 518.55 528.10 Td (require ) Tj ET Q q 0 0 0 rg BT 550.30 528.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.23 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.86 516.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 133.59 516.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 154.20 516.10 Td (or ) Tj ET Q q 0 0 0 rg BT 165.38 516.10 Td (other ) Tj ET Q q 0 0 0 rg BT 188.77 516.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 228.81 516.10 Td (with ) Tj ET Q q 0 0 0 rg BT 249.44 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.50 516.10 Td (lender) Tj ET Q q 0 0 0 rg BT 288.93 516.10 Td (. ) Tj ET Q q 0 0 0 rg BT 294.28 516.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 336.56 516.10 Td (loaned ) Tj ET Q q 0 0 0 rg BT 366.06 516.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 416.67 516.10 Td (require ) Tj ET Q q 0 0 0 rg BT 447.83 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.89 516.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 502.39 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 513.01 516.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 544.75 516.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.94 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.83 504.10 Td (Company) Tj ET Q q 0 0 0 rg BT 123.06 504.10 Td (. ) Tj ET Q q 0 0 0 rg BT 128.03 504.10 Td (The ) Tj ET Q q 0 0 0 rg BT 146.25 504.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 187.80 504.10 Td (monitors ) Tj ET Q q 0 0 0 rg BT 226.02 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.90 504.10 Td (market ) Tj ET Q q 0 0 0 rg BT 271.33 504.10 Td (value ) Tj ET Q q 0 0 0 rg BT 295.65 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.65 504.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 347.07 504.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 388.06 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.16 504.10 Td (loaned ) Tj ET Q q 0 0 0 rg BT 434.48 504.10 Td (on ) Tj ET Q q 0 0 0 rg BT 447.15 504.10 Td (a ) Tj ET Q q 0 0 0 rg BT 454.25 504.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 476.91 504.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 502.08 504.10 Td (with ) Tj ET Q q 0 0 0 rg BT 522.52 504.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 89.20 492.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 126.13 492.10 Td (or ) Tj ET Q q 0 0 0 rg BT 136.96 492.10 Td (refunded ) Tj ET Q q 0 0 0 rg BT 175.00 492.10 Td (as ) Tj ET Q q 0 0 0 rg BT 185.83 492.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 224.05 492.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 81.57 468.10 Td (is ) Tj ET Q q 0 0 0 rg BT 90.32 468.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 123.49 468.10 Td (on ) Tj ET Q q 0 0 0 rg BT 135.57 468.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 175.42 468.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 215.82 468.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.34 468.10 Td (loaned ) Tj ET Q q 0 0 0 rg BT 261.08 468.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 310.92 468.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.44 468.10 Td (is ) Tj ET Q q 0 0 0 rg BT 336.20 468.10 Td (included ) Tj ET Q q 0 0 0 rg BT 372.71 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 382.57 468.10 Td (\(i\)other ) Tj ET Q q 0 0 0 rg BT 417.14 468.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 442.55 468.10 Td (or ) Tj ET Q q 0 0 0 rg BT 452.97 468.10 Td (other ) Tj ET Q q 0 0 0 rg BT 475.60 468.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 514.90 468.10 Td (and ) Tj ET Q q 0 0 0 rg BT 531.42 468.10 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 87.86 456.10 Td (on ) Tj ET Q q 0 0 0 rg BT 100.13 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.61 456.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 167.42 456.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 211.89 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.49 456.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 259.73 456.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 299.77 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.47 456.10 Td (\(ii\)the ) Tj ET Q q 0 0 0 rg BT 345.67 456.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 388.47 456.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 420.17 456.10 Td (income ) Tj ET Q q 0 0 0 rg BT 451.87 456.10 Td (or ) Tj ET Q q 0 0 0 rg BT 462.46 456.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 494.16 456.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 528.63 456.10 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 444.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 129.76 444.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 174.47 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.30 444.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (Fair) Tj ET Q q 0 0 0 rg BT 67.64 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 69.96 420.10 Td (V) Tj ET Q q 0 0 0 rg BT 76.27 420.10 Td (alue of Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.39 396.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 138.73 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.84 396.10 Td (other ) Tj ET Q q 0 0 0 rg BT 179.06 396.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 220.06 396.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 258.85 396.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 288.19 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.30 396.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 342.96 396.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 392.30 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.41 396.10 Td (other ) Tj ET Q q 0 0 0 rg BT 432.63 396.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 473.63 396.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 512.43 396.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 534.27 396.10 Td (but ) Tj ET Q q 0 0 0 rg BT 549.72 396.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 65.04 384.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 108.89 384.10 Td (on ) Tj ET Q q 0 0 0 rg BT 122.21 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.75 384.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 191.61 384.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 237.15 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.80 384.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 287.10 384.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 328.19 384.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 359.29 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.94 384.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 409.24 384.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 459.23 384.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 503.65 384.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 544.73 384.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 89.60 372.10 Td (settlements ) Tj ET Q q 0 0 0 rg BT 138.59 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.03 372.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 201.01 372.10 Td (contracts\) ) Tj ET Q q 0 0 0 rg BT 244.44 372.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 283.42 372.10 Td (at ) Tj ET Q q 0 0 0 rg BT 294.64 372.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 312.52 372.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 340.67 372.10 Td (Unrealized ) Tj ET Q q 0 0 0 rg BT 388.54 372.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 413.65 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.09 372.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 459.98 372.10 Td (related ) Tj ET Q q 0 0 0 rg BT 491.19 372.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.97 372.10 Td (these ) Tj ET Q q 0 0 0 rg BT 527.52 372.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 98.65 360.10 Td (are ) Tj ET Q q 0 0 0 rg BT 113.35 360.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 150.81 360.10 Td (on ) Tj ET Q q 0 0 0 rg BT 163.29 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.00 360.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 231.03 360.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 275.73 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.55 360.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 333.19 360.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 375.11 360.10 Td (\(both ) Tj ET Q q 0 0 0 rg BT 398.71 360.10 Td (long ) Tj ET Q q 0 0 0 rg BT 418.97 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.90 360.10 Td (short\), ) Tj ET Q q 0 0 0 rg BT 464.22 360.10 Td (including ) Tj ET Q q 0 0 0 rg BT 504.48 360.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 544.73 360.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 87.51 348.10 Td (settlements, ) Tj ET Q q 0 0 0 rg BT 136.91 348.10 Td (are ) Tj ET Q q 0 0 0 rg BT 151.03 348.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 196.81 348.10 Td (on ) Tj ET Q q 0 0 0 rg BT 208.72 348.10 Td (a ) Tj ET Q q 0 0 0 rg BT 215.08 348.10 Td (trade-date ) Tj ET Q q 0 0 0 rg BT 256.96 348.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 280.95 348.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 330.85 348.10 Td (, ) Tj ET Q q 0 0 0 rg BT 335.27 348.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 364.39 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.63 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.76 348.10 Td (Company) Tj ET Q q 0 0 0 rg BT 430.43 348.10 Td (s ) Tj ET Q q 0 0 0 rg BT 436.23 348.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 485.92 348.10 Td (on ) Tj ET Q q 0 0 0 rg BT 497.83 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.96 348.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.64 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.91 336.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.82 336.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 184.52 336.10 Td (are ) Tj ET Q q 0 0 0 rg BT 199.66 336.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 237.57 336.10 Td (at ) Tj ET Q q 0 0 0 rg BT 247.72 336.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 264.53 336.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 291.62 336.10 Td (either ) Tj ET Q q 0 0 0 rg BT 317.31 336.10 Td (as ) Tj ET Q q 0 0 0 rg BT 328.57 336.10 Td (required ) Tj ET Q q 0 0 0 rg BT 364.82 336.10 Td (by ) Tj ET Q q 0 0 0 rg BT 377.75 336.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 424.56 336.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 463.58 336.10 Td (or ) Tj ET Q q 0 0 0 rg BT 474.85 336.10 Td (through ) Tj ET Q q 0 0 0 rg BT 508.89 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.04 336.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.85 336.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (election.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 71.98 300.10 Td (V) Tj ET Q q 0 0 0 rg BT 76.98 300.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 98.91 300.10 Td (Measur) Tj ET Q q 0 0 0 rg BT 129.09 300.10 Td (ement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.67 300.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.67 300.10 Td ( ) Tj ET Q q 0 0 0 rg BT 167.38 300.10 Td (Definition ) Tj ET Q q 0 0 0 rg BT 212.63 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.34 300.10 Td (Hierar) Tj ET Q q 0 0 0 rg BT 259.19 300.10 Td (chy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.07 300.10 Td ( ) Tj ET Q q 0 0 0 rg BT 277.77 300.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.48 300.10 Td (F) Tj ET Q q 0 0 0 rg BT 292.30 300.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 315.42 300.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 366.78 300.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 410.93 300.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 465.28 300.10 Td (T) Tj ET Q q 0 0 0 rg BT 470.69 300.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 492.62 300.10 Td (820, ) Tj ET Q q 0 0 0 rg BT 514.82 300.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 539.73 300.10 Td (V) Tj ET Q q 0 0 0 rg BT 545.85 300.10 Td (alue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (Measurement, ) Tj ET Q q 0 0 0 rg BT 112.89 288.10 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 142.13 288.10 Td (820\) ) Tj ET Q q 0 0 0 rg BT 166.92 288.10 Td (defines ) Tj ET Q q 0 0 0 rg BT 197.83 288.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 213.73 288.10 Td (value ) Tj ET Q q 0 0 0 rg BT 237.41 288.10 Td (as ) Tj ET Q q 0 0 0 rg BT 247.76 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.00 288.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 294.02 288.10 Td (at ) Tj ET Q q 0 0 0 rg BT 303.26 288.10 Td (which ) Tj ET Q q 0 0 0 rg BT 329.72 288.10 Td (an ) Tj ET Q q 0 0 0 rg BT 341.18 288.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 385.98 288.10 Td (could ) Tj ET Q q 0 0 0 rg BT 410.22 288.10 Td (be ) Tj ET Q q 0 0 0 rg BT 421.69 288.10 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 466.46 288.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.27 288.10 Td (an ) Tj ET Q q 0 0 0 rg BT 487.73 288.10 Td (orderly ) Tj ET Q q 0 0 0 rg BT 518.63 288.10 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (between ) Tj ET Q q 0 0 0 rg BT 85.96 276.10 Td (market ) Tj ET Q q 0 0 0 rg BT 116.87 276.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 166.66 276.10 Td (at ) Tj ET Q q 0 0 0 rg BT 177.02 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.38 276.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 248.83 276.10 Td (date ) Tj ET Q q 0 0 0 rg BT 268.63 276.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 287.32 276.10 Td (exit ) Tj ET Q q 0 0 0 rg BT 305.46 276.10 Td (price\). ) Tj ET Q q 0 0 0 rg BT 333.73 276.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 356.32 276.10 Td (820 ) Tj ET Q q 0 0 0 rg BT 374.47 276.10 Td (establishes ) Tj ET Q q 0 0 0 rg BT 420.94 276.10 Td (a ) Tj ET Q q 0 0 0 rg BT 428.52 276.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 445.54 276.10 Td (value ) Tj ET Q q 0 0 0 rg BT 470.34 276.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 511.24 276.10 Td (based ) Tj ET Q q 0 0 0 rg BT 537.15 276.10 Td (on ) Tj ET Q q 0 0 0 rg BT 550.29 276.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 77.33 264.10 Td (used ) Tj ET Q q 0 0 0 rg BT 99.04 264.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.19 264.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 146.89 264.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 164.14 264.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 191.43 264.10 Td (The ) Tj ET Q q 0 0 0 rg BT 210.36 264.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 227.62 264.10 Td (value ) Tj ET Q q 0 0 0 rg BT 252.65 264.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 293.78 264.10 Td (maximizes ) Tj ET Q q 0 0 0 rg BT 340.48 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.08 264.10 Td (use ) Tj ET Q q 0 0 0 rg BT 372.79 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.50 264.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 431.19 264.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 459.02 264.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.83 264.10 Td (minimizes ) Tj ET Q q 0 0 0 rg BT 521.87 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.47 264.10 Td (use ) Tj ET Q q 0 0 0 rg BT 554.18 264.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 106.12 252.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 133.88 252.10 Td (by ) Tj ET Q q 0 0 0 rg BT 147.18 252.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 187.14 252.10 Td (that ) Tj ET Q q 0 0 0 rg BT 205.44 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.96 252.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 267.59 252.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 295.34 252.10 Td (be ) Tj ET Q q 0 0 0 rg BT 308.08 252.10 Td (used ) Tj ET Q q 0 0 0 rg BT 329.72 252.10 Td (when ) Tj ET Q q 0 0 0 rg BT 354.69 252.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 396.58 252.10 Td (Observable ) Tj ET Q q 0 0 0 rg BT 445.42 252.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 473.18 252.10 Td (are ) Tj ET Q q 0 0 0 rg BT 488.69 252.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 516.44 252.10 Td (that ) Tj ET Q q 0 0 0 rg BT 534.74 252.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 99.26 240.10 Td (would ) Tj ET Q q 0 0 0 rg BT 127.37 240.10 Td (use ) Tj ET Q q 0 0 0 rg BT 143.81 240.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.70 240.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 186.14 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.46 240.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 224.01 240.10 Td (or ) Tj ET Q q 0 0 0 rg BT 235.45 240.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 269.67 240.10 Td (based ) Tj ET Q q 0 0 0 rg BT 295.55 240.10 Td (on ) Tj ET Q q 0 0 0 rg BT 308.66 240.10 Td (market ) Tj ET Q q 0 0 0 rg BT 339.53 240.10 Td (data ) Tj ET Q q 0 0 0 rg BT 359.30 240.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 396.84 240.10 Td (from ) Tj ET Q q 0 0 0 rg BT 419.39 240.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 471.38 240.10 Td (sources. ) Tj ET Q q 0 0 0 rg BT 506.98 240.10 Td (Unobservable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 76.71 228.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 105.01 228.10 Td (management) Tj ET Q q 0 0 0 rg BT 158.88 228.10 Td (s ) Tj ET Q q 0 0 0 rg BT 165.54 228.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 217.75 228.10 Td (that ) Tj ET Q q 0 0 0 rg BT 235.51 228.10 Td (market ) Tj ET Q q 0 0 0 rg BT 266.04 228.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 315.46 228.10 Td (would ) Tj ET Q q 0 0 0 rg BT 343.23 228.10 Td (use ) Tj ET Q q 0 0 0 rg BT 359.32 228.10 Td (in ) Tj ET Q q 0 0 0 rg BT 369.87 228.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 400.96 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.94 228.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 438.15 228.10 Td (or ) Tj ET Q q 0 0 0 rg BT 449.24 228.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 483.12 228.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 526.98 228.10 Td (based ) Tj ET Q q 0 0 0 rg BT 552.51 228.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.25 216.10 Td (best ) Tj ET Q q 0 0 0 rg BT 82.89 216.10 Td (information ) Tj ET Q q 0 0 0 rg BT 132.63 216.10 Td (available ) Tj ET Q q 0 0 0 rg BT 171.25 216.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.56 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.31 216.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 257.79 216.10 Td (The ) Tj ET Q q 0 0 0 rg BT 275.87 216.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 316.16 216.10 Td (is ) Tj ET Q q 0 0 0 rg BT 325.36 216.10 Td (broken ) Tj ET Q q 0 0 0 rg BT 355.66 216.10 Td (down ) Tj ET Q q 0 0 0 rg BT 380.41 216.10 Td (into ) Tj ET Q q 0 0 0 rg BT 398.50 216.10 Td (three ) Tj ET Q q 0 0 0 rg BT 421.01 216.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 446.87 216.10 Td (based ) Tj ET Q q 0 0 0 rg BT 472.17 216.10 Td (on ) Tj ET Q q 0 0 0 rg BT 484.70 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.45 216.10 Td (observability ) Tj ET Q q 0 0 0 rg BT 554.19 216.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 76.45 204.10 Td (as ) Tj ET Q q 0 0 0 rg BT 87.28 204.10 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 180.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 92.93 180.10 Td (I ) Tj ET Q q 0 0 0 rg BT 98.93 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.60 180.10 Td (Quoted ) Tj ET Q q 0 0 0 rg BT 138.71 180.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 165.26 180.10 Td (\(unadjusted\) ) Tj ET Q q 0 0 0 rg BT 217.91 180.10 Td (are ) Tj ET Q q 0 0 0 rg BT 232.79 180.10 Td (available ) Tj ET Q q 0 0 0 rg BT 271.55 180.10 Td (in ) Tj ET Q q 0 0 0 rg BT 282.00 180.10 Td (active ) Tj ET Q q 0 0 0 rg BT 308.54 180.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 342.87 180.10 Td (for ) Tj ET Q q 0 0 0 rg BT 357.20 180.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 394.29 180.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 420.29 180.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.29 180.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 471.18 180.10 Td (as ) Tj ET Q q 0 0 0 rg BT 482.18 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.18 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.07 180.10 Td (report ) Tj ET Q q 0 0 0 rg BT 534.61 180.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 555.85 180.10 Td (A) Tj ET Q q 0 0 0 rg BT 562.52 180.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 168.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 97.24 168.10 Td (price ) Tj ET Q q 0 0 0 rg BT 119.75 168.10 Td (for ) Tj ET Q q 0 0 0 rg BT 133.94 168.10 Td (an ) Tj ET Q q 0 0 0 rg BT 145.90 168.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 182.85 168.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 204.81 168.10 Td (or ) Tj ET Q q 0 0 0 rg BT 215.67 168.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 249.30 168.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.60 168.10 Td (an ) Tj ET Q q 0 0 0 rg BT 271.57 168.10 Td (active ) Tj ET Q q 0 0 0 rg BT 297.96 168.10 Td (market ) Tj ET Q q 0 0 0 rg BT 328.25 168.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 365.21 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.96 168.10 Td (most ) Tj ET Q q 0 0 0 rg BT 401.93 168.10 Td (reliable ) Tj ET Q q 0 0 0 rg BT 434.43 168.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 450.83 168.10 Td (value ) Tj ET Q q 0 0 0 rg BT 475.01 168.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 530.85 168.10 Td (because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 156.10 Td (it ) Tj ET Q q 0 0 0 rg BT 75.56 156.10 Td (is ) Tj ET Q q 0 0 0 rg BT 84.73 156.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 117.77 156.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 163.58 156.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.86 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.58 156.10 Td (market. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 132.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 92.87 132.10 Td (II ) Tj ET Q q 0 0 0 rg BT 102.14 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 109.74 132.10 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 141.24 132.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 168.29 132.10 Td (are ) Tj ET Q q 0 0 0 rg BT 183.10 132.10 Td (other ) Tj ET Q q 0 0 0 rg BT 206.26 132.10 Td (than ) Tj ET Q q 0 0 0 rg BT 226.08 132.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 255.90 132.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 282.39 132.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.77 132.10 Td (active ) Tj ET Q q 0 0 0 rg BT 319.25 132.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 356.01 132.10 Td (which ) Tj ET Q q 0 0 0 rg BT 383.06 132.10 Td (are ) Tj ET Q q 0 0 0 rg BT 397.87 132.10 Td (either ) Tj ET Q q 0 0 0 rg BT 423.24 132.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 456.39 132.10 Td (or ) Tj ET Q q 0 0 0 rg BT 467.33 132.10 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 508.25 132.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 554.17 132.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.95 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.29 120.10 Td (report ) Tj ET Q q 0 0 0 rg BT 121.30 120.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 143.35 120.10 Td (The ) Tj ET Q q 0 0 0 rg BT 162.02 120.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 190.13 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.58 120.10 Td (these ) Tj ET Q q 0 0 0 rg BT 225.25 120.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 263.36 120.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 313.15 120.10 Td (include ) Tj ET Q q 0 0 0 rg BT 345.71 120.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 395.49 120.10 Td (for ) Tj ET Q q 0 0 0 rg BT 410.28 120.10 Td (which ) Tj ET Q q 0 0 0 rg BT 437.84 120.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 468.18 120.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 495.18 120.10 Td (are ) Tj ET Q q 0 0 0 rg BT 510.51 120.10 Td (available ) Tj ET Q q 0 0 0 rg BT 549.73 120.10 Td (but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 108.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 95.06 108.10 Td (less ) Tj ET Q q 0 0 0 rg BT 112.63 108.10 Td (frequently) Tj ET Q q 0 0 0 rg BT 153.07 108.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.15 108.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 207.38 108.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 235.51 108.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 251.96 108.10 Td (value ) Tj ET Q q 0 0 0 rg BT 276.18 108.10 Td (have ) Tj ET Q q 0 0 0 rg BT 297.63 108.10 Td (been ) Tj ET Q q 0 0 0 rg BT 319.08 108.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 351.64 108.10 Td (using ) Tj ET Q q 0 0 0 rg BT 375.88 108.10 Td (a ) Tj ET Q q 0 0 0 rg BT 382.89 108.10 Td (model ) Tj ET Q q 0 0 0 rg BT 410.46 108.10 Td (where ) Tj ET Q q 0 0 0 rg BT 437.46 108.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 464.48 108.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.83 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.62 108.10 Td (model ) Tj ET Q q 0 0 0 rg BT 517.19 108.10 Td (are ) Tj ET Q q 0 0 0 rg BT 531.97 108.10 Td (directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 96.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 113.11 96.10 Td (in ) Tj ET Q q 0 0 0 rg BT 123.18 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.69 96.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 170.25 96.10 Td (or ) Tj ET Q q 0 0 0 rg BT 180.87 96.10 Td (can ) Tj ET Q q 0 0 0 rg BT 197.04 96.10 Td (be ) Tj ET Q q 0 0 0 rg BT 208.78 96.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 241.06 96.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 286.67 96.10 Td (from ) Tj ET Q q 0 0 0 rg BT 308.40 96.10 Td (or ) Tj ET Q q 0 0 0 rg BT 319.03 96.10 Td (corroborated ) Tj ET Q q 0 0 0 rg BT 372.41 96.10 Td (by ) Tj ET Q q 0 0 0 rg BT 384.70 96.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 430.31 96.10 Td (market ) Tj ET Q q 0 0 0 rg BT 460.37 96.10 Td (data, ) Tj ET Q q 0 0 0 rg BT 481.82 96.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.55 96.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 547.51 96.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 84.10 Td (are ) Tj ET Q q 0 0 0 rg BT 82.21 84.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 98.58 84.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 127.74 84.10 Td (using ) Tj ET Q q 0 0 0 rg BT 151.91 84.10 Td (other ) Tj ET Q q 0 0 0 rg BT 174.96 84.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.44 84.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 264.10 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.82 84.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 325.18 84.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.01 84.10 Td (which ) Tj ET Q q 0 0 0 rg BT 362.95 84.10 Td (can ) Tj ET Q q 0 0 0 rg BT 379.33 84.10 Td (be ) Tj ET Q q 0 0 0 rg BT 391.26 84.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 424.31 84.10 Td (observed. ) Tj ET Q endstream endobj 145 0 obj <>] /Rotate 0 /Contents 146 0 R>> endobj 146 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 (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 708.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 91.85 708.10 Td (III ) Tj ET Q q 0 0 0 rg BT 103.42 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.01 708.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 158.81 708.10 Td (that ) Tj ET Q q 0 0 0 rg BT 175.39 708.10 Td (have ) Tj ET Q q 0 0 0 rg BT 195.85 708.10 Td (little ) Tj ET Q q 0 0 0 rg BT 215.76 708.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.13 708.10 Td (no ) Tj ET Q q 0 0 0 rg BT 236.71 708.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 266.62 708.10 Td (observability ) Tj ET Q q 0 0 0 rg BT 320.42 708.10 Td (as ) Tj ET Q q 0 0 0 rg BT 330.33 708.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.25 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.05 708.10 Td (report ) Tj ET Q q 0 0 0 rg BT 379.51 708.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 400.13 708.10 Td (These ) Tj ET Q q 0 0 0 rg BT 425.60 708.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.16 708.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 510.41 708.10 Td (are ) Tj ET Q q 0 0 0 rg BT 524.20 708.10 Td (measured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 696.10 Td (using ) Tj ET Q q 0 0 0 rg BT 92.76 696.10 Td (management) Tj ET Q q 0 0 0 rg BT 146.63 696.10 Td (s ) Tj ET Q q 0 0 0 rg BT 154.10 696.10 Td (best ) Tj ET Q q 0 0 0 rg BT 173.80 696.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 210.71 696.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.63 696.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 240.09 696.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 267.83 696.10 Td (where ) Tj ET Q q 0 0 0 rg BT 295.85 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.66 696.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 339.69 696.10 Td (into ) Tj ET Q q 0 0 0 rg BT 358.84 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.64 696.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 433.77 696.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.68 696.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 463.15 696.10 Td (value ) Tj ET Q q 0 0 0 rg BT 488.39 696.10 Td (require ) Tj ET Q q 0 0 0 rg BT 520.30 696.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 684.10 Td (management ) Tj ET Q q 0 0 0 rg BT 121.09 684.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 161.36 684.10 Td (or ) Tj ET Q q 0 0 0 rg BT 172.19 684.10 Td (estimation. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (V) Tj ET Q q 0 0 0 rg BT 54.50 660.10 Td (aluation ) Tj ET Q q 0 0 0 rg BT 90.73 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.41 660.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 143.19 660.10 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.42 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.31 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.21 660.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 228.55 660.10 Td (on ) Tj ET Q q 0 0 0 rg BT 241.45 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.57 660.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 284.45 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.68 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.80 660.10 Td (Company) Tj ET Q q 0 0 0 rg BT 352.46 660.10 Td (s ) Tj ET Q q 0 0 0 rg BT 359.25 660.10 Td (business ) Tj ET Q q 0 0 0 rg BT 396.04 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.38 660.10 Td (its ) Tj ET Q q 0 0 0 rg BT 425.73 660.10 Td (role ) Tj ET Q q 0 0 0 rg BT 444.18 660.10 Td (as ) Tj ET Q q 0 0 0 rg BT 455.41 660.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.74 660.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 498.94 660.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.62 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.74 660.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 84.56 648.10 Td (or ) Tj ET Q q 0 0 0 rg BT 95.18 648.10 Td (its ) Tj ET Q q 0 0 0 rg BT 106.91 648.10 Td (role ) Tj ET Q q 0 0 0 rg BT 124.74 648.10 Td (as ) Tj ET Q q 0 0 0 rg BT 135.35 648.10 Td (a ) Tj ET Q q 0 0 0 rg BT 142.08 648.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 178.79 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.40 648.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 233.88 648.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 255.60 648.10 Td (management ) Tj ET Q q 0 0 0 rg BT 308.98 648.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 335.98 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.48 648.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 366.64 648.10 Td (values ) Tj ET Q q 0 0 0 rg BT 394.48 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.09 648.10 Td (its ) Tj ET Q q 0 0 0 rg BT 416.82 648.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 454.09 648.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 503.04 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 517.53 648.10 Td (determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (internally) Tj ET Q q 0 0 0 rg BT 87.17 636.10 Td (. ) Tj ET Q q 0 0 0 rg BT 91.67 636.10 Td (When ) Tj ET Q q 0 0 0 rg BT 117.69 636.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 158.43 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.80 636.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 213.84 636.10 Td (values ) Tj ET Q q 0 0 0 rg BT 241.54 636.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 278.67 636.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 327.48 636.10 Td (at ) Tj ET Q q 0 0 0 rg BT 336.85 636.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 382.32 636.10 Td (market ) Tj ET Q q 0 0 0 rg BT 412.23 636.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 440.76 636.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 486.23 636.10 Td (market ) Tj ET Q q 0 0 0 rg BT 516.14 636.10 Td (parameters, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.16 624.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 86.58 624.10 Td (or ) Tj ET Q q 0 0 0 rg BT 96.24 624.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 122.00 624.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 147.20 624.10 Td (\(bid ) Tj ET Q q 0 0 0 rg BT 164.64 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.40 624.10 Td (ask ) Tj ET Q q 0 0 0 rg BT 195.06 624.10 Td (prices\). ) Tj ET Q q 0 0 0 rg BT 226.10 624.10 Td (In ) Tj ET Q q 0 0 0 rg BT 235.75 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.30 624.10 Td (case ) Tj ET Q q 0 0 0 rg BT 267.83 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.49 624.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 313.80 624.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 361.79 624.10 Td (transacted ) Tj ET Q q 0 0 0 rg BT 403.66 624.10 Td (on ) Tj ET Q q 0 0 0 rg BT 414.98 624.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 460.17 624.10 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 505.65 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.19 624.10 Td (observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (market ) Tj ET Q q 0 0 0 rg BT 79.65 612.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 105.91 612.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 144.94 612.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 188.99 612.10 Td (for ) Tj ET Q q 0 0 0 rg BT 203.04 612.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 247.07 612.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 297.22 612.10 Td (from ) Tj ET Q q 0 0 0 rg BT 319.05 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.65 612.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 373.79 612.10 Td (on ) Tj ET Q q 0 0 0 rg BT 386.17 612.10 Td (which ) Tj ET Q q 0 0 0 rg BT 413.00 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.60 612.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 464.96 612.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 510.12 612.10 Td (is ) Tj ET Q q 0 0 0 rg BT 519.18 612.10 Td (principally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (traded.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 57.89 576.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 102.38 576.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 147.40 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.45 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.38 576.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 186.97 576.10 Td (value ) Tj ET Q q 0 0 0 rg BT 210.35 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.40 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.33 576.10 Td (Company) Tj ET Q q 0 0 0 rg BT 276.00 576.10 Td (s ) Tj ET Q q 0 0 0 rg BT 281.60 576.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 318.30 576.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 366.69 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.84 576.10 Td (other ) Tj ET Q q 0 0 0 rg BT 405.11 576.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 445.15 576.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 482.99 576.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 511.36 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 576.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 98.72 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.71 564.10 Td (other ) Tj ET Q q 0 0 0 rg BT 138.81 564.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 179.69 564.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 218.36 564.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 240.09 564.10 Td (but ) Tj ET Q q 0 0 0 rg BT 255.42 564.10 Td (not ) Tj ET Q q 0 0 0 rg BT 270.75 564.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 285.52 564.10 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 331.11 564.10 Td (are ) Tj ET Q q 0 0 0 rg BT 345.87 564.10 Td (based ) Tj ET Q q 0 0 0 rg BT 371.19 564.10 Td (on ) Tj ET Q q 0 0 0 rg BT 383.75 564.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 429.62 564.10 Td (market ) Tj ET Q q 0 0 0 rg BT 459.93 564.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 488.87 564.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 534.73 564.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (parameters, ) Tj ET Q q 0 0 0 rg BT 98.18 552.10 Td (or ) Tj ET Q q 0 0 0 rg BT 108.83 552.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 141.14 552.10 Td (from ) Tj ET Q q 0 0 0 rg BT 162.89 552.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 191.31 552.10 Td (or ) Tj ET Q q 0 0 0 rg BT 201.96 552.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 228.70 552.10 Td (prices. ) Tj ET Q q 0 0 0 rg BT 257.23 552.10 Td (The ) Tj ET Q q 0 0 0 rg BT 275.10 552.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 322.40 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.05 552.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 378.69 552.10 Td (market ) Tj ET Q q 0 0 0 rg BT 408.77 552.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 434.97 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.73 552.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 482.37 552.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 528.55 552.10 Td (can ) Tj ET Q q 0 0 0 rg BT 544.75 552.10 Td (vary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.66 540.10 Td (product ) Tj ET Q q 0 0 0 rg BT 104.93 540.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.43 540.10 Td (product. ) Tj ET Q q 0 0 0 rg BT 151.01 540.10 Td (Where ) Tj ET Q q 0 0 0 rg BT 180.38 540.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 221.69 540.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 267.73 540.10 Td (market ) Tj ET Q q 0 0 0 rg BT 298.22 540.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 324.82 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.98 540.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 373.03 540.10 Td (or ) Tj ET Q q 0 0 0 rg BT 384.08 540.10 Td (market ) Tj ET Q q 0 0 0 rg BT 414.57 540.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 461.15 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.66 540.10 Td (a ) Tj ET Q q 0 0 0 rg BT 478.82 540.10 Td (product ) Tj ET Q q 0 0 0 rg BT 512.09 540.10 Td (may ) Tj ET Q q 0 0 0 rg BT 532.03 540.10 Td (be ) Tj ET Q q 0 0 0 rg BT 544.19 540.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.18 528.10 Td (derive ) Tj ET Q q 0 0 0 rg BT 88.06 528.10 Td (a ) Tj ET Q q 0 0 0 rg BT 95.40 528.10 Td (price ) Tj ET Q q 0 0 0 rg BT 118.29 528.10 Td (without ) Tj ET Q q 0 0 0 rg BT 151.75 528.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 191.30 528.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 236.41 528.10 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 279.59 528.10 Td (In ) Tj ET Q q 0 0 0 rg BT 290.82 528.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 320.92 528.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 357.98 528.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 404.19 528.10 Td (market ) Tj ET Q q 0 0 0 rg BT 434.86 528.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 461.63 528.10 Td (or ) Tj ET Q q 0 0 0 rg BT 472.86 528.10 Td (market ) Tj ET Q q 0 0 0 rg BT 503.53 528.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 550.29 528.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (not ) Tj ET Q q 0 0 0 rg BT 63.73 516.10 Td (available ) Tj ET Q q 0 0 0 rg BT 101.27 516.10 Td (for ) Tj ET Q q 0 0 0 rg BT 114.38 516.10 Td (all ) Tj ET Q q 0 0 0 rg BT 125.82 516.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 164.21 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.09 516.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 195.42 516.10 Td (value ) Tj ET Q q 0 0 0 rg BT 218.53 516.10 Td (is ) Tj ET Q q 0 0 0 rg BT 226.64 516.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 273.07 516.10 Td (using ) Tj ET Q q 0 0 0 rg BT 296.19 516.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 340.41 516.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 387.39 516.10 Td (for ) Tj ET Q q 0 0 0 rg BT 400.50 516.10 Td (each ) Tj ET Q q 0 0 0 rg BT 420.26 516.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 460.02 516.10 Td (product. ) Tj ET Q q 0 0 0 rg BT 494.41 516.10 Td (These ) Tj ET Q q 0 0 0 rg BT 519.74 516.10 Td (techniques ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 82.60 504.10 Td (some ) Tj ET Q q 0 0 0 rg BT 106.81 504.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 136.56 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.99 504.10 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 191.37 504.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 223.92 504.10 Td (from ) Tj ET Q q 0 0 0 rg BT 246.46 504.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 286.78 504.10 Td (models ) Tj ET Q q 0 0 0 rg BT 318.77 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.31 504.10 Td (other ) Tj ET Q q 0 0 0 rg BT 359.96 504.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 405.82 504.10 Td (in ) Tj ET Q q 0 0 0 rg BT 416.70 504.10 Td (one ) Tj ET Q q 0 0 0 rg BT 434.25 504.10 Td (period ) Tj ET Q q 0 0 0 rg BT 462.90 504.10 Td (may ) Tj ET Q q 0 0 0 rg BT 483.22 504.10 Td (not ) Tj ET Q q 0 0 0 rg BT 499.10 504.10 Td (be ) Tj ET Q q 0 0 0 rg BT 511.64 504.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 554.17 504.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (future ) Tj ET Q q 0 0 0 rg BT 75.88 492.10 Td (period ) Tj ET Q q 0 0 0 rg BT 103.92 492.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 120.30 492.10 Td (value ) Tj ET Q q 0 0 0 rg BT 144.46 492.10 Td (measurement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.88 468.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 116.15 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 126.41 468.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 157.80 468.10 Td (or ) Tj ET Q q 0 0 0 rg BT 168.62 468.10 Td (privately ) Tj ET Q q 0 0 0 rg BT 206.65 468.10 Td (held ) Tj ET Q q 0 0 0 rg BT 226.36 468.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 266.61 468.10 Td (that ) Tj ET Q q 0 0 0 rg BT 284.09 468.10 Td (do ) Tj ET Q q 0 0 0 rg BT 296.58 468.10 Td (not ) Tj ET Q q 0 0 0 rg BT 311.85 468.10 Td (have ) Tj ET Q q 0 0 0 rg BT 333.22 468.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 363.47 468.10 Td (determinable ) Tj ET Q q 0 0 0 rg BT 418.16 468.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 434.53 468.10 Td (values, ) Tj ET Q q 0 0 0 rg BT 465.07 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.77 468.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 537.80 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.62 468.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (value ) Tj ET Q q 0 0 0 rg BT 72.55 456.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 106.16 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.77 456.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 160.05 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.23 456.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 203.94 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.56 456.10 Td (value ) Tj ET Q q 0 0 0 rg BT 240.61 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.33 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.95 456.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 303.11 456.10 Td (using ) Tj ET Q q 0 0 0 rg BT 326.17 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.79 456.10 Td (best ) Tj ET Q q 0 0 0 rg BT 357.29 456.10 Td (information ) Tj ET Q q 0 0 0 rg BT 405.90 456.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 445.58 456.10 Td (Among ) Tj ET Q q 0 0 0 rg BT 476.98 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.59 456.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 519.19 456.10 Td (considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.74 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.19 444.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 117.32 444.10 Td (in ) Tj ET Q q 0 0 0 rg BT 127.34 444.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 177.90 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.35 444.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 208.47 444.10 Td (value ) Tj ET Q q 0 0 0 rg BT 232.36 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.93 444.10 Td (such ) Tj ET Q q 0 0 0 rg BT 263.50 444.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.72 444.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 349.62 444.10 Td (are ) Tj ET Q q 0 0 0 rg BT 364.07 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.52 444.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 399.37 444.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 423.83 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.50 444.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 476.63 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.20 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.66 444.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 550.28 444.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.35 432.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 127.99 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.30 432.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 185.93 432.10 Td (results ) Tj ET Q q 0 0 0 rg BT 214.90 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.10 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.19 432.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 264.11 432.10 Td (, ) Tj ET Q q 0 0 0 rg BT 269.48 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.57 432.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 314.65 432.10 Td (market ) Tj ET Q q 0 0 0 rg BT 345.28 432.10 Td (price ) Tj ET Q q 0 0 0 rg BT 368.14 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.33 432.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 414.97 432.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 442.83 432.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 483.46 432.10 Td (with ) Tj ET Q q 0 0 0 rg BT 504.10 432.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 534.75 432.10 Td (quality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.26 420.10 Td (yield, ) Tj ET Q q 0 0 0 rg BT 91.08 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.85 420.10 Td (other ) Tj ET Q q 0 0 0 rg BT 130.72 420.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 160.25 420.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 199.78 420.10 Td (pertinent ) Tj ET Q q 0 0 0 rg BT 237.65 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.75 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.30 420.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 301.83 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.49 420.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 365.09 420.10 Td (In ) Tj ET Q q 0 0 0 rg BT 375.74 420.10 Td (instances ) Tj ET Q q 0 0 0 rg BT 414.73 420.10 Td (where ) Tj ET Q q 0 0 0 rg BT 441.48 420.10 Td (a ) Tj ET Q q 0 0 0 rg BT 448.24 420.10 Td (security ) Tj ET Q q 0 0 0 rg BT 482.23 420.10 Td (is ) Tj ET Q q 0 0 0 rg BT 491.22 420.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 521.87 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.98 420.10 Td (transfer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 99.35 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.48 408.10 Td (value ) Tj ET Q q 0 0 0 rg BT 139.05 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.29 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.42 408.10 Td (security ) Tj ET Q q 0 0 0 rg BT 199.99 408.10 Td (is ) Tj ET Q q 0 0 0 rg BT 209.58 408.10 Td (based ) Tj ET Q q 0 0 0 rg BT 235.26 408.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 275.38 408.10 Td (on ) Tj ET Q q 0 0 0 rg BT 288.30 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.43 408.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 333.56 408.10 Td (price ) Tj ET Q q 0 0 0 rg BT 356.46 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.70 408.10 Td (a ) Tj ET Q q 0 0 0 rg BT 375.06 408.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 405.74 408.10 Td (security ) Tj ET Q q 0 0 0 rg BT 440.31 408.10 Td (without ) Tj ET Q q 0 0 0 rg BT 473.78 408.10 Td (restriction ) Tj ET Q q 0 0 0 rg BT 517.24 408.10 Td (but ) Tj ET Q q 0 0 0 rg BT 532.93 408.10 Td (may ) Tj ET Q q 0 0 0 rg BT 553.06 408.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 83.64 396.10 Td (by ) Tj ET Q q 0 0 0 rg BT 96.13 396.10 Td (an ) Tj ET Q q 0 0 0 rg BT 108.06 396.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 140.55 396.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 181.36 396.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.63 396.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 219.66 396.10 Td (such ) Tj ET Q q 0 0 0 rg BT 240.48 396.10 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 289.91 396.10 Td (In ) Tj ET Q q 0 0 0 rg BT 300.73 396.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 338.50 396.10 Td (even ) Tj ET Q q 0 0 0 rg BT 359.87 396.10 Td (where ) Tj ET Q q 0 0 0 rg BT 386.79 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.50 396.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 442.88 396.10 Td (derives ) Tj ET Q q 0 0 0 rg BT 474.25 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.96 396.10 Td (value ) Tj ET Q q 0 0 0 rg BT 513.10 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.93 396.10 Td (a ) Tj ET Q q 0 0 0 rg BT 530.86 396.10 Td (security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (based ) Tj ET Q q 0 0 0 rg BT 74.48 384.10 Td (on ) Tj ET Q q 0 0 0 rg BT 86.70 384.10 Td (information ) Tj ET Q q 0 0 0 rg BT 136.12 384.10 Td (from ) Tj ET Q q 0 0 0 rg BT 157.77 384.10 Td (an ) Tj ET Q q 0 0 0 rg BT 169.42 384.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 220.51 384.10 Td (source, ) Tj ET Q q 0 0 0 rg BT 251.32 384.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 280.74 384.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 332.40 384.10 Td (may ) Tj ET Q q 0 0 0 rg BT 351.83 384.10 Td (be ) Tj ET Q q 0 0 0 rg BT 363.48 384.10 Td (required ) Tj ET Q q 0 0 0 rg BT 399.01 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 409.00 384.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 451.20 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.63 384.10 Td (security) Tj ET Q q 0 0 0 rg BT 500.06 384.10 Td (s ) Tj ET Q q 0 0 0 rg BT 506.16 384.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 522.25 384.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 548.62 384.10 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (instance, ) Tj ET Q q 0 0 0 rg BT 86.95 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.36 372.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 142.44 372.10 Td (assumes ) Tj ET Q q 0 0 0 rg BT 177.96 372.10 Td (that ) Tj ET Q q 0 0 0 rg BT 195.14 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.55 372.10 Td (size ) Tj ET Q q 0 0 0 rg BT 227.29 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 237.81 372.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 276.11 372.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.08 372.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 326.04 372.10 Td (that ) Tj ET Q q 0 0 0 rg BT 343.22 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.63 372.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 398.70 372.10 Td (holds ) Tj ET Q q 0 0 0 rg BT 422.56 372.10 Td (would ) Tj ET Q q 0 0 0 rg BT 449.75 372.10 Td (not ) Tj ET Q q 0 0 0 rg BT 464.72 372.10 Td (be ) Tj ET Q q 0 0 0 rg BT 476.35 372.10 Td (lar) Tj ET Q q 0 0 0 rg BT 486.72 372.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 498.35 372.10 Td (enough ) Tj ET Q q 0 0 0 rg BT 529.97 372.10 Td (to ) Tj ET Q q 0 0 0 rg BT 539.94 372.10 Td (af) Tj ET Q q 0 0 0 rg BT 547.53 372.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.75 360.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 93.01 360.10 Td (price ) Tj ET Q q 0 0 0 rg BT 115.03 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.40 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.65 360.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 179.46 360.10 Td (if ) Tj ET Q q 0 0 0 rg BT 187.60 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.86 360.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 221.11 360.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 240.93 360.10 Td (them, ) Tj ET Q q 0 0 0 rg BT 265.46 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.93 360.10 Td (that ) Tj ET Q q 0 0 0 rg BT 298.97 360.10 Td (any ) Tj ET Q q 0 0 0 rg BT 315.44 360.10 Td (such ) Tj ET Q q 0 0 0 rg BT 335.81 360.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 353.40 360.10 Td (would ) Tj ET Q q 0 0 0 rg BT 380.43 360.10 Td (happen ) Tj ET Q q 0 0 0 rg BT 411.35 360.10 Td (in ) Tj ET Q q 0 0 0 rg BT 421.16 360.10 Td (an ) Tj ET Q q 0 0 0 rg BT 432.64 360.10 Td (orderly ) Tj ET Q q 0 0 0 rg BT 463.55 360.10 Td (manner) Tj ET Q q 0 0 0 rg BT 492.99 360.10 Td (. ) Tj ET Q q 0 0 0 rg BT 497.38 360.10 Td (The ) Tj ET Q q 0 0 0 rg BT 514.96 360.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 540.87 360.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 83.64 348.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 106.14 348.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 152.54 348.10 Td (could ) Tj ET Q q 0 0 0 rg BT 177.25 348.10 Td (be ) Tj ET Q q 0 0 0 rg BT 189.19 348.10 Td (dif) Tj ET Q q 0 0 0 rg BT 200.12 348.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 225.94 348.10 Td (from ) Tj ET Q q 0 0 0 rg BT 247.87 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.59 348.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 301.18 348.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 342.00 348.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 358.38 348.10 Td (value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 75.33 324.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 75.08 300.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 101.21 300.10 Td (include ) Tj ET Q q 0 0 0 rg BT 133.45 300.10 Td (furniture ) Tj ET Q q 0 0 0 rg BT 171.24 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.48 300.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 235.99 300.10 Td (software ) Tj ET Q q 0 0 0 rg BT 273.23 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.47 300.10 Td (leasehold ) Tj ET Q q 0 0 0 rg BT 331.03 300.10 Td (improvements. ) Tj ET Q q 0 0 0 rg BT 393.55 300.10 Td (Furniture ) Tj ET Q q 0 0 0 rg BT 433.57 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.81 300.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 495.82 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.06 300.10 Td (software ) Tj ET Q q 0 0 0 rg BT 550.30 300.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 97.52 288.10 Td (using ) Tj ET Q q 0 0 0 rg BT 121.12 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.27 288.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 185.53 288.10 Td (method ) Tj ET Q q 0 0 0 rg BT 217.46 288.10 Td (over ) Tj ET Q q 0 0 0 rg BT 237.17 288.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 277.42 288.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 303.80 288.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 324.62 288.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.89 288.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.87 288.10 Td ( ) Tj ET Q q 0 0 0 rg BT 356.81 288.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.52 288.10 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.74 288.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.67 288.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 406.21 288.10 Td (Leasehold ) Tj ET Q q 0 0 0 rg BT 449.24 288.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 508.39 288.10 Td (are ) Tj ET Q q 0 0 0 rg BT 522.53 288.10 Td (amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (over ) Tj ET Q q 0 0 0 rg BT 70.33 276.10 Td (their ) Tj ET Q q 0 0 0 rg BT 91.71 276.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 133.09 276.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 160.59 276.10 Td (life ) Tj ET Q q 0 0 0 rg BT 176.97 276.10 Td (or ) Tj ET Q q 0 0 0 rg BT 188.36 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.64 276.10 Td (life ) Tj ET Q q 0 0 0 rg BT 220.02 276.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.41 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.69 276.10 Td (lease, ) Tj ET Q q 0 0 0 rg BT 272.23 276.10 Td (whichever ) Tj ET Q q 0 0 0 rg BT 316.94 276.10 Td (is ) Tj ET Q q 0 0 0 rg BT 326.67 276.10 Td (shorter) Tj ET Q q 0 0 0 rg BT 353.88 276.10 Td (. ) Tj ET Q q 0 0 0 rg BT 359.22 276.10 Td (The ) Tj ET Q q 0 0 0 rg BT 377.83 276.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 419.77 276.10 Td (capitalizes ) Tj ET Q q 0 0 0 rg BT 465.03 276.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 495.29 276.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 518.35 276.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 554.72 276.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 95.63 264.10 Td (with ) Tj ET Q q 0 0 0 rg BT 115.67 264.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 148.47 264.10 Td (use ) Tj ET Q q 0 0 0 rg BT 164.06 264.10 Td (software ) Tj ET Q q 0 0 0 rg BT 200.75 264.10 Td (projects ) Tj ET Q q 0 0 0 rg BT 234.67 264.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.36 264.10 Td (amortizes ) Tj ET Q q 0 0 0 rg BT 292.50 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.97 264.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 339.23 264.10 Td (over ) Tj ET Q q 0 0 0 rg BT 359.25 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.73 264.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 411.52 264.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 438.22 264.10 Td (life ) Tj ET Q q 0 0 0 rg BT 453.81 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.40 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.87 264.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 503.07 264.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.53 264.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.52 264.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.78 252.10 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.55 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.05 252.10 Td (years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.13 204.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.09 204.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 134.05 204.10 Td (its ) Tj ET Q q 0 0 0 rg BT 145.58 204.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 185.41 204.10 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 238.58 204.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.10 204.10 Td (other ) Tj ET Q q 0 0 0 rg BT 277.72 204.10 Td (of) Tj ET Q q 0 0 0 rg BT 285.87 204.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 306.83 204.10 Td (under ) Tj ET Q q 0 0 0 rg BT 331.68 204.10 Td (various ) Tj ET Q q 0 0 0 rg BT 363.20 204.10 Td (non-cancelable ) Tj ET Q q 0 0 0 rg BT 425.79 204.10 Td (leases. ) Tj ET Q q 0 0 0 rg BT 454.10 204.10 Td (The ) Tj ET Q q 0 0 0 rg BT 471.73 204.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 497.68 204.10 Td (require ) Tj ET Q q 0 0 0 rg BT 528.08 204.10 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.51 192.10 Td (real ) Tj ET Q q 0 0 0 rg BT 78.17 192.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 103.61 192.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 129.34 192.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 170.33 192.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.45 192.10 Td (common ) Tj ET Q q 0 0 0 rg BT 225.12 192.10 Td (area ) Tj ET Q q 0 0 0 rg BT 244.45 192.10 Td (maintenance, ) Tj ET Q q 0 0 0 rg BT 300.15 192.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.61 192.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 346.06 192.10 Td (to ) Tj ET Q q 0 0 0 rg BT 356.52 192.10 Td (rent. ) Tj ET Q q 0 0 0 rg BT 377.05 192.10 Td (The ) Tj ET Q q 0 0 0 rg BT 395.27 192.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 420.17 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.18 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.07 192.10 Td (Company) Tj ET Q q 0 0 0 rg BT 487.74 192.10 Td (s ) Tj ET Q q 0 0 0 rg BT 494.31 192.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 516.97 192.10 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 88.56 180.10 Td (range ) Tj ET Q q 0 0 0 rg BT 112.63 180.10 Td (up ) Tj ET Q q 0 0 0 rg BT 124.49 180.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.13 180.10 Td (twelve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.78 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.64 180.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 188.10 180.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 212.74 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.92 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.00 180.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 262.74 180.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 294.03 180.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 327.54 180.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 361.34 180.10 Td (escalation ) Tj ET Q q 0 0 0 rg BT 403.18 180.10 Td (clauses, ) Tj ET Q q 0 0 0 rg BT 436.42 180.10 Td (rent-free ) Tj ET Q q 0 0 0 rg BT 472.69 180.10 Td (holidays ) Tj ET Q q 0 0 0 rg BT 508.44 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.74 180.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 68.11 168.10 Td (adjustments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.56 144.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 91.60 144.10 Td (that ) Tj ET Q q 0 0 0 rg BT 108.77 144.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 140.37 144.10 Td (escalation ) Tj ET Q q 0 0 0 rg BT 182.52 144.10 Td (clauses ) Tj ET Q q 0 0 0 rg BT 213.56 144.10 Td (or ) Tj ET Q q 0 0 0 rg BT 224.06 144.10 Td (rent-free ) Tj ET Q q 0 0 0 rg BT 260.64 144.10 Td (holidays, ) Tj ET Q q 0 0 0 rg BT 299.20 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.58 144.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 354.64 144.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 399.56 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.94 144.10 Td (related ) Tj ET Q q 0 0 0 rg BT 443.31 144.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 461.03 144.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 495.40 144.10 Td (on ) Tj ET Q q 0 0 0 rg BT 507.57 144.10 Td (a ) Tj ET Q q 0 0 0 rg BT 514.18 144.10 Td (straight-line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 72.16 132.10 Td (from ) Tj ET Q q 0 0 0 rg BT 94.27 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.15 132.10 Td (date ) Tj ET Q q 0 0 0 rg BT 128.46 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.35 132.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 184.90 132.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 208.11 132.10 Td (possession ) Tj ET Q q 0 0 0 rg BT 253.55 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.55 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.43 132.10 Td (property ) Tj ET Q q 0 0 0 rg BT 315.97 132.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.41 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.29 132.10 Td (end ) Tj ET Q q 0 0 0 rg BT 358.39 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.39 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.27 132.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 410.26 132.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 432.91 132.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 456.20 132.10 Td (The ) Tj ET Q q 0 0 0 rg BT 474.42 132.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 515.97 132.10 Td (records ) Tj ET Q q 0 0 0 rg BT 548.06 132.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 120.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 92.93 120.10 Td (between ) Tj ET Q q 0 0 0 rg BT 129.34 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.64 120.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 196.05 120.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 214.69 120.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 251.67 120.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.20 120.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 306.17 120.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 340.36 120.10 Td (under ) Tj ET Q q 0 0 0 rg BT 366.21 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.52 120.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 408.49 120.10 Td (as ) Tj ET Q q 0 0 0 rg BT 419.91 120.10 Td (part ) Tj ET Q q 0 0 0 rg BT 438.54 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.96 120.10 Td (other ) Tj ET Q q 0 0 0 rg BT 473.60 120.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 513.91 120.10 Td (and ) Tj ET Q q 0 0 0 rg BT 531.44 120.10 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.38 84.10 Td (or ) Tj ET Q q 0 0 0 rg BT 83.59 84.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 106.46 84.10 Td (incentives ) Tj ET Q q 0 0 0 rg BT 149.89 84.10 Td (received ) Tj ET Q q 0 0 0 rg BT 186.63 84.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 209.51 84.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 245.16 84.10 Td (into ) Tj ET Q q 0 0 0 rg BT 263.60 84.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 293.68 84.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 320.44 84.10 Td (are ) Tj ET Q q 0 0 0 rg BT 335.53 84.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 382.28 84.10 Td (on ) Tj ET Q q 0 0 0 rg BT 395.16 84.10 Td (a ) Tj ET Q q 0 0 0 rg BT 402.48 84.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 453.68 84.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 476.56 84.10 Td (as ) Tj ET Q q 0 0 0 rg BT 487.78 84.10 Td (a ) Tj ET Q q 0 0 0 rg BT 495.10 84.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 535.74 84.10 Td (of ) Tj ET Q q 0 0 0 rg BT 546.96 84.10 Td (rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 84.23 72.10 Td (from ) Tj ET Q q 0 0 0 rg BT 106.20 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.94 72.10 Td (date ) Tj ET Q q 0 0 0 rg BT 140.12 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.86 72.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 196.28 72.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 219.35 72.10 Td (possession ) Tj ET Q q 0 0 0 rg BT 264.66 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.51 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.26 72.10 Td (property ) Tj ET Q q 0 0 0 rg BT 326.66 72.10 Td (or ) Tj ET Q q 0 0 0 rg BT 337.52 72.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 372.80 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.54 72.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 407.83 72.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.14 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.88 72.10 Td (end ) Tj ET Q q 0 0 0 rg BT 449.84 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.70 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.44 72.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 501.30 72.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 523.81 72.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 546.98 72.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.89 60.10 Td (records ) Tj ET Q q 0 0 0 rg BT 122.82 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.53 60.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 190.01 60.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 221.40 60.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.23 60.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 254.71 60.10 Td (incentives ) Tj ET Q q 0 0 0 rg BT 297.76 60.10 Td (as ) Tj ET Q q 0 0 0 rg BT 308.59 60.10 Td (part ) Tj ET Q q 0 0 0 rg BT 326.63 60.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.46 60.10 Td (other ) Tj ET Q q 0 0 0 rg BT 360.51 60.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 400.23 60.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.17 60.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 450.75 60.10 Td (expenses.) 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 (Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 155.37 708.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 90.80 684.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 134.86 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 150.59 684.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 167.99 684.25 Td (value ) Tj ET Q q 0 0 0 rg BT 193.17 684.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.02 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.75 684.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 278.15 684.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 324.97 684.25 Td (in ) Tj ET Q q 0 0 0 rg BT 336.27 684.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 365.89 684.25 Td (of ) Tj ET Q q 0 0 0 rg BT 377.74 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 393.48 684.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 410.88 684.25 Td (value ) Tj ET Q q 0 0 0 rg BT 436.05 684.25 Td (of ) Tj ET Q q 0 0 0 rg BT 447.90 684.25 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 496.96 684.25 Td (net ) Tj ET Q q 0 0 0 rg BT 512.70 684.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 539.55 684.25 Td (at ) Tj ET Q q 0 0 0 rg BT 550.29 684.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 96.80 672.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 119.13 672.25 Td (The ) Tj ET Q q 0 0 0 rg BT 138.09 672.25 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 197.04 672.25 Td (of ) Tj ET Q q 0 0 0 rg BT 208.79 672.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 247.77 672.25 Td (is ) Tj ET Q q 0 0 0 rg BT 257.86 672.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 299.59 672.25 Td (annually) Tj ET Q q 0 0 0 rg BT 333.37 672.25 Td (, ) Tj ET Q q 0 0 0 rg BT 339.29 672.25 Td (at ) Tj ET Q q 0 0 0 rg BT 349.93 672.25 Td (a ) Tj ET Q q 0 0 0 rg BT 357.78 672.25 Td (minimum, ) Tj ET Q q 0 0 0 rg BT 402.60 672.25 Td (or ) Tj ET Q q 0 0 0 rg BT 414.34 672.25 Td (on ) Tj ET Q q 0 0 0 rg BT 427.76 672.25 Td (an ) Tj ET Q q 0 0 0 rg BT 440.62 672.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 472.92 672.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 496.34 672.25 Td (if ) Tj ET Q q 0 0 0 rg BT 505.87 672.25 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (indicate ) Tj ET Q q 0 0 0 rg BT 84.11 660.25 Td (a ) Tj ET Q q 0 0 0 rg BT 91.51 660.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 127.24 660.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 163.53 660.25 Td (to ) Tj ET Q q 0 0 0 rg BT 174.27 660.25 Td (realize ) Tj ET Q q 0 0 0 rg BT 203.87 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 219.05 660.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 255.32 660.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 290.77 660.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.17 660.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 330.57 660.25 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.57 660.25 Td ( ) Tj ET Q q 0 0 0 rg BT 343.53 660.25 Td (for ) Tj ET Q q 0 0 0 rg BT 358.15 660.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 401.10 660.25 Td (information ) Tj ET Q q 0 0 0 rg BT 451.27 660.25 Td (on ) Tj ET Q q 0 0 0 rg BT 464.23 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 479.40 660.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 526.94 660.25 Td (goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 98.10 648.25 Td (testing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 93.12 624.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 119.54 624.25 Td (with ) Tj ET Q q 0 0 0 rg BT 140.40 624.25 Td (determinable ) Tj ET Q q 0 0 0 rg BT 195.68 624.25 Td (lives ) Tj ET Q q 0 0 0 rg BT 217.65 624.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 248.51 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 259.92 624.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 299.66 624.25 Td (relationships ) Tj ET Q q 0 0 0 rg BT 353.84 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 371.37 624.25 Td (non-competition ) Tj ET Q q 0 0 0 rg BT 440.55 624.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 489.16 624.25 Td (that ) Tj ET Q q 0 0 0 rg BT 507.24 624.25 Td (are ) Tj ET Q q 0 0 0 rg BT 522.53 624.25 Td (amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (over ) Tj ET Q q 0 0 0 rg BT 70.02 612.25 Td (their ) Tj ET Q q 0 0 0 rg BT 91.11 612.25 Td (original ) Tj ET Q q 0 0 0 rg BT 124.97 612.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 166.04 612.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 193.24 612.25 Td (lives ) Tj ET Q q 0 0 0 rg BT 214.88 612.25 Td (ranging ) Tj ET Q q 0 0 0 rg BT 248.18 612.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.38 612.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.82 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 287.57 612.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.11 612.25 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.33 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 313.08 612.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 339.44 612.25 Td (Indefinite-life ) Tj ET Q q 0 0 0 rg BT 397.72 612.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 440.47 612.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 466.55 612.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 497.09 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 508.17 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.54 612.25 Td (ARI ) Tj ET Q q 0 0 0 rg BT 542.52 612.25 Td (trade ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (name. ) Tj ET Q q 0 0 0 rg BT 76.62 600.25 Td (It ) Tj ET Q q 0 0 0 rg BT 85.69 600.25 Td (is ) Tj ET Q q 0 0 0 rg BT 95.33 600.25 Td (not ) Tj ET Q q 0 0 0 rg BT 111.07 600.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 154.01 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 171.41 600.25 Td (is ) Tj ET Q q 0 0 0 rg BT 181.05 600.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 222.32 600.25 Td (annually) Tj ET Q q 0 0 0 rg BT 256.11 600.25 Td (, ) Tj ET Q q 0 0 0 rg BT 261.57 600.25 Td (at ) Tj ET Q q 0 0 0 rg BT 271.75 600.25 Td (a ) Tj ET Q q 0 0 0 rg BT 279.15 600.25 Td (minimum, ) Tj ET Q q 0 0 0 rg BT 323.51 600.25 Td (or ) Tj ET Q q 0 0 0 rg BT 334.80 600.25 Td (on ) Tj ET Q q 0 0 0 rg BT 347.77 600.25 Td (an ) Tj ET Q q 0 0 0 rg BT 360.17 600.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 392.01 600.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 414.98 600.25 Td (if ) Tj ET Q q 0 0 0 rg BT 424.05 600.25 Td (events ) Tj ET Q q 0 0 0 rg BT 452.56 600.25 Td (or ) Tj ET Q q 0 0 0 rg BT 463.86 600.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 523.46 600.25 Td (indicate ) Tj ET Q q 0 0 0 rg BT 558.07 600.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 84.78 588.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 120.61 588.25 Td (to ) Tj ET Q q 0 0 0 rg BT 130.89 588.25 Td (realize ) Tj ET Q q 0 0 0 rg BT 160.03 588.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.74 588.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 210.56 588.25 Td (amount.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (Investments) 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 67.55 540.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.22 540.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.61 540.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 165.89 540.25 Td (include ) Tj ET Q q 0 0 0 rg BT 197.83 540.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 225.33 540.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 275.60 540.25 Td (in ) Tj ET Q q 0 0 0 rg BT 285.88 540.25 Td (private ) Tj ET Q q 0 0 0 rg BT 316.15 540.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 361.42 540.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.36 540.25 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 432.24 540.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 482.52 540.25 Td (in ) Tj ET Q q 0 0 0 rg BT 492.80 540.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 534.73 540.25 Td (mutual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (funds, ) Tj ET Q q 0 0 0 rg BT 76.07 528.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 112.36 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 122.54 528.25 Td (public ) Tj ET Q q 0 0 0 rg BT 149.39 528.25 Td (and ) Tj ET Q q 0 0 0 rg BT 165.68 528.25 Td (private ) Tj ET Q q 0 0 0 rg BT 195.30 528.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 239.91 528.25 Td (and ) Tj ET Q q 0 0 0 rg BT 256.20 528.25 Td (private ) Tj ET Q q 0 0 0 rg BT 285.82 528.25 Td (company ) Tj ET Q q 0 0 0 rg BT 324.33 528.25 Td (debt. ) Tj ET Q q 0 0 0 rg BT 345.90 528.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 374.42 528.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 424.04 528.25 Td (in ) Tj ET Q q 0 0 0 rg BT 433.67 528.25 Td (private ) Tj ET Q q 0 0 0 rg BT 463.29 528.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 507.91 528.25 Td (are ) Tj ET Q q 0 0 0 rg BT 521.97 528.25 Td (accounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.49 516.25 Td (at ) Tj ET Q q 0 0 0 rg BT 73.04 516.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 89.24 516.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 115.73 516.25 Td (as ) Tj ET Q q 0 0 0 rg BT 126.38 516.25 Td (required ) Tj ET Q q 0 0 0 rg BT 162.03 516.25 Td (by ) Tj ET Q q 0 0 0 rg BT 174.36 516.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 220.56 516.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 258.98 516.25 Td (or ) Tj ET Q q 0 0 0 rg BT 269.64 516.25 Td (if ) Tj ET Q q 0 0 0 rg BT 278.08 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.63 516.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 308.83 516.25 Td (value ) Tj ET Q q 0 0 0 rg BT 332.82 516.25 Td (option ) Tj ET Q q 0 0 0 rg BT 360.70 516.25 Td (was ) Tj ET Q q 0 0 0 rg BT 378.58 516.25 Td (elected, ) Tj ET Q q 0 0 0 rg BT 411.72 516.25 Td (or ) Tj ET Q q 0 0 0 rg BT 422.38 516.25 Td (at ) Tj ET Q q 0 0 0 rg BT 431.93 516.25 Td (cost. ) Tj ET Q q 0 0 0 rg BT 452.86 516.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 503.52 516.25 Td (in ) Tj ET Q q 0 0 0 rg BT 513.63 516.25 Td (partnerships ) 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 64.48 504.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 107.78 504.25 Td (for ) Tj ET Q q 0 0 0 rg BT 122.21 504.25 Td (under ) Tj ET Q q 0 0 0 rg BT 147.75 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.74 504.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 190.51 504.25 Td (method, ) Tj ET Q q 0 0 0 rg BT 225.77 504.25 Td (which ) Tj ET Q q 0 0 0 rg BT 252.98 504.25 Td (is ) Tj ET Q q 0 0 0 rg BT 262.42 504.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 302.40 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.38 504.25 Td (net ) Tj ET Q q 0 0 0 rg BT 332.37 504.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 354.58 504.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 381.51 504.25 Td (Registered ) Tj ET Q q 0 0 0 rg BT 427.04 504.25 Td (mutual ) Tj ET Q q 0 0 0 rg BT 457.59 504.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 482.58 504.25 Td (are ) Tj ET Q q 0 0 0 rg BT 497.56 504.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 540.86 504.25 Td (for ) Tj ET Q q 0 0 0 rg BT 555.29 504.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.15 492.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 93.07 492.25 Td (Company-owned ) Tj ET Q q 0 0 0 rg BT 164.72 492.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 201.92 492.25 Td (with ) Tj ET Q q 0 0 0 rg BT 222.47 492.25 Td (a ) Tj ET Q q 0 0 0 rg BT 229.67 492.25 Td (cashless ) Tj ET Q q 0 0 0 rg BT 265.21 492.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 300.74 492.25 Td (option ) Tj ET Q q 0 0 0 rg BT 329.06 492.25 Td (are ) Tj ET Q q 0 0 0 rg BT 344.04 492.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 373.47 492.25 Td (at ) Tj ET Q q 0 0 0 rg BT 383.45 492.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 400.10 492.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 427.03 492.25 Td (while ) Tj ET Q q 0 0 0 rg BT 452.01 492.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 489.21 492.25 Td (without ) Tj ET Q q 0 0 0 rg BT 522.54 492.25 Td (a ) Tj ET Q q 0 0 0 rg BT 529.75 492.25 Td (cashless ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 84.02 480.25 Td (option ) Tj ET Q q 0 0 0 rg BT 111.34 480.25 Td (are ) Tj ET Q q 0 0 0 rg BT 125.31 480.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 153.72 480.25 Td (at ) Tj ET Q q 0 0 0 rg BT 162.70 480.25 Td (cost. ) Tj ET Q q 0 0 0 rg BT 183.07 480.25 Td (Private ) Tj ET Q q 0 0 0 rg BT 213.16 480.25 Td (company ) Tj ET Q q 0 0 0 rg BT 251.58 480.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 270.56 480.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 320.10 480.25 Td (are ) Tj ET Q q 0 0 0 rg BT 334.07 480.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 370.80 480.25 Td (at ) Tj ET Q q 0 0 0 rg BT 379.78 480.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 395.42 480.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 421.34 480.25 Td (as ) Tj ET Q q 0 0 0 rg BT 431.43 480.25 Td (required ) Tj ET Q q 0 0 0 rg BT 466.51 480.25 Td (by ) Tj ET Q q 0 0 0 rg BT 478.27 480.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 523.91 480.25 Td (guidance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 468.25 Td (at ) Tj ET Q q 0 0 0 rg BT 70.05 468.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 112.53 468.25 Td (cost, ) Tj ET Q q 0 0 0 rg BT 133.64 468.25 Td (net ) Tj ET Q q 0 0 0 rg BT 148.35 468.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.18 468.25 Td (any ) Tj ET Q q 0 0 0 rg BT 176.12 468.25 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 228.60 468.25 Td (premium ) Tj ET Q q 0 0 0 rg BT 267.21 468.25 Td (or ) Tj ET Q q 0 0 0 rg BT 278.04 468.25 Td (discount. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 444.25 Td (Other) Tj ET Q q 0 0 0 rg BT 74.87 444.25 Td ( ) Tj ET Q q 0 0 0 rg BT 76.81 444.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 74.02 420.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 99.09 420.25 Td (include ) Tj ET Q q 0 0 0 rg BT 130.28 420.25 Td (net ) Tj ET Q q 0 0 0 rg BT 144.24 420.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 179.29 420.25 Td (income ) Tj ET Q q 0 0 0 rg BT 210.48 420.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 224.44 420.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 252.02 420.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 298.74 420.25 Td (and ) Tj ET Q q 0 0 0 rg BT 314.92 420.25 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 346.66 420.25 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 387.00 420.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 437.06 420.25 Td (include ) Tj ET Q q 0 0 0 rg BT 468.25 420.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 482.20 420.25 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 531.42 420.25 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 82.56 408.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.63 408.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 125.36 408.25 Td (made ) Tj ET Q q 0 0 0 rg BT 150.65 408.25 Td (to ) Tj ET Q q 0 0 0 rg BT 162.05 408.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 210.95 408.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 249.56 408.25 Td (in ) Tj ET Q q 0 0 0 rg BT 260.97 408.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 308.47 408.25 Td (with ) Tj ET Q q 0 0 0 rg BT 329.88 408.25 Td (their ) Tj ET Q q 0 0 0 rg BT 351.83 408.25 Td (recruitment. ) Tj ET Q q 0 0 0 rg BT 404.05 408.25 Td (Employee ) Tj ET Q q 0 0 0 rg BT 448.22 408.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 472.95 408.25 Td (are ) Tj ET Q q 0 0 0 rg BT 488.79 408.25 Td (for) Tj ET Q q 0 0 0 rg BT 500.27 408.25 Td (given ) Tj ET Q q 0 0 0 rg BT 526.11 408.25 Td (based ) Tj ET Q q 0 0 0 rg BT 552.51 408.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 90.97 396.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 143.00 396.25 Td (and ) Tj ET Q q 0 0 0 rg BT 159.48 396.25 Td (are ) Tj ET Q q 0 0 0 rg BT 173.72 396.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 215.74 396.25 Td (to ) Tj ET Q q 0 0 0 rg BT 225.56 396.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 283.14 396.25 Td (and ) Tj ET Q q 0 0 0 rg BT 299.62 396.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 333.31 396.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 367.56 396.25 Td (using ) Tj ET Q q 0 0 0 rg BT 391.27 396.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.52 396.25 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 455.88 396.25 Td (method ) Tj ET Q q 0 0 0 rg BT 487.91 396.25 Td (over ) Tj ET Q q 0 0 0 rg BT 507.72 396.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.98 396.25 Td (respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 74.22 384.25 Td (of ) Tj ET Q q 0 0 0 rg BT 85.05 384.25 Td (the ) Tj ET Q q 0 0 0 rg BT 99.76 384.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 125.87 384.25 Td (which ) Tj ET Q q 0 0 0 rg BT 152.81 384.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 192.51 384.25 Td (range ) Tj ET Q q 0 0 0 rg BT 217.22 384.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.16 384.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.16 384.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.66 384.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.94 384.25 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.48 384.25 Td ( ) Tj ET Q q 0 0 0 rg BT 284.98 384.25 Td (years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 360.25 Td (Revenue Recognition) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 336.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 95.66 336.25 Td (Banking) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.98 336.25 Td ( ) Tj ET Q q 0 0 0 rg BT 131.82 336.25 Td ( ) Tj ET Q q 0 0 0 rg BT 139.67 336.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 186.94 336.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 222.00 336.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 262.88 336.25 Td (which ) Tj ET Q q 0 0 0 rg BT 290.16 336.25 Td (include ) Tj ET Q q 0 0 0 rg BT 322.43 336.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 376.93 336.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.21 336.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 431.49 336.25 Td (fees, ) Tj ET Q q 0 0 0 rg BT 452.93 336.25 Td (are ) Tj ET Q q 0 0 0 rg BT 467.98 336.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 505.80 336.25 Td (when ) Tj ET Q q 0 0 0 rg BT 530.30 336.25 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.78 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.62 324.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 129.01 324.25 Td (are ) Tj ET Q q 0 0 0 rg BT 143.84 324.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 188.12 324.25 Td (under ) Tj ET Q q 0 0 0 rg BT 213.51 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.35 324.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 253.19 324.25 Td (of ) Tj ET Q q 0 0 0 rg BT 264.14 324.25 Td (each ) Tj ET Q q 0 0 0 rg BT 285.08 324.25 Td (engagement. ) Tj ET Q q 0 0 0 rg BT 338.52 324.25 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 378.91 324.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 422.62 324.25 Td (with ) Tj ET Q q 0 0 0 rg BT 443.03 324.25 Td (such ) Tj ET Q q 0 0 0 rg BT 463.98 324.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 514.37 324.25 Td (are ) Tj ET Q q 0 0 0 rg BT 529.20 324.25 Td (deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.25 Td (until ) Tj ET Q q 0 0 0 rg BT 70.20 312.25 Td (the ) Tj ET Q q 0 0 0 rg BT 84.78 312.25 Td (related ) Tj ET Q q 0 0 0 rg BT 114.34 312.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 148.35 312.25 Td (is ) Tj ET Q q 0 0 0 rg BT 157.38 312.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 203.61 312.25 Td (or ) Tj ET Q q 0 0 0 rg BT 214.30 312.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.88 312.25 Td (engagement ) Tj ET Q q 0 0 0 rg BT 279.55 312.25 Td (is ) Tj ET Q q 0 0 0 rg BT 288.58 312.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 329.82 312.25 Td (concluded. ) Tj ET Q q 0 0 0 rg BT 375.78 312.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 422.57 312.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 457.15 312.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 495.05 312.25 Td (are ) Tj ET Q q 0 0 0 rg BT 509.62 312.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 550.30 312.25 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.71 300.25 Td (related ) Tj ET Q q 0 0 0 rg BT 88.80 300.25 Td (unreimbursed ) Tj ET Q q 0 0 0 rg BT 145.67 300.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 183.65 300.25 Td (for ) Tj ET Q q 0 0 0 rg BT 197.20 300.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 240.73 300.25 Td (deals. ) Tj ET Q q 0 0 0 rg BT 265.66 300.25 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 305.31 300.25 Td (related ) Tj ET Q q 0 0 0 rg BT 334.40 300.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.06 300.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 389.83 300.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 423.93 300.25 Td (deals ) Tj ET Q q 0 0 0 rg BT 446.36 300.25 Td (not ) Tj ET Q q 0 0 0 rg BT 461.02 300.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 504.55 300.25 Td (are ) Tj ET Q q 0 0 0 rg BT 518.64 300.25 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 288.25 Td (non-interest ) Tj ET Q q 0 0 0 rg BT 110.59 288.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 149.19 288.25 Td (on ) Tj ET Q q 0 0 0 rg BT 161.69 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.41 288.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 229.45 288.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 274.16 288.25 Td (of ) Tj ET Q q 0 0 0 rg BT 284.99 288.25 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 264.25 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 100.89 264.25 Td (Br) Tj ET Q q 0 0 0 rg BT 110.51 264.25 Td (okerage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.72 264.25 Td ( ) Tj ET Q q 0 0 0 rg BT 145.22 264.25 Td ( ) Tj ET Q q 0 0 0 rg BT 152.71 264.25 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 203.53 264.25 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 246.00 264.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 284.04 264.25 Td (include ) Tj ET Q q 0 0 0 rg BT 315.96 264.25 Td (\(i\)commissions ) Tj ET Q q 0 0 0 rg BT 382.62 264.25 Td (received ) Tj ET Q q 0 0 0 rg BT 418.98 264.25 Td (from ) Tj ET Q q 0 0 0 rg BT 440.91 264.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 483.95 264.25 Td (for ) Tj ET Q q 0 0 0 rg BT 498.11 264.25 Td (the ) Tj ET Q q 0 0 0 rg BT 512.82 264.25 Td (execution ) Tj ET Q q 0 0 0 rg BT 554.18 264.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 90.91 252.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 140.11 252.25 Td (in ) Tj ET Q q 0 0 0 rg BT 149.32 252.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 172.42 252.25 Td (and ) Tj ET Q q 0 0 0 rg BT 188.29 252.25 Td (over) Tj ET Q q 0 0 0 rg BT 205.86 252.25 Td (-the-counter ) Tj ET Q q 0 0 0 rg BT 256.16 252.25 Td (\(OTC\) ) Tj ET Q q 0 0 0 rg BT 284.25 252.25 Td (equity) Tj ET Q q 0 0 0 rg BT 308.60 252.25 Td (, ) Tj ET Q q 0 0 0 rg BT 312.53 252.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 334.52 252.25 Td (income ) Tj ET Q q 0 0 0 rg BT 365.38 252.25 Td (and ) Tj ET Q q 0 0 0 rg BT 381.26 252.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 427.67 252.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 446.32 252.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 488.02 252.25 Td (which ) Tj ET Q q 0 0 0 rg BT 513.89 252.25 Td (are ) Tj ET Q q 0 0 0 rg BT 527.54 252.25 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (on ) Tj ET Q q 0 0 0 rg BT 61.28 240.25 Td (a ) Tj ET Q q 0 0 0 rg BT 67.50 240.25 Td (trade-date ) Tj ET Q q 0 0 0 rg BT 109.26 240.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 133.54 240.25 Td (\(ii\)trading ) Tj ET Q q 0 0 0 rg BT 178.36 240.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 201.25 240.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.47 240.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 243.15 240.25 Td (and ) Tj ET Q q 0 0 0 rg BT 259.37 240.25 Td (\(iii\)fees ) Tj ET Q q 0 0 0 rg BT 294.74 240.25 Td (received ) Tj ET Q q 0 0 0 rg BT 330.39 240.25 Td (by ) Tj ET Q q 0 0 0 rg BT 342.17 240.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.17 240.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 396.84 240.25 Td (for ) Tj ET Q q 0 0 0 rg BT 410.28 240.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 437.06 240.25 Td (research. ) Tj ET Q q 0 0 0 rg BT 474.52 240.25 Td (The ) Tj ET Q q 0 0 0 rg BT 491.85 240.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 532.52 240.25 Td (permits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 99.95 228.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 143.17 228.25 Td (to ) Tj ET Q q 0 0 0 rg BT 153.63 228.25 Td (allocate ) Tj ET Q q 0 0 0 rg BT 187.39 228.25 Td (a ) Tj ET Q q 0 0 0 rg BT 194.50 228.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 226.07 228.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.07 228.25 Td (their ) Tj ET Q q 0 0 0 rg BT 258.07 228.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 281.86 228.25 Td (commissions ) Tj ET Q q 0 0 0 rg BT 336.76 228.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.21 228.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 364.33 228.25 Td (for ) Tj ET Q q 0 0 0 rg BT 378.66 228.25 Td (research ) Tj ET Q q 0 0 0 rg BT 414.64 228.25 Td (products ) Tj ET Q q 0 0 0 rg BT 451.76 228.25 Td (and ) Tj ET Q q 0 0 0 rg BT 468.87 228.25 Td (other ) Tj ET Q q 0 0 0 rg BT 492.09 228.25 Td (services ) Tj ET Q q 0 0 0 rg BT 526.97 228.25 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (by ) Tj ET Q q 0 0 0 rg BT 61.72 216.25 Td (third ) Tj ET Q q 0 0 0 rg BT 82.82 216.25 Td (parties. ) Tj ET Q q 0 0 0 rg BT 114.04 216.25 Td (The ) Tj ET Q q 0 0 0 rg BT 131.80 216.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 167.91 216.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 206.21 216.25 Td (for ) Tj ET Q q 0 0 0 rg BT 220.09 216.25 Td (those ) Tj ET Q q 0 0 0 rg BT 243.42 216.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 281.19 216.25 Td (are ) Tj ET Q q 0 0 0 rg BT 295.61 216.25 Td (commonly ) Tj ET Q q 0 0 0 rg BT 340.61 216.25 Td (referred ) Tj ET Q q 0 0 0 rg BT 374.46 216.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.46 216.25 Td (as ) Tj ET Q q 0 0 0 rg BT 395.00 216.25 Td (soft ) Tj ET Q q 0 0 0 rg BT 412.22 216.25 Td (dollar ) Tj ET Q q 0 0 0 rg BT 437.77 216.25 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 495.86 216.25 Td (As ) Tj ET Q q 0 0 0 rg BT 509.19 216.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 216.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.25 Td (is ) Tj ET Q q 0 0 0 rg BT 59.08 204.25 Td (not ) Tj ET Q q 0 0 0 rg BT 74.76 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 89.89 204.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 124.45 204.25 Td (obligor ) Tj ET Q q 0 0 0 rg BT 156.24 204.25 Td (for ) Tj ET Q q 0 0 0 rg BT 170.81 204.25 Td (these ) Tj ET Q q 0 0 0 rg BT 194.26 204.25 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 253.53 204.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 292.54 204.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 325.98 204.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.67 204.25 Td (soft ) Tj ET Q q 0 0 0 rg BT 354.58 204.25 Td (dollars ) Tj ET Q q 0 0 0 rg BT 384.70 204.25 Td (are ) Tj ET Q q 0 0 0 rg BT 399.81 204.25 Td (netted ) Tj ET Q q 0 0 0 rg BT 427.15 204.25 Td (against ) Tj ET Q q 0 0 0 rg BT 458.39 204.25 Td (commission ) Tj ET Q q 0 0 0 rg BT 509.63 204.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 548.07 204.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (included ) Tj ET Q q 0 0 0 rg BT 86.43 192.25 Td (in ) Tj ET Q q 0 0 0 rg BT 96.71 192.25 Td (other ) Tj ET Q q 0 0 0 rg BT 119.76 192.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 159.48 192.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.41 192.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 210.00 192.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 248.60 192.25 Td (on ) Tj ET Q q 0 0 0 rg BT 261.10 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 275.81 192.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 328.86 192.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 373.57 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.40 192.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 421.88 192.25 Td (condition.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 168.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 74.77 168.25 Td (Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.98 168.25 Td ( ) Tj ET Q q 0 0 0 rg BT 131.14 168.25 Td ( ) Tj ET Q q 0 0 0 rg BT 139.38 168.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 165.76 168.25 Td (management ) Tj ET Q q 0 0 0 rg BT 221.01 168.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 241.27 168.25 Td (include ) Tj ET Q q 0 0 0 rg BT 274.86 168.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 314.56 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.94 168.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 373.99 168.25 Td (receives ) Tj ET Q q 0 0 0 rg BT 410.90 168.25 Td (in ) Tj ET Q q 0 0 0 rg BT 422.84 168.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 470.87 168.25 Td (with ) Tj ET Q q 0 0 0 rg BT 492.81 168.25 Td (management ) Tj ET Q q 0 0 0 rg BT 548.06 168.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.96 156.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 134.98 156.25 Td (services ) Tj ET Q q 0 0 0 rg BT 170.77 156.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 216.00 156.25 Td (for ) Tj ET Q q 0 0 0 rg BT 231.24 156.25 Td (separately ) Tj ET Q q 0 0 0 rg BT 275.35 156.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 315.03 156.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 353.60 156.25 Td (and ) Tj ET Q q 0 0 0 rg BT 371.62 156.25 Td (various ) Tj ET Q q 0 0 0 rg BT 404.64 156.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 430.44 156.25 Td (and ) Tj ET Q q 0 0 0 rg BT 448.46 156.25 Td (partnerships. ) Tj ET Q q 0 0 0 rg BT 503.16 156.25 Td (These ) Tj ET Q q 0 0 0 rg BT 530.62 156.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 550.30 156.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 95.26 144.25 Td (in ) Tj ET Q q 0 0 0 rg BT 104.94 144.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.06 144.25 Td (period ) Tj ET Q q 0 0 0 rg BT 146.51 144.25 Td (in ) Tj ET Q q 0 0 0 rg BT 156.19 144.25 Td (which ) Tj ET Q q 0 0 0 rg BT 182.53 144.25 Td (services ) Tj ET Q q 0 0 0 rg BT 216.64 144.25 Td (are ) Tj ET Q q 0 0 0 rg BT 230.75 144.25 Td (provided. ) Tj ET Q q 0 0 0 rg BT 270.70 144.25 Td (Fees ) Tj ET Q q 0 0 0 rg BT 290.93 144.25 Td (are ) Tj ET Q q 0 0 0 rg BT 305.04 144.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 336.93 144.25 Td (in ) Tj ET Q q 0 0 0 rg BT 346.61 144.25 Td (client ) Tj ET Q q 0 0 0 rg BT 370.72 144.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 408.72 144.25 Td (as ) Tj ET Q q 0 0 0 rg BT 418.95 144.25 Td (either ) Tj ET Q q 0 0 0 rg BT 443.61 144.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 466.06 144.25 Td (or ) Tj ET Q q 0 0 0 rg BT 476.29 144.25 Td (based ) Tj ET Q q 0 0 0 rg BT 500.96 144.25 Td (on ) Tj ET Q q 0 0 0 rg BT 512.87 144.25 Td (a ) Tj ET Q q 0 0 0 rg BT 519.21 144.25 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.87 132.25 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 96.90 132.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 122.26 132.25 Td (under ) Tj ET Q q 0 0 0 rg BT 147.07 132.25 Td (management ) Tj ET Q q 0 0 0 rg BT 200.19 132.25 Td (and ) Tj ET Q q 0 0 0 rg BT 216.67 132.25 Td (may ) Tj ET Q q 0 0 0 rg BT 235.92 132.25 Td (include ) Tj ET Q q 0 0 0 rg BT 267.39 132.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 319.95 132.25 Td (fees. ) Tj ET Q q 0 0 0 rg BT 340.58 132.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 393.70 132.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 411.84 132.25 Td (are ) Tj ET Q q 0 0 0 rg BT 426.08 132.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 454.76 132.25 Td (when ) Tj ET Q q 0 0 0 rg BT 478.46 132.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.71 132.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 538.63 132.25 Td (return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.25 Td (on ) Tj ET Q q 0 0 0 rg BT 61.57 120.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 86.96 120.25 Td (under ) Tj ET Q q 0 0 0 rg BT 111.79 120.25 Td (management ) Tj ET Q q 0 0 0 rg BT 164.95 120.25 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 198.66 120.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 227.93 120.25 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 274.42 120.25 Td (tar) Tj ET Q q 0 0 0 rg BT 284.78 120.25 Td (gets ) Tj ET Q q 0 0 0 rg BT 302.96 120.25 Td (or ) Tj ET Q q 0 0 0 rg BT 313.35 120.25 Td (other ) Tj ET Q q 0 0 0 rg BT 335.96 120.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 388.55 120.25 Td (tar) Tj ET Q q 0 0 0 rg BT 398.92 120.25 Td (gets ) Tj ET Q q 0 0 0 rg BT 417.09 120.25 Td (over ) Tj ET Q q 0 0 0 rg BT 436.93 120.25 Td (a ) Tj ET Q q 0 0 0 rg BT 443.43 120.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 481.59 120.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 536.97 120.25 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.25 Td (\(monthly) Tj ET Q q 0 0 0 rg BT 85.52 108.25 Td (, ) Tj ET Q q 0 0 0 rg BT 90.83 108.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 129.73 108.25 Td (or ) Tj ET Q q 0 0 0 rg BT 140.87 108.25 Td (annually\). ) Tj ET Q q 0 0 0 rg BT 183.94 108.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 237.84 108.25 Td (fees, ) Tj ET Q q 0 0 0 rg BT 259.25 108.25 Td (if ) Tj ET Q q 0 0 0 rg BT 268.16 108.25 Td (earned, ) Tj ET Q q 0 0 0 rg BT 300.12 108.25 Td (are ) Tj ET Q q 0 0 0 rg BT 315.14 108.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 355.15 108.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 401.82 108.25 Td (at ) Tj ET Q q 0 0 0 rg BT 411.85 108.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.88 108.25 Td (end ) Tj ET Q q 0 0 0 rg BT 444.12 108.25 Td (of ) Tj ET Q q 0 0 0 rg BT 455.26 108.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.29 108.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 509.19 108.25 Td (measurement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 80.15 96.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 117.74 96.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.56 96.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 159.60 96.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 190.52 96.25 Td (of ) Tj ET Q q 0 0 0 rg BT 201.45 96.25 Td (the ) Tj ET Q q 0 0 0 rg BT 216.27 96.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 259.96 96.25 Td (year) Tj ET Q q 0 0 0 rg BT 276.77 96.25 Td (, ) Tj ET Q q 0 0 0 rg BT 281.87 96.25 Td (or ) Tj ET Q q 0 0 0 rg BT 292.81 96.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 315.41 96.25 Td (client ) Tj ET Q q 0 0 0 rg BT 340.22 96.25 Td (liquidation. ) Tj ET Q q 0 0 0 rg BT 388.66 96.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 442.34 96.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 461.04 96.25 Td (are ) Tj ET Q q 0 0 0 rg BT 475.85 96.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 522.32 96.25 Td (as ) Tj ET Q q 0 0 0 rg BT 533.25 96.25 Td (of ) Tj ET Q q 0 0 0 rg BT 544.18 96.25 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 88.66 84.25 Td (date ) Tj ET Q q 0 0 0 rg BT 107.81 84.25 Td (for ) Tj ET Q q 0 0 0 rg BT 121.97 84.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 151.67 84.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 204.71 84.25 Td (entities.) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 708.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 68.57 708.10 Td (est ) Tj ET Q q 0 0 0 rg BT 82.19 708.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 118.57 708.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.09 708.10 Td (Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.40 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.92 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.25 708.10 Td (The ) Tj ET Q q 0 0 0 rg BT 197.31 708.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 238.72 708.10 Td (nets ) Tj ET Q q 0 0 0 rg BT 257.34 708.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.29 708.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 324.02 708.10 Td (within ) Tj ET Q q 0 0 0 rg BT 352.09 708.10 Td (net ) Tj ET Q q 0 0 0 rg BT 366.82 708.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 404.87 708.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.17 708.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 450.45 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.19 708.10 Td (ef) Tj ET Q q 0 0 0 rg BT 472.77 708.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 494.17 708.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.01 708.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 554.74 708.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.32 696.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 102.59 696.10 Td (on ) Tj ET Q q 0 0 0 rg BT 114.98 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.58 696.10 Td (Company) Tj ET Q q 0 0 0 rg BT 171.25 696.10 Td (s ) Tj ET Q q 0 0 0 rg BT 177.53 696.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 230.46 696.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 275.06 696.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.78 696.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 332.15 696.10 Td (The ) Tj ET Q q 0 0 0 rg BT 350.09 696.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 391.36 696.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 436.51 696.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 483.32 696.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 515.14 696.10 Td (on ) Tj ET Q q 0 0 0 rg BT 527.53 696.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 98.83 684.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 128.15 684.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.25 684.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.89 684.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 232.21 684.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 254.05 684.10 Td (but ) Tj ET Q q 0 0 0 rg BT 269.49 684.10 Td (not ) Tj ET Q q 0 0 0 rg BT 284.92 684.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 299.80 684.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 343.00 684.10 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 388.43 684.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 431.07 684.10 Td (instruments\), ) Tj ET Q q 0 0 0 rg BT 486.22 684.10 Td (on ) Tj ET Q q 0 0 0 rg BT 498.88 684.10 Td (an ) Tj ET Q q 0 0 0 rg BT 510.98 684.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 542.51 684.10 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.95 672.10 Td (a ) Tj ET Q q 0 0 0 rg BT 68.50 672.10 Td (component ) Tj ET Q q 0 0 0 rg BT 116.06 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.50 672.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 160.05 672.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 194.82 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.37 672.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 249.97 672.10 Td (The ) Tj ET Q q 0 0 0 rg BT 268.64 672.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 310.64 672.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 348.75 672.10 Td (for ) Tj ET Q q 0 0 0 rg BT 363.52 672.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 396.07 672.10 Td (related ) Tj ET Q q 0 0 0 rg BT 426.39 672.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.29 672.10 Td (its ) Tj ET Q q 0 0 0 rg BT 449.86 672.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 494.63 672.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 535.51 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 553.07 672.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 76.74 660.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 100.65 660.10 Td (on ) Tj ET Q q 0 0 0 rg BT 113.45 660.10 Td (an ) Tj ET Q q 0 0 0 rg BT 125.69 660.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 157.35 660.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 180.15 660.10 Td (with ) Tj ET Q q 0 0 0 rg BT 200.73 660.10 Td (related ) Tj ET Q q 0 0 0 rg BT 230.73 660.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 262.96 660.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 300.74 660.10 Td (as ) Tj ET Q q 0 0 0 rg BT 311.87 660.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 344.10 660.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 381.61 660.10 Td (In ) Tj ET Q q 0 0 0 rg BT 392.74 660.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 430.82 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.83 660.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 487.52 660.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 533.07 660.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 82.97 648.10 Td (related ) Tj ET Q q 0 0 0 rg BT 112.00 648.10 Td (to ) Tj ET Q q 0 0 0 rg BT 121.60 648.10 Td (its ) Tj ET Q q 0 0 0 rg BT 132.87 648.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 172.46 648.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 212.60 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.86 648.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 268.45 648.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 310.81 648.10 Td (under ) Tj ET Q q 0 0 0 rg BT 335.40 648.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 382.76 648.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.36 648.10 Td (resell ) Tj ET Q q 0 0 0 rg BT 415.84 648.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 453.76 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.02 648.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 501.28 648.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 535.31 648.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 636.10 Td (its ) Tj ET Q q 0 0 0 rg BT 71.73 636.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 111.99 636.10 Td (loaned ) Tj ET Q q 0 0 0 rg BT 141.15 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.08 636.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 198.35 636.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 217.52 636.10 Td (under ) Tj ET Q q 0 0 0 rg BT 242.79 636.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 290.82 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.10 636.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 346.90 636.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 385.50 636.10 Td (on ) Tj ET Q q 0 0 0 rg BT 398.00 636.10 Td (an ) Tj ET Q q 0 0 0 rg BT 409.94 636.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 441.30 636.10 Td (basis.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 95.02 612.10 Td (Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.65 612.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.85 612.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 180.49 612.10 Td (income ) Tj ET Q q 0 0 0 rg BT 212.13 612.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 247.66 612.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 281.50 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.14 612.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 341.99 612.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 365.30 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 381.94 612.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 408.04 612.10 Td (from ) Tj ET Q q 0 0 0 rg BT 429.68 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.10 612.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 490.88 612.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 530.29 612.10 Td (banking ) 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 66.44 600.10 Td (other ) Tj ET Q q 0 0 0 rg BT 89.49 600.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 109.20 600.10 Td (investments. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (Stock-based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (F) Tj ET Q q 0 0 0 rg BT 54.32 552.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 75.83 552.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 125.13 552.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 167.21 552.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 219.65 552.10 Td (T) Tj ET Q q 0 0 0 rg BT 225.06 552.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 244.91 552.10 Td (718, ) Tj ET Q q 0 0 0 rg BT 265.05 552.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 329.91 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.55 552.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 367.97 552.10 Td (Compensation, ) Tj ET Q q 0 0 0 rg BT 435.32 552.10 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 465.18 552.10 Td (718\) ) Tj ET Q q 0 0 0 rg BT 490.59 552.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 525.44 552.10 Td (all ) Tj ET Q q 0 0 0 rg BT 538.07 552.10 Td (stock-) 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 74.77 540.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 132.82 540.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.11 540.10 Td (be ) Tj ET Q q 0 0 0 rg BT 155.05 540.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 194.77 540.10 Td (on ) Tj ET Q q 0 0 0 rg BT 207.27 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.00 540.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 275.04 540.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 319.76 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.60 540.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 374.76 540.10 Td (based ) Tj ET Q q 0 0 0 rg BT 400.04 540.10 Td (on ) Tj ET Q q 0 0 0 rg BT 412.54 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.26 540.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 450.32 540.10 Td (date ) Tj ET Q q 0 0 0 rg BT 469.48 540.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 485.86 540.10 Td (value ) Tj ET Q q 0 0 0 rg BT 510.02 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.86 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.58 540.10 Td (award. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 110.25 528.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 145.43 528.10 Td (related ) Tj ET Q q 0 0 0 rg BT 175.61 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.36 528.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 236.54 528.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 267.84 528.10 Td (that ) Tj ET Q q 0 0 0 rg BT 285.81 528.10 Td (do ) Tj ET Q q 0 0 0 rg BT 298.78 528.10 Td (not ) Tj ET Q q 0 0 0 rg BT 314.54 528.10 Td (require ) Tj ET Q q 0 0 0 rg BT 345.83 528.10 Td (future ) Tj ET Q q 0 0 0 rg BT 372.68 528.10 Td (service ) Tj ET Q q 0 0 0 rg BT 403.97 528.10 Td (are ) Tj ET Q q 0 0 0 rg BT 419.15 528.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 465.99 528.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.74 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.94 528.10 Td (year ) Tj ET Q q 0 0 0 rg BT 512.12 528.10 Td (in ) Tj ET Q q 0 0 0 rg BT 522.87 528.10 Td (which ) Tj ET Q q 0 0 0 rg BT 550.28 528.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 80.42 516.10 Td (were ) Tj ET Q q 0 0 0 rg BT 102.46 516.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 136.15 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.54 516.10 Td (be ) Tj ET Q q 0 0 0 rg BT 158.58 516.10 Td (earned. ) Tj ET Q q 0 0 0 rg BT 190.33 516.10 Td (Stock-based ) Tj ET Q q 0 0 0 rg BT 241.81 516.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 272.73 516.10 Td (that ) Tj ET Q q 0 0 0 rg BT 290.33 516.10 Td (require ) Tj ET Q q 0 0 0 rg BT 321.25 516.10 Td (future ) Tj ET Q q 0 0 0 rg BT 347.73 516.10 Td (service ) Tj ET Q q 0 0 0 rg BT 378.65 516.10 Td (are ) Tj ET Q q 0 0 0 rg BT 393.46 516.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 436.05 516.10 Td (over ) Tj ET Q q 0 0 0 rg BT 456.42 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.24 516.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 506.05 516.10 Td (service ) Tj ET Q q 0 0 0 rg BT 536.97 516.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (net ) Tj ET Q q 0 0 0 rg BT 64.20 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 75.01 504.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 115.81 504.10 Td (forfeitures. ) Tj ET Q q 0 0 0 rg BT 162.43 504.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.35 504.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 201.27 504.10 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.27 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.75 504.10 Td (for ) Tj ET Q q 0 0 0 rg BT 227.89 504.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 270.36 504.10 Td (information ) Tj ET Q q 0 0 0 rg BT 320.05 504.10 Td (on ) Tj ET Q q 0 0 0 rg BT 332.53 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.22 504.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 394.28 504.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 440.63 504.10 Td (for ) Tj ET Q q 0 0 0 rg BT 454.77 504.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 504.46 504.10 Td (compensation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 83.48 480.10 Td (T) Tj ET Q q 0 0 0 rg BT 89.23 480.10 Td (axes) 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 67.39 456.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.62 456.10 Td (files ) Tj ET Q q 0 0 0 rg BT 128.18 456.10 Td (a ) Tj ET Q q 0 0 0 rg BT 134.96 456.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 187.85 456.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 207.98 456.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 238.07 456.10 Td (income ) Tj ET Q q 0 0 0 rg BT 269.85 456.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 284.41 456.10 Td (return, ) Tj ET Q q 0 0 0 rg BT 313.13 456.10 Td (which ) Tj ET Q q 0 0 0 rg BT 339.92 456.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 375.58 456.10 Td (all ) Tj ET Q q 0 0 0 rg BT 387.92 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.60 456.10 Td (its ) Tj ET Q q 0 0 0 rg BT 410.39 456.10 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 453.84 456.10 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 505.73 456.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.62 456.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.26 444.10 Td (also ) Tj ET Q q 0 0 0 rg BT 76.45 444.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 106.87 444.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.73 444.10 Td (income ) Tj ET Q q 0 0 0 rg BT 148.25 444.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 162.56 444.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.42 444.10 Td (various ) Tj ET Q q 0 0 0 rg BT 203.95 444.10 Td (states ) Tj ET Q q 0 0 0 rg BT 228.25 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.78 444.10 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 303.52 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.05 444.10 Td (those ) Tj ET Q q 0 0 0 rg BT 343.24 444.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 374.21 444.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 425.74 444.10 Td (in ) Tj ET Q q 0 0 0 rg BT 435.60 444.10 Td (which ) Tj ET Q q 0 0 0 rg BT 462.13 444.10 Td (we ) Tj ET Q q 0 0 0 rg BT 475.88 444.10 Td (operate. ) Tj ET Q q 0 0 0 rg BT 509.89 444.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 541.96 444.10 Td (taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.10 432.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 102.05 432.10 Td (for ) Tj ET Q q 0 0 0 rg BT 116.10 432.10 Td (using ) Tj ET Q q 0 0 0 rg BT 140.17 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.78 432.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 176.62 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.45 432.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 226.96 432.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 261.85 432.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 299.77 432.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 314.39 432.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 340.11 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.95 432.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 396.56 432.10 Td (are ) Tj ET Q q 0 0 0 rg BT 411.17 432.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 457.42 432.10 Td (for ) Tj ET Q q 0 0 0 rg BT 471.48 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.09 432.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 524.02 432.10 Td (future ) Tj ET Q q 0 0 0 rg BT 550.30 432.10 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (consequences ) Tj ET Q q 0 0 0 rg BT 107.49 420.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 156.05 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.85 420.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 210.96 420.10 Td (dif) Tj ET Q q 0 0 0 rg BT 221.89 420.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 258.21 420.10 Td (between ) Tj ET Q q 0 0 0 rg BT 294.55 420.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 331.45 420.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 367.79 420.10 Td (for ) Tj ET Q q 0 0 0 rg BT 382.47 420.10 Td (income ) Tj ET Q q 0 0 0 rg BT 414.92 420.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 430.16 420.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 468.73 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.18 420.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.18 420.10 Td (statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 89.18 408.10 Td (using ) Tj ET Q q 0 0 0 rg BT 112.48 408.10 Td (enacted ) Tj ET Q q 0 0 0 rg BT 144.64 408.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 158.48 408.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 178.99 408.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 216.15 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.56 408.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 249.40 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 258.81 408.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 289.31 408.10 Td (income ) Tj ET Q q 0 0 0 rg BT 320.37 408.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.78 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.62 408.10 Td (years ) Tj ET Q q 0 0 0 rg BT 366.35 408.10 Td (in ) Tj ET Q q 0 0 0 rg BT 375.76 408.10 Td (which ) Tj ET Q q 0 0 0 rg BT 401.82 408.10 Td (those ) Tj ET Q q 0 0 0 rg BT 424.56 408.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 467.28 408.10 Td (dif) Tj ET Q q 0 0 0 rg BT 478.21 408.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 513.15 408.10 Td (are ) Tj ET Q q 0 0 0 rg BT 526.98 408.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 396.10 Td (be ) Tj ET Q q 0 0 0 rg BT 71.72 396.10 Td (recovered ) Tj ET Q q 0 0 0 rg BT 113.64 396.10 Td (or ) Tj ET Q q 0 0 0 rg BT 124.47 396.10 Td (settled. ) Tj ET Q q 0 0 0 rg BT 155.40 396.10 Td (The ) Tj ET Q q 0 0 0 rg BT 173.45 396.10 Td (realization ) Tj ET Q q 0 0 0 rg BT 218.15 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.98 396.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 264.79 396.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 279.50 396.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 305.34 396.10 Td (is ) Tj ET Q q 0 0 0 rg BT 314.51 396.10 Td (assessed ) Tj ET Q q 0 0 0 rg BT 350.89 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.83 396.10 Td (a ) Tj ET Q q 0 0 0 rg BT 374.78 396.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 414.49 396.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 457.52 396.10 Td (is ) Tj ET Q q 0 0 0 rg BT 466.70 396.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 513.06 396.10 Td (to ) Tj ET Q q 0 0 0 rg BT 523.34 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.06 396.10 Td (extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.99 384.10 Td (it ) Tj ET Q q 0 0 0 rg BT 75.04 384.10 Td (is ) Tj ET Q q 0 0 0 rg BT 84.21 384.10 Td (more ) Tj ET Q q 0 0 0 rg BT 107.25 384.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 132.52 384.10 Td (than ) Tj ET Q q 0 0 0 rg BT 152.23 384.10 Td (not ) Tj ET Q q 0 0 0 rg BT 167.50 384.10 Td (that ) Tj ET Q q 0 0 0 rg BT 184.99 384.10 Td (any ) Tj ET Q q 0 0 0 rg BT 201.93 384.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 233.31 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.13 384.10 Td (a ) Tj ET Q q 0 0 0 rg BT 251.07 384.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 286.87 384.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 301.58 384.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 323.51 384.10 Td (will ) Tj ET Q q 0 0 0 rg BT 341.57 384.10 Td (not ) Tj ET Q q 0 0 0 rg BT 356.84 384.10 Td (be ) Tj ET Q q 0 0 0 rg BT 368.77 384.10 Td (realized. ) Tj ET Q q 0 0 0 rg BT 405.23 384.10 Td (T) Tj ET Q q 0 0 0 rg BT 410.64 384.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 422.57 384.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 457.83 384.10 Td (for ) Tj ET Q q 0 0 0 rg BT 471.98 384.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 511.68 384.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 526.39 384.10 Td (positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.21 372.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 101.68 372.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.96 372.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 159.42 372.10 Td (with ) Tj ET Q q 0 0 0 rg BT 179.70 372.10 Td (F) Tj ET Q q 0 0 0 rg BT 184.52 372.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 205.92 372.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 255.08 372.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 297.01 372.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 349.32 372.10 Td (T) Tj ET Q q 0 0 0 rg BT 354.73 372.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 374.45 372.10 Td (740, ) Tj ET Q q 0 0 0 rg BT 394.45 372.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 431.19 372.10 Td (T) Tj ET Q q 0 0 0 rg BT 436.60 372.10 Td (axes ) Tj ET Q q 0 0 0 rg BT 461.31 372.10 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 491.03 372.10 Td (740\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (Earnings Per) Tj ET Q q 0 0 0 rg BT 105.71 348.10 Td ( Shar) Tj ET Q q 0 0 0 rg BT 128.59 348.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (Basic ) Tj ET Q q 0 0 0 rg BT 73.99 324.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 110.14 324.10 Td (per ) Tj ET Q q 0 0 0 rg BT 125.19 324.10 Td (common ) Tj ET Q q 0 0 0 rg BT 162.46 324.10 Td (share ) Tj ET Q q 0 0 0 rg BT 185.83 324.10 Td (is ) Tj ET Q q 0 0 0 rg BT 194.78 324.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 236.49 324.10 Td (by ) Tj ET Q q 0 0 0 rg BT 248.76 324.10 Td (dividing ) Tj ET Q q 0 0 0 rg BT 284.37 324.10 Td (net ) Tj ET Q q 0 0 0 rg BT 298.87 324.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 355.57 324.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 398.94 324.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.99 324.10 Td (common ) Tj ET Q q 0 0 0 rg BT 446.26 324.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 499.08 324.10 Td (by ) Tj ET Q q 0 0 0 rg BT 511.35 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.84 324.10 Td (weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (average ) Tj ET Q q 0 0 0 rg BT 83.30 312.10 Td (number ) Tj ET Q q 0 0 0 rg BT 116.55 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.60 312.10 Td (common ) Tj ET Q q 0 0 0 rg BT 165.30 312.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 193.00 312.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 242.38 312.10 Td (for ) Tj ET Q q 0 0 0 rg BT 256.75 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.68 312.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 302.44 312.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 319.59 312.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 376.73 312.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 420.53 312.10 Td (to ) Tj ET Q q 0 0 0 rg BT 431.02 312.10 Td (common ) Tj ET Q q 0 0 0 rg BT 468.73 312.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 521.98 312.10 Td (represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (net ) Tj ET Q q 0 0 0 rg BT 63.21 300.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 119.14 300.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 152.28 300.10 Td (by ) Tj ET Q q 0 0 0 rg BT 163.77 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.48 300.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 218.41 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.23 300.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 263.60 300.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.87 300.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 324.91 300.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 366.66 300.10 Td (Losses ) Tj ET Q q 0 0 0 rg BT 395.38 300.10 Td (are ) Tj ET Q q 0 0 0 rg BT 409.08 300.10 Td (not ) Tj ET Q q 0 0 0 rg BT 423.35 300.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 460.94 300.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.21 300.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 522.24 300.10 Td (securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 82.16 288.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 118.71 288.10 Td (per ) Tj ET Q q 0 0 0 rg BT 134.15 288.10 Td (common ) Tj ET Q q 0 0 0 rg BT 171.81 288.10 Td (share ) Tj ET Q q 0 0 0 rg BT 195.58 288.10 Td (is ) Tj ET Q q 0 0 0 rg BT 204.92 288.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 248.11 288.10 Td (by ) Tj ET Q q 0 0 0 rg BT 260.78 288.10 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 300.11 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.00 288.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 354.32 288.10 Td (average ) Tj ET Q q 0 0 0 rg BT 388.07 288.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 437.41 288.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 465.07 288.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.51 288.10 Td (assume ) Tj ET Q q 0 0 0 rg BT 507.62 288.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 554.17 288.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (all ) Tj ET Q q 0 0 0 rg BT 62.00 276.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 107.26 276.10 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 140.32 276.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 163.92 276.10 Td (options.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (Unvested ) Tj ET Q q 0 0 0 rg BT 90.26 252.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 140.45 252.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 177.87 252.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 209.18 252.10 Td (that ) Tj ET Q q 0 0 0 rg BT 227.16 252.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 259.58 252.10 Td (nonforfeitable ) Tj ET Q q 0 0 0 rg BT 319.21 252.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 344.98 252.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.74 252.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 397.62 252.10 Td (or ) Tj ET Q q 0 0 0 rg BT 408.93 252.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 446.92 252.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 495.44 252.10 Td (\(whether ) Tj ET Q q 0 0 0 rg BT 533.97 252.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 554.17 252.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (unpaid\) ) Tj ET Q q 0 0 0 rg BT 82.29 240.10 Td (are ) Tj ET Q q 0 0 0 rg BT 96.74 240.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 149.53 240.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 189.54 240.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.22 240.10 Td (are ) Tj ET Q q 0 0 0 rg BT 220.67 240.10 Td (included ) Tj ET Q q 0 0 0 rg BT 257.35 240.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.37 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.83 240.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 317.96 240.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 359.63 240.10 Td (in ) Tj ET Q q 0 0 0 rg BT 369.65 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.12 240.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 420.24 240.10 Td (per ) Tj ET Q q 0 0 0 rg BT 435.25 240.10 Td (share ) Tj ET Q q 0 0 0 rg BT 458.60 240.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 504.71 240.10 Td (under ) Tj ET Q q 0 0 0 rg BT 529.72 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.18 240.10 Td (two-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (class ) Tj ET Q q 0 0 0 rg BT 71.95 228.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 107.23 228.10 Td (The ) Tj ET Q q 0 0 0 rg BT 125.79 228.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 167.68 228.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 195.13 228.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 235.34 228.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 259.45 228.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.90 228.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 317.11 228.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 341.23 228.10 Td (units ) Tj ET Q q 0 0 0 rg BT 363.68 228.10 Td (as ) Tj ET Q q 0 0 0 rg BT 375.02 228.10 Td (part ) Tj ET Q q 0 0 0 rg BT 393.57 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.91 228.10 Td (its ) Tj ET Q q 0 0 0 rg BT 417.37 228.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 467.58 228.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 526.13 228.10 Td (program. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (Recipients ) Tj ET Q q 0 0 0 rg BT 94.79 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.20 216.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 146.48 216.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 170.67 216.10 Td (are ) Tj ET Q q 0 0 0 rg BT 185.96 216.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 219.03 216.10 Td (to ) Tj ET Q q 0 0 0 rg BT 229.89 216.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 261.83 216.10 Td (nonforfeitable ) Tj ET Q q 0 0 0 rg BT 321.55 216.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 363.52 216.10 Td (during ) Tj ET Q q 0 0 0 rg BT 392.71 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.00 216.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 439.97 216.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 471.10 216.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.62 216.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 527.78 216.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 550.29 216.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 91.11 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.16 204.10 Td (a ) Tj ET Q q 0 0 0 rg BT 109.32 204.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 162.59 204.10 Td (security) Tj ET Q q 0 0 0 rg BT 193.59 204.10 Td (. ) Tj ET Q q 0 0 0 rg BT 198.62 204.10 Td (The ) Tj ET Q q 0 0 0 rg BT 216.89 204.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 264.20 204.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 302.47 204.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 342.39 204.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 366.23 204.10 Td (units ) Tj ET Q q 0 0 0 rg BT 388.40 204.10 Td (are ) Tj ET Q q 0 0 0 rg BT 403.33 204.10 Td (not ) Tj ET Q q 0 0 0 rg BT 418.83 204.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 472.10 204.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 512.58 204.10 Td (as ) Tj ET Q q 0 0 0 rg BT 523.64 204.10 Td (recipients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.21 192.10 Td (not ) Tj ET Q q 0 0 0 rg BT 79.49 192.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 111.98 192.10 Td (to ) Tj ET Q q 0 0 0 rg BT 122.25 192.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 153.62 192.10 Td (nonforfeitable ) Tj ET Q q 0 0 0 rg BT 212.76 192.10 Td (dividends.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (For) Tj ET Q q 0 0 0 rg BT 64.87 168.10 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 106.62 168.10 Td (ency ) Tj ET Q q 0 0 0 rg BT 128.38 168.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.31 168.10 Td (ranslation) 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 68.03 144.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.90 144.10 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 162.32 144.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 194.18 144.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 244.38 144.10 Td (which ) Tj ET Q q 0 0 0 rg BT 271.80 144.10 Td (have ) Tj ET Q q 0 0 0 rg BT 293.66 144.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 339.41 144.10 Td (their ) Tj ET Q q 0 0 0 rg BT 360.72 144.10 Td (local ) Tj ET Q q 0 0 0 rg BT 383.13 144.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 421.09 144.10 Td (as ) Tj ET Q q 0 0 0 rg BT 432.41 144.10 Td (their ) Tj ET Q q 0 0 0 rg BT 453.71 144.10 Td (functional ) Tj ET Q q 0 0 0 rg BT 497.24 144.10 Td (currency) Tj ET Q q 0 0 0 rg BT 531.57 144.10 Td (. ) Tj ET Q q 0 0 0 rg BT 536.39 144.10 Td (Assets ) 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 65.54 132.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 104.36 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.29 132.10 Td (these ) Tj ET Q q 0 0 0 rg BT 136.44 132.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 166.92 132.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 215.74 132.10 Td (are ) Tj ET Q q 0 0 0 rg BT 229.54 132.10 Td (translated ) Tj ET Q q 0 0 0 rg BT 270.02 132.10 Td (at ) Tj ET Q q 0 0 0 rg BT 278.84 132.10 Td (year) Tj ET Q q 0 0 0 rg BT 295.84 132.10 Td (-end ) Tj ET Q q 0 0 0 rg BT 315.21 132.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 335.69 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.62 132.10 Td (exchange. ) Tj ET Q q 0 0 0 rg BT 387.36 132.10 Td (The ) Tj ET Q q 0 0 0 rg BT 404.51 132.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 427.22 132.10 Td (or ) Tj ET Q q 0 0 0 rg BT 437.15 132.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 462.65 132.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 499.24 132.10 Td (from ) Tj ET Q q 0 0 0 rg BT 520.28 132.10 Td (translating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 80.29 120.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 117.19 120.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.09 120.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 198.22 120.10 Td (are ) Tj ET Q q 0 0 0 rg BT 212.34 120.10 Td (included ) Tj ET Q q 0 0 0 rg BT 248.69 120.10 Td (in ) Tj ET Q q 0 0 0 rg BT 258.39 120.10 Td (other ) Tj ET Q q 0 0 0 rg BT 280.85 120.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 343.30 120.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 377.16 120.10 Td (Gains ) Tj ET Q q 0 0 0 rg BT 402.40 120.10 Td (or ) Tj ET Q q 0 0 0 rg BT 412.65 120.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 438.46 120.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 475.38 120.10 Td (from ) Tj ET Q q 0 0 0 rg BT 496.73 120.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 527.53 120.10 Td (currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 99.76 108.10 Td (are ) Tj ET Q q 0 0 0 rg BT 114.47 108.10 Td (included ) Tj ET Q q 0 0 0 rg BT 151.40 108.10 Td (in ) Tj ET Q q 0 0 0 rg BT 161.68 108.10 Td (net ) Tj ET Q q 0 0 0 rg BT 176.40 108.10 Td (income.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.25 Td (Contingencies) 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 66.90 684.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.63 684.25 Td (is ) Tj ET Q q 0 0 0 rg BT 116.15 684.25 Td (involved ) Tj ET Q q 0 0 0 rg BT 153.00 684.25 Td (in ) Tj ET Q q 0 0 0 rg BT 162.63 684.25 Td (various ) Tj ET Q q 0 0 0 rg BT 193.91 684.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 227.98 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.27 684.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 281.11 684.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 302.39 684.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 352.56 684.25 Td (related ) Tj ET Q q 0 0 0 rg BT 381.61 684.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.24 684.25 Td (its ) Tj ET Q q 0 0 0 rg BT 402.53 684.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 440.77 684.25 Td (including ) Tj ET Q q 0 0 0 rg BT 480.40 684.25 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 520.86 684.25 Td (arbitration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.67 672.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 110.50 672.25 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 163.85 672.25 Td (The ) Tj ET Q q 0 0 0 rg BT 182.13 672.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 223.74 672.25 Td (establishes ) Tj ET Q q 0 0 0 rg BT 269.80 672.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 305.29 672.25 Td (for ) Tj ET Q q 0 0 0 rg BT 319.68 672.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 357.41 672.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 384.03 672.25 Td (to ) Tj ET Q q 0 0 0 rg BT 394.54 672.25 Td (the ) Tj ET Q q 0 0 0 rg BT 409.49 672.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 436.65 672.25 Td (that ) Tj ET Q q 0 0 0 rg BT 454.38 672.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 483.22 672.25 Td (are ) Tj ET Q q 0 0 0 rg BT 498.16 672.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 535.87 672.25 Td (of ) Tj ET Q q 0 0 0 rg BT 546.93 672.25 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.79 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.87 660.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 111.72 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.90 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.97 660.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 153.39 660.25 Td (can ) Tj ET Q q 0 0 0 rg BT 169.12 660.25 Td (be ) Tj ET Q q 0 0 0 rg BT 180.42 660.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 225.59 660.25 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 268.13 660.25 Td (The ) Tj ET Q q 0 0 0 rg BT 285.53 660.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 342.93 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 353.11 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 367.18 660.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 403.47 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.77 660.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 450.49 660.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 486.23 660.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 520.29 660.25 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 89.77 648.25 Td (on ) Tj ET Q q 0 0 0 rg BT 102.27 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 116.99 648.25 Td (part ) Tj ET Q q 0 0 0 rg BT 135.04 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.87 648.25 Td (management.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (Note 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.49 624.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.99 624.25 Td (Recent ) Tj ET Q q 0 0 0 rg BT 109.51 624.25 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 167.18 624.25 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.39 624.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (Futur) Tj ET Q q 0 0 0 rg BT 74.82 600.25 Td (e ) Tj ET Q q 0 0 0 rg BT 81.21 600.25 Td (Adoption ) Tj ET Q q 0 0 0 rg BT 123.72 600.25 Td (of ) Tj ET Q q 0 0 0 rg BT 134.55 600.25 Td (New ) Tj ET Q q 0 0 0 rg BT 155.38 600.25 Td (Applicable ) Tj ET Q q 0 0 0 rg BT 203.45 600.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 254.84 600.25 Td (Standards) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.25 Td (In ) Tj ET Q q 0 0 0 rg BT 61.57 552.25 Td (May ) Tj ET Q q 0 0 0 rg BT 83.14 552.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 108.88 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.34 552.25 Td (F) Tj ET Q q 0 0 0 rg BT 129.16 552.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 151.86 552.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 179.38 552.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 202.63 552.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 220.59 552.25 Td (2014-09, ) Tj ET Q q 0 0 0 rg BT 259.66 552.25 Td ("Revenue ) Tj ET Q q 0 0 0 rg BT 301.97 552.25 Td (from ) Tj ET Q q 0 0 0 rg BT 324.65 552.25 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 366.22 552.25 Td (with ) Tj ET Q q 0 0 0 rg BT 387.24 552.25 Td (Customers ) Tj ET Q q 0 0 0 rg BT 433.26 552.25 Td (\(T) Tj ET Q q 0 0 0 rg BT 442.00 552.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 462.45 552.25 Td (606\)," ) Tj ET Q q 0 0 0 rg BT 490.61 552.25 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 521.27 552.25 Td (2014-09"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (which ) Tj ET Q q 0 0 0 rg BT 78.13 540.25 Td (supersedes ) Tj ET Q q 0 0 0 rg BT 125.14 540.25 Td (current ) Tj ET Q q 0 0 0 rg BT 157.15 540.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 192.48 540.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 241.71 540.25 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 284.00 540.25 Td (including ) Tj ET Q q 0 0 0 rg BT 325.46 540.25 Td (most ) Tj ET Q q 0 0 0 rg BT 348.60 540.25 Td (industry-specific ) Tj ET Q q 0 0 0 rg BT 419.49 540.25 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 460.96 540.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 484.66 540.25 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 521.68 540.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 557.58 540.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.25 Td (company ) Tj ET Q q 0 0 0 rg BT 88.12 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.35 528.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 137.68 528.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 170.78 528.25 Td (when ) Tj ET Q q 0 0 0 rg BT 193.90 528.25 Td (it ) Tj ET Q q 0 0 0 rg BT 200.92 528.25 Td (transfers ) Tj ET Q q 0 0 0 rg BT 236.81 528.25 Td (promised ) Tj ET Q q 0 0 0 rg BT 275.48 528.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 300.83 528.25 Td (or ) Tj ET Q q 0 0 0 rg BT 310.63 528.25 Td (services ) Tj ET Q q 0 0 0 rg BT 344.29 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.53 528.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 395.54 528.25 Td (in ) Tj ET Q q 0 0 0 rg BT 404.78 528.25 Td (an ) Tj ET Q q 0 0 0 rg BT 415.67 528.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 447.13 528.25 Td (that ) Tj ET Q q 0 0 0 rg BT 463.58 528.25 Td (reflects ) Tj ET Q q 0 0 0 rg BT 494.47 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.14 528.25 Td (consideration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.68 516.25 Td (which ) Tj ET Q q 0 0 0 rg BT 88.03 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.15 516.25 Td (company ) Tj ET Q q 0 0 0 rg BT 142.71 516.25 Td (expects ) Tj ET Q q 0 0 0 rg BT 175.60 516.25 Td (to ) Tj ET Q q 0 0 0 rg BT 186.28 516.25 Td (be ) Tj ET Q q 0 0 0 rg BT 198.63 516.25 Td (entitled ) Tj ET Q q 0 0 0 rg BT 231.52 516.25 Td (in ) Tj ET Q q 0 0 0 rg BT 242.21 516.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 282.87 516.25 Td (for ) Tj ET Q q 0 0 0 rg BT 297.43 516.25 Td (those ) Tj ET Q q 0 0 0 rg BT 321.45 516.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 348.24 516.25 Td (and ) Tj ET Q q 0 0 0 rg BT 365.59 516.25 Td (services, ) Tj ET Q q 0 0 0 rg BT 403.20 516.25 Td (and ) Tj ET Q q 0 0 0 rg BT 420.54 516.25 Td (also ) Tj ET Q q 0 0 0 rg BT 439.56 516.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 474.67 516.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 517.56 516.25 Td (disclosures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 91.09 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 106.08 504.25 Td (nature, ) Tj ET Q q 0 0 0 rg BT 136.34 504.25 Td (amount, ) Tj ET Q q 0 0 0 rg BT 171.61 504.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 200.49 504.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.71 504.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 265.46 504.25 Td (of ) Tj ET Q q 0 0 0 rg BT 276.56 504.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 310.98 504.25 Td (that ) Tj ET Q q 0 0 0 rg BT 328.75 504.25 Td (is ) Tj ET Q q 0 0 0 rg BT 338.19 504.25 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 387.13 504.25 Td (The ) Tj ET Q q 0 0 0 rg BT 405.45 504.25 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 446.82 504.25 Td (as ) Tj ET Q q 0 0 0 rg BT 457.92 504.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 484.02 504.25 Td (in ) Tj ET Q q 0 0 0 rg BT 493.96 504.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 516.74 504.25 Td (2014-09, ) Tj ET Q q 0 0 0 rg BT 555.34 504.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 492.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 86.94 492.25 Td (for ) Tj ET Q q 0 0 0 rg BT 100.76 492.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 129.57 492.25 Td (and ) Tj ET Q q 0 0 0 rg BT 146.16 492.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 177.20 492.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 208.79 492.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 250.94 492.25 Td (after ) Tj ET Q q 0 0 0 rg BT 271.41 492.25 Td (December ) Tj ET Q q 0 0 0 rg BT 314.65 492.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 329.31 492.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 353.96 492.25 Td (In ) Tj ET Q q 0 0 0 rg BT 363.97 492.25 Td (August ) Tj ET Q q 0 0 0 rg BT 395.02 492.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 419.67 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 434.04 492.25 Td (F) Tj ET Q q 0 0 0 rg BT 438.86 492.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 460.47 492.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 487.15 492.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 509.31 492.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 526.19 492.25 Td (2015-14, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.25 Td ("Revenue ) Tj ET Q q 0 0 0 rg BT 92.11 480.25 Td (from ) Tj ET Q q 0 0 0 rg BT 114.60 480.25 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 155.97 480.25 Td (with ) Tj ET Q q 0 0 0 rg BT 176.79 480.25 Td (Customers ) Tj ET Q q 0 0 0 rg BT 222.62 480.25 Td (\(T) Tj ET Q q 0 0 0 rg BT 231.36 480.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 251.62 480.25 Td (606\): ) Tj ET Q q 0 0 0 rg BT 275.77 480.25 Td (Deferral ) Tj ET Q q 0 0 0 rg BT 312.13 480.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.50 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.76 480.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 348.02 480.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 378.27 480.25 Td (Date," ) Tj ET Q q 0 0 0 rg BT 406.78 480.25 Td (which ) Tj ET Q q 0 0 0 rg BT 434.26 480.25 Td (defers ) Tj ET Q q 0 0 0 rg BT 461.73 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 477.00 480.25 Td (ef) Tj ET Q q 0 0 0 rg BT 484.58 480.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 514.83 480.25 Td (date ) Tj ET Q q 0 0 0 rg BT 534.53 480.25 Td (by ) Tj ET Q q 0 0 0 rg BT 547.58 480.25 Td (one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (year) Tj ET Q q 0 0 0 rg BT 66.81 468.25 Td (, ) Tj ET Q q 0 0 0 rg BT 71.76 468.25 Td (with ) Tj ET Q q 0 0 0 rg BT 91.99 468.25 Td (early ) Tj ET Q q 0 0 0 rg BT 114.43 468.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 151.88 468.25 Td (on ) Tj ET Q q 0 0 0 rg BT 164.33 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.00 468.25 Td (original ) Tj ET Q q 0 0 0 rg BT 212.55 468.25 Td (ef) Tj ET Q q 0 0 0 rg BT 220.14 468.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 249.80 468.25 Td (date ) Tj ET Q q 0 0 0 rg BT 268.90 468.25 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 312.00 468.25 Td (The ) Tj ET Q q 0 0 0 rg BT 330.00 468.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 371.34 468.25 Td (is ) Tj ET Q q 0 0 0 rg BT 380.46 468.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 424.56 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.23 468.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 468.90 468.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.68 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.35 468.25 Td (new ) Tj ET Q q 0 0 0 rg BT 513.46 468.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 552.01 468.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.25 Td (its ) Tj ET Q q 0 0 0 rg BT 61.95 456.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 114.99 456.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 152.47 456.25 Td (statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 432.25 Td (Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.25 Td (In ) Tj ET Q q 0 0 0 rg BT 63.57 408.25 Td (February ) Tj ET Q q 0 0 0 rg BT 104.92 408.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 132.66 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 150.12 408.25 Td (F) Tj ET Q q 0 0 0 rg BT 154.94 408.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 179.63 408.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 208.72 408.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 233.97 408.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 253.93 408.25 Td (2015-02, ) Tj ET Q q 0 0 0 rg BT 295.01 408.25 Td ("Consolidation ) Tj ET Q q 0 0 0 rg BT 360.44 408.25 Td (\(T) Tj ET Q q 0 0 0 rg BT 369.18 408.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 391.64 408.25 Td (810\): ) Tj ET Q q 0 0 0 rg BT 416.84 408.25 Td (Amendments ) Tj ET Q q 0 0 0 rg BT 475.41 408.25 Td (to ) Tj ET Q q 0 0 0 rg BT 488.43 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 505.89 408.25 Td (Consolidation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.25 Td (Analysis" ) Tj ET Q q 0 0 0 rg BT 92.76 396.25 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 123.85 396.25 Td (2015-02"\). ) Tj ET Q q 0 0 0 rg BT 169.95 396.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 193.63 396.25 Td (2015-02 ) Tj ET Q q 0 0 0 rg BT 230.64 396.25 Td (makes ) Tj ET Q q 0 0 0 rg BT 259.86 396.25 Td (several ) Tj ET Q q 0 0 0 rg BT 291.85 396.25 Td (modifications ) Tj ET Q q 0 0 0 rg BT 350.51 396.25 Td (to ) Tj ET Q q 0 0 0 rg BT 361.96 396.25 Td (the ) Tj ET Q q 0 0 0 rg BT 377.86 396.25 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 435.41 396.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 475.18 396.25 Td (for ) Tj ET Q q 0 0 0 rg BT 490.25 396.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 514.48 396.25 Td (and ) Tj ET Q q 0 0 0 rg BT 532.59 396.25 Td (general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (partners' ) Tj ET Q q 0 0 0 rg BT 86.47 384.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 136.71 384.25 Td (in ) Tj ET Q q 0 0 0 rg BT 146.96 384.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 177.75 384.25 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 231.59 384.25 Td (as ) Tj ET Q q 0 0 0 rg BT 242.39 384.25 Td (well ) Tj ET Q q 0 0 0 rg BT 262.07 384.25 Td (as ) Tj ET Q q 0 0 0 rg BT 272.86 384.25 Td (modifications ) Tj ET Q q 0 0 0 rg BT 330.32 384.25 Td (to ) Tj ET Q q 0 0 0 rg BT 340.56 384.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.24 384.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 399.36 384.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.15 384.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 444.83 384.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 475.62 384.25 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 526.96 384.25 Td (are ) Tj ET Q q 0 0 0 rg BT 541.46 384.25 Td (VIEs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (or ) Tj ET Q q 0 0 0 rg BT 61.54 372.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 90.30 372.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 122.94 372.25 Td (entities. ) Tj ET Q q 0 0 0 rg BT 157.53 372.25 Td (It ) Tj ET Q q 0 0 0 rg BT 166.85 372.25 Td (is ) Tj ET Q q 0 0 0 rg BT 176.73 372.25 Td (ef) Tj ET Q q 0 0 0 rg BT 184.32 372.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 214.73 372.25 Td (for ) Tj ET Q q 0 0 0 rg BT 229.59 372.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 259.46 372.25 Td (and ) Tj ET Q q 0 0 0 rg BT 277.10 372.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 309.19 372.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 341.84 372.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 385.04 372.25 Td (after ) Tj ET Q q 0 0 0 rg BT 406.57 372.25 Td (December ) Tj ET Q q 0 0 0 rg BT 450.86 372.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 466.57 372.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 492.28 372.25 Td (Early ) Tj ET Q q 0 0 0 rg BT 517.14 372.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 555.34 372.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.25 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 94.16 360.25 Td (The ) Tj ET Q q 0 0 0 rg BT 113.31 360.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 151.91 360.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.04 360.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 186.65 360.25 Td (2015-02 ) Tj ET Q q 0 0 0 rg BT 223.58 360.25 Td (will ) Tj ET Q q 0 0 0 rg BT 242.74 360.25 Td (result ) Tj ET Q q 0 0 0 rg BT 268.55 360.25 Td (in ) Tj ET Q q 0 0 0 rg BT 279.93 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.75 360.25 Td (deconsolidation ) Tj ET Q q 0 0 0 rg BT 362.67 360.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.60 360.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 405.41 360.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 452.89 360.25 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 505.37 360.25 Td (with ) Tj ET Q q 0 0 0 rg BT 526.75 360.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 553.68 360.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 348.25 Td ($9.4 ) Tj ET Q q 0 0 0 rg BT 130.26 348.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 348.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 324.25 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 100.82 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 118.32 324.25 Td (Measur) Tj ET Q q 0 0 0 rg BT 148.50 324.25 Td (ement ) Tj ET Q q 0 0 0 rg BT 174.88 324.25 Td (of ) Tj ET Q q 0 0 0 rg BT 185.16 324.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 226.36 324.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 253.86 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 271.36 324.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 312.74 324.25 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.25 Td (In ) Tj ET Q q 0 0 0 rg BT 62.10 300.25 Td (January ) Tj ET Q q 0 0 0 rg BT 96.98 300.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 123.25 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 139.24 300.25 Td (F) Tj ET Q q 0 0 0 rg BT 144.06 300.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 167.29 300.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 195.23 300.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 219.01 300.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 237.50 300.25 Td (2016-01, ) Tj ET Q q 0 0 0 rg BT 277.11 300.25 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 322.18 300.25 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 373.17 300.25 Td (- ) Tj ET Q q 0 0 0 rg BT 380.27 300.25 Td (Overall ) Tj ET Q q 0 0 0 rg BT 414.03 300.25 Td (\(Subtopic ) Tj ET Q q 0 0 0 rg BT 456.69 300.25 Td (825-10\): ) Tj ET Q q 0 0 0 rg BT 494.90 300.25 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 547.56 300.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.25 Td (Measurement ) Tj ET Q q 0 0 0 rg BT 106.81 288.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.53 288.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 156.60 288.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 185.10 288.25 Td (and ) Tj ET Q q 0 0 0 rg BT 201.93 288.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 241.53 288.25 Td (Liabilities" ) Tj ET Q q 0 0 0 rg BT 288.55 288.25 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 318.35 288.25 Td (2016-01"\). ) Tj ET Q q 0 0 0 rg BT 363.81 288.25 Td (The ) Tj ET Q q 0 0 0 rg BT 381.74 288.25 Td (amendments ) Tj ET Q q 0 0 0 rg BT 434.67 288.25 Td (in ) Tj ET Q q 0 0 0 rg BT 444.31 288.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 466.70 288.25 Td (2016-01 ) Tj ET Q q 0 0 0 rg BT 502.42 288.25 Td (address ) Tj ET Q q 0 0 0 rg BT 534.80 288.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 80.73 276.25 Td (of ) Tj ET Q q 0 0 0 rg BT 90.92 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.99 276.25 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 154.89 276.25 Td (measurement, ) Tj ET Q q 0 0 0 rg BT 212.55 276.25 Td (presentation ) Tj ET Q q 0 0 0 rg BT 263.28 276.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.58 276.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 321.98 276.25 Td (of ) Tj ET Q q 0 0 0 rg BT 332.16 276.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 369.00 276.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 419.61 276.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 441.47 276.25 Td (2016-01 ) Tj ET Q q 0 0 0 rg BT 476.66 276.25 Td (is ) Tj ET Q q 0 0 0 rg BT 485.18 276.25 Td (ef) Tj ET Q q 0 0 0 rg BT 492.77 276.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 521.83 276.25 Td (for ) Tj ET Q q 0 0 0 rg BT 535.34 276.25 Td (annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.48 264.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 97.41 264.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 128.89 264.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 170.93 264.25 Td (after ) Tj ET Q q 0 0 0 rg BT 191.29 264.25 Td (December ) Tj ET Q q 0 0 0 rg BT 234.41 264.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 248.96 264.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 273.50 264.25 Td (Except ) Tj ET Q q 0 0 0 rg BT 303.31 264.25 Td (for ) Tj ET Q q 0 0 0 rg BT 317.01 264.25 Td (the ) Tj ET Q q 0 0 0 rg BT 331.27 264.25 Td (early ) Tj ET Q q 0 0 0 rg BT 353.30 264.25 Td (application ) Tj ET Q q 0 0 0 rg BT 399.77 264.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 437.91 264.25 Td (outlined ) Tj ET Q q 0 0 0 rg BT 472.73 264.25 Td (in ) Tj ET Q q 0 0 0 rg BT 482.10 264.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 504.15 264.25 Td (2016-01, ) Tj ET Q q 0 0 0 rg BT 542.02 264.25 Td (early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 87.50 252.25 Td (is ) Tj ET Q q 0 0 0 rg BT 96.67 252.25 Td (not ) Tj ET Q q 0 0 0 rg BT 111.94 252.25 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 155.08 252.25 Td (The ) Tj ET Q q 0 0 0 rg BT 173.13 252.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 214.52 252.25 Td (is ) Tj ET Q q 0 0 0 rg BT 223.69 252.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 267.84 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.55 252.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 312.27 252.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.10 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 337.81 252.25 Td (new ) Tj ET Q q 0 0 0 rg BT 356.97 252.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 395.57 252.25 Td (on ) Tj ET Q q 0 0 0 rg BT 408.07 252.25 Td (its ) Tj ET Q q 0 0 0 rg BT 420.01 252.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 473.06 252.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 510.54 252.25 Td (statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (Note 4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 228.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 228.25 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.93 228.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.25 Td (The ) Tj ET Q q 0 0 0 rg BT 69.19 204.25 Td (following ) Tj ET Q q 0 0 0 rg BT 112.23 204.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 164.15 204.25 Td (were ) Tj ET Q q 0 0 0 rg BT 187.72 204.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 232.40 204.25 Td (for ) Tj ET Q q 0 0 0 rg BT 248.20 204.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 286.79 204.25 Td (to ) Tj ET Q q 0 0 0 rg BT 298.71 204.25 Td (F) Tj ET Q q 0 0 0 rg BT 303.53 204.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 326.22 204.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 377.02 204.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 420.60 204.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 474.44 204.25 Td (T) Tj ET Q q 0 0 0 rg BT 479.85 204.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 501.21 204.25 Td (805, ) Tj ET Q q 0 0 0 rg BT 522.86 204.25 Td ("Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (Combinations." ) Tj ET Q q 0 0 0 rg BT 114.40 192.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 163.74 192.25 Td (, ) Tj ET Q q 0 0 0 rg BT 169.07 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.13 192.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 222.50 192.25 Td (price ) Tj ET Q q 0 0 0 rg BT 245.32 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.48 192.25 Td (each ) Tj ET Q q 0 0 0 rg BT 277.63 192.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 324.35 192.25 Td (was ) Tj ET Q q 0 0 0 rg BT 342.73 192.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 381.66 192.25 Td (to ) Tj ET Q q 0 0 0 rg BT 392.27 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.32 192.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 444.58 192.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 470.74 192.25 Td (and ) Tj ET Q q 0 0 0 rg BT 488.02 192.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 528.07 192.25 Td (assumed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (based ) Tj ET Q q 0 0 0 rg BT 75.35 180.25 Td (on ) Tj ET Q q 0 0 0 rg BT 88.44 180.25 Td (their ) Tj ET Q q 0 0 0 rg BT 109.85 180.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 151.26 180.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 168.22 180.25 Td (values ) Tj ET Q q 0 0 0 rg BT 196.85 180.25 Td (as ) Tj ET Q q 0 0 0 rg BT 208.27 180.25 Td (of ) Tj ET Q q 0 0 0 rg BT 219.69 180.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.99 180.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 278.61 180.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 325.57 180.25 Td (dates. ) Tj ET Q q 0 0 0 rg BT 351.48 180.25 Td (The ) Tj ET Q q 0 0 0 rg BT 370.12 180.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 399.30 180.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.72 180.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.02 180.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 464.64 180.25 Td (price ) Tj ET Q q 0 0 0 rg BT 487.71 180.25 Td (over ) Tj ET Q q 0 0 0 rg BT 508.57 180.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.87 180.25 Td (net ) Tj ET Q q 0 0 0 rg BT 539.17 180.25 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 86.42 168.25 Td (was ) Tj ET Q q 0 0 0 rg BT 104.48 168.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 143.06 168.25 Td (between ) Tj ET Q q 0 0 0 rg BT 178.88 168.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 216.94 168.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.88 168.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 276.37 168.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 302.20 168.25 Td (within ) Tj ET Q q 0 0 0 rg BT 330.25 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.97 168.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 376.35 168.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 411.62 168.25 Td (segment. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (River) Tj ET Q q 0 0 0 rg BT 73.20 144.25 Td ( ) Tj ET Q q 0 0 0 rg BT 75.70 144.25 Td (Branch ) Tj ET Q q 0 0 0 rg BT 109.87 144.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 150.72 144.25 Td (LLC ) Tj ET Q q 0 0 0 rg BT 173.78 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.40 144.25 Td (BMO ) Tj ET Q q 0 0 0 rg BT 218.79 144.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 252.96 144.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 291.56 144.25 Td (GKST) Tj ET Q q 0 0 0 rg BT 319.16 144.25 Td ( ) Tj ET Q q 0 0 0 rg BT 321.66 144.25 Td (Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.94 120.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 123.92 120.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.92 120.25 Td (, ) Tj ET Q q 0 0 0 rg BT 148.64 120.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.08 120.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 204.19 120.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 240.83 120.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.26 120.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 280.81 120.25 Td (of ) Tj ET Q q 0 0 0 rg BT 291.36 120.25 Td (River ) Tj ET Q q 0 0 0 rg BT 315.80 120.25 Td (Branch ) Tj ET Q q 0 0 0 rg BT 346.90 120.25 Td (Holdings ) Tj ET Q q 0 0 0 rg BT 385.78 120.25 Td (LLC ) Tj ET Q q 0 0 0 rg BT 406.89 120.25 Td (\("River ) Tj ET Q q 0 0 0 rg BT 438.74 120.25 Td (Branch"\), ) Tj ET Q q 0 0 0 rg BT 479.75 120.25 Td (an ) Tj ET Q q 0 0 0 rg BT 491.40 120.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 518.62 120.25 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 83.04 108.25 Td (boutique ) Tj ET Q q 0 0 0 rg BT 119.35 108.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 151.77 108.25 Td (on ) Tj ET Q q 0 0 0 rg BT 163.09 108.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.63 108.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.93 108.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 258.70 108.25 Td (sector) Tj ET Q q 0 0 0 rg BT 282.02 108.25 Td (. ) Tj ET Q q 0 0 0 rg BT 285.75 108.25 Td (The ) Tj ET Q q 0 0 0 rg BT 302.62 108.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 339.47 108.25 Td (was ) Tj ET Q q 0 0 0 rg BT 356.34 108.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 399.31 108.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 435.07 108.25 Td (to ) Tj ET Q q 0 0 0 rg BT 444.17 108.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.42 108.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 480.96 108.25 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 518.08 108.25 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.25 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.66 96.25 Td (July1) Tj ET Q q 0 0 0 rg BT 97.45 96.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 107.45 96.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.45 96.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.72 72.25 Td (October9, ) Tj ET Q q 0 0 0 rg BT 109.92 72.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.92 72.25 Td (, ) Tj ET Q q 0 0 0 rg BT 135.42 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 150.63 72.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 192.52 72.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 237.17 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.38 72.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 290.91 72.25 Td (of ) Tj ET Q q 0 0 0 rg BT 302.24 72.25 Td (BMO ) Tj ET Q q 0 0 0 rg BT 328.02 72.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 359.90 72.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 395.67 72.25 Td (GKST) Tj ET Q q 0 0 0 rg BT 421.60 72.25 Td ( ) Tj ET Q q 0 0 0 rg BT 424.59 72.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 442.86 72.25 Td (\("BMO ) Tj ET Q q 0 0 0 rg BT 476.05 72.25 Td (GKST"\), ) Tj ET Q q 0 0 0 rg BT 515.08 72.25 Td (a ) Tj ET Q q 0 0 0 rg BT 522.51 72.25 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 71.63 60.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 95.69 60.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 126.14 60.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.70 60.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 188.71 60.25 Td (business ) Tj ET Q q 0 0 0 rg BT 224.73 60.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.18 60.25 Td (BMO ) Tj ET Q q 0 0 0 rg BT 260.09 60.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 299.43 60.25 Td (Corp. ) Tj ET Q q 0 0 0 rg BT 323.90 60.25 Td (The ) Tj ET Q q 0 0 0 rg BT 341.57 60.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 379.24 60.25 Td (was ) Tj ET Q q 0 0 0 rg BT 396.91 60.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 440.69 60.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 477.25 60.25 Td (to ) Tj ET Q q 0 0 0 rg BT 487.16 60.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.50 60.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 526.40 60.25 Td (Purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 96.42 48.25 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.58 48.25 Td (July19, ) Tj ET Q q 0 0 0 rg BT 154.75 48.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.75 48.25 Td (. ) 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 29.10 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.33 696.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.51 696.60 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.77 696.60 Td ($6.1 ) Tj ET Q q 0 0 0 rg BT 165.56 696.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.45 696.60 Td ( ) Tj ET Q q 0 0 0 rg BT 196.74 696.60 Td (of ) Tj ET Q q 0 0 0 rg BT 207.36 696.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 245.20 696.60 Td (on ) Tj ET Q q 0 0 0 rg BT 257.49 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 271.99 696.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 324.82 696.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 369.32 696.60 Td (of ) Tj ET Q q 0 0 0 rg BT 379.94 696.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 417.21 696.60 Td (condition. ) Tj ET Q q 0 0 0 rg BT 459.77 696.60 Td (In ) Tj ET Q q 0 0 0 rg BT 470.39 696.60 Td (management's ) Tj ET Q q 0 0 0 rg BT 529.46 696.60 Td (opinion, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 684.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 102.27 684.60 Td (represents ) Tj ET Q q 0 0 0 rg BT 145.31 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 160.03 684.60 Td (reputation ) Tj ET Q q 0 0 0 rg BT 203.07 684.60 Td (and ) Tj ET Q q 0 0 0 rg BT 220.01 684.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 260.27 684.60 Td (expertise ) Tj ET Q q 0 0 0 rg BT 298.87 684.60 Td (of ) Tj ET Q q 0 0 0 rg BT 309.70 684.60 Td (River ) Tj ET Q q 0 0 0 rg BT 334.41 684.60 Td (Branch ) Tj ET Q q 0 0 0 rg BT 365.79 684.60 Td (and ) Tj ET Q q 0 0 0 rg BT 382.73 684.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 408.01 684.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 433.94 684.60 Td ( ) Tj ET Q q 0 0 0 rg BT 436.44 684.60 Td (employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (Identifiable ) Tj ET Q q 0 0 0 rg BT 98.99 660.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 142.38 660.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 169.10 660.60 Td (purchased ) Tj ET Q q 0 0 0 rg BT 213.04 660.60 Td (by ) Tj ET Q q 0 0 0 rg BT 226.44 660.60 Td (the ) Tj ET Q q 0 0 0 rg BT 242.05 660.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 284.34 660.60 Td (consisted ) Tj ET Q q 0 0 0 rg BT 324.95 660.60 Td (of ) Tj ET Q q 0 0 0 rg BT 336.68 660.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 376.74 660.60 Td (relationships ) Tj ET Q q 0 0 0 rg BT 431.24 660.60 Td (with ) Tj ET Q q 0 0 0 rg BT 452.42 660.60 Td (acquisition-date ) Tj ET Q q 0 0 0 rg BT 519.68 660.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 536.96 660.60 Td (values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 91.21 648.60 Td (to ) Tj ET Q q 0 0 0 rg BT 102.37 648.60 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.19 648.60 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 136.08 648.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.97 648.60 Td (. ) Tj ET Q q 0 0 0 rg BT 170.61 648.60 Td (T) Tj ET Q q 0 0 0 rg BT 176.37 648.60 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 220.85 648.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 244.23 648.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.95 648.60 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 276.83 648.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.72 648.60 Td ( ) Tj ET Q q 0 0 0 rg BT 309.11 648.60 Td (were ) Tj ET Q q 0 0 0 rg BT 331.92 648.60 Td (incurred ) Tj ET Q q 0 0 0 rg BT 368.62 648.60 Td (for ) Tj ET Q q 0 0 0 rg BT 383.67 648.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.27 648.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.48 648.60 Td ( ) Tj ET Q q 0 0 0 rg BT 419.86 648.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.13 648.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 506.59 648.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.59 648.60 Td (, ) Tj ET Q q 0 0 0 rg BT 532.48 648.60 Td (and ) Tj ET Q q 0 0 0 rg BT 550.30 648.60 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.60 Td (included ) Tj ET Q q 0 0 0 rg BT 86.43 636.60 Td (in ) Tj ET Q q 0 0 0 rg BT 96.71 636.60 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 150.31 636.60 Td (and ) Tj ET Q q 0 0 0 rg BT 167.24 636.60 Td (integration ) Tj ET Q q 0 0 0 rg BT 213.06 636.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 235.56 636.60 Td (on ) Tj ET Q q 0 0 0 rg BT 248.06 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 262.78 636.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 315.82 636.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 360.54 636.60 Td (of ) Tj ET Q q 0 0 0 rg BT 371.37 636.60 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.60 Td (The ) Tj ET Q q 0 0 0 rg BT 66.95 612.60 Td (results ) Tj ET Q q 0 0 0 rg BT 94.97 612.60 Td (of ) Tj ET Q q 0 0 0 rg BT 105.20 612.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 148.76 612.60 Td (of ) Tj ET Q q 0 0 0 rg BT 159.00 612.60 Td (River ) Tj ET Q q 0 0 0 rg BT 183.12 612.60 Td (Branch ) Tj ET Q q 0 0 0 rg BT 213.90 612.60 Td (and ) Tj ET Q q 0 0 0 rg BT 230.25 612.60 Td (BMO ) Tj ET Q q 0 0 0 rg BT 254.94 612.60 Td (GKST) Tj ET Q q 0 0 0 rg BT 280.87 612.60 Td ( ) Tj ET Q q 0 0 0 rg BT 282.78 612.60 Td (have ) Tj ET Q q 0 0 0 rg BT 303.56 612.60 Td (been ) Tj ET Q q 0 0 0 rg BT 324.34 612.60 Td (included ) Tj ET Q q 0 0 0 rg BT 360.68 612.60 Td (in ) Tj ET Q q 0 0 0 rg BT 370.37 612.60 Td (the ) Tj ET Q q 0 0 0 rg BT 384.49 612.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 430.97 612.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 483.42 612.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.31 612.60 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.60 Td (prospectively ) Tj ET Q q 0 0 0 rg BT 105.98 600.60 Td (from ) Tj ET Q q 0 0 0 rg BT 128.03 600.60 Td (the ) Tj ET Q q 0 0 0 rg BT 142.85 600.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 186.00 600.60 Td (dates ) Tj ET Q q 0 0 0 rg BT 209.15 600.60 Td (of ) Tj ET Q q 0 0 0 rg BT 220.09 600.60 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 268.89 600.60 Td (The ) Tj ET Q q 0 0 0 rg BT 287.05 600.60 Td (terms ) Tj ET Q q 0 0 0 rg BT 311.87 600.60 Td (of ) Tj ET Q q 0 0 0 rg BT 322.81 600.60 Td (these ) Tj ET Q q 0 0 0 rg BT 345.97 600.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 396.34 600.60 Td (were ) Tj ET Q q 0 0 0 rg BT 418.38 600.60 Td (not ) Tj ET Q q 0 0 0 rg BT 433.77 600.60 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 473.59 600.60 Td (as ) Tj ET Q q 0 0 0 rg BT 484.53 600.60 Td (the ) Tj ET Q q 0 0 0 rg BT 499.36 600.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 549.74 600.60 Td (did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.60 Td (not ) Tj ET Q q 0 0 0 rg BT 64.78 588.60 Td (have ) Tj ET Q q 0 0 0 rg BT 86.16 588.60 Td (a ) Tj ET Q q 0 0 0 rg BT 93.09 588.60 Td (material ) Tj ET Q q 0 0 0 rg BT 128.35 588.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 158.06 588.60 Td (on ) Tj ET Q q 0 0 0 rg BT 170.56 588.60 Td (the ) Tj ET Q q 0 0 0 rg BT 185.28 588.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 232.36 588.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 285.40 588.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 322.88 588.60 Td (statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 564.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 128.64 564.60 Td (Securities ) Tj ET Q q 0 0 0 rg BT 172.80 564.60 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 228.63 564.60 Td (and ) Tj ET Q q 0 0 0 rg BT 247.25 564.60 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 290.86 564.60 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 333.06 564.60 Td (L.P) Tj ET Q q 0 0 0 rg BT 347.42 564.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.60 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.09 540.60 Td (July12, ) Tj ET Q q 0 0 0 rg BT 100.14 540.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.14 540.60 Td (, ) Tj ET Q q 0 0 0 rg BT 126.01 540.60 Td (the ) Tj ET Q q 0 0 0 rg BT 141.60 540.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 183.86 540.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 228.88 540.60 Td (the ) Tj ET Q q 0 0 0 rg BT 244.47 540.60 Td (purchase ) Tj ET Q q 0 0 0 rg BT 283.38 540.60 Td (of ) Tj ET Q q 0 0 0 rg BT 295.09 540.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 370.66 540.60 Td (Securities ) Tj ET Q q 0 0 0 rg BT 413.47 540.60 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 465.17 540.60 Td (\("Seattle-Northwest"\), ) Tj ET Q q 0 0 0 rg BT 558.07 540.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.60 Td (Seattle-based ) Tj ET Q q 0 0 0 rg BT 105.06 528.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 151.19 528.60 Td (bank ) Tj ET Q q 0 0 0 rg BT 172.88 528.60 Td (and ) Tj ET Q q 0 0 0 rg BT 189.57 528.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 217.92 528.60 Td (dealer ) Tj ET Q q 0 0 0 rg BT 244.60 528.60 Td (focused ) Tj ET Q q 0 0 0 rg BT 277.95 528.60 Td (on ) Tj ET Q q 0 0 0 rg BT 290.20 528.60 Td (public ) Tj ET Q q 0 0 0 rg BT 317.44 528.60 Td (finance ) Tj ET Q q 0 0 0 rg BT 349.12 528.60 Td (in ) Tj ET Q q 0 0 0 rg BT 359.15 528.60 Td (the ) Tj ET Q q 0 0 0 rg BT 373.62 528.60 Td (Northwest ) Tj ET Q q 0 0 0 rg BT 417.53 528.60 Td (region ) Tj ET Q q 0 0 0 rg BT 445.33 528.60 Td (of ) Tj ET Q q 0 0 0 rg BT 455.91 528.60 Td (the ) Tj ET Q q 0 0 0 rg BT 470.37 528.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 490.25 528.60 Td (The ) Tj ET Q q 0 0 0 rg BT 508.04 528.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 554.18 528.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 124.20 516.60 Td (supported ) Tj ET Q q 0 0 0 rg BT 166.14 516.60 Td (the ) Tj ET Q q 0 0 0 rg BT 180.86 516.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 227.94 516.60 Td (strategy ) Tj ET Q q 0 0 0 rg BT 262.09 516.60 Td (to ) Tj ET Q q 0 0 0 rg BT 272.37 516.60 Td (grow ) Tj ET Q q 0 0 0 rg BT 295.42 516.60 Td (its ) Tj ET Q q 0 0 0 rg BT 307.37 516.60 Td (public ) Tj ET Q q 0 0 0 rg BT 334.87 516.60 Td (finance ) Tj ET Q q 0 0 0 rg BT 366.79 516.60 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.60 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.89 492.60 Td (July16, ) Tj ET Q q 0 0 0 rg BT 97.73 492.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.73 492.60 Td (, ) Tj ET Q q 0 0 0 rg BT 122.40 492.60 Td (the ) Tj ET Q q 0 0 0 rg BT 136.78 492.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 177.83 492.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 221.65 492.60 Td (the ) Tj ET Q q 0 0 0 rg BT 236.04 492.60 Td (purchase ) Tj ET Q q 0 0 0 rg BT 273.74 492.60 Td (of ) Tj ET Q q 0 0 0 rg BT 284.24 492.60 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 326.39 492.60 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 363.83 492.60 Td (L.P) Tj ET Q q 0 0 0 rg BT 376.89 492.60 Td (. ) Tj ET Q q 0 0 0 rg BT 381.56 492.60 Td (\("Edgeview"\), ) Tj ET Q q 0 0 0 rg BT 441.04 492.60 Td (a ) Tj ET Q q 0 0 0 rg BT 447.64 492.60 Td (middle-market ) Tj ET Q q 0 0 0 rg BT 508.68 492.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 545.29 492.60 Td (firm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.60 Td (specializing ) Tj ET Q q 0 0 0 rg BT 98.84 480.60 Td (in ) Tj ET Q q 0 0 0 rg BT 108.21 480.60 Td (mer) Tj ET Q q 0 0 0 rg BT 123.57 480.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 141.82 480.60 Td (and ) Tj ET Q q 0 0 0 rg BT 157.84 480.60 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 209.58 480.60 Td (The ) Tj ET Q q 0 0 0 rg BT 226.71 480.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 272.18 480.60 Td (of ) Tj ET Q q 0 0 0 rg BT 282.10 480.60 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 323.67 480.60 Td (further ) Tj ET Q q 0 0 0 rg BT 352.46 480.60 Td (strengthened ) Tj ET Q q 0 0 0 rg BT 405.13 480.60 Td (the ) Tj ET Q q 0 0 0 rg BT 418.94 480.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 465.10 480.60 Td (mer) Tj ET Q q 0 0 0 rg BT 480.47 480.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 498.71 480.60 Td (and ) Tj ET Q q 0 0 0 rg BT 514.73 480.60 Td (acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.60 Td (position ) Tj ET Q q 0 0 0 rg BT 84.23 468.60 Td (in ) Tj ET Q q 0 0 0 rg BT 94.50 468.60 Td (the ) Tj ET Q q 0 0 0 rg BT 109.22 468.60 Td (middle ) Tj ET Q q 0 0 0 rg BT 139.50 468.60 Td (market ) Tj ET Q q 0 0 0 rg BT 169.76 468.60 Td (and ) Tj ET Q q 0 0 0 rg BT 186.70 468.60 Td (added ) Tj ET Q q 0 0 0 rg BT 213.07 468.60 Td (resources ) Tj ET Q q 0 0 0 rg BT 253.33 468.60 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 294.14 468.60 Td (to ) Tj ET Q q 0 0 0 rg BT 304.42 468.60 Td (the ) Tj ET Q q 0 0 0 rg BT 319.14 468.60 Td (private ) Tj ET Q q 0 0 0 rg BT 349.40 468.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 376.90 468.60 Td (community) Tj ET Q q 0 0 0 rg BT 421.80 468.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.60 Td (The ) Tj ET Q q 0 0 0 rg BT 66.77 444.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.38 444.60 Td (paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.31 444.60 Td ($32.7 ) Tj ET Q q 0 0 0 rg BT 150.54 444.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.43 444.60 Td ( ) Tj ET Q q 0 0 0 rg BT 181.15 444.60 Td (in ) Tj ET Q q 0 0 0 rg BT 190.65 444.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 210.14 444.60 Td (for ) Tj ET Q q 0 0 0 rg BT 223.52 444.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 297.44 444.60 Td (and ) Tj ET Q q 0 0 0 rg BT 313.60 444.60 Td (Edgeview) Tj ET Q q 0 0 0 rg BT 352.94 444.60 Td (, ) Tj ET Q q 0 0 0 rg BT 357.16 444.60 Td (which ) Tj ET Q q 0 0 0 rg BT 383.32 444.60 Td (represented ) Tj ET Q q 0 0 0 rg BT 431.12 444.60 Td (the ) Tj ET Q q 0 0 0 rg BT 445.06 444.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 460.66 444.60 Td (values ) Tj ET Q q 0 0 0 rg BT 487.93 444.60 Td (as ) Tj ET Q q 0 0 0 rg BT 497.98 444.60 Td (of ) Tj ET Q q 0 0 0 rg BT 508.03 444.60 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 444.60 Td (respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 95.20 432.60 Td (dates. ) Tj ET Q q 0 0 0 rg BT 119.94 432.60 Td (The ) Tj ET Q q 0 0 0 rg BT 137.30 432.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 178.01 432.60 Td (also ) Tj ET Q q 0 0 0 rg BT 195.94 432.60 Td (entered ) Tj ET Q q 0 0 0 rg BT 227.18 432.60 Td (into ) Tj ET Q q 0 0 0 rg BT 244.56 432.60 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 320.80 432.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 378.16 432.60 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 433.84 432.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.99 432.60 Td ($14.3 ) Tj ET Q q 0 0 0 rg BT 468.31 432.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.20 432.60 Td ( ) Tj ET Q q 0 0 0 rg BT 499.02 432.60 Td (which ) Tj ET Q q 0 0 0 rg BT 525.28 432.60 Td (consisted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.04 420.60 Td (cash, ) Tj ET Q q 0 0 0 rg BT 82.53 420.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 121.94 420.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 145.27 420.60 Td (and ) Tj ET Q q 0 0 0 rg BT 161.92 420.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 201.34 420.60 Td (mutual ) Tj ET Q q 0 0 0 rg BT 231.32 420.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 251.87 420.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 279.07 420.60 Td (\("MFRS ) Tj ET Q q 0 0 0 rg BT 314.90 420.60 Td (A) Tj ET Q q 0 0 0 rg BT 321.20 420.60 Td (wards"\) ) Tj ET Q q 0 0 0 rg BT 354.71 420.60 Td (of ) Tj ET Q q 0 0 0 rg BT 365.25 420.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 406.89 420.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 431.33 420.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 469.63 420.60 Td (by ) Tj ET Q q 0 0 0 rg BT 481.85 420.60 Td (the ) Tj ET Q q 0 0 0 rg BT 496.28 420.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 543.07 420.60 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.60 Td (management ) Tj ET Q q 0 0 0 rg BT 102.82 408.60 Td (business. ) Tj ET Q q 0 0 0 rg BT 141.44 408.60 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 201.44 408.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 235.88 408.60 Td (related ) Tj ET Q q 0 0 0 rg BT 265.31 408.60 Td (to ) Tj ET Q q 0 0 0 rg BT 275.32 408.60 Td (these ) Tj ET Q q 0 0 0 rg BT 298.09 408.60 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 354.18 408.60 Td (is ) Tj ET Q q 0 0 0 rg BT 363.08 408.60 Td (amortized ) Tj ET Q q 0 0 0 rg BT 405.29 408.60 Td (on ) Tj ET Q q 0 0 0 rg BT 417.52 408.60 Td (a ) Tj ET Q q 0 0 0 rg BT 424.19 408.60 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 474.74 408.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 496.97 408.60 Td (over ) Tj ET Q q 0 0 0 rg BT 516.96 408.60 Td (the ) Tj ET Q q 0 0 0 rg BT 531.41 408.60 Td (original ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.60 Td (requisite ) Tj ET Q q 0 0 0 rg BT 86.43 396.60 Td (service ) Tj ET Q q 0 0 0 rg BT 117.25 396.60 Td (period ) Tj ET Q q 0 0 0 rg BT 145.30 396.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.13 396.60 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.13 396.60 Td ( ) Tj ET Q q 0 0 0 rg BT 173.63 396.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.90 396.60 Td (five ) Tj ET Q q 0 0 0 rg BT 201.95 396.60 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.05 396.60 Td ( ) Tj ET Q q 0 0 0 rg BT 225.55 396.60 Td (\(a ) Tj ET Q q 0 0 0 rg BT 235.82 396.60 Td (weighted ) Tj ET Q q 0 0 0 rg BT 274.97 396.60 Td (average ) Tj ET Q q 0 0 0 rg BT 308.56 396.60 Td (remaining ) Tj ET Q q 0 0 0 rg BT 351.60 396.60 Td (service ) Tj ET Q q 0 0 0 rg BT 382.42 396.60 Td (period ) Tj ET Q q 0 0 0 rg BT 410.46 396.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.29 396.60 Td (2.0 ) Tj ET Q q 0 0 0 rg BT 436.29 396.60 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.39 396.60 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.49 372.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.81 372.60 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.23 372.60 Td ($15.0 ) Tj ET Q q 0 0 0 rg BT 171.17 372.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.06 372.60 Td ( ) Tj ET Q q 0 0 0 rg BT 202.50 372.60 Td (of ) Tj ET Q q 0 0 0 rg BT 213.27 372.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 251.27 372.60 Td (on ) Tj ET Q q 0 0 0 rg BT 263.71 372.60 Td (the ) Tj ET Q q 0 0 0 rg BT 278.37 372.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 331.35 372.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 376.00 372.60 Td (of ) Tj ET Q q 0 0 0 rg BT 386.77 372.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 424.19 372.60 Td (condition, ) Tj ET Q q 0 0 0 rg BT 466.91 372.60 Td (of ) Tj ET Q q 0 0 0 rg BT 477.68 372.60 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.56 372.60 Td ($9.1 ) Tj ET Q q 0 0 0 rg BT 524.50 372.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.39 372.60 Td ( ) Tj ET Q q 0 0 0 rg BT 555.83 372.60 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 87.24 360.60 Td (to ) Tj ET Q q 0 0 0 rg BT 97.22 360.60 Td (be ) Tj ET Q q 0 0 0 rg BT 108.86 360.60 Td (deductible ) Tj ET Q q 0 0 0 rg BT 152.72 360.60 Td (for ) Tj ET Q q 0 0 0 rg BT 166.58 360.60 Td (income ) Tj ET Q q 0 0 0 rg BT 198.22 360.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 212.64 360.60 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 252.90 360.60 Td (In ) Tj ET Q q 0 0 0 rg BT 263.43 360.60 Td (management's ) Tj ET Q q 0 0 0 rg BT 322.42 360.60 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 357.68 360.60 Td (the ) Tj ET Q q 0 0 0 rg BT 372.10 360.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 409.86 360.60 Td (represents ) Tj ET Q q 0 0 0 rg BT 452.61 360.60 Td (the ) Tj ET Q q 0 0 0 rg BT 467.03 360.60 Td (reputation ) Tj ET Q q 0 0 0 rg BT 509.77 360.60 Td (and ) Tj ET Q q 0 0 0 rg BT 526.42 360.60 Td (expertise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 348.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 135.03 348.60 Td (and ) Tj ET Q q 0 0 0 rg BT 151.97 348.60 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 194.46 348.60 Td (employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.60 Td (Identifiable ) Tj ET Q q 0 0 0 rg BT 97.36 324.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 139.12 324.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 164.22 324.60 Td (purchased ) Tj ET Q q 0 0 0 rg BT 206.53 324.60 Td (by ) Tj ET Q q 0 0 0 rg BT 218.30 324.60 Td (the ) Tj ET Q q 0 0 0 rg BT 232.29 324.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 272.95 324.60 Td (consisted ) Tj ET Q q 0 0 0 rg BT 311.94 324.60 Td (of ) Tj ET Q q 0 0 0 rg BT 322.04 324.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 360.47 324.60 Td (relationships ) Tj ET Q q 0 0 0 rg BT 413.34 324.60 Td (and ) Tj ET Q q 0 0 0 rg BT 429.55 324.60 Td (non-competition ) Tj ET Q q 0 0 0 rg BT 497.42 324.60 Td (agreements ) Tj ET Q q 0 0 0 rg BT 544.73 324.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.60 Td (acquisition-date ) Tj ET Q q 0 0 0 rg BT 116.52 312.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 133.54 312.60 Td (values ) Tj ET Q q 0 0 0 rg BT 162.24 312.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 203.71 312.60 Td (to ) Tj ET Q q 0 0 0 rg BT 214.63 312.60 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.22 312.60 Td ($6.0 ) Tj ET Q q 0 0 0 rg BT 247.87 312.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.76 312.60 Td ( ) Tj ET Q q 0 0 0 rg BT 279.91 312.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.49 312.60 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 318.14 312.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.03 312.60 Td (, ) Tj ET Q q 0 0 0 rg BT 352.68 312.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 400.34 312.60 Td (. ) Tj ET Q q 0 0 0 rg BT 405.76 312.60 Td (T) Tj ET Q q 0 0 0 rg BT 411.52 312.60 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 455.76 312.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 478.91 312.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.39 312.60 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 511.04 312.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.93 312.60 Td ( ) Tj ET Q q 0 0 0 rg BT 543.08 312.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.60 Td (incurred ) Tj ET Q q 0 0 0 rg BT 84.49 300.60 Td (for ) Tj ET Q q 0 0 0 rg BT 97.82 300.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.71 300.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.92 300.60 Td ( ) Tj ET Q q 0 0 0 rg BT 130.59 300.60 Td (ended ) Tj ET Q q 0 0 0 rg BT 156.15 300.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 213.90 300.60 Td (2013, ) Tj ET Q q 0 0 0 rg BT 238.08 300.60 Td (and ) Tj ET Q q 0 0 0 rg BT 254.19 300.60 Td (are ) Tj ET Q q 0 0 0 rg BT 268.07 300.60 Td (included ) Tj ET Q q 0 0 0 rg BT 304.18 300.60 Td (in ) Tj ET Q q 0 0 0 rg BT 313.63 300.60 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 366.40 300.60 Td (and ) Tj ET Q q 0 0 0 rg BT 382.51 300.60 Td (integration ) Tj ET Q q 0 0 0 rg BT 427.50 300.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 449.18 300.60 Td (within ) Tj ET Q q 0 0 0 rg BT 476.41 300.60 Td (continuing ) Tj ET Q q 0 0 0 rg BT 520.86 300.60 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.60 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 288.60 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 288.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 129.76 288.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 174.47 288.60 Td (of ) Tj ET Q q 0 0 0 rg BT 185.30 288.60 Td (operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 264.60 Td (Definitive ) Tj ET Q q 0 0 0 rg BT 93.10 264.60 Td (Agr) Tj ET Q q 0 0 0 rg BT 109.58 264.60 Td (eement ) Tj ET Q q 0 0 0 rg BT 142.62 264.60 Td (to ) Tj ET Q q 0 0 0 rg BT 152.90 264.60 Td (Acquir) Tj ET Q q 0 0 0 rg BT 182.72 264.60 Td (e ) Tj ET Q q 0 0 0 rg BT 189.66 264.60 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 231.61 264.60 Td (& ) Tj ET Q q 0 0 0 rg BT 242.44 264.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 286.61 264.60 Td (International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.60 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.60 240.60 Td (November16, ) Tj ET Q q 0 0 0 rg BT 124.69 240.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.69 240.60 Td (, ) Tj ET Q q 0 0 0 rg BT 150.06 240.60 Td (the ) Tj ET Q q 0 0 0 rg BT 165.16 240.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 206.92 240.60 Td (entered ) Tj ET Q q 0 0 0 rg BT 239.23 240.60 Td (into ) Tj ET Q q 0 0 0 rg BT 257.66 240.60 Td (a ) Tj ET Q q 0 0 0 rg BT 264.98 240.60 Td (Securities ) Tj ET Q q 0 0 0 rg BT 307.29 240.60 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 345.63 240.60 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 392.93 240.60 Td (\("Purchase ) Tj ET Q q 0 0 0 rg BT 438.69 240.60 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 493.40 240.60 Td (with ) Tj ET Q q 0 0 0 rg BT 514.06 240.60 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 554.73 240.60 Td (& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.70 228.60 Td (International ) Tj ET Q q 0 0 0 rg BT 146.10 228.60 Td (\("Simmons"\), ) Tj ET Q q 0 0 0 rg BT 204.52 228.60 Td (an ) Tj ET Q q 0 0 0 rg BT 217.27 228.60 Td (employee-owned ) Tj ET Q q 0 0 0 rg BT 289.45 228.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 336.64 228.60 Td (bank ) Tj ET Q q 0 0 0 rg BT 359.39 228.60 Td (and ) Tj ET Q q 0 0 0 rg BT 377.14 228.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 406.55 228.60 Td (dealer ) Tj ET Q q 0 0 0 rg BT 434.29 228.60 Td (focused ) Tj ET Q q 0 0 0 rg BT 468.70 228.60 Td (on ) Tj ET Q q 0 0 0 rg BT 482.01 228.60 Td (the ) Tj ET Q q 0 0 0 rg BT 497.54 228.60 Td (ener) Tj ET Q q 0 0 0 rg BT 514.57 228.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 527.88 228.60 Td (industry) Tj ET Q q 0 0 0 rg BT 560.01 228.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.60 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 88.29 216.60 Td (to ) Tj ET Q q 0 0 0 rg BT 99.86 216.60 Td (the ) Tj ET Q q 0 0 0 rg BT 115.87 216.60 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 154.92 216.60 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 205.63 216.60 Td (the ) Tj ET Q q 0 0 0 rg BT 221.64 216.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 264.32 216.60 Td (agreed ) Tj ET Q q 0 0 0 rg BT 294.75 216.60 Td (to ) Tj ET Q q 0 0 0 rg BT 306.32 216.60 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 216.60 Td (100 ) Tj ET Q q 0 0 0 rg BT 364.44 216.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.87 216.60 Td ( ) Tj ET Q q 0 0 0 rg BT 397.66 216.60 Td (of ) Tj ET Q q 0 0 0 rg BT 409.78 216.60 Td (the ) Tj ET Q q 0 0 0 rg BT 425.78 216.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 456.22 216.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 481.12 216.60 Td (of ) Tj ET Q q 0 0 0 rg BT 493.24 216.60 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 534.82 216.60 Td (and ) Tj ET Q q 0 0 0 rg BT 553.05 216.60 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.60 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 100.10 204.60 Td (for ) Tj ET Q q 0 0 0 rg BT 115.14 204.60 Td (total ) Tj ET Q q 0 0 0 rg BT 136.30 204.60 Td (consideration ) Tj ET Q q 0 0 0 rg BT 193.56 204.60 Td (of ) Tj ET Q q 0 0 0 rg BT 205.27 204.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.41 204.60 Td ($139.0 ) Tj ET Q q 0 0 0 rg BT 297.30 204.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.19 204.60 Td (, ) Tj ET Q q 0 0 0 rg BT 332.07 204.60 Td (consisting ) Tj ET Q q 0 0 0 rg BT 376.01 204.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.73 204.60 Td ($91.0 ) Tj ET Q q 0 0 0 rg BT 413.61 204.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 204.60 Td ( ) Tj ET Q q 0 0 0 rg BT 445.89 204.60 Td (in ) Tj ET Q q 0 0 0 rg BT 457.05 204.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 478.20 204.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.02 204.60 Td ($48.0 ) Tj ET Q q 0 0 0 rg BT 521.91 204.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 204.60 Td ( ) Tj ET Q q 0 0 0 rg BT 554.18 204.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 88.67 192.60 Td (stock. ) Tj ET Q q 0 0 0 rg BT 114.10 192.60 Td (The ) Tj ET Q q 0 0 0 rg BT 131.61 192.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 172.46 192.60 Td (has ) Tj ET Q q 0 0 0 rg BT 187.75 192.60 Td (committed ) Tj ET Q q 0 0 0 rg BT 232.49 192.60 Td (an ) Tj ET Q q 0 0 0 rg BT 243.89 192.60 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.84 192.60 Td ($21.0 ) Tj ET Q q 0 0 0 rg BT 310.31 192.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.20 192.60 Td ( ) Tj ET Q q 0 0 0 rg BT 341.16 192.60 Td (in ) Tj ET Q q 0 0 0 rg BT 350.91 192.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 370.64 192.60 Td (and ) Tj ET Q q 0 0 0 rg BT 387.04 192.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 410.12 192.60 Td (for ) Tj ET Q q 0 0 0 rg BT 423.74 192.60 Td (retention ) Tj ET Q q 0 0 0 rg BT 461.25 192.60 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 501.12 192.60 Td (The ) Tj ET Q q 0 0 0 rg BT 518.63 192.60 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.60 Td (is ) Tj ET Q q 0 0 0 rg BT 58.67 180.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 96.70 180.60 Td (to ) Tj ET Q q 0 0 0 rg BT 106.98 180.60 Td (close ) Tj ET Q q 0 0 0 rg BT 130.03 180.60 Td (in ) Tj ET Q q 0 0 0 rg BT 140.31 180.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.02 180.60 Td (first ) Tj ET Q q 0 0 0 rg BT 173.63 180.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 204.45 180.60 Td (of ) Tj ET Q q 0 0 0 rg BT 215.28 180.60 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.28 180.60 Td (.) 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 50.00 708.25 Td (Note 5) 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 (Discontinued Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.82 708.25 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 67.35 684.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 113.73 684.25 Td (Hong ) Tj ET Q q 0 0 0 rg BT 137.75 684.25 Td (Kong ) Tj ET Q q 0 0 0 rg BT 161.77 684.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 190.22 684.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 223.67 684.25 Td (business ) Tj ET Q q 0 0 0 rg BT 259.36 684.25 Td (ceased ) Tj ET Q q 0 0 0 rg BT 287.81 684.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 331.26 684.25 Td (in ) Tj ET Q q 0 0 0 rg BT 340.84 684.25 Td (2012 ) Tj ET Q q 0 0 0 rg BT 362.64 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.88 684.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 413.99 684.25 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 459.12 684.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 480.92 684.25 Td (extending ) Tj ET Q q 0 0 0 rg BT 522.15 684.25 Td (into ) Tj ET Q q 0 0 0 rg BT 539.51 684.25 Td (2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.25 Td (In ) Tj ET Q q 0 0 0 rg BT 61.55 672.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 109.73 672.25 Td (with ) Tj ET Q q 0 0 0 rg BT 130.72 672.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.16 672.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 191.04 672.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.59 672.25 Td (F) Tj ET Q q 0 0 0 rg BT 207.41 672.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 229.37 672.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 279.25 672.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 321.90 672.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 374.88 672.25 Td (T) Tj ET Q q 0 0 0 rg BT 380.29 672.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 400.72 672.25 Td (205-20, ) Tj ET Q q 0 0 0 rg BT 434.77 672.25 Td (Discontinued ) Tj ET Q q 0 0 0 rg BT 495.75 672.25 Td (Operations, ) Tj ET Q q 0 0 0 rg BT 549.79 672.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (results ) Tj ET Q q 0 0 0 rg BT 78.98 660.25 Td (from ) Tj ET Q q 0 0 0 rg BT 101.30 660.25 Td (this ) Tj ET Q q 0 0 0 rg BT 118.62 660.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 157.89 660.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 202.98 660.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 239.17 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 249.83 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.92 660.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 296.68 660.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 332.32 660.25 Td (segment, ) Tj ET Q q 0 0 0 rg BT 371.03 660.25 Td (have ) Tj ET Q q 0 0 0 rg BT 392.78 660.25 Td (been ) Tj ET Q q 0 0 0 rg BT 414.53 660.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 455.17 660.25 Td (as ) Tj ET Q q 0 0 0 rg BT 466.38 660.25 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 520.36 660.25 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.05 Td (for ) Tj ET Q q 0 0 0 rg BT 64.16 647.05 Td (all ) Tj ET Q q 0 0 0 rg BT 76.66 647.05 Td (periods ) Tj ET Q q 0 0 0 rg BT 108.59 647.05 Td (presented.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 149.41 647.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.05 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 623.05 Td (components ) Tj ET Q q 0 0 0 rg BT 118.87 623.05 Td (of ) Tj ET Q q 0 0 0 rg BT 129.70 623.05 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 183.31 623.05 Td (operations ) Tj ET Q q 0 0 0 rg BT 227.46 623.05 Td (for ) Tj ET Q q 0 0 0 rg BT 241.62 623.05 Td (the ) Tj ET Q q 0 0 0 rg BT 256.34 623.05 Td (Hong ) Tj ET Q q 0 0 0 rg BT 281.06 623.05 Td (Kong ) Tj ET Q q 0 0 0 rg BT 305.78 623.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 334.93 623.05 Td (markets ) Tj ET Q q 0 0 0 rg BT 369.09 623.05 Td (business ) Tj ET Q q 0 0 0 rg BT 405.48 623.05 Td (are ) Tj ET Q q 0 0 0 rg BT 420.19 623.05 Td (as ) Tj ET Q q 0 0 0 rg BT 431.02 623.05 Td (follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 576.55 432.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 576.55 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 552.55 432.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 552.55 80.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 529.55 432.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 529.55 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 505.55 432.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 505.55 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 482.5 576.55 m 562.5 576.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 564.55 m 562.5 564.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 517.55 m 562.5 517.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 494.55 m 562.5 494.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 492.55 m 562.5 492.55 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.90 603.28 Td (Year Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.90 591.28 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 580.50 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.00 579.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 567.17 Td (Other expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 567.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 567.17 Td (1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 543.17 Td (Loss from discontinued operations before income tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 543.17 Td (\(1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 543.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 520.17 Td ( Income tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 520.17 Td (\(415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 520.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 496.17 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 496.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 496.17 Td (\(782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 496.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.05 Td (In ) Tj ET Q q 0 0 0 rg BT 60.96 470.05 Td (2013, ) Tj ET Q q 0 0 0 rg BT 86.10 470.05 Td (the ) Tj ET Q q 0 0 0 rg BT 100.95 470.05 Td (Company ) Tj ET Q q 0 0 0 rg BT 142.47 470.05 Td (completed ) Tj ET Q q 0 0 0 rg BT 186.75 470.05 Td (the ) Tj ET Q q 0 0 0 rg BT 201.60 470.05 Td (sale ) Tj ET Q q 0 0 0 rg BT 219.78 470.05 Td (of ) Tj ET Q q 0 0 0 rg BT 230.74 470.05 Td (F) Tj ET Q q 0 0 0 rg BT 235.56 470.05 Td (AMCO, ) Tj ET Q q 0 0 0 rg BT 270.70 470.05 Td (an ) Tj ET Q q 0 0 0 rg BT 282.77 470.05 Td (asset ) Tj ET Q q 0 0 0 rg BT 304.85 470.05 Td (management ) Tj ET Q q 0 0 0 rg BT 358.57 470.05 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 399.03 470.05 Td (, ) Tj ET Q q 0 0 0 rg BT 404.16 470.05 Td (for ) Tj ET Q q 0 0 0 rg BT 418.45 470.05 Td (consideration ) Tj ET Q q 0 0 0 rg BT 474.96 470.05 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.92 470.05 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 506.06 470.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 470.05 Td ( ) Tj ET Q q 0 0 0 rg BT 537.58 470.05 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.05 Td (consisted ) Tj ET Q q 0 0 0 rg BT 89.71 458.05 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.54 458.05 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 120.54 458.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.43 458.05 Td ( ) Tj ET Q q 0 0 0 rg BT 151.92 458.05 Td (in ) Tj ET Q q 0 0 0 rg BT 162.20 458.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 182.46 458.05 Td (and ) Tj ET Q q 0 0 0 rg BT 199.40 458.05 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.33 458.05 Td ($3.7 ) Tj ET Q q 0 0 0 rg BT 226.33 458.05 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.22 458.05 Td ( ) Tj ET Q q 0 0 0 rg BT 257.72 458.05 Td (note ) Tj ET Q q 0 0 0 rg BT 277.43 458.05 Td (receivable ) Tj ET Q q 0 0 0 rg BT 321.01 458.05 Td (from ) Tj ET Q q 0 0 0 rg BT 342.94 458.05 Td (the ) Tj ET Q q 0 0 0 rg BT 357.66 458.05 Td (buyer) Tj ET Q q 0 0 0 rg BT 379.87 458.05 Td (. ) Tj ET Q q 0 0 0 rg BT 384.87 458.05 Td (F) Tj ET Q q 0 0 0 rg BT 389.69 458.05 Td (AMCO's ) Tj ET Q q 0 0 0 rg BT 427.88 458.05 Td (results, ) Tj ET Q q 0 0 0 rg BT 458.99 458.05 Td (previously ) Tj ET Q q 0 0 0 rg BT 503.70 458.05 Td (reported ) Tj ET Q q 0 0 0 rg BT 539.52 458.05 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 458.05 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.05 Td (Asset ) Tj ET Q q 0 0 0 rg BT 74.72 446.05 Td (Management ) Tj ET Q q 0 0 0 rg BT 129.42 446.05 Td (segment, ) Tj ET Q q 0 0 0 rg BT 167.75 446.05 Td (have ) Tj ET Q q 0 0 0 rg BT 189.13 446.05 Td (been ) Tj ET Q q 0 0 0 rg BT 210.50 446.05 Td (presented ) Tj ET Q q 0 0 0 rg BT 251.32 446.05 Td (as ) Tj ET Q q 0 0 0 rg BT 262.15 446.05 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 315.75 446.05 Td (operations ) Tj ET Q q 0 0 0 rg BT 359.91 446.05 Td (for ) Tj ET Q q 0 0 0 rg BT 374.07 446.05 Td (all ) Tj ET Q q 0 0 0 rg BT 386.56 446.05 Td (periods ) Tj ET Q q 0 0 0 rg BT 418.50 446.05 Td (presented.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.05 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 422.05 Td (components ) Tj ET Q q 0 0 0 rg BT 118.87 422.05 Td (of ) Tj ET Q q 0 0 0 rg BT 129.70 422.05 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 183.31 422.05 Td (operations ) Tj ET Q q 0 0 0 rg BT 227.46 422.05 Td (for ) Tj ET Q q 0 0 0 rg BT 241.62 422.05 Td (F) Tj ET Q q 0 0 0 rg BT 246.44 422.05 Td (AMCO ) Tj ET Q q 0 0 0 rg BT 278.95 422.05 Td (are ) Tj ET Q q 0 0 0 rg BT 293.65 422.05 Td (as ) Tj ET Q q 0 0 0 rg BT 304.48 422.05 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 375.55 432.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 375.55 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 351.55 432.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 351.55 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 327.55 432.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 327.55 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 303.55 432.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 303.55 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 279.55 432.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 279.55 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 255.55 432.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 255.55 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 231.55 432.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 231.55 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 482.5 375.54999999999995 m 562.5 375.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 339.54999999999995 m 562.5 339.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 291.54999999999995 m 562.5 291.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 243.54999999999995 m 562.5 243.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 220.54999999999995 m 562.5 220.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 218.54999999999995 m 562.5 218.54999999999995 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.90 402.28 Td (Year Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.90 390.28 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 379.50 Td (\(Dollars ) Tj ET Q q 0 0 0 rg BT 82.11 379.50 Td (in ) Tj ET Q q 0 0 0 rg BT 90.34 379.50 Td (thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.00 378.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 366.17 Td (Net ) Tj ET Q q 0 0 0 rg BT 75.94 366.17 Td (revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 366.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 366.17 Td (1,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 342.17 Td (Operating ) Tj ET Q q 0 0 0 rg BT 101.49 342.17 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 342.17 Td (5,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 318.17 Td (Loss ) Tj ET Q q 0 0 0 rg BT 74.39 318.17 Td (from ) Tj ET Q q 0 0 0 rg BT 96.33 318.17 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 149.93 318.17 Td (operations ) Tj ET Q q 0 0 0 rg BT 194.09 318.17 Td (before ) Tj ET Q q 0 0 0 rg BT 222.13 318.17 Td (income ) Tj ET Q q 0 0 0 rg BT 254.06 318.17 Td (tax ) Tj ET Q q 0 0 0 rg BT 268.78 318.17 Td (benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 318.17 Td (\(3,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 318.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 294.17 Td (Income ) Tj ET Q q 0 0 0 rg BT 91.49 294.17 Td (tax ) Tj ET Q q 0 0 0 rg BT 106.20 294.17 Td (benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 294.17 Td (\(1,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 294.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 270.17 Td (Loss ) Tj ET Q q 0 0 0 rg BT 74.39 270.17 Td (from ) Tj ET Q q 0 0 0 rg BT 96.33 270.17 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 149.93 270.17 Td (operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 270.17 Td (\(2,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 270.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 246.17 Td (Loss ) Tj ET Q q 0 0 0 rg BT 80.39 246.17 Td (on ) Tj ET Q q 0 0 0 rg BT 92.89 246.17 Td (sale, ) Tj ET Q q 0 0 0 rg BT 113.44 246.17 Td (net ) Tj ET Q q 0 0 0 rg BT 128.16 246.17 Td (of ) Tj ET Q q 0 0 0 rg BT 138.99 246.17 Td (tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 246.17 Td (\(1,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 246.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 222.17 Td (Loss ) Tj ET Q q 0 0 0 rg BT 74.39 222.17 Td (from ) Tj ET Q q 0 0 0 rg BT 96.33 222.17 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 149.93 222.17 Td (operations, ) Tj ET Q q 0 0 0 rg BT 196.59 222.17 Td (net ) Tj ET Q q 0 0 0 rg BT 211.31 222.17 Td (of ) Tj ET Q q 0 0 0 rg BT 222.14 222.17 Td (tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 222.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 222.17 Td (\(3,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 222.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 72.72 708.25 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.72 708.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.46 708.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.19 708.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 124.81 708.25 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 174.76 708.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.49 708.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 218.56 708.25 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 259.61 708.25 Td (Positions ) Tj ET Q q 0 0 0 rg BT 299.57 708.25 Td (Owned ) Tj ET Q q 0 0 0 rg BT 330.63 708.25 Td (and ) Tj ET Q q 0 0 0 rg BT 348.36 708.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 389.98 708.25 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 439.93 708.25 Td (and ) Tj ET Q q 0 0 0 rg BT 457.67 708.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 483.73 708.25 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 524.78 708.25 Td (Positions ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.50 696.25 Td (Sold, ) Tj ET Q q 0 0 0 rg BT 104.28 696.25 Td (but ) Tj ET Q q 0 0 0 rg BT 119.56 696.25 Td (Not ) Tj ET Q q 0 0 0 rg BT 136.50 696.25 Td (Y) Tj ET Q q 0 0 0 rg BT 141.15 696.25 Td (et ) Tj ET Q q 0 0 0 rg BT 150.87 696.25 Td (Pur) Tj ET Q q 0 0 0 rg BT 165.49 696.25 Td (chased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.26 696.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 637.75 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 637.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 637.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 637.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.75 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 613.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 613.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 613.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 589.75 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 589.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 589.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 589.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 565.75 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 565.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 565.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 565.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 541.75 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 541.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 541.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 541.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 517.75 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 517.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 517.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 517.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 493.75 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 493.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 493.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 493.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 469.75 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 469.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 469.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 469.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 445.75 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 445.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 445.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 445.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 421.75 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 421.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 421.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 421.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 397.75 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 397.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 397.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 397.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 373.75 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 373.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 373.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 373.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 349.75 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 349.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 349.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 349.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 325.75 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 325.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 325.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 325.75 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 414.5 649.75 m 484.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 649.75 m 562.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 493.75 m 484.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 493.75 m 562.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 457.75 m 484.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 446.75 m 484.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 444.75 m 484.5 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 457.75 m 562.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 446.75 m 562.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 444.75 m 562.5 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 349.75 m 484.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 349.75 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 414.5 313.75 m 484.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 302.75 m 484.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 300.75 m 484.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 313.75 m 562.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 302.75 m 562.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 300.75 m 562.5 300.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.90 664.48 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.90 664.48 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 653.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 652.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 652.48 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 640.37 Td (Financial instruments and other inventory positions owned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.37 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 616.37 Td (Equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.00 616.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 616.48 Td (9,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 616.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 616.37 Td (50,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 604.37 Td (Convertible securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 604.48 Td (18,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 604.37 Td (156,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 592.37 Td (Fixed income securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 592.48 Td (48,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 592.37 Td (48,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 580.37 Td (Municipal securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 568.37 Td (Taxable securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 568.48 Td (111,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 568.37 Td (312,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 556.37 Td (Tax-exempt securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 556.48 Td (416,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 556.37 Td (559,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 544.37 Td (Short-term securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 544.48 Td (33,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 544.37 Td (68,717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 532.37 Td (Mortgage-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 532.48 Td (121,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 532.37 Td (125,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.37 Td (U.S. government agency securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 520.48 Td (188,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 520.37 Td (244,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.37 Td (U.S. government securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 508.48 Td (7,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 508.37 Td (2,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 496.37 Td (Derivative contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 496.48 Td (35,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 496.37 Td (47,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 484.37 Td (Total financial instruments and other inventory positions owned) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 484.48 Td (990,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 484.37 Td (1,616,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.37 Td (Less noncontrolling interests \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.80 460.53 Td (\(43,397) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.65 460.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 460.37 Td (\(267,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 460.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.00 448.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 448.48 Td (947,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 448.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 448.37 Td (1,348,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 424.37 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 53.00 412.37 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 400.37 Td (Equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.00 400.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 400.48 Td (15,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 400.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 400.37 Td (154,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 388.37 Td (Fixed income securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 388.48 Td (39,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 388.37 Td (21,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 376.37 Td (U.S. government agency securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 376.48 Td (21,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 376.37 Td (27,735) Tj ET Q BT /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 (159,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 364.37 Td (523,527) 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 (3,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 352.37 Td (10,813) 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 (239,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 340.37 Td (738,124) 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 454.80 316.53 Td (\(4,586) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.65 316.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 316.37 Td (\(98,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 316.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.00 304.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 304.48 Td (234,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 304.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 304.37 Td (639,455) 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 118.70 289.65 Td (inter) Tj ET Q q 0 0 0 rg BT 133.51 289.65 Td (ests ) Tj ET Q q 0 0 0 rg BT 147.62 289.65 Td (attributable ) Tj ET Q q 0 0 0 rg BT 187.50 289.65 Td (to ) Tj ET Q q 0 0 0 rg BT 195.83 289.65 Td (thir) Tj ET Q q 0 0 0 rg BT 207.09 289.65 Td (d ) Tj ET Q q 0 0 0 rg BT 213.20 289.65 Td (party ) Tj ET Q q 0 0 0 rg BT 232.19 289.65 Td (ownership ) Tj ET Q q 0 0 0 rg BT 267.64 289.65 Td (in ) Tj ET Q q 0 0 0 rg BT 275.96 289.65 Td (a ) Tj ET Q q 0 0 0 rg BT 282.07 289.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 325.06 289.65 Td (municipal ) Tj ET Q q 0 0 0 rg BT 359.16 289.65 Td (bond ) Tj ET Q q 0 0 0 rg BT 377.27 289.65 Td (fund ) Tj ET Q q 0 0 0 rg BT 393.60 289.65 Td (consist ) Tj ET Q q 0 0 0 rg BT 417.93 289.65 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.26 289.65 Td ($7.5 ) Tj ET Q q 0 0 0 rg BT 442.36 289.65 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.03 289.65 Td ( ) Tj ET Q q 0 0 0 rg BT 467.14 289.65 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 481.24 289.65 Td ($123.3 ) Tj ET Q q 0 0 0 rg BT 505.35 289.65 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.02 289.65 Td ( ) Tj ET Q q 0 0 0 rg BT 530.13 289.65 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 102.25 280.05 Td (securities, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 137.17 280.05 Td ($35.1 ) Tj ET Q q 0 0 0 rg BT 157.43 280.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 180.09 280.05 Td ( ) Tj ET Q q 0 0 0 rg BT 182.35 280.05 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 196.61 280.05 Td ($139.5 ) Tj ET Q q 0 0 0 rg BT 220.87 280.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 243.53 280.05 Td ( ) Tj ET Q q 0 0 0 rg BT 245.79 280.05 Td (of ) Tj ET Q q 0 0 0 rg BT 254.27 280.05 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 291.62 280.05 Td (municipal ) Tj ET Q q 0 0 0 rg BT 325.87 280.05 Td (securities, ) Tj ET Q q 0 0 0 rg BT 360.79 280.05 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 375.04 280.05 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 391.30 280.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.97 280.05 Td ( ) Tj ET Q q 0 0 0 rg BT 416.22 280.05 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.48 280.05 Td ($4.9 ) Tj ET Q q 0 0 0 rg BT 446.74 280.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.41 280.05 Td ( ) Tj ET Q q 0 0 0 rg BT 471.66 280.05 Td (of ) Tj ET Q q 0 0 0 rg BT 480.14 280.05 Td (derivative ) Tj ET Q q 0 0 0 rg BT 514.38 280.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 546.41 280.05 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 (2015) 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 (2014) 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 119.36 257.85 Td (inter) Tj ET Q q 0 0 0 rg BT 134.17 257.85 Td (ests ) Tj ET Q q 0 0 0 rg BT 148.93 257.85 Td (attributable ) Tj ET Q q 0 0 0 rg BT 189.47 257.85 Td (to ) Tj ET Q q 0 0 0 rg BT 198.46 257.85 Td (thir) Tj ET Q q 0 0 0 rg BT 209.72 257.85 Td (d ) Tj ET Q q 0 0 0 rg BT 216.48 257.85 Td (party ) Tj ET Q q 0 0 0 rg BT 236.13 257.85 Td (ownership ) Tj ET Q q 0 0 0 rg BT 272.23 257.85 Td (in ) Tj ET Q q 0 0 0 rg BT 281.21 257.85 Td (a ) Tj ET Q q 0 0 0 rg BT 287.98 257.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 331.62 257.85 Td (municipal ) Tj ET Q q 0 0 0 rg BT 366.38 257.85 Td (bond ) Tj ET Q q 0 0 0 rg BT 385.14 257.85 Td (fund ) Tj ET Q q 0 0 0 rg BT 402.13 257.85 Td (consist ) Tj ET Q q 0 0 0 rg BT 427.12 257.85 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.10 257.85 Td ($4.6 ) Tj ET Q q 0 0 0 rg BT 452.86 257.85 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.53 257.85 Td ( ) Tj ET Q q 0 0 0 rg BT 478.29 257.85 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.06 257.85 Td ($97.6 ) Tj ET Q q 0 0 0 rg BT 513.82 257.85 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.49 257.85 Td ( ) Tj ET Q q 0 0 0 rg BT 539.25 257.85 Td (of ) Tj ET Q q 0 0 0 rg BT 548.24 257.85 Td (U.S. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 248.25 Td (government ) Tj ET Q q 0 0 0 rg BT 107.77 248.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 140.43 248.25 Td (as ) Tj ET Q q 0 0 0 rg BT 149.54 248.25 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 157.76 248.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 204.63 248.25 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 220.63 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 222.63 248.25 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 236.63 248.25 Td (2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 252.63 248.25 Td (, ) Tj ET Q q 0 0 0 rg BT 256.63 248.25 Td (r) Tj ET Q q 0 0 0 rg BT 259.45 248.25 Td (espectively) Tj ET Q q 0 0 0 rg BT 294.09 248.25 Td (, ) Tj ET Q q 0 0 0 rg BT 298.09 248.25 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 312.09 248.25 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 328.09 248.25 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 350.76 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 352.76 248.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.98 248.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 394.97 248.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 426.74 248.25 Td (as ) Tj ET Q q 0 0 0 rg BT 435.86 248.25 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.08 248.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 490.95 248.25 Td (2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.95 248.25 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 61.97 224.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 120.02 224.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.02 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 141.99 224.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.39 224.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.39 224.25 Td (, ) Tj ET Q q 0 0 0 rg BT 182.86 224.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 219.81 224.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 268.44 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 284.85 224.25 Td (other ) Tj ET Q q 0 0 0 rg BT 307.36 224.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 347.66 224.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 385.74 224.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 414.37 224.25 Td (in ) Tj ET Q q 0 0 0 rg BT 424.12 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.30 224.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 470.26 224.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.56 224.25 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 500.03 224.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.14 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 528.11 224.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.52 224.25 Td ($1.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.11 212.25 Td (, ) Tj ET Q q 0 0 0 rg BT 81.11 212.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 128.77 212.25 Td (, ) Tj ET Q q 0 0 0 rg BT 133.77 212.25 Td (had ) Tj ET Q q 0 0 0 rg BT 150.71 212.25 Td (been ) Tj ET Q q 0 0 0 rg BT 172.09 212.25 Td (pledged ) Tj ET Q q 0 0 0 rg BT 206.25 212.25 Td (as ) Tj ET Q q 0 0 0 rg BT 217.08 212.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 256.77 212.25 Td (for ) Tj ET Q q 0 0 0 rg BT 270.93 212.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 315.09 212.25 Td (financings ) Tj ET Q q 0 0 0 rg BT 359.24 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.18 212.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 421.99 212.25 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 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 /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 67.54 576.25 Td (as ) Tj ET Q q 0 0 0 rg BT 78.41 576.25 Td (described ) Tj ET Q q 0 0 0 rg BT 119.26 576.25 Td (below) Tj ET Q q 0 0 0 rg BT 143.05 576.25 Td (. ) Tj ET Q q 0 0 0 rg BT 147.90 576.25 Td (The ) Tj ET Q q 0 0 0 rg BT 165.99 576.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 215.19 576.25 Td (use ) Tj ET Q q 0 0 0 rg BT 231.06 576.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 263.03 576.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 284.45 576.25 Td (based ) Tj ET Q q 0 0 0 rg BT 309.75 576.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 332.29 576.25 Td (either ) Tj ET Q q 0 0 0 rg BT 357.59 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 372.35 576.25 Td (London ) Tj ET Q q 0 0 0 rg BT 405.99 576.25 Td (Interbank ) Tj ET Q q 0 0 0 rg BT 446.85 576.25 Td (Of) Tj ET Q q 0 0 0 rg BT 457.22 576.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 470.86 576.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 491.72 576.25 Td (\(LIBOR\) ) Tj ET Q q 0 0 0 rg BT 539.79 576.25 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 343.00 564.25 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 71.31 516.25 Td (based ) Tj ET Q q 0 0 0 rg BT 96.51 516.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 118.94 516.25 Td (either ) Tj ET Q q 0 0 0 rg BT 144.13 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.78 516.25 Td (Municipal ) Tj ET Q q 0 0 0 rg BT 202.31 516.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 233.62 516.25 Td (Data ) Tj ET Q q 0 0 0 rg BT 254.93 516.25 Td (\(MMD\) ) Tj ET Q q 0 0 0 rg BT 297.90 516.25 Td (index, ) Tj ET Q q 0 0 0 rg BT 325.05 516.25 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 357.48 516.25 Td (or ) Tj ET Q q 0 0 0 rg BT 368.24 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.89 516.25 Td (SIFMA) Tj ET Q q 0 0 0 rg BT 412.90 516.25 Td ( ) Tj ET Q q 0 0 0 rg BT 415.33 516.25 Td (index. ) Tj ET Q q 0 0 0 rg BT 442.30 516.25 Td (The ) Tj ET Q q 0 0 0 rg BT 460.28 516.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 501.60 516.25 Td (also ) Tj ET Q q 0 0 0 rg BT 520.14 516.25 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 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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, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 376.48 Td (December 31, 2014) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.15 328.48 Td (406,888) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.00 328.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.15 328.48 Td (386,284) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.00 328.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.60 328.48 Td (4,392,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 328.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 328.37 Td (447,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 328.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 328.37 Td (425,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 328.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 328.37 Td (4,860,302) 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 217.65 316.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.15 316.48 Td (7,685) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 316.48 Td (290,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 316.37 Td (140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 316.37 Td (8,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 316.37 Td (297,250) 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 205.15 292.48 Td (5,411) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.65 292.48 Td (530) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 292.48 Td (94,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 292.37 Td (5,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 292.37 Td (5,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 292.37 Td (267,796) 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 212.65 268.48 Td (164) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.65 268.48 Td (149) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.60 268.48 Td (2,345,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 268.37 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 268.37 Td (189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 268.37 Td (19,380) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.00 256.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.15 256.48 Td (412,463) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.00 256.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.15 256.48 Td (394,648) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.00 256.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.60 256.48 Td (7,122,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 256.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 256.37 Td (454,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 256.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 256.37 Td (438,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.00 256.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 256.37 Td (5,444,728) 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 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(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 (instruments:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 112.95 153.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 112.95 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 112.95 130.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 112.95 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 112.95 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 112.95 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 112.95 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 112.95 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 112.95 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 88.95 153.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 88.95 7.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 88.95 130.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 88.95 7.00 -22.00 re f /GS0 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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 (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.50 128.35 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.50 128.35 Td (2013) 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 (\(2,274) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 116.35 Td (\)) 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 (\(2,790) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 116.21 Td (\)) 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 (\(1,529) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 116.21 Td (\)) 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 397.50 104.35 Td (534) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 104.21 Td (\(1,678) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 104.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 104.21 Td (\(2,511) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 104.21 Td (\)) 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 386.25 92.35 Td (12,228) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 92.21 Td (\(1,080) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 92.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 92.21 Td (\(1,522) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 92.21 Td (\)) 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 394.50 71.40 Td (\(252) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 71.40 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.75 71.41 Td (1,037) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 71.41 Td (\(646) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 71.41 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 350.00 58.35 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.25 58.35 Td (10,236) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.00 58.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.75 58.21 Td (\(4,511) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 58.21 Td (\)) 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 (\(6,208) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 58.21 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 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 33.60 Td (80) 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 (2015) 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 ($24.4 ) 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 (\(notional ) Tj ET Q q 0 0 0 rg BT 251.12 600.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 285.19 600.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 317.05 600.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.25 600.10 Td ($186.4 ) Tj ET Q q 0 0 0 rg BT 356.61 600.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.50 600.10 Td (\), ) 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 ($16.9 ) 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 (7) 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 76.52 540.10 Td (on ) Tj ET Q q 0 0 0 rg BT 89.09 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.89 540.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 131.45 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.36 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.15 540.10 Td (Company) Tj ET Q q 0 0 0 rg BT 198.82 540.10 Td (s ) Tj ET Q q 0 0 0 rg BT 205.28 540.10 Td (business ) Tj ET Q q 0 0 0 rg BT 241.75 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.77 540.10 Td (its ) Tj ET Q q 0 0 0 rg BT 270.79 540.10 Td (role ) Tj ET Q q 0 0 0 rg BT 288.92 540.10 Td (as ) Tj ET Q q 0 0 0 rg BT 299.83 540.10 Td (a ) Tj ET Q q 0 0 0 rg BT 306.84 540.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 342.72 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 353.07 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.87 540.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 408.21 540.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 443.56 540.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.47 540.10 Td (as ) Tj ET Q q 0 0 0 rg BT 465.38 540.10 Td (a ) Tj ET Q q 0 0 0 rg BT 472.39 540.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 509.40 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.30 540.10 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 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 33.60 Td (81) 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 91.92 192.10 Td (\(CMO\) ) Tj ET Q q 0 0 0 rg BT 132.11 192.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 171.74 192.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.04 192.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 218.22 192.10 Td (interest-only ) Tj ET Q q 0 0 0 rg BT 270.63 192.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 312.76 192.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 353.51 192.10 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 407.03 192.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 449.16 192.10 Td (CMO ) Tj ET Q q 0 0 0 rg BT 473.81 192.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 513.44 192.10 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 81.85 156.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.09 156.10 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.09 156.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.42 156.10 Td (300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.42 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.22 156.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 160.02 156.10 Td (points ) Tj ET Q q 0 0 0 rg BT 186.27 156.10 Td (\(bps\) ) Tj ET Q q 0 0 0 rg BT 217.50 156.10 Td (on ) Tj ET Q q 0 0 0 rg BT 229.30 156.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 261.10 156.10 Td (over ) Tj ET Q q 0 0 0 rg BT 280.67 156.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 300.25 156.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 334.26 156.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 376.33 156.10 Td (or ) Tj ET Q q 0 0 0 rg BT 386.46 156.10 Td (models ) Tj ET Q q 0 0 0 rg BT 417.15 156.10 Td (based ) Tj ET Q q 0 0 0 rg BT 441.72 156.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 463.52 156.10 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 104.49 144.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.82 144.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.15 144.10 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.48 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.98 144.10 Td (conditional ) Tj ET Q q 0 0 0 rg BT 194.47 144.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 244.17 144.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 261.65 144.10 Td (\(CPR\). ) Tj ET Q q 0 0 0 rg BT 300.91 144.10 Td (These ) Tj ET Q q 0 0 0 rg BT 327.29 144.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 367.55 144.10 Td (are ) Tj ET Q q 0 0 0 rg BT 382.26 144.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 430.84 144.10 Td (as ) Tj ET Q q 0 0 0 rg BT 441.67 144.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 466.93 144.10 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 165 0 obj <>] /Rotate 0 /Contents 166 0 R>> endobj 166 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 (82) 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.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 69.62 372.10 Td (V) Tj ET Q q 0 0 0 rg BT 74.62 372.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 94.18 372.10 Td (Option ) Tj ET Q q 0 0 0 rg BT 124.30 372.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.30 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.48 372.10 Td (The ) Tj ET Q q 0 0 0 rg BT 149.37 372.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 165.59 372.10 Td (value ) Tj ET Q q 0 0 0 rg BT 189.59 372.10 Td (option ) Tj ET Q q 0 0 0 rg BT 217.49 372.10 Td (permits ) Tj ET Q q 0 0 0 rg BT 249.83 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.39 372.10 Td (irrevocable ) Tj ET Q q 0 0 0 rg BT 311.70 372.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 327.92 372.10 Td (value ) Tj ET Q q 0 0 0 rg BT 351.92 372.10 Td (option ) Tj ET Q q 0 0 0 rg BT 379.82 372.10 Td (election ) Tj ET Q q 0 0 0 rg BT 413.82 372.10 Td (on ) Tj ET Q q 0 0 0 rg BT 426.16 372.10 Td (an ) Tj ET Q q 0 0 0 rg BT 437.94 372.10 Td (instrument-by-instrument ) Tj ET Q q 0 0 0 rg BT 542.49 372.10 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (at ) Tj ET Q q 0 0 0 rg BT 59.30 360.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 85.21 360.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 133.33 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.24 360.10 Td (an ) Tj ET Q q 0 0 0 rg BT 156.26 360.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 178.28 360.10 Td (or ) Tj ET Q q 0 0 0 rg BT 189.19 360.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 222.88 360.10 Td (or ) Tj ET Q q 0 0 0 rg BT 233.79 360.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 256.37 360.10 Td (an ) Tj ET Q q 0 0 0 rg BT 268.39 360.10 Td (event ) Tj ET Q q 0 0 0 rg BT 292.63 360.10 Td (that ) Tj ET Q q 0 0 0 rg BT 310.20 360.10 Td (gives ) Tj ET Q q 0 0 0 rg BT 333.89 360.10 Td (rise ) Tj ET Q q 0 0 0 rg BT 350.91 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.27 360.10 Td (a ) Tj ET Q q 0 0 0 rg BT 368.29 360.10 Td (new ) Tj ET Q q 0 0 0 rg BT 387.53 360.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 410.11 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.02 360.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 467.47 360.10 Td (for ) Tj ET Q q 0 0 0 rg BT 481.71 360.10 Td (that ) Tj ET Q q 0 0 0 rg BT 499.29 360.10 Td (instrument. ) Tj ET Q q 0 0 0 rg BT 546.96 360.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.12 348.10 Td (value ) Tj ET Q q 0 0 0 rg BT 88.53 348.10 Td (option ) Tj ET Q q 0 0 0 rg BT 115.83 348.10 Td (was ) Tj ET Q q 0 0 0 rg BT 133.13 348.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 163.19 348.10 Td (for ) Tj ET Q q 0 0 0 rg BT 176.59 348.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 205.54 348.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 244.49 348.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 278.46 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.64 348.10 Td (other ) Tj ET Q q 0 0 0 rg BT 316.94 348.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 366.46 348.10 Td (at ) Tj ET Q q 0 0 0 rg BT 375.42 348.10 Td (inception ) Tj ET Q q 0 0 0 rg BT 414.38 348.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.90 348.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 451.18 348.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 491.80 348.10 Td (events ) Tj ET Q q 0 0 0 rg BT 519.10 348.10 Td (in ) Tj ET Q q 0 0 0 rg BT 528.62 348.10 Td (earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (on ) Tj ET Q q 0 0 0 rg BT 61.52 336.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.98 336.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 95.56 336.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 120.08 336.10 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 160.42 336.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 194.66 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.12 336.10 Td (other ) Tj ET Q q 0 0 0 rg BT 233.69 336.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 260.71 336.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 310.51 336.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.86 336.10 Td ($19.7 ) Tj ET Q q 0 0 0 rg BT 345.38 336.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.27 336.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.30 336.10 Td (and 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552.27 Td (Credit default rates \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 552.27 Td (1 - 12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.55 552.27 Td (4.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 538.22 Td (Prepayment rates \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 538.22 Td (2 - 21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.05 538.22 Td (10.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 526.22 Td (Loss severity \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 526.22 Td (30 - 90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.05 526.22 Td (62.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 514.22 Td (Valuation yields \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 514.22 Td (2 - 8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.55 514.22 Td (4.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 502.22 Td (Investments at fair value:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 490.17 Td (Equity securities in private) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 480.22 Td (companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 482.27 Td (Market approach) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 482.27 Td (Revenue multiple \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.25 482.27 Td (2 - 6 times) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 482.27 Td (4.4 times) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 468.22 Td (EBITDA multiple \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.25 468.22 Td (10 - 12 times) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.15 468.22 Td (10.4 times) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 444.33 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 431.27 Td (Financial instruments and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 421.27 Td (other inventory positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 411.27 Td (sold, but not yet purchased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 397.22 Td (Derivative contracts:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 385.22 Td (Interest rate locks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 385.22 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 385.22 Td (Premium over the MMD curve\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.60 385.22 Td (1 - 32 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.55 385.22 Td (6.5 bps) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 369.30 Td (Sensitivity ) Tj ET Q q 0 0 0 rg BT 88.74 369.30 Td (of ) Tj ET Q q 0 0 0 rg BT 97.99 369.30 Td (the ) Tj ET Q q 0 0 0 rg BT 111.23 369.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 126.49 369.30 Td (value ) Tj ET Q q 0 0 0 rg BT 148.23 369.30 Td (to ) Tj ET Q q 0 0 0 rg BT 157.48 369.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 189.22 369.30 Td (in ) Tj ET Q q 0 0 0 rg BT 198.47 369.30 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 249.21 369.30 Td (inputs:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 355.50 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 355.50 Td (Significant ) Tj ET Q q 0 0 0 rg BT 108.32 355.50 Td (incr) Tj ET Q q 0 0 0 rg BT 122.48 355.50 Td (ease/\(decr) Tj ET Q q 0 0 0 rg BT 159.63 355.50 Td (ease\) ) Tj ET Q q 0 0 0 rg BT 180.44 355.50 Td (in ) Tj ET Q q 0 0 0 rg BT 189.27 355.50 Td (the ) Tj ET Q q 0 0 0 rg BT 202.08 355.50 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 252.40 355.50 Td (input ) Tj ET Q q 0 0 0 rg BT 272.72 355.50 Td (in ) Tj ET Q q 0 0 0 rg BT 281.54 355.50 Td (isolation ) Tj ET Q q 0 0 0 rg BT 314.87 355.50 Td (would ) Tj ET Q q 0 0 0 rg BT 338.70 355.50 Td (r) Tj ET Q q 0 0 0 rg BT 341.86 355.50 Td (esult ) Tj ET Q q 0 0 0 rg BT 360.68 355.50 Td (in ) Tj ET Q q 0 0 0 rg BT 369.51 355.50 Td (a ) Tj ET Q q 0 0 0 rg BT 375.83 355.50 Td (significantly ) Tj ET Q q 0 0 0 rg BT 422.15 355.50 Td (lower/\(higher\) ) Tj ET Q q 0 0 0 rg BT 476.46 355.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 491.29 355.50 Td (value ) Tj ET Q q 0 0 0 rg BT 512.60 355.50 Td (measur) Tj ET Q q 0 0 0 rg BT 538.77 355.50 Td (ement.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 341.70 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 341.70 Td (Significant ) Tj ET Q q 0 0 0 rg BT 108.32 341.70 Td (incr) Tj ET Q q 0 0 0 rg BT 122.48 341.70 Td (ease/\(decr) Tj ET Q q 0 0 0 rg BT 159.63 341.70 Td (ease\) ) Tj ET Q q 0 0 0 rg BT 180.44 341.70 Td (in ) Tj ET Q q 0 0 0 rg BT 189.27 341.70 Td (the ) Tj ET Q q 0 0 0 rg BT 202.08 341.70 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 252.40 341.70 Td (input ) Tj ET Q q 0 0 0 rg BT 272.72 341.70 Td (in ) Tj ET Q q 0 0 0 rg BT 281.54 341.70 Td (isolation ) Tj ET Q q 0 0 0 rg BT 314.87 341.70 Td (would ) Tj ET Q q 0 0 0 rg BT 338.70 341.70 Td (r) Tj ET Q q 0 0 0 rg BT 341.86 341.70 Td (esult ) Tj ET Q q 0 0 0 rg BT 360.68 341.70 Td (in ) Tj ET Q q 0 0 0 rg BT 369.51 341.70 Td (a ) Tj ET Q q 0 0 0 rg BT 375.83 341.70 Td (significantly ) Tj ET Q q 0 0 0 rg BT 422.15 341.70 Td (higher/\(lower\) ) Tj ET Q q 0 0 0 rg BT 476.46 341.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 491.29 341.70 Td (value ) Tj ET Q q 0 0 0 rg BT 512.60 341.70 Td (measur) Tj ET Q q 0 0 0 rg BT 538.77 341.70 Td (ement.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 327.90 Td (\(3\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 327.90 Td (Significant ) Tj ET Q q 0 0 0 rg BT 107.96 327.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 138.92 327.90 Td (in ) Tj ET Q q 0 0 0 rg BT 147.39 327.90 Td (any ) Tj ET Q q 0 0 0 rg BT 161.85 327.90 Td (of ) Tj ET Q q 0 0 0 rg BT 170.31 327.90 Td (these ) Tj ET Q q 0 0 0 rg BT 190.27 327.90 Td (inputs ) Tj ET Q q 0 0 0 rg BT 213.74 327.90 Td (in ) Tj ET Q q 0 0 0 rg BT 222.21 327.90 Td (isolation ) Tj ET Q q 0 0 0 rg BT 255.18 327.90 Td (could ) Tj ET Q q 0 0 0 rg BT 276.64 327.90 Td (r) Tj ET Q q 0 0 0 rg BT 279.81 327.90 Td (esult ) Tj ET Q q 0 0 0 rg BT 298.27 327.90 Td (in ) Tj ET Q q 0 0 0 rg BT 306.74 327.90 Td (a ) Tj ET Q q 0 0 0 rg BT 312.70 327.90 Td (significantly ) Tj ET Q q 0 0 0 rg BT 358.66 327.90 Td (differ) Tj ET Q q 0 0 0 rg BT 377.83 327.90 Td (ent ) Tj ET Q q 0 0 0 rg BT 390.29 327.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 404.76 327.90 Td (value. ) Tj ET Q q 0 0 0 rg BT 427.96 327.90 Td (Generally) Tj ET Q q 0 0 0 rg BT 463.45 327.90 Td (, ) Tj ET Q q 0 0 0 rg BT 467.17 327.90 Td (a ) Tj ET Q q 0 0 0 rg BT 473.14 327.90 Td (change ) Tj ET Q q 0 0 0 rg BT 500.59 327.90 Td (in ) Tj ET Q q 0 0 0 rg BT 509.06 327.90 Td (the ) Tj ET Q q 0 0 0 rg BT 521.52 327.90 Td (assumption ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 317.10 Td (used ) Tj ET Q q 0 0 0 rg BT 85.71 317.10 Td (for ) Tj ET Q q 0 0 0 rg BT 97.92 317.10 Td (cr) Tj ET Q q 0 0 0 rg BT 105.08 317.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 120.28 317.10 Td (default ) Tj ET Q q 0 0 0 rg BT 146.99 317.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 166.70 317.10 Td (is ) Tj ET Q q 0 0 0 rg BT 174.41 317.10 Td (accompanied ) Tj ET Q q 0 0 0 rg BT 224.10 317.10 Td (by ) Tj ET Q q 0 0 0 rg BT 234.30 317.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.51 317.10 Td (dir) Tj ET Q q 0 0 0 rg BT 250.68 317.10 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 287.88 317.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 315.09 317.10 Td (change ) Tj ET Q q 0 0 0 rg BT 342.79 317.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.50 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.20 317.10 Td (assumption ) Tj ET Q q 0 0 0 rg BT 406.91 317.10 Td (used ) Tj ET Q q 0 0 0 rg BT 425.12 317.10 Td (for ) Tj ET Q q 0 0 0 rg BT 437.33 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.04 317.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 465.75 317.10 Td (severity ) Tj ET Q q 0 0 0 rg BT 495.44 317.10 Td (and ) Tj ET Q q 0 0 0 rg BT 510.65 317.10 Td (a ) Tj ET Q q 0 0 0 rg BT 516.86 317.10 Td (dir) Tj ET Q q 0 0 0 rg BT 527.03 317.10 Td (ectionally ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 306.30 Td (inverse ) Tj ET Q q 0 0 0 rg BT 95.74 306.30 Td (change ) Tj ET Q q 0 0 0 rg BT 123.98 306.30 Td (in ) Tj ET Q q 0 0 0 rg BT 133.23 306.30 Td (the ) Tj ET Q q 0 0 0 rg BT 146.47 306.30 Td (assumption ) Tj ET Q q 0 0 0 rg BT 189.73 306.30 Td (for ) Tj ET Q q 0 0 0 rg BT 202.48 306.30 Td (valuation ) Tj ET Q q 0 0 0 rg BT 238.73 306.30 Td (yields.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 292.50 Td (\(4\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 292.50 Td (The ) Tj ET Q q 0 0 0 rg BT 82.89 292.50 Td (potential ) Tj ET Q q 0 0 0 rg BT 116.78 292.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 143.17 292.50 Td (of ) Tj ET Q q 0 0 0 rg BT 152.07 292.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 183.45 292.50 Td (in ) Tj ET Q q 0 0 0 rg BT 192.35 292.50 Td (pr) Tj ET Q q 0 0 0 rg BT 200.02 292.50 Td (epayment ) Tj ET Q q 0 0 0 rg BT 236.40 292.50 Td (rates ) Tj ET Q q 0 0 0 rg BT 256.29 292.50 Td (on ) Tj ET Q q 0 0 0 rg BT 267.18 292.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 282.08 292.50 Td (value ) Tj ET Q q 0 0 0 rg BT 303.46 292.50 Td (is ) Tj ET Q q 0 0 0 rg BT 311.36 292.50 Td (dependent ) Tj ET Q q 0 0 0 rg BT 350.24 292.50 Td (on ) Tj ET Q q 0 0 0 rg BT 361.13 292.50 Td (other ) Tj ET Q q 0 0 0 rg BT 382.03 292.50 Td (security-specific ) Tj ET Q q 0 0 0 rg BT 442.89 292.50 Td (factors, ) Tj ET Q q 0 0 0 rg BT 472.04 292.50 Td (such ) Tj ET Q q 0 0 0 rg BT 490.43 292.50 Td (as ) Tj ET Q q 0 0 0 rg BT 500.33 292.50 Td (the ) Tj ET Q q 0 0 0 rg BT 513.22 292.50 Td (par ) Tj ET Q q 0 0 0 rg BT 527.61 292.50 Td (value ) Tj ET Q q 0 0 0 rg BT 549.00 292.50 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 281.70 Td (structur) Tj ET Q q 0 0 0 rg BT 95.67 281.70 Td (e. ) Tj ET Q q 0 0 0 rg BT 104.15 281.70 Td (Changes ) Tj ET Q q 0 0 0 rg BT 137.89 281.70 Td (in ) Tj ET Q q 0 0 0 rg BT 147.12 281.70 Td (the ) Tj ET Q q 0 0 0 rg BT 160.36 281.70 Td (pr) Tj ET Q q 0 0 0 rg BT 168.02 281.70 Td (epayment ) Tj ET Q q 0 0 0 rg BT 204.75 281.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 224.98 281.70 Td (may ) Tj ET Q q 0 0 0 rg BT 242.21 281.70 Td (r) Tj ET Q q 0 0 0 rg BT 245.38 281.70 Td (esult ) Tj ET Q q 0 0 0 rg BT 264.62 281.70 Td (in ) Tj ET Q q 0 0 0 rg BT 273.85 281.70 Td (dir) Tj ET Q q 0 0 0 rg BT 284.02 281.70 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 321.75 281.70 Td (similar ) Tj ET Q q 0 0 0 rg BT 349.49 281.70 Td (or ) Tj ET Q q 0 0 0 rg BT 359.73 281.70 Td (dir) Tj ET Q q 0 0 0 rg BT 369.90 281.70 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 407.62 281.70 Td (inverse ) Tj ET Q q 0 0 0 rg BT 435.85 281.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 467.57 281.70 Td (in ) Tj ET Q q 0 0 0 rg BT 476.81 281.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 492.05 281.70 Td (value ) Tj ET Q q 0 0 0 rg BT 513.78 281.70 Td (depending ) Tj ET Q q 0 0 0 rg BT 553.50 281.70 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 270.90 Td (whether ) Tj ET Q q 0 0 0 rg BT 98.75 270.90 Td (the ) Tj ET Q q 0 0 0 rg BT 111.99 270.90 Td (security ) Tj ET Q q 0 0 0 rg BT 142.73 270.90 Td (trades ) Tj ET Q q 0 0 0 rg BT 167.48 270.90 Td (at ) Tj ET Q q 0 0 0 rg BT 176.73 270.90 Td (a ) Tj ET Q q 0 0 0 rg BT 183.48 270.90 Td (pr) Tj ET Q q 0 0 0 rg BT 191.15 270.90 Td (emium ) Tj ET Q q 0 0 0 rg BT 217.39 270.90 Td (or ) Tj ET Q q 0 0 0 rg BT 227.65 270.90 Td (discount ) Tj ET Q q 0 0 0 rg BT 260.39 270.90 Td (to ) Tj ET Q q 0 0 0 rg BT 269.64 270.90 Td (the ) Tj ET Q q 0 0 0 rg BT 282.89 270.90 Td (par ) Tj ET Q q 0 0 0 rg BT 297.64 270.90 Td (value.) Tj ET Q 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 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 Td (valuation ) Tj ET Q q 0 0 0 rg BT 236.53 708.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.52 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.40 708.10 Td (Company) Tj ET Q q 0 0 0 rg BT 304.06 708.10 Td (s ) Tj ET Q q 0 0 0 rg BT 310.61 708.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 348.25 708.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 397.58 708.10 Td (by ) Tj ET Q q 0 0 0 rg BT 410.24 708.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 441.23 708.10 Td (observability ) Tj ET Q q 0 0 0 rg BT 496.10 708.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 522.09 708.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 554.73 708.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 71.45 696.10 Td (820 ) Tj ET Q q 0 0 0 rg BT 88.95 696.10 Td (as ) Tj ET Q q 0 0 0 rg BT 99.78 696.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.61 696.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 169.20 696.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.20 696.10 Td (:) Tj ET Q 0.8 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q 0 0 0 rg BT 405.15 556.22 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 533.65 556.22 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 259.15 532.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 532.22 Td (105,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 532.22 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 528.65 532.22 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 259.15 520.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 520.22 Td (415,789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 520.22 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 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259.15 484.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 484.22 Td (188,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 484.22 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 528.65 484.22 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 246.65 472.22 Td (7,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 472.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 472.22 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 538.65 472.22 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 254.15 460.22 Td (164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 460.22 Td (412,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 460.22 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 533.65 460.22 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 241.65 438.27 Td (15,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 438.27 Td (1,224,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 438.27 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 528.65 438.27 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 236.65 412.22 Td (130,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 412.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 412.22 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 528.65 412.22 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 241.65 388.22 Td (34,874) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 388.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 388.22 Td (107,907) 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 528.65 388.22 Td (142,781) 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 210.50 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 376.22 Td (180,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 376.22 Td (1,224,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 376.22 Td 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283.50 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 294.22 Td (2,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 294.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 294.22 Td ($) 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 502.50 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 294.22 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 259.15 282.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 282.22 Td (39,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 282.22 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 533.65 282.22 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 259.15 270.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 270.22 Td (21,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 270.22 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 533.65 270.22 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 236.65 258.22 Td (159,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 258.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 258.22 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 528.65 258.22 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 254.15 246.22 Td (149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 246.22 Td (387,351) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 246.22 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 538.65 246.22 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 yet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 214.17 Td (purchased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 214.27 Td (172,675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 214.27 Td (450,778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 214.27 Td (7,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 214.27 Td ($) 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 502.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 214.27 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 ) 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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 225.10 640.33 Td (Level I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.15 640.33 Td (Level II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.25 640.33 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 521.05 640.33 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 210.50 580.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 580.22 Td (39,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 580.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 580.22 Td (11,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 580.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 580.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 580.22 Td ($) 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 502.50 580.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 580.22 Td (50,365) 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 259.15 568.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 568.22 Td (156,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 568.22 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 528.65 568.22 Td (156,685) 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 259.15 556.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 556.22 Td (48,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 556.22 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 533.65 556.22 Td (48,651) 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 259.15 532.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 532.22 Td (312,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 532.22 Td () 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 528.65 532.22 Td (312,753) 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 259.15 520.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 520.22 Td (558,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 520.22 Td (1,186) 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 528.65 520.22 Td (559,704) 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 259.15 508.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 508.22 Td (67,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 508.22 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 533.65 508.22 Td (68,717) 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 259.15 496.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 496.22 Td (316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 496.22 Td (124,749) 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 528.65 496.22 Td (125,065) 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 259.15 484.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 484.22 Td (244,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 484.22 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 528.65 484.22 Td (244,046) 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 246.65 472.22 Td (2,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 472.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 472.22 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 538.65 472.22 Td (2,549) 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 259.15 460.22 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 460.22 Td (453,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 460.22 Td (140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 460.22 Td (\(406,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 460.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 460.22 Td (47,826) 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 241.65 438.27 Td (41,816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 438.27 Td (1,853,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 438.27 Td (126,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 438.32 Td (\(406,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 438.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 438.27 Td (1,616,361) 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 246.65 412.22 Td (1,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 412.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 412.22 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 538.65 412.22 Td (1,562) 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 241.65 388.22 Td (20,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 388.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 388.22 Td (74,165) 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 533.65 388.22 Td (94,869) 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 210.50 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 376.22 Td (64,082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 376.22 Td (1,853,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 376.22 Td (200,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 376.22 Td (\(406,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 376.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 376.22 Td (1,712,792) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 352.33 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 340.17 Td (Financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 330.17 Td (inventory positions sold, but not yet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 320.17 Td (purchased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 306.22 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 294.22 Td (Equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.50 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 294.22 Td (153,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 294.22 Td (1,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 294.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 294.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 294.22 Td (154,589) 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 259.15 282.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 282.22 Td (21,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 282.22 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 533.65 282.22 Td (21,460) 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 259.15 270.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 270.22 Td (27,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 270.22 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 533.65 270.22 Td (27,735) 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 236.65 258.22 Td (523,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 258.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 258.22 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 528.65 258.22 Td (523,527) 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 254.15 246.22 Td (189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 246.22 Td (430,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 246.22 Td (7,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 246.22 Td (\(428,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 246.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 246.22 Td (10,813) 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 yet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 214.17 Td (purchased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 214.27 Td (676,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 214.27 Td (481,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 214.27 Td (7,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 214.32 Td (\(428,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 214.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 214.27 Td (738,124) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.50 Td (The ) Tj ET Q q 0 0 0 rg BT 67.18 161.50 Td (Company) Tj ET Q q 0 0 0 rg BT 108.84 161.50 Td (s ) Tj ET Q q 0 0 0 rg BT 114.86 161.50 Td (Level ) Tj ET Q q 0 0 0 rg BT 139.75 161.50 Td (III ) Tj ET Q q 0 0 0 rg BT 151.87 161.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 177.33 161.50 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.89 161.50 Td ($236.7 ) Tj ET Q q 0 0 0 rg BT 228.52 161.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.41 161.50 Td ( ) Tj ET Q q 0 0 0 rg BT 259.54 161.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.11 161.50 Td ($201.0 ) Tj ET Q q 0 0 0 rg BT 305.74 161.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.63 161.50 Td (, ) Tj ET Q q 0 0 0 rg BT 339.26 161.50 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.71 161.50 Td (18.7 ) Tj ET Q q 0 0 0 rg BT 369.34 161.50 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.77 161.50 Td ( ) Tj ET Q q 0 0 0 rg BT 400.90 161.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.46 161.50 Td (1) Tj ET Q q 0 0 0 rg BT 422.09 161.50 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 436.72 161.50 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 161.50 Td ( ) Tj ET Q q 0 0 0 rg BT 468.27 161.50 Td (of ) Tj ET Q q 0 0 0 rg BT 478.73 161.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.84 161.50 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.50 Td (measured ) Tj ET Q q 0 0 0 rg BT 90.43 149.50 Td (at ) Tj ET Q q 0 0 0 rg BT 100.26 149.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 116.75 149.50 Td (value ) Tj ET Q q 0 0 0 rg BT 141.01 149.50 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.84 149.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 209.54 149.50 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.54 149.50 Td ( ) Tj ET Q q 0 0 0 rg BT 232.15 149.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.20 149.50 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.20 149.50 Td (, ) Tj ET Q q 0 0 0 rg BT 274.31 149.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 321.98 149.50 Td (. ) Tj ET Q q 0 0 0 rg BT 326.90 149.50 Td (The ) Tj ET Q q 0 0 0 rg BT 345.06 149.50 Td (value ) Tj ET Q q 0 0 0 rg BT 369.33 149.50 Td (of ) Tj ET Q q 0 0 0 rg BT 380.27 149.50 Td (transfers ) Tj ET Q q 0 0 0 rg BT 417.31 149.50 Td (between ) Tj ET Q q 0 0 0 rg BT 453.24 149.50 Td (levels ) Tj ET Q q 0 0 0 rg BT 479.17 149.50 Td (are ) Tj ET Q q 0 0 0 rg BT 493.99 149.50 Td (recognized ) Tj ET Q q 0 0 0 rg BT 540.47 149.50 Td (at ) Tj ET Q q 0 0 0 rg BT 550.30 149.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.50 Td (beginning ) Tj ET Q q 0 0 0 rg BT 92.41 137.50 Td (of ) Tj ET Q q 0 0 0 rg BT 103.66 137.50 Td (the ) Tj ET Q q 0 0 0 rg BT 118.79 137.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 158.36 137.50 Td (period. ) Tj ET Q q 0 0 0 rg BT 189.11 137.50 Td (There ) Tj ET Q q 0 0 0 rg BT 215.34 137.50 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.68 137.50 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.68 137.50 Td ( ) Tj ET Q q 0 0 0 rg BT 250.60 137.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 295.73 137.50 Td (transfers ) Tj ET Q q 0 0 0 rg BT 333.07 137.50 Td (between ) Tj ET Q q 0 0 0 rg BT 369.30 137.50 Td (Level ) Tj ET Q q 0 0 0 rg BT 394.98 137.50 Td (I, ) Tj ET Q q 0 0 0 rg BT 403.72 137.50 Td (Level ) Tj ET Q q 0 0 0 rg BT 429.40 137.50 Td (II ) Tj ET Q q 0 0 0 rg BT 438.98 137.50 Td (or ) Tj ET Q q 0 0 0 rg BT 450.22 137.50 Td (Level ) Tj ET Q q 0 0 0 rg BT 475.90 137.50 Td (III ) Tj ET Q q 0 0 0 rg BT 488.81 137.50 Td (for ) Tj ET Q q 0 0 0 rg BT 503.38 137.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.51 137.50 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.72 137.50 Td ( ) Tj ET Q q 0 0 0 rg BT 538.64 137.50 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.08 125.50 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 125.50 Td (. ) Tj ET Q 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438.6 m 231 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 436.6 m 231 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 438.6 m 275 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 436.6 m 275 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 438.6 m 314 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 436.6 m 314 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 438.6 m 354 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 436.6 m 354 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 438.6 m 400 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 436.6 m 400 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 438.6 m 446 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 436.6 m 446 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 438.6 m 498 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 436.6 m 498 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 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 231 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 367.6 m 275 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 367.6 m 314 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 367.6 m 354 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 367.6 m 400 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 367.6 m 446 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 367.6 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 231 334.6 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 231 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 334.6 m 275 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 332.6 m 275 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 334.6 m 314 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 332.6 m 314 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 334.6 m 354 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 332.6 m 354 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 334.6 m 400 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 332.6 m 400 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 334.6 m 446 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 332.6 m 446 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 334.6 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 450 332.6 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 366.25 653.65 Td (Realized) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 409.10 653.65 Td (Unrealized) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 457.80 653.66 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 282.90 641.65 Td (Transfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 322.40 641.65 Td (Transfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 370.10 641.65 Td (gains/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 416.10 641.65 Td (gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 453.15 641.66 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 (2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 197.00 629.65 Td (Purchases) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 247.10 629.65 Td (Sales) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 293.25 629.65 Td (in) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 331.00 629.65 Td (out) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 362.85 629.65 Td (\(losses\)\(1\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 408.85 629.65 Td (\(losses\)\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 466.50 629.66 Td (2015) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.00 629.66 Td (2015 \(1\)) 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 ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.80 565.68 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 565.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.75 565.55 Td (5,133) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.50 565.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.75 565.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 565.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 565.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 565.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 565.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.50 565.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 565.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 565.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 565.55 Td (683) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 565.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 565.68 Td (5,816) 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 547.80 565.68 Td (683) 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 (1,186) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 553.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.75 553.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 553.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 553.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 553.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.10 553.55 Td (\(9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 553.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 553.68 Td (1,177) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.10 553.68 Td (\(9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 559.80 553.68 Td (\)) 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 219.75 541.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.75 541.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 541.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 541.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 541.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.80 541.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.80 541.68 Td (720) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 541.68 Td () 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 (124,749) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.75 523.85 Td (130,534) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.10 523.85 Td (\(138,874) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.80 523.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 523.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 523.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 523.85 Td (3,301) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.75 523.85 Td (1,414) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 523.83 Td (121,124) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 523.83 Td (2,157) 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 172.80 511.68 Td (140) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.75 511.55 Td (520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.75 511.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 511.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 511.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.10 511.55 Td (\(520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 511.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 511.55 Td (\(140) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 511.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 511.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 511.68 Td () 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 (126,795) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.75 477.85 Td (136,187) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.10 477.85 Td (\(138,874) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.80 477.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 477.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 477.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 477.85 Td (2,781) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.75 477.85 Td (1,948) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 477.83 Td (128,837) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 477.83 Td (2,831) 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 162.75 453.68 Td (74,165) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.75 453.55 Td (17,089) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.10 453.55 Td (\(1,089) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.80 453.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 453.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 453.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 453.55 Td (84) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.75 453.55 Td (17,658) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 453.68 Td (107,907) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.80 453.68 Td (17,552) 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 ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 441.68 Td (200,960) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 441.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.75 441.55 Td (153,276) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.50 441.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.10 441.55 Td (\(139,963) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.80 441.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 441.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 441.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 441.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 441.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.50 441.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 441.55 Td (2,865) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 441.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.75 441.55 Td (19,606) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 441.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 441.68 Td (236,744) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 441.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.80 441.68 Td (20,383) 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 ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 371.68 Td (7,822) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 371.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.10 371.55 Td (\(10,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.80 371.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.50 371.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.75 371.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.50 371.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 371.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 371.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 371.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.50 371.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 371.55 Td (10,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 371.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 371.55 Td (\(674) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 371.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 371.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 371.68 Td (7,148) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 371.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 371.68 Td (7,148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 359.55 Td (Total financial) Tj 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0.9333333333333333 1 rg /GS0 gs 354.00 431.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 431.50 42.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 431.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 431.50 42.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 431.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 431.50 48.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 431.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 431.50 61.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 384.50 90.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 140.00 384.50 48.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.00 384.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 384.50 39.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.00 384.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.00 384.50 39.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.00 384.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 384.50 36.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.00 384.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 384.50 36.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 384.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 384.50 42.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 384.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 384.50 42.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 384.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 384.50 48.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 384.50 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 384.50 61.00 -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 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 231 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 654.5 m 274 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 654.5 m 314 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 654.5 m 354 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 654.5 m 400 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 654.5 m 446 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 654.5 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 140 521.5 m 188 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 521.5 m 231 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 521.5 m 274 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 521.5 m 314 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 521.5 m 354 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 521.5 m 400 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 521.5 m 446 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 521.5 m 498 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 521.5 m 563 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 464.5 m 188 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 464.5 m 231 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 464.5 m 274 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 464.5 m 314 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 464.5 m 354 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 464.5 m 400 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 464.5 m 446 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 464.5 m 498 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 464.5 m 563 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 454.5 m 188 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 452.5 m 188 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 454.5 m 231 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 452.5 m 231 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 454.5 m 274 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 452.5 m 274 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 454.5 m 314 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 452.5 m 314 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 454.5 m 354 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 452.5 m 354 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 454.5 m 400 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 452.5 m 400 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 464.5 m 446 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 454.5 m 446 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 452.5 m 446 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 454.5 m 498 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 452.5 m 498 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 454.5 m 563 454.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 452.5 m 563 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 384.5 m 188 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 384.5 m 231 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 384.5 m 274 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 384.5 m 314 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 384.5 m 354 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 384.5 m 400 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 384.5 m 446 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 384.5 m 498 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 384.5 m 563 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 349.5 m 188 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 347.5 m 188 347.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 349.5 m 231 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 347.5 m 231 347.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 349.5 m 274 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 347.5 m 274 347.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 349.5 m 314 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 347.5 m 314 347.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 349.5 m 354 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 347.5 m 354 347.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 349.5 m 400 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 347.5 m 400 347.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 349.5 m 446 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 347.5 m 446 347.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 349.5 m 498 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 347.5 m 498 347.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 349.5 m 563 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 347.5 m 563 347.5 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 366.25 682.55 Td (Realized) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 409.10 682.55 Td (Unrealized) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 457.80 682.56 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 282.40 670.55 Td (Transfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 322.40 670.55 Td (Transfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 370.10 670.55 Td (gains/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 416.10 670.55 Td (gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 453.15 670.56 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 (2013) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 197.00 658.55 Td (Purchases) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 246.60 658.55 Td (Sales) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 292.75 658.55 Td (in) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 331.00 658.55 Td (out) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 362.85 658.55 Td (\(losses\)\(1\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 408.85 658.55 Td (\(losses\)\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 466.50 658.56 Td (2014) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.00 658.56 Td (2014 \(1\)) 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 (Corporate securities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 595.45 Td (Fixed income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.00 587.45 Td (securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 587.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.80 587.73 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 587.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 587.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.50 587.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.10 587.75 Td (\(100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 587.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.50 587.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 587.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 587.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 587.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.50 587.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 587.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 587.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.80 587.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 587.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 587.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 587.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 587.73 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 575.45 Td (Municipal securities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 564.45 Td (Tax-exempt securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 564.58 Td (1,433) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 564.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.75 564.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 564.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 564.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 564.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 564.45 Td (\(247) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 564.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 564.58 Td (1,186) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.10 564.58 Td (\(247) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 559.80 564.58 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 553.45 Td (Short-term securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.80 553.58 Td (656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 553.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.10 553.45 Td (\(25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 553.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 553.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 553.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.80 553.45 Td (6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.80 553.45 Td (83) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.80 553.58 Td (720) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 553.58 Td (83) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 542.45 Td (Mortgage-backed) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.00 534.50 Td (securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 536.73 Td (119,799) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.75 536.75 Td (154,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.10 536.75 Td (\(161,962) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 536.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.80 536.75 Td (3,552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 536.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 536.75 Td (9,189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 536.75 Td (\(167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 536.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 536.73 Td (124,749) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 536.73 Td (1,745) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 524.45 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.80 524.58 Td (691) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.75 524.45 Td (3,602) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.75 524.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 524.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 524.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.10 524.45 Td (\(3,602) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 524.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 524.45 Td (\(551) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 524.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.80 524.58 Td (140) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 547.80 524.58 Td (140) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 513.45 Td (Total financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 505.45 Td (instruments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 497.45 Td (inventory positions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 489.45 Td (owned:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 490.73 Td (122,679) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.75 490.75 Td (157,940) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.10 490.75 Td (\(162,087) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 490.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.80 490.75 Td (3,552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 490.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 490.75 Td (5,593) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 490.75 Td (\(882) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 490.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 490.73 Td (126,795) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 490.73 Td (1,721) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 467.45 Td (Investments at fair value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 467.58 Td (49,240) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.75 467.45 Td (21,730) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.10 467.45 Td (\(2,368) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 467.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 467.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 467.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 467.45 Td (2,368) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.75 467.45 Td (3,195) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 467.58 Td (74,165) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 467.58 Td (3,195) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 456.45 Td (Total assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 456.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 456.58 Td (171,919) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 456.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.75 456.45 Td (179,670) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.50 456.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.10 456.45 Td (\(164,455) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 456.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.50 456.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.80 456.45 Td (3,552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 456.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 456.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.50 456.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 456.45 Td (7,961) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 456.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.75 456.45 Td (2,313) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 456.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 456.58 Td (200,960) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 456.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 456.58 Td (4,916) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 434.58 Td (Liabilities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 423.45 Td (Financial instruments and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 415.45 Td (other inventory) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 407.45 Td (positions sold, but not) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 399.45 Td (yet purchased:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 387.45 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 387.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 387.58 Td (6,643) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 387.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.10 387.45 Td (\(16,751) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.80 387.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.50 387.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.75 387.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.50 387.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 387.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 387.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 387.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.50 387.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 387.45 Td (16,751) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 387.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.75 387.45 Td (1,179) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 387.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 387.58 Td (7,822) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 387.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 387.58 Td (7,822) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 376.45 Td (Total financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 368.45 Td (instruments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 360.45 Td (inventory positions sold,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 352.45 Td (but not yet purchased:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 352.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 352.73 Td (6,643) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 352.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.10 352.75 Td (\(16,751) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.80 352.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.50 352.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.75 352.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.50 352.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 352.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 352.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 352.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.50 352.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 352.75 Td (16,751) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 352.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.75 352.75 Td (1,179) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 352.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 352.73 Td (7,822) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 352.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 352.73 Td (7,822) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 336.40 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 336.40 Td (Realized ) Tj ET Q q 0 0 0 rg BT 96.54 336.40 Td (and ) Tj ET Q q 0 0 0 rg BT 110.04 336.40 Td (unr) Tj ET Q q 0 0 0 rg BT 120.86 336.40 Td (ealized ) Tj ET Q q 0 0 0 rg BT 145.01 336.40 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 190.51 336.40 Td (r) Tj ET Q q 0 0 0 rg BT 193.32 336.40 Td (elated ) Tj ET Q q 0 0 0 rg BT 214.37 336.40 Td (to ) Tj ET Q q 0 0 0 rg BT 222.09 336.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.02 336.40 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 292.86 336.40 Td (with ) Tj ET Q q 0 0 0 rg BT 308.13 336.40 Td (the ) Tj ET Q q 0 0 0 rg BT 319.40 336.40 Td (exception ) Tj ET Q q 0 0 0 rg BT 351.55 336.40 Td (of ) Tj ET Q q 0 0 0 rg BT 359.27 336.40 Td (customer ) Tj ET Q q 0 0 0 rg BT 390.09 336.40 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 436.90 336.40 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 475.50 336.40 Td (ar) Tj ET Q q 0 0 0 rg BT 482.31 336.40 Td (e ) Tj ET Q q 0 0 0 rg BT 487.36 336.40 Td (r) Tj ET Q q 0 0 0 rg BT 490.18 336.40 Td (eported ) Tj ET Q q 0 0 0 rg BT 516.11 336.40 Td (in ) Tj ET Q q 0 0 0 rg BT 523.83 336.40 Td (institutional ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 326.80 Td (br) Tj ET Q q 0 0 0 rg BT 74.32 326.80 Td (okerage ) Tj ET Q q 0 0 0 rg BT 102.12 326.80 Td (on ) Tj ET Q q 0 0 0 rg BT 112.15 326.80 Td (the ) Tj ET Q q 0 0 0 rg BT 123.96 326.80 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 166.88 326.80 Td (statements ) Tj ET Q q 0 0 0 rg BT 202.68 326.80 Td (of ) Tj ET Q q 0 0 0 rg BT 210.94 326.80 Td (operations. ) Tj ET Q q 0 0 0 rg BT 249.20 326.80 Td (Realized ) Tj ET Q q 0 0 0 rg BT 278.78 326.80 Td (and ) Tj ET Q q 0 0 0 rg BT 292.81 326.80 Td (unr) Tj ET Q q 0 0 0 rg BT 303.63 326.80 Td (ealized ) Tj ET Q q 0 0 0 rg BT 328.32 326.80 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 374.36 326.80 Td (r) Tj ET Q q 0 0 0 rg BT 377.17 326.80 Td (elated ) Tj ET Q q 0 0 0 rg BT 398.75 326.80 Td (to ) Tj ET Q q 0 0 0 rg BT 407.01 326.80 Td (customer ) Tj ET Q q 0 0 0 rg BT 438.37 326.80 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 485.72 326.80 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 522.86 326.80 Td (ar) Tj ET Q q 0 0 0 rg BT 529.67 326.80 Td (e ) Tj ET Q q 0 0 0 rg BT 535.26 326.80 Td (r) Tj ET Q q 0 0 0 rg BT 538.07 326.80 Td (eported ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 317.20 Td (in ) Tj ET Q q 0 0 0 rg BT 75.80 317.20 Td (investment ) Tj ET Q q 0 0 0 rg BT 112.09 317.20 Td (banking. ) Tj ET Q q 0 0 0 rg BT 141.94 317.20 Td (Realized ) Tj ET Q q 0 0 0 rg BT 171.57 317.20 Td (and ) Tj ET Q q 0 0 0 rg BT 185.64 317.20 Td (unr) Tj ET Q q 0 0 0 rg BT 196.46 317.20 Td (ealized ) Tj ET Q q 0 0 0 rg BT 221.20 317.20 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 267.28 317.20 Td (r) Tj ET Q q 0 0 0 rg BT 270.09 317.20 Td (elated ) Tj ET Q q 0 0 0 rg BT 291.72 317.20 Td (to ) Tj ET Q q 0 0 0 rg BT 300.02 317.20 Td (investments ) Tj ET Q q 0 0 0 rg BT 339.42 317.20 Td (ar) Tj ET Q q 0 0 0 rg BT 346.24 317.20 Td (e ) Tj ET Q q 0 0 0 rg BT 351.87 317.20 Td (r) Tj ET Q q 0 0 0 rg BT 354.68 317.20 Td (eported ) Tj ET Q q 0 0 0 rg BT 381.20 317.20 Td (in ) Tj ET Q q 0 0 0 rg BT 389.50 317.20 Td (investment ) Tj ET Q q 0 0 0 rg BT 425.79 317.20 Td (banking ) Tj ET Q q 0 0 0 rg BT 453.64 317.20 Td (r) Tj ET Q q 0 0 0 rg BT 456.46 317.20 Td (evenues ) Tj ET Q q 0 0 0 rg BT 483.85 317.20 Td (or ) Tj ET Q q 0 0 0 rg BT 493.04 317.20 Td (investment ) Tj ET Q q 0 0 0 rg BT 529.33 317.20 Td (income ) Tj ET Q q 0 0 0 rg BT 554.51 317.20 Td (on ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 307.60 Td (the ) Tj ET Q q 0 0 0 rg BT 79.27 307.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 122.16 307.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 157.93 307.60 Td (of ) Tj ET Q q 0 0 0 rg BT 166.15 307.60 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.60 Td (The ) Tj ET Q q 0 0 0 rg BT 66.80 283.60 Td (carrying ) Tj ET Q q 0 0 0 rg BT 101.87 283.60 Td (values ) Tj ET Q q 0 0 0 rg BT 129.17 283.60 Td (of ) Tj ET Q q 0 0 0 rg BT 139.25 283.60 Td (the ) Tj ET Q q 0 0 0 rg BT 153.22 283.60 Td (Company) Tj ET Q q 0 0 0 rg BT 194.88 283.60 Td (s ) Tj ET Q q 0 0 0 rg BT 200.52 283.60 Td (cash, ) Tj ET Q q 0 0 0 rg BT 222.54 283.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 262.06 283.60 Td (either ) Tj ET Q q 0 0 0 rg BT 286.58 283.60 Td (purchased ) Tj ET Q q 0 0 0 rg BT 328.87 283.60 Td (or ) Tj ET Q q 0 0 0 rg BT 338.95 283.60 Td (sold ) Tj ET Q q 0 0 0 rg BT 357.37 283.60 Td (under ) Tj ET Q q 0 0 0 rg BT 381.89 283.60 Td (agreements ) Tj ET Q q 0 0 0 rg BT 429.17 283.60 Td (to ) Tj ET Q q 0 0 0 rg BT 438.70 283.60 Td (resell, ) Tj ET Q q 0 0 0 rg BT 464.61 283.60 Td (receivables ) Tj ET Q q 0 0 0 rg BT 511.33 283.60 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 283.60 Td (payables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.60 Td (either ) Tj ET Q q 0 0 0 rg BT 74.67 271.60 Td (from ) Tj ET Q q 0 0 0 rg BT 96.51 271.60 Td (or ) Tj ET Q q 0 0 0 rg BT 107.25 271.60 Td (to ) Tj ET Q q 0 0 0 rg BT 117.43 271.60 Td (customers ) Tj ET Q q 0 0 0 rg BT 160.38 271.60 Td (and ) Tj ET Q q 0 0 0 rg BT 177.22 271.60 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 212.12 271.60 Td (dealers ) Tj ET Q q 0 0 0 rg BT 242.84 271.60 Td (and ) Tj ET Q q 0 0 0 rg BT 259.68 271.60 Td (clearing ) Tj ET Q q 0 0 0 rg BT 294.29 271.60 Td (or) Tj ET Q q 0 0 0 rg BT 302.44 271.60 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 350.39 271.60 Td (and ) Tj ET Q q 0 0 0 rg BT 367.23 271.60 Td (short-term ) Tj ET Q q 0 0 0 rg BT 411.29 271.60 Td (financings ) Tj ET Q q 0 0 0 rg BT 455.35 271.60 Td (approximate ) Tj ET Q q 0 0 0 rg BT 507.73 271.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 524.02 271.60 Td (value ) Tj ET Q q 0 0 0 rg BT 548.08 271.60 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.60 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 259.60 Td (their ) Tj ET Q q 0 0 0 rg BT 80.60 259.60 Td (liquid ) Tj ET Q q 0 0 0 rg BT 106.44 259.60 Td (or ) Tj ET Q q 0 0 0 rg BT 117.27 259.60 Td (short-term ) Tj ET Q q 0 0 0 rg BT 161.42 259.60 Td (nature.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.60 Td (Note 8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.49 235.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.99 235.60 Td (V) Tj ET Q q 0 0 0 rg BT 84.99 235.60 Td (ariable Inter) Tj ET Q q 0 0 0 rg BT 135.44 235.60 Td (est Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.60 235.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.60 Td (The ) Tj ET Q q 0 0 0 rg BT 68.91 211.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 111.16 211.60 Td (has ) Tj ET Q q 0 0 0 rg BT 127.85 211.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 178.98 211.60 Td (in ) Tj ET Q q 0 0 0 rg BT 190.12 211.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 219.03 211.60 Td (acts ) Tj ET Q q 0 0 0 rg BT 237.94 211.60 Td (as ) Tj ET Q q 0 0 0 rg BT 249.63 211.60 Td (the ) Tj ET Q q 0 0 0 rg BT 265.20 211.60 Td (managing ) Tj ET Q q 0 0 0 rg BT 308.00 211.60 Td (partner ) Tj ET Q q 0 0 0 rg BT 339.67 211.60 Td (of ) Tj ET Q q 0 0 0 rg BT 351.37 211.60 Td (various ) Tj ET Q q 0 0 0 rg BT 384.16 211.60 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 438.90 211.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 470.59 211.60 Td (liability ) Tj ET Q q 0 0 0 rg BT 505.06 211.60 Td (companies, ) Tj ET Q q 0 0 0 rg BT 553.69 211.60 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 91.81 199.60 Td (mutual ) Tj ET Q q 0 0 0 rg BT 121.96 199.60 Td (funds. ) Tj ET Q q 0 0 0 rg BT 148.90 199.60 Td (These ) Tj ET Q q 0 0 0 rg BT 175.15 199.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 206.42 199.60 Td (were ) Tj ET Q q 0 0 0 rg BT 228.23 199.60 Td (established ) Tj ET Q q 0 0 0 rg BT 275.05 199.60 Td (for ) Tj ET Q q 0 0 0 rg BT 289.09 199.60 Td (the ) Tj ET Q q 0 0 0 rg BT 303.69 199.60 Td (purpose ) Tj ET Q q 0 0 0 rg BT 337.73 199.60 Td (of ) Tj ET Q q 0 0 0 rg BT 348.45 199.60 Td (investing ) Tj ET Q q 0 0 0 rg BT 387.49 199.60 Td (in ) Tj ET Q q 0 0 0 rg BT 397.65 199.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 437.80 199.60 Td (of ) Tj ET Q q 0 0 0 rg BT 448.51 199.60 Td (public ) Tj ET Q q 0 0 0 rg BT 475.89 199.60 Td (or ) Tj ET Q q 0 0 0 rg BT 486.60 199.60 Td (private ) Tj ET Q q 0 0 0 rg BT 516.75 199.60 Td (companies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.60 Td (or ) Tj ET Q q 0 0 0 rg BT 60.83 187.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 103.32 187.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 123.04 187.60 Td (obligations ) Tj ET Q q 0 0 0 rg BT 169.98 187.60 Td (and ) Tj ET Q q 0 0 0 rg BT 186.92 187.60 Td (were ) Tj ET Q q 0 0 0 rg BT 208.85 187.60 Td (initially ) Tj ET Q q 0 0 0 rg BT 242.46 187.60 Td (financed ) Tj ET Q q 0 0 0 rg BT 279.38 187.60 Td (through ) Tj ET Q q 0 0 0 rg BT 312.99 187.60 Td (the ) Tj ET Q q 0 0 0 rg BT 327.71 187.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 356.86 187.60 Td (commitments ) Tj ET Q q 0 0 0 rg BT 413.79 187.60 Td (or ) Tj ET Q q 0 0 0 rg BT 424.62 187.60 Td (seed ) Tj ET Q q 0 0 0 rg BT 444.89 187.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 495.17 187.60 Td (of ) Tj ET Q q 0 0 0 rg BT 506.00 187.60 Td (the ) Tj ET Q q 0 0 0 rg BT 520.71 187.60 Td (members. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.60 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 72.42 163.60 Td (are ) Tj ET Q q 0 0 0 rg BT 86.49 163.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 117.24 163.60 Td (in ) Tj ET Q q 0 0 0 rg BT 126.89 163.60 Td (which ) Tj ET Q q 0 0 0 rg BT 153.20 163.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 180.06 163.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 218.03 163.60 Td (lack ) Tj ET Q q 0 0 0 rg BT 236.56 163.60 Td (the ) Tj ET Q q 0 0 0 rg BT 250.64 163.60 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 309.70 163.60 Td (of ) Tj ET Q q 0 0 0 rg BT 319.90 163.60 Td (a ) Tj ET Q q 0 0 0 rg BT 326.20 163.60 Td (controlling ) Tj ET Q q 0 0 0 rg BT 371.95 163.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 408.80 163.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 440.10 163.60 Td (or ) Tj ET Q q 0 0 0 rg BT 450.30 163.60 Td (do ) Tj ET Q q 0 0 0 rg BT 462.17 163.60 Td (not ) Tj ET Q q 0 0 0 rg BT 476.81 163.60 Td (have ) Tj ET Q q 0 0 0 rg BT 497.56 163.60 Td (suf) Tj ET Q q 0 0 0 rg BT 509.60 163.60 Td (ficient ) Tj ET Q q 0 0 0 rg BT 537.01 163.60 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.60 Td (at ) Tj ET Q q 0 0 0 rg BT 59.53 151.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 76.84 151.60 Td (for ) Tj ET Q q 0 0 0 rg BT 90.81 151.60 Td (the ) Tj ET Q q 0 0 0 rg BT 105.34 151.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 130.42 151.60 Td (to ) Tj ET Q q 0 0 0 rg BT 140.51 151.60 Td (finance ) Tj ET Q q 0 0 0 rg BT 172.25 151.60 Td (its ) Tj ET Q q 0 0 0 rg BT 184.01 151.60 Td (activities. ) Tj ET Q q 0 0 0 rg BT 224.75 151.60 Td (The ) Tj ET Q q 0 0 0 rg BT 242.61 151.60 Td (determination ) Tj ET Q q 0 0 0 rg BT 300.45 151.60 Td (as ) Tj ET Q q 0 0 0 rg BT 311.10 151.60 Td (to ) Tj ET Q q 0 0 0 rg BT 321.19 151.60 Td (whether ) Tj ET Q q 0 0 0 rg BT 355.70 151.60 Td (an ) Tj ET Q q 0 0 0 rg BT 367.45 151.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 392.54 151.60 Td (is ) Tj ET Q q 0 0 0 rg BT 401.52 151.60 Td (a ) Tj ET Q q 0 0 0 rg BT 408.10 151.60 Td (VIE ) Tj ET Q q 0 0 0 rg BT 427.07 151.60 Td (is ) Tj ET Q q 0 0 0 rg BT 436.05 151.60 Td (based ) Tj ET Q q 0 0 0 rg BT 461.13 151.60 Td (on ) Tj ET Q q 0 0 0 rg BT 473.44 151.60 Td (the ) Tj ET Q q 0 0 0 rg BT 487.97 151.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 520.28 151.60 Td (and ) Tj ET Q q 0 0 0 rg BT 537.03 151.60 Td (nature ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.60 Td (of ) Tj ET Q q 0 0 0 rg BT 61.55 139.60 Td (the ) Tj ET Q q 0 0 0 rg BT 76.99 139.60 Td (members) Tj ET Q q 0 0 0 rg BT 116.23 139.60 Td ( ) Tj ET Q q 0 0 0 rg BT 119.45 139.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 147.66 139.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 194.76 139.60 Td (in ) Tj ET Q q 0 0 0 rg BT 205.76 139.60 Td (the ) Tj ET Q q 0 0 0 rg BT 221.20 139.60 Td (entity) Tj ET Q q 0 0 0 rg BT 243.32 139.60 Td (. ) Tj ET Q q 0 0 0 rg BT 248.81 139.60 Td (The ) Tj ET Q q 0 0 0 rg BT 267.57 139.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 309.68 139.60 Td (also ) Tj ET Q q 0 0 0 rg BT 329.01 139.60 Td (considers ) Tj ET Q q 0 0 0 rg BT 369.99 139.60 Td (other ) Tj ET Q q 0 0 0 rg BT 393.76 139.60 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 454.17 139.60 Td (such ) Tj ET Q q 0 0 0 rg BT 475.72 139.60 Td (as ) Tj ET Q q 0 0 0 rg BT 487.27 139.60 Td (the ) Tj ET Q q 0 0 0 rg BT 502.70 139.60 Td (power ) Tj ET Q q 0 0 0 rg BT 530.91 139.60 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.60 Td (voting ) Tj ET Q q 0 0 0 rg BT 77.67 127.60 Td (rights ) Tj ET Q q 0 0 0 rg BT 102.57 127.60 Td (or ) Tj ET Q q 0 0 0 rg BT 113.01 127.60 Td (similar ) Tj ET Q q 0 0 0 rg BT 142.90 127.60 Td (rights ) Tj ET Q q 0 0 0 rg BT 167.80 127.60 Td (to ) Tj ET Q q 0 0 0 rg BT 177.69 127.60 Td (direct ) Tj ET Q q 0 0 0 rg BT 202.57 127.60 Td (the ) Tj ET Q q 0 0 0 rg BT 216.90 127.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 255.12 127.60 Td (of ) Tj ET Q q 0 0 0 rg BT 265.56 127.60 Td (an ) Tj ET Q q 0 0 0 rg BT 277.12 127.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 302.00 127.60 Td (that ) Tj ET Q q 0 0 0 rg BT 319.12 127.60 Td (most ) Tj ET Q q 0 0 0 rg BT 340.68 127.60 Td (significantly ) Tj ET Q q 0 0 0 rg BT 392.79 127.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 422.11 127.60 Td (the ) Tj ET Q q 0 0 0 rg BT 436.45 127.60 Td (entity) Tj ET Q q 0 0 0 rg BT 462.00 127.60 Td (s ) Tj ET Q q 0 0 0 rg BT 468.00 127.60 Td (economic ) Tj ET Q q 0 0 0 rg BT 508.99 127.60 Td (performance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.60 Td (For ) Tj ET Q q 0 0 0 rg BT 66.59 115.60 Td (those ) Tj ET Q q 0 0 0 rg BT 90.40 115.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 121.98 115.60 Td (that ) Tj ET Q q 0 0 0 rg BT 139.67 115.60 Td (meet ) Tj ET Q q 0 0 0 rg BT 161.80 115.60 Td (the ) Tj ET Q q 0 0 0 rg BT 176.71 115.60 Td (deferral ) Tj ET Q q 0 0 0 rg BT 210.50 115.60 Td (provisions ) Tj ET Q q 0 0 0 rg BT 254.86 115.60 Td (defined ) Tj ET Q q 0 0 0 rg BT 287.55 115.60 Td (by ) Tj ET Q q 0 0 0 rg BT 299.65 115.60 Td (ASU ) Tj ET Q q 0 0 0 rg BT 322.35 115.60 Td (2010-10, ) Tj ET Q q 0 0 0 rg BT 360.88 115.60 Td (the ) Tj ET Q q 0 0 0 rg BT 375.79 115.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 417.38 115.60 Td (considers ) Tj ET Q q 0 0 0 rg BT 457.84 115.60 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 517.73 115.60 Td (such ) Tj ET Q q 0 0 0 rg BT 538.76 115.60 Td (as ) Tj ET Q q 0 0 0 rg BT 549.79 115.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.60 Td (ability ) Tj ET Q q 0 0 0 rg BT 78.17 103.60 Td (to ) Tj ET Q q 0 0 0 rg BT 88.57 103.60 Td (influence ) Tj ET Q q 0 0 0 rg BT 128.40 103.60 Td (the ) Tj ET Q q 0 0 0 rg BT 143.24 103.60 Td (decision ) Tj ET Q q 0 0 0 rg BT 179.18 103.60 Td (making ) Tj ET Q q 0 0 0 rg BT 211.80 103.60 Td (about ) Tj ET Q q 0 0 0 rg BT 236.64 103.60 Td (the ) Tj ET Q q 0 0 0 rg BT 251.48 103.60 Td (entity) Tj ET Q q 0 0 0 rg BT 277.03 103.60 Td (s ) Tj ET Q q 0 0 0 rg BT 283.54 103.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 322.27 103.60 Td (and ) Tj ET Q q 0 0 0 rg BT 339.33 103.60 Td (how ) Tj ET Q q 0 0 0 rg BT 359.17 103.60 Td (the ) Tj ET Q q 0 0 0 rg BT 374.01 103.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 399.40 103.60 Td (is ) Tj ET Q q 0 0 0 rg BT 408.70 103.60 Td (financed. ) Tj ET Q q 0 0 0 rg BT 448.05 103.60 Td (The ) Tj ET Q q 0 0 0 rg BT 466.22 103.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 507.73 103.60 Td (has ) Tj ET Q q 0 0 0 rg BT 523.68 103.60 Td (identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 81.47 91.60 Td (of ) Tj ET Q q 0 0 0 rg BT 94.07 91.60 Td (the ) Tj ET Q q 0 0 0 rg BT 110.55 91.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 143.71 91.60 Td (described ) Tj ET Q q 0 0 0 rg BT 186.29 91.60 Td (above ) Tj ET Q q 0 0 0 rg BT 214.43 91.60 Td (as ) Tj ET Q q 0 0 0 rg BT 226.72 91.60 Td (VIEs. ) Tj ET Q q 0 0 0 rg BT 253.74 91.60 Td (These ) Tj ET Q q 0 0 0 rg BT 281.57 91.60 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 306.39 91.60 Td (had ) Tj ET Q q 0 0 0 rg BT 325.10 91.60 Td (net ) Tj ET Q q 0 0 0 rg BT 341.59 91.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 369.18 91.60 Td (approximating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.77 91.60 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 453.54 91.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.66 91.60 Td ( ) Tj ET Q q 0 0 0 rg BT 483.92 91.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.63 91.60 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 524.40 91.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.51 91.60 Td ( ) Tj ET Q q 0 0 0 rg BT 554.78 91.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 107.97 79.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.97 79.60 Td ( ) Tj ET Q q 0 0 0 rg BT 129.85 79.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.18 79.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.18 79.60 Td (, ) Tj ET Q q 0 0 0 rg BT 170.56 79.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 218.22 79.60 Td (. ) Tj ET Q q 0 0 0 rg BT 222.47 79.60 Td (The ) Tj ET Q q 0 0 0 rg BT 239.90 79.60 Td (Company) Tj ET Q q 0 0 0 rg BT 281.57 79.60 Td (s ) Tj ET Q q 0 0 0 rg BT 287.34 79.60 Td (exposure ) Tj ET Q q 0 0 0 rg BT 325.33 79.60 Td (to ) Tj ET Q q 0 0 0 rg BT 334.99 79.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 352.44 79.60 Td (from ) Tj ET Q q 0 0 0 rg BT 373.76 79.60 Td (these ) Tj ET Q q 0 0 0 rg BT 396.06 79.60 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 418.49 79.60 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.05 79.60 Td ($8.0 ) Tj ET Q q 0 0 0 rg BT 446.43 79.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.32 79.60 Td (, ) Tj ET Q q 0 0 0 rg BT 479.71 79.60 Td (which ) Tj ET Q q 0 0 0 rg BT 506.03 79.60 Td (is ) Tj ET Q q 0 0 0 rg BT 514.59 79.60 Td (the ) Tj ET Q q 0 0 0 rg BT 528.69 79.60 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.60 Td (value ) Tj ET Q q 0 0 0 rg BT 74.36 67.60 Td (of ) Tj ET Q q 0 0 0 rg BT 85.39 67.60 Td (its ) Tj ET Q q 0 0 0 rg BT 97.55 67.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 126.90 67.60 Td (contributions ) Tj ET Q q 0 0 0 rg BT 182.38 67.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 220.06 67.60 Td (in ) Tj ET Q q 0 0 0 rg BT 230.54 67.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 281.02 67.60 Td (on ) Tj ET Q q 0 0 0 rg BT 293.72 67.60 Td (the ) Tj ET Q q 0 0 0 rg BT 308.64 67.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 361.89 67.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 406.80 67.60 Td (of ) Tj ET Q q 0 0 0 rg BT 417.84 67.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 455.52 67.60 Td (condition ) Tj ET Q q 0 0 0 rg BT 496.00 67.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.92 67.60 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 55.60 Td (. ) Tj ET Q q 0 0 0 rg BT 74.82 55.60 Td (The ) Tj ET Q q 0 0 0 rg BT 92.87 55.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 134.25 55.60 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.19 55.60 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.19 55.60 Td ( ) Tj ET Q q 0 0 0 rg BT 163.69 55.60 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 203.41 55.60 Td (related ) Tj ET Q q 0 0 0 rg BT 233.11 55.60 Td (to ) Tj ET Q q 0 0 0 rg BT 243.39 55.60 Td (these ) Tj ET Q q 0 0 0 rg BT 266.25 55.60 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 289.31 55.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.02 55.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 357.61 55.60 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.61 55.60 Td ( ) Tj ET Q q 0 0 0 rg BT 380.11 55.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.05 55.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.05 55.60 Td (.) 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0.9333333333333333 1 rg /GS0 gs 486.50 409.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 385.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 385.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 385.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 385.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 361.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 361.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 361.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 361.60 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 403.5 433.6 m 478.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 433.6 m 561.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 433.6 m 478.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 433.6 m 561.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 361.6 m 478.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 361.6 m 561.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 350.6 m 478.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 348.6 m 478.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 350.6 m 561.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 348.6 m 561.5 348.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.40 448.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 448.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 437.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 436.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 436.33 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 424.22 Td (Receivable arising from unsettled securities transactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 424.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 424.33 Td (62,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 424.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 424.22 Td (52,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 412.22 Td (Deposits paid for securities borrowed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 412.33 Td (47,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 412.22 Td (57,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 400.22 Td (Receivable from clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 400.33 Td (3,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 400.22 Td (4,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 388.22 Td (Deposits with clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 388.33 Td (27,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 388.22 Td (33,799) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 376.22 Td (Securities failed to deliver) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 376.33 Td (2,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 376.22 Td (1,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 364.22 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 364.33 Td (6,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 364.22 Td (10,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 352.22 Td (Total receivables from brokers, dealers and clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 352.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 352.33 Td (147,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 352.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 352.22 Td (161,009) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 303.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 303.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 303.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 303.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 279.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 279.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 279.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 279.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 255.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 255.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 255.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 255.60 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 403.5 303.6 m 478.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 303.6 m 561.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 303.6 m 478.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 303.6 m 561.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 255.60000000000002 m 478.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 255.60000000000002 m 561.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 244.60000000000002 m 478.5 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 242.60000000000002 m 478.5 242.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 244.60000000000002 m 561.5 244.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 242.60000000000002 m 561.5 242.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.40 318.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 318.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 307.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 306.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 306.33 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 294.22 Td (Payable arising from unsettled securities transactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 294.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 294.33 Td (34,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 294.22 Td (11,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 282.22 Td (Payable to clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 282.33 Td (3,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 282.22 Td (5,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 270.22 Td (Securities failed to receive) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 270.33 Td (4,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 270.22 Td (2,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 258.22 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 258.33 Td (6,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 258.22 Td (6,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 246.22 Td (Total payables to brokers, dealers and clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 246.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 246.33 Td (48,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 246.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 246.22 Td (25,564) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 88.45 220.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 109.11 220.10 Td (for ) Tj ET Q q 0 0 0 rg BT 124.22 220.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 165.43 220.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 207.19 220.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 260.62 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.28 220.10 Td (market ) Tj ET Q q 0 0 0 rg BT 307.49 220.10 Td (value ) Tj ET Q q 0 0 0 rg BT 332.59 220.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.37 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.03 220.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 403.74 220.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 446.62 220.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 472.83 220.10 Td (to ) Tj ET Q q 0 0 0 rg BT 484.06 220.10 Td (deliver ) Tj ET Q q 0 0 0 rg BT 515.27 220.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.15 220.10 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 89.15 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.86 208.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 138.56 208.10 Td (value ) Tj ET Q q 0 0 0 rg BT 162.72 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.55 208.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 213.81 208.10 Td (that ) Tj ET Q q 0 0 0 rg BT 231.31 208.10 Td (have ) Tj ET Q q 0 0 0 rg BT 252.69 208.10 Td (not ) Tj ET Q q 0 0 0 rg BT 267.96 208.10 Td (been ) Tj ET Q q 0 0 0 rg BT 289.34 208.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 329.04 208.10 Td (or ) Tj ET Q q 0 0 0 rg BT 339.87 208.10 Td (received ) Tj ET Q q 0 0 0 rg BT 376.24 208.10 Td (by ) Tj ET Q q 0 0 0 rg BT 388.74 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.45 208.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 444.84 208.10 Td (on ) Tj ET Q q 0 0 0 rg BT 457.34 208.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 500.94 208.10 Td (date. ) Tj ET Q endstream endobj 179 0 obj <>] /Rotate 0 /Contents 180 0 R>> endobj 180 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 (89) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note 10) 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 (Receivables fr) Tj ET Q q 0 0 0 rg BT 141.04 708.75 Td (om and Payables to Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.48 708.75 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 663.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 663.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 663.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 663.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 639.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 639.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 639.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 639.25 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 404 663.25 m 479 663.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 663.25 m 562 663.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 663.25 m 479 663.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 663.25 m 562 663.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 639.25 m 479 639.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 639.25 m 562 639.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 628.25 m 479 628.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 626.25 m 479 626.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 628.25 m 562 628.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 626.25 m 562 626.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.90 677.03 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 677.03 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 667.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 665.98 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 665.98 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 653.87 Td (Cash accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 653.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 653.98 Td (39,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 653.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 653.87 Td (6,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 641.87 Td (Margin accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 641.98 Td (1,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 641.87 Td (3,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 629.87 Td (Total receivables from customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 629.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 629.98 Td (41,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 629.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 629.87 Td (9,658) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 603.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 90.77 603.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 119.27 603.75 Td (by ) Tj ET Q q 0 0 0 rg BT 131.11 603.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 173.49 603.75 Td (are ) Tj ET Q q 0 0 0 rg BT 187.53 603.75 Td (held ) Tj ET Q q 0 0 0 rg BT 206.59 603.75 Td (as ) Tj ET Q q 0 0 0 rg BT 216.76 603.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 255.79 603.75 Td (for ) Tj ET Q q 0 0 0 rg BT 269.29 603.75 Td (mar) Tj ET Q q 0 0 0 rg BT 284.65 603.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 299.27 603.75 Td (loan ) Tj ET Q q 0 0 0 rg BT 318.32 603.75 Td (receivables. ) Tj ET Q q 0 0 0 rg BT 367.50 603.75 Td (This ) Tj ET Q q 0 0 0 rg BT 387.12 603.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 426.15 603.75 Td (is ) Tj ET Q q 0 0 0 rg BT 434.66 603.75 Td (not ) Tj ET Q q 0 0 0 rg BT 449.27 603.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 486.08 603.75 Td (on ) Tj ET Q q 0 0 0 rg BT 497.92 603.75 Td (the ) Tj ET Q q 0 0 0 rg BT 511.97 603.75 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 591.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 591.75 Td (statements. ) Tj ET Q q 0 0 0 rg BT 134.19 591.75 Td (Mar) Tj ET Q q 0 0 0 rg BT 150.67 591.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 165.95 591.75 Td (loan ) Tj ET Q q 0 0 0 rg BT 185.67 591.75 Td (receivables ) Tj ET Q q 0 0 0 rg BT 233.14 591.75 Td (earn ) Tj ET Q q 0 0 0 rg BT 252.84 591.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 284.78 591.75 Td (at ) Tj ET Q q 0 0 0 rg BT 294.50 591.75 Td (floating ) Tj ET Q q 0 0 0 rg BT 328.10 591.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 360.03 591.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 381.41 591.75 Td (based ) Tj ET Q q 0 0 0 rg BT 406.68 591.75 Td (on ) Tj ET Q q 0 0 0 rg BT 419.18 591.75 Td (prime ) Tj ET Q q 0 0 0 rg BT 445.00 591.75 Td (rates.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 545.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 545.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 545.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 545.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 521.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 521.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 521.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 521.25 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 404 545.25 m 479 545.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 545.25 m 562 545.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 545.25 m 479 545.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 545.25 m 562 545.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 521.25 m 479 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 521.25 m 562 521.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 510.25 m 479 510.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 508.25 m 479 508.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 510.25 m 562 510.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 508.25 m 562 508.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.90 559.98 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 559.98 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 549.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 547.98 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 547.98 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 535.87 Td (Cash accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 535.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 535.98 Td (19,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 535.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 535.87 Td (13,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 523.87 Td (Margin accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 523.98 Td (17,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 523.87 Td (156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 511.87 Td (Total payables to customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 511.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 511.98 Td (37,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 511.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 511.87 Td (13,328) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.75 Td (Payables ) Tj ET Q q 0 0 0 rg BT 88.81 485.75 Td (to ) Tj ET Q q 0 0 0 rg BT 100.35 485.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 144.67 485.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 185.64 485.75 Td (comprise ) Tj ET Q q 0 0 0 rg BT 226.06 485.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 257.03 485.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 278.56 485.75 Td (balances ) Tj ET Q q 0 0 0 rg BT 316.75 485.75 Td (in ) Tj ET Q q 0 0 0 rg BT 328.29 485.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 368.71 485.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 407.46 485.75 Td (consisting ) Tj ET Q q 0 0 0 rg BT 451.79 485.75 Td (of ) Tj ET Q q 0 0 0 rg BT 463.88 485.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 504.30 485.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 530.29 485.75 Td (pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.75 Td (settlement ) Tj ET Q q 0 0 0 rg BT 93.82 473.75 Td (of ) Tj ET Q q 0 0 0 rg BT 105.37 473.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 146.36 473.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 197.35 473.75 Td (and ) Tj ET Q q 0 0 0 rg BT 215.01 473.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 254.89 473.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 280.33 473.75 Td (on ) Tj ET Q q 0 0 0 rg BT 293.55 473.75 Td (deposit. ) Tj ET Q q 0 0 0 rg BT 328.16 473.75 Td (Except ) Tj ET Q q 0 0 0 rg BT 359.15 473.75 Td (for ) Tj ET Q q 0 0 0 rg BT 374.03 473.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 411.14 473.75 Td (arising ) Tj ET Q q 0 0 0 rg BT 441.58 473.75 Td (from ) Tj ET Q q 0 0 0 rg BT 464.24 473.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 504.12 473.75 Td (short ) Tj ET Q q 0 0 0 rg BT 527.34 473.75 Td (sales, ) Tj ET Q q 0 0 0 rg BT 552.50 473.75 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 85.89 461.75 Td (payable ) Tj ET Q q 0 0 0 rg BT 119.48 461.75 Td (to ) Tj ET Q q 0 0 0 rg BT 129.76 461.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 172.81 461.75 Td (are ) Tj ET Q q 0 0 0 rg BT 187.51 461.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 218.34 461.75 Td (to ) Tj ET Q q 0 0 0 rg BT 228.62 461.75 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 276.10 461.75 Td (by ) Tj ET Q q 0 0 0 rg BT 288.60 461.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 331.65 461.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 354.15 461.75 Td (their ) Tj ET Q q 0 0 0 rg BT 374.97 461.75 Td (request.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 437.75 Td (Note 1) Tj ET Q q 0 0 0 rg BT 76.44 437.75 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.44 437.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.94 437.75 Td (Collateralized Securities T) Tj ET Q q 0 0 0 rg BT 190.60 437.75 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.27 437.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.60 413.75 Td (Company) Tj ET Q q 0 0 0 rg BT 109.27 413.75 Td (s ) Tj ET Q q 0 0 0 rg BT 115.71 413.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 156.03 413.75 Td (and ) Tj ET Q q 0 0 0 rg BT 173.03 413.75 Td (customer ) Tj ET Q q 0 0 0 rg BT 212.24 413.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 252.56 413.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 291.21 413.75 Td (involve ) Tj ET Q q 0 0 0 rg BT 323.76 413.75 Td (the ) Tj ET Q q 0 0 0 rg BT 338.53 413.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 379.97 413.75 Td (using ) Tj ET Q q 0 0 0 rg BT 404.20 413.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 444.52 413.75 Td (as ) Tj ET Q q 0 0 0 rg BT 455.40 413.75 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 497.66 413.75 Td (In ) Tj ET Q q 0 0 0 rg BT 508.54 413.75 Td (the ) Tj ET Q q 0 0 0 rg BT 523.31 413.75 Td (event ) Tj ET Q q 0 0 0 rg BT 547.52 413.75 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.83 401.75 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 118.48 401.75 Td (does ) Tj ET Q q 0 0 0 rg BT 139.93 401.75 Td (not ) Tj ET Q q 0 0 0 rg BT 155.82 401.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 178.37 401.75 Td (its ) Tj ET Q q 0 0 0 rg BT 190.94 401.75 Td (contractual ) Tj ET Q q 0 0 0 rg BT 238.48 401.75 Td (obligation ) Tj ET Q q 0 0 0 rg BT 282.14 401.75 Td (to ) Tj ET Q q 0 0 0 rg BT 293.04 401.75 Td (return ) Tj ET Q q 0 0 0 rg BT 320.03 401.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 360.91 401.75 Td (used ) Tj ET Q q 0 0 0 rg BT 382.36 401.75 Td (as ) Tj ET Q q 0 0 0 rg BT 393.81 401.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 434.12 401.75 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 457.51 401.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 495.06 401.75 Td (to ) Tj ET Q q 0 0 0 rg BT 505.96 401.75 Td (the ) Tj ET Q q 0 0 0 rg BT 521.29 401.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 546.62 401.75 Td (of ) Tj ET Q q 0 0 0 rg BT 558.07 401.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 95.18 389.75 Td (agreement\), ) Tj ET Q q 0 0 0 rg BT 145.03 389.75 Td (or ) Tj ET Q q 0 0 0 rg BT 155.74 389.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 198.67 389.75 Td (do ) Tj ET Q q 0 0 0 rg BT 211.04 389.75 Td (not ) Tj ET Q q 0 0 0 rg BT 226.20 389.75 Td (deposit ) Tj ET Q q 0 0 0 rg BT 257.46 389.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 299.83 389.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 339.97 389.75 Td (or ) Tj ET Q q 0 0 0 rg BT 350.68 389.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 370.83 389.75 Td (for ) Tj ET Q q 0 0 0 rg BT 384.87 389.75 Td (mar) Tj ET Q q 0 0 0 rg BT 400.23 389.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 415.39 389.75 Td (when ) Tj ET Q q 0 0 0 rg BT 439.43 389.75 Td (required, ) Tj ET Q q 0 0 0 rg BT 477.62 389.75 Td (the ) Tj ET Q q 0 0 0 rg BT 492.21 389.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 533.48 389.75 Td (may ) Tj ET Q q 0 0 0 rg BT 553.07 389.75 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.75 Td (exposed ) Tj ET Q q 0 0 0 rg BT 83.85 377.75 Td (to ) Tj ET Q q 0 0 0 rg BT 93.20 377.75 Td (the ) Tj ET Q q 0 0 0 rg BT 107.00 377.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 123.58 377.75 Td (of ) Tj ET Q q 0 0 0 rg BT 133.49 377.75 Td (reacquiring ) Tj ET Q q 0 0 0 rg BT 180.60 377.75 Td (the ) Tj ET Q q 0 0 0 rg BT 194.39 377.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 233.74 377.75 Td (or ) Tj ET Q q 0 0 0 rg BT 243.64 377.75 Td (selling ) Tj ET Q q 0 0 0 rg BT 271.89 377.75 Td (the ) Tj ET Q q 0 0 0 rg BT 285.68 377.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 325.03 377.75 Td (at ) Tj ET Q q 0 0 0 rg BT 333.82 377.75 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 383.15 377.75 Td (market ) Tj ET Q q 0 0 0 rg BT 412.50 377.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 437.95 377.75 Td (in ) Tj ET Q q 0 0 0 rg BT 447.31 377.75 Td (order ) Tj ET Q q 0 0 0 rg BT 469.99 377.75 Td (to ) Tj ET Q q 0 0 0 rg BT 479.34 377.75 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 507.03 377.75 Td (its ) Tj ET Q q 0 0 0 rg BT 518.06 377.75 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.04 365.75 Td (its ) Tj ET Q q 0 0 0 rg BT 72.25 365.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 115.56 365.75 Td (or ) Tj ET Q q 0 0 0 rg BT 126.65 365.75 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 188.36 365.75 Td (The ) Tj ET Q q 0 0 0 rg BT 206.67 365.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 248.32 365.75 Td (seeks ) Tj ET Q q 0 0 0 rg BT 272.74 365.75 Td (to ) Tj ET Q q 0 0 0 rg BT 283.28 365.75 Td (control ) Tj ET Q q 0 0 0 rg BT 314.37 365.75 Td (this ) Tj ET Q q 0 0 0 rg BT 331.58 365.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 349.34 365.75 Td (by ) Tj ET Q q 0 0 0 rg BT 362.10 365.75 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 409.31 365.75 Td (the ) Tj ET Q q 0 0 0 rg BT 424.29 365.75 Td (market ) Tj ET Q q 0 0 0 rg BT 454.82 365.75 Td (value ) Tj ET Q q 0 0 0 rg BT 479.23 365.75 Td (of ) Tj ET Q q 0 0 0 rg BT 490.33 365.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 530.85 365.75 Td (pledged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.75 Td (or ) Tj ET Q q 0 0 0 rg BT 60.57 353.75 Td (used ) Tj ET Q q 0 0 0 rg BT 81.64 353.75 Td (as ) Tj ET Q q 0 0 0 rg BT 92.71 353.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 132.64 353.75 Td (on ) Tj ET Q q 0 0 0 rg BT 145.38 353.75 Td (a ) Tj ET Q q 0 0 0 rg BT 152.56 353.75 Td (daily ) Tj ET Q q 0 0 0 rg BT 175.29 353.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 198.03 353.75 Td (and ) Tj ET Q q 0 0 0 rg BT 215.20 353.75 Td (requiring ) Tj ET Q q 0 0 0 rg BT 254.60 353.75 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 305.11 353.75 Td (in ) Tj ET Q q 0 0 0 rg BT 315.63 353.75 Td (the ) Tj ET Q q 0 0 0 rg BT 330.58 353.75 Td (event ) Tj ET Q q 0 0 0 rg BT 354.97 353.75 Td (of ) Tj ET Q q 0 0 0 rg BT 366.04 353.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 394.88 353.75 Td (market ) Tj ET Q q 0 0 0 rg BT 425.38 353.75 Td (exposure. ) Tj ET Q q 0 0 0 rg BT 466.52 353.75 Td (The ) Tj ET Q q 0 0 0 rg BT 484.81 353.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 526.43 353.75 Td (also ) Tj ET Q q 0 0 0 rg BT 545.28 353.75 Td (uses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.75 Td (unaf) Tj ET Q q 0 0 0 rg BT 67.09 341.75 Td (filiated ) Tj ET Q q 0 0 0 rg BT 98.19 341.75 Td (third ) Tj ET Q q 0 0 0 rg BT 119.85 341.75 Td (party ) Tj ET Q q 0 0 0 rg BT 143.17 341.75 Td (custodians ) Tj ET Q q 0 0 0 rg BT 188.17 341.75 Td (to ) Tj ET Q q 0 0 0 rg BT 198.72 341.75 Td (administer ) Tj ET Q q 0 0 0 rg BT 243.71 341.75 Td (the ) Tj ET Q q 0 0 0 rg BT 258.71 341.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 304.81 341.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 344.78 341.75 Td (for ) Tj ET Q q 0 0 0 rg BT 359.22 341.75 Td (the ) Tj ET Q q 0 0 0 rg BT 374.22 341.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 410.88 341.75 Td (of ) Tj ET Q q 0 0 0 rg BT 421.98 341.75 Td (its ) Tj ET Q q 0 0 0 rg BT 434.21 341.75 Td (short-term ) Tj ET Q q 0 0 0 rg BT 478.64 341.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 519.18 341.75 Td (to ) Tj ET Q q 0 0 0 rg BT 529.74 341.75 Td (mitigate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.75 Td (risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.04 305.75 Td (a ) Tj ET Q q 0 0 0 rg BT 66.68 305.75 Td (reverse ) Tj ET Q q 0 0 0 rg BT 97.76 305.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 143.27 305.75 Td (agreement ) Tj ET Q q 0 0 0 rg BT 187.12 305.75 Td (the ) Tj ET Q q 0 0 0 rg BT 201.54 305.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 242.63 305.75 Td (purchases ) Tj ET Q q 0 0 0 rg BT 284.27 305.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 321.46 305.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 370.33 305.75 Td (from ) Tj ET Q q 0 0 0 rg BT 391.98 305.75 Td (a ) Tj ET Q q 0 0 0 rg BT 398.62 305.75 Td (seller) Tj ET Q q 0 0 0 rg BT 419.88 305.75 Td (, ) Tj ET Q q 0 0 0 rg BT 424.58 305.75 Td (typically ) Tj ET Q q 0 0 0 rg BT 461.78 305.75 Td (in ) Tj ET Q q 0 0 0 rg BT 471.77 305.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 511.73 305.75 Td (for ) Tj ET Q q 0 0 0 rg BT 525.59 305.75 Td (cash, ) Tj ET Q q 0 0 0 rg BT 548.07 305.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.75 Td (agrees ) Tj ET Q q 0 0 0 rg BT 77.68 293.75 Td (to ) Tj ET Q q 0 0 0 rg BT 88.11 293.75 Td (resell ) Tj ET Q q 0 0 0 rg BT 112.41 293.75 Td (the ) Tj ET Q q 0 0 0 rg BT 127.27 293.75 Td (same ) Tj ET Q q 0 0 0 rg BT 150.46 293.75 Td (or ) Tj ET Q q 0 0 0 rg BT 161.44 293.75 Td (substantially ) Tj ET Q q 0 0 0 rg BT 214.63 293.75 Td (the ) Tj ET Q q 0 0 0 rg BT 229.50 293.75 Td (same ) Tj ET Q q 0 0 0 rg BT 252.69 293.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 290.32 293.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 339.63 293.75 Td (to ) Tj ET Q q 0 0 0 rg BT 350.05 293.75 Td (the ) Tj ET Q q 0 0 0 rg BT 364.91 293.75 Td (seller ) Tj ET Q q 0 0 0 rg BT 389.21 293.75 Td (at ) Tj ET Q q 0 0 0 rg BT 399.08 293.75 Td (a ) Tj ET Q q 0 0 0 rg BT 406.16 293.75 Td (stated ) Tj ET Q q 0 0 0 rg BT 432.13 293.75 Td (price ) Tj ET Q q 0 0 0 rg BT 454.76 293.75 Td (plus ) Tj ET Q q 0 0 0 rg BT 474.08 293.75 Td (accrued ) Tj ET Q q 0 0 0 rg BT 507.81 293.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 539.88 293.75 Td (in ) Tj ET Q q 0 0 0 rg BT 550.31 293.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.75 Td (future. ) Tj ET Q q 0 0 0 rg BT 78.03 281.75 Td (In ) Tj ET Q q 0 0 0 rg BT 88.50 281.75 Td (a ) Tj ET Q q 0 0 0 rg BT 95.09 281.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 140.54 281.75 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 186.83 281.75 Td (the ) Tj ET Q q 0 0 0 rg BT 201.20 281.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 242.23 281.75 Td (sells ) Tj ET Q q 0 0 0 rg BT 262.16 281.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 299.29 281.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 348.10 281.75 Td (to ) Tj ET Q q 0 0 0 rg BT 358.03 281.75 Td (a ) Tj ET Q q 0 0 0 rg BT 364.62 281.75 Td (buyer) Tj ET Q q 0 0 0 rg BT 386.99 281.75 Td (, ) Tj ET Q q 0 0 0 rg BT 391.63 281.75 Td (typically ) Tj ET Q q 0 0 0 rg BT 428.77 281.75 Td (for ) Tj ET Q q 0 0 0 rg BT 442.58 281.75 Td (cash, ) Tj ET Q q 0 0 0 rg BT 465.00 281.75 Td (and ) Tj ET Q q 0 0 0 rg BT 481.58 281.75 Td (agrees ) Tj ET Q q 0 0 0 rg BT 509.27 281.75 Td (to ) Tj ET Q q 0 0 0 rg BT 519.20 281.75 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.75 Td (the ) Tj ET Q q 0 0 0 rg BT 63.77 269.75 Td (same ) Tj ET Q q 0 0 0 rg BT 86.37 269.75 Td (or ) Tj ET Q q 0 0 0 rg BT 96.75 269.75 Td (substantially ) Tj ET Q q 0 0 0 rg BT 149.35 269.75 Td (the ) Tj ET Q q 0 0 0 rg BT 163.62 269.75 Td (same ) Tj ET Q q 0 0 0 rg BT 186.22 269.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 223.26 269.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 271.97 269.75 Td (from ) Tj ET Q q 0 0 0 rg BT 293.46 269.75 Td (the ) Tj ET Q q 0 0 0 rg BT 307.73 269.75 Td (buyer ) Tj ET Q q 0 0 0 rg BT 332.55 269.75 Td (at ) Tj ET Q q 0 0 0 rg BT 341.82 269.75 Td (a ) Tj ET Q q 0 0 0 rg BT 348.31 269.75 Td (stated ) Tj ET Q q 0 0 0 rg BT 373.69 269.75 Td (price ) Tj ET Q q 0 0 0 rg BT 395.73 269.75 Td (plus ) Tj ET Q q 0 0 0 rg BT 414.45 269.75 Td (accrued ) Tj ET Q q 0 0 0 rg BT 447.59 269.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 479.07 269.75 Td (at ) Tj ET Q q 0 0 0 rg BT 488.34 269.75 Td (a ) Tj ET Q q 0 0 0 rg BT 494.83 269.75 Td (future ) Tj ET Q q 0 0 0 rg BT 520.76 269.75 Td (date. ) Tj ET Q q 0 0 0 rg BT 541.97 269.75 Td (Even ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.75 Td (though ) Tj ET Q q 0 0 0 rg BT 80.13 257.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 126.30 257.75 Td (and ) Tj ET Q q 0 0 0 rg BT 143.59 257.75 Td (reverse ) Tj ET Q q 0 0 0 rg BT 175.32 257.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 221.48 257.75 Td (agreements ) Tj ET Q q 0 0 0 rg BT 269.87 257.75 Td (involve ) Tj ET Q q 0 0 0 rg BT 302.72 257.75 Td (the ) Tj ET Q q 0 0 0 rg BT 317.79 257.75 Td (legal ) Tj ET Q q 0 0 0 rg BT 340.08 257.75 Td (transfer ) Tj ET Q q 0 0 0 rg BT 373.47 257.75 Td (of ) Tj ET Q q 0 0 0 rg BT 384.66 257.75 Td (ownership ) Tj ET Q q 0 0 0 rg BT 429.18 257.75 Td (of ) Tj ET Q q 0 0 0 rg BT 440.36 257.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 478.20 257.75 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 530.22 257.75 Td (they ) Tj ET Q q 0 0 0 rg BT 550.30 257.75 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.75 Td (accounted ) Tj ET Q q 0 0 0 rg BT 92.37 245.75 Td (for ) Tj ET Q q 0 0 0 rg BT 106.37 245.75 Td (as ) Tj ET Q q 0 0 0 rg BT 117.04 245.75 Td (financing ) Tj ET Q q 0 0 0 rg BT 157.14 245.75 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 213.34 245.75 Td (because ) Tj ET Q q 0 0 0 rg BT 247.33 245.75 Td (they ) Tj ET Q q 0 0 0 rg BT 266.88 245.75 Td (require ) Tj ET Q q 0 0 0 rg BT 297.54 245.75 Td (the ) Tj ET Q q 0 0 0 rg BT 312.09 245.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 349.41 245.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 398.42 245.75 Td (to ) Tj ET Q q 0 0 0 rg BT 408.53 245.75 Td (be ) Tj ET Q q 0 0 0 rg BT 420.31 245.75 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 470.96 245.75 Td (or ) Tj ET Q q 0 0 0 rg BT 481.62 245.75 Td (resold ) Tj ET Q q 0 0 0 rg BT 508.40 245.75 Td (at ) Tj ET Q q 0 0 0 rg BT 517.96 245.75 Td (maturity ) Tj ET Q q 0 0 0 rg BT 554.18 245.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 233.75 Td (agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.75 Td (In ) Tj ET Q q 0 0 0 rg BT 59.46 209.75 Td (a ) Tj ET Q q 0 0 0 rg BT 65.54 209.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 104.93 209.75 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 144.89 209.75 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 192.89 209.75 Td (the ) Tj ET Q q 0 0 0 rg BT 206.74 209.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 247.26 209.75 Td (borrows ) Tj ET Q q 0 0 0 rg BT 281.67 209.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 321.06 209.75 Td (from ) Tj ET Q q 0 0 0 rg BT 342.14 209.75 Td (a ) Tj ET Q q 0 0 0 rg BT 348.21 209.75 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 400.37 209.75 Td (in ) Tj ET Q q 0 0 0 rg BT 409.79 209.75 Td (exchange ) Tj ET Q q 0 0 0 rg BT 449.17 209.75 Td (for ) Tj ET Q q 0 0 0 rg BT 462.47 209.75 Td (cash. ) Tj ET Q q 0 0 0 rg BT 484.25 209.75 Td (When ) Tj ET Q q 0 0 0 rg BT 509.76 209.75 Td (the ) Tj ET Q q 0 0 0 rg BT 523.61 209.75 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.75 Td (returns ) Tj ET Q q 0 0 0 rg BT 79.77 197.75 Td (the ) Tj ET Q q 0 0 0 rg BT 94.49 197.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 137.25 197.75 Td (the ) Tj ET Q q 0 0 0 rg BT 151.97 197.75 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 205.00 197.75 Td (returns ) Tj ET Q q 0 0 0 rg BT 235.27 197.75 Td (the ) Tj ET Q q 0 0 0 rg BT 249.98 197.75 Td (cash. ) Tj ET Q q 0 0 0 rg BT 272.75 197.75 Td (Interest ) Tj ET Q q 0 0 0 rg BT 305.24 197.75 Td (is ) Tj ET Q q 0 0 0 rg BT 314.41 197.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 354.11 197.75 Td (paid ) Tj ET Q q 0 0 0 rg BT 373.83 197.75 Td (periodically ) Tj ET Q q 0 0 0 rg BT 424.08 197.75 Td (over ) Tj ET Q q 0 0 0 rg BT 444.35 197.75 Td (the ) Tj ET Q q 0 0 0 rg BT 459.07 197.75 Td (life ) Tj ET Q q 0 0 0 rg BT 474.90 197.75 Td (of ) Tj ET Q q 0 0 0 rg BT 485.73 197.75 Td (the ) Tj ET Q q 0 0 0 rg BT 500.44 197.75 Td (transaction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.43 173.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.25 173.75 Td (normal ) Tj ET Q q 0 0 0 rg BT 106.18 173.75 Td (course ) Tj ET Q q 0 0 0 rg BT 134.89 173.75 Td (of ) Tj ET Q q 0 0 0 rg BT 145.82 173.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 184.82 173.75 Td (the ) Tj ET Q q 0 0 0 rg BT 199.64 173.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 241.13 173.75 Td (obtains ) Tj ET Q q 0 0 0 rg BT 272.62 173.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 312.99 173.75 Td (purchased ) Tj ET Q q 0 0 0 rg BT 356.13 173.75 Td (under ) Tj ET Q q 0 0 0 rg BT 381.50 173.75 Td (agreements ) Tj ET Q q 0 0 0 rg BT 429.64 173.75 Td (to ) Tj ET Q q 0 0 0 rg BT 440.02 173.75 Td (resell, ) Tj ET Q q 0 0 0 rg BT 466.78 173.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 507.15 173.75 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 548.07 173.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.75 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 161.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 79.49 161.75 Td (agreements ) Tj ET Q q 0 0 0 rg BT 126.86 161.75 Td (on ) Tj ET Q q 0 0 0 rg BT 138.71 161.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 162.77 161.75 Td (that ) Tj ET Q q 0 0 0 rg BT 179.60 161.75 Td (permit ) Tj ET Q q 0 0 0 rg BT 207.55 161.75 Td (it ) Tj ET Q q 0 0 0 rg BT 214.95 161.75 Td (to ) Tj ET Q q 0 0 0 rg BT 224.57 161.75 Td (repledge ) Tj ET Q q 0 0 0 rg BT 260.84 161.75 Td (or ) Tj ET Q q 0 0 0 rg BT 271.01 161.75 Td (resell ) Tj ET Q q 0 0 0 rg BT 294.51 161.75 Td (the ) Tj ET Q q 0 0 0 rg BT 308.57 161.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 348.18 161.75 Td (to ) Tj ET Q q 0 0 0 rg BT 357.80 161.75 Td (others, ) Tj ET Q q 0 0 0 rg BT 386.58 161.75 Td (typically ) Tj ET Q q 0 0 0 rg BT 423.42 161.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 459.70 161.75 Td (to ) Tj ET Q q 0 0 0 rg BT 469.32 161.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 514.47 161.75 Td (agreements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.13 149.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.11 149.75 Td (obtained ) Tj ET Q q 0 0 0 rg BT 144.63 149.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 184.48 149.75 Td (with ) Tj ET Q q 0 0 0 rg BT 204.35 149.75 Td (a ) Tj ET Q q 0 0 0 rg BT 210.87 149.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 226.84 149.75 Td (value ) Tj ET Q q 0 0 0 rg BT 250.58 149.75 Td (of ) Tj ET Q q 0 0 0 rg BT 261.00 149.75 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.84 149.75 Td ($185.8 ) Tj ET Q q 0 0 0 rg BT 350.43 149.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.32 149.75 Td ( ) Tj ET Q q 0 0 0 rg BT 381.41 149.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.94 149.75 Td ($369.7 ) Tj ET Q q 0 0 0 rg BT 427.52 149.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.41 149.75 Td ( ) Tj ET Q q 0 0 0 rg BT 458.50 149.75 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.81 149.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 525.98 149.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.98 149.75 Td ( ) Tj ET Q q 0 0 0 rg BT 548.06 149.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 137.75 Td (, ) Tj ET Q q 0 0 0 rg BT 74.25 137.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 121.92 137.75 Td (, ) Tj ET Q q 0 0 0 rg BT 126.67 137.75 Td (of ) Tj ET Q q 0 0 0 rg BT 137.26 137.75 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.95 137.75 Td ($175.8 ) Tj ET Q q 0 0 0 rg BT 193.70 137.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.60 137.75 Td ( ) Tj ET Q q 0 0 0 rg BT 224.85 137.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.54 137.75 Td ($338.8 ) Tj ET Q q 0 0 0 rg BT 271.30 137.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.19 137.75 Td (, ) Tj ET Q q 0 0 0 rg BT 304.95 137.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 352.61 137.75 Td (, ) Tj ET Q q 0 0 0 rg BT 357.36 137.75 Td (had ) Tj ET Q q 0 0 0 rg BT 374.05 137.75 Td (been ) Tj ET Q q 0 0 0 rg BT 395.19 137.75 Td (pledged ) Tj ET Q q 0 0 0 rg BT 429.10 137.75 Td (or ) Tj ET Q q 0 0 0 rg BT 439.68 137.75 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 480.81 137.75 Td (transferred ) Tj ET Q q 0 0 0 rg BT 526.37 137.75 Td (to ) Tj ET Q q 0 0 0 rg BT 536.41 137.75 Td (satisfy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.75 Td (its ) Tj ET Q q 0 0 0 rg BT 61.45 125.75 Td (commitments ) Tj ET Q q 0 0 0 rg BT 118.39 125.75 Td (under ) Tj ET Q q 0 0 0 rg BT 143.66 125.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 181.14 125.75 Td (instruments ) Tj ET Q q 0 0 0 rg BT 230.30 125.75 Td (and ) Tj ET Q q 0 0 0 rg BT 247.24 125.75 Td (other ) Tj ET Q q 0 0 0 rg BT 270.29 125.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 311.11 125.75 Td (positions ) Tj ET Q q 0 0 0 rg BT 349.73 125.75 Td (sold, ) Tj ET Q q 0 0 0 rg BT 371.40 125.75 Td (but ) Tj ET Q q 0 0 0 rg BT 386.68 125.75 Td (not ) Tj ET Q q 0 0 0 rg BT 401.96 125.75 Td (yet ) Tj ET Q q 0 0 0 rg BT 416.67 125.75 Td (purchased.) Tj ET Q endstream endobj 181 0 obj <>] /Rotate 0 /Contents 182 0 R>> endobj 182 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 (90) 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 67.38 708.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.61 708.10 Td (is ) Tj ET Q q 0 0 0 rg BT 117.61 708.10 Td (a ) Tj ET Q q 0 0 0 rg BT 124.39 708.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 163.94 708.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.61 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.16 708.10 Td (Company) Tj ET Q q 0 0 0 rg BT 230.83 708.10 Td (s ) Tj ET Q q 0 0 0 rg BT 237.05 708.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 277.15 708.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 296.16 708.10 Td (under ) Tj ET Q q 0 0 0 rg BT 321.27 708.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 369.13 708.10 Td (to ) Tj ET Q q 0 0 0 rg BT 379.25 708.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 424.89 708.10 Td (\("Repurchase ) Tj ET Q q 0 0 0 rg BT 481.28 708.10 Td (Liabilities"\), ) Tj ET Q q 0 0 0 rg BT 534.08 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.63 708.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.10 Td (market ) Tj ET Q q 0 0 0 rg BT 80.06 696.10 Td (value ) Tj ET Q q 0 0 0 rg BT 104.51 696.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.64 696.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 155.64 696.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 190.09 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 207.33 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.34 696.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 254.57 696.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 272.36 696.10 Td (char) Tj ET Q q 0 0 0 rg BT 289.38 696.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 306.62 696.10 Td (by ) Tj ET Q q 0 0 0 rg BT 319.42 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.43 696.10 Td (Company) Tj ET Q q 0 0 0 rg BT 376.10 696.10 Td (s ) Tj ET Q q 0 0 0 rg BT 382.79 696.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 432.67 696.10 Td (, ) Tj ET Q q 0 0 0 rg BT 437.97 696.10 Td (which ) Tj ET Q q 0 0 0 rg BT 465.20 696.10 Td (is ) Tj ET Q q 0 0 0 rg BT 474.67 696.10 Td (based ) Tj ET Q q 0 0 0 rg BT 500.24 696.10 Td (on ) Tj ET Q q 0 0 0 rg BT 513.04 696.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 545.83 696.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.44 684.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 105.03 684.10 Td (mar) Tj ET Q q 0 0 0 rg BT 120.39 684.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 138.17 684.10 Td (as ) Tj ET Q q 0 0 0 rg BT 149.00 684.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.83 684.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 218.42 684.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.42 684.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 649.60 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 649.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 649.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 649.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 649.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 649.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 625.60 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 625.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 625.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 625.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 625.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 625.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 601.60 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 601.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 601.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 601.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 601.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 601.60 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 320.5 649.6 m 395.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 649.6 m 478.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 649.6 m 561.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 601.6 m 395.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 601.6 m 478.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 590.6 m 395.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 588.6 m 395.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 601.6 m 478.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 590.6 m 478.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 588.6 m 478.5 588.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.30 664.33 Td (Repurchase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.05 664.33 Td (Fair Market) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 653.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.10 652.33 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.45 652.33 Td (Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 652.33 Td (InterestRate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 640.33 Td (Term up to 30 day maturities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 628.22 Td (Mortgage-backed securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 628.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 628.22 Td (27,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 628.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 628.22 Td (39,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 628.22 Td (2.14 - 2.27%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 616.33 Td (On demand maturities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 604.22 Td (U.S. government securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 604.22 Td (18,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 604.22 Td (17,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 604.22 Td (0.05%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 592.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 592.22 Td (45,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 592.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 592.22 Td (56,760) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (Reverse ) Tj ET Q q 0 0 0 rg BT 85.88 566.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 133.37 566.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 185.57 566.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 233.06 566.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 282.76 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.38 566.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 343.32 566.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 385.82 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.43 566.10 Td (loaned ) Tj ET Q q 0 0 0 rg BT 435.26 566.10 Td (are ) Tj ET Q q 0 0 0 rg BT 451.65 566.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 489.14 566.10 Td (on ) Tj ET Q q 0 0 0 rg BT 503.31 566.10 Td (a ) Tj ET Q q 0 0 0 rg BT 511.93 566.10 Td (net ) Tj ET Q q 0 0 0 rg BT 528.32 566.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 552.50 566.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 102.84 554.10 Td (when ) Tj ET Q q 0 0 0 rg BT 127.32 554.10 Td (a ) Tj ET Q q 0 0 0 rg BT 134.57 554.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 156.81 554.10 Td (right ) Tj ET Q q 0 0 0 rg BT 178.51 554.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.66 554.10 Td (of) Tj ET Q q 0 0 0 rg BT 197.81 554.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 215.06 554.10 Td (exists. ) Tj ET Q q 0 0 0 rg BT 242.94 554.10 Td (There ) Tj ET Q q 0 0 0 rg BT 269.07 554.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.31 554.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.31 554.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.13 554.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 328.05 554.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 364.75 554.10 Td (of) Tj ET Q q 0 0 0 rg BT 372.90 554.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 390.15 554.10 Td (on ) Tj ET Q q 0 0 0 rg BT 402.96 554.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.99 554.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 471.35 554.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 516.37 554.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.51 554.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 90.84 542.10 Td (for ) Tj ET Q q 0 0 0 rg BT 106.06 542.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 138.49 542.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 185.35 542.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 236.95 542.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 278.27 542.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 320.16 542.10 Td (or ) Tj ET Q q 0 0 0 rg BT 332.05 542.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 378.92 542.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 428.01 542.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.79 542.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 498.44 542.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.44 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.00 542.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 542.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 542.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 530.10 Td (, ) Tj ET Q q 0 0 0 rg BT 103.36 530.10 Td (as ) Tj ET Q q 0 0 0 rg BT 115.40 530.10 Td (a ) Tj ET Q q 0 0 0 rg BT 123.54 530.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 146.67 530.10 Td (right ) Tj ET Q q 0 0 0 rg BT 169.26 530.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.30 530.10 Td (of) Tj ET Q q 0 0 0 rg BT 189.45 530.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 207.59 530.10 Td (did ) Tj ET Q q 0 0 0 rg BT 224.07 530.10 Td (not ) Tj ET Q q 0 0 0 rg BT 240.55 530.10 Td (exist. ) Tj ET Q q 0 0 0 rg BT 265.37 530.10 Td (The ) Tj ET Q q 0 0 0 rg BT 284.62 530.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 327.21 530.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.35 530.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.35 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.05 530.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 409.42 530.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 450.89 530.10 Td (lending ) Tj ET Q q 0 0 0 rg BT 484.58 530.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 542.15 530.10 Td (as ) Tj ET Q q 0 0 0 rg BT 554.18 530.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.08 518.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 130.58 518.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.41 518.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.41 518.10 Td (. ) Tj ET Q q 0 0 0 rg BT 166.41 518.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.35 518.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 205.29 518.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.29 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.79 518.10 Td (for ) Tj ET Q q 0 0 0 rg BT 226.95 518.10 Td (information ) Tj ET Q q 0 0 0 rg BT 276.66 518.10 Td (related ) Tj ET Q q 0 0 0 rg BT 306.37 518.10 Td (to ) Tj ET Q q 0 0 0 rg BT 316.64 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.36 518.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 378.44 518.10 Td (of) Tj ET Q q 0 0 0 rg BT 386.59 518.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 419.08 518.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.92 518.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 472.40 518.10 Td (contracts. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 494.10 Td (Note 12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 494.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 494.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.70 494.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.48 470.10 Td (Company) Tj ET Q q 0 0 0 rg BT 110.15 470.10 Td (s ) Tj ET Q q 0 0 0 rg BT 117.48 470.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 168.69 470.10 Td (include ) Tj ET Q q 0 0 0 rg BT 201.56 470.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 252.77 470.10 Td (in ) Tj ET Q q 0 0 0 rg BT 263.99 470.10 Td (private ) Tj ET Q q 0 0 0 rg BT 295.19 470.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 341.39 470.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.27 470.10 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 414.08 470.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 456.94 470.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 488.15 470.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 516.31 470.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 554.18 470.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (public ) Tj ET Q q 0 0 0 rg BT 77.00 458.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.93 458.10 Td (private ) Tj ET Q q 0 0 0 rg BT 124.20 458.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 169.46 458.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.40 458.10 Td (private ) Tj ET Q q 0 0 0 rg BT 216.66 458.10 Td (company ) Tj ET Q q 0 0 0 rg BT 255.82 458.10 Td (debt. ) Tj ET Q q 0 0 0 rg BT 278.04 458.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 328.86 458.10 Td (included:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 423.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 423.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 423.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 423.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 399.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 399.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 399.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 399.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 375.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 375.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 375.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 375.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 351.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 351.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 351.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 351.60 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 403.5 423.6 m 478.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 423.6 m 561.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 387.6 m 478.5 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 387.6 m 561.5 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 351.6 m 478.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 351.6 m 561.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 340.6 m 478.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 338.6 m 478.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 340.6 m 561.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 338.6 m 561.5 338.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.40 438.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 438.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 427.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 426.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 426.33 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 414.22 Td (Investments at fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 414.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 414.33 Td (142,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 414.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 414.22 Td (94,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 402.22 Td (Investments at cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 402.33 Td (3,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 402.22 Td (8,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 390.22 Td (Investments accounted for under the equity method) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 390.33 Td (17,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 390.22 Td (23,757) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 378.22 Td (Total investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 378.33 Td (163,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 378.22 Td (126,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 354.22 Td (Less investments attributable to noncontrolling interests \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.80 354.38 Td (\(40,069) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 354.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 354.22 Td (\(32,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 354.22 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 342.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 342.33 Td (123,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 342.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 342.22 Td (94,277) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 327.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 327.50 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 97.43 327.50 Td (olling ) Tj ET Q q 0 0 0 rg BT 118.09 327.50 Td (inter) Tj ET Q q 0 0 0 rg BT 132.91 327.50 Td (ests ) Tj ET Q q 0 0 0 rg BT 146.91 327.50 Td (ar) Tj ET Q q 0 0 0 rg BT 153.72 327.50 Td (e ) Tj ET Q q 0 0 0 rg BT 159.27 327.50 Td (attributable ) Tj ET Q q 0 0 0 rg BT 199.05 327.50 Td (to ) Tj ET Q q 0 0 0 rg BT 207.27 327.50 Td (thir) Tj ET Q q 0 0 0 rg BT 218.54 327.50 Td (d ) Tj ET Q q 0 0 0 rg BT 224.54 327.50 Td (party ) Tj ET Q q 0 0 0 rg BT 243.42 327.50 Td (ownership ) Tj ET Q q 0 0 0 rg BT 278.76 327.50 Td (in ) Tj ET Q q 0 0 0 rg BT 286.98 327.50 Td (a ) Tj ET Q q 0 0 0 rg BT 292.98 327.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 335.86 327.50 Td (mer) Tj ET Q q 0 0 0 rg BT 348.01 327.50 Td (chant ) Tj ET Q q 0 0 0 rg BT 367.78 327.50 Td (banking ) Tj ET Q q 0 0 0 rg BT 395.55 327.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 411.78 327.50 Td (and ) Tj ET Q q 0 0 0 rg BT 425.78 327.50 Td (private ) Tj ET Q q 0 0 0 rg BT 450.44 327.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 471.98 327.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 508.20 327.50 Td (vehicles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.50 Td (Management ) Tj ET Q q 0 0 0 rg BT 103.39 303.50 Td (regularly ) Tj ET Q q 0 0 0 rg BT 141.18 303.50 Td (reviews ) Tj ET Q q 0 0 0 rg BT 173.97 303.50 Td (the ) Tj ET Q q 0 0 0 rg BT 187.88 303.50 Td (Company) Tj ET Q q 0 0 0 rg BT 229.54 303.50 Td (s ) Tj ET Q q 0 0 0 rg BT 235.12 303.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 284.59 303.50 Td (in ) Tj ET Q q 0 0 0 rg BT 294.06 303.50 Td (private ) Tj ET Q q 0 0 0 rg BT 323.51 303.50 Td (company ) Tj ET Q q 0 0 0 rg BT 361.86 303.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 380.76 303.50 Td (and ) Tj ET Q q 0 0 0 rg BT 396.89 303.50 Td (has ) Tj ET Q q 0 0 0 rg BT 411.92 303.50 Td (concluded ) Tj ET Q q 0 0 0 rg BT 454.70 303.50 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.39 303.50 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.39 303.50 Td ( ) Tj ET Q q 0 0 0 rg BT 483.08 303.50 Td (valuation ) Tj ET Q q 0 0 0 rg BT 521.98 303.50 Td (allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.50 Td (is ) Tj ET Q q 0 0 0 rg BT 58.67 291.50 Td (needed ) Tj ET Q q 0 0 0 rg BT 89.49 291.50 Td (as ) Tj ET Q q 0 0 0 rg BT 100.32 291.50 Td (it ) Tj ET Q q 0 0 0 rg BT 108.37 291.50 Td (is ) Tj ET Q q 0 0 0 rg BT 117.54 291.50 Td (probable ) Tj ET Q q 0 0 0 rg BT 155.03 291.50 Td (that ) Tj ET Q q 0 0 0 rg BT 172.52 291.50 Td (all ) Tj ET Q q 0 0 0 rg BT 185.02 291.50 Td (contractual ) Tj ET Q q 0 0 0 rg BT 231.94 291.50 Td (principal ) Tj ET Q q 0 0 0 rg BT 269.98 291.50 Td (and ) Tj ET Q q 0 0 0 rg BT 286.92 291.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 318.85 291.50 Td (will ) Tj ET Q q 0 0 0 rg BT 336.91 291.50 Td (be ) Tj ET Q q 0 0 0 rg BT 348.85 291.50 Td (collected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.87 267.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 120.33 267.50 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.33 267.50 Td (, ) Tj ET Q q 0 0 0 rg BT 145.21 267.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 195.36 267.50 Td (carried ) Tj ET Q q 0 0 0 rg BT 225.48 267.50 Td (on ) Tj ET Q q 0 0 0 rg BT 237.86 267.50 Td (a ) Tj ET Q q 0 0 0 rg BT 244.67 267.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 263.15 267.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 285.53 267.50 Td (had ) Tj ET Q q 0 0 0 rg BT 302.34 267.50 Td (an ) Tj ET Q q 0 0 0 rg BT 314.15 267.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 354.85 267.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 371.10 267.50 Td (market ) Tj ET Q q 0 0 0 rg BT 401.24 267.50 Td (value ) Tj ET Q q 0 0 0 rg BT 425.27 267.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.97 267.50 Td ($4.9 ) Tj ET Q q 0 0 0 rg BT 455.85 267.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.74 267.50 Td (. ) Tj ET Q q 0 0 0 rg BT 489.61 267.50 Td (Because ) Tj ET Q q 0 0 0 rg BT 525.30 267.50 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.50 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.59 255.50 Td (were ) Tj ET Q q 0 0 0 rg BT 111.90 255.50 Td (based ) Tj ET Q q 0 0 0 rg BT 137.54 255.50 Td (upon ) Tj ET Q q 0 0 0 rg BT 160.42 255.50 Td (management) Tj ET Q q 0 0 0 rg BT 214.29 255.50 Td (s ) Tj ET Q q 0 0 0 rg BT 221.06 255.50 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 264.21 255.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 314.86 255.50 Td (carried ) Tj ET Q q 0 0 0 rg BT 345.49 255.50 Td (at ) Tj ET Q q 0 0 0 rg BT 355.58 255.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 374.57 255.50 Td (would ) Tj ET Q q 0 0 0 rg BT 402.45 255.50 Td (be ) Tj ET Q q 0 0 0 rg BT 414.76 255.50 Td (categorized ) Tj ET Q q 0 0 0 rg BT 463.72 255.50 Td (as ) Tj ET Q q 0 0 0 rg BT 474.93 255.50 Td (Level ) Tj ET Q q 0 0 0 rg BT 500.57 255.50 Td (III ) Tj ET Q q 0 0 0 rg BT 513.43 255.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 539.64 255.50 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 255.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 243.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.88 243.50 Td (value ) Tj ET Q q 0 0 0 rg BT 90.03 243.50 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 127.14 243.50 Td (, ) Tj ET Q q 0 0 0 rg BT 132.14 243.50 Td (if ) Tj ET Q q 0 0 0 rg BT 140.75 243.50 Td (they ) Tj ET Q q 0 0 0 rg BT 160.46 243.50 Td (were ) Tj ET Q q 0 0 0 rg BT 182.39 243.50 Td (carried ) Tj ET Q q 0 0 0 rg BT 212.64 243.50 Td (at ) Tj ET Q q 0 0 0 rg BT 222.36 243.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 238.74 243.50 Td (value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.50 Td (Investments ) Tj ET Q q 0 0 0 rg BT 100.23 219.50 Td (accounted ) Tj ET Q q 0 0 0 rg BT 143.17 219.50 Td (for ) Tj ET Q q 0 0 0 rg BT 157.23 219.50 Td (under ) Tj ET Q q 0 0 0 rg BT 182.40 219.50 Td (the ) Tj ET Q q 0 0 0 rg BT 197.02 219.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 224.42 219.50 Td (method ) Tj ET Q q 0 0 0 rg BT 256.82 219.50 Td (include ) Tj ET Q q 0 0 0 rg BT 288.66 219.50 Td (general ) Tj ET Q q 0 0 0 rg BT 320.48 219.50 Td (and ) Tj ET Q q 0 0 0 rg BT 337.33 219.50 Td (limited ) Tj ET Q q 0 0 0 rg BT 368.06 219.50 Td (partnership ) Tj ET Q q 0 0 0 rg BT 415.45 219.50 Td (interests. ) Tj ET Q q 0 0 0 rg BT 453.51 219.50 Td (The ) Tj ET Q q 0 0 0 rg BT 471.46 219.50 Td (carrying ) Tj ET Q q 0 0 0 rg BT 507.18 219.50 Td (value ) Tj ET Q q 0 0 0 rg BT 531.23 219.50 Td (of ) Tj ET Q q 0 0 0 rg BT 541.97 219.50 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.63 207.50 Td (is ) Tj ET Q q 0 0 0 rg BT 108.66 207.50 Td (based ) Tj ET Q q 0 0 0 rg BT 133.79 207.50 Td (on ) Tj ET Q q 0 0 0 rg BT 146.15 207.50 Td (the ) Tj ET Q q 0 0 0 rg BT 160.72 207.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 206.96 207.50 Td (vehicle) Tj ET Q q 0 0 0 rg BT 238.61 207.50 Td (s ) Tj ET Q q 0 0 0 rg BT 244.86 207.50 Td (net ) Tj ET Q q 0 0 0 rg BT 259.44 207.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 281.23 207.50 Td (value. ) Tj ET Q q 0 0 0 rg BT 307.58 207.50 Td (The ) Tj ET Q q 0 0 0 rg BT 325.48 207.50 Td (net ) Tj ET Q q 0 0 0 rg BT 340.06 207.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 365.75 207.50 Td (of ) Tj ET Q q 0 0 0 rg BT 376.43 207.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 422.67 207.50 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 473.91 207.50 Td (consist ) Tj ET Q q 0 0 0 rg BT 504.05 207.50 Td (of ) Tj ET Q q 0 0 0 rg BT 514.73 207.50 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.50 Td (in ) Tj ET Q q 0 0 0 rg BT 59.68 195.50 Td (both ) Tj ET Q q 0 0 0 rg BT 79.86 195.50 Td (marketable ) Tj ET Q q 0 0 0 rg BT 126.68 195.50 Td (and ) Tj ET Q q 0 0 0 rg BT 143.52 195.50 Td (non-marketable ) Tj ET Q q 0 0 0 rg BT 208.67 195.50 Td (securities. ) Tj ET Q q 0 0 0 rg BT 251.17 195.50 Td (The ) Tj ET Q q 0 0 0 rg BT 269.12 195.50 Td (underlying ) Tj ET Q q 0 0 0 rg BT 314.84 195.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 365.02 195.50 Td (held ) Tj ET Q q 0 0 0 rg BT 384.64 195.50 Td (by ) Tj ET Q q 0 0 0 rg BT 397.04 195.50 Td (such ) Tj ET Q q 0 0 0 rg BT 417.77 195.50 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 469.05 195.50 Td (are ) Tj ET Q q 0 0 0 rg BT 483.66 195.50 Td (valued ) Tj ET Q q 0 0 0 rg BT 512.72 195.50 Td (based ) Tj ET Q q 0 0 0 rg BT 537.89 195.50 Td (on ) Tj ET Q q 0 0 0 rg BT 550.29 195.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 90.52 183.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 107.10 183.50 Td (value ) Tj ET Q q 0 0 0 rg BT 131.46 183.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 179.14 183.50 Td (by ) Tj ET Q q 0 0 0 rg BT 191.84 183.50 Td (management ) Tj ET Q q 0 0 0 rg BT 245.63 183.50 Td (in ) Tj ET Q q 0 0 0 rg BT 256.11 183.50 Td (our ) Tj ET Q q 0 0 0 rg BT 272.14 183.50 Td (capacity ) Tj ET Q q 0 0 0 rg BT 308.16 183.50 Td (as ) Tj ET Q q 0 0 0 rg BT 319.19 183.50 Td (general ) Tj ET Q q 0 0 0 rg BT 351.31 183.50 Td (partner ) Tj ET Q q 0 0 0 rg BT 382.33 183.50 Td (or ) Tj ET Q q 0 0 0 rg BT 393.36 183.50 Td (investor ) Tj ET Q q 0 0 0 rg BT 428.28 183.50 Td (and, ) Tj ET Q q 0 0 0 rg BT 447.92 183.50 Td (in ) Tj ET Q q 0 0 0 rg BT 458.40 183.50 Td (the ) Tj ET Q q 0 0 0 rg BT 473.32 183.50 Td (case ) Tj ET Q q 0 0 0 rg BT 493.23 183.50 Td (of ) Tj ET Q q 0 0 0 rg BT 504.26 183.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 554.73 183.50 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.50 Td (unaf) Tj ET Q q 0 0 0 rg BT 67.09 171.50 Td (filiated ) Tj ET Q q 0 0 0 rg BT 97.91 171.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 144.29 171.50 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 198.17 171.50 Td (are ) Tj ET Q q 0 0 0 rg BT 212.87 171.50 Td (based ) Tj ET Q q 0 0 0 rg BT 238.14 171.50 Td (on ) Tj ET Q q 0 0 0 rg BT 250.64 171.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 288.12 171.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 332.83 171.50 Td (prepared ) Tj ET Q q 0 0 0 rg BT 370.31 171.50 Td (by ) Tj ET Q q 0 0 0 rg BT 382.81 171.50 Td (the ) Tj ET Q q 0 0 0 rg BT 397.53 171.50 Td (unaf) Tj ET Q q 0 0 0 rg BT 415.12 171.50 Td (filiated ) Tj ET Q q 0 0 0 rg BT 445.94 171.50 Td (general ) Tj ET Q q 0 0 0 rg BT 477.86 171.50 Td (partners.) Tj ET Q endstream endobj 183 0 obj <>] /Rotate 0 /Contents 184 0 R>> endobj 184 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 (91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (Note 13) 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 (Other ) Tj ET Q q 0 0 0 rg BT 110.64 708.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.64 708.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 661.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 661.75 75.00 -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 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 637.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 637.75 75.00 -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 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 613.75 75.00 -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 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 589.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 589.75 75.00 -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 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 404.5 661.75 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 562.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 661.75 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 562.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 589.75 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 487.5 589.75 m 562.5 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 578.75 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 404.5 576.75 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 487.5 578.75 m 562.5 578.75 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 562.5 576.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.40 676.48 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.40 676.48 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 665.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 664.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 664.48 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 652.37 Td (Net deferred income tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.00 652.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 652.48 Td (66,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 652.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 652.37 Td (45,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 640.37 Td (Fee receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 640.48 Td (18,362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 640.37 Td (23,959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.37 Td (Accrued interest receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 628.48 Td (6,145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 628.37 Td (10,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.37 Td (Forgivable loans, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 616.48 Td (10,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 616.37 Td (8,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.37 Td (Prepaid expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 604.48 Td (6,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 604.37 Td (6,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 592.37 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 592.48 Td (11,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 592.37 Td (5,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 580.37 Td (Total other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.00 580.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 580.48 Td (119,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 580.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 580.37 Td (100,299) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 554.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 88.88 554.25 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.88 554.25 Td ( ) Tj ET Q q 0 0 0 rg BT 101.38 554.25 Td (for ) Tj ET Q q 0 0 0 rg BT 115.54 554.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 158.03 554.25 Td (details ) Tj ET Q q 0 0 0 rg BT 186.63 554.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 233.55 554.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.27 554.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 295.35 554.25 Td (net ) Tj ET Q q 0 0 0 rg BT 310.07 554.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 345.87 554.25 Td (income ) Tj ET Q q 0 0 0 rg BT 377.81 554.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 392.52 554.25 Td (assets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 530.25 Td (Note 14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 530.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 530.25 Td (Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 185.14 530.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.14 530.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 483.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 483.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 483.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 483.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 483.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 483.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 459.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 459.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 459.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 459.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 459.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 459.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 435.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 435.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 435.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 435.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 435.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 435.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 411.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 411.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 411.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 411.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 411.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 411.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 387.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 387.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 387.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 387.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 387.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 387.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 363.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 363.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 363.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 363.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 363.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 363.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 339.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 339.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 339.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 339.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 339.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 339.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 315.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 315.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 315.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 315.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 315.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 315.75 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 323.5 483.75 m 397.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 483.75 m 479.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 483.75 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 323.5 435.75 m 397.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 435.75 m 479.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 435.75 m 397.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 435.75 m 479.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 435.75 m 561.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 411.75 m 397.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 400.75 m 397.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 398.75 m 397.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 411.75 m 479.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 400.75 m 479.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 398.75 m 479.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 411.75 m 561.5 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 400.75 m 561.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 398.75 m 561.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 339.75 m 397.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 339.75 m 479.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 339.75 m 561.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 303.75 m 397.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 303.75 m 479.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 303.75 m 561.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 292.75 m 397.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 290.75 m 397.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 292.75 m 479.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 290.75 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 487.5 303.75 m 561.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 292.75 m 561.5 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 290.75 m 561.5 290.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.15 498.48 Td (Capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.60 498.48 Td (Asset) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 487.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.95 486.48 Td (Markets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.95 486.48 Td (Management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.05 486.48 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 474.48 Td (Goodwill) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 462.48 Td (Balance at December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 462.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 462.48 Td (13,790) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 462.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 462.48 Td (196,844) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 462.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 462.48 Td (210,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 450.37 Td (Goodwill acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 450.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 450.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 450.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 438.37 Td (Measurement period adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 438.37 Td (1,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 438.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 438.37 Td (1,244) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 426.48 Td (Balance at December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 426.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 426.48 Td (15,034) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 426.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 426.48 Td (196,844) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 426.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 426.48 Td (211,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 414.37 Td (Goodwill acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 414.37 Td (6,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 414.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 414.37 Td (6,098) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 402.48 Td (Balance at December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 402.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 402.48 Td (21,132) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 402.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 402.48 Td (196,844) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 402.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 402.48 Td (217,976) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 378.48 Td (Intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 366.48 Td (Balance at December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 366.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 366.48 Td (5,316) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 366.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 366.48 Td (34,614) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 366.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 366.48 Td (39,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 354.37 Td (Intangible assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 354.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 354.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 354.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 342.37 Td (Amortization of intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 342.37 Td (\(2,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 342.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 342.37 Td (\(6,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 342.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 342.37 Td (\(9,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 342.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 330.48 Td (Balance at December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 330.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 330.48 Td (2,344) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 330.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 330.48 Td (28,314) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 330.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 330.48 Td (30,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 318.37 Td (Intangible assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 318.37 Td (7,534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 318.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 318.37 Td (7,534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 306.37 Td (Amortization of intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 306.37 Td (\(1,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 306.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 306.37 Td (\(6,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 306.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 306.37 Td (\(7,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 306.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 294.48 Td (Balance at December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 294.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 294.48 Td (8,256) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 294.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 294.48 Td (22,274) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 294.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 294.48 Td (30,530) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.38 268.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.59 268.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 128.70 268.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 166.58 268.25 Td (and ) Tj ET Q q 0 0 0 rg BT 183.35 268.25 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 240.65 268.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 282.97 268.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 308.63 268.25 Td (for ) Tj ET Q q 0 0 0 rg BT 322.62 268.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 371.04 268.25 Td (on ) Tj ET Q q 0 0 0 rg BT 383.37 268.25 Td (an ) Tj ET Q q 0 0 0 rg BT 395.14 268.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 424.12 268.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 446.45 268.25 Td (and ) Tj ET Q q 0 0 0 rg BT 463.22 268.25 Td (on ) Tj ET Q q 0 0 0 rg BT 475.54 268.25 Td (an ) Tj ET Q q 0 0 0 rg BT 487.31 268.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 518.52 268.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 540.85 268.25 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 108.46 256.25 Td (exist ) Tj ET Q q 0 0 0 rg BT 129.66 256.25 Td (that ) Tj ET Q q 0 0 0 rg BT 146.98 256.25 Td (could ) Tj ET Q q 0 0 0 rg BT 171.51 256.25 Td (indicate ) Tj ET Q q 0 0 0 rg BT 205.48 256.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 240.58 256.25 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 291.33 256.25 Td (The ) Tj ET Q q 0 0 0 rg BT 309.19 256.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 350.40 256.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 370.49 256.25 Td (for ) Tj ET Q q 0 0 0 rg BT 384.47 256.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 432.89 256.25 Td (at ) Tj ET Q q 0 0 0 rg BT 442.42 256.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.96 256.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 495.93 256.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 513.81 256.25 Td (level, ) Tj ET Q q 0 0 0 rg BT 538.06 256.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.25 Td (is ) Tj ET Q q 0 0 0 rg BT 59.06 244.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 99.14 244.25 Td (one ) Tj ET Q q 0 0 0 rg BT 116.47 244.25 Td (level ) Tj ET Q q 0 0 0 rg BT 138.79 244.25 Td (below ) Tj ET Q q 0 0 0 rg BT 166.11 244.25 Td (its ) Tj ET Q q 0 0 0 rg BT 178.45 244.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 219.09 244.25 Td (segments. ) Tj ET Q q 0 0 0 rg BT 261.49 244.25 Td (The ) Tj ET Q q 0 0 0 rg BT 279.92 244.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 321.69 244.25 Td (has ) Tj ET Q q 0 0 0 rg BT 337.91 244.25 Td (identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.12 244.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.12 244.25 Td ( ) Tj ET Q q 0 0 0 rg BT 397.00 244.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 436.54 244.25 Td (units: ) Tj ET Q q 0 0 0 rg BT 461.65 244.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 491.19 244.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 525.73 244.25 Td (and ) Tj ET Q q 0 0 0 rg BT 543.06 244.25 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 105.32 232.25 Td (When ) Tj ET Q q 0 0 0 rg BT 131.60 232.25 Td (testing ) Tj ET Q q 0 0 0 rg BT 160.68 232.25 Td (for ) Tj ET Q q 0 0 0 rg BT 174.74 232.25 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 225.75 232.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.37 232.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 281.66 232.25 Td (has ) Tj ET Q q 0 0 0 rg BT 297.40 232.25 Td (the ) Tj ET Q q 0 0 0 rg BT 312.02 232.25 Td (option ) Tj ET Q q 0 0 0 rg BT 339.98 232.25 Td (to ) Tj ET Q q 0 0 0 rg BT 350.17 232.25 Td (first ) Tj ET Q q 0 0 0 rg BT 368.68 232.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 395.53 232.25 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 440.15 232.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 469.76 232.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.94 232.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 522.33 232.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 556.94 232.25 Td (it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.88 220.25 Td (more ) Tj ET Q q 0 0 0 rg BT 82.14 220.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 107.63 220.25 Td (than ) Tj ET Q q 0 0 0 rg BT 127.56 220.25 Td (not ) Tj ET Q q 0 0 0 rg BT 143.05 220.25 Td (that ) Tj ET Q q 0 0 0 rg BT 160.75 220.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.68 220.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 192.27 220.25 Td (value ) Tj ET Q q 0 0 0 rg BT 216.64 220.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.68 220.25 Td (a ) Tj ET Q q 0 0 0 rg BT 234.83 220.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 274.20 220.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 292.47 220.25 Td (is ) Tj ET Q q 0 0 0 rg BT 301.85 220.25 Td (less ) Tj ET Q q 0 0 0 rg BT 319.57 220.25 Td (than ) Tj ET Q q 0 0 0 rg BT 339.50 220.25 Td (its ) Tj ET Q q 0 0 0 rg BT 351.66 220.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 387.68 220.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 422.89 220.25 Td (If, ) Tj ET Q q 0 0 0 rg BT 434.76 220.25 Td (after ) Tj ET Q q 0 0 0 rg BT 455.79 220.25 Td (making ) Tj ET Q q 0 0 0 rg BT 488.50 220.25 Td (an ) Tj ET Q q 0 0 0 rg BT 500.65 220.25 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 550.30 220.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.55 208.25 Td (determines ) Tj ET Q q 0 0 0 rg BT 138.59 208.25 Td (it ) Tj ET Q q 0 0 0 rg BT 147.31 208.25 Td (is ) Tj ET Q q 0 0 0 rg BT 157.15 208.25 Td (not ) Tj ET Q q 0 0 0 rg BT 173.10 208.25 Td (more ) Tj ET Q q 0 0 0 rg BT 196.81 208.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 222.75 208.25 Td (than ) Tj ET Q q 0 0 0 rg BT 243.13 208.25 Td (not ) Tj ET Q q 0 0 0 rg BT 259.08 208.25 Td (that ) Tj ET Q q 0 0 0 rg BT 277.24 208.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.62 208.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 309.67 208.25 Td (value ) Tj ET Q q 0 0 0 rg BT 334.49 208.25 Td (of ) Tj ET Q q 0 0 0 rg BT 345.98 208.25 Td (a ) Tj ET Q q 0 0 0 rg BT 353.59 208.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 393.41 208.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 412.13 208.25 Td (is ) Tj ET Q q 0 0 0 rg BT 421.97 208.25 Td (less ) Tj ET Q q 0 0 0 rg BT 440.14 208.25 Td (than ) Tj ET Q q 0 0 0 rg BT 460.52 208.25 Td (its ) Tj ET Q q 0 0 0 rg BT 473.14 208.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 509.62 208.25 Td (amount, ) Tj ET Q q 0 0 0 rg BT 545.28 208.25 Td (then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 97.72 196.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.16 196.25 Td (two-step ) Tj ET Q q 0 0 0 rg BT 150.83 196.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 200.16 196.25 Td (test ) Tj ET Q q 0 0 0 rg BT 217.28 196.25 Td (is ) Tj ET Q q 0 0 0 rg BT 227.18 196.25 Td (unnecessary) Tj ET Q q 0 0 0 rg BT 275.39 196.25 Td (. ) Tj ET Q q 0 0 0 rg BT 281.12 196.25 Td (However) Tj ET Q q 0 0 0 rg BT 317.37 196.25 Td (, ) Tj ET Q q 0 0 0 rg BT 323.10 196.25 Td (if ) Tj ET Q q 0 0 0 rg BT 332.44 196.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.89 196.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 390.01 196.25 Td (concludes ) Tj ET Q q 0 0 0 rg BT 433.22 196.25 Td (otherwise, ) Tj ET Q q 0 0 0 rg BT 477.83 196.25 Td (then ) Tj ET Q q 0 0 0 rg BT 498.27 196.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.72 196.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 555.84 196.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.25 Td (required ) Tj ET Q q 0 0 0 rg BT 84.49 184.25 Td (to ) Tj ET Q q 0 0 0 rg BT 93.94 184.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 127.81 184.25 Td (the ) Tj ET Q q 0 0 0 rg BT 141.70 184.25 Td (two-step ) Tj ET Q q 0 0 0 rg BT 177.81 184.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 225.58 184.25 Td (test, ) Tj ET Q q 0 0 0 rg BT 243.64 184.25 Td (which ) Tj ET Q q 0 0 0 rg BT 269.75 184.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 303.63 184.25 Td (management ) Tj ET Q q 0 0 0 rg BT 356.39 184.25 Td (to ) Tj ET Q q 0 0 0 rg BT 365.84 184.25 Td (make ) Tj ET Q q 0 0 0 rg BT 389.17 184.25 Td (judgments ) Tj ET Q q 0 0 0 rg BT 432.50 184.25 Td (in ) Tj ET Q q 0 0 0 rg BT 441.95 184.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 491.94 184.25 Td (what ) Tj ET Q q 0 0 0 rg BT 513.05 184.25 Td (assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.60 172.25 Td (use ) Tj ET Q q 0 0 0 rg BT 77.25 172.25 Td (in ) Tj ET Q q 0 0 0 rg BT 88.35 172.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.89 172.25 Td (calculation. ) Tj ET Q q 0 0 0 rg BT 153.34 172.25 Td (The ) Tj ET Q q 0 0 0 rg BT 172.21 172.25 Td (first ) Tj ET Q q 0 0 0 rg BT 191.65 172.25 Td (step ) Tj ET Q q 0 0 0 rg BT 211.08 172.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.73 172.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.27 172.25 Td (process ) Tj ET Q q 0 0 0 rg BT 271.58 172.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 306.57 172.25 Td (of ) Tj ET Q q 0 0 0 rg BT 318.23 172.25 Td (estimating ) Tj ET Q q 0 0 0 rg BT 363.21 172.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.75 172.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 395.95 172.25 Td (value ) Tj ET Q q 0 0 0 rg BT 420.93 172.25 Td (of ) Tj ET Q q 0 0 0 rg BT 432.58 172.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.12 172.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 488.10 172.25 Td (units ) Tj ET Q q 0 0 0 rg BT 510.87 172.25 Td (based ) Tj ET Q q 0 0 0 rg BT 536.96 172.25 Td (on ) Tj ET Q q 0 0 0 rg BT 550.28 172.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.25 Td (following ) Tj ET Q q 0 0 0 rg BT 90.91 160.25 Td (factors: ) Tj ET Q q 0 0 0 rg BT 123.42 160.25 Td (a ) Tj ET Q q 0 0 0 rg BT 130.38 160.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 176.23 160.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 196.52 160.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 217.38 160.25 Td (model ) Tj ET Q q 0 0 0 rg BT 244.89 160.25 Td (using ) Tj ET Q q 0 0 0 rg BT 269.09 160.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 303.26 160.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.22 160.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 344.96 160.25 Td (forecasts, ) Tj ET Q q 0 0 0 rg BT 385.52 160.25 Td (the ) Tj ET Q q 0 0 0 rg BT 400.26 160.25 Td (Company) Tj ET Q q 0 0 0 rg BT 441.92 160.25 Td (s ) Tj ET Q q 0 0 0 rg BT 448.34 160.25 Td (market ) Tj ET Q q 0 0 0 rg BT 478.63 160.25 Td (capitalization, ) Tj ET Q q 0 0 0 rg BT 537.51 160.25 Td (public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.25 Td (company ) Tj ET Q q 0 0 0 rg BT 87.83 148.25 Td (comparables ) Tj ET Q q 0 0 0 rg BT 140.04 148.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.15 148.25 Td (multiples ) Tj ET Q q 0 0 0 rg BT 195.05 148.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.05 148.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 231.15 148.25 Td (mer) Tj ET Q q 0 0 0 rg BT 246.52 148.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 264.85 148.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.96 148.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 330.41 148.25 Td (of ) Tj ET Q q 0 0 0 rg BT 340.42 148.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 369.87 148.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 416.26 148.25 Td (if ) Tj ET Q q 0 0 0 rg BT 424.05 148.25 Td (available. ) Tj ET Q q 0 0 0 rg BT 464.19 148.25 Td (The ) Tj ET Q q 0 0 0 rg BT 481.41 148.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 521.41 148.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 536.96 148.25 Td (values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.48 136.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.35 136.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 114.66 136.25 Td (units ) Tj ET Q q 0 0 0 rg BT 136.76 136.25 Td (are ) Tj ET Q q 0 0 0 rg BT 151.62 136.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 193.70 136.25 Td (with ) Tj ET Q q 0 0 0 rg BT 214.13 136.25 Td (their ) Tj ET Q q 0 0 0 rg BT 235.11 136.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 271.08 136.25 Td (values, ) Tj ET Q q 0 0 0 rg BT 301.78 136.25 Td (which ) Tj ET Q q 0 0 0 rg BT 328.87 136.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 364.84 136.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.71 136.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 418.46 136.25 Td (goodwill. ) Tj ET Q q 0 0 0 rg BT 459.17 136.25 Td (If ) Tj ET Q q 0 0 0 rg BT 468.48 136.25 Td (the ) Tj ET Q q 0 0 0 rg BT 483.35 136.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 524.32 136.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.85 136.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.70 124.25 Td (less ) Tj ET Q q 0 0 0 rg BT 76.24 124.25 Td (than ) Tj ET Q q 0 0 0 rg BT 95.99 124.25 Td (the ) Tj ET Q q 0 0 0 rg BT 110.74 124.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 146.59 124.25 Td (values, ) Tj ET Q q 0 0 0 rg BT 177.17 124.25 Td (a ) Tj ET Q q 0 0 0 rg BT 184.14 124.25 Td (second ) Tj ET Q q 0 0 0 rg BT 214.45 124.25 Td (step ) Tj ET Q q 0 0 0 rg BT 233.09 124.25 Td (is ) Tj ET Q q 0 0 0 rg BT 242.29 124.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 286.47 124.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.79 124.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 332.63 124.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.39 124.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 379.92 124.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.78 124.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.53 124.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 454.16 124.25 Td (loss, ) Tj ET Q q 0 0 0 rg BT 474.76 124.25 Td (if ) Tj ET Q q 0 0 0 rg BT 483.40 124.25 Td (any) Tj ET Q q 0 0 0 rg BT 497.19 124.25 Td (. ) Tj ET Q q 0 0 0 rg BT 501.67 124.25 Td (An ) Tj ET Q q 0 0 0 rg BT 516.42 124.25 Td (impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 67.56 112.25 Td (is ) Tj ET Q q 0 0 0 rg BT 76.73 112.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 100.89 112.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.17 112.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.88 112.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 154.48 112.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.31 112.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.03 112.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 215.84 112.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 248.34 112.25 Td (of ) Tj ET Q q 0 0 0 rg BT 259.17 112.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 297.22 112.25 Td (over ) Tj ET Q q 0 0 0 rg BT 317.49 112.25 Td (its ) Tj ET Q q 0 0 0 rg BT 329.44 112.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 345.82 112.25 Td (value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.63 88.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.10 88.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 153.34 88.25 Td (its ) Tj ET Q q 0 0 0 rg BT 165.37 88.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 194.61 88.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 232.76 88.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 281.44 88.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 316.24 88.25 Td (as ) Tj ET Q q 0 0 0 rg BT 327.16 88.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.07 88.25 Td (October31, ) Tj ET Q q 0 0 0 rg BT 387.87 88.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.87 88.25 Td (, ) Tj ET Q q 0 0 0 rg BT 412.95 88.25 Td (and ) Tj ET Q q 0 0 0 rg BT 429.98 88.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 473.66 88.25 Td (there ) Tj ET Q q 0 0 0 rg BT 496.23 88.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.36 88.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.36 88.25 Td ( ) Tj ET Q q 0 0 0 rg BT 526.95 88.25 Td (goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.25 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 99.40 76.25 Td (The ) Tj ET Q q 0 0 0 rg BT 116.35 76.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 156.64 76.25 Td (also ) Tj ET Q q 0 0 0 rg BT 174.15 76.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 213.86 76.25 Td (its ) Tj ET Q q 0 0 0 rg BT 224.71 76.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 266.11 76.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 290.84 76.25 Td (\(indefinite ) Tj ET Q q 0 0 0 rg BT 333.89 76.25 Td (and ) Tj ET Q q 0 0 0 rg BT 349.74 76.25 Td (definite-lived\) ) Tj ET Q q 0 0 0 rg BT 408.34 76.25 Td (and ) Tj ET Q q 0 0 0 rg BT 424.18 76.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 466.67 76.25 Td (there ) Tj ET Q q 0 0 0 rg BT 488.06 76.25 Td (was ) Tj ET Q q 0 0 0 rg BT 505.02 76.25 Td (no ) Tj ET Q q 0 0 0 rg BT 516.42 76.25 Td (impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.78 64.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.78 64.25 Td (. ) Tj ET Q q 0 0 0 rg BT 84.60 64.25 Td (The ) Tj ET Q q 0 0 0 rg BT 102.64 64.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 144.03 64.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 187.63 64.25 Td (there ) Tj ET Q q 0 0 0 rg BT 210.11 64.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.16 64.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.16 64.25 Td ( ) Tj ET Q q 0 0 0 rg BT 240.66 64.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 278.72 64.25 Td (or ) Tj ET Q q 0 0 0 rg BT 289.55 64.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 332.04 64.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 353.98 64.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 402.58 64.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.85 64.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.85 64.25 Td ( ) Tj ET Q q 0 0 0 rg BT 435.35 64.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.29 64.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.29 64.25 Td (, ) Tj ET Q q 0 0 0 rg BT 477.29 64.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 524.95 64.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 52.25 Td ( ) 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 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 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(\(Dollars in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 568.22 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 568.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 568.22 Td (10,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 556.22 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 556.22 Td (6,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 544.22 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 544.22 Td (5,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 532.22 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 532.22 Td (4,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 520.22 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 520.22 Td (663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 508.22 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 508.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 508.22 Td (27,670) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 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530.65 403.42 Td (13,132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 391.42 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 391.53 Td (70,858) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 391.42 Td (65,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 379.42 Td (Accumulated depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.30 379.58 Td (\(51,874) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 379.53 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 379.42 Td (\(47,327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 379.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 367.53 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 367.53 Td (18,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 367.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 367.42 Td (18,171) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.30 Td (For ) Tj ET Q q 0 0 0 rg BT 66.63 341.30 Td (the ) Tj ET Q q 0 0 0 rg BT 82.08 341.30 Td (years ) Tj ET Q q 0 0 0 rg BT 106.42 341.30 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.53 341.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 192.85 341.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.85 341.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.59 341.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.59 341.30 Td ( ) Tj ET Q q 0 0 0 rg BT 241.82 341.30 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 341.30 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 341.30 Td (, ) Tj ET Q q 0 0 0 rg BT 285.23 341.30 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 337.89 341.30 Td (and ) Tj ET Q q 0 0 0 rg BT 355.56 341.30 Td (amortization ) Tj ET Q q 0 0 0 rg BT 409.34 341.30 Td (of ) Tj ET Q q 0 0 0 rg BT 420.90 341.30 Td (furniture ) Tj ET Q q 0 0 0 rg BT 459.13 341.30 Td (and ) Tj ET Q q 0 0 0 rg BT 476.80 341.30 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 524.75 341.30 Td (leasehold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 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Td (, ) Tj ET Q q 0 0 0 rg BT 533.34 329.30 Td (and ) Tj ET Q q 0 0 0 rg BT 550.30 329.30 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.30 Td (included ) Tj ET Q q 0 0 0 rg BT 86.43 317.30 Td (in ) Tj ET Q q 0 0 0 rg BT 96.71 317.30 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 141.97 317.30 Td (and ) Tj ET Q q 0 0 0 rg BT 158.90 317.30 Td (equipment ) Tj ET Q q 0 0 0 rg BT 203.62 317.30 Td (expense ) Tj ET Q q 0 0 0 rg BT 238.32 317.30 Td (on ) Tj ET Q q 0 0 0 rg BT 250.82 317.30 Td (the ) Tj ET Q q 0 0 0 rg BT 265.54 317.30 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 318.58 317.30 Td (statements ) Tj ET Q q 0 0 0 rg BT 363.29 317.30 Td (of ) Tj ET Q q 0 0 0 rg BT 374.12 317.30 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 293.30 Td (Note 16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 293.30 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 293.30 Td (Short-T) Tj ET Q q 0 0 0 rg BT 114.63 293.30 Td (erm Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.79 293.30 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 222.80 208.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 222.80 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 222.80 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 222.80 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 222.80 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 222.80 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 222.80 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 222.80 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 198.80 208.00 -12.00 re f /GS0 gs 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258.79999999999995 m 492.5 258.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 258.79999999999995 m 562.5 258.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 234.79999999999995 m 328.5 234.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 234.79999999999995 m 406.5 234.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 234.79999999999995 m 484.5 234.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 234.79999999999995 m 562.5 234.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 198.79999999999995 m 328.5 198.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 187.79999999999995 m 328.5 187.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 185.79999999999995 m 328.5 185.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 198.79999999999995 m 406.5 198.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 187.79999999999995 m 406.5 187.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 185.79999999999995 m 406.5 185.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 262.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.10 261.53 Td (OutstandingBalance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.25 261.53 Td (Weighted Average Interest Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.90 249.53 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.90 249.53 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.90 249.53 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.90 249.53 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 238.75 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.00 237.53 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 237.53 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 237.53 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 237.53 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 225.42 Td (Commercial paper \(secured\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.00 225.53 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 225.53 Td (276,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 225.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 225.42 Td (238,013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.50 225.53 Td (1.74) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 225.53 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 225.42 Td (1.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 225.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 213.42 Td (Prime broker arrangement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 213.53 Td (169,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 213.42 Td (127,754) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.50 213.53 Td (1.07) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 213.53 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 213.42 Td (0.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 213.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 201.42 Td (Bank lines \(secured\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.65 201.53 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 201.42 Td (12,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.30 201.53 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 201.42 Td (1.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 201.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 189.42 Td (Total short-term financing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.00 189.53 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 189.53 Td (446,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 189.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 189.42 Td (377,767) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.30 Td (The ) Tj ET Q q 0 0 0 rg BT 68.50 163.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.33 163.30 Td (issues ) Tj ET Q q 0 0 0 rg BT 137.18 163.30 Td (secured ) Tj ET Q q 0 0 0 rg BT 170.67 163.30 Td (commercial ) Tj ET Q q 0 0 0 rg BT 220.81 163.30 Td (paper ) Tj ET Q q 0 0 0 rg BT 245.97 163.30 Td (to ) Tj ET Q q 0 0 0 rg BT 256.70 163.30 Td (fund ) Tj ET Q q 0 0 0 rg BT 277.98 163.30 Td (a ) Tj ET Q q 0 0 0 rg BT 285.37 163.30 Td (portion ) Tj ET Q q 0 0 0 rg BT 317.21 163.30 Td (of ) Tj ET Q q 0 0 0 rg BT 328.49 163.30 Td (its ) Tj ET Q q 0 0 0 rg BT 340.89 163.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 381.60 163.30 Td (inventory) Tj ET Q q 0 0 0 rg BT 419.28 163.30 Td (. ) Tj ET Q q 0 0 0 rg BT 424.51 163.30 Td (The ) Tj ET Q q 0 0 0 rg BT 443.01 163.30 Td (commercial ) Tj ET Q q 0 0 0 rg BT 493.16 163.30 Td (paper ) Tj ET Q q 0 0 0 rg BT 518.32 163.30 Td (notes ) Tj ET Q q 0 0 0 rg BT 542.38 163.30 Td (\(CP) Tj ET Q q 0 0 0 rg BT 562.01 163.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.30 Td (Notes\) ) Tj ET Q q 0 0 0 rg BT 84.30 151.30 Td (can ) Tj ET Q q 0 0 0 rg BT 101.37 151.30 Td (be ) Tj ET Q q 0 0 0 rg BT 114.01 151.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 142.21 151.30 Td (with ) Tj ET Q q 0 0 0 rg BT 163.18 151.30 Td (maturities ) Tj ET Q q 0 0 0 rg BT 206.37 151.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.90 151.30 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.90 151.30 Td ( ) Tj ET Q q 0 0 0 rg BT 231.10 151.30 Td (days ) Tj ET Q q 0 0 0 rg BT 252.63 151.30 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.60 151.30 Td (270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.60 151.30 Td ( ) Tj ET Q q 0 0 0 rg BT 281.80 151.30 Td (days ) Tj ET Q q 0 0 0 rg BT 303.33 151.30 Td (from ) Tj ET Q q 0 0 0 rg BT 325.97 151.30 Td (the ) Tj ET Q q 0 0 0 rg BT 341.38 151.30 Td (date ) Tj ET Q q 0 0 0 rg BT 361.24 151.30 Td (of ) Tj ET Q q 0 0 0 rg BT 372.76 151.30 Td (issuance. ) Tj ET Q q 0 0 0 rg BT 412.11 151.30 Td (The ) Tj ET Q q 0 0 0 rg BT 430.85 151.30 Td (CP) Tj ET Q q 0 0 0 rg BT 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ET Q q 0 0 0 rg BT 282.73 139.30 Td ( ) Tj ET Q q 0 0 0 rg BT 286.68 139.30 Td (Series ) Tj ET Q q 0 0 0 rg BT 315.07 139.30 Td (III ) Tj ET Q q 0 0 0 rg BT 328.14 139.30 Td (A, ) Tj ET Q q 0 0 0 rg BT 341.81 139.30 Td (and ) Tj ET Q q 0 0 0 rg BT 360.20 139.30 Td (are ) Tj ET Q q 0 0 0 rg BT 376.35 139.30 Td (secured ) Tj ET Q q 0 0 0 rg BT 410.84 139.30 Td (by ) Tj ET Q q 0 0 0 rg BT 424.79 139.30 Td (dif) Tj ET Q q 0 0 0 rg BT 435.72 139.30 Td (ferent ) Tj ET Q q 0 0 0 rg BT 462.98 139.30 Td (inventory ) Tj ET Q q 0 0 0 rg BT 505.26 139.30 Td (classes. ) Tj ET Q q 0 0 0 rg BT 538.61 139.30 Td (As ) Tj ET Q q 0 0 0 rg BT 553.67 139.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.61 127.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.61 127.30 Td (, ) Tj ET Q q 0 0 0 rg BT 133.65 127.30 Td (the ) Tj ET Q q 0 0 0 rg BT 148.39 127.30 Td (weighted ) Tj ET Q q 0 0 0 rg BT 187.58 127.30 Td (average ) Tj ET Q q 0 0 0 rg BT 221.19 127.30 Td (maturity ) Tj ET Q q 0 0 0 rg BT 257.61 127.30 Td (of ) Tj ET Q q 0 0 0 rg BT 268.47 127.30 Td (CP) Tj ET Q q 0 0 0 rg BT 280.33 127.30 Td ( ) Tj ET Q q 0 0 0 rg BT 282.86 127.30 Td (Series ) Tj ET Q q 0 0 0 rg BT 309.27 127.30 Td (A, ) Tj ET Q q 0 0 0 rg BT 321.52 127.30 Td (CP) Tj ET Q q 0 0 0 rg BT 333.38 127.30 Td ( ) Tj ET Q q 0 0 0 rg BT 335.91 127.30 Td (Series ) Tj ET Q q 0 0 0 rg BT 362.88 127.30 Td (II ) Tj ET Q q 0 0 0 rg BT 371.51 127.30 Td (A) Tj ET Q q 0 0 0 rg BT 378.18 127.30 Td ( ) Tj ET Q q 0 0 0 rg BT 380.71 127.30 Td (and ) Tj ET Q q 0 0 0 rg BT 397.68 127.30 Td (CP) Tj ET Q q 0 0 0 rg BT 409.54 127.30 Td ( ) Tj ET Q q 0 0 0 rg BT 412.08 127.30 Td (Series ) Tj ET Q q 0 0 0 rg BT 439.04 127.30 Td (III ) Tj ET Q q 0 0 0 rg BT 451.01 127.30 Td (A) Tj ET Q q 0 0 0 rg BT 457.68 127.30 Td ( ) Tj ET Q q 0 0 0 rg BT 460.21 127.30 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.29 127.30 Td (65 ) Tj ET Q q 0 0 0 rg BT 490.82 127.30 Td (days) Tj ET 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(at ) Tj ET Q q 0 0 0 rg BT 314.01 115.30 Td (a ) Tj ET Q q 0 0 0 rg BT 320.83 115.30 Td (discount ) Tj ET Q q 0 0 0 rg BT 357.10 115.30 Td (to ) Tj ET Q q 0 0 0 rg BT 367.27 115.30 Td (par ) Tj ET Q q 0 0 0 rg BT 382.42 115.30 Td (with ) Tj ET Q q 0 0 0 rg BT 402.58 115.30 Td (an ) Tj ET Q q 0 0 0 rg BT 414.40 115.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 446.22 115.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 463.59 115.30 Td (based ) Tj ET Q q 0 0 0 rg BT 488.75 115.30 Td (on ) Tj ET Q q 0 0 0 rg BT 501.13 115.30 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 533.51 115.30 Td (plus ) Tj ET Q q 0 0 0 rg BT 552.57 115.30 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.30 Td (applicable ) Tj ET Q q 0 0 0 rg BT 94.26 103.30 Td (mar) Tj ET Q q 0 0 0 rg BT 109.62 103.30 Td (gin. ) Tj ET Q q 0 0 0 rg BT 128.07 103.30 Td (CP) Tj ET Q q 0 0 0 rg BT 139.93 103.30 Td ( ) Tj ET Q q 0 0 0 rg BT 143.09 103.30 Td (Series ) Tj ET Q q 0 0 0 rg BT 170.70 103.30 Td (III ) Tj ET Q q 0 0 0 rg BT 183.16 103.30 Td 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0 0 0 rg BT 155.80 91.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.69 91.30 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 /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 67.08 708.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.50 708.10 Td (has ) Tj ET Q q 0 0 0 rg BT 122.36 708.10 Td (established ) Tj ET Q q 0 0 0 rg BT 168.32 708.10 Td (an ) Tj ET Q q 0 0 0 rg BT 179.29 708.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 230.79 708.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.10 708.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 266.63 708.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 305.92 708.10 Td (with ) Tj ET Q q 0 0 0 rg BT 325.23 708.10 Td (a ) Tj ET Q q 0 0 0 rg BT 331.20 708.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 356.05 708.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 383.68 708.10 Td (related ) Tj ET Q q 0 0 0 rg BT 412.42 708.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.73 708.10 Td (its ) Tj ET Q q 0 0 0 rg BT 432.71 708.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 474.23 708.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 495.76 708.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 522.01 708.10 Td (Financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (under ) Tj ET Q q 0 0 0 rg BT 75.09 696.10 Td (this ) Tj ET Q q 0 0 0 rg BT 91.87 696.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 144.16 696.10 Td (is ) Tj ET Q q 0 0 0 rg BT 153.15 696.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 186.02 696.10 Td (by ) Tj ET Q q 0 0 0 rg BT 198.34 696.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 227.87 696.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 270.45 696.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 309.99 696.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 352.30 696.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 394.89 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.66 696.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 451.18 696.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 496.28 696.10 Td (could ) Tj ET Q q 0 0 0 rg BT 520.82 696.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 549.79 696.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.70 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.74 684.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 127.56 684.10 Td (available ) Tj ET Q q 0 0 0 rg BT 166.35 684.10 Td (under ) Tj ET Q q 0 0 0 rg BT 191.83 684.10 Td (this ) Tj ET Q q 0 0 0 rg BT 208.98 684.10 Td (arrangement. ) Tj ET Q q 0 0 0 rg BT 263.97 684.10 Td (The ) Tj ET Q q 0 0 0 rg BT 282.22 684.10 Td 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BT 425.64 624.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 462.68 624.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 489.17 624.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 511.78 624.10 Td (based ) Tj ET Q q 0 0 0 rg BT 537.17 624.10 Td (on ) 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 91.67 612.10 Td (s ) Tj ET Q q 0 0 0 rg BT 98.06 612.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 131.67 612.10 Td (needs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.69 588.10 Td (Company) Tj ET Q q 0 0 0 rg BT 109.36 588.10 Td (s ) Tj ET Q q 0 0 0 rg BT 115.40 588.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 160.31 588.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 204.12 588.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 225.70 588.10 Td (line ) Tj ET Q q 0 0 0 rg BT 242.85 588.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 282.76 588.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.12 588.10 Td (December31, 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552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 257.44 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.94 552.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 301.44 552.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 339.27 552.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 371.54 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.15 552.10 Td (all ) Tj ET Q q 0 0 0 rg BT 394.43 552.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 433.36 552.10 Td (under ) Tj ET Q q 0 0 0 rg BT 458.41 552.10 Td (this ) Tj ET Q q 0 0 0 rg BT 475.14 552.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 505.74 552.10 Td (will ) Tj ET Q q 0 0 0 rg BT 523.58 552.10 Td (be ) Tj ET Q q 0 0 0 rg BT 535.30 552.10 Td (due ) Tj ET Q q 0 0 0 rg BT 552.02 552.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (December17, ) Tj ET Q q 0 0 0 rg BT 109.26 540.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.26 540.10 Td (. ) Tj ET Q q 0 0 0 rg BT 134.70 540.10 Td (The ) Tj ET Q q 0 0 0 rg BT 153.42 540.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 195.48 540.10 Td 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528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.25 528.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 226.64 528.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.57 528.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.57 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.07 528.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 295.22 528.10 Td (against ) Tj ET Q q 0 0 0 rg BT 326.04 528.10 Td (this ) Tj ET Q q 0 0 0 rg BT 342.99 528.10 Td (line ) Tj ET Q q 0 0 0 rg BT 360.49 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.32 528.10 Td (credit.) 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 68.81 504.10 Td (Company) Tj ET Q q 0 0 0 rg BT 110.47 504.10 Td (s ) Tj ET Q q 0 0 0 rg BT 117.63 504.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 173.66 504.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 207.46 504.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 229.60 504.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.08 504.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 299.43 504.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.43 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.69 504.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.16 504.10 Td ($185 ) Tj ET Q q 0 0 0 rg BT 376.43 504.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.32 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.58 504.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.62 504.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.62 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 447.88 504.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 474.47 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.17 504.10 Td (are ) Tj ET Q q 0 0 0 rg BT 507.64 504.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 552.00 504.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (having ) Tj ET Q q 0 0 0 rg BT 79.93 492.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 128.18 492.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 170.59 492.10 Td (as ) Tj ET Q q 0 0 0 rg BT 181.64 492.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 229.33 492.10 Td (by ) Tj ET Q q 0 0 0 rg BT 242.05 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.98 492.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 279.13 492.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 325.99 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.48 492.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 364.73 492.10 Td (an ) Tj ET Q q 0 0 0 rg BT 376.88 492.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 412.35 492.10 Td (under ) Tj ET Q q 0 0 0 rg BT 437.84 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.77 492.10 Td (line. ) Tj ET Q q 0 0 0 rg BT 472.78 492.10 Td (The ) Tj ET Q q 0 0 0 rg BT 491.04 492.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 538.74 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 492.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 480.10 Td (s ) Tj ET Q q 0 0 0 rg BT 98.77 480.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 154.75 480.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 176.85 480.10 Td (are ) Tj ET Q q 0 0 0 rg BT 192.27 480.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 223.81 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.80 480.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 273.00 480.10 Td (by ) Tj ET Q q 0 0 0 rg BT 286.21 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.64 480.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 345.41 480.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 371.95 480.10 Td (each ) Tj ET Q q 0 0 0 rg BT 393.48 480.10 Td (time ) Tj ET Q q 0 0 0 rg BT 414.46 480.10 Td (an ) Tj ET Q q 0 0 0 rg BT 427.11 480.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 463.08 480.10 Td (is ) Tj ET Q q 0 0 0 rg BT 472.96 480.10 Td (requested ) Tj ET Q q 0 0 0 rg BT 514.49 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.14 480.10 Td (may ) Tj ET Q q 0 0 0 rg BT 552.57 480.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (denied. ) Tj ET Q q 0 0 0 rg BT 81.10 468.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.60 468.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 152.19 468.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.19 468.10 Td (, ) Tj ET Q q 0 0 0 rg BT 177.19 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.90 468.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 233.29 468.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.23 468.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.23 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 262.73 468.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 301.88 468.10 Td (against ) Tj ET Q q 0 0 0 rg BT 332.70 468.10 Td (these ) Tj ET Q q 0 0 0 rg BT 355.75 468.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 377.13 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.96 468.10 Td (credit. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (Note 17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 444.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 444.10 Td (Senior Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.38 444.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.37 420.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.07 420.10 Td (has ) Tj ET Q q 0 0 0 rg BT 123.22 420.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 154.46 420.10 Td (into ) Tj ET Q q 0 0 0 rg BT 171.84 420.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 205.86 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.12 420.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 244.48 420.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 261.29 420.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 287.54 420.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 310.47 420.10 Td (with ) Tj ET Q q 0 0 0 rg BT 330.07 420.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 359.09 420.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 389.79 420.10 Td (advised ) Tj ET Q q 0 0 0 rg BT 422.16 420.10 Td (by ) Tj ET Q q 0 0 0 rg BT 433.97 420.10 Td (Pacific ) Tj ET Q q 0 0 0 rg BT 463.56 420.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 509.81 420.10 Td (Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 92.73 408.10 Td (\("PIMCO"\). ) Tj ET Q q 0 0 0 rg BT 145.29 408.10 Td (The ) Tj ET Q q 0 0 0 rg BT 164.68 408.10 Td (following ) Tj ET Q q 0 0 0 rg BT 207.40 408.10 Td (table ) Tj ET Q q 0 0 0 rg BT 230.68 408.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 267.29 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.34 408.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 333.85 408.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 368.22 408.10 Td (by ) Tj ET Q q 0 0 0 rg BT 382.06 408.10 Td (note ) Tj ET Q q 0 0 0 rg BT 403.12 408.10 Td (class ) Tj ET Q q 0 0 0 rg BT 426.40 408.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.45 408.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 497.38 408.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.38 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.22 408.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 408.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 408.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 396.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 337.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 337.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 337.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 337.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 313.60 355.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 313.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 313.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 313.60 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 405.5 361.6 m 480.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 361.6 m 488.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 361.6 m 563.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 337.6 m 480.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 337.6 m 563.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 337.6 m 480.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 337.6 m 563.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 301.6 m 480.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 301.6 m 563.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 301.6 m 480.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 290.6 m 480.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 288.6 m 480.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 301.6 m 563.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 290.6 m 563.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 288.6 m 563.5 288.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.10 364.33 Td (Outstanding Balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.40 352.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.40 352.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 341.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.50 340.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.50 340.33 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 328.22 Td (Class A Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 328.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 328.33 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 328.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 328.22 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.22 Td (Class B Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 316.33 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 316.22 Td (75,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 304.22 Td (Class C Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 304.33 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 304.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 292.22 Td (Total senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 292.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 292.33 Td (175,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 292.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 292.22 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.64 266.10 Td (October8, ) Tj ET Q q 0 0 0 rg BT 109.27 266.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.27 266.10 Td (, ) Tj ET Q q 0 0 0 rg BT 134.19 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.82 266.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 190.13 266.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 221.97 266.10 Td (into ) Tj ET Q q 0 0 0 rg BT 239.95 266.10 Td (a ) Tj ET Q q 0 0 0 rg BT 246.81 266.10 Td (second ) Tj ET Q q 0 0 0 rg BT 276.99 266.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 315.51 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.37 266.10 Td (restated ) Tj ET Q q 0 0 0 rg BT 365.88 266.10 Td (note ) Tj ET Q q 0 0 0 rg BT 385.52 266.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 423.47 266.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 467.53 266.10 Td (\("Second ) Tj ET Q q 0 0 0 rg BT 506.27 266.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 547.56 266.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 87.43 254.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 109.87 254.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 148.30 254.10 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 203.14 254.10 Td (under ) Tj ET Q q 0 0 0 rg BT 228.90 254.10 Td (which ) Tj ET Q q 0 0 0 rg BT 256.34 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.56 254.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 313.44 254.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.44 254.10 Td ($125 ) Tj ET Q q 0 0 0 rg BT 364.44 254.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.33 254.10 Td ( ) Tj ET Q q 0 0 0 rg BT 396.33 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.65 254.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 431.20 254.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 449.18 254.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 473.85 254.10 Td (C ) Tj ET Q q 0 0 0 rg BT 483.52 254.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 512.13 254.10 Td (The ) Tj ET Q q 0 0 0 rg BT 530.67 254.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 555.34 254.10 Td (C ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 76.13 242.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 96.14 242.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 128.38 242.10 Td (at ) Tj ET Q q 0 0 0 rg BT 138.39 242.10 Td (an ) Tj ET Q q 0 0 0 rg BT 150.63 242.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 180.09 242.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 203.44 242.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 221.23 242.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.36 242.10 Td (5.06 ) Tj ET Q q 0 0 0 rg BT 252.66 242.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.08 242.10 Td (, ) Tj ET Q q 0 0 0 rg BT 287.39 242.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 321.28 242.10 Td (semi-annually ) Tj ET Q q 0 0 0 rg BT 380.73 242.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.97 242.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 428.54 242.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.34 242.10 Td (October9, ) Tj ET Q q 0 0 0 rg BT 486.35 242.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.35 242.10 Td (. ) Tj ET Q q 0 0 0 rg BT 511.45 242.10 Td (The ) Tj ET Q q 0 0 0 rg BT 529.80 242.10 Td (variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.94 230.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 90.12 230.10 Td (A) Tj ET Q q 0 0 0 rg BT 96.79 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.74 230.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 124.02 230.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 143.18 230.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 174.56 230.10 Td (at ) Tj ET Q q 0 0 0 rg BT 183.73 230.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.12 230.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 207.05 230.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 230.66 230.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.39 230.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.37 230.10 Td (-month ) Tj ET Q q 0 0 0 rg BT 291.21 230.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 323.16 230.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.78 230.10 Td (3.00 ) Tj ET Q q 0 0 0 rg BT 361.23 230.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 230.10 Td (, ) Tj ET Q q 0 0 0 rg BT 395.10 230.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 430.38 230.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.76 230.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 479.81 230.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 517.85 230.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.24 230.10 Td (mature ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.33 218.10 Td (May31, ) Tj ET Q q 0 0 0 rg BT 98.00 218.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 218.10 Td (. ) Tj ET Q q 0 0 0 rg BT 122.66 218.10 Td (The ) Tj ET Q q 0 0 0 rg BT 140.54 218.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 175.08 218.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 192.39 218.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 216.40 218.10 Td (B ) Tj ET Q q 0 0 0 rg BT 225.40 218.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 251.06 218.10 Td (were ) Tj ET Q q 0 0 0 rg BT 272.82 218.10 Td (repaid ) Tj ET Q q 0 0 0 rg BT 300.14 218.10 Td (by ) Tj ET Q q 0 0 0 rg BT 312.48 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.03 218.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 368.25 218.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.58 218.10 Td (November30, ) Tj ET Q q 0 0 0 rg BT 440.12 218.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.12 218.10 Td (, ) Tj ET Q q 0 0 0 rg BT 464.95 218.10 Td (from ) Tj ET Q q 0 0 0 rg BT 486.72 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.27 218.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 539.14 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.81 218.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 75.05 206.10 Td (C ) Tj ET Q q 0 0 0 rg BT 85.10 206.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 114.06 206.10 Td (The ) Tj ET Q q 0 0 0 rg BT 132.99 206.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 163.58 206.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 202.50 206.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 239.77 206.10 Td (are ) Tj ET Q q 0 0 0 rg BT 255.36 206.10 Td (due ) Tj ET Q q 0 0 0 rg BT 273.17 206.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.33 206.10 Td (full ) Tj ET Q q 0 0 0 rg BT 301.60 206.10 Td (on ) Tj ET Q q 0 0 0 rg BT 314.98 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.57 206.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 374.48 206.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 411.74 206.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 435.67 206.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.49 206.10 Td (may ) Tj ET Q q 0 0 0 rg BT 474.08 206.10 Td (not ) Tj ET Q q 0 0 0 rg BT 490.24 206.10 Td (be ) Tj ET Q q 0 0 0 rg BT 503.06 206.10 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 536.42 206.10 Td (by ) Tj ET Q q 0 0 0 rg BT 549.80 206.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 194.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.35 170.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 99.97 170.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 141.64 170.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.88 170.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 196.11 170.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 218.35 170.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 256.63 170.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 303.85 170.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 339.98 170.10 Td (customary ) Tj ET Q q 0 0 0 rg BT 384.43 170.10 Td (events ) Tj ET Q q 0 0 0 rg BT 412.78 170.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.91 170.10 Td (default ) Tj ET Q q 0 0 0 rg BT 454.47 170.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.71 170.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 514.49 170.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 534.79 170.10 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.47 158.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 103.35 158.10 Td (require ) Tj ET Q q 0 0 0 rg BT 134.59 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.74 158.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 191.55 158.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.26 158.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 240.17 158.10 Td (a ) Tj ET Q q 0 0 0 rg BT 247.54 158.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 289.36 158.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 342.83 158.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 377.97 158.10 Td (net ) Tj ET Q q 0 0 0 rg BT 393.11 158.10 Td (worth ) Tj ET Q q 0 0 0 rg BT 419.37 158.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.73 158.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 480.75 158.10 Td (net ) Tj ET Q q 0 0 0 rg BT 495.90 158.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 527.98 158.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 549.79 158.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 97.43 146.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 134.15 146.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 155.33 146.10 Td (and ) Tj ET Q q 0 0 0 rg BT 172.62 146.10 Td (require ) Tj ET Q q 0 0 0 rg BT 203.79 146.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.86 146.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 260.60 146.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.23 146.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 309.07 146.10 Td (a ) Tj ET Q q 0 0 0 rg BT 316.36 146.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 358.11 146.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 379.29 146.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.47 146.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 431.08 146.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 451.71 146.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 472.89 146.10 Td (to ) Tj ET Q q 0 0 0 rg BT 483.52 146.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 506.92 146.10 Td (char) Tj ET Q q 0 0 0 rg BT 523.95 146.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 542.42 146.10 Td (W) Tj ET Q q 0 0 0 rg BT 551.46 146.10 Td (ith ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 81.01 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 91.48 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.39 134.10 Td (net ) Tj ET Q q 0 0 0 rg BT 121.30 134.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 150.65 134.10 Td (covenant, ) Tj ET Q q 0 0 0 rg BT 191.94 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.85 134.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 254.12 134.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 274.60 134.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 303.39 134.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 330.51 134.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 374.31 134.10 Td (is ) Tj ET Q q 0 0 0 rg BT 383.68 134.10 Td (required ) Tj ET Q q 0 0 0 rg BT 419.69 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 430.16 134.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 467.85 134.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 509.43 134.10 Td (net ) Tj ET Q q 0 0 0 rg BT 524.34 134.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 553.69 134.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 72.50 122.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.39 122.10 Td (. ) Tj ET Q q 0 0 0 rg BT 105.84 122.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.34 122.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 176.92 122.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.92 122.10 Td (, ) Tj ET Q q 0 0 0 rg BT 201.92 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.64 122.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 258.03 122.10 Td (was ) Tj ET Q q 0 0 0 rg BT 276.08 122.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.36 122.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 334.95 122.10 Td (with ) Tj ET Q q 0 0 0 rg BT 355.22 122.10 Td (all ) Tj ET Q q 0 0 0 rg BT 367.72 122.10 Td (covenants. ) 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 68.30 98.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 95.48 98.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 119.34 98.10 Td (are ) Tj ET Q q 0 0 0 rg BT 134.30 98.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 172.02 98.10 Td (at ) Tj ET Q q 0 0 0 rg BT 181.99 98.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 224.72 98.10 Td (cost. ) Tj ET Q q 0 0 0 rg BT 245.47 98.10 Td (As ) Tj ET Q q 0 0 0 rg BT 259.33 98.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.41 98.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 329.24 98.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.24 98.10 Td (, ) Tj ET Q q 0 0 0 rg BT 354.49 98.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.46 98.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 405.52 98.10 Td (value ) Tj ET Q q 0 0 0 rg BT 429.93 98.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.00 98.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.97 98.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 483.16 98.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 507.02 98.10 Td (approximated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.38 86.10 Td (value. ) 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 50.00 708.25 Td (Note 18) 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 147.57 612.25 Td (which ) Tj ET Q q 0 0 0 rg BT 174.51 612.25 Td (could ) Tj ET Q q 0 0 0 rg BT 199.23 612.25 Td (result ) Tj ET Q q 0 0 0 rg BT 223.95 612.25 Td (in ) Tj ET Q q 0 0 0 rg BT 234.22 612.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 267.26 612.25 Td (judgments, ) Tj ET Q q 0 0 0 rg BT 313.93 612.25 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 360.02 612.25 Td (penalties, ) Tj ET Q q 0 0 0 rg BT 400.57 612.25 Td (fines ) Tj ET Q q 0 0 0 rg BT 422.50 612.25 Td (or ) Tj ET Q q 0 0 0 rg BT 433.33 612.25 Td (other ) Tj ET Q q 0 0 0 rg BT 456.38 612.25 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 66.04 576.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 102.63 576.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 123.66 576.25 Td (actions, ) Tj ET Q q 0 0 0 rg BT 156.08 576.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 213.23 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.27 576.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 271.97 576.25 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 324.38 576.25 Td (In ) Tj ET Q q 0 0 0 rg BT 334.31 576.25 Td (many ) Tj ET Q q 0 0 0 rg BT 358.13 576.25 Td (cases, ) Tj ET Q q 0 0 0 rg BT 383.32 576.25 Td (however) Tj ET Q q 0 0 0 rg BT 417.35 576.25 Td (, ) Tj ET Q q 0 0 0 rg BT 421.45 576.25 Td (it ) Tj ET Q q 0 0 0 rg BT 428.61 576.25 Td (is ) Tj ET Q q 0 0 0 rg BT 436.88 576.25 Td (inherently ) Tj ET Q q 0 0 0 rg BT 479.02 576.25 Td (dif) Tj ET Q q 0 0 0 rg BT 489.94 576.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 512.65 576.25 Td (to ) Tj ET Q q 0 0 0 rg BT 522.02 576.25 Td (determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 83.70 564.25 Td (any ) Tj ET Q q 0 0 0 rg BT 99.63 564.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 116.68 564.25 Td (is ) Tj ET Q q 0 0 0 rg BT 124.84 564.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 161.32 564.25 Td (or ) Tj ET Q q 0 0 0 rg BT 171.14 564.25 Td (even ) Tj ET Q q 0 0 0 rg BT 191.51 564.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 225.78 564.25 Td (or ) Tj ET Q q 0 0 0 rg BT 235.60 564.25 Td (to ) Tj ET Q q 0 0 0 rg BT 244.87 564.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 279.69 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.39 564.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 324.88 564.25 Td (or ) Tj ET Q q 0 0 0 rg BT 334.70 564.25 Td (range ) Tj ET Q q 0 0 0 rg BT 358.40 564.25 Td (of ) Tj ET Q q 0 0 0 rg BT 368.22 564.25 Td (any ) Tj ET Q q 0 0 0 rg BT 384.15 564.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 420.63 564.25 Td (loss, ) Tj ET Q q 0 0 0 rg BT 440.19 564.25 Td (particularly ) Tj ET Q q 0 0 0 rg BT 487.77 564.25 Td (where ) Tj ET Q q 0 0 0 rg BT 513.69 564.25 Td (proceedings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.25 Td (may ) Tj ET Q q 0 0 0 rg BT 69.56 552.25 Td (be ) Tj ET Q q 0 0 0 rg BT 81.33 552.25 Td (in ) Tj ET Q q 0 0 0 rg BT 91.45 552.25 Td (relatively ) Tj ET Q q 0 0 0 rg BT 131.55 552.25 Td (early ) Tj ET Q q 0 0 0 rg BT 153.87 552.25 Td (stages ) Tj ET Q q 0 0 0 rg BT 180.65 552.25 Td (or ) Tj ET Q q 0 0 0 rg BT 191.32 552.25 Td (where ) Tj ET Q q 0 0 0 rg BT 218.09 552.25 Td (plaintif) Tj ET Q q 0 0 0 rg BT 246.79 552.25 Td (fs ) Tj ET Q q 0 0 0 rg BT 256.35 552.25 Td (are ) Tj ET Q q 0 0 0 rg BT 270.89 552.25 Td (seeking ) Tj ET Q q 0 0 0 rg BT 303.78 552.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 348.89 552.25 Td (or ) Tj ET Q q 0 0 0 rg BT 359.56 552.25 Td (indeterminate ) Tj ET Q q 0 0 0 rg BT 416.88 552.25 Td (damages. ) Tj ET Q q 0 0 0 rg BT 456.70 552.25 Td (Matters ) Tj ET Q q 0 0 0 rg BT 489.58 552.25 Td (frequently ) Tj ET Q q 0 0 0 rg BT 533.02 552.25 Td (need ) Tj ET Q q 0 0 0 rg BT 554.23 552.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (be ) Tj ET Q q 0 0 0 rg BT 61.94 540.25 Td (more ) Tj ET Q q 0 0 0 rg BT 84.99 540.25 Td (developed ) Tj ET Q q 0 0 0 rg BT 128.58 540.25 Td (before ) Tj ET Q q 0 0 0 rg BT 156.62 540.25 Td (a ) Tj ET Q q 0 0 0 rg BT 163.55 540.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 181.62 540.25 Td (or ) Tj ET Q q 0 0 0 rg BT 192.45 540.25 Td (range ) Tj ET Q q 0 0 0 rg BT 217.15 540.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.98 540.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 246.04 540.25 Td (can ) Tj ET Q q 0 0 0 rg BT 262.42 540.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 308.24 540.25 Td (be ) Tj ET Q q 0 0 0 rg BT 320.18 540.25 Td (estimated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.25 Td (Given ) Tj ET Q q 0 0 0 rg BT 77.12 516.25 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 130.90 516.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 171.90 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.80 516.25 Td (timing, ) Tj ET Q q 0 0 0 rg BT 218.10 516.25 Td (scope, ) Tj ET Q q 0 0 0 rg BT 246.05 516.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 278.74 516.25 Td (and ) Tj ET Q q 0 0 0 rg BT 295.86 516.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 332.98 516.25 Td (of ) Tj ET Q q 0 0 0 rg BT 343.99 516.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 378.90 516.25 Td (and ) Tj ET Q q 0 0 0 rg BT 396.02 516.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 433.70 516.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 455.82 516.25 Td (actions, ) Tj ET Q q 0 0 0 rg BT 489.33 516.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 547.56 516.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 92.75 504.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 142.73 504.25 Td (and ) Tj ET Q q 0 0 0 rg BT 158.83 504.25 Td (other ) Tj ET Q q 0 0 0 rg BT 181.03 504.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 212.40 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.27 504.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 261.82 504.25 Td (of ) Tj ET Q q 0 0 0 rg BT 271.81 504.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 306.23 504.25 Td (and ) Tj ET Q q 0 0 0 rg BT 322.32 504.25 Td (ranges ) Tj ET Q q 0 0 0 rg BT 350.08 504.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.07 504.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 405.05 504.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 439.48 504.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 465.03 504.25 Td (are ) Tj ET Q q 0 0 0 rg BT 478.90 504.25 Td (dif) Tj ET Q q 0 0 0 rg BT 489.83 504.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 512.59 504.25 Td (to ) Tj ET Q q 0 0 0 rg BT 522.03 504.25 Td (determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.32 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 78.53 492.25 Td (necessity ) Tj ET Q q 0 0 0 rg BT 118.07 492.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 149.28 492.25 Td (to ) Tj ET Q q 0 0 0 rg BT 159.94 492.25 Td (future ) Tj ET Q q 0 0 0 rg BT 186.70 492.25 Td (revision. ) Tj ET Q q 0 0 0 rg BT 224.30 492.25 Td (Subject ) Tj ET Q q 0 0 0 rg BT 257.17 492.25 Td (to ) Tj ET Q q 0 0 0 rg BT 267.84 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.93 492.25 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 327.19 492.25 Td (management ) Tj ET Q q 0 0 0 rg BT 381.17 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.38 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.48 492.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 449.25 492.25 Td (believes, ) Tj ET Q q 0 0 0 rg BT 487.39 492.25 Td (based ) Tj ET Q q 0 0 0 rg BT 513.04 492.25 Td (on ) Tj ET Q q 0 0 0 rg BT 525.92 492.25 Td (currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.25 Td (available ) Tj ET Q q 0 0 0 rg BT 88.58 480.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 140.79 480.25 Td (after ) Tj ET Q q 0 0 0 rg BT 161.60 480.25 Td (consultation ) Tj ET Q q 0 0 0 rg BT 212.98 480.25 Td (with ) Tj ET Q q 0 0 0 rg BT 233.25 480.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 264.63 480.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 286.56 480.25 Td (counsel ) Tj ET Q q 0 0 0 rg BT 319.60 480.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.54 480.25 Td (taking ) Tj ET Q q 0 0 0 rg BT 364.03 480.25 Td (into ) Tj ET Q q 0 0 0 rg BT 382.08 480.25 Td (account ) Tj ET Q q 0 0 0 rg BT 415.67 480.25 Td (its ) Tj ET Q q 0 0 0 rg BT 427.61 480.25 Td (established ) Tj ET Q q 0 0 0 rg BT 474.54 480.25 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 512.29 480.25 Td (that ) Tj ET Q q 0 0 0 rg BT 529.79 480.25 Td (pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 73.00 468.25 Td (actions, ) Tj ET Q q 0 0 0 rg BT 107.39 468.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 166.51 468.25 Td (and ) Tj ET Q q 0 0 0 rg BT 184.52 468.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 229.18 468.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 281.06 468.25 Td (will ) Tj ET Q q 0 0 0 rg BT 300.18 468.25 Td (be ) Tj ET Q q 0 0 0 rg BT 313.19 468.25 Td (resolved ) Tj ET Q q 0 0 0 rg BT 350.63 468.25 Td (with ) Tj ET Q q 0 0 0 rg BT 371.98 468.25 Td (no ) Tj ET Q q 0 0 0 rg BT 385.54 468.25 Td (material ) Tj ET Q q 0 0 0 rg BT 421.87 468.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 455.97 468.25 Td (ef) Tj ET Q q 0 0 0 rg BT 463.56 468.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 482.11 468.25 Td (on ) Tj ET Q q 0 0 0 rg BT 495.68 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.46 468.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.85 456.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.82 456.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.44 456.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 186.35 456.25 Td (results ) Tj ET Q q 0 0 0 rg BT 215.10 456.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.06 456.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 270.36 456.25 Td (or ) Tj ET Q q 0 0 0 rg BT 281.33 456.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 301.73 456.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 326.59 456.25 Td (of ) Tj ET Q q 0 0 0 rg BT 337.56 456.25 Td (the ) Tj ET Q q 0 0 0 rg BT 352.42 456.25 Td (Company) Tj ET Q q 0 0 0 rg BT 390.65 456.25 Td (. ) Tj ET Q q 0 0 0 rg BT 395.79 456.25 Td (However) Tj ET Q q 0 0 0 rg BT 432.04 456.25 Td (, ) Tj ET Q q 0 0 0 rg BT 437.18 456.25 Td (if ) Tj ET Q q 0 0 0 rg BT 445.93 456.25 Td (during ) Tj ET Q q 0 0 0 rg BT 474.67 456.25 Td (any ) Tj ET Q q 0 0 0 rg BT 491.75 456.25 Td (period ) Tj ET Q q 0 0 0 rg BT 519.93 456.25 Td (a ) Tj ET Q q 0 0 0 rg BT 527.01 456.25 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 84.19 444.25 Td (contingency ) Tj ET Q q 0 0 0 rg BT 136.72 444.25 Td (should ) Tj ET Q q 0 0 0 rg BT 167.04 444.25 Td (become ) Tj ET Q q 0 0 0 rg BT 201.79 444.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 240.43 444.25 Td (or ) Tj ET Q q 0 0 0 rg BT 252.41 444.25 Td (resolved ) Tj ET Q q 0 0 0 rg BT 289.94 444.25 Td (for ) Tj ET Q q 0 0 0 rg BT 305.26 444.25 Td (an ) Tj ET Q q 0 0 0 rg BT 318.35 444.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 352.00 444.25 Td (in ) Tj ET Q q 0 0 0 rg BT 363.43 444.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 393.18 444.25 Td (of ) Tj ET Q q 0 0 0 rg BT 405.17 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 421.04 444.25 Td (established ) Tj ET Q q 0 0 0 rg BT 469.12 444.25 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 508.04 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.91 444.25 Td (results ) Tj ET Q q 0 0 0 rg BT 553.67 444.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 94.77 432.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.33 432.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 133.22 432.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 158.56 432.25 Td (in ) Tj ET Q q 0 0 0 rg BT 169.46 432.25 Td (that ) Tj ET Q q 0 0 0 rg BT 187.57 432.25 Td (period ) Tj ET Q q 0 0 0 rg BT 216.24 432.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.80 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.13 432.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 287.23 432.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 328.12 432.25 Td (as ) Tj ET Q q 0 0 0 rg BT 339.57 432.25 Td (of ) Tj ET Q q 0 0 0 rg BT 351.02 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 366.36 432.25 Td (end ) Tj ET Q q 0 0 0 rg BT 383.92 432.25 Td (of ) Tj ET Q q 0 0 0 rg BT 395.37 432.25 Td (that ) Tj ET Q q 0 0 0 rg BT 413.48 432.25 Td (period ) Tj ET Q q 0 0 0 rg BT 442.15 432.25 Td (could ) Tj ET Q q 0 0 0 rg BT 467.48 432.25 Td (be ) Tj ET Q q 0 0 0 rg BT 480.04 432.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 523.70 432.25 Td (adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 420.25 Td (fected. ) Tj ET Q q 0 0 0 rg BT 86.54 420.25 Td (In ) Tj ET Q q 0 0 0 rg BT 96.90 420.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 134.20 420.25 Td (there ) Tj ET Q q 0 0 0 rg BT 156.21 420.25 Td (can ) Tj ET Q q 0 0 0 rg BT 172.12 420.25 Td (be ) Tj ET Q q 0 0 0 rg BT 183.58 420.25 Td (no ) Tj ET Q q 0 0 0 rg BT 195.61 420.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 236.51 420.25 Td (that ) Tj ET Q q 0 0 0 rg BT 253.53 420.25 Td (material ) Tj ET Q q 0 0 0 rg BT 288.32 420.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 314.23 420.25 Td (will ) Tj ET Q q 0 0 0 rg BT 331.82 420.25 Td (not ) Tj ET Q q 0 0 0 rg BT 346.63 420.25 Td (be ) Tj ET Q q 0 0 0 rg BT 358.09 420.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 393.44 420.25 Td (from ) Tj ET Q q 0 0 0 rg BT 414.90 420.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 443.03 420.25 Td (that ) Tj ET Q q 0 0 0 rg BT 460.06 420.25 Td (have ) Tj ET Q q 0 0 0 rg BT 480.96 420.25 Td (not ) Tj ET Q q 0 0 0 rg BT 495.77 420.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 510.01 420.25 Td (been ) Tj ET Q q 0 0 0 rg BT 530.92 420.25 Td (brought ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.00 408.25 Td (Company) Tj ET Q q 0 0 0 rg BT 116.66 408.25 Td (s ) Tj ET Q q 0 0 0 rg BT 123.05 408.25 Td (attention ) Tj ET Q q 0 0 0 rg BT 160.54 408.25 Td (or ) Tj ET Q q 0 0 0 rg BT 171.37 408.25 Td (are ) Tj ET Q q 0 0 0 rg BT 186.08 408.25 Td (not ) Tj ET Q q 0 0 0 rg BT 201.36 408.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 216.07 408.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 263.55 408.25 Td (to ) Tj ET Q q 0 0 0 rg BT 273.83 408.25 Td (be ) Tj ET Q q 0 0 0 rg BT 285.77 408.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 331.59 408.25 Td (possible.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (Several ) Tj ET Q q 0 0 0 rg BT 82.63 384.25 Td (class ) Tj ET Q q 0 0 0 rg BT 104.71 384.25 Td (action ) Tj ET Q q 0 0 0 rg BT 131.79 384.25 Td (complaints ) Tj ET Q q 0 0 0 rg BT 178.31 384.25 Td (were ) Tj ET Q q 0 0 0 rg BT 200.38 384.25 Td (brought ) Tj ET Q q 0 0 0 rg BT 234.13 384.25 Td (on ) Tj ET Q q 0 0 0 rg BT 246.78 384.25 Td (behalf ) Tj ET Q q 0 0 0 rg BT 274.41 384.25 Td (of ) Tj ET Q q 0 0 0 rg BT 285.38 384.25 Td (a ) Tj ET Q q 0 0 0 rg BT 292.46 384.25 Td (purported ) Tj ET Q q 0 0 0 rg BT 333.98 384.25 Td (class ) Tj ET Q q 0 0 0 rg BT 356.06 384.25 Td (of ) Tj ET Q q 0 0 0 rg BT 367.04 384.25 Td (state, ) Tj ET Q q 0 0 0 rg BT 390.50 384.25 Td (local ) Tj ET Q q 0 0 0 rg BT 412.58 384.25 Td (and ) Tj ET Q q 0 0 0 rg BT 429.66 384.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 472.30 384.25 Td (government ) Tj ET Q q 0 0 0 rg BT 522.70 384.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 554.23 384.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 96.18 372.25 Td (with ) Tj ET Q q 0 0 0 rg BT 116.27 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 130.80 372.25 Td (bidding ) Tj ET Q q 0 0 0 rg BT 163.67 372.25 Td (or ) Tj ET Q q 0 0 0 rg BT 174.31 372.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 192.17 372.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.81 372.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 245.11 372.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 291.30 372.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 329.71 372.25 Td (and ) Tj ET Q q 0 0 0 rg BT 346.46 372.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 388.76 372.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 431.05 372.25 Td (products ) Tj ET Q q 0 0 0 rg BT 467.80 372.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 500.65 372.25 Td (from ) Tj ET Q q 0 0 0 rg BT 522.40 372.25 Td (one ) Tj ET Q q 0 0 0 rg BT 539.15 372.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 372.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.25 Td (defendants ) Tj ET Q q 0 0 0 rg BT 95.62 360.25 Td (or ) Tj ET Q q 0 0 0 rg BT 106.26 360.25 Td (through ) Tj ET Q q 0 0 0 rg BT 139.68 360.25 Td (a ) Tj ET Q q 0 0 0 rg BT 146.42 360.25 Td (broker) Tj ET Q q 0 0 0 rg BT 172.12 360.25 Td (, ) Tj ET Q q 0 0 0 rg BT 176.93 360.25 Td (from ) Tj ET Q q 0 0 0 rg BT 198.67 360.25 Td (January1, ) Tj ET Q q 0 0 0 rg BT 242.08 360.25 Td (1992, ) Tj ET Q q 0 0 0 rg BT 266.88 360.25 Td (to ) Tj ET Q q 0 0 0 rg BT 276.97 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.49 360.25 Td (present. ) Tj ET Q q 0 0 0 rg BT 325.01 360.25 Td (The ) Tj ET Q q 0 0 0 rg BT 342.87 360.25 Td (complaints, ) Tj ET Q q 0 0 0 rg BT 391.55 360.25 Td (which ) Tj ET Q q 0 0 0 rg BT 418.30 360.25 Td (have ) Tj ET Q q 0 0 0 rg BT 439.48 360.25 Td (been ) Tj ET Q q 0 0 0 rg BT 460.67 360.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 513.52 360.25 Td (into ) Tj ET Q q 0 0 0 rg BT 531.38 360.25 Td (a ) Tj ET Q q 0 0 0 rg BT 538.13 360.25 Td (single ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (nationwide ) Tj ET Q q 0 0 0 rg BT 97.17 348.25 Td (class ) Tj ET Q q 0 0 0 rg BT 119.34 348.25 Td (action ) Tj ET Q q 0 0 0 rg BT 146.51 348.25 Td (entitled) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 179.00 348.25 Td (In ) Tj ET Q q 0 0 0 rg BT 190.06 348.25 Td (r) Tj ET Q q 0 0 0 rg BT 193.58 348.25 Td (e ) Tj ET Q q 0 0 0 rg BT 200.75 348.25 Td (Municipal ) Tj ET Q q 0 0 0 rg BT 244.59 348.25 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 293.22 348.25 Td (Antitrust ) Tj ET Q q 0 0 0 rg BT 330.96 348.25 Td (Litigation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.41 348.25 Td (, ) Tj ET Q q 0 0 0 rg BT 375.64 348.25 Td (MDL) Tj ET Q q 0 0 0 rg BT 397.49 348.25 Td ( ) Tj ET Q q 0 0 0 rg BT 400.23 348.25 Td (No.1950 ) Tj ET Q q 0 0 0 rg BT 440.18 348.25 Td (\(Master ) Tj ET Q q 0 0 0 rg BT 474.01 348.25 Td (Docket ) Tj ET Q q 0 0 0 rg BT 505.62 348.25 Td (No.08-2516\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.25 Td (allege ) Tj ET Q q 0 0 0 rg BT 76.02 336.25 Td (antitrust ) Tj ET Q q 0 0 0 rg BT 110.93 336.25 Td (violations ) Tj ET Q q 0 0 0 rg BT 152.52 336.25 Td (and ) Tj ET Q q 0 0 0 rg BT 169.10 336.25 Td (are ) Tj ET Q q 0 0 0 rg BT 183.45 336.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 217.81 336.25 Td (in ) Tj ET Q q 0 0 0 rg BT 227.73 336.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.09 336.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 262.02 336.25 Td (District ) Tj ET Q q 0 0 0 rg BT 294.16 336.25 Td (Court ) Tj ET Q q 0 0 0 rg BT 319.08 336.25 Td (for ) Tj ET Q q 0 0 0 rg BT 332.89 336.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.25 336.25 Td (Southern ) Tj ET Q q 0 0 0 rg BT 385.50 336.25 Td (District ) Tj ET Q q 0 0 0 rg BT 417.64 336.25 Td (of ) Tj ET Q q 0 0 0 rg BT 428.11 336.25 Td (New ) Tj ET Q q 0 0 0 rg BT 448.82 336.25 Td (Y) Tj ET Q q 0 0 0 rg BT 455.04 336.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 470.51 336.25 Td (under ) Tj ET Q q 0 0 0 rg BT 495.42 336.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.78 336.25 Td (multi-district ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.25 Td (litigation ) Tj ET Q q 0 0 0 rg BT 87.37 324.25 Td (rules. ) Tj ET Q q 0 0 0 rg BT 110.48 324.25 Td (The ) Tj ET Q q 0 0 0 rg BT 127.28 324.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 179.08 324.25 Td (complaint ) Tj ET Q q 0 0 0 rg BT 220.33 324.25 Td (seeks ) Tj ET Q q 0 0 0 rg BT 243.25 324.25 Td (unspecified ) Tj ET Q q 0 0 0 rg BT 290.61 324.25 Td (treble ) Tj ET Q q 0 0 0 rg BT 314.63 324.25 Td (damages ) Tj ET Q q 0 0 0 rg BT 350.88 324.25 Td (under ) Tj ET Q q 0 0 0 rg BT 374.90 324.25 Td (Section ) Tj ET Q q 0 0 0 rg BT 406.16 324.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 412.42 324.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.01 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.49 324.25 Td (Sherman ) Tj ET Q q 0 0 0 rg BT 472.01 324.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 490.21 324.25 Td (Several ) Tj ET Q q 0 0 0 rg BT 521.46 324.25 Td (California ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.25 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 109.65 312.25 Td (also ) Tj ET Q q 0 0 0 rg BT 128.75 312.25 Td (brought ) Tj ET Q q 0 0 0 rg BT 162.85 312.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 198.59 312.25 Td (class ) Tj ET Q q 0 0 0 rg BT 221.03 312.25 Td (action ) Tj ET Q q 0 0 0 rg BT 248.45 312.25 Td (complaints ) Tj ET Q q 0 0 0 rg BT 295.33 312.25 Td (in ) Tj ET Q q 0 0 0 rg BT 306.10 312.25 Td (California ) Tj ET Q q 0 0 0 rg BT 349.63 312.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 380.38 312.25 Td (court, ) Tj ET Q q 0 0 0 rg BT 406.42 312.25 Td (and ) Tj ET Q q 0 0 0 rg BT 423.85 312.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.60 312.25 Td (eighteen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.47 312.25 Td ( ) Tj ET Q q 0 0 0 rg BT 521.46 312.25 Td (California ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.25 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 109.43 300.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.64 300.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.64 300.25 Td ( ) Tj ET Q q 0 0 0 rg BT 144.42 300.25 Td (New ) Tj ET Q q 0 0 0 rg BT 165.66 300.25 Td (Y) Tj ET Q q 0 0 0 rg BT 171.88 300.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 187.99 300.25 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 247.42 300.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 268.52 300.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 311.85 300.25 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 347.40 300.25 Td (that ) Tj ET Q q 0 0 0 rg BT 365.17 300.25 Td (are ) Tj ET Q q 0 0 0 rg BT 380.15 300.25 Td (not ) Tj ET Q q 0 0 0 rg BT 395.70 300.25 Td (as ) Tj ET Q q 0 0 0 rg BT 406.81 300.25 Td (part ) Tj ET Q q 0 0 0 rg BT 425.13 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 436.24 300.25 Td (class ) Tj ET Q q 0 0 0 rg BT 458.45 300.25 Td (actions, ) Tj ET Q q 0 0 0 rg BT 492.05 300.25 Td (all ) Tj ET Q q 0 0 0 rg BT 504.82 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 515.92 300.25 Td (which ) Tj ET Q q 0 0 0 rg BT 543.14 300.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.25 Td (since ) Tj ET Q q 0 0 0 rg BT 73.39 288.25 Td (been ) Tj ET Q q 0 0 0 rg BT 95.10 288.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 141.24 288.25 Td (to ) Tj ET Q q 0 0 0 rg BT 151.86 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 166.92 288.25 Td (Southern ) Tj ET Q q 0 0 0 rg BT 205.86 288.25 Td (District ) Tj ET Q q 0 0 0 rg BT 238.70 288.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.87 288.25 Td (New ) Tj ET Q q 0 0 0 rg BT 271.16 288.25 Td (Y) Tj ET Q q 0 0 0 rg BT 277.38 288.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 293.55 288.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.83 288.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 364.21 288.25 Td (for ) Tj ET Q q 0 0 0 rg BT 378.71 288.25 Td (pretrial ) Tj ET Q q 0 0 0 rg BT 410.42 288.25 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 450.68 288.25 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 288.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.29 288.25 Td ( ) Tj ET Q q 0 0 0 rg BT 489.12 288.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 506.96 288.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.13 288.25 Td (complaints ) Tj ET Q BT 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(Derivatives ) Tj ET Q q 0 0 0 rg BT 485.63 264.25 Td (Antitrust ) Tj ET Q q 0 0 0 rg BT 522.56 264.25 Td (Litigation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.02 264.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.69 252.25 Td (February22, ) Tj ET Q q 0 0 0 rg BT 114.48 252.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.48 252.25 Td (. ) Tj ET Q q 0 0 0 rg BT 138.55 252.25 Td (The ) Tj ET Q q 0 0 0 rg BT 155.79 252.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 198.58 252.25 Td (is ) Tj ET Q q 0 0 0 rg BT 206.94 252.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 236.96 252.25 Td (to ) Tj ET Q q 0 0 0 rg BT 246.43 252.25 Td (court ) Tj ET Q q 0 0 0 rg BT 268.67 252.25 Td (approval ) Tj ET Q q 0 0 0 rg BT 305.35 252.25 Td (after ) Tj ET Q q 0 0 0 rg BT 325.35 252.25 Td (notice ) Tj ET Q q 0 0 0 rg BT 351.48 252.25 Td (to ) Tj ET Q q 0 0 0 rg BT 360.95 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.86 252.25 Td (class. ) 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0 rg BT 72.62 530.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 113.72 530.25 Td (rentals ) Tj ET Q q 0 0 0 rg BT 142.58 530.25 Td (to ) Tj ET Q q 0 0 0 rg BT 152.57 530.25 Td (be ) Tj ET Q q 0 0 0 rg BT 164.22 530.25 Td (received ) Tj ET Q q 0 0 0 rg BT 200.30 530.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.95 530.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.95 530.25 Td ( ) Tj ET Q q 0 0 0 rg BT 244.16 530.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.48 530.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.48 530.25 Td ( ) Tj ET Q q 0 0 0 rg BT 299.69 530.25 Td (under ) Tj ET Q q 0 0 0 rg BT 324.67 530.25 Td (noncancelable ) Tj ET Q q 0 0 0 rg BT 384.07 530.25 Td (subleases ) Tj ET Q q 0 0 0 rg BT 424.04 530.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.68 530.25 Td ($6.1 ) Tj ET Q q 0 0 0 rg BT 465.40 530.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.29 530.25 Td ( ) Tj ET Q q 0 0 0 rg BT 496.50 530.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.93 530.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 518.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.25 Td (Rental ) Tj ET Q q 0 0 0 rg BT 78.53 494.25 Td (expense, ) Tj ET Q q 0 0 0 rg BT 115.67 494.25 Td (including ) Tj ET Q q 0 0 0 rg BT 155.87 494.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 196.06 494.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 218.49 494.25 Td (and ) Tj ET Q q 0 0 0 rg BT 235.36 494.25 Td (real ) Tj ET Q q 0 0 0 rg BT 252.77 494.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 277.96 494.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 303.44 494.25 Td (from ) Tj ET Q q 0 0 0 rg BT 325.30 494.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 370.50 494.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 414.59 494.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.57 494.25 Td ($13.7 ) Tj ET Q q 0 0 0 rg BT 457.50 494.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.39 494.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.32 494.25 Td ($13.8 ) Tj ET Q q 0 0 0 rg BT 516.24 494.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.14 494.25 Td ( ) Tj ET Q q 0 0 0 rg BT 547.56 494.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td ($12.9 ) Tj ET Q q 0 0 0 rg BT 75.00 482.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 482.25 Td ( ) Tj ET Q q 0 0 0 rg BT 106.39 482.25 Td (for ) Tj ET Q q 0 0 0 rg BT 120.55 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.27 482.25 Td (years ) Tj ET Q q 0 0 0 rg BT 158.87 482.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.24 482.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 243.83 482.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.83 482.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.83 482.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.83 482.25 Td ( ) Tj ET Q q 0 0 0 rg BT 291.33 482.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.27 482.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.27 482.25 Td (, ) Tj ET Q q 0 0 0 rg BT 333.27 482.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 380.93 482.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.25 Td (Fund Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.25 Td (As ) Tj ET Q q 0 0 0 rg BT 62.97 434.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.15 434.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 131.09 434.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.09 434.25 Td (, ) Tj ET Q q 0 0 0 rg BT 155.45 434.25 Td (the ) Tj ET Q q 0 0 0 rg BT 169.52 434.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 210.26 434.25 Td (had ) Tj ET Q q 0 0 0 rg BT 226.56 434.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 282.85 434.25 Td (to ) Tj ET Q q 0 0 0 rg BT 292.49 434.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 318.23 434.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.84 434.25 Td ($32.8 ) Tj ET Q q 0 0 0 rg BT 402.20 434.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.09 434.25 Td ( ) Tj ET Q q 0 0 0 rg BT 432.94 434.25 Td (in ) Tj ET Q q 0 0 0 rg BT 442.58 434.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 472.76 434.25 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 523.50 434.25 Td (that ) Tj ET Q q 0 0 0 rg BT 540.35 434.25 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 100.27 422.25 Td (in ) Tj ET Q q 0 0 0 rg BT 110.55 422.25 Td (private ) Tj ET Q q 0 0 0 rg BT 140.82 422.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 168.31 422.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 213.57 422.25 Td (or ) Tj ET Q q 0 0 0 rg BT 224.40 422.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 257.45 422.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 297.71 422.25 Td (for ) Tj ET Q q 0 0 0 rg BT 311.88 422.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 338.81 422.25 Td (living ) Tj ET Q q 0 0 0 rg BT 364.65 422.25 Td (facilities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 398.25 Td (Other) Tj ET Q q 0 0 0 rg BT 75.37 398.25 Td ( Guarantees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.42 374.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.19 374.25 Td (is ) Tj ET Q q 0 0 0 rg BT 119.74 374.25 Td (a ) Tj ET Q q 0 0 0 rg BT 127.05 374.25 Td (member ) Tj ET Q q 0 0 0 rg BT 162.69 374.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.90 374.25 Td (numerous ) Tj ET Q q 0 0 0 rg BT 216.22 374.25 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 260.74 374.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.06 374.25 Td (clearinghouses. ) Tj ET Q q 0 0 0 rg BT 342.86 374.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 370.72 374.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.82 374.25 Td (membership ) Tj ET Q q 0 0 0 rg BT 438.13 374.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 486.54 374.25 Td (with ) Tj ET Q q 0 0 0 rg BT 507.19 374.25 Td (these ) Tj ET Q q 0 0 0 rg BT 530.62 374.25 Td (entities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.25 Td (members ) Tj ET Q q 0 0 0 rg BT 89.42 362.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 129.38 362.25 Td (are ) Tj ET Q q 0 0 0 rg BT 144.35 362.25 Td (required ) Tj ET Q q 0 0 0 rg BT 180.43 362.25 Td (to ) Tj ET Q q 0 0 0 rg BT 190.97 362.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 232.60 362.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.58 362.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 300.86 362.25 Td (of ) Tj ET Q q 0 0 0 rg BT 311.95 362.25 Td (other ) Tj ET Q q 0 0 0 rg BT 335.26 362.25 Td (members, ) Tj ET Q q 0 0 0 rg BT 377.18 362.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.38 362.25 Td (if ) Tj ET Q q 0 0 0 rg BT 403.25 362.25 Td (a ) Tj ET Q q 0 0 0 rg BT 410.46 362.25 Td (member ) Tj ET Q q 0 0 0 rg BT 445.98 362.25 Td (becomes ) Tj ET Q q 0 0 0 rg BT 483.73 362.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 513.15 362.25 Td (to ) Tj ET Q q 0 0 0 rg BT 523.69 362.25 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 552.56 362.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 97.39 350.25 Td (to ) Tj ET Q q 0 0 0 rg BT 108.11 350.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.26 350.25 Td (clearinghouse, ) Tj ET Q q 0 0 0 rg BT 184.24 350.25 Td (other ) Tj ET Q q 0 0 0 rg BT 207.73 350.25 Td (members ) Tj ET Q q 0 0 0 rg BT 247.32 350.25 Td (would ) Tj ET Q q 0 0 0 rg BT 275.27 350.25 Td (be ) Tj ET Q q 0 0 0 rg BT 287.65 350.25 Td (required ) Tj ET Q q 0 0 0 rg BT 323.90 350.25 Td (to ) Tj ET Q q 0 0 0 rg BT 334.62 350.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 357.00 350.25 Td (shortfalls. ) Tj ET Q q 0 0 0 rg BT 399.45 350.25 Td (T) Tj ET Q q 0 0 0 rg BT 404.86 350.25 Td (o ) Tj ET Q q 0 0 0 rg BT 412.80 350.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 448.51 350.25 Td (these ) Tj ET Q q 0 0 0 rg BT 472.00 350.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 525.46 350.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 549.79 350.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 93.55 338.25 Td (and ) Tj ET Q q 0 0 0 rg BT 109.90 338.25 Td (clearinghouses ) Tj ET Q q 0 0 0 rg BT 171.23 338.25 Td (often ) Tj ET Q q 0 0 0 rg BT 193.69 338.25 Td (require ) Tj ET Q q 0 0 0 rg BT 223.91 338.25 Td (members ) Tj ET Q q 0 0 0 rg BT 262.47 338.25 Td (to ) Tj ET Q q 0 0 0 rg BT 272.16 338.25 Td (post ) Tj ET Q q 0 0 0 rg BT 290.74 338.25 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 332.34 338.25 Td (In ) Tj ET Q q 0 0 0 rg BT 342.58 338.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 379.76 338.25 Td (the ) Tj ET Q q 0 0 0 rg BT 393.89 338.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 434.68 338.25 Td (identifies ) Tj ET Q q 0 0 0 rg BT 473.80 338.25 Td (and ) Tj ET Q q 0 0 0 rg BT 490.15 338.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 534.81 338.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 85.80 326.25 Td (agents ) Tj ET Q q 0 0 0 rg BT 114.95 326.25 Td (against ) Tj ET Q q 0 0 0 rg BT 146.87 326.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 186.56 326.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 225.15 326.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 252.64 326.25 Td (in ) Tj ET Q q 0 0 0 rg BT 264.02 326.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 311.49 326.25 Td (with ) Tj ET Q q 0 0 0 rg BT 332.87 326.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 375.35 326.25 Td (services ) Tj ET Q q 0 0 0 rg BT 411.16 326.25 Td (to ) Tj ET Q q 0 0 0 rg BT 422.53 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.35 326.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 480.83 326.25 Td (or ) Tj ET Q q 0 0 0 rg BT 492.76 326.25 Td (its ) Tj ET Q q 0 0 0 rg BT 505.81 326.25 Td (af) Tj ET Q q 0 0 0 rg BT 513.40 326.25 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 546.45 326.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 314.25 Td (s ) Tj ET Q q 0 0 0 rg BT 99.30 314.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 143.60 314.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 182.33 314.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 217.18 314.25 Td (under ) Tj ET Q q 0 0 0 rg BT 243.70 314.25 Td (these ) Tj ET Q q 0 0 0 rg BT 267.99 314.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 325.59 314.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 355.99 314.25 Td (be ) Tj ET Q q 0 0 0 rg BT 369.18 314.25 Td (quantified. ) Tj ET Q q 0 0 0 rg BT 415.96 314.25 Td (However) Tj ET Q q 0 0 0 rg BT 452.21 314.25 Td (, ) Tj ET Q q 0 0 0 rg BT 458.46 314.25 Td (management ) Tj ET Q q 0 0 0 rg BT 513.29 314.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 549.80 314.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.25 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 93.10 302.25 Td (that ) Tj ET Q q 0 0 0 rg BT 110.65 302.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.41 302.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 166.85 302.25 Td (would ) Tj ET Q q 0 0 0 rg BT 194.40 302.25 Td (be ) Tj ET Q q 0 0 0 rg BT 206.39 302.25 Td (required ) Tj ET Q q 0 0 0 rg BT 242.26 302.25 Td (to ) Tj ET Q q 0 0 0 rg BT 252.58 302.25 Td (make ) Tj ET Q q 0 0 0 rg BT 276.79 302.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 317.67 302.25 Td (under ) Tj ET Q q 0 0 0 rg BT 342.98 302.25 Td (these ) Tj ET Q q 0 0 0 rg BT 366.08 302.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 422.49 302.25 Td (is ) Tj ET Q q 0 0 0 rg BT 431.71 302.25 Td (remote. ) Tj ET Q q 0 0 0 rg BT 463.97 302.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 513.30 302.25 Td (, ) Tj ET Q q 0 0 0 rg BT 518.35 302.25 Td (no ) Tj ET Q q 0 0 0 rg BT 530.90 302.25 Td (liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.25 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 290.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 96.65 290.25 Td (in ) Tj ET Q q 0 0 0 rg BT 106.92 290.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.64 290.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 174.68 290.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.16 290.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 256.88 290.25 Td (for ) Tj ET Q q 0 0 0 rg BT 271.04 290.25 Td (these ) Tj ET Q q 0 0 0 rg BT 294.08 290.25 Td (arrangements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.25 Td (Concentration of Cr) Tj ET Q q 0 0 0 rg BT 136.47 266.25 Td (edit Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.70 242.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.75 242.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 148.34 242.25 Td (investment, ) Tj ET Q q 0 0 0 rg BT 197.88 242.25 Td (capital-raising ) Tj ET Q q 0 0 0 rg BT 258.23 242.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.82 242.25 Td (related ) Tj ET Q q 0 0 0 rg BT 306.18 242.25 Td (services ) Tj ET Q q 0 0 0 rg BT 341.54 242.25 Td (to ) Tj ET Q q 0 0 0 rg BT 352.48 242.25 Td (a ) Tj ET Q q 0 0 0 rg BT 360.07 242.25 Td (diverse ) Tj ET Q q 0 0 0 rg BT 392.11 242.25 Td (group ) Tj ET Q q 0 0 0 rg BT 418.59 242.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.08 242.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 469.34 242.25 Td (and ) Tj ET Q q 0 0 0 rg BT 486.93 242.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 518.96 242.25 Td (customers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.25 Td (including ) Tj ET Q q 0 0 0 rg BT 89.78 230.25 Td (governments, ) Tj ET Q q 0 0 0 rg BT 145.94 230.25 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 200.43 230.25 Td (and ) Tj ET Q q 0 0 0 rg BT 216.88 230.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 266.66 230.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.10 230.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 325.66 230.25 Td (investors. ) Tj ET Q q 0 0 0 rg BT 366.13 230.25 Td (The ) Tj ET Q q 0 0 0 rg BT 383.68 230.25 Td (Company) Tj ET Q q 0 0 0 rg BT 425.35 230.25 Td (s ) Tj ET Q q 0 0 0 rg BT 431.25 230.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 469.35 230.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.14 230.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 503.90 230.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 520.91 230.25 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.79 218.25 Td (the ) Tj ET Q q 0 0 0 rg BT 84.02 218.25 Td (non-performance ) Tj ET Q q 0 0 0 rg BT 154.88 218.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.22 218.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 207.78 218.25 Td (in ) Tj ET Q q 0 0 0 rg BT 217.57 218.25 Td (fulfilling ) Tj ET Q q 0 0 0 rg BT 255.13 218.25 Td (their ) Tj ET Q q 0 0 0 rg BT 275.47 218.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 321.90 218.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 368.35 218.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 404.80 218.25 Td (to ) Tj ET Q q 0 0 0 rg BT 414.59 218.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 454.36 218.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 504.14 218.25 Td (can ) Tj ET Q q 0 0 0 rg BT 520.02 218.25 Td (be ) Tj ET Q q 0 0 0 rg BT 531.47 218.25 Td (directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 88.03 206.25 Td (by ) Tj ET Q q 0 0 0 rg BT 99.40 206.25 Td (volatile ) Tj ET Q q 0 0 0 rg BT 130.77 206.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 169.91 206.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 205.44 206.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 229.58 206.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 262.61 206.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.42 206.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 320.89 206.25 Td (changes. ) Tj ET Q q 0 0 0 rg BT 356.88 206.25 Td (This ) Tj ET Q q 0 0 0 rg BT 376.03 206.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 413.51 206.25 Td (is ) Tj ET Q q 0 0 0 rg BT 421.55 206.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 461.24 206.25 Td (on ) Tj ET Q q 0 0 0 rg BT 472.62 206.25 Td (an ) Tj ET Q q 0 0 0 rg BT 483.43 206.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 525.36 206.25 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 71.82 194.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.09 194.25 Td (on ) Tj ET Q q 0 0 0 rg BT 99.91 194.25 Td (a ) Tj ET Q q 0 0 0 rg BT 106.17 194.25 Td (group ) Tj ET Q q 0 0 0 rg BT 131.33 194.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 153.15 194.25 Td (for ) Tj ET Q q 0 0 0 rg BT 166.63 194.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 209.00 194.25 Td (that ) Tj ET Q q 0 0 0 rg BT 225.82 194.25 Td (share ) Tj ET Q q 0 0 0 rg BT 248.75 194.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 278.34 194.25 Td (attributes. ) Tj ET Q q 0 0 0 rg BT 319.75 194.25 Td (T) Tj ET Q q 0 0 0 rg BT 325.16 194.25 Td (o ) Tj ET Q q 0 0 0 rg BT 331.98 194.25 Td (alleviate ) Tj ET Q q 0 0 0 rg BT 367.67 194.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.71 194.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 418.53 194.25 Td (for ) Tj ET Q q 0 0 0 rg BT 432.01 194.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 448.83 194.25 Td (concentrations, ) Tj ET Q q 0 0 0 rg BT 511.47 194.25 Td (counterparty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.01 182.25 Td (limits ) Tj ET Q q 0 0 0 rg BT 100.05 182.25 Td (have ) Tj ET Q q 0 0 0 rg BT 121.17 182.25 Td (been ) Tj ET Q q 0 0 0 rg BT 142.30 182.25 Td (implemented ) Tj ET Q q 0 0 0 rg BT 196.76 182.25 Td (for ) Tj ET Q q 0 0 0 rg BT 210.67 182.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 240.12 182.25 Td (products ) Tj ET Q q 0 0 0 rg BT 276.81 182.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.50 182.25 Td (are ) Tj ET Q q 0 0 0 rg BT 307.95 182.25 Td (continually ) Tj ET Q q 0 0 0 rg BT 355.19 182.25 Td (monitored ) Tj ET Q q 0 0 0 rg BT 398.55 182.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.58 182.25 Td (light ) Tj ET Q q 0 0 0 rg BT 429.16 182.25 Td (of ) Tj ET Q q 0 0 0 rg BT 439.74 182.25 Td (changing ) Tj ET Q q 0 0 0 rg BT 478.65 182.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 517.55 182.25 Td (and ) Tj ET Q q 0 0 0 rg BT 534.24 182.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (conditions.) 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 49.50 708.75 Td (Note 19) 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 (Restructuring) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.49 708.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.17 684.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.18 684.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 146.61 684.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 178.05 684.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 232.27 684.75 Td (char) Tj ET Q q 0 0 0 rg BT 249.29 684.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 265.74 684.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.20 684.75 Td ($9.4 ) Tj ET Q q 0 0 0 rg BT 297.82 684.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.71 684.75 Td ( ) Tj ET Q q 0 0 0 rg BT 329.83 684.75 Td (for ) Tj ET Q q 0 0 0 rg BT 344.61 684.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.95 684.75 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.16 684.75 Td ( ) Tj ET Q q 0 0 0 rg BT 380.28 684.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.28 684.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 466.48 684.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.48 684.75 Td ( ) Tj ET Q q 0 0 0 rg BT 489.60 684.75 Td (within ) Tj ET Q q 0 0 0 rg BT 518.28 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 533.62 684.75 Td (Capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (Markets ) Tj ET Q q 0 0 0 rg BT 85.30 672.75 Td (segment. ) Tj ET Q q 0 0 0 rg BT 123.94 672.75 Td (The ) Tj ET Q q 0 0 0 rg BT 142.52 672.75 Td (char) Tj ET Q q 0 0 0 rg BT 159.55 672.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 175.91 672.75 Td (included ) Tj ET Q q 0 0 0 rg BT 213.38 672.75 Td (severance ) Tj ET Q q 0 0 0 rg BT 255.83 672.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 290.52 672.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.88 672.75 Td ($8.8 ) Tj ET Q q 0 0 0 rg BT 322.41 672.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.31 672.75 Td ( ) Tj ET Q q 0 0 0 rg BT 354.34 672.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 394.58 672.75 Td (in ) Tj ET Q q 0 0 0 rg BT 405.40 672.75 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 455.64 672.75 Td (with ) Tj ET Q q 0 0 0 rg BT 476.45 672.75 Td (the ) Tj ET Q q 0 0 0 rg BT 491.71 672.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 514.74 672.75 Td (acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 89.68 660.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.31 660.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 120.60 660.75 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.60 660.75 Td (. ) Tj ET Q q 0 0 0 rg BT 129.81 660.75 Td (The ) Tj ET Q q 0 0 0 rg BT 147.21 660.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 200.15 660.75 Td (char) Tj ET Q q 0 0 0 rg BT 217.18 660.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 232.36 660.75 Td (included ) Tj ET Q q 0 0 0 rg BT 268.64 660.75 Td (severance, ) Tj ET Q q 0 0 0 rg BT 312.40 660.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 345.91 660.75 Td (and ) Tj ET Q q 0 0 0 rg BT 362.20 660.75 Td (outplacement ) Tj ET Q q 0 0 0 rg BT 417.91 660.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 439.76 660.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 482.71 660.75 Td (with ) Tj ET Q q 0 0 0 rg BT 502.33 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 516.40 660.75 Td (termination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 648.75 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.59 648.75 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.59 648.75 Td ( ) Tj ET Q q 0 0 0 rg BT 133.09 648.75 Td (employees. ) Tj ET Q q 0 0 0 rg BT 180.67 648.75 Td (The ) Tj ET Q q 0 0 0 rg BT 198.72 648.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 240.11 648.75 Td (also ) Tj ET Q q 0 0 0 rg BT 258.71 648.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 294.53 648.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 329.23 648.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 377.83 648.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 400.33 648.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.16 648.75 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 431.16 648.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.05 648.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.75 Td (For ) Tj ET Q q 0 0 0 rg BT 66.90 624.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.62 624.75 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.83 624.75 Td ( ) Tj ET Q q 0 0 0 rg BT 103.34 624.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.72 624.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 190.31 624.75 Td (2013, ) Tj ET Q q 0 0 0 rg BT 216.32 624.75 Td (the ) Tj ET Q q 0 0 0 rg BT 232.04 624.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 274.44 624.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 311.26 624.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 343.08 624.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 397.69 624.75 Td (char) Tj ET Q q 0 0 0 rg BT 414.71 624.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 431.55 624.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.39 624.75 Td ($3.6 ) Tj ET Q q 0 0 0 rg BT 464.39 624.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.29 624.75 Td ( ) Tj ET Q q 0 0 0 rg BT 496.79 624.75 Td (from ) Tj ET Q q 0 0 0 rg BT 519.74 624.75 Td (continuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.75 Td (operations. ) Tj ET Q q 0 0 0 rg BT 96.04 612.75 Td (The ) Tj ET Q q 0 0 0 rg BT 114.16 612.75 Td (char) Tj ET Q q 0 0 0 rg BT 131.19 612.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 147.09 612.75 Td (included ) Tj ET Q q 0 0 0 rg BT 184.10 612.75 Td (severance ) Tj ET Q q 0 0 0 rg BT 226.08 612.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 260.31 612.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.21 612.75 Td ($2.4 ) Tj ET Q q 0 0 0 rg BT 291.28 612.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.18 612.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.25 612.75 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 345.32 612.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.21 612.75 Td ( ) Tj ET Q q 0 0 0 rg BT 376.78 612.75 Td (for ) Tj ET Q q 0 0 0 rg BT 391.02 612.75 Td (vacating ) Tj ET Q q 0 0 0 rg BT 427.46 612.75 Td (redundant ) Tj ET Q q 0 0 0 rg BT 470.02 612.75 Td (leased ) Tj ET Q q 0 0 0 rg BT 497.58 612.75 Td (of) Tj ET Q q 0 0 0 rg BT 505.73 612.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 523.28 612.75 Td (space ) Tj ET Q q 0 0 0 rg BT 548.06 612.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.75 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 69.50 600.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 600.75 Td ( ) Tj ET Q q 0 0 0 rg BT 100.89 600.75 Td (for ) Tj ET Q q 0 0 0 rg BT 115.05 600.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 149.75 600.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 198.35 600.75 Td (costs. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 576.75 Td (Note 20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 576.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 576.75 Td (Shar) Tj ET Q q 0 0 0 rg BT 103.51 576.75 Td (eholders) Tj ET Q q 0 0 0 rg BT 140.17 576.75 Td ( Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.77 576.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.64 552.75 Td (certificate ) Tj ET Q q 0 0 0 rg BT 111.70 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 123.12 552.75 Td (incorporation ) Tj ET Q q 0 0 0 rg BT 180.08 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 191.51 552.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 215.71 552.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 227.19 552.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 246.38 552.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 294.46 552.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 332.00 552.75 Td (for ) Tj ET Q q 0 0 0 rg BT 346.75 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 362.06 552.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 399.03 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 410.45 552.75 Td (up ) Tj ET Q q 0 0 0 rg BT 423.54 552.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.41 552.75 Td (100,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.41 552.75 Td ( ) Tj ET Q q 0 0 0 rg BT 487.50 552.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 515.59 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 527.01 552.75 Td (common ) Tj ET Q BT /F1 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540.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 448.46 540.75 Td (with ) Tj ET Q q 0 0 0 rg BT 468.46 540.75 Td (a ) Tj ET Q q 0 0 0 rg BT 475.12 540.75 Td (par ) Tj ET Q q 0 0 0 rg BT 490.11 540.75 Td (value ) Tj ET Q q 0 0 0 rg BT 513.99 540.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.54 540.75 Td ($0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.04 540.75 Td ( ) Tj ET Q q 0 0 0 rg BT 549.26 540.75 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.75 Td (share.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 504.75 Td (Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.26 480.75 Td (holders ) Tj ET Q q 0 0 0 rg BT 100.41 480.75 Td (of ) Tj ET Q q 0 0 0 rg BT 111.45 480.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 135.26 480.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 146.74 480.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 165.55 480.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 213.26 480.75 Td (common ) Tj ET Q q 0 0 0 rg BT 250.96 480.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 274.78 480.75 Td (are ) Tj ET Q q 0 0 0 rg BT 289.70 480.75 Td (entitled ) Tj ET Q q 0 0 0 rg BT 322.40 480.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.89 480.75 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.32 480.75 Td ( ) Tj ET Q q 0 0 0 rg BT 350.03 480.75 Td (vote ) Tj ET Q q 0 0 0 rg BT 369.96 480.75 Td (per ) Tj ET Q q 0 0 0 rg BT 385.44 480.75 Td (share ) Tj ET Q q 0 0 0 rg BT 409.25 480.75 Td (on ) Tj ET Q q 0 0 0 rg BT 421.96 480.75 Td (all ) Tj ET Q q 0 0 0 rg BT 434.66 480.75 Td (matters ) Tj ET Q q 0 0 0 rg BT 466.81 480.75 Td (to ) Tj ET Q q 0 0 0 rg BT 477.29 480.75 Td (be ) Tj ET Q q 0 0 0 rg BT 489.44 480.75 Td (voted ) Tj ET Q q 0 0 0 rg BT 514.37 480.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 537.08 480.75 Td (by ) Tj ET Q q 0 0 0 rg BT 549.79 480.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.75 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 105.92 468.75 Td (Subject ) Tj ET Q q 0 0 0 rg BT 138.80 468.75 Td (to ) Tj ET Q q 0 0 0 rg BT 149.46 468.75 Td (preferences ) Tj ET Q q 0 0 0 rg BT 198.42 468.75 Td (that ) Tj ET Q q 0 0 0 rg BT 216.30 468.75 Td (may ) Tj ET Q q 0 0 0 rg BT 236.41 468.75 Td (be ) Tj ET Q q 0 0 0 rg BT 248.73 468.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 292.70 468.75 Td (to ) Tj ET Q q 0 0 0 rg BT 303.37 468.75 Td (any ) Tj ET Q q 0 0 0 rg BT 320.69 468.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 370.24 468.75 Td (preferred ) Tj ET Q q 0 0 0 rg BT 409.76 468.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 433.75 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 444.97 468.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 468.96 468.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 480.44 468.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 499.42 468.75 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 549.80 468.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.75 Td (holders ) Tj ET Q q 0 0 0 rg BT 82.31 456.75 Td (of ) Tj ET Q q 0 0 0 rg BT 93.52 456.75 Td (its ) Tj ET Q q 0 0 0 rg BT 105.84 456.75 Td (common ) Tj ET Q q 0 0 0 rg BT 143.72 456.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 167.70 456.75 Td (are ) Tj ET Q q 0 0 0 rg BT 182.78 456.75 Td (entitled ) Tj ET Q q 0 0 0 rg BT 215.65 456.75 Td (to ) Tj ET Q q 0 0 0 rg BT 226.30 456.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 258.04 456.75 Td (ratably ) Tj ET Q q 0 0 0 rg BT 288.68 456.75 Td (such ) Tj ET Q q 0 0 0 rg BT 309.89 456.75 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 354.15 456.75 Td (if ) Tj ET Q q 0 0 0 rg BT 363.13 456.75 Td (any) Tj ET Q q 0 0 0 rg BT 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283.10 444.75 Td (legally ) Tj ET Q q 0 0 0 rg BT 313.65 444.75 Td (available ) Tj ET Q q 0 0 0 rg BT 353.07 444.75 Td (for ) Tj ET Q q 0 0 0 rg BT 368.06 444.75 Td (that ) Tj ET Q q 0 0 0 rg BT 386.39 444.75 Td (purpose. ) Tj ET Q q 0 0 0 rg BT 423.89 444.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 448.33 444.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 459.81 444.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 479.24 444.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 527.57 444.75 Td (does ) Tj ET Q q 0 0 0 rg BT 549.24 444.75 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 88.59 432.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 105.53 432.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 125.80 432.75 Td (dividends ) Tj ET Q q 0 0 0 rg BT 167.19 432.75 Td (on ) Tj ET Q q 0 0 0 rg BT 179.69 432.75 Td (its ) Tj ET Q q 0 0 0 rg BT 191.64 432.75 Td (common ) Tj ET Q q 0 0 0 rg BT 229.13 432.75 Td (stock. ) Tj ET Q q 0 0 0 rg BT 254.69 432.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 304.59 432.75 Td (, ) Tj ET Q q 0 0 0 rg BT 309.59 432.75 Td (there ) Tj ET Q q 0 0 0 rg BT 332.08 432.75 Td (are ) Tj ET Q q 0 0 0 rg BT 346.78 432.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 384.28 432.75 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 431.21 432.75 Td (as ) Tj ET Q q 0 0 0 rg BT 442.04 432.75 Td (set ) Tj ET Q q 0 0 0 rg BT 455.65 432.75 Td (forth ) Tj ET Q q 0 0 0 rg BT 477.59 432.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.87 432.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 509.80 432.75 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.80 432.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.78 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.45 408.75 Td (event ) Tj ET Q q 0 0 0 rg BT 99.56 408.75 Td (that ) Tj ET Q q 0 0 0 rg BT 117.00 408.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 140.56 408.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 152.04 408.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 170.59 408.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 218.04 408.75 Td (is ) Tj ET Q q 0 0 0 rg BT 227.16 408.75 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 269.60 408.75 Td (or ) Tj ET Q q 0 0 0 rg BT 280.38 408.75 Td (dissolved, ) Tj ET Q q 0 0 0 rg BT 323.11 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 337.78 408.75 Td (holders ) Tj ET Q q 0 0 0 rg BT 369.67 408.75 Td (of ) Tj ET Q q 0 0 0 rg BT 380.45 408.75 Td (its ) Tj ET Q q 0 0 0 rg BT 392.35 408.75 Td (common ) Tj ET Q q 0 0 0 rg BT 429.79 408.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 453.35 408.75 Td (are ) Tj ET Q q 0 0 0 rg BT 468.01 408.75 Td (entitled ) Tj ET Q q 0 0 0 rg BT 500.45 408.75 Td (to ) Tj ET Q q 0 0 0 rg BT 510.68 408.75 Td (share ) Tj ET Q q 0 0 0 rg BT 534.23 408.75 Td (ratably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.67 396.75 Td (all ) Tj ET Q q 0 0 0 rg BT 73.56 396.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 99.78 396.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 143.21 396.75 Td (after ) Tj ET Q q 0 0 0 rg BT 164.42 396.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 201.75 396.75 Td (of ) Tj ET Q q 0 0 0 rg BT 212.97 396.75 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 255.58 396.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 286.80 396.75 Td (to ) Tj ET Q q 0 0 0 rg BT 297.47 396.75 Td (any ) Tj ET Q q 0 0 0 rg BT 314.80 396.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 337.13 396.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 386.13 396.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 411.80 396.75 Td (of ) Tj ET Q q 0 0 0 rg BT 423.02 396.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 447.03 396.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 458.50 396.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 477.50 396.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 525.38 396.75 Td (preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.75 Td (stock, ) Tj ET Q q 0 0 0 rg BT 77.06 384.75 Td (if ) Tj ET Q q 0 0 0 rg BT 86.62 384.75 Td (any) Tj ET Q q 0 0 0 rg BT 100.41 384.75 Td (, ) Tj ET Q q 0 0 0 rg BT 106.37 384.75 Td (then ) Tj ET Q q 0 0 0 rg BT 127.04 384.75 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 179.66 384.75 Td (Currently) Tj ET Q q 0 0 0 rg BT 217.33 384.75 Td (, ) Tj ET Q q 0 0 0 rg BT 223.29 384.75 Td (there ) Tj ET Q q 0 0 0 rg BT 246.72 384.75 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.85 384.75 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.85 384.75 Td ( ) Tj ET Q q 0 0 0 rg BT 270.30 384.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 320.42 384.75 Td (preferred ) Tj ET Q q 0 0 0 rg BT 360.51 384.75 Td (stock. ) Tj ET Q q 0 0 0 rg BT 387.32 384.75 Td (The ) Tj ET Q q 0 0 0 rg BT 406.32 384.75 Td (holders ) Tj ET Q q 0 0 0 rg BT 439.21 384.75 Td (of ) Tj ET Q q 0 0 0 rg BT 451.00 384.75 Td (the ) Tj ET Q q 0 0 0 rg BT 466.67 384.75 Td (common ) Tj ET Q q 0 0 0 rg BT 505.12 384.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 529.68 384.75 Td (have ) Tj ET Q q 0 0 0 rg BT 552.01 384.75 Td (no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.75 Td (preemptive ) Tj ET Q q 0 0 0 rg BT 98.01 372.75 Td (or ) Tj ET Q q 0 0 0 rg BT 109.37 372.75 Td (conversion ) Tj ET Q q 0 0 0 rg BT 156.28 372.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 182.08 372.75 Td (or ) Tj ET Q q 0 0 0 rg BT 193.44 372.75 Td (other ) Tj ET Q q 0 0 0 rg BT 217.02 372.75 Td (subscription ) Tj ET Q q 0 0 0 rg BT 268.94 372.75 Td (rights. ) Tj ET Q q 0 0 0 rg BT 297.03 372.75 Td (There ) Tj ET Q q 0 0 0 rg BT 323.37 372.75 Td (are ) Tj ET Q q 0 0 0 rg BT 338.61 372.75 Td (no ) Tj ET Q q 0 0 0 rg BT 351.64 372.75 Td (redemption ) Tj ET Q q 0 0 0 rg BT 400.21 372.75 Td (or ) Tj ET Q q 0 0 0 rg BT 411.57 372.75 Td (sinking ) Tj ET Q q 0 0 0 rg BT 444.05 372.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 465.41 372.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 510.11 372.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 554.23 372.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 73.61 360.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 85.09 360.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 103.69 360.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 151.18 360.75 Td (common ) Tj ET Q q 0 0 0 rg BT 188.68 360.75 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.75 Td (During ) Tj ET Q q 0 0 0 rg BT 81.11 336.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.10 336.75 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.31 336.75 Td ( ) Tj ET Q q 0 0 0 rg BT 116.08 336.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 142.73 336.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 201.59 336.75 Td (2013, ) Tj ET Q q 0 0 0 rg BT 226.87 336.75 Td (the ) Tj ET Q q 0 0 0 rg BT 241.86 336.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 283.53 336.75 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.61 336.75 Td (1,719,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.61 336.75 Td ( ) Tj ET Q q 0 0 0 rg BT 377.38 336.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 405.15 336.75 Td (at ) Tj ET Q q 0 0 0 rg BT 415.14 336.75 Td (an ) Tj ET Q q 0 0 0 rg BT 427.36 336.75 Td (average ) Tj ET Q q 0 0 0 rg BT 461.22 336.75 Td (price ) Tj ET Q q 0 0 0 rg BT 483.98 336.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.08 336.75 Td ($32.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.58 336.75 Td ( ) Tj ET Q q 0 0 0 rg BT 525.36 336.75 Td (per ) Tj ET Q q 0 0 0 rg BT 540.90 336.75 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.75 Td (for ) Tj ET Q q 0 0 0 rg BT 63.77 324.75 Td (an ) Tj ET Q q 0 0 0 rg BT 75.32 324.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 116.29 324.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 153.94 324.75 Td (price ) Tj ET Q q 0 0 0 rg BT 176.03 324.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.47 324.75 Td ($55.9 ) Tj ET Q q 0 0 0 rg BT 211.08 324.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.97 324.75 Td (. ) Tj ET Q q 0 0 0 rg BT 244.58 324.75 Td (During ) Tj ET Q q 0 0 0 rg BT 275.02 324.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.35 324.75 Td (year ) Tj ET Q q 0 0 0 rg BT 308.66 324.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 334.65 324.75 Td (December ) Tj ET Q q 0 0 0 rg BT 377.84 324.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 392.45 324.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 417.06 324.75 Td (the ) Tj ET Q q 0 0 0 rg BT 431.39 324.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 472.38 324.75 Td (did ) Tj ET Q q 0 0 0 rg BT 487.27 324.75 Td (not ) Tj ET Q q 0 0 0 rg BT 502.16 324.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 547.57 324.75 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.49 312.75 Td (of ) Tj ET Q q 0 0 0 rg BT 88.32 312.75 Td (the ) Tj ET Q q 0 0 0 rg BT 103.04 312.75 Td (Company) Tj ET Q q 0 0 0 rg BT 144.70 312.75 Td (s ) Tj ET Q q 0 0 0 rg BT 151.09 312.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 200.26 312.75 Td (common ) Tj ET Q q 0 0 0 rg BT 237.75 312.75 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.26 288.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 88.68 288.75 Td (October1, ) Tj ET Q q 0 0 0 rg BT 133.11 288.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 157.83 288.75 Td (the ) Tj ET Q q 0 0 0 rg BT 172.27 288.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 219.07 288.75 Td (board ) Tj ET Q q 0 0 0 rg BT 244.06 288.75 Td (of ) Tj ET Q q 0 0 0 rg BT 254.61 288.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 291.81 288.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 336.24 288.75 Td (the ) Tj ET Q q 0 0 0 rg BT 350.67 288.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 396.20 288.75 Td (of ) Tj ET Q q 0 0 0 rg BT 406.75 288.75 Td (up ) Tj ET Q q 0 0 0 rg BT 418.97 288.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.97 288.75 Td ($100.0 ) Tj ET Q q 0 0 0 rg BT 458.69 288.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.58 288.75 Td ( ) Tj ET Q q 0 0 0 rg BT 489.80 288.75 Td (in ) Tj ET Q q 0 0 0 rg BT 499.80 288.75 Td (common ) Tj ET Q q 0 0 0 rg BT 537.02 288.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 564.51 288.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.75 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.59 276.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 143.84 276.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.84 276.75 Td (. ) Tj ET Q q 0 0 0 rg BT 168.82 276.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 178.08 276.75 Td (fective ) Tj ET Q q 0 0 0 rg BT 207.21 276.75 Td (August ) Tj ET Q q 0 0 0 rg BT 238.59 276.75 Td (14, ) Tj ET Q q 0 0 0 rg BT 253.57 276.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 278.55 276.75 Td (the ) Tj ET Q q 0 0 0 rg BT 293.25 276.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 340.31 276.75 Td (board ) Tj ET Q q 0 0 0 rg BT 365.56 276.75 Td (of ) Tj ET Q q 0 0 0 rg BT 376.37 276.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 413.84 276.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 458.52 276.75 Td (the ) Tj ET Q q 0 0 0 rg BT 473.22 276.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 519.01 276.75 Td (of ) Tj ET Q q 0 0 0 rg BT 529.82 276.75 Td (up ) Tj ET Q q 0 0 0 rg BT 542.30 276.75 Td (to ) Tj ET Q q 0 0 0 rg BT 552.56 276.75 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.75 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.56 264.75 Td ($150.0 ) Tj ET Q q 0 0 0 rg BT 120.64 264.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.53 264.75 Td ( ) Tj ET Q q 0 0 0 rg BT 151.10 264.75 Td (in ) Tj ET Q q 0 0 0 rg BT 160.46 264.75 Td (common ) Tj ET Q q 0 0 0 rg BT 197.02 264.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 223.59 264.75 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.27 264.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 315.61 264.75 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.61 264.75 Td (. ) Tj ET Q q 0 0 0 rg BT 339.68 264.75 Td (During ) Tj ET Q q 0 0 0 rg BT 369.58 264.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.38 264.75 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.58 264.75 Td ( ) Tj ET Q q 0 0 0 rg BT 402.16 264.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.61 264.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 485.26 264.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.26 264.75 Td (, ) Tj ET Q q 0 0 0 rg BT 509.34 264.75 Td (the ) Tj ET Q q 0 0 0 rg BT 523.13 264.75 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.75 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.63 252.75 Td (2,459,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.63 252.75 Td ( ) Tj ET Q q 0 0 0 rg BT 142.95 252.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 170.27 252.75 Td (at ) Tj ET Q q 0 0 0 rg BT 179.81 252.75 Td (an ) Tj ET Q q 0 0 0 rg BT 191.57 252.75 Td (average ) Tj ET Q q 0 0 0 rg BT 224.98 252.75 Td (price ) Tj ET Q q 0 0 0 rg BT 247.29 252.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.94 252.75 Td ($48.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.44 252.75 Td ( ) Tj ET Q q 0 0 0 rg BT 287.77 252.75 Td (per ) Tj ET Q q 0 0 0 rg BT 302.86 252.75 Td (share ) Tj ET Q q 0 0 0 rg BT 326.28 252.75 Td (for ) Tj ET Q q 0 0 0 rg BT 340.27 252.75 Td (an ) Tj ET Q q 0 0 0 rg BT 352.03 252.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 393.22 252.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 431.08 252.75 Td (price ) Tj ET Q q 0 0 0 rg BT 453.39 252.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.04 252.75 Td ($1) Tj ET Q q 0 0 0 rg BT 473.67 252.75 Td (18.5 ) Tj ET Q q 0 0 0 rg BT 493.50 252.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.39 252.75 Td ( ) Tj ET Q q 0 0 0 rg BT 524.71 252.75 Td (related ) Tj ET Q q 0 0 0 rg BT 554.24 252.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.75 Td (these ) Tj ET Q q 0 0 0 rg BT 73.05 240.75 Td (authorizations. ) Tj ET Q q 0 0 0 rg BT 134.52 240.75 Td (The ) Tj ET Q q 0 0 0 rg BT 152.56 240.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 193.95 240.75 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.78 240.75 Td ($131.5 ) Tj ET Q q 0 0 0 rg BT 239.78 240.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.67 240.75 Td ( ) Tj ET Q q 0 0 0 rg BT 271.17 240.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 314.21 240.75 Td (under ) Tj ET Q q 0 0 0 rg BT 339.48 240.75 Td (these ) Tj ET Q q 0 0 0 rg BT 362.53 240.75 Td (authorizations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.70 216.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.75 216.75 Td (also ) Tj ET Q q 0 0 0 rg BT 127.01 216.75 Td (purchases ) Tj ET Q q 0 0 0 rg BT 168.60 216.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 195.75 216.75 Td (of ) Tj ET Q q 0 0 0 rg BT 206.23 216.75 Td (common ) Tj ET Q q 0 0 0 rg BT 243.39 216.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 266.65 216.75 Td (from ) Tj ET Q q 0 0 0 rg BT 288.25 216.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 327.61 216.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 350.87 216.75 Td (award ) Tj ET Q q 0 0 0 rg BT 377.46 216.75 Td (recipients ) Tj ET Q q 0 0 0 rg BT 418.49 216.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 440.65 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 455.02 216.75 Td (award ) Tj ET Q q 0 0 0 rg BT 481.61 216.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 512.65 216.75 Td (as ) Tj ET Q q 0 0 0 rg BT 523.14 216.75 Td (recipients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.75 Td (sell ) Tj ET Q q 0 0 0 rg BT 66.62 204.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 94.34 204.75 Td (to ) Tj ET Q q 0 0 0 rg BT 104.86 204.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 127.02 204.75 Td (their ) Tj ET Q q 0 0 0 rg BT 148.08 204.75 Td (employment ) Tj ET Q q 0 0 0 rg BT 200.80 204.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 215.75 204.75 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 265.23 204.75 Td (The ) Tj ET Q q 0 0 0 rg BT 283.51 204.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 325.13 204.75 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.40 204.75 Td (281,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.90 204.75 Td ( ) Tj ET Q q 0 0 0 rg BT 403.64 204.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 431.36 204.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.43 204.75 Td ($14.5 ) Tj ET Q q 0 0 0 rg BT 467.66 204.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.55 204.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.78 204.75 Td (256,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.28 204.75 Td ( ) Tj ET Q q 0 0 0 rg BT 537.02 204.75 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.20 192.75 Td ($10.9 ) Tj ET Q q 0 0 0 rg BT 86.57 192.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.46 192.75 Td ( ) Tj ET Q q 0 0 0 rg BT 118.32 192.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.63 192.75 Td (386,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.13 192.75 Td ( ) Tj ET Q q 0 0 0 rg BT 171.00 192.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 198.86 192.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.05 192.75 Td ($15.5 ) Tj ET Q q 0 0 0 rg BT 235.42 192.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.31 192.75 Td ( ) Tj ET Q q 0 0 0 rg BT 267.18 192.75 Td (of ) Tj ET Q q 0 0 0 rg BT 278.38 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 293.46 192.75 Td (Company) Tj ET Q q 0 0 0 rg BT 335.13 192.75 Td (s ) Tj ET Q q 0 0 0 rg BT 341.89 192.75 Td (common ) Tj ET Q q 0 0 0 rg BT 379.75 192.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 403.73 192.75 Td (for ) Tj ET Q q 0 0 0 rg BT 418.25 192.75 Td (this ) Tj ET Q q 0 0 0 rg BT 435.57 192.75 Td (purpose ) Tj ET Q q 0 0 0 rg BT 470.10 192.75 Td (during ) Tj ET Q q 0 0 0 rg BT 499.07 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 514.16 192.75 Td (years ) Tj ET Q q 0 0 0 rg BT 538.13 192.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.58 180.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 180.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.58 180.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.58 180.75 Td ( ) Tj ET Q q 0 0 0 rg BT 156.08 180.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.02 180.75 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.02 180.75 Td (, ) Tj ET Q q 0 0 0 rg BT 198.02 180.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 245.68 180.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.39 156.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.11 156.75 Td (issues ) Tj ET Q q 0 0 0 rg BT 133.84 156.75 Td (common ) Tj ET Q q 0 0 0 rg BT 170.67 156.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 197.50 156.75 Td (out ) Tj ET Q q 0 0 0 rg BT 212.12 156.75 Td (of ) Tj ET Q q 0 0 0 rg BT 222.29 156.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 256.33 156.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 279.28 156.75 Td (as ) Tj ET Q q 0 0 0 rg BT 289.45 156.75 Td (a ) Tj ET Q q 0 0 0 rg BT 295.73 156.75 Td (result ) Tj ET Q q 0 0 0 rg BT 319.78 156.75 Td (of ) Tj ET Q q 0 0 0 rg BT 329.95 156.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 370.66 156.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 409.70 156.75 Td (share ) Tj ET Q q 0 0 0 rg BT 432.64 156.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 463.36 156.75 Td (and ) Tj ET Q q 0 0 0 rg BT 479.64 156.75 Td (exercise ) Tj ET Q q 0 0 0 rg BT 514.23 156.75 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.75 Td (as ) Tj ET Q q 0 0 0 rg BT 60.22 144.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 100.45 144.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.12 144.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 131.46 144.75 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.46 144.75 Td (. ) Tj ET Q q 0 0 0 rg BT 145.85 144.75 Td (During ) Tj ET Q q 0 0 0 rg BT 176.07 144.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.19 144.75 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.28 144.75 Td ( ) Tj ET Q q 0 0 0 rg BT 213.18 144.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.95 144.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 296.93 144.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.93 144.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.32 144.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.32 144.75 Td ( ) Tj ET Q q 0 0 0 rg BT 343.22 144.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.55 144.75 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.55 144.75 Td (, ) Tj ET Q q 0 0 0 rg BT 383.95 144.75 Td (the ) Tj ET Q q 0 0 0 rg BT 398.06 144.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 438.84 144.75 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.73 144.75 Td (503,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.23 144.75 Td ( ) Tj ET Q q 0 0 0 rg BT 500.13 144.75 Td (shares, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.51 144.75 Td (774,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.01 144.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 78.01 132.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.47 132.75 Td (786,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.97 132.75 Td ( ) Tj ET Q q 0 0 0 rg BT 130.99 132.75 Td (shares, ) Tj ET Q q 0 0 0 rg BT 161.50 132.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 209.16 132.75 Td (, ) Tj ET Q q 0 0 0 rg BT 214.68 132.75 Td (related ) Tj ET Q q 0 0 0 rg BT 244.90 132.75 Td (to ) Tj ET Q q 0 0 0 rg BT 255.69 132.75 Td (these ) Tj ET Q q 0 0 0 rg BT 279.26 132.75 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 329.00 132.75 Td (The ) Tj ET Q q 0 0 0 rg BT 347.57 132.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 389.48 132.75 Td (also ) Tj ET Q q 0 0 0 rg BT 408.60 132.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 436.62 132.75 Td (common ) Tj ET Q q 0 0 0 rg BT 474.64 132.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 502.65 132.75 Td (out ) Tj ET Q q 0 0 0 rg BT 518.44 132.75 Td (of ) Tj ET Q q 0 0 0 rg BT 529.79 132.75 Td (treasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.66 120.75 Td (related ) Tj ET Q q 0 0 0 rg BT 103.41 120.75 Td (to ) Tj ET Q q 0 0 0 rg BT 113.74 120.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 160.73 120.75 Td (under ) Tj ET Q q 0 0 0 rg BT 186.04 120.75 Td (the ) Tj ET Q q 0 0 0 rg BT 200.81 120.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 224.47 120.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 235.95 120.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 254.59 120.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 302.14 120.75 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 349.12 120.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 369.44 120.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 387.54 120.75 Td ("Retirement ) Tj ET Q q 0 0 0 rg BT 438.60 120.75 Td (Plan"\). ) Tj ET Q q 0 0 0 rg BT 468.84 120.75 Td (During ) Tj ET Q q 0 0 0 rg BT 499.72 120.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.48 120.75 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.58 120.75 Td ( ) Tj ET Q q 0 0 0 rg BT 538.13 120.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.10 108.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.10 108.75 Td ( ) Tj ET Q q 0 0 0 rg BT 130.13 108.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.58 108.75 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.58 108.75 Td (, ) Tj ET Q q 0 0 0 rg BT 171.10 108.75 Td (the ) Tj ET Q q 0 0 0 rg BT 185.34 108.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 226.25 108.75 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.27 108.75 Td (103,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.77 108.75 Td ( ) Tj ET Q q 0 0 0 rg BT 287.79 108.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 314.80 108.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.15 108.75 Td ($4.2 ) Tj ET Q q 0 0 0 rg BT 344.67 108.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.56 108.75 Td ( ) Tj ET Q q 0 0 0 rg BT 375.58 108.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.04 108.75 Td (96,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.54 108.75 Td ( ) Tj ET Q q 0 0 0 rg BT 421.56 108.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 448.57 108.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.92 108.75 Td ($3.9 ) Tj ET Q q 0 0 0 rg BT 478.45 108.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.34 108.75 Td (, ) Tj ET Q q 0 0 0 rg BT 511.86 108.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 559.52 108.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.75 Td (out ) Tj ET Q q 0 0 0 rg BT 65.28 96.75 Td (of ) Tj ET Q q 0 0 0 rg BT 76.11 96.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 110.82 96.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 134.42 96.75 Td (in ) Tj ET Q q 0 0 0 rg BT 144.70 96.75 Td (fulfillment ) Tj ET Q q 0 0 0 rg BT 189.97 96.75 Td (of ) Tj ET Q q 0 0 0 rg BT 200.80 96.75 Td (these ) Tj ET Q q 0 0 0 rg BT 223.85 96.75 Td (obligations.) 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 50.00 708.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 708.25 Td (eferr) Tj ET Q q 0 0 0 rg BT 81.27 708.25 Td (ed Stock) 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 67.08 684.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 89.72 684.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 101.20 684.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 118.83 684.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 165.36 684.25 Td (board ) Tj ET Q q 0 0 0 rg BT 189.66 684.25 Td (of ) Tj ET Q q 0 0 0 rg BT 199.52 684.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 236.04 684.25 Td (has ) Tj ET Q q 0 0 0 rg BT 250.90 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.65 684.25 Td (authority) Tj ET Q q 0 0 0 rg BT 300.10 684.25 Td (, ) Tj ET Q q 0 0 0 rg BT 304.14 684.25 Td (without ) Tj ET Q q 0 0 0 rg BT 336.22 684.25 Td (action ) Tj ET Q q 0 0 0 rg BT 362.19 684.25 Td (by ) Tj ET Q q 0 0 0 rg BT 373.72 684.25 Td (its ) Tj ET Q q 0 0 0 rg BT 384.70 684.25 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 439.27 684.25 Td (to ) Tj ET Q q 0 0 0 rg BT 448.58 684.25 Td (designate ) Tj ET Q q 0 0 0 rg BT 487.88 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 503.85 684.25 Td (issue ) Tj ET Q q 0 0 0 rg BT 525.38 684.25 Td (preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.81 672.25 Td (in ) Tj ET Q q 0 0 0 rg BT 84.29 672.25 Td (one ) Tj ET Q q 0 0 0 rg BT 101.43 672.25 Td (or ) Tj ET Q q 0 0 0 rg BT 112.46 672.25 Td (more ) Tj ET Q q 0 0 0 rg BT 135.71 672.25 Td (series ) Tj ET Q q 0 0 0 rg BT 161.18 672.25 Td (and ) Tj ET Q q 0 0 0 rg BT 178.32 672.25 Td (to ) Tj ET Q q 0 0 0 rg BT 188.80 672.25 Td (designate ) Tj ET Q q 0 0 0 rg BT 229.27 672.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.18 672.25 Td (rights, ) Tj ET Q q 0 0 0 rg BT 272.16 672.25 Td (preferences ) Tj ET Q q 0 0 0 rg BT 320.94 672.25 Td (and ) Tj ET Q q 0 0 0 rg BT 338.08 672.25 Td (privileges ) Tj ET Q q 0 0 0 rg BT 380.22 672.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.25 672.25 Td (each ) Tj ET Q q 0 0 0 rg BT 412.26 672.25 Td (series, ) Tj ET Q q 0 0 0 rg BT 440.23 672.25 Td (which ) Tj ET Q q 0 0 0 rg BT 467.38 672.25 Td (may ) Tj ET Q q 0 0 0 rg BT 487.29 672.25 Td (be ) Tj ET Q q 0 0 0 rg BT 499.43 672.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 529.89 672.25 Td (than ) Tj ET Q q 0 0 0 rg BT 549.81 672.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 74.87 660.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 118.06 660.25 Td (with ) Tj ET Q q 0 0 0 rg BT 137.93 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.25 660.25 Td (common ) Tj ET Q q 0 0 0 rg BT 189.34 660.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 215.04 660.25 Td (It ) Tj ET Q q 0 0 0 rg BT 223.24 660.25 Td (is ) Tj ET Q q 0 0 0 rg BT 232.01 660.25 Td (not ) Tj ET Q q 0 0 0 rg BT 246.88 660.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 281.75 660.25 Td (to ) Tj ET Q q 0 0 0 rg BT 291.63 660.25 Td (state ) Tj ET Q q 0 0 0 rg BT 312.05 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.36 660.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 352.32 660.25 Td (ef) Tj ET Q q 0 0 0 rg BT 359.91 660.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 376.99 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.42 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.73 660.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 437.70 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 448.13 660.25 Td (any ) Tj ET Q q 0 0 0 rg BT 464.66 660.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 491.74 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.17 660.25 Td (preferred ) Tj ET Q q 0 0 0 rg BT 540.90 660.25 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 72.31 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 86.84 648.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 111.92 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 122.56 648.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 154.31 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 164.95 648.25 Td (common ) Tj ET Q q 0 0 0 rg BT 202.26 648.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 225.67 648.25 Td (until ) Tj ET Q q 0 0 0 rg BT 246.32 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.84 648.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 284.26 648.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 295.74 648.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 314.15 648.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 361.46 648.25 Td (board ) Tj ET Q q 0 0 0 rg BT 386.53 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 397.17 648.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 434.47 648.25 Td (determines ) Tj ET Q q 0 0 0 rg BT 480.65 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.18 648.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 528.58 648.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 553.67 648.25 Td (of ) 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 64.53 636.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 96.28 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.92 636.25 Td (preferred ) Tj ET Q q 0 0 0 rg BT 145.87 636.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 171.78 636.25 Td (However) Tj ET Q q 0 0 0 rg BT 208.03 636.25 Td (, ) Tj ET Q q 0 0 0 rg BT 212.85 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.37 636.25 Td (ef) Tj ET Q q 0 0 0 rg BT 234.96 636.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 256.15 636.25 Td (might ) Tj ET Q q 0 0 0 rg BT 281.80 636.25 Td (include, ) Tj ET Q q 0 0 0 rg BT 316.04 636.25 Td (among ) Tj ET Q q 0 0 0 rg BT 345.57 636.25 Td (other ) Tj ET Q q 0 0 0 rg BT 368.43 636.25 Td (things, ) Tj ET Q q 0 0 0 rg BT 397.69 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 412.21 636.25 Td (following: ) Tj ET Q q 0 0 0 rg BT 456.19 636.25 Td (restricting ) Tj ET Q q 0 0 0 rg BT 499.04 636.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 540.24 636.25 Td (on ) Tj ET Q q 0 0 0 rg BT 552.55 636.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (common ) Tj ET Q q 0 0 0 rg BT 87.27 624.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 113.15 624.25 Td (diluting ) Tj ET Q q 0 0 0 rg BT 146.54 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 161.03 624.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 188.85 624.25 Td (power ) Tj ET Q q 0 0 0 rg BT 216.12 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.72 624.25 Td (its ) Tj ET Q q 0 0 0 rg BT 238.44 624.25 Td (common ) Tj ET Q q 0 0 0 rg BT 275.71 624.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 301.59 624.25 Td (impairing ) Tj ET Q q 0 0 0 rg BT 342.75 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 357.24 624.25 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 402.84 624.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 427.89 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 438.49 624.25 Td (its ) Tj ET Q q 0 0 0 rg BT 450.21 624.25 Td (common ) Tj ET Q q 0 0 0 rg BT 487.48 624.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 510.86 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 527.58 624.25 Td (delaying ) 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 60.83 612.25 Td (preventing ) Tj ET Q q 0 0 0 rg BT 106.09 612.25 Td (a ) Tj ET Q q 0 0 0 rg BT 113.03 612.25 Td (change ) Tj ET Q q 0 0 0 rg BT 143.85 612.25 Td (in ) Tj ET Q q 0 0 0 rg BT 154.13 612.25 Td (control ) Tj ET Q q 0 0 0 rg BT 184.95 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.78 612.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 219.39 612.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 230.87 612.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 249.47 612.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 296.96 612.25 Td (without ) Tj ET Q q 0 0 0 rg BT 330.02 612.25 Td (further ) Tj ET Q q 0 0 0 rg BT 359.73 612.25 Td (action ) Tj ET Q q 0 0 0 rg BT 386.66 612.25 Td (by ) Tj ET Q q 0 0 0 rg BT 399.16 612.25 Td (its ) Tj ET Q q 0 0 0 rg BT 411.11 612.25 Td (shareholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 90.37 588.25 Td (olling Inter) Tj ET Q q 0 0 0 rg BT 138.25 588.25 Td (ests) 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 68.14 564.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 121.27 564.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.85 564.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 203.65 564.25 Td (include ) Tj ET Q q 0 0 0 rg BT 235.68 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 250.49 564.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 288.07 564.25 Td (of ) Tj ET Q q 0 0 0 rg BT 298.99 564.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 322.69 564.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 334.17 564.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 352.86 564.25 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 402.95 564.25 Td (its ) Tj ET Q q 0 0 0 rg BT 414.99 564.25 Td (wholly ) Tj ET Q q 0 0 0 rg BT 445.36 564.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 474.61 564.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 524.42 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 541.46 564.25 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 80.35 552.25 Td (in ) Tj ET Q q 0 0 0 rg BT 89.60 552.25 Td (which ) Tj ET Q q 0 0 0 rg BT 115.51 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.19 552.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 169.55 552.25 Td (has ) Tj ET Q q 0 0 0 rg BT 184.35 552.25 Td (a ) Tj ET Q q 0 0 0 rg BT 190.26 552.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 235.61 552.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 272.06 552.25 Td (interest. ) Tj ET Q q 0 0 0 rg BT 305.46 552.25 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 368.04 552.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 402.83 552.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 440.95 552.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.41 552.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 502.21 552.25 Td (in ) Tj ET Q q 0 0 0 rg BT 511.46 552.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 82.21 540.25 Td (that ) Tj ET Q q 0 0 0 rg BT 100.54 540.25 Td (are ) Tj ET Q q 0 0 0 rg BT 116.07 540.25 Td (not ) Tj ET Q q 0 0 0 rg BT 132.18 540.25 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 183.54 540.25 Td (either ) Tj ET Q q 0 0 0 rg BT 209.64 540.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 243.51 540.25 Td (or ) Tj ET Q q 0 0 0 rg BT 255.17 540.25 Td (indirectly) Tj ET Q q 0 0 0 rg BT 292.84 540.25 Td (, ) Tj ET Q q 0 0 0 rg BT 298.67 540.25 Td (to ) Tj ET Q q 0 0 0 rg BT 309.78 540.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 334.21 540.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 345.69 540.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 365.12 540.25 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 415.94 540.25 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 480.38 540.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 517.03 540.25 Td (include ) Tj ET Q q 0 0 0 rg BT 549.79 540.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.25 Td (minority ) Tj ET Q q 0 0 0 rg BT 86.08 528.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 112.72 528.25 Td (holders) Tj ET Q q 0 0 0 rg BT 144.75 528.25 Td ( ) Tj ET Q q 0 0 0 rg BT 146.39 528.25 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 201.90 528.25 Td (share ) Tj ET Q q 0 0 0 rg BT 224.64 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 234.61 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.47 528.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 275.10 528.25 Td (in ) Tj ET Q q 0 0 0 rg BT 284.52 528.25 Td (a ) Tj ET Q q 0 0 0 rg BT 290.60 528.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 332.23 528.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 353.87 528.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 373.84 528.25 Td (with ) Tj ET Q q 0 0 0 rg BT 393.26 528.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 423.23 528.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 463.75 528.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 501.49 528.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.46 528.25 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 530.61 528.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 528.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.25 Td (a ) Tj ET Q q 0 0 0 rg BT 57.23 516.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 97.22 516.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 132.23 516.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 153.35 516.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.47 516.25 Td ($31.8 ) Tj ET Q q 0 0 0 rg BT 189.75 516.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.65 516.25 Td ( ) Tj ET Q q 0 0 0 rg BT 221.44 516.25 Td (and ) Tj ET Q q 0 0 0 rg BT 238.66 516.25 Td (private ) Tj ET Q q 0 0 0 rg BT 269.22 516.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 315.89 516.25 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 351.44 516.25 Td (aggregating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.43 516.25 Td ($10.4 ) Tj ET Q q 0 0 0 rg BT 426.72 516.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.61 516.25 Td ( ) Tj ET Q q 0 0 0 rg BT 458.40 516.25 Td (as ) Tj ET Q q 0 0 0 rg BT 469.52 516.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.64 516.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 539.52 516.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.52 516.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.25 Td (As ) Tj ET Q q 0 0 0 rg BT 64.11 504.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.43 504.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.51 504.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.51 504.25 Td (, ) Tj ET Q q 0 0 0 rg BT 160.01 504.25 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 221.89 504.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 258.21 504.25 Td (included ) Tj ET Q q 0 0 0 rg BT 295.64 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 310.85 504.25 Td (minority ) Tj ET Q q 0 0 0 rg BT 348.29 504.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 376.28 504.25 Td (holders) Tj ET Q q 0 0 0 rg BT 408.31 504.25 Td ( ) Tj ET Q q 0 0 0 rg BT 411.30 504.25 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 468.17 504.25 Td (share ) Tj ET Q q 0 0 0 rg BT 492.26 504.25 Td (of ) Tj ET Q q 0 0 0 rg BT 503.59 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.80 504.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 546.79 504.25 Td (in ) Tj ET Q q 0 0 0 rg BT 557.57 504.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 92.55 492.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 115.11 492.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 136.00 492.25 Td (with ) Tj ET Q q 0 0 0 rg BT 156.34 492.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 187.79 492.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 226.45 492.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.34 492.25 Td ($1) Tj ET Q q 0 0 0 rg BT 246.97 492.25 Td (17.0 ) Tj ET Q q 0 0 0 rg BT 267.03 492.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.92 492.25 Td (, ) Tj ET Q q 0 0 0 rg BT 300.98 492.25 Td (a ) Tj ET Q q 0 0 0 rg BT 307.98 492.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 347.75 492.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 382.52 492.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 403.41 492.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.30 492.25 Td ($24.7 ) Tj ET Q q 0 0 0 rg BT 439.36 492.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.25 492.25 Td ( ) Tj ET Q q 0 0 0 rg BT 470.81 492.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.81 492.25 Td (private ) Tj ET Q q 0 0 0 rg BT 518.14 492.25 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.25 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 86.42 480.25 Td (aggregating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.28 480.25 Td ($7.8 ) Tj ET Q q 0 0 0 rg BT 158.43 480.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.32 480.25 Td (. ) Tj ET Q q 0 0 0 rg BT 193.21 480.25 Td (The ) Tj ET Q q 0 0 0 rg BT 212.41 480.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 254.96 480.25 Td (closed ) Tj ET Q q 0 0 0 rg BT 284.16 480.25 Td (and ) Tj ET Q q 0 0 0 rg BT 302.25 480.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 347.56 480.25 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 394.54 480.25 Td (of ) Tj ET Q q 0 0 0 rg BT 406.53 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 422.40 480.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 466.04 480.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 489.70 480.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 511.68 480.25 Td (with ) Tj ET Q q 0 0 0 rg BT 533.11 480.25 Td (outside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 88.61 468.25 Td (in ) Tj ET Q q 0 0 0 rg BT 98.89 468.25 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.25 Td (Ownership ) Tj ET Q q 0 0 0 rg BT 96.72 444.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 132.89 444.25 Td (in ) Tj ET Q q 0 0 0 rg BT 143.51 444.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 175.23 444.25 Td (held ) Tj ET Q q 0 0 0 rg BT 195.29 444.25 Td (by ) Tj ET Q q 0 0 0 rg BT 208.13 444.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 237.63 444.25 Td (other ) Tj ET Q q 0 0 0 rg BT 261.02 444.25 Td (than ) Tj ET Q q 0 0 0 rg BT 281.08 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 296.14 444.25 Td (Company) Tj ET Q q 0 0 0 rg BT 337.80 444.25 Td (s ) Tj ET Q q 0 0 0 rg BT 344.54 444.25 Td (common ) Tj ET Q q 0 0 0 rg BT 382.37 444.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 435.75 444.25 Td (are ) Tj ET Q q 0 0 0 rg BT 450.80 444.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 491.96 444.25 Td (as ) Tj ET Q q 0 0 0 rg BT 503.13 444.25 Td (noncontrolling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 86.23 432.25 Td (within ) Tj ET Q q 0 0 0 rg BT 114.70 432.25 Td (shareholders) Tj ET Q q 0 0 0 rg BT 167.83 432.25 Td ( ) Tj ET Q q 0 0 0 rg BT 170.73 432.25 Td (equity) Tj ET Q q 0 0 0 rg BT 195.08 432.25 Td (, ) Tj ET Q q 0 0 0 rg BT 200.49 432.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 236.15 432.25 Td (from ) Tj ET Q q 0 0 0 rg BT 258.50 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.63 432.25 Td (Company) Tj ET Q q 0 0 0 rg BT 315.29 432.25 Td (s ) Tj ET Q q 0 0 0 rg BT 322.09 432.25 Td (own ) Tj ET Q q 0 0 0 rg BT 342.22 432.25 Td (equity) Tj ET Q q 0 0 0 rg BT 366.57 432.25 Td (. ) Tj ET Q q 0 0 0 rg BT 371.98 432.25 Td (Revenues, ) Tj ET Q q 0 0 0 rg BT 416.26 432.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 455.27 432.25 Td (and ) Tj ET Q q 0 0 0 rg BT 472.62 432.25 Td (net ) Tj ET Q q 0 0 0 rg BT 487.75 432.25 Td (income ) Tj ET Q q 0 0 0 rg BT 520.09 432.25 Td (or ) Tj ET Q q 0 0 0 rg BT 531.33 432.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 549.80 432.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 86.33 420.25 Td (on ) Tj ET Q q 0 0 0 rg BT 99.35 420.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.58 420.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 168.14 420.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 213.37 420.25 Td (of ) Tj ET Q q 0 0 0 rg BT 224.72 420.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 269.39 420.25 Td (on ) Tj ET Q q 0 0 0 rg BT 282.41 420.25 Td (a ) Tj ET Q q 0 0 0 rg BT 289.87 420.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 343.43 420.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 368.95 420.25 Td (which ) Tj ET Q q 0 0 0 rg BT 396.40 420.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 432.74 420.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 469.65 420.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 518.20 420.25 Td (to ) Tj ET Q q 0 0 0 rg BT 529.00 420.25 Td (both ) Tj ET Q q 0 0 0 rg BT 549.79 420.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 408.25 Td (s ) Tj ET Q q 0 0 0 rg BT 98.38 408.25 Td (common ) Tj ET Q q 0 0 0 rg BT 136.20 408.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 189.56 408.25 Td (and ) Tj ET Q q 0 0 0 rg BT 206.82 408.25 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 268.53 408.25 Td (interests. ) Tj ET Q q 0 0 0 rg BT 307.18 408.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 324.44 408.25 Td (income ) Tj ET Q q 0 0 0 rg BT 356.70 408.25 Td (or ) Tj ET Q q 0 0 0 rg BT 367.85 408.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 386.24 408.25 Td (is ) Tj ET Q q 0 0 0 rg BT 395.73 408.25 Td (then ) Tj ET Q q 0 0 0 rg BT 415.77 408.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 454.68 408.25 Td (between ) Tj ET Q q 0 0 0 rg BT 490.82 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 505.86 408.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 547.57 408.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.25 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 110.45 396.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 145.34 396.25 Td (based ) Tj ET Q q 0 0 0 rg BT 169.68 396.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 191.25 396.25 Td (their ) Tj ET Q q 0 0 0 rg BT 211.15 396.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 242.69 396.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 285.92 396.25 Td (interests. ) Tj ET Q q 0 0 0 rg BT 323.32 396.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 339.32 396.25 Td (income ) Tj ET Q q 0 0 0 rg BT 370.33 396.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 412.98 396.25 Td (to ) Tj ET Q q 0 0 0 rg BT 422.33 396.25 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 482.78 396.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 517.68 396.25 Td (is ) Tj ET Q q 0 0 0 rg BT 525.92 396.25 Td (deducted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (from ) Tj ET Q q 0 0 0 rg BT 71.75 384.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 124.60 384.25 Td (net ) Tj ET Q q 0 0 0 rg BT 139.13 384.25 Td (income ) Tj ET Q q 0 0 0 rg BT 170.88 384.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.96 384.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 223.26 384.25 Td (net ) Tj ET Q q 0 0 0 rg BT 237.78 384.25 Td (income ) Tj ET Q q 0 0 0 rg BT 269.53 384.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 312.93 384.25 Td (to ) Tj ET Q q 0 0 0 rg BT 323.02 384.25 Td (the ) Tj ET Q q 0 0 0 rg BT 337.55 384.25 Td (Company) Tj ET Q q 0 0 0 rg BT 375.78 384.25 Td (. ) Tj ET Q q 0 0 0 rg BT 380.43 384.25 Td (There ) Tj ET Q q 0 0 0 rg BT 406.05 384.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.92 384.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.92 384.25 Td ( ) Tj ET Q q 0 0 0 rg BT 436.23 384.25 Td (other ) Tj ET Q q 0 0 0 rg BT 459.08 384.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 521.93 384.25 Td (income ) Tj ET Q q 0 0 0 rg BT 553.67 384.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 68.06 372.25 Td (attributed ) Tj ET Q q 0 0 0 rg BT 108.88 372.25 Td (to ) Tj ET Q q 0 0 0 rg BT 119.16 372.25 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 180.54 372.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 216.37 372.25 Td (for ) Tj ET Q q 0 0 0 rg BT 230.53 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.24 372.25 Td (years ) Tj ET Q q 0 0 0 rg BT 268.84 372.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.22 372.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 353.80 372.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.80 372.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.80 372.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.80 372.25 Td ( ) Tj ET Q q 0 0 0 rg BT 401.30 372.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.24 372.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.24 372.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 348.25 Td (Note 21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 348.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 348.25 Td (Employee Benefit Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.01 348.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.09 324.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.02 324.25 Td (has ) Tj ET Q q 0 0 0 rg BT 126.39 324.25 Td (various ) Tj ET Q q 0 0 0 rg BT 158.88 324.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 200.79 324.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 231.60 324.25 Td (plans, ) Tj ET Q q 0 0 0 rg BT 258.25 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.73 324.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 329.33 324.25 Td (all ) Tj ET Q q 0 0 0 rg BT 342.37 324.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 388.17 324.25 Td (are ) Tj ET Q q 0 0 0 rg BT 403.42 324.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 438.11 324.25 Td (by ) Tj ET Q q 0 0 0 rg BT 451.16 324.25 Td (at ) Tj ET Q q 0 0 0 rg BT 461.42 324.25 Td (least ) Tj ET Q q 0 0 0 rg BT 482.79 324.25 Td (one ) Tj ET Q q 0 0 0 rg BT 500.27 324.25 Td (plan. ) Tj ET Q q 0 0 0 rg BT 522.81 324.25 Td (The ) Tj ET Q q 0 0 0 rg BT 541.40 324.25 Td (plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.25 Td (include ) Tj ET Q q 0 0 0 rg BT 80.77 312.25 Td (health ) Tj ET Q q 0 0 0 rg BT 107.05 312.25 Td (and ) Tj ET Q q 0 0 0 rg BT 123.33 312.25 Td (welfare ) Tj ET Q q 0 0 0 rg BT 155.14 312.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 178.09 312.25 Td (and ) Tj ET Q q 0 0 0 rg BT 194.37 312.25 Td (a ) Tj ET Q q 0 0 0 rg BT 200.65 312.25 Td (tax-qualified ) Tj ET Q q 0 0 0 rg BT 253.57 312.25 Td (retirement ) Tj ET Q q 0 0 0 rg BT 296.50 312.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 315.56 312.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 332.95 312.25 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 383.65 312.25 Td (Plan\). ) Tj ET Q q 0 0 0 rg BT 413.54 312.25 Td (During ) Tj ET Q q 0 0 0 rg BT 443.71 312.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.77 312.25 Td (years ) Tj ET Q q 0 0 0 rg BT 480.71 312.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.42 312.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 300.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.37 300.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.37 300.25 Td ( ) Tj ET Q q 0 0 0 rg BT 98.74 300.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.55 300.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.55 300.25 Td (, ) Tj ET Q q 0 0 0 rg BT 142.42 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.01 300.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 200.27 300.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 236.95 300.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 279.19 300.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 314.22 300.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 353.69 300.25 Td (from ) Tj ET Q q 0 0 0 rg BT 376.50 300.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 422.64 300.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 467.67 300.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.37 300.25 Td ($15.1 ) Tj ET Q q 0 0 0 rg BT 505.24 300.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.13 300.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 300.25 Td ($13.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 288.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.89 288.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.83 288.25 Td ($12.1 ) Tj ET Q q 0 0 0 rg BT 122.83 288.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.72 288.25 Td (, ) Tj ET Q q 0 0 0 rg BT 156.72 288.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 204.38 288.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 264.25 Td (Health and ) Tj ET Q q 0 0 0 rg BT 99.33 264.25 Td (W) Tj ET Q q 0 0 0 rg BT 108.78 264.25 Td (elfar) Tj ET Q q 0 0 0 rg BT 128.58 264.25 Td (e Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.44 240.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 135.25 240.25 Td (who ) Tj ET Q q 0 0 0 rg BT 154.52 240.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 176.00 240.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 205.26 240.25 Td (work ) Tj ET Q q 0 0 0 rg BT 227.86 240.25 Td (schedule ) Tj ET Q q 0 0 0 rg BT 264.89 240.25 Td (and ) Tj ET Q q 0 0 0 rg BT 281.38 240.25 Td (service ) Tj ET Q q 0 0 0 rg BT 311.75 240.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 366.00 240.25 Td (are ) Tj ET Q q 0 0 0 rg BT 380.26 240.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 412.30 240.25 Td (to ) Tj ET Q q 0 0 0 rg BT 422.12 240.25 Td (participate ) Tj ET Q q 0 0 0 rg BT 466.37 240.25 Td (in ) Tj ET Q q 0 0 0 rg BT 476.20 240.25 Td (the ) Tj ET Q q 0 0 0 rg BT 490.47 240.25 Td (Company) Tj ET Q q 0 0 0 rg BT 532.13 240.25 Td (s ) Tj ET Q q 0 0 0 rg BT 538.07 240.25 Td (health ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.83 228.25 Td (welfare ) Tj ET Q q 0 0 0 rg BT 99.70 228.25 Td (plans. ) Tj ET Q q 0 0 0 rg BT 125.99 228.25 Td (The ) Tj ET Q q 0 0 0 rg BT 144.42 228.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 186.20 228.25 Td (subsidizes ) Tj ET Q q 0 0 0 rg BT 230.20 228.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.31 228.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 264.31 228.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.53 228.25 Td (coverage ) Tj ET Q q 0 0 0 rg BT 314.50 228.25 Td (for ) Tj ET Q q 0 0 0 rg BT 329.05 228.25 Td (employees. ) Tj ET Q q 0 0 0 rg BT 377.00 228.25 Td (The ) Tj ET Q q 0 0 0 rg BT 395.43 228.25 Td (health ) Tj ET Q q 0 0 0 rg BT 422.76 228.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 446.76 228.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 479.08 228.25 Td (cost-sharing ) Tj ET Q q 0 0 0 rg BT 530.85 228.25 Td (features ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (such ) Tj ET Q q 0 0 0 rg BT 70.33 216.25 Td (as ) Tj ET Q q 0 0 0 rg BT 81.16 216.25 Td (deductibles ) Tj ET Q q 0 0 0 rg BT 129.20 216.25 Td (and ) Tj ET Q q 0 0 0 rg BT 146.14 216.25 Td (coinsurance.) 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 67.97 192.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.79 192.25 Td (is ) Tj ET Q q 0 0 0 rg BT 119.39 192.25 Td (self-insured ) Tj ET Q q 0 0 0 rg BT 169.52 192.25 Td (for ) Tj ET Q q 0 0 0 rg BT 184.11 192.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 210.93 192.25 Td (related ) Tj ET Q q 0 0 0 rg BT 241.06 192.25 Td (to ) Tj ET Q q 0 0 0 rg BT 251.76 192.25 Td (health ) Tj ET Q q 0 0 0 rg BT 279.12 192.25 Td (claims, ) Tj ET Q q 0 0 0 rg BT 310.65 192.25 Td (although ) Tj ET Q q 0 0 0 rg BT 348.57 192.25 Td (it ) Tj ET Q q 0 0 0 rg BT 357.06 192.25 Td (obtains ) Tj ET Q q 0 0 0 rg BT 388.87 192.25 Td (third ) Tj ET Q q 0 0 0 rg BT 410.69 192.25 Td (party ) Tj ET Q q 0 0 0 rg BT 434.16 192.25 Td (stop ) Tj ET Q q 0 0 0 rg BT 453.76 192.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 472.25 192.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 513.49 192.25 Td (coverage ) Tj ET Q q 0 0 0 rg BT 552.50 192.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (both ) Tj ET Q q 0 0 0 rg BT 70.34 180.25 Td (an ) Tj ET Q q 0 0 0 rg BT 82.83 180.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 126.45 180.25 Td (and ) Tj ET Q q 0 0 0 rg BT 143.94 180.25 Td (a ) Tj ET Q q 0 0 0 rg BT 151.44 180.25 Td (group ) Tj ET Q q 0 0 0 rg BT 177.83 180.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 198.11 180.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 223.67 180.25 Td (Self-insured ) Tj ET Q q 0 0 0 rg BT 275.60 180.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 315.88 180.25 Td (are ) Tj ET Q q 0 0 0 rg BT 331.14 180.25 Td (based ) Tj ET Q q 0 0 0 rg BT 356.97 180.25 Td (on ) Tj ET Q q 0 0 0 rg BT 370.03 180.25 Td (a ) Tj ET Q q 0 0 0 rg BT 377.53 180.25 Td (number ) Tj ET Q q 0 0 0 rg BT 411.13 180.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.52 180.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 455.29 180.25 Td (including ) Tj ET Q q 0 0 0 rg BT 496.12 180.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 536.39 180.25 Td (claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.25 Td (experience, ) Tj ET Q q 0 0 0 rg BT 97.84 168.25 Td (an ) Tj ET Q q 0 0 0 rg BT 109.81 168.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 145.67 168.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.54 168.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 185.18 168.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 221.03 168.25 Td (but ) Tj ET Q q 0 0 0 rg BT 236.34 168.25 Td (not ) Tj ET Q q 0 0 0 rg BT 251.66 168.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 287.51 168.25 Td (and ) Tj ET Q q 0 0 0 rg BT 304.49 168.25 Td (valuations ) Tj ET Q q 0 0 0 rg BT 348.13 168.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 386.21 168.25 Td (by ) Tj ET Q q 0 0 0 rg BT 398.75 168.25 Td (third ) Tj ET Q q 0 0 0 rg BT 420.17 168.25 Td (party ) Tj ET Q q 0 0 0 rg BT 443.25 168.25 Td (actuaries. ) Tj ET Q q 0 0 0 rg BT 483.82 168.25 Td (For ) Tj ET Q q 0 0 0 rg BT 500.25 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 515.00 168.25 Td (years ) Tj ET Q q 0 0 0 rg BT 538.64 168.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 107.54 156.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.54 156.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.99 156.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.99 156.25 Td ( ) Tj ET Q q 0 0 0 rg BT 153.94 156.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.33 156.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.33 156.25 Td (, ) Tj ET Q q 0 0 0 rg BT 194.79 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 208.96 156.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 249.80 156.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 295.61 156.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 329.77 156.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.06 156.25 Td ($9.1 ) Tj ET Q q 0 0 0 rg BT 359.51 156.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.40 156.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.85 156.25 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 412.31 156.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.20 156.25 Td ( ) Tj ET Q q 0 0 0 rg BT 443.15 156.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.54 156.25 Td ($7.2 ) Tj ET Q q 0 0 0 rg BT 479.00 156.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.89 156.25 Td (, ) Tj ET Q q 0 0 0 rg BT 512.34 156.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 560.00 156.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.26 144.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 116.79 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 133.21 144.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 166.84 144.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 201.03 144.25 Td (from ) Tj ET Q q 0 0 0 rg BT 222.45 144.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 267.21 144.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 310.85 144.25 Td (on ) Tj ET Q q 0 0 0 rg BT 322.83 144.25 Td (the ) Tj ET Q q 0 0 0 rg BT 337.03 144.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 389.55 144.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 433.75 144.25 Td (of ) Tj ET Q q 0 0 0 rg BT 444.06 144.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 487.70 144.25 Td (related ) Tj ET Q q 0 0 0 rg BT 516.88 144.25 Td (to ) Tj ET Q q 0 0 0 rg BT 526.64 144.25 Td (its ) Tj ET Q q 0 0 0 rg BT 538.07 144.25 Td (health ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.25 Td (plans.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Retir) Tj ET Q q 0 0 0 rg BT 71.53 708.75 Td (ement Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.46 684.75 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 114.30 684.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 134.49 684.75 Td (consists ) Tj ET Q q 0 0 0 rg BT 168.57 684.75 Td (of ) Tj ET Q q 0 0 0 rg BT 179.31 684.75 Td (a ) Tj ET Q q 0 0 0 rg BT 186.17 684.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 218.56 684.75 Td (contribution ) Tj ET Q q 0 0 0 rg BT 269.86 684.75 Td (retirement ) Tj ET Q q 0 0 0 rg BT 313.36 684.75 Td (savings ) Tj ET Q q 0 0 0 rg BT 345.77 684.75 Td (plan. ) Tj ET Q q 0 0 0 rg BT 367.72 684.75 Td (The ) Tj ET Q q 0 0 0 rg BT 385.68 684.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 418.08 684.75 Td (contribution ) Tj ET Q q 0 0 0 rg BT 469.37 684.75 Td (retirement ) Tj ET Q q 0 0 0 rg BT 512.88 684.75 Td (savings ) Tj ET Q q 0 0 0 rg BT 545.29 684.75 Td (plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (allows ) Tj ET Q q 0 0 0 rg BT 78.01 672.75 Td (qualified ) Tj ET Q q 0 0 0 rg BT 115.95 672.75 Td (employees, ) Tj ET Q q 0 0 0 rg BT 163.62 672.75 Td (at ) Tj ET Q q 0 0 0 rg BT 173.24 672.75 Td (their ) Tj ET Q q 0 0 0 rg BT 193.96 672.75 Td (option, ) Tj ET Q q 0 0 0 rg BT 224.42 672.75 Td (to ) Tj ET Q q 0 0 0 rg BT 234.60 672.75 Td (make ) Tj ET Q q 0 0 0 rg BT 258.66 672.75 Td (contributions ) Tj ET Q q 0 0 0 rg BT 313.83 672.75 Td (through ) Tj ET Q q 0 0 0 rg BT 347.34 672.75 Td (salary ) Tj ET Q q 0 0 0 rg BT 373.62 672.75 Td (deductions ) Tj ET Q q 0 0 0 rg BT 419.35 672.75 Td (under ) Tj ET Q q 0 0 0 rg BT 444.52 672.75 Td (Section401\(k\) ) Tj ET Q q 0 0 0 rg BT 506.07 672.75 Td (of ) Tj ET Q q 0 0 0 rg BT 516.80 672.75 Td (the ) Tj ET Q q 0 0 0 rg BT 531.42 672.75 Td (Internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 87.55 660.75 Td (Code. ) Tj ET Q q 0 0 0 rg BT 114.22 660.75 Td (Employee ) Tj ET Q q 0 0 0 rg BT 157.82 660.75 Td (contributions ) Tj ET Q q 0 0 0 rg BT 213.66 660.75 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.92 660.75 Td (100 ) Tj ET Q q 0 0 0 rg BT 246.99 660.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.41 660.75 Td ( ) Tj ET Q q 0 0 0 rg BT 279.47 660.75 Td (matched ) Tj ET Q q 0 0 0 rg BT 316.40 660.75 Td (by ) Tj ET Q q 0 0 0 rg BT 329.47 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 344.74 660.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 386.69 660.75 Td (to ) Tj ET Q q 0 0 0 rg BT 397.53 660.75 Td (a ) Tj ET Q q 0 0 0 rg BT 405.03 660.75 Td (maximum ) Tj ET Q q 0 0 0 rg BT 448.65 660.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.04 660.75 Td (six ) Tj ET Q q 0 0 0 rg BT 474.77 660.75 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.19 660.75 Td ( ) Tj ET Q q 0 0 0 rg BT 507.25 660.75 Td (of ) Tj ET Q q 0 0 0 rg BT 518.65 660.75 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.85 648.75 Td (up ) Tj ET Q q 0 0 0 rg BT 120.66 648.75 Td (to ) Tj ET Q q 0 0 0 rg BT 131.25 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 146.27 648.75 Td (social ) Tj ET Q q 0 0 0 rg BT 172.41 648.75 Td (security ) Tj ET Q q 0 0 0 rg BT 206.87 648.75 Td (taxable ) Tj ET Q q 0 0 0 rg BT 238.55 648.75 Td (wage ) Tj ET Q q 0 0 0 rg BT 262.46 648.75 Td (base. ) Tj ET Q q 0 0 0 rg BT 284.92 648.75 Td (Although ) Tj ET Q q 0 0 0 rg BT 325.51 648.75 Td (the ) Tj ET Q q 0 0 0 rg BT 340.53 648.75 Td (Company) Tj ET Q q 0 0 0 rg BT 382.20 648.75 Td (s ) Tj ET Q q 0 0 0 rg BT 388.90 648.75 Td (matching ) Tj ET Q q 0 0 0 rg BT 428.92 648.75 Td (contribution ) Tj ET Q q 0 0 0 rg BT 480.61 648.75 Td (vests ) Tj ET Q q 0 0 0 rg BT 503.42 648.75 Td (immediately) Tj ET Q q 0 0 0 rg BT 552.75 648.75 Td (, ) Tj ET Q q 0 0 0 rg BT 558.06 648.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (participant ) Tj ET Q q 0 0 0 rg BT 94.76 636.75 Td (must ) Tj ET Q q 0 0 0 rg BT 116.71 636.75 Td (be ) Tj ET Q q 0 0 0 rg BT 128.65 636.75 Td (employed ) Tj ET Q q 0 0 0 rg BT 170.58 636.75 Td (on ) Tj ET Q q 0 0 0 rg BT 183.08 636.75 Td (December31 ) Tj ET Q q 0 0 0 rg BT 239.16 636.75 Td (to ) Tj ET Q q 0 0 0 rg BT 249.44 636.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 280.80 636.75 Td (that ) Tj ET Q q 0 0 0 rg BT 298.30 636.75 Td (year) Tj ET Q q 0 0 0 rg BT 315.88 636.75 Td () Tj ET Q q 0 0 0 rg BT 318.66 636.75 Td (s ) Tj ET Q q 0 0 0 rg BT 325.05 636.75 Td (matching ) Tj ET Q q 0 0 0 rg BT 364.76 636.75 Td (contribution. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 612.75 Td (Note 22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 612.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 612.75 Td (Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.05 612.75 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 588.75 Td (Stock-Based Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.21 564.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.75 564.75 Td (maintains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.29 564.75 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.73 564.75 Td ( ) Tj ET Q q 0 0 0 rg BT 168.39 564.75 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 218.25 564.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 276.46 564.75 Td (plan, ) Tj ET Q q 0 0 0 rg BT 298.83 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 313.71 564.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 337.47 564.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 348.95 564.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 367.71 564.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 414.78 564.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 456.31 564.75 Td (and ) Tj ET Q q 0 0 0 rg BT 473.41 564.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 510.50 564.75 Td (2003 ) Tj ET Q q 0 0 0 rg BT 532.57 564.75 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.10 552.75 Td (Long-T) Tj ET Q q 0 0 0 rg BT 95.95 552.75 Td (erm ) Tj ET Q q 0 0 0 rg BT 113.16 552.75 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 152.03 552.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 171.47 552.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 188.68 552.75 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 231.99 552.75 Td (Plan\). ) Tj ET Q q 0 0 0 rg BT 261.58 552.75 Td (The ) Tj ET Q q 0 0 0 rg BT 278.79 552.75 Td (Company) Tj ET Q q 0 0 0 rg BT 320.45 552.75 Td (s ) Tj ET Q q 0 0 0 rg BT 326.01 552.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 352.67 552.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 382.65 552.75 Td (are ) Tj ET Q q 0 0 0 rg BT 396.52 552.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 442.05 552.75 Td (on ) Tj ET Q q 0 0 0 rg BT 453.71 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 467.59 552.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 519.80 552.75 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 540.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 104.99 540.75 Td (at ) Tj ET Q q 0 0 0 rg BT 114.70 540.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 137.75 540.75 Td (date ) Tj ET Q q 0 0 0 rg BT 156.90 540.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 173.28 540.75 Td (value ) Tj ET Q q 0 0 0 rg BT 197.44 540.75 Td (over ) Tj ET Q q 0 0 0 rg BT 217.71 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 232.42 540.75 Td (service ) Tj ET Q q 0 0 0 rg BT 263.24 540.75 Td (period ) Tj ET Q q 0 0 0 rg BT 291.28 540.75 Td (of ) Tj ET Q q 0 0 0 rg BT 302.11 540.75 Td (the ) Tj ET Q q 0 0 0 rg BT 316.83 540.75 Td (award, ) Tj ET Q q 0 0 0 rg BT 346.26 540.75 Td (net ) Tj ET Q q 0 0 0 rg BT 360.98 540.75 Td (of ) Tj ET Q q 0 0 0 rg BT 371.81 540.75 Td (estimated ) Tj ET Q q 0 0 0 rg BT 412.63 540.75 Td (forfeitures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.55 516.75 Td (following ) Tj ET Q q 0 0 0 rg BT 110.44 516.75 Td (table ) Tj ET Q q 0 0 0 rg BT 132.88 516.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 170.33 516.75 Td (a ) Tj ET Q q 0 0 0 rg BT 177.77 516.75 Td (summary ) Tj ET Q q 0 0 0 rg BT 217.99 516.75 Td (of ) Tj ET Q q 0 0 0 rg BT 229.33 516.75 Td (the ) Tj ET Q q 0 0 0 rg BT 244.55 516.75 Td (Company) Tj ET Q q 0 0 0 rg BT 286.22 516.75 Td (s ) Tj ET Q q 0 0 0 rg BT 293.11 516.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 342.78 516.75 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 382.99 516.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 403.77 516.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 431.77 516.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 463.10 516.75 Td (\(in ) Tj ET Q q 0 0 0 rg BT 477.21 516.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 505.21 516.75 Td (or ) Tj ET Q q 0 0 0 rg BT 516.55 516.75 Td (units\) ) Tj ET Q q 0 0 0 rg BT 542.33 516.75 Td (as ) Tj ET Q q 0 0 0 rg BT 553.66 516.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.58 504.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 504.75 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 482.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 482.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 458.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 458.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 434.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 434.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 410.25 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 410.25 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 491.5 458.25 m 561.5 458.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 447.25 m 561.5 447.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 445.25 m 561.5 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 411.25 m 561.5 411.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 409.25 m 561.5 409.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 387.25 m 561.5 387.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 385.25 m 561.5 385.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 484.98 Td (Restricted Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 472.87 Td (Annual grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 472.87 Td (932,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 460.87 Td (Sign-on grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 460.87 Td (355,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 448.87 Td (1,287,915) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 424.98 Td (Restricted Stock Units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 412.87 Td (Market conditon leadership grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 412.87 Td (356,242) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 388.98 Td (Stock Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 388.87 Td (157,201) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 362.75 Td (Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.42 338.75 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 108.49 338.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 129.14 338.75 Td (permits ) Tj ET Q q 0 0 0 rg BT 162.01 338.75 Td (the ) Tj ET Q q 0 0 0 rg BT 177.09 338.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 200.51 338.75 Td (of ) Tj ET Q q 0 0 0 rg BT 211.71 338.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 239.58 338.75 Td (awards, ) Tj ET Q q 0 0 0 rg BT 273.27 338.75 Td (including ) Tj ET Q q 0 0 0 rg BT 313.92 338.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 353.99 338.75 Td (stock, ) Tj ET Q q 0 0 0 rg BT 380.47 338.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 420.54 338.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 444.52 338.75 Td (units ) Tj ET Q q 0 0 0 rg BT 466.84 338.75 Td (and ) Tj ET Q q 0 0 0 rg BT 484.15 338.75 Td (non-qualified ) Tj ET Q q 0 0 0 rg BT 540.89 338.75 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.75 Td (options, ) Tj ET Q q 0 0 0 rg BT 84.85 326.75 Td (to ) Tj ET Q q 0 0 0 rg BT 95.53 326.75 Td (the ) Tj ET Q q 0 0 0 rg BT 110.65 326.75 Td (Company) Tj ET Q q 0 0 0 rg BT 152.32 326.75 Td (s ) Tj ET Q q 0 0 0 rg BT 159.11 326.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 204.78 326.75 Td (and ) Tj ET Q q 0 0 0 rg BT 222.12 326.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 260.01 326.75 Td (for ) Tj ET Q q 0 0 0 rg BT 274.57 326.75 Td (up ) Tj ET Q q 0 0 0 rg BT 287.47 326.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 326.75 Td (8.2 ) Tj ET Q q 0 0 0 rg BT 313.56 326.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.45 326.75 Td ( ) Tj ET Q q 0 0 0 rg BT 345.35 326.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 373.24 326.75 Td (of ) Tj ET Q q 0 0 0 rg BT 384.48 326.75 Td (common ) Tj ET Q q 0 0 0 rg BT 422.38 326.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 446.39 326.75 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.72 326.75 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 465.12 326.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.01 326.75 Td ( ) Tj ET Q q 0 0 0 rg BT 496.91 326.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 524.81 326.75 Td (remained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.75 Td (available ) Tj ET Q q 0 0 0 rg BT 88.98 314.75 Td (for ) Tj ET Q q 0 0 0 rg BT 103.54 314.75 Td (future ) Tj ET Q q 0 0 0 rg BT 130.31 314.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 167.08 314.75 Td (under ) Tj ET Q q 0 0 0 rg BT 192.75 314.75 Td (the ) Tj ET Q q 0 0 0 rg BT 207.86 314.75 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 247.96 314.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 268.63 314.75 Td (as ) Tj ET Q q 0 0 0 rg BT 279.86 314.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.08 314.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 350.06 314.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.06 314.75 Td (\). ) Tj ET Q q 0 0 0 rg BT 378.58 314.75 Td (The ) Tj ET Q q 0 0 0 rg BT 397.02 314.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 438.80 314.75 Td (believes ) Tj ET Q q 0 0 0 rg BT 474.46 314.75 Td (that ) Tj ET Q q 0 0 0 rg BT 492.35 314.75 Td (such ) Tj ET Q q 0 0 0 rg BT 513.58 314.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 544.80 314.75 Td (help ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.75 Td (align ) Tj ET Q q 0 0 0 rg BT 72.62 302.75 Td (the ) Tj ET Q q 0 0 0 rg BT 87.46 302.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 123.41 302.75 Td (of ) Tj ET Q q 0 0 0 rg BT 134.37 302.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 179.75 302.75 Td (and ) Tj ET Q q 0 0 0 rg BT 196.82 302.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 234.43 302.75 Td (with ) Tj ET Q q 0 0 0 rg BT 254.83 302.75 Td (those ) Tj ET Q q 0 0 0 rg BT 278.56 302.75 Td (of ) Tj ET Q q 0 0 0 rg BT 289.52 302.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 342.68 302.75 Td (and ) Tj ET Q q 0 0 0 rg BT 359.74 302.75 Td (serve ) Tj ET Q q 0 0 0 rg BT 383.46 302.75 Td (as ) Tj ET Q q 0 0 0 rg BT 394.42 302.75 Td (an ) Tj ET Q q 0 0 0 rg BT 406.48 302.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 447.98 302.75 Td (retention ) Tj ET Q q 0 0 0 rg BT 486.15 302.75 Td (tool. ) Tj ET Q q 0 0 0 rg BT 506.64 302.75 Td (The ) Tj ET Q q 0 0 0 rg BT 524.81 302.75 Td (Incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 70.47 290.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 107.60 290.75 Td (for ) Tj ET Q q 0 0 0 rg BT 121.95 290.75 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 169.59 290.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 201.17 290.75 Td (of ) Tj ET Q q 0 0 0 rg BT 212.19 290.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 243.20 290.75 Td (if ) Tj ET Q q 0 0 0 rg BT 251.99 290.75 Td (there ) Tj ET Q q 0 0 0 rg BT 274.67 290.75 Td (is ) Tj ET Q q 0 0 0 rg BT 284.03 290.75 Td (a ) Tj ET Q q 0 0 0 rg BT 291.16 290.75 Td (severance ) Tj ET Q q 0 0 0 rg BT 333.26 290.75 Td (event, ) Tj ET Q q 0 0 0 rg BT 360.10 290.75 Td (a ) Tj ET Q q 0 0 0 rg BT 367.23 290.75 Td (change ) Tj ET Q q 0 0 0 rg BT 398.24 290.75 Td (in ) Tj ET Q q 0 0 0 rg BT 408.71 290.75 Td (control ) Tj ET Q q 0 0 0 rg BT 439.72 290.75 Td (of ) Tj ET Q q 0 0 0 rg BT 450.74 290.75 Td (the ) Tj ET Q q 0 0 0 rg BT 465.65 290.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 507.22 290.75 Td (\(as ) Tj ET Q q 0 0 0 rg BT 521.57 290.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 554.25 290.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.88 278.75 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 104.75 278.75 Td (Plan\), ) Tj ET Q q 0 0 0 rg BT 131.02 278.75 Td (in ) Tj ET Q q 0 0 0 rg BT 141.46 278.75 Td (the ) Tj ET Q q 0 0 0 rg BT 156.34 278.75 Td (event ) Tj ET Q q 0 0 0 rg BT 180.66 278.75 Td (of ) Tj ET Q q 0 0 0 rg BT 191.65 278.75 Td (a ) Tj ET Q q 0 0 0 rg BT 198.75 278.75 Td (participant) Tj ET Q q 0 0 0 rg BT 244.29 278.75 Td (s ) Tj ET Q q 0 0 0 rg BT 250.85 278.75 Td (death, ) Tj ET Q q 0 0 0 rg BT 277.67 278.75 Td (and ) Tj ET Q q 0 0 0 rg BT 294.77 278.75 Td (at ) Tj ET Q q 0 0 0 rg BT 304.65 278.75 Td (the ) Tj ET Q q 0 0 0 rg BT 319.53 278.75 Td (discretion ) Tj ET Q q 0 0 0 rg BT 361.63 278.75 Td (of ) Tj ET Q q 0 0 0 rg BT 372.62 278.75 Td (the ) Tj ET Q q 0 0 0 rg BT 387.50 278.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 445.71 278.75 Td (committee ) Tj ET Q q 0 0 0 rg BT 490.58 278.75 Td (of ) Tj ET Q q 0 0 0 rg BT 501.57 278.75 Td (the ) Tj ET Q q 0 0 0 rg BT 516.45 278.75 Td (Company) Tj ET Q q 0 0 0 rg BT 558.12 278.75 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.75 Td (board ) Tj ET Q q 0 0 0 rg BT 75.27 266.75 Td (of ) Tj ET Q q 0 0 0 rg BT 86.10 266.75 Td (directors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 242.75 Td (Restricted Stock ) Tj ET Q q 0 0 0 rg BT 117.02 242.75 Td (A) Tj ET Q q 0 0 0 rg BT 122.57 242.75 Td (war) Tj ET Q q 0 0 0 rg BT 137.76 242.75 Td (ds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.75 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 92.61 218.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 115.79 218.75 Td (grants ) Tj ET Q q 0 0 0 rg BT 142.30 218.75 Td (are ) Tj ET Q q 0 0 0 rg BT 156.57 218.75 Td (valued ) Tj ET Q q 0 0 0 rg BT 185.30 218.75 Td (at ) Tj ET Q q 0 0 0 rg BT 194.58 218.75 Td (the ) Tj ET Q q 0 0 0 rg BT 208.87 218.75 Td (market ) Tj ET Q q 0 0 0 rg BT 238.70 218.75 Td (price ) Tj ET Q q 0 0 0 rg BT 260.76 218.75 Td (of ) Tj ET Q q 0 0 0 rg BT 271.16 218.75 Td (the ) Tj ET Q q 0 0 0 rg BT 285.44 218.75 Td (Company) Tj ET Q q 0 0 0 rg BT 327.11 218.75 Td (s ) Tj ET Q q 0 0 0 rg BT 333.07 218.75 Td (common ) Tj ET Q q 0 0 0 rg BT 370.13 218.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 393.31 218.75 Td (on ) Tj ET Q q 0 0 0 rg BT 405.38 218.75 Td (the ) Tj ET Q q 0 0 0 rg BT 419.67 218.75 Td (date ) Tj ET Q q 0 0 0 rg BT 438.39 218.75 Td (of ) Tj ET Q q 0 0 0 rg BT 448.79 218.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 471.41 218.75 Td (and ) Tj ET Q q 0 0 0 rg BT 487.92 218.75 Td (are ) Tj ET Q q 0 0 0 rg BT 502.19 218.75 Td (amortized ) Tj ET Q q 0 0 0 rg BT 544.24 218.75 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.87 206.75 Td (related ) Tj ET Q q 0 0 0 rg BT 96.72 206.75 Td (requisite ) Tj ET Q q 0 0 0 rg BT 134.81 206.75 Td (service ) Tj ET Q q 0 0 0 rg BT 166.77 206.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 198.21 206.75 Td (The ) Tj ET Q q 0 0 0 rg BT 217.41 206.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 259.94 206.75 Td (grants ) Tj ET Q q 0 0 0 rg BT 288.03 206.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 316.68 206.75 Td (of ) Tj ET Q q 0 0 0 rg BT 328.66 206.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 369.51 206.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 394.27 206.75 Td (to ) Tj ET Q q 0 0 0 rg BT 405.70 206.75 Td (current ) Tj ET Q q 0 0 0 rg BT 437.67 206.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 484.08 206.75 Td (as ) Tj ET Q q 0 0 0 rg BT 496.06 206.75 Td (part ) Tj ET Q q 0 0 0 rg BT 515.26 206.75 Td (of ) Tj ET Q q 0 0 0 rg BT 527.24 206.75 Td (year) Tj ET Q q 0 0 0 rg BT 544.25 206.75 Td (-end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 108.21 194.75 Td (\(Annual ) Tj ET Q q 0 0 0 rg BT 148.09 194.75 Td (Grants\) ) Tj ET Q q 0 0 0 rg BT 185.19 194.75 Td (and ) Tj ET Q q 0 0 0 rg BT 202.31 194.75 Td (as ) Tj ET Q q 0 0 0 rg BT 213.31 194.75 Td (a ) Tj ET Q q 0 0 0 rg BT 220.42 194.75 Td (retention ) Tj ET Q q 0 0 0 rg BT 258.63 194.75 Td (tool. ) Tj ET Q q 0 0 0 rg BT 279.36 194.75 Td (Employees ) Tj ET Q q 0 0 0 rg BT 326.47 194.75 Td (may ) Tj ET Q q 0 0 0 rg BT 346.36 194.75 Td (also ) Tj ET Q q 0 0 0 rg BT 365.14 194.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 396.67 194.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 436.55 194.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 460.33 194.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 483.00 194.75 Td (initial ) Tj ET Q q 0 0 0 rg BT 509.00 194.75 Td (hiring ) Tj ET Q q 0 0 0 rg BT 535.56 194.75 Td (or ) Tj ET Q q 0 0 0 rg BT 546.56 194.75 Td (as ) Tj ET Q q 0 0 0 rg BT 557.57 194.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.75 Td (retention ) Tj ET Q q 0 0 0 rg BT 88.04 182.75 Td (award ) Tj ET Q q 0 0 0 rg BT 114.97 182.75 Td (\(Sign-on ) Tj ET Q q 0 0 0 rg BT 156.91 182.75 Td (Grants\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.73 158.75 Td (Company) Tj ET Q q 0 0 0 rg BT 109.40 158.75 Td (s ) Tj ET Q q 0 0 0 rg BT 115.00 158.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 146.62 158.75 Td (Grants ) Tj ET Q q 0 0 0 rg BT 175.47 158.75 Td (are ) Tj ET Q q 0 0 0 rg BT 189.86 158.75 Td (made ) Tj ET Q q 0 0 0 rg BT 213.71 158.75 Td (each ) Tj ET Q q 0 0 0 rg BT 234.21 158.75 Td (year ) Tj ET Q q 0 0 0 rg BT 253.60 158.75 Td (in ) Tj ET Q q 0 0 0 rg BT 263.57 158.75 Td (February) Tj ET Q q 0 0 0 rg BT 299.02 158.75 Td (. ) Tj ET Q q 0 0 0 rg BT 303.22 158.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 334.85 158.75 Td (Grants ) Tj ET Q q 0 0 0 rg BT 363.70 158.75 Td (vest ) Tj ET Q q 0 0 0 rg BT 381.99 158.75 Td (ratably ) Tj ET Q q 0 0 0 rg BT 411.94 158.75 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.90 158.75 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.89 158.75 Td ( ) Tj ET Q q 0 0 0 rg BT 454.07 158.75 Td (years ) Tj ET Q q 0 0 0 rg BT 477.36 158.75 Td (in ) Tj ET Q q 0 0 0 rg BT 487.33 158.75 Td (equal ) Tj ET Q q 0 0 0 rg BT 511.17 158.75 Td (installments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.75 Td (The ) Tj ET Q q 0 0 0 rg BT 66.88 146.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 98.04 146.75 Td (Grants ) Tj ET Q q 0 0 0 rg BT 126.41 146.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 158.67 146.75 Td (for ) Tj ET Q q 0 0 0 rg BT 172.05 146.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 213.20 146.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 243.80 146.75 Td (after ) Tj ET Q q 0 0 0 rg BT 263.83 146.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 311.65 146.75 Td (of ) Tj ET Q q 0 0 0 rg BT 321.69 146.75 Td (employment, ) Tj ET Q q 0 0 0 rg BT 375.90 146.75 Td (so ) Tj ET Q q 0 0 0 rg BT 386.50 146.75 Td (long ) Tj ET Q q 0 0 0 rg BT 406.00 146.75 Td (as ) Tj ET Q q 0 0 0 rg BT 416.04 146.75 Td (the ) Tj ET Q q 0 0 0 rg BT 429.98 146.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 470.56 146.75 Td (does ) Tj ET Q q 0 0 0 rg BT 490.61 146.75 Td (not ) Tj ET Q q 0 0 0 rg BT 505.10 146.75 Td (violatecertain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.75 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 119.15 134.75 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 166.63 134.75 Td (set ) Tj ET Q q 0 0 0 rg BT 180.79 134.75 Td (forth ) Tj ET Q q 0 0 0 rg BT 203.27 134.75 Td (in ) Tj ET Q q 0 0 0 rg BT 214.10 134.75 Td (the ) Tj ET Q q 0 0 0 rg BT 229.36 134.75 Td (award ) Tj ET Q q 0 0 0 rg BT 256.84 134.75 Td (agreement ) Tj ET Q q 0 0 0 rg BT 301.53 134.75 Td (or ) Tj ET Q q 0 0 0 rg BT 312.91 134.75 Td (any ) Tj ET Q q 0 0 0 rg BT 330.40 134.75 Td (agreements ) Tj ET Q q 0 0 0 rg BT 378.98 134.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 411.45 134.75 Td (into ) Tj ET Q q 0 0 0 rg BT 430.05 134.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 453.10 134.75 Td (termination. ) Tj ET Q q 0 0 0 rg BT 504.53 134.75 Td (The ) Tj ET Q q 0 0 0 rg BT 523.12 134.75 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.75 Td (determined ) Tj ET Q q 0 0 0 rg BT 97.43 122.75 Td (the ) Tj ET Q q 0 0 0 rg BT 112.10 122.75 Td (service ) Tj ET Q q 0 0 0 rg BT 142.87 122.75 Td (inception ) Tj ET Q q 0 0 0 rg BT 182.53 122.75 Td (date ) Tj ET Q q 0 0 0 rg BT 201.64 122.75 Td (precedes ) Tj ET Q q 0 0 0 rg BT 239.06 122.75 Td (the ) Tj ET Q q 0 0 0 rg BT 253.73 122.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 276.73 122.75 Td (date ) Tj ET Q q 0 0 0 rg BT 295.83 122.75 Td (for ) Tj ET Q q 0 0 0 rg BT 309.95 122.75 Td (the ) Tj ET Q q 0 0 0 rg BT 324.07 122.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 355.96 122.75 Td (Grants, ) Tj ET Q q 0 0 0 rg BT 387.57 122.75 Td (and ) Tj ET Q q 0 0 0 rg BT 404.46 122.75 Td (that ) Tj ET Q q 0 0 0 rg BT 421.91 122.75 Td (the ) Tj ET Q q 0 0 0 rg BT 436.58 122.75 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 505.13 122.75 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 552.01 122.75 Td (do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.75 Td (not ) Tj ET Q q 0 0 0 rg BT 65.49 110.75 Td (meet ) Tj ET Q q 0 0 0 rg BT 87.63 110.75 Td (the ) Tj ET Q q 0 0 0 rg BT 102.56 110.75 Td (criteria ) Tj ET Q q 0 0 0 rg BT 133.58 110.75 Td (for ) Tj ET Q q 0 0 0 rg BT 147.96 110.75 Td (an ) Tj ET Q q 0 0 0 rg BT 160.11 110.75 Td (in-substance ) Tj ET Q q 0 0 0 rg BT 212.80 110.75 Td (service ) Tj ET Q q 0 0 0 rg BT 243.83 110.75 Td (condition, ) Tj ET Q q 0 0 0 rg BT 286.81 110.75 Td (as ) Tj ET Q q 0 0 0 rg BT 297.86 110.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 330.55 110.75 Td (by ) Tj ET Q q 0 0 0 rg BT 342.67 110.75 Td (ASC ) Tj ET Q q 0 0 0 rg BT 364.83 110.75 Td (718. ) Tj ET Q q 0 0 0 rg BT 384.44 110.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 433.78 110.75 Td (, ) Tj ET Q q 0 0 0 rg BT 438.99 110.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 478.90 110.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 502.72 110.75 Td (granted ) Tj ET Q q 0 0 0 rg BT 535.42 110.75 Td (as ) Tj ET Q q 0 0 0 rg BT 546.46 110.75 Td (part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.75 Td (of ) Tj ET Q q 0 0 0 rg BT 61.04 98.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.38 98.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 107.53 98.75 Td (Grants ) Tj ET Q q 0 0 0 rg BT 136.91 98.75 Td (is ) Tj ET Q q 0 0 0 rg BT 146.29 98.75 Td (expensed ) Tj ET Q q 0 0 0 rg BT 186.21 98.75 Td (in ) Tj ET Q q 0 0 0 rg BT 196.71 98.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.64 98.75 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.08 98.75 Td (-year ) Tj ET Q q 0 0 0 rg BT 249.33 98.75 Td (period ) Tj ET Q q 0 0 0 rg BT 277.59 98.75 Td (in ) Tj ET Q q 0 0 0 rg BT 288.08 98.75 Td (which ) Tj ET Q q 0 0 0 rg BT 315.24 98.75 Td (those ) Tj ET Q q 0 0 0 rg BT 339.06 98.75 Td (awards ) Tj ET Q q 0 0 0 rg BT 370.09 98.75 Td (are ) Tj ET Q q 0 0 0 rg BT 385.02 98.75 Td (deemed ) Tj ET Q q 0 0 0 rg BT 418.82 98.75 Td (to ) Tj ET Q q 0 0 0 rg BT 429.32 98.75 Td (be ) Tj ET Q q 0 0 0 rg BT 441.47 98.75 Td (earned, ) Tj ET Q q 0 0 0 rg BT 473.33 98.75 Td (which ) Tj ET Q q 0 0 0 rg BT 500.48 98.75 Td (is ) Tj ET Q q 0 0 0 rg BT 509.87 98.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 549.79 98.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.75 Td (calendar ) Tj ET Q q 0 0 0 rg BT 85.91 86.75 Td (year ) Tj ET Q q 0 0 0 rg BT 105.16 86.75 Td (preceding ) Tj ET Q q 0 0 0 rg BT 146.64 86.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.90 86.75 Td (February ) Tj ET Q q 0 0 0 rg BT 199.05 86.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 221.64 86.75 Td (date. ) Tj ET Q q 0 0 0 rg BT 242.84 86.75 Td (For ) Tj ET Q q 0 0 0 rg BT 258.78 86.75 Td (example, ) Tj ET Q q 0 0 0 rg BT 297.20 86.75 Td (the ) Tj ET Q q 0 0 0 rg BT 311.46 86.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 352.40 86.75 Td (recognized ) Tj ET Q q 0 0 0 rg BT 398.31 86.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 455.90 86.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 490.15 86.75 Td (during ) Tj ET Q q 0 0 0 rg BT 518.31 86.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 542.01 86.75 Td (2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.75 Td (for ) Tj ET Q q 0 0 0 rg BT 64.28 74.75 Td (its ) Tj ET Q q 0 0 0 rg BT 76.35 74.75 Td (February ) Tj ET Q q 0 0 0 rg BT 115.07 74.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 137.11 74.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 169.17 74.75 Td (Grant. ) Tj ET Q q 0 0 0 rg BT 197.05 74.75 Td (If ) Tj ET Q q 0 0 0 rg BT 206.33 74.75 Td (an ) Tj ET Q q 0 0 0 rg BT 218.39 74.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 246.01 74.75 Td (award ) Tj ET Q q 0 0 0 rg BT 273.05 74.75 Td (related ) Tj ET Q q 0 0 0 rg BT 302.88 74.75 Td (to ) Tj ET Q q 0 0 0 rg BT 313.27 74.75 Td (the ) Tj ET Q q 0 0 0 rg BT 327.53 74.75 Td (Annual ) Tj ET Q q 0 0 0 rg BT 359.59 74.75 Td (Grants ) Tj ET Q q 0 0 0 rg BT 388.87 74.75 Td (is ) Tj ET Q q 0 0 0 rg BT 398.16 74.75 Td (forfeited ) Tj ET Q q 0 0 0 rg BT 435.20 74.75 Td (as ) Tj ET Q q 0 0 0 rg BT 446.15 74.75 Td (a ) Tj ET Q q 0 0 0 rg BT 453.21 74.75 Td (result ) Tj ET Q q 0 0 0 rg BT 478.05 74.75 Td (of ) Tj ET Q q 0 0 0 rg BT 489.00 74.75 Td (violating ) Tj ET Q q 0 0 0 rg BT 527.17 74.75 Td (the ) Tj ET Q q 0 0 0 rg BT 542.01 74.75 Td (post-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 98.31 62.75 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 147.46 62.75 Td (the ) Tj ET Q q 0 0 0 rg BT 161.88 62.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 186.87 62.75 Td (of ) Tj ET Q q 0 0 0 rg BT 197.41 62.75 Td (the ) Tj ET Q q 0 0 0 rg BT 211.84 62.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 227.92 62.75 Td (value ) Tj ET Q q 0 0 0 rg BT 251.79 62.75 Td (of ) Tj ET Q q 0 0 0 rg BT 262.33 62.75 Td (the ) Tj ET Q q 0 0 0 rg BT 276.76 62.75 Td (award ) Tj ET Q q 0 0 0 rg BT 303.40 62.75 Td (at ) Tj ET Q q 0 0 0 rg BT 312.83 62.75 Td (grant ) Tj ET Q q 0 0 0 rg BT 335.59 62.75 Td (date ) Tj ET Q q 0 0 0 rg BT 354.46 62.75 Td (or ) Tj ET Q q 0 0 0 rg BT 365.00 62.75 Td (the ) Tj ET Q q 0 0 0 rg BT 379.43 62.75 Td (fair ) Tj ET Q q 0 0 0 rg BT 395.52 62.75 Td (value ) Tj ET Q q 0 0 0 rg BT 419.38 62.75 Td (of ) Tj ET Q q 0 0 0 rg BT 429.93 62.75 Td (the ) Tj ET Q q 0 0 0 rg BT 444.36 62.75 Td (award ) Tj ET Q q 0 0 0 rg BT 471.00 62.75 Td (at ) Tj ET Q q 0 0 0 rg BT 480.42 62.75 Td (the ) Tj ET Q q 0 0 0 rg BT 494.85 62.75 Td (date ) Tj ET Q q 0 0 0 rg BT 513.72 62.75 Td (of ) Tj ET Q q 0 0 0 rg BT 524.26 62.75 Td (forfeiture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.75 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 50.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 96.65 50.75 Td (within ) Tj ET Q q 0 0 0 rg BT 124.70 50.75 Td (the ) Tj ET Q q 0 0 0 rg BT 139.42 50.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 192.46 50.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 237.17 50.75 Td (of ) Tj ET Q q 0 0 0 rg BT 248.00 50.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 292.16 50.75 Td (as ) Tj ET Q q 0 0 0 rg BT 302.99 50.75 Td (a ) Tj ET Q q 0 0 0 rg BT 309.93 50.75 Td (reversal ) Tj ET Q q 0 0 0 rg BT 344.07 50.75 Td (of ) Tj ET Q q 0 0 0 rg BT 354.90 50.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 412.94 50.75 Td (expense. ) 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 50.00 696.10 Td (Sign-on ) Tj ET Q q 0 0 0 rg BT 84.73 696.10 Td (Grants ) Tj ET Q q 0 0 0 rg BT 114.46 696.10 Td (are ) Tj ET Q q 0 0 0 rg BT 129.73 696.10 Td (used ) Tj ET Q q 0 0 0 rg BT 151.12 696.10 Td (as ) Tj ET Q q 0 0 0 rg BT 162.52 696.10 Td (a ) Tj ET Q q 0 0 0 rg BT 170.02 696.10 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 211.96 696.10 Td (tool ) Tj ET Q q 0 0 0 rg BT 230.58 696.10 Td (for ) Tj ET Q q 0 0 0 rg BT 245.30 696.10 Td (new ) Tj ET Q q 0 0 0 rg BT 265.02 696.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 310.85 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.35 696.10 Td (are ) Tj ET Q q 0 0 0 rg BT 343.63 696.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 371.69 696.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.53 696.10 Td (current ) Tj ET Q q 0 0 0 rg BT 413.91 696.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 459.74 696.10 Td (as ) Tj ET Q q 0 0 0 rg BT 471.13 696.10 Td (a ) Tj ET Q q 0 0 0 rg BT 478.64 696.10 Td (retention ) Tj ET Q q 0 0 0 rg BT 517.24 696.10 Td (tool. ) Tj ET Q q 0 0 0 rg BT 538.14 696.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 80.48 684.10 Td (have ) Tj ET Q q 0 0 0 rg BT 101.52 684.10 Td (both ) Tj ET Q q 0 0 0 rg BT 121.45 684.10 Td (clif) Tj ET Q q 0 0 0 rg BT 134.60 684.10 Td (f ) Tj ET Q q 0 0 0 rg BT 140.09 684.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.69 684.10 Td (ratable ) Tj ET Q q 0 0 0 rg BT 186.05 684.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 217.10 684.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 243.97 684.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.57 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.95 684.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 319.87 684.10 Td (must ) Tj ET Q q 0 0 0 rg BT 341.48 684.10 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 366.41 684.10 Td (service ) Tj ET Q q 0 0 0 rg BT 396.89 684.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 451.25 684.10 Td (in ) Tj ET Q q 0 0 0 rg BT 461.19 684.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 501.10 684.10 Td (for ) Tj ET Q q 0 0 0 rg BT 514.92 684.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 539.86 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.79 684.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (awards. ) Tj ET Q q 0 0 0 rg BT 82.76 672.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 142.48 672.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 176.63 672.10 Td (is ) Tj ET Q q 0 0 0 rg BT 185.24 672.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 227.16 672.10 Td (on ) Tj ET Q q 0 0 0 rg BT 239.11 672.10 Td (a ) Tj ET Q q 0 0 0 rg BT 245.49 672.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 295.75 672.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 317.69 672.10 Td (from ) Tj ET Q q 0 0 0 rg BT 339.07 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.23 672.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 375.72 672.10 Td (date ) Tj ET Q q 0 0 0 rg BT 394.32 672.10 Td (over ) Tj ET Q q 0 0 0 rg BT 414.03 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.19 672.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 464.56 672.10 Td (service ) Tj ET Q q 0 0 0 rg BT 494.82 672.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 524.81 672.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.36 660.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.49 660.10 Td (five ) Tj ET Q q 0 0 0 rg BT 95.40 660.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.50 660.10 Td (. ) Tj ET Q q 0 0 0 rg BT 121.35 660.10 Td (Employees ) Tj ET Q q 0 0 0 rg BT 168.14 660.10 Td (forfeit ) Tj ET Q q 0 0 0 rg BT 195.49 660.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 233.39 660.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 260.74 660.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 283.10 660.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 331.55 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.24 660.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 394.59 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.38 660.10 Td (a ) Tj ET Q q 0 0 0 rg BT 418.18 660.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 452.18 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.87 660.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 520.77 660.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 555.33 660.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (recorded.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (Annually) Tj ET Q q 0 0 0 rg BT 86.57 624.10 Td (, ) Tj ET Q q 0 0 0 rg BT 91.00 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.16 624.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 145.98 624.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 172.35 624.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 195.40 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.11 624.10 Td (its ) Tj ET Q q 0 0 0 rg BT 216.50 624.10 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 275.63 624.10 Td (directors. ) Tj ET Q q 0 0 0 rg BT 314.92 624.10 Td (The ) Tj ET Q q 0 0 0 rg BT 332.40 624.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 381.54 624.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 439.02 624.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 458.17 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.89 624.10 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 527.03 624.10 Td (directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 612.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 80.56 612.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 120.26 612.10 Td (on ) Tj ET Q q 0 0 0 rg BT 132.76 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.48 612.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 170.53 612.10 Td (date ) Tj ET Q q 0 0 0 rg BT 189.68 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.62 612.10 Td (included ) Tj ET Q q 0 0 0 rg BT 243.55 612.10 Td (within ) Tj ET Q q 0 0 0 rg BT 271.61 612.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 303.00 612.10 Td (services ) Tj ET Q q 0 0 0 rg BT 337.71 612.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 372.41 612.10 Td (on ) Tj ET Q q 0 0 0 rg BT 384.91 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.63 612.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 452.67 612.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 497.38 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.21 612.10 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (Restricted Stock Units) 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 67.91 564.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.15 564.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 135.95 564.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 175.51 564.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 198.97 564.10 Td (units ) Tj ET Q q 0 0 0 rg BT 220.78 564.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.92 564.10 Td (its ) Tj ET Q q 0 0 0 rg BT 242.72 564.10 Td (leadership ) Tj ET Q q 0 0 0 rg BT 286.18 564.10 Td (team ) Tj ET Q q 0 0 0 rg BT 307.97 564.10 Td (\(Leadership ) Tj ET Q q 0 0 0 rg BT 362.52 564.10 Td (Grants\). ) Tj ET Q q 0 0 0 rg BT 401.64 564.10 Td (The ) Tj ET Q q 0 0 0 rg BT 419.54 564.10 Td (units ) Tj ET Q q 0 0 0 rg BT 441.35 564.10 Td (will ) Tj ET Q q 0 0 0 rg BT 459.26 564.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 477.73 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 494.53 564.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 526.87 564.10 Td (to ) Tj ET Q q 0 0 0 rg BT 537.01 564.10 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.99 552.10 Td (common ) Tj ET Q q 0 0 0 rg BT 96.64 552.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 119.40 552.10 Td (at ) Tj ET Q q 0 0 0 rg BT 128.28 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.15 552.10 Td (end ) Tj ET Q q 0 0 0 rg BT 158.25 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.23 552.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.21 552.10 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.21 552.10 Td (-month ) Tj ET Q q 0 0 0 rg BT 228.75 552.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 280.93 552.10 Td (period ) Tj ET Q q 0 0 0 rg BT 308.13 552.10 Td (only ) Tj ET Q q 0 0 0 rg BT 327.57 552.10 Td (if ) Tj ET Q q 0 0 0 rg BT 335.33 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.21 552.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 395.44 552.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 418.21 552.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 470.39 552.10 Td (satisfies ) Tj ET Q q 0 0 0 rg BT 504.26 552.10 Td (predetermined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (market ) Tj ET Q q 0 0 0 rg BT 80.51 540.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 124.92 540.10 Td (over ) Tj ET Q q 0 0 0 rg BT 145.44 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.41 540.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 213.68 540.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 244.47 540.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 272.21 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.17 540.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 312.14 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.22 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.18 540.10 Td (grants, ) Tj ET Q q 0 0 0 rg BT 367.87 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.83 540.10 Td (number ) Tj ET Q q 0 0 0 rg BT 416.13 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.21 540.10 Td (units ) Tj ET Q q 0 0 0 rg BT 449.40 540.10 Td (that ) Tj ET Q q 0 0 0 rg BT 467.15 540.10 Td (will ) Tj ET Q q 0 0 0 rg BT 485.45 540.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 504.31 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 521.49 540.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 554.23 540.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.24 528.10 Td (will ) Tj ET Q q 0 0 0 rg BT 95.04 528.10 Td (be ) Tj ET Q q 0 0 0 rg BT 106.72 528.10 Td (based ) Tj ET Q q 0 0 0 rg BT 131.74 528.10 Td (on ) Tj ET Q q 0 0 0 rg BT 143.98 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.45 528.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 205.27 528.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 228.63 528.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 281.40 528.10 Td (achieving ) Tj ET Q q 0 0 0 rg BT 322.51 528.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 360.85 528.10 Td (market ) Tj ET Q q 0 0 0 rg BT 390.86 528.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 434.78 528.10 Td (during ) Tj ET Q q 0 0 0 rg BT 463.13 528.10 Td (each ) Tj ET Q q 0 0 0 rg BT 483.69 528.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 536.46 528.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.57 516.10 Td (described ) Tj ET Q q 0 0 0 rg BT 101.13 516.10 Td (below) Tj ET Q q 0 0 0 rg BT 124.92 516.10 Td (. ) Tj ET Q q 0 0 0 rg BT 129.66 516.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 189.67 516.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 224.12 516.10 Td (is ) Tj ET Q q 0 0 0 rg BT 233.03 516.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 275.25 516.10 Td (on ) Tj ET Q q 0 0 0 rg BT 287.50 516.10 Td (a ) Tj ET Q q 0 0 0 rg BT 294.17 516.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 344.74 516.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 366.98 516.10 Td (over ) Tj ET Q q 0 0 0 rg BT 386.99 516.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.45 516.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.43 516.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 444.21 516.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 480.88 516.10 Td (service ) Tj ET Q q 0 0 0 rg BT 511.44 516.10 Td (period ) Tj ET Q q 0 0 0 rg BT 539.23 516.10 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.52 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.25 504.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 93.65 504.10 Td (value ) Tj ET Q q 0 0 0 rg BT 117.82 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 128.66 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.40 504.10 Td (award ) Tj ET Q q 0 0 0 rg BT 170.34 504.10 Td (on ) Tj ET Q q 0 0 0 rg BT 182.86 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.60 504.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 220.66 504.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 242.15 504.10 Td (The ) Tj ET Q q 0 0 0 rg BT 260.21 504.10 Td (market ) Tj ET Q q 0 0 0 rg BT 290.49 504.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 330.78 504.10 Td (must ) Tj ET Q q 0 0 0 rg BT 352.75 504.10 Td (be ) Tj ET Q q 0 0 0 rg BT 364.71 504.10 Td (met ) Tj ET Q q 0 0 0 rg BT 382.22 504.10 Td (for ) Tj ET Q q 0 0 0 rg BT 396.40 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.13 504.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 441.97 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.26 504.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 470.89 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.84 504.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 545.90 504.10 Td (cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (will ) Tj ET Q q 0 0 0 rg BT 68.87 492.10 Td (be ) Tj ET Q q 0 0 0 rg BT 81.62 492.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 128.80 492.10 Td (regardless ) Tj ET Q q 0 0 0 rg BT 172.65 492.10 Td (if ) Tj ET Q q 0 0 0 rg BT 182.07 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.60 492.10 Td (market ) Tj ET Q q 0 0 0 rg BT 228.67 492.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 269.76 492.10 Td (is ) Tj ET Q q 0 0 0 rg BT 279.74 492.10 Td (satisfied. ) Tj ET Q q 0 0 0 rg BT 318.88 492.10 Td (Employees ) Tj ET Q q 0 0 0 rg BT 366.63 492.10 Td (forfeit ) Tj ET Q q 0 0 0 rg BT 394.93 492.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 433.79 492.10 Td (share ) Tj ET Q q 0 0 0 rg BT 458.20 492.10 Td (units ) Tj ET Q q 0 0 0 rg BT 480.96 492.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 504.27 492.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 553.68 492.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 102.49 480.10 Td (with ) Tj ET Q q 0 0 0 rg BT 122.77 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 129.71 480.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 189.41 480.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 223.56 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.39 480.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 292.43 480.10 Td (expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (Up ) Tj ET Q q 0 0 0 rg BT 63.76 456.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.08 456.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 84.62 456.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.04 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.58 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.45 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.21 456.10 Td (award ) Tj ET Q q 0 0 0 rg BT 165.18 456.10 Td (can ) Tj ET Q q 0 0 0 rg BT 180.59 456.10 Td (be ) Tj ET Q q 0 0 0 rg BT 191.57 456.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 219.76 456.10 Td (based ) Tj ET Q q 0 0 0 rg BT 244.06 456.10 Td (on ) Tj ET Q q 0 0 0 rg BT 255.60 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.36 456.10 Td (Company) Tj ET Q q 0 0 0 rg BT 311.02 456.10 Td (s ) Tj ET Q q 0 0 0 rg BT 316.46 456.10 Td (total ) Tj ET Q q 0 0 0 rg BT 335.77 456.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 383.95 456.10 Td (return ) Tj ET Q q 0 0 0 rg BT 409.37 456.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 440.89 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 450.21 456.10 Td (members ) Tj ET Q q 0 0 0 rg BT 488.40 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 498.27 456.10 Td (a ) Tj ET Q q 0 0 0 rg BT 504.25 456.10 Td (predetermined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (peer ) Tj ET Q q 0 0 0 rg BT 70.00 444.10 Td (group ) Tj ET Q q 0 0 0 rg BT 96.13 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 113.37 444.10 Td (up ) Tj ET Q q 0 0 0 rg BT 126.17 444.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.74 444.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 149.54 444.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.96 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.76 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.89 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 207.91 444.10 Td (award ) Tj ET Q q 0 0 0 rg BT 235.13 444.10 Td (can ) Tj ET Q q 0 0 0 rg BT 251.81 444.10 Td (be ) Tj ET Q q 0 0 0 rg BT 264.04 444.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 293.49 444.10 Td (based ) Tj ET Q q 0 0 0 rg BT 319.05 444.10 Td (on ) Tj ET Q q 0 0 0 rg BT 331.85 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.87 444.10 Td (Company) Tj ET Q q 0 0 0 rg BT 388.53 444.10 Td (s ) Tj ET Q q 0 0 0 rg BT 395.22 444.10 Td (total ) Tj ET Q q 0 0 0 rg BT 415.79 444.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 465.23 444.10 Td (return. ) Tj ET Q q 0 0 0 rg BT 494.21 444.10 Td (The ) Tj ET Q q 0 0 0 rg BT 512.55 444.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.23 444.10 Td (value ) Tj ET Q q 0 0 0 rg BT 553.68 444.10 Td (of ) 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 64.72 432.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 95.54 432.10 Td (on ) Tj ET Q q 0 0 0 rg BT 108.04 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.75 432.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 145.80 432.10 Td (date ) Tj ET Q q 0 0 0 rg BT 164.96 432.10 Td (was ) Tj ET Q q 0 0 0 rg BT 183.01 432.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 230.49 432.10 Td (using ) Tj ET Q q 0 0 0 rg BT 254.66 432.10 Td (a ) Tj ET Q q 0 0 0 rg BT 261.60 432.10 Td (Monte ) Tj ET Q q 0 0 0 rg BT 290.21 432.10 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 314.92 432.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 359.64 432.10 Td (with ) Tj ET Q q 0 0 0 rg BT 379.92 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.64 432.10 Td (following ) Tj ET Q q 0 0 0 rg BT 436.03 432.10 Td (assumptions: ) Tj ET Q q 0 0 0 rg BT 490.75 432.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 397.60 300.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 397.60 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 397.60 72.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 397.60 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 397.60 72.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 373.60 300.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 373.60 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 373.60 72.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 373.60 34.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 373.60 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 49.5 397.6 m 349.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 397.6 m 455.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 397.6 m 561.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 397.6 m 349.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 397.6 m 455.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 397.6 m 561.5 397.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.35 412.33 Td (Risk-free) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 412.33 Td (Expected Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 400.33 Td (Grant Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.15 400.33 Td (Interest Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.20 400.33 Td (Price Volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 388.22 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 388.22 Td (0.90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 388.22 Td (29.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 376.22 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 376.22 Td (0.82%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 376.22 Td (41.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 364.22 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 364.22 Td (0.40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 364.22 Td (44.0%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 85.72 338.10 Td (a ) Tj ET Q q 0 0 0 rg BT 92.55 338.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 123.84 338.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.57 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.19 338.10 Td (award ) Tj ET Q q 0 0 0 rg BT 176.02 338.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 207.30 338.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 242.47 338.10 Td (on ) Tj ET Q q 0 0 0 rg BT 254.87 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.49 338.10 Td (Company) Tj ET Q q 0 0 0 rg BT 311.15 338.10 Td (s ) Tj ET Q q 0 0 0 rg BT 317.44 338.10 Td (total ) Tj ET Q q 0 0 0 rg BT 337.62 338.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 386.66 338.10 Td (return ) Tj ET Q q 0 0 0 rg BT 412.94 338.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 445.32 338.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.50 338.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.34 338.10 Td (peer ) Tj ET Q q 0 0 0 rg BT 481.94 338.10 Td (group, ) Tj ET Q q 0 0 0 rg BT 510.17 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.79 338.10 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (modeled ) Tj ET Q q 0 0 0 rg BT 87.40 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.59 326.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 156.08 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.38 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.56 326.10 Td (peer ) Tj ET Q q 0 0 0 rg BT 202.74 326.10 Td (group ) Tj ET Q q 0 0 0 rg BT 229.04 326.10 Td (as ) Tj ET Q q 0 0 0 rg BT 240.34 326.10 Td (well ) Tj ET Q q 0 0 0 rg BT 260.52 326.10 Td (as ) Tj ET Q q 0 0 0 rg BT 271.82 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.01 326.10 Td (correlation ) Tj ET Q q 0 0 0 rg BT 333.29 326.10 Td (between ) Tj ET Q q 0 0 0 rg BT 369.57 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.76 326.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 426.61 326.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.02 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.20 326.10 Td (peer ) Tj ET Q q 0 0 0 rg BT 479.38 326.10 Td (group. ) Tj ET Q q 0 0 0 rg BT 507.96 326.10 Td (The ) Tj ET Q q 0 0 0 rg BT 526.48 326.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 74.03 314.10 Td (price ) Tj ET Q q 0 0 0 rg BT 96.94 314.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 135.97 314.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 188.34 314.10 Td (were ) Tj ET Q q 0 0 0 rg BT 210.69 314.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 258.59 314.10 Td (using ) Tj ET Q q 0 0 0 rg BT 283.18 314.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 323.31 314.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 358.77 314.10 Td (, ) Tj ET Q q 0 0 0 rg BT 364.19 314.10 Td (as ) Tj ET Q q 0 0 0 rg BT 375.44 314.10 Td (correlation ) Tj ET Q q 0 0 0 rg BT 421.68 314.10 Td (coef) Tj ET Q q 0 0 0 rg BT 438.70 314.10 Td (ficients ) Tj ET Q q 0 0 0 rg BT 471.06 314.10 Td (can ) Tj ET Q q 0 0 0 rg BT 487.86 314.10 Td (only ) Tj ET Q q 0 0 0 rg BT 508.56 314.10 Td (be ) Tj ET Q q 0 0 0 rg BT 520.92 314.10 Td (developed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (through ) Tj ET Q q 0 0 0 rg BT 83.61 302.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 123.32 302.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 158.78 302.10 Td (. ) Tj ET Q q 0 0 0 rg BT 163.60 302.10 Td (The ) Tj ET Q q 0 0 0 rg BT 181.65 302.10 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 218.01 302.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 249.95 302.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 271.32 302.10 Td (were ) Tj ET Q q 0 0 0 rg BT 293.25 302.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 340.73 302.10 Td (based ) Tj ET Q q 0 0 0 rg BT 366.00 302.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.50 302.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.49 302.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 421.52 302.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 441.63 302.10 Td (T) Tj ET Q q 0 0 0 rg BT 447.38 302.10 Td (reasury ) Tj ET Q q 0 0 0 rg BT 479.31 302.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 501.81 302.10 Td (yields.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (Stock Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.26 254.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.85 254.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 154.78 254.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 187.47 254.10 Td (options ) Tj ET Q q 0 0 0 rg BT 219.63 254.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.12 254.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 268.36 254.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 292.18 254.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 303.66 254.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 322.47 254.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 370.17 254.10 Td (common ) Tj ET Q q 0 0 0 rg BT 407.88 254.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 431.69 254.10 Td (to ) Tj ET Q q 0 0 0 rg BT 442.18 254.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 487.65 254.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.80 254.10 Td (non-employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 86.93 242.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.64 242.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 120.24 242.10 Td (years ) Tj ET Q q 0 0 0 rg BT 143.28 242.10 Td (2004 ) Tj ET Q q 0 0 0 rg BT 165.22 242.10 Td (through ) Tj ET Q q 0 0 0 rg BT 198.27 242.10 Td (2008. ) Tj ET Q q 0 0 0 rg BT 222.71 242.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 265.19 242.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.57 242.10 Td (director ) Tj ET Q q 0 0 0 rg BT 314.60 242.10 Td (options ) Tj ET Q q 0 0 0 rg BT 345.99 242.10 Td (were ) Tj ET Q q 0 0 0 rg BT 367.36 242.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 406.50 242.10 Td (by ) Tj ET Q q 0 0 0 rg BT 418.44 242.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.60 242.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 473.43 242.10 Td (on ) Tj ET Q q 0 0 0 rg BT 485.37 242.10 Td (a ) Tj ET Q q 0 0 0 rg BT 491.75 242.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 542.01 242.10 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (over ) Tj ET Q q 0 0 0 rg BT 69.95 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.35 230.10 Td (required ) Tj ET Q q 0 0 0 rg BT 119.85 230.10 Td (service ) Tj ET Q q 0 0 0 rg BT 150.35 230.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 180.58 230.10 Td (based ) Tj ET Q q 0 0 0 rg BT 205.53 230.10 Td (on ) Tj ET Q q 0 0 0 rg BT 217.71 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.11 230.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 272.61 230.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 288.67 230.10 Td (value ) Tj ET Q q 0 0 0 rg BT 312.51 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.02 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.42 230.10 Td (award ) Tj ET Q q 0 0 0 rg BT 364.03 230.10 Td (on ) Tj ET Q q 0 0 0 rg BT 376.22 230.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.62 230.10 Td (date ) Tj ET Q q 0 0 0 rg BT 409.45 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.97 230.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 442.70 230.10 Td (using ) Tj ET Q q 0 0 0 rg BT 466.55 230.10 Td (a ) Tj ET Q q 0 0 0 rg BT 473.17 230.10 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 533.12 230.10 Td (option-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 81.91 218.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 112.20 218.10 Td (As ) Tj ET Q q 0 0 0 rg BT 126.89 218.10 Td (described ) Tj ET Q q 0 0 0 rg BT 168.79 218.10 Td (above ) Tj ET Q q 0 0 0 rg BT 196.25 218.10 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 240.38 218.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.74 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.54 218.10 Td (Company) Tj ET Q q 0 0 0 rg BT 309.21 218.10 Td (s ) Tj ET Q q 0 0 0 rg BT 315.89 218.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 348.92 218.10 Td (Grants ) Tj ET Q q 0 0 0 rg BT 379.16 218.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.07 218.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 431.86 218.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 462.93 218.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 487.63 218.10 Td (options ) Tj ET Q q 0 0 0 rg BT 520.66 218.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 554.23 218.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 95.25 206.10 Td (were ) Tj ET Q q 0 0 0 rg BT 117.16 206.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 156.85 206.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.11 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.81 206.10 Td (calendar ) Tj ET Q q 0 0 0 rg BT 218.15 206.10 Td (year ) Tj ET Q q 0 0 0 rg BT 237.84 206.10 Td (preceding ) Tj ET Q q 0 0 0 rg BT 279.75 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.45 206.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 323.59 206.10 Td (February ) Tj ET Q q 0 0 0 rg BT 362.17 206.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 385.20 206.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 406.84 206.10 Td (For ) Tj ET Q q 0 0 0 rg BT 423.21 206.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 462.07 206.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.77 206.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 518.14 206.10 Td (recognized ) 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 108.05 194.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 142.76 194.10 Td (during ) Tj ET Q q 0 0 0 rg BT 171.37 194.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 195.53 194.10 Td (2007 ) Tj ET Q q 0 0 0 rg BT 218.03 194.10 Td (for ) Tj ET Q q 0 0 0 rg BT 232.20 194.10 Td (its ) Tj ET Q q 0 0 0 rg BT 244.15 194.10 Td (February ) Tj ET Q q 0 0 0 rg BT 282.75 194.10 Td (2008 ) Tj ET Q q 0 0 0 rg BT 305.25 194.10 Td (option ) Tj ET Q q 0 0 0 rg BT 333.32 194.10 Td (grant. ) Tj ET Q q 0 0 0 rg BT 358.69 194.10 Td (The ) Tj ET Q q 0 0 0 rg BT 376.74 194.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 419.79 194.10 Td (term ) Tj ET Q q 0 0 0 rg BT 440.62 194.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.45 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.18 194.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 489.79 194.10 Td (options ) Tj ET Q q 0 0 0 rg BT 521.74 194.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 554.23 194.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 95.26 182.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.20 182.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 149.69 182.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.86 182.10 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.07 182.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.57 182.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 199.49 182.10 Td (The ) Tj ET Q q 0 0 0 rg BT 217.54 182.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 258.93 182.10 Td (has ) Tj ET Q q 0 0 0 rg BT 274.76 182.10 Td (not ) Tj ET Q q 0 0 0 rg BT 290.03 182.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 322.52 182.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 346.13 182.10 Td (options ) Tj ET Q q 0 0 0 rg BT 378.08 182.10 Td (since ) Tj ET Q q 0 0 0 rg BT 401.12 182.10 Td (2008.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (Inducement Plan) 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 61.23 134.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 86.62 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.73 134.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 143.52 134.10 Td (established ) Tj ET Q q 0 0 0 rg BT 190.84 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.96 134.10 Td (2010 ) Tj ET Q q 0 0 0 rg BT 228.85 134.10 Td (Employment ) Tj ET Q q 0 0 0 rg BT 283.41 134.10 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 332.87 134.10 Td (A) Tj ET Q q 0 0 0 rg BT 339.17 134.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 362.06 134.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 382.73 134.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 401.17 134.10 Td ("Inducement ) Tj ET Q q 0 0 0 rg BT 455.35 134.10 Td (Plan"\) ) Tj ET Q q 0 0 0 rg BT 483.44 134.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.11 134.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 544.22 134.10 Td (with ) 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 64.48 122.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 110.63 122.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.72 122.10 Td (ARI. ) Tj ET Q q 0 0 0 rg BT 142.54 122.10 Td (The ) Tj ET Q q 0 0 0 rg BT 160.35 122.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 201.50 122.10 Td (granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.75 122.10 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 253.51 122.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.40 122.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.67 122.10 Td (in ) Tj ET Q q 0 0 0 rg BT 294.71 122.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 334.17 122.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 357.54 122.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.88 122.10 Td (158,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.38 122.10 Td ( ) Tj ET Q q 0 0 0 rg BT 395.64 122.10 Td (shares\) ) Tj ET Q q 0 0 0 rg BT 426.22 122.10 Td (under ) Tj ET Q q 0 0 0 rg BT 451.25 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.73 122.10 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 515.20 122.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 535.24 122.10 Td (to ) Tj ET Q q 0 0 0 rg BT 544.78 122.10 Td (ARI ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 95.84 110.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 118.92 110.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 150.89 110.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.30 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.60 110.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 226.83 110.10 Td (These ) Tj ET Q q 0 0 0 rg BT 253.78 110.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 281.85 110.10 Td (vested ) Tj ET Q q 0 0 0 rg BT 310.48 110.10 Td (ratably ) Tj ET Q q 0 0 0 rg BT 341.33 110.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.17 110.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.72 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.80 110.10 Td (years ) Tj ET Q q 0 0 0 rg BT 404.98 110.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.84 110.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 440.57 110.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 470.31 110.10 Td (installments ) Tj ET Q q 0 0 0 rg BT 521.72 110.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 552.02 110.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (March1, ) Tj ET Q q 0 0 0 rg BT 88.60 98.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 113.42 98.10 Td (The ) Tj ET Q q 0 0 0 rg BT 131.46 98.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 172.85 98.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 218.11 98.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.83 98.10 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 282.53 98.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 302.81 98.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.09 98.10 Td (March ) Tj ET Q q 0 0 0 rg BT 341.68 98.10 Td (2015.) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (Stock-Based Compensation ) Tj ET Q q 0 0 0 rg BT 165.20 708.25 Td (Activity) 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 67.17 684.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.69 684.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 144.29 684.25 Td (total ) Tj ET Q q 0 0 0 rg BT 163.69 684.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 220.85 684.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 254.69 684.25 Td (within ) Tj ET Q q 0 0 0 rg BT 281.87 684.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 326.27 684.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 369.55 684.25 Td (of ) Tj ET Q q 0 0 0 rg BT 379.51 684.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.13 684.25 Td ($48.2 ) Tj ET Q q 0 0 0 rg BT 405.26 684.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 684.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.28 684.25 Td ($28.2 ) Tj ET Q q 0 0 0 rg BT 462.40 684.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.29 684.25 Td ( ) Tj ET Q q 0 0 0 rg BT 492.92 684.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.98 684.25 Td ($21.0 ) Tj ET Q q 0 0 0 rg BT 533.11 684.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.00 684.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.72 672.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.99 672.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.09 672.25 Td ( ) Tj ET Q q 0 0 0 rg BT 101.14 672.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.08 672.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 185.21 672.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.21 672.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.77 672.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.77 672.25 Td ( ) Tj ET Q q 0 0 0 rg BT 231.83 672.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.32 672.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.32 672.25 Td (, ) Tj ET Q q 0 0 0 rg BT 272.88 672.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 320.54 672.25 Td (, ) Tj ET Q q 0 0 0 rg BT 325.09 672.25 Td (related ) Tj ET Q q 0 0 0 rg BT 354.35 672.25 Td (to ) Tj ET Q q 0 0 0 rg BT 364.18 672.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 405.11 672.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 444.37 672.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 467.53 672.25 Td (and ) Tj ET Q q 0 0 0 rg BT 484.03 672.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 523.29 672.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 546.45 672.25 Td (unit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (awards. ) Tj ET Q q 0 0 0 rg BT 82.10 660.25 Td (T) Tj ET Q q 0 0 0 rg BT 87.51 660.25 Td (otal ) Tj ET Q q 0 0 0 rg BT 103.88 660.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 160.81 660.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 178.29 660.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 213.00 660.25 Td (year) Tj ET Q q 0 0 0 rg BT 230.01 660.25 Td (-end ) Tj ET Q q 0 0 0 rg BT 249.15 660.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 306.07 660.25 Td (for ) Tj ET Q q 0 0 0 rg BT 318.81 660.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 349.63 660.25 Td (Grants ) Tj ET Q q 0 0 0 rg BT 377.67 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.49 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.08 660.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 459.00 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.71 660.25 Td (Sign-on ) Tj ET Q q 0 0 0 rg BT 501.76 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 517.57 660.25 Td (Leadership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (Grants, ) Tj ET Q q 0 0 0 rg BT 82.18 648.25 Td (less ) Tj ET Q q 0 0 0 rg BT 100.20 648.25 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 144.87 648.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.22 648.25 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 176.74 648.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.63 648.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.15 648.25 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 231.67 648.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.56 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 263.58 648.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.04 648.25 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 301.56 648.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.45 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 333.47 648.25 Td (for ) Tj ET Q q 0 0 0 rg BT 348.15 648.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.39 648.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.48 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 387.50 648.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.40 648.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 473.51 648.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.51 648.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.03 648.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.03 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 522.05 648.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 648.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 648.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 636.25 Td (. ) Tj ET Q q 0 0 0 rg BT 102.57 636.25 Td (The ) Tj ET Q q 0 0 0 rg BT 120.72 636.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 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ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.72 624.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.82 624.25 Td ( ) Tj ET Q q 0 0 0 rg BT 88.32 624.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.69 624.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 173.28 624.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.28 624.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.28 624.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.28 624.25 Td ( ) Tj ET Q q 0 0 0 rg BT 220.78 624.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.71 624.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.71 624.25 Td (, ) Tj ET Q q 0 0 0 rg BT 262.71 624.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 310.38 624.25 Td (.) 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BT 52.00 448.37 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.80 448.37 Td (\(24,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 448.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 448.37 Td (36.02) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 436.48 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 436.48 Td (1,095,305) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 436.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 436.48 Td (36.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 424.37 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 424.37 Td (783,758) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 424.37 Td (51.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 412.37 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 412.37 Td (\(575,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 412.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 412.37 Td (34.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 400.37 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.80 400.37 Td (\(15,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 400.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 400.37 Td (40.83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 388.48 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 388.48 Td (1,287,915) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 388.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 388.48 Td (46.20) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.82 362.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 83.97 362.25 Td (value ) Tj ET Q q 0 0 0 rg BT 107.90 362.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.51 362.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 157.98 362.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 181.37 362.25 Td (that ) Tj ET Q q 0 0 0 rg BT 198.64 362.25 Td (vested ) Tj ET Q q 0 0 0 rg BT 226.46 362.25 Td (during ) Tj ET Q q 0 0 0 rg BT 254.84 362.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.33 362.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.43 362.25 Td ( ) Tj ET Q q 0 0 0 rg BT 292.70 362.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.86 362.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 377.21 362.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.21 362.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.99 362.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.99 362.25 Td ( ) Tj ET Q q 0 0 0 rg BT 424.26 362.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.98 362.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.98 362.25 Td ( ) Tj ET Q q 0 0 0 rg BT 463.25 362.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.08 362.25 Td ($20.0 ) Tj ET Q q 0 0 0 rg BT 505.85 362.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.74 362.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.52 362.25 Td ($32.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 350.25 Td ( ) Tj ET Q q 0 0 0 rg BT 81.39 350.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.33 350.25 Td ($46.4 ) Tj ET Q q 0 0 0 rg BT 123.33 350.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.22 350.25 Td (, ) Tj ET Q q 0 0 0 rg BT 157.22 350.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 204.88 350.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 326.25 Td (following ) Tj ET Q q 0 0 0 rg BT 109.43 326.25 Td (table ) Tj ET Q q 0 0 0 rg BT 131.37 326.25 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 181.63 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 196.35 326.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 231.05 326.25 Td (in ) Tj ET Q q 0 0 0 rg BT 241.33 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.05 326.25 Td (Company) Tj ET Q q 0 0 0 rg BT 297.71 326.25 Td (s ) Tj ET Q q 0 0 0 rg BT 304.11 326.25 Td (unvested ) Tj ET Q q 0 0 0 rg BT 342.15 326.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 381.86 326.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 405.46 326.25 Td (units ) Tj ET Q q 0 0 0 rg BT 427.41 326.25 Td (under ) Tj ET Q q 0 0 0 rg BT 452.68 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 467.40 326.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 507.10 326.25 Td (Plan:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 279.75 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 279.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 279.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 279.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 255.75 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 255.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 255.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 255.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 231.75 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 231.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 231.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 231.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 207.75 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 207.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 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(Grant Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.40 282.48 Td (StockUnits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.70 282.48 Td (FairValue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 270.48 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 270.48 Td (173,271) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 270.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 270.48 Td (12.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 258.37 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 258.37 Td (117,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 258.37 Td (21.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 246.37 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 246.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 246.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 234.37 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 234.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 234.37 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 222.48 Td (December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 222.48 Td (290,536) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 222.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 222.48 Td (15.83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 210.37 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 210.37 Td (115,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 210.37 Td (23.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 198.37 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 198.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 198.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 186.37 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 186.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 186.37 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 174.48 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 174.48 Td (405,826) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 174.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 174.48 Td (17.99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 162.37 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 162.37 Td (123,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 162.37 Td (21.83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 150.37 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 150.37 Td (\(149,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 150.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 150.37 Td (12.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 138.37 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.80 138.37 Td (\(23,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 138.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 138.37 Td (12.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 126.48 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 126.48 Td (356,242) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 126.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 126.48 Td (22.18) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (As ) Tj ET Q q 0 0 0 rg BT 62.81 100.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.83 100.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 130.61 100.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.61 100.25 Td (, ) Tj ET Q q 0 0 0 rg BT 154.80 100.25 Td (there ) Tj ET Q q 0 0 0 rg BT 176.48 100.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.73 100.25 Td ($15.2 ) Tj ET Q q 0 0 0 rg BT 217.92 100.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.82 100.25 Td ( ) Tj ET Q q 0 0 0 rg BT 248.51 100.25 Td (of ) Tj ET Q q 0 0 0 rg BT 258.54 100.25 Td (total ) Tj ET Q q 0 0 0 rg BT 278.00 100.25 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 333.56 100.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 390.80 100.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 408.60 100.25 Td (related ) Tj ET Q q 0 0 0 rg BT 437.50 100.25 Td (to ) Tj ET Q q 0 0 0 rg BT 446.97 100.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 485.86 100.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 508.67 100.25 Td (and ) Tj ET Q q 0 0 0 rg BT 524.80 100.25 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.61 88.25 Td (units ) Tj ET Q q 0 0 0 rg BT 95.56 88.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 133.59 88.25 Td (to ) Tj ET Q q 0 0 0 rg BT 143.87 88.25 Td (be ) Tj ET Q q 0 0 0 rg BT 155.81 88.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 202.17 88.25 Td (over ) Tj ET Q q 0 0 0 rg BT 222.44 88.25 Td (a ) Tj ET Q q 0 0 0 rg BT 229.38 88.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 268.53 88.25 Td (average ) Tj ET Q q 0 0 0 rg BT 302.11 88.25 Td (period ) Tj ET Q q 0 0 0 rg BT 330.16 88.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.99 88.25 Td (2.3 ) Tj ET Q q 0 0 0 rg BT 355.99 88.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.09 88.25 Td (.) 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j 3 M 491 649.6 m 561 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 601.6 m 313 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 541.6 m 313 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 541.6 m 313 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 481.6 m 313 481.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.85 688.33 Td (Weighted Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.20 676.33 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.15 676.33 Td (Remaining) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 664.33 Td (Options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.10 664.33 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.00 664.33 Td (Contractual Term) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 664.33 Td (Aggregate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.80 652.33 Td (Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 652.33 Td (ExercisePrice) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.95 652.33 Td (\(inYears\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.95 652.33 Td (Intrinsic Value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 640.33 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 640.33 Td (486,563) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 640.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 640.33 Td (44.76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 640.33 Td (2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 640.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.65 640.33 Td (94,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 628.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 628.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 628.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 616.22 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 616.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 616.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 604.22 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.30 604.22 Td (\(17,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 604.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 604.22 Td (42.85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 592.33 Td (December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 592.33 Td (469,289) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 592.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 592.33 Td (44.83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 592.33 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 592.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.65 592.33 Td (288,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 580.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 580.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 580.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 568.22 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.30 568.22 Td (\(137,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 568.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 568.22 Td (39.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 556.22 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.80 556.22 Td (\(55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 556.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 556.22 Td (39.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 544.22 Td (Expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.30 544.22 Td (\(113,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 544.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 544.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 544.22 Td (47.72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 532.33 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 532.33 Td (217,873) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 532.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 532.33 Td (46.66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 532.33 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 532.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 532.33 Td (3,066,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 520.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 520.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 520.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 508.22 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.30 508.22 Td (\(50,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 508.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 508.22 Td (36.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 496.22 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 496.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 496.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 484.22 Td (Expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.30 484.22 Td (\(10,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 484.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 484.22 Td (39.62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 472.33 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 472.33 Td (157,201) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 472.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 472.33 Td (50.35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 472.33 Td (1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 472.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 472.33 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 448.33 Td (Options exercisable at December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 448.33 Td (469,289) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 448.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 448.33 Td (44.83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 448.33 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 448.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.65 448.33 Td (288,318) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 436.33 Td (Options exercisable at December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 436.33 Td (217,873) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 436.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 436.33 Td (46.66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 436.33 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 436.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 436.33 Td (3,066,839) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 424.33 Td (Options exercisable at December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 424.33 Td (157,201) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 424.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 424.33 Td (50.35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 424.33 Td (1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 424.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 424.33 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 95.27 398.10 Td (information ) Tj ET Q q 0 0 0 rg BT 144.99 398.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 185.80 398.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 209.41 398.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 220.89 398.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 239.49 398.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 286.98 398.10 Td (options ) Tj ET Q q 0 0 0 rg BT 318.93 398.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 368.10 398.10 Td (as ) Tj ET Q q 0 0 0 rg BT 378.93 398.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.76 398.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 448.34 398.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.34 398.10 Td ( ) Tj ET Q q 0 0 0 rg BT 470.84 398.10 Td (is ) Tj ET Q q 0 0 0 rg BT 480.01 398.10 Td (as ) Tj ET Q q 0 0 0 rg BT 490.84 398.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 315.60 88.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 315.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 315.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 315.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 315.60 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 315.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 315.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 315.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 315.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 315.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 315.60 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 146.5 375.6 m 221.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 375.6 m 229.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 375.6 m 313.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 375.6 m 321.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 375.6 m 396.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 375.6 m 479.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 375.6 m 487.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 375.6 m 562.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 327.6 m 138.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 327.6 m 221.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 327.6 m 313.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 327.6 m 396.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 327.6 m 479.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 327.6 m 562.5 327.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.10 378.33 Td (Options Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 378.33 Td (Exercisable Options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.35 366.33 Td (Weighted Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.65 354.33 Td (Remaining) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.20 354.33 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.20 354.33 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 342.33 Td (Range of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.15 342.33 Td (Contractual) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.10 342.33 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.10 342.33 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 330.33 Td (Exercise Prices) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.10 330.33 Td (Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.60 330.33 Td (Life\(inYears\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 330.33 Td (Exercise Price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.10 330.33 Td (Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 330.33 Td (Exercise Price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 318.22 Td ($41.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.15 318.22 Td (99,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 318.22 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.00 318.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 318.22 Td (41.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 318.22 Td (99,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 318.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 318.22 Td (41.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 306.22 Td ($47.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.15 306.22 Td (10,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 306.22 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.00 306.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 306.22 Td (47.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 306.22 Td (10,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 306.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 306.22 Td (47.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 294.22 Td ($70.13 - $70.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.15 294.22 Td (47,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 294.22 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.00 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 294.22 Td (70.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 294.22 Td (47,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 294.22 Td (70.26) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.50 268.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.22 268.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 132.69 268.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.69 268.10 Td (, ) Tj ET Q q 0 0 0 rg BT 157.58 268.10 Td (there ) Tj ET Q q 0 0 0 rg BT 179.96 268.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.90 268.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.90 268.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.29 268.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 266.54 268.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 324.47 268.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 342.97 268.10 Td (related ) Tj ET Q q 0 0 0 rg BT 372.56 268.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.73 268.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 406.23 268.10 Td (options ) Tj ET Q q 0 0 0 rg BT 438.06 268.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 475.98 268.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.15 268.10 Td (be ) Tj ET Q q 0 0 0 rg BT 497.98 268.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 544.23 268.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (future ) Tj ET Q q 0 0 0 rg BT 76.38 256.10 Td (years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.98 232.10 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 103.18 232.10 Td (value ) Tj ET Q q 0 0 0 rg BT 127.26 232.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.02 232.10 Td (options ) Tj ET Q q 0 0 0 rg BT 169.90 232.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 210.08 232.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.94 232.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.59 232.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 279.01 232.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 293.66 232.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 323.85 232.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 357.92 232.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.90 232.10 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 395.83 232.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.72 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 427.15 232.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.01 232.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 463.94 232.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.83 232.10 Td (, ) Tj ET Q q 0 0 0 rg BT 497.76 232.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 545.42 232.10 Td (, ) Tj ET Q q 0 0 0 rg BT 550.35 232.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.82 220.10 Td (year ) Tj ET Q q 0 0 0 rg BT 82.64 220.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.12 220.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 165.81 220.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.81 220.10 Td (. ) Tj ET Q q 0 0 0 rg BT 189.92 220.10 Td (For ) Tj ET Q q 0 0 0 rg BT 205.42 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.24 220.10 Td (year ) Tj ET Q q 0 0 0 rg BT 238.05 220.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.54 220.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 321.23 220.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.23 220.10 Td (, ) Tj ET Q q 0 0 0 rg BT 345.33 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.16 220.10 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 393.54 220.10 Td (value ) Tj ET Q q 0 0 0 rg BT 416.80 220.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.73 220.10 Td (options ) Tj ET Q q 0 0 0 rg BT 457.79 220.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 497.15 220.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.19 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.02 220.10 Td (resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.88 208.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 97.30 208.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 132.60 208.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.81 208.10 Td ($1.7 ) Tj ET Q q 0 0 0 rg BT 172.97 208.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.86 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 205.52 208.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.61 208.10 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 244.77 208.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.66 208.10 Td (, ) Tj ET Q q 0 0 0 rg BT 279.82 208.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 327.48 208.10 Td (. ) Tj ET Q q 0 0 0 rg BT 333.38 208.10 Td (There ) Tj ET Q q 0 0 0 rg BT 360.35 208.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.44 208.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.44 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.10 208.10 Td (options ) Tj ET Q q 0 0 0 rg BT 430.21 208.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 471.62 208.10 Td (during ) Tj ET Q q 0 0 0 rg BT 501.38 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.26 208.10 Td (year ) Tj ET Q q 0 0 0 rg BT 538.13 208.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.58 196.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 196.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.63 172.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.61 172.10 Td (has ) Tj ET Q q 0 0 0 rg BT 124.03 172.10 Td (a ) Tj ET Q q 0 0 0 rg BT 130.55 172.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 157.63 172.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.05 172.10 Td (issuing ) Tj ET Q q 0 0 0 rg BT 198.48 172.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 225.56 172.10 Td (out ) Tj ET Q q 0 0 0 rg BT 240.42 172.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.84 172.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 285.13 172.10 Td (\(to ) Tj ET Q q 0 0 0 rg BT 298.33 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.63 172.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 339.16 172.10 Td (available\) ) Tj ET Q q 0 0 0 rg BT 380.66 172.10 Td (to ) Tj ET Q q 0 0 0 rg BT 390.53 172.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 418.72 172.10 Td (share ) Tj ET Q q 0 0 0 rg BT 441.91 172.10 Td (option ) Tj ET Q q 0 0 0 rg BT 469.55 172.10 Td (exercises ) Tj ET Q q 0 0 0 rg BT 508.29 172.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.81 172.10 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.28 160.10 Td (vesting. ) Tj ET Q q 0 0 0 rg BT 106.69 160.10 Td (The ) Tj ET Q q 0 0 0 rg BT 124.41 160.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 165.47 160.10 Td (expects ) Tj ET Q q 0 0 0 rg BT 197.63 160.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.59 160.10 Td (withhold ) Tj ET Q q 0 0 0 rg BT 245.32 160.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.25 160.10 Td (0.3 ) Tj ET Q q 0 0 0 rg BT 319.93 160.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.82 160.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.00 160.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 378.16 160.10 Td (from ) Tj ET Q q 0 0 0 rg BT 399.77 160.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 440.82 160.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.99 160.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 498.49 160.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 529.55 160.10 Td (in ) Tj ET Q q 0 0 0 rg BT 539.50 160.10 Td (2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (related ) Tj ET Q q 0 0 0 rg BT 78.49 148.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.56 148.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 127.72 148.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 169.56 148.10 Td (income ) Tj ET Q q 0 0 0 rg BT 200.28 148.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 213.78 148.10 Td (withholding ) Tj ET Q q 0 0 0 rg BT 263.41 148.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 309.14 148.10 Td (on ) Tj ET Q q 0 0 0 rg BT 320.43 148.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 358.92 148.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 381.31 148.10 Td (vesting. ) Tj ET Q q 0 0 0 rg BT 413.99 148.10 Td (For ) Tj ET Q q 0 0 0 rg BT 429.17 148.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 474.33 148.10 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 513.67 148.10 Td (withholding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.49 136.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.77 136.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 112.48 136.10 Td (employees) Tj ET Q q 0 0 0 rg BT 157.83 136.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.33 136.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 175.04 136.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 221.99 136.10 Td (is ) Tj ET Q q 0 0 0 rg BT 231.16 136.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 264.75 136.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.03 136.10 Td (be ) Tj ET Q q 0 0 0 rg BT 286.97 136.10 Td (a ) Tj ET Q q 0 0 0 rg BT 293.91 136.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 339.71 136.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.54 136.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 378.03 136.10 Td (by ) Tj ET Q q 0 0 0 rg BT 390.53 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.25 136.10 Td (Company) Tj ET Q q 0 0 0 rg BT 443.49 136.10 Td (.) Tj ET Q endstream endobj 205 0 obj <>] /Rotate 0 /Contents 206 0 R>> endobj 206 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 (102) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (Deferr) Tj ET Q q 0 0 0 rg BT 78.13 708.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 90.63 708.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 154.80 708.25 Td (Plans) 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 68.05 684.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.43 684.25 Td (maintains ) Tj ET Q q 0 0 0 rg BT 150.82 684.25 Td (various ) Tj ET Q q 0 0 0 rg BT 182.75 684.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 218.56 684.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 276.60 684.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 332.96 684.25 Td (for ) Tj ET Q q 0 0 0 rg BT 347.12 684.25 Td (employees.) 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 68.20 660.25 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 121.39 660.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 157.35 660.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 215.55 660.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 235.42 660.25 Td (is ) Tj ET Q q 0 0 0 rg BT 244.74 660.25 Td (an ) Tj ET Q q 0 0 0 rg BT 256.83 660.25 Td (unfunded ) Tj ET Q q 0 0 0 rg BT 297.25 660.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 317.12 660.25 Td (which ) Tj ET Q q 0 0 0 rg BT 344.21 660.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 372.98 660.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 402.83 660.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 431.04 660.25 Td (compensated ) Tj ET Q q 0 0 0 rg BT 485.89 660.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 533.81 660.25 Td (at ) Tj ET Q q 0 0 0 rg BT 543.68 660.25 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (election, ) Tj ET Q q 0 0 0 rg BT 86.25 648.25 Td (to ) Tj ET Q q 0 0 0 rg BT 96.13 648.25 Td (defer ) Tj ET Q q 0 0 0 rg BT 118.77 648.25 Td (a ) Tj ET Q q 0 0 0 rg BT 125.31 648.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 170.72 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 181.15 648.25 Td (their ) Tj ET Q q 0 0 0 rg BT 201.57 648.25 Td (base ) Tj ET Q q 0 0 0 rg BT 221.45 648.25 Td (salary) Tj ET Q q 0 0 0 rg BT 244.67 648.25 Td (, ) Tj ET Q q 0 0 0 rg BT 249.27 648.25 Td (commissions ) Tj ET Q q 0 0 0 rg BT 303.60 648.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 331.25 648.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 351.12 648.25 Td (bonuses. ) Tj ET Q q 0 0 0 rg BT 387.79 648.25 Td (The ) Tj ET Q q 0 0 0 rg BT 405.44 648.25 Td (deferrals ) Tj ET Q q 0 0 0 rg BT 442.52 648.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 460.73 648.25 Td (immediately ) Tj ET Q q 0 0 0 rg BT 512.82 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 529.36 648.25 Td (are ) Tj ET Q q 0 0 0 rg BT 543.67 648.25 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (forfeitable. ) Tj ET Q q 0 0 0 rg BT 96.42 636.25 Td (The ) Tj ET Q q 0 0 0 rg BT 114.43 636.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 150.77 636.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 186.54 636.25 Td (under ) Tj ET Q q 0 0 0 rg BT 211.76 636.25 Td (this ) Tj ET Q q 0 0 0 rg BT 228.67 636.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 248.35 636.25 Td (are ) Tj ET Q q 0 0 0 rg BT 263.01 636.25 Td (held ) Tj ET Q q 0 0 0 rg BT 282.69 636.25 Td (in ) Tj ET Q q 0 0 0 rg BT 292.92 636.25 Td (a ) Tj ET Q q 0 0 0 rg BT 299.82 636.25 Td (grantor ) Tj ET Q q 0 0 0 rg BT 331.16 636.25 Td (trust. ) Tj ET Q q 0 0 0 rg BT 353.71 636.25 Td (The ) Tj ET Q q 0 0 0 rg BT 371.72 636.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 413.06 636.25 Td (invests, ) Tj ET Q q 0 0 0 rg BT 445.80 636.25 Td (as ) Tj ET Q q 0 0 0 rg BT 456.59 636.25 Td (a ) Tj ET Q q 0 0 0 rg BT 463.49 636.25 Td (principal, ) Tj ET Q q 0 0 0 rg BT 503.99 636.25 Td (in ) Tj ET Q q 0 0 0 rg BT 514.22 636.25 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.30 624.25 Td (economically ) Tj ET Q q 0 0 0 rg BT 114.69 624.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 140.09 624.25 Td (its ) Tj ET Q q 0 0 0 rg BT 151.06 624.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 193.13 624.25 Td (under ) Tj ET Q q 0 0 0 rg BT 217.43 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.17 624.25 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 283.23 624.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 318.06 624.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 375.12 624.25 Td (plan. ) Tj ET Q q 0 0 0 rg BT 396.36 624.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 446.21 624.25 Td (in ) Tj ET Q q 0 0 0 rg BT 455.51 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.25 624.25 Td (grantor ) Tj ET Q q 0 0 0 rg BT 499.65 624.25 Td (trust, ) Tj ET Q q 0 0 0 rg BT 521.45 624.25 Td (consisting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.65 612.25 Td (mutual ) Tj ET Q q 0 0 0 rg BT 92.74 612.25 Td (funds, ) Tj ET Q q 0 0 0 rg BT 120.78 612.25 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.31 612.25 Td ($14.6 ) Tj ET Q q 0 0 0 rg BT 177.13 612.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.02 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 209.34 612.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.09 612.25 Td ($6.6 ) Tj ET Q q 0 0 0 rg BT 247.91 612.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.80 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 280.12 612.25 Td (as ) Tj ET Q q 0 0 0 rg BT 291.77 612.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.42 612.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 362.82 612.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.82 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 386.14 612.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.89 612.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.89 612.25 Td (, ) Tj ET Q q 0 0 0 rg BT 429.71 612.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 477.37 612.25 Td (, ) Tj ET Q q 0 0 0 rg BT 483.19 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.94 612.25 Td (are ) Tj ET Q q 0 0 0 rg BT 516.47 612.25 Td (included ) Tj ET Q q 0 0 0 rg BT 554.22 612.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 100.58 600.25 Td (on ) Tj ET Q q 0 0 0 rg BT 113.38 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.40 600.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 181.74 600.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 226.76 600.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.89 600.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 275.67 600.25 Td (condition. ) Tj ET Q q 0 0 0 rg BT 318.55 600.25 Td (The ) Tj ET Q q 0 0 0 rg BT 336.90 600.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 395.24 600.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 431.35 600.25 Td (by ) Tj ET Q q 0 0 0 rg BT 444.15 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 459.17 600.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 504.74 600.25 Td (is ) Tj ET Q q 0 0 0 rg BT 514.21 600.25 Td (expensed ) Tj ET Q q 0 0 0 rg BT 554.22 600.25 Td (in ) 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 65.12 588.25 Td (period ) Tj ET Q q 0 0 0 rg BT 93.58 588.25 Td (earned. ) Tj ET Q q 0 0 0 rg BT 125.42 588.25 Td (The ) Tj ET Q q 0 0 0 rg BT 143.88 588.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 180.09 588.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 238.54 588.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 272.56 588.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.02 588.25 Td ($14.5 ) Tj ET Q q 0 0 0 rg BT 316.42 588.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.31 588.25 Td ( ) Tj ET Q q 0 0 0 rg BT 348.22 588.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.57 588.25 Td ($6.6 ) Tj ET Q q 0 0 0 rg BT 385.98 588.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.87 588.25 Td ( ) Tj ET Q q 0 0 0 rg BT 417.78 588.25 Td (as ) Tj ET Q q 0 0 0 rg BT 429.01 588.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.25 588.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 499.24 588.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.24 588.25 Td ( ) Tj ET Q q 0 0 0 rg BT 522.15 588.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 588.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 588.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 576.25 Td (. ) Tj ET Q q 0 0 0 rg BT 102.66 576.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 139.60 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 149.89 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 164.60 576.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 180.98 576.25 Td (value ) Tj ET Q q 0 0 0 rg BT 205.14 576.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.97 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.69 576.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 280.97 576.25 Td (made ) Tj ET Q q 0 0 0 rg BT 305.13 576.25 Td (by ) Tj ET Q q 0 0 0 rg BT 317.63 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 332.35 576.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 373.74 576.25 Td (are ) Tj ET Q q 0 0 0 rg BT 388.45 576.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 424.27 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 434.55 576.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 480.93 576.25 Td (income ) Tj ET Q q 0 0 0 rg BT 512.87 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 529.81 576.25 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.25 Td (in ) Tj ET Q q 0 0 0 rg BT 61.29 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.03 564.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 137.75 564.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 174.57 564.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 233.63 564.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 268.25 564.25 Td (are ) Tj ET Q q 0 0 0 rg BT 283.97 564.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 322.46 564.25 Td (as ) Tj ET Q q 0 0 0 rg BT 334.31 564.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 393.36 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 411.32 564.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 446.49 564.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 482.21 564.25 Td (on ) Tj ET Q q 0 0 0 rg BT 495.73 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.46 564.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.71 552.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.54 552.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.87 528.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 91.31 528.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 102.79 528.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 121.21 528.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 168.53 528.25 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 199.74 528.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 222.63 528.25 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 265.50 528.25 Td (Share ) Tj ET Q q 0 0 0 rg BT 290.59 528.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 337.35 528.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 357.46 528.25 Td (is ) Tj ET Q q 0 0 0 rg BT 366.45 528.25 Td (a ) Tj ET Q q 0 0 0 rg BT 373.22 528.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 394.43 528.25 Td (funded ) Tj ET Q q 0 0 0 rg BT 424.52 528.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 460.15 528.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 518.02 528.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 537.56 528.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 78.41 516.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 110.71 516.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 155.77 516.25 Td (to ) Tj ET Q q 0 0 0 rg BT 165.86 516.25 Td (elect ) Tj ET Q q 0 0 0 rg BT 187.03 516.25 Td (to ) Tj ET Q q 0 0 0 rg BT 197.11 516.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 228.28 516.25 Td (a ) Tj ET Q q 0 0 0 rg BT 235.02 516.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 266.21 516.25 Td (of ) Tj ET Q q 0 0 0 rg BT 276.85 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.37 516.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 330.32 516.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 388.17 516.25 Td (they ) Tj ET Q q 0 0 0 rg BT 407.69 516.25 Td (would ) Tj ET Q q 0 0 0 rg BT 434.99 516.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 476.17 516.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 507.34 516.25 Td (in ) Tj ET Q q 0 0 0 rg BT 517.42 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 531.94 516.25 Td (form ) Tj ET Q q 0 0 0 rg BT 553.68 516.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 89.75 504.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 115.91 504.25 Td (instead ) Tj ET Q q 0 0 0 rg BT 146.79 504.25 Td (in ) Tj ET Q q 0 0 0 rg BT 157.12 504.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 196.87 504.25 Td (mutual ) Tj ET Q q 0 0 0 rg BT 227.19 504.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 248.07 504.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 275.61 504.25 Td (\("MFRS ) Tj ET Q q 0 0 0 rg BT 311.70 504.25 Td (A) Tj ET Q q 0 0 0 rg BT 318.00 504.25 Td (wards"\) ) Tj ET Q q 0 0 0 rg BT 351.84 504.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.72 504.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 404.70 504.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 429.47 504.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 468.11 504.25 Td (by ) Tj ET Q q 0 0 0 rg BT 480.67 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.43 504.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 542.56 504.25 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.75 492.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 142.81 492.25 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 171.57 492.25 Td (A) Tj ET Q q 0 0 0 rg BT 177.87 492.25 Td (wards ) Tj ET Q q 0 0 0 rg BT 204.42 492.25 Td (are ) Tj ET Q q 0 0 0 rg BT 219.29 492.25 Td (awarded ) Tj ET Q q 0 0 0 rg BT 255.82 492.25 Td (to ) Tj ET Q q 0 0 0 rg BT 266.26 492.25 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 310.03 492.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 355.45 492.25 Td (in ) Tj ET Q q 0 0 0 rg BT 365.90 492.25 Td (February ) Tj ET Q q 0 0 0 rg BT 404.66 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 415.65 492.25 Td (each ) Tj ET Q q 0 0 0 rg BT 436.63 492.25 Td (year) Tj ET Q q 0 0 0 rg BT 453.44 492.25 Td (, ) Tj ET Q q 0 0 0 rg BT 458.60 492.25 Td (and ) Tj ET Q q 0 0 0 rg BT 475.70 492.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 515.01 492.25 Td (a ) Tj ET Q q 0 0 0 rg BT 522.11 492.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 553.67 492.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.25 Td (their ) Tj ET Q q 0 0 0 rg BT 71.20 480.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 129.62 480.25 Td (for ) Tj ET Q q 0 0 0 rg BT 144.16 480.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 197.56 480.25 Td (in ) Tj ET Q q 0 0 0 rg BT 208.22 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.31 480.25 Td (preceding ) Tj ET Q q 0 0 0 rg BT 265.61 480.25 Td (year ) Tj ET Q q 0 0 0 rg BT 285.70 480.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 316.35 480.25 Td (to ) Tj ET Q q 0 0 0 rg BT 327.00 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 342.10 480.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 388.92 480.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 421.23 480.25 Td (Grants. ) Tj ET Q q 0 0 0 rg BT 453.27 480.25 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 482.20 480.25 Td (A) Tj ET Q q 0 0 0 rg BT 488.50 480.25 Td (wards ) Tj ET Q q 0 0 0 rg BT 515.26 480.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 534.25 480.25 Td (ratably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.96 468.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.94 468.25 Td ( ) Tj ET Q q 0 0 0 rg BT 92.13 468.25 Td (years ) Tj ET Q q 0 0 0 rg BT 115.42 468.25 Td (in ) Tj ET Q q 0 0 0 rg BT 125.39 468.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 149.24 468.25 Td (installments ) Tj ET Q q 0 0 0 rg BT 199.76 468.25 Td (and ) Tj ET Q q 0 0 0 rg BT 216.38 468.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 249.12 468.25 Td (for ) Tj ET Q q 0 0 0 rg BT 262.97 468.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 304.59 468.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 335.67 468.25 Td (after ) Tj ET Q q 0 0 0 rg BT 356.18 468.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 404.47 468.25 Td (of ) Tj ET Q q 0 0 0 rg BT 414.99 468.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 467.17 468.25 Td (so ) Tj ET Q q 0 0 0 rg BT 478.25 468.25 Td (long ) Tj ET Q q 0 0 0 rg BT 498.22 468.25 Td (as ) Tj ET Q q 0 0 0 rg BT 508.74 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.14 468.25 Td (employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.25 Td (does ) Tj ET Q q 0 0 0 rg BT 72.44 456.25 Td (not ) Tj ET Q q 0 0 0 rg BT 89.34 456.25 Td (violate ) Tj ET Q q 0 0 0 rg BT 120.66 456.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 151.98 456.25 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 222.19 456.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 270.74 456.25 Td (set ) Tj ET Q q 0 0 0 rg BT 285.96 456.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 309.52 456.25 Td (in ) Tj ET Q q 0 0 0 rg BT 321.41 456.25 Td (the ) Tj ET Q q 0 0 0 rg BT 337.74 456.25 Td (award ) Tj ET Q q 0 0 0 rg BT 366.28 456.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 412.04 456.25 Td (or ) Tj ET Q q 0 0 0 rg BT 424.48 456.25 Td (any ) Tj ET Q q 0 0 0 rg BT 443.03 456.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 488.79 456.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 522.33 456.25 Td (into ) Tj ET Q q 0 0 0 rg BT 542.00 456.25 Td (upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.25 Td (termination. ) Tj ET Q q 0 0 0 rg BT 101.15 444.25 Td (Forfeitures ) Tj ET Q q 0 0 0 rg BT 147.57 444.25 Td (are ) Tj ET Q q 0 0 0 rg BT 162.33 444.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 199.85 444.25 Td (as ) Tj ET Q q 0 0 0 rg BT 210.73 444.25 Td (a ) Tj ET Q q 0 0 0 rg BT 217.72 444.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 258.03 444.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.91 444.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 327.00 444.25 Td (and ) Tj ET Q q 0 0 0 rg BT 343.99 444.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 378.19 444.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 412.95 444.25 Td (within ) Tj ET Q q 0 0 0 rg BT 441.05 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 455.82 444.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 508.91 444.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 553.67 444.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.64 408.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.62 408.25 Td (has ) Tj ET Q q 0 0 0 rg BT 124.04 408.25 Td (also ) Tj ET Q q 0 0 0 rg BT 142.24 408.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 174.32 408.25 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 202.63 408.25 Td (A) Tj ET Q q 0 0 0 rg BT 208.94 408.25 Td (wards ) Tj ET Q q 0 0 0 rg BT 234.91 408.25 Td (to ) Tj ET Q q 0 0 0 rg BT 244.78 408.25 Td (new ) Tj ET Q q 0 0 0 rg BT 263.53 408.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 308.39 408.25 Td (as ) Tj ET Q q 0 0 0 rg BT 318.81 408.25 Td (a ) Tj ET Q q 0 0 0 rg BT 325.34 408.25 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 366.31 408.25 Td (tool. ) Tj ET Q q 0 0 0 rg BT 386.46 408.25 Td (Employees ) Tj ET Q q 0 0 0 rg BT 432.98 408.25 Td (must ) Tj ET Q q 0 0 0 rg BT 454.52 408.25 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 479.39 408.25 Td (service ) Tj ET Q q 0 0 0 rg BT 509.80 408.25 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.04 396.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 100.05 396.25 Td (for ) Tj ET Q q 0 0 0 rg BT 113.97 396.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 139.01 396.25 Td (to ) Tj ET Q q 0 0 0 rg BT 149.05 396.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.53 396.25 Td (awards. ) Tj ET Q q 0 0 0 rg BT 196.61 396.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 256.65 396.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 291.11 396.25 Td (from ) Tj ET Q q 0 0 0 rg BT 312.81 396.25 Td (these ) Tj ET Q q 0 0 0 rg BT 335.62 396.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 366.20 396.25 Td (will ) Tj ET Q q 0 0 0 rg BT 384.02 396.25 Td (be ) Tj ET Q q 0 0 0 rg BT 395.72 396.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 437.96 396.25 Td (on ) Tj ET Q q 0 0 0 rg BT 450.22 396.25 Td (a ) Tj ET Q q 0 0 0 rg BT 456.92 396.25 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 507.50 396.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 529.76 396.25 Td (over ) Tj ET Q q 0 0 0 rg BT 549.79 396.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (requisite ) Tj ET Q q 0 0 0 rg BT 86.93 384.25 Td (service ) Tj ET Q q 0 0 0 rg BT 117.75 384.25 Td (period ) Tj ET Q q 0 0 0 rg BT 145.80 384.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.63 384.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.63 384.25 Td ( ) Tj ET Q q 0 0 0 rg BT 174.13 384.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.40 384.25 Td (five ) Tj ET Q q 0 0 0 rg BT 202.45 384.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.55 384.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.27 360.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.89 360.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 144.59 360.25 Td (total ) Tj ET Q q 0 0 0 rg BT 164.09 360.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 221.36 360.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 255.30 360.25 Td (within ) Tj ET Q q 0 0 0 rg BT 282.58 360.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 327.08 360.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 370.46 360.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.52 360.25 Td ($26.6 ) Tj ET Q q 0 0 0 rg BT 404.75 360.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.64 360.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.87 360.25 Td ($20.0 ) Tj ET Q q 0 0 0 rg BT 462.10 360.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.99 360.25 Td ( ) Tj ET Q q 0 0 0 rg BT 492.72 360.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.88 360.25 Td ($15.2 ) Tj ET Q q 0 0 0 rg BT 533.11 360.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.00 360.25 Td ( ) 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 63.59 348.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.73 348.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.83 348.25 Td ( ) Tj ET Q q 0 0 0 rg BT 100.75 348.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.56 348.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 184.57 348.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.57 348.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.99 348.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.99 348.25 Td ( ) Tj ET Q q 0 0 0 rg BT 230.92 348.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.29 348.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.29 348.25 Td (, ) Tj ET Q q 0 0 0 rg BT 271.71 348.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 319.37 348.25 Td (, ) Tj ET Q q 0 0 0 rg BT 323.80 348.25 Td (related ) Tj ET Q q 0 0 0 rg BT 352.93 348.25 Td (to ) Tj ET Q q 0 0 0 rg BT 362.63 348.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 403.43 348.25 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 431.62 348.25 Td (A) Tj ET Q q 0 0 0 rg BT 437.92 348.25 Td (wards. ) Tj ET Q q 0 0 0 rg BT 466.09 348.25 Td (T) Tj ET Q q 0 0 0 rg BT 471.50 348.25 Td (otal ) Tj ET Q q 0 0 0 rg BT 488.42 348.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 545.89 348.25 Td (cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 86.21 336.25 Td (year) Tj ET Q q 0 0 0 rg BT 103.21 336.25 Td (-end ) Tj ET Q q 0 0 0 rg BT 123.86 336.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 182.28 336.25 Td (for ) Tj ET Q q 0 0 0 rg BT 196.82 336.25 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 225.75 336.25 Td (A) Tj ET Q q 0 0 0 rg BT 232.05 336.25 Td (wards ) Tj ET Q q 0 0 0 rg BT 258.82 336.25 Td (and ) Tj ET Q q 0 0 0 rg BT 276.13 336.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.23 336.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 344.65 336.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.86 336.25 Td (sign-on ) Tj ET Q q 0 0 0 rg BT 388.74 336.25 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 417.67 336.25 Td (A) Tj ET Q q 0 0 0 rg BT 423.97 336.25 Td (wards, ) Tj ET Q q 0 0 0 rg BT 453.23 336.25 Td (less ) Tj ET Q q 0 0 0 rg BT 471.11 336.25 Td (forfeitures. ) Tj ET Q q 0 0 0 rg BT 518.14 336.25 Td (Forfeitures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.25 Td (were ) Tj ET Q q 0 0 0 rg BT 72.42 324.25 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 118.72 324.25 Td (for ) Tj ET Q q 0 0 0 rg BT 133.37 324.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.57 324.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.67 324.25 Td ( ) Tj ET Q q 0 0 0 rg BT 172.66 324.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.52 324.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 258.59 324.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.59 324.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.08 324.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.08 324.25 Td ( ) Tj ET Q q 0 0 0 rg BT 307.07 324.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.49 324.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.49 324.25 Td (, ) Tj ET Q q 0 0 0 rg BT 349.98 324.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 397.64 324.25 Td (. ) Tj ET Q q 0 0 0 rg BT 403.13 324.25 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 432.14 324.25 Td (A) Tj ET Q q 0 0 0 rg BT 438.44 324.25 Td (wards ) Tj ET Q q 0 0 0 rg BT 465.31 324.25 Td (are ) Tj ET Q q 0 0 0 rg BT 480.51 324.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 510.15 324.25 Td (by ) Tj ET Q q 0 0 0 rg BT 523.14 324.25 Td (employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.25 Td (recipients ) Tj ET Q q 0 0 0 rg BT 91.37 312.25 Td (and ) Tj ET Q q 0 0 0 rg BT 108.31 312.25 Td (as ) Tj ET Q q 0 0 0 rg BT 119.14 312.25 Td (such ) Tj ET Q q 0 0 0 rg BT 139.97 312.25 Td (are ) Tj ET Q q 0 0 0 rg BT 154.68 312.25 Td (not ) Tj ET Q q 0 0 0 rg BT 169.96 312.25 Td (included ) Tj ET Q q 0 0 0 rg BT 206.89 312.25 Td (on ) Tj ET Q q 0 0 0 rg BT 219.39 312.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.11 312.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 287.15 312.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 331.86 312.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.69 312.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 380.17 312.25 Td (condition.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (Note 23) 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 59.07 600.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 101.99 600.25 Td (by ) Tj ET Q q 0 0 0 rg BT 114.39 600.25 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 153.45 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.06 600.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 207.11 600.25 Td (average ) Tj ET Q q 0 0 0 rg BT 240.59 600.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 289.66 600.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 317.04 600.25 Td (to ) Tj ET Q q 0 0 0 rg BT 327.22 600.25 Td (assume ) Tj ET Q q 0 0 0 rg BT 359.05 600.25 Td (conversion ) Tj ET Q q 0 0 0 rg BT 405.33 600.25 Td (of ) Tj ET Q q 0 0 0 rg BT 416.05 600.25 Td (all ) Tj ET Q q 0 0 0 rg BT 428.44 600.25 Td (potentially ) Tj ET Q q 0 0 0 rg BT 473.61 600.25 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 506.56 600.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 530.06 600.25 Td (options. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 576.25 Td (computation ) Tj ET Q q 0 0 0 rg BT 120.54 576.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.37 576.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 167.74 576.25 Td (per ) Tj ET Q q 0 0 0 rg BT 183.01 576.25 Td (share ) Tj ET Q q 0 0 0 rg BT 206.61 576.25 Td (is ) Tj ET Q q 0 0 0 rg BT 215.78 576.25 Td (as ) Tj ET Q q 0 0 0 rg BT 226.61 576.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 519.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 519.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 519.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 519.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 519.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 519.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 495.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 495.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 495.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 495.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 495.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 495.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 461.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 461.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 461.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 461.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 461.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 461.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 437.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 437.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 437.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 437.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 437.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 437.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 413.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 413.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 413.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 413.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 413.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 413.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 389.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 389.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 389.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 389.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 389.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 389.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 365.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 365.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 365.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 365.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 365.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 365.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 341.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 341.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 341.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 341.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 341.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 341.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 317.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 317.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 317.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 317.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 317.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 317.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 293.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 293.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 293.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 293.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 293.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 293.75 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 335.5 553.75 m 405.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 553.75 m 413.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 553.75 m 483.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 553.75 m 491.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 553.75 m 561.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 553.75 m 405.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 541.75 m 405.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 553.75 m 483.5 553.75 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 483.5 553.75 m 491.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 553.75 m 561.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 541.75 m 405.5 541.75 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 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 335.5 507.75 m 405.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 507.75 m 483.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 507.75 m 561.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 507.75 m 405.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 507.75 m 483.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 507.75 m 561.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 483.75 m 405.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 483.75 m 483.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 483.75 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 335.5 462.75 m 405.5 462.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 460.75 m 405.5 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 462.75 m 483.5 462.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 460.75 m 483.5 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 462.75 m 561.5 462.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 460.75 m 561.5 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 413.75 m 405.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 401.75 m 405.5 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 413.75 m 483.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 401.75 m 483.5 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 413.75 m 561.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 401.75 m 561.5 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 353.75 m 405.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 353.75 m 483.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 353.75 m 561.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 293.75 m 405.5 293.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 293.75 m 483.5 293.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 293.75 m 561.5 293.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 557.70 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.60 556.48 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 545.70 Td (\(Amounts in thousands, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.00 544.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 544.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 544.48 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 532.32 Td (Net income from continuing operations applicable to Piper Jaffray) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 522.37 Td (Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 524.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 524.43 Td (52,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 524.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 524.42 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 524.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 524.42 Td (49,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 510.37 Td (Net loss from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 510.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 510.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 510.37 Td (\(4,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 510.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 498.37 Td (Net income applicable to Piper Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 498.48 Td (52,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 498.37 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 498.37 Td (45,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 486.37 Td (Earnings allocated to participating securities ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.21 486.37 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.80 486.53 Td (\(4,015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 486.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 486.37 Td (\(5,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 486.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 486.37 Td (\(4,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 486.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 474.32 Td (Net income applicable to Piper Jaf) Tj ET Q q 0 0 0 rg BT 189.83 474.32 Td (fray Companies) Tj ET Q q 0 0 0 rg BT 256.01 474.32 Td ( common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 464.37 Td (shareholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 107.04 464.37 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 109.04 464.37 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 466.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 466.43 Td (48,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 466.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 466.42 Td (58,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 466.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 466.42 Td (40,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 440.37 Td (Shares for basic and diluted calculations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 428.37 Td (Average shares used in basic computation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 428.48 Td (14,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 428.37 Td (14,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 428.37 Td (15,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 416.37 Td (Stock options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 416.48 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 416.37 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 416.37 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 404.37 Td (Average shares used in diluted computation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 404.48 Td (14,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 404.37 Td (15,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 404.37 Td (15,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 380.37 Td (Earnings/\(loss\) per basic common share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 368.37 Td (Income from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 368.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 368.48 Td (3.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 368.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 368.37 Td (3.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 368.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 368.37 Td (2.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 356.37 Td (Loss from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 356.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 356.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 356.37 Td (\(0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 356.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 344.37 Td (Earnings per basic common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 344.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 344.48 Td (3.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 344.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 344.37 Td (3.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 344.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 344.37 Td (2.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 320.37 Td (Earnings/\(loss\) per diluted common share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 308.37 Td (Income from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 308.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 308.48 Td (3.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 308.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 308.37 Td (3.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 308.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 308.37 Td (2.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 296.37 Td (Loss from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 296.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 296.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 296.37 Td (\(0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 296.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 284.37 Td (Earnings per diluted common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 284.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 284.48 Td (3.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 284.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 284.37 Td (3.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 284.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 284.37 Td (2.70) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 268.45 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 268.45 Td (Repr) Tj ET Q q 0 0 0 rg BT 85.16 268.45 Td (esents ) Tj ET Q q 0 0 0 rg BT 108.67 268.45 Td (the ) Tj ET Q q 0 0 0 rg BT 121.18 268.45 Td (allocation ) Tj ET Q q 0 0 0 rg BT 159.19 268.45 Td (of ) Tj ET Q q 0 0 0 rg BT 167.70 268.45 Td (earnings ) Tj ET Q q 0 0 0 rg BT 200.72 268.45 Td (to ) Tj ET Q q 0 0 0 rg BT 209.23 268.45 Td (participating ) Tj ET Q q 0 0 0 rg BT 257.75 268.45 Td (securities. ) Tj ET Q q 0 0 0 rg BT 296.00 268.45 Td (Losses ) Tj ET Q q 0 0 0 rg BT 321.52 268.45 Td (ar) Tj ET Q q 0 0 0 rg BT 329.19 268.45 Td (e ) Tj ET Q q 0 0 0 rg BT 334.70 268.45 Td (not ) Tj ET Q q 0 0 0 rg BT 347.72 268.45 Td (allocated ) Tj ET Q q 0 0 0 rg BT 382.72 268.45 Td (to ) Tj ET Q q 0 0 0 rg BT 391.24 268.45 Td (participating ) Tj ET Q q 0 0 0 rg BT 439.75 268.45 Td (securities. ) Tj ET Q q 0 0 0 rg BT 478.01 268.45 Td (Participating ) Tj ET Q q 0 0 0 rg BT 527.52 268.45 Td (securities ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 257.65 Td (include ) Tj ET Q q 0 0 0 rg BT 96.32 257.65 Td (all ) Tj ET Q q 0 0 0 rg BT 107.65 257.65 Td (of ) Tj ET Q q 0 0 0 rg BT 116.49 257.65 Td (the ) Tj ET Q q 0 0 0 rg BT 129.31 257.65 Td (Company) Tj ET Q q 0 0 0 rg BT 165.65 257.65 Td (s ) Tj ET Q q 0 0 0 rg BT 170.98 257.65 Td (unvested ) Tj ET Q q 0 0 0 rg BT 204.30 257.65 Td (r) Tj ET Q q 0 0 0 rg BT 207.47 257.65 Td (estricted ) Tj ET Q q 0 0 0 rg BT 240.29 257.65 Td (shar) Tj ET Q q 0 0 0 rg BT 255.96 257.65 Td (es. ) Tj ET Q q 0 0 0 rg BT 267.54 257.65 Td (The ) Tj ET Q q 0 0 0 rg BT 282.87 257.65 Td (weighted ) Tj ET Q q 0 0 0 rg BT 317.20 257.65 Td (average ) Tj ET Q q 0 0 0 rg BT 348.01 257.65 Td (participating ) Tj ET Q q 0 0 0 rg BT 396.84 257.65 Td (shar) Tj ET Q q 0 0 0 rg BT 412.52 257.65 Td (es ) Tj ET Q q 0 0 0 rg BT 421.84 257.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 466.18 257.65 Td (wer) Tj ET Q q 0 0 0 rg BT 479.35 257.65 Td (e ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.17 257.65 Td (1,201,610) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.17 257.65 Td (; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.00 257.65 Td (1,299,827) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 562.00 257.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 246.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.75 246.85 Td (1,667,067) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 119.75 246.85 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 246.85 Td (for ) Tj ET Q q 0 0 0 rg BT 134.75 246.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 148.00 246.85 Td (years) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.49 246.85 Td ( ) Tj ET Q q 0 0 0 rg BT 169.74 246.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.48 246.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 246.21 246.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.21 246.85 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.71 246.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.71 246.85 Td ( ) Tj ET Q q 0 0 0 rg BT 288.96 246.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.71 246.85 Td (2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.71 246.85 Td (, ) Tj ET Q q 0 0 0 rg BT 327.21 246.85 Td (r) Tj ET Q q 0 0 0 rg BT 330.38 246.85 Td (espectively) Tj ET Q q 0 0 0 rg BT 369.35 246.85 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 233.05 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 233.05 Td (Net ) Tj ET Q q 0 0 0 rg BT 82.66 233.05 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 133.31 233.05 Td (applicable ) Tj ET Q q 0 0 0 rg BT 173.46 233.05 Td (to ) Tj ET Q q 0 0 0 rg BT 182.62 233.05 Td (Piper ) Tj ET Q q 0 0 0 rg BT 204.78 233.05 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 232.43 233.05 Td (Companies) Tj ET Q q 0 0 0 rg BT 274.93 233.05 Td ( ) Tj ET Q q 0 0 0 rg BT 277.09 233.05 Td (common ) Tj ET Q q 0 0 0 rg BT 309.75 233.05 Td (shar) Tj ET Q q 0 0 0 rg BT 325.42 233.05 Td (eholders ) Tj ET Q q 0 0 0 rg BT 358.58 233.05 Td (for ) Tj ET Q q 0 0 0 rg BT 371.24 233.05 Td (diluted ) Tj ET Q q 0 0 0 rg BT 398.40 233.05 Td (and ) Tj ET Q q 0 0 0 rg BT 414.06 233.05 Td (basic ) Tj ET Q q 0 0 0 rg BT 435.22 233.05 Td (EPS ) Tj ET Q q 0 0 0 rg BT 452.87 233.05 Td (may ) Tj ET Q q 0 0 0 rg BT 470.03 233.05 Td (differ ) Tj ET Q q 0 0 0 rg BT 491.69 233.05 Td (under ) Tj ET Q q 0 0 0 rg BT 514.85 233.05 Td (the ) Tj ET Q q 0 0 0 rg BT 528.00 233.05 Td (two-class ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 222.25 Td (method ) Tj ET Q q 0 0 0 rg BT 96.81 222.25 Td (as ) Tj ET Q q 0 0 0 rg BT 107.13 222.25 Td (a ) Tj ET Q q 0 0 0 rg BT 113.95 222.25 Td (r) Tj ET Q q 0 0 0 rg BT 117.12 222.25 Td (esult ) Tj ET Q q 0 0 0 rg BT 136.44 222.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.76 222.25 Td (adding ) Tj ET Q q 0 0 0 rg BT 173.07 222.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.39 222.25 Td (effect ) Tj ET Q q 0 0 0 rg BT 208.19 222.25 Td (of ) Tj ET Q q 0 0 0 rg BT 217.51 222.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.82 222.25 Td (assumed ) Tj ET Q q 0 0 0 rg BT 264.14 222.25 Td (exer) Tj ET Q q 0 0 0 rg BT 279.29 222.25 Td (cise ) Tj ET Q q 0 0 0 rg BT 295.60 222.25 Td (of ) Tj ET Q q 0 0 0 rg BT 304.92 222.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 325.73 222.25 Td (options ) Tj ET Q q 0 0 0 rg BT 354.56 222.25 Td (to ) Tj ET Q q 0 0 0 rg BT 363.87 222.25 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 393.18 222.25 Td (shar) Tj ET Q q 0 0 0 rg BT 408.85 222.25 Td (es ) Tj ET Q q 0 0 0 rg BT 418.67 222.25 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 465.74 222.25 Td (which ) Tj ET Q q 0 0 0 rg BT 489.56 222.25 Td (alters ) Tj ET Q q 0 0 0 rg BT 512.38 222.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.69 222.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 545.51 222.25 Td (used ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 211.45 Td (to ) Tj ET Q q 0 0 0 rg BT 76.79 211.45 Td (allocate ) Tj ET Q q 0 0 0 rg BT 107.57 211.45 Td (earnings ) Tj ET Q q 0 0 0 rg BT 140.85 211.45 Td (to ) Tj ET Q q 0 0 0 rg BT 149.64 211.45 Td (Piper ) Tj ET Q q 0 0 0 rg BT 171.42 211.45 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 198.71 211.45 Td (Companies) Tj ET Q q 0 0 0 rg BT 241.20 211.45 Td ( ) Tj ET Q q 0 0 0 rg BT 242.99 211.45 Td (common ) Tj ET Q q 0 0 0 rg BT 275.27 211.45 Td (shar) Tj ET Q q 0 0 0 rg BT 290.94 211.45 Td (eholders ) Tj ET Q q 0 0 0 rg BT 323.73 211.45 Td (and ) Tj ET Q q 0 0 0 rg BT 339.01 211.45 Td (participating ) Tj ET Q q 0 0 0 rg BT 387.80 211.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 424.08 211.45 Td (for ) Tj ET Q q 0 0 0 rg BT 436.37 211.45 Td (purposes ) Tj ET Q q 0 0 0 rg BT 470.66 211.45 Td (of ) Tj ET Q q 0 0 0 rg BT 479.45 211.45 Td (calculating ) Tj ET Q q 0 0 0 rg BT 521.73 211.45 Td (diluted ) Tj ET Q q 0 0 0 rg BT 548.51 211.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 200.65 Td (basic ) Tj ET Q q 0 0 0 rg BT 89.25 200.65 Td (EPS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.65 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 176.65 Td (anti-dilutive ) Tj ET Q q 0 0 0 rg BT 119.42 176.65 Td (ef) Tj ET Q q 0 0 0 rg BT 127.01 176.65 Td (fects ) Tj ET Q q 0 0 0 rg BT 148.39 176.65 Td (from ) Tj ET Q q 0 0 0 rg BT 170.33 176.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 193.94 176.65 Td (options ) Tj ET Q q 0 0 0 rg BT 225.88 176.65 Td (were ) Tj ET Q q 0 0 0 rg BT 247.81 176.65 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 293.63 176.65 Td (for ) Tj ET Q q 0 0 0 rg BT 307.79 176.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.50 176.65 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.60 176.65 Td ( ) Tj ET Q q 0 0 0 rg BT 346.10 176.65 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.48 176.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 431.06 176.65 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.06 176.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.06 176.65 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.06 176.65 Td ( ) Tj ET Q q 0 0 0 rg BT 478.56 176.65 Td (and ) Tj ET Q q 0 0 0 rg BT 495.50 176.65 Td (2013.) 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 51.60 Td (104) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note 24) 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 (Segment ) Tj ET Q q 0 0 0 rg BT 87.00 552.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 117.81 552.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 158.07 552.75 Td (income ) Tj ET Q q 0 0 0 rg BT 190.01 552.75 Td (and ) Tj ET Q q 0 0 0 rg BT 206.95 552.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 242.77 552.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 273.59 552.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 313.85 552.75 Td (mar) Tj ET Q q 0 0 0 rg BT 329.22 552.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 344.50 552.75 Td (exclude ) Tj ET Q q 0 0 0 rg BT 378.09 552.75 Td (the ) Tj ET Q q 0 0 0 rg BT 392.81 552.75 Td (results ) Tj ET Q q 0 0 0 rg BT 421.41 552.75 Td (of ) Tj ET Q q 0 0 0 rg BT 432.24 552.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 485.85 552.75 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.75 Td (Reportable ) Tj ET Q q 0 0 0 rg BT 95.87 528.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 131.70 528.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 169.18 528.75 Td (results ) Tj ET Q q 0 0 0 rg BT 197.79 528.75 Td (are ) Tj ET Q q 0 0 0 rg BT 212.49 528.75 Td (as ) Tj ET Q q 0 0 0 rg BT 223.32 528.75 Td (follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 482.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 482.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 482.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 482.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 482.25 8.00 -12.00 re 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0.9333333333333333 1 rg /GS0 gs 337.00 362.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 362.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 362.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 362.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 362.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 338.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 338.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 338.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 338.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 338.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 338.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 314.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 314.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 314.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 314.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 314.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 314.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 290.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 290.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 290.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 290.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 290.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 290.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 266.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 266.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 266.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 266.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 266.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 266.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 242.25 287.00 -12.00 re f /GS0 gs 0.8 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 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 194.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 194.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 194.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 194.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 194.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 194.25 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 407 506.25 m 415 506.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 506.25 m 493 506.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 506.25 m 407 506.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 494.25 m 407 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 506.25 m 485 506.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 494.25 m 485 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 506.25 m 563 506.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 494.25 m 563 494.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 422.25 m 407 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 422.25 m 485 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 422.25 m 563 422.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 362.25 m 407 362.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 362.25 m 485 362.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 362.25 m 563 362.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 278.25 m 407 278.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 278.25 m 485 278.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 278.25 m 563 278.25 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 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 206.25 m 407 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 206.25 m 485 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 206.25 m 563 206.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.10 508.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 498.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.50 496.98 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 496.98 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 496.98 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 484.98 Td (Capital Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 472.87 Td (Investment banking) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 460.87 Td (Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 448.87 Td (Equities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 448.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 448.98 Td (114,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 448.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 448.87 Td (109,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 448.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 448.87 Td (94,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 436.87 Td (Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 436.98 Td (91,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 436.87 Td (63,005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 436.87 Td (71,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 424.87 Td (Advisory services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 424.98 Td (209,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 424.87 Td (197,880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 424.87 Td (83,292) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 412.86 Td (Total investment banking) Tj ET Q BT 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BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 352.87 Td (174,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 352.87 Td (167,444) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 328.86 Td (Management and performance fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.00 328.98 Td (4,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 328.87 Td (5,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 328.87 Td (3,891) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 304.86 Td (Investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 304.98 Td (24,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 304.87 Td (24,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 304.87 Td (30,404) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 280.86 Td (Long-term financing expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.65 280.98 Td (\(7,494) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 280.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 280.87 Td (\(6,655) Tj ET Q BT /F1 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0 i [] 0 d 0 J 0 j 3 M 493 690 m 563 690 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.10 704.73 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 693.95 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.50 692.73 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 692.73 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 692.73 Td (2013) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 678.00 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 678.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 678.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 678.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 678.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 678.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 654.00 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 654.00 70.00 -12.00 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operating margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 512.73 Td (12.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 512.73 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 512.62 Td (26.4) 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 (31.2) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 464.73 Td (672,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 464.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 464.62 Td (648,138) 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 (525,195) 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 364.00 440.73 Td (586,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 440.62 Td (537,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 440.62 Td (449,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 416.62 Td (Pre-tax operating income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 416.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 416.73 Td (86,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 416.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 416.62 Td (110,311) 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 526.65 416.62 Td (75,613) 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 379.00 392.73 Td (12.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 392.73 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 392.62 Td (17.0) 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 (14.4) 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 49.50 375.50 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 375.50 Td (Operating expenses include intangible asset amortization expense as set forth in the table below: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.44 375.50 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 345.00 270.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 345.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 345.00 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 345.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 345.00 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 345.00 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 325.00 270.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 325.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 325.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 325.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 325.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 325.00 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 338 355 m 408 355 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 355 m 416 355 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 355 m 486 355 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 355 m 494 355 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 355 m 564 355 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 355 m 408 355 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 345 m 408 345 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 355 m 416 355 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 355 m 486 355 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 345 m 486 345 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 355 m 564 355 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 345 m 564 345 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 345 m 408 345 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 345 m 486 345 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 345 m 564 345 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 325 m 408 325 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 314 m 408 314 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 312 m 408 312 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 325 m 486 325 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 314 m 486 314 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 312 m 486 312 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 325 m 564 325 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 314 m 564 314 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 312 m 564 312 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.65 356.45 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 347.00 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.50 346.45 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.50 346.45 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 519.50 346.45 Td (2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 336.31 Td (Capital Markets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.50 336.45 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.25 336.45 Td (1,622) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.50 336.31 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.25 336.31 Td (2,972) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 336.31 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.25 336.31 Td (1,349) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 70.50 326.31 Td (Asset Management) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.25 326.45 Td (6,040) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.25 326.31 Td (6,300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.25 326.31 Td (6,644) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 316.26 Td (Total intangible asset amortization expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.50 316.40 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.25 316.40 Td (7,662) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.50 316.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.25 316.26 Td (9,272) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.50 316.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 540.25 316.26 Td (7,993) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 289.50 Td (Reportable ) Tj ET Q q 0 0 0 rg BT 95.87 289.50 Td (segment ) Tj ET Q q 0 0 0 rg BT 131.70 289.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 157.53 289.50 Td (are ) Tj ET Q q 0 0 0 rg BT 172.23 289.50 Td (as ) Tj ET Q q 0 0 0 rg BT 183.06 289.50 Td (follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 255.00 365.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 255.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 255.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 255.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 231.00 365.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 231.00 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 231.00 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 231.00 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 415 255 m 485 255 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 255 m 563 255 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 231 m 485 231 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 231 m 563 231 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 220 m 485 220 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 218 m 485 218 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 220 m 563 220 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 218 m 563 218 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.40 269.73 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.40 269.73 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 258.95 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 257.73 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 257.73 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 245.62 Td (Capital Markets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.50 245.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.15 245.73 Td (1,870,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 245.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 245.62 Td (2,352,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 233.62 Td (Asset Management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.65 233.73 Td (268,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 233.62 Td (271,513) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.50 221.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.15 221.73 Td (2,138,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 221.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 221.62 Td (2,623,917) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 213 0 obj <>] /Rotate 0 /Contents 214 0 R>> endobj 214 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 (106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.25 Td (Note 25) 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 68.15 672.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 108.47 672.25 Td (Industry ) Tj ET Q q 0 0 0 rg BT 144.90 672.25 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 191.75 672.25 Td (Authority ) Tj ET Q q 0 0 0 rg BT 233.75 672.25 Td (\(FINRA\) ) Tj ET Q q 0 0 0 rg BT 282.39 672.25 Td (serves ) Tj ET Q q 0 0 0 rg BT 310.49 672.25 Td (as ) Tj ET Q q 0 0 0 rg BT 321.92 672.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 346.13 672.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 357.61 672.25 Td (fray) Tj ET Q q 0 0 0 rg BT 376.49 672.25 Td (s ) Tj ET Q q 0 0 0 rg BT 383.49 672.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 418.25 672.25 Td (SRO. ) Tj ET Q q 0 0 0 rg BT 443.30 672.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 467.52 672.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 479.00 672.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 498.20 672.25 Td (is ) Tj ET Q q 0 0 0 rg BT 507.97 672.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 539.40 672.25 Td (to ) Tj ET Q q 0 0 0 rg BT 550.29 672.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (uniform ) Tj ET Q q 0 0 0 rg BT 84.89 660.25 Td (net ) Tj ET Q q 0 0 0 rg BT 100.27 660.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 130.10 660.25 Td (rule ) Tj ET Q q 0 0 0 rg BT 148.81 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 160.31 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.70 660.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 197.21 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.82 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.21 660.25 Td (net ) Tj ET Q q 0 0 0 rg BT 245.59 660.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 275.41 660.25 Td (rule ) Tj ET Q q 0 0 0 rg BT 294.13 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 305.63 660.25 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 341.31 660.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 365.59 660.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 377.07 660.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 396.33 660.25 Td (has ) Tj ET Q q 0 0 0 rg BT 412.84 660.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 444.32 660.25 Td (to ) Tj ET Q q 0 0 0 rg BT 455.27 660.25 Td (use ) Tj ET Q q 0 0 0 rg BT 471.77 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.15 660.25 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 (2015) 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 ($187.9 ) 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 ($186.9 ) 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 73.72 492.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 85.20 492.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 104.42 492.25 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 126.42 492.25 Td (a ) Tj ET Q q 0 0 0 rg BT 133.97 492.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 163.18 492.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 190.72 492.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 234.94 492.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 277.48 492.25 Td (in ) Tj ET Q q 0 0 0 rg BT 288.37 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.70 492.25 Td (United ) Tj ET Q q 0 0 0 rg BT 334.04 492.25 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 377.43 492.25 Td (was ) Tj ET Q q 0 0 0 rg BT 396.09 492.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 427.53 492.25 Td (to ) Tj ET Q q 0 0 0 rg BT 438.43 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.76 492.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 483.52 492.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 538.84 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 492.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.25 Td (Prudential ) Tj ET Q q 0 0 0 rg BT 94.79 480.25 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 141.93 480.25 Td (Authority ) Tj ET Q q 0 0 0 rg BT 185.01 480.25 Td (and ) Tj ET Q q 0 0 0 rg BT 203.63 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.03 480.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 261.43 480.25 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 298.58 480.25 Td (Authority) Tj ET Q q 0 0 0 rg BT 336.82 480.25 Td (. ) Tj ET Q q 0 0 0 rg BT 342.58 480.25 Td (As ) Tj ET Q q 0 0 0 rg BT 357.88 480.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.40 480.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 430.67 480.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.67 480.25 Td (, ) Tj ET Q q 0 0 0 rg BT 457.35 480.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 482.65 480.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 494.13 480.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 514.41 480.25 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 534.98 480.25 Td (was ) Tj ET Q q 0 0 0 rg BT 554.72 480.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 98.09 468.25 Td (with ) Tj ET Q q 0 0 0 rg BT 118.37 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.08 468.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 162.23 468.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 216.94 468.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.77 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.48 468.25 Td (Prudential ) Tj ET Q q 0 0 0 rg BT 286.09 468.25 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 331.92 468.25 Td (Authority ) Tj ET Q q 0 0 0 rg BT 373.30 468.25 Td (and ) Tj ET Q q 0 0 0 rg BT 390.24 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.96 468.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 444.67 468.25 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 480.51 468.25 Td (Authority) Tj ET Q q 0 0 0 rg BT 518.74 468.25 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 (2015) 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 26) 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 83.21 360.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 98.66 360.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 134.10 360.25 Td (is ) Tj ET Q q 0 0 0 rg BT 144.00 360.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 182.77 360.25 Td (using ) Tj ET Q q 0 0 0 rg BT 207.67 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.12 360.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 245.78 360.25 Td (and ) Tj ET Q q 0 0 0 rg BT 263.45 360.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 297.79 360.25 Td (method. ) Tj ET Q q 0 0 0 rg BT 333.51 360.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 372.27 360.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 387.71 360.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 414.27 360.25 Td (and ) Tj ET Q q 0 0 0 rg BT 431.94 360.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 472.39 360.25 Td (are ) Tj ET Q q 0 0 0 rg BT 487.82 360.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 534.91 360.25 Td (for ) Tj ET Q q 0 0 0 rg BT 549.80 360.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 88.40 348.25 Td (future ) Tj ET Q q 0 0 0 rg BT 115.13 348.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 130.21 348.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 188.05 348.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 236.45 348.25 Td (to ) Tj ET Q q 0 0 0 rg BT 247.09 348.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 291.05 348.25 Td (dif) Tj ET Q q 0 0 0 rg BT 301.98 348.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 338.15 348.25 Td (between ) Tj ET Q q 0 0 0 rg BT 374.32 348.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 411.07 348.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 447.25 348.25 Td (for ) Tj ET Q q 0 0 0 rg BT 461.78 348.25 Td (income ) Tj ET Q q 0 0 0 rg BT 494.07 348.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 509.15 348.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 547.57 348.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.62 336.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 128.59 336.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 169.28 336.25 Td (using ) Tj ET Q q 0 0 0 rg BT 193.60 336.25 Td (enacted ) Tj ET Q q 0 0 0 rg BT 226.77 336.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 241.64 336.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 263.16 336.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 301.33 336.25 Td (to ) Tj ET Q q 0 0 0 rg BT 311.76 336.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 336.62 336.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.04 336.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 378.55 336.25 Td (income ) Tj ET Q q 0 0 0 rg BT 410.63 336.25 Td (in ) Tj ET Q q 0 0 0 rg BT 421.05 336.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.92 336.25 Td (years ) Tj ET Q q 0 0 0 rg BT 459.66 336.25 Td (in ) Tj ET Q q 0 0 0 rg BT 470.08 336.25 Td (which ) Tj ET Q q 0 0 0 rg BT 497.16 336.25 Td (those ) Tj ET Q q 0 0 0 rg BT 520.92 336.25 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 ) Tj ET Q q 0 0 0 rg BT 211.06 300.25 Td (from ) Tj ET Q q 0 0 0 rg BT 233.00 300.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 278.27 300.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 322.43 300.25 Td (are ) Tj ET Q q 0 0 0 rg BT 337.13 300.25 Td (as ) Tj ET Q q 0 0 0 rg BT 347.96 300.25 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 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 109.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 109.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 109.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 109.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 109.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 109.75 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 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 98.75 m 396.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 96.75 m 396.5 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 98.75 m 479.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 96.75 m 479.5 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 98.75 m 562.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 96.75 m 562.5 96.75 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 (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 268.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 268.48 Td (2013) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 244.48 Td (33,818) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 244.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 244.37 Td (37,331) 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 (20,468) 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 (7,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 232.37 Td (8,117) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 232.37 Td (3,795) 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 382.65 220.48 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 220.37 Td (161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 220.37 Td (183) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 208.48 Td (40,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 208.37 Td (45,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 208.37 Td (24,446) 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 (\(11,620) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 184.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 184.37 Td (\(8,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 184.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 184.37 Td (\(1,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 184.37 Td (\)) 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 (\(1,901) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 172.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 172.37 Td (\(1,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 172.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 172.37 Td (\(4,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 172.37 Td (\)) 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 (556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 160.37 Td (335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 160.37 Td (1,567) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.80 148.53 Td (\(12,965) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 148.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 148.37 Td (\(9,623) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 148.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 148.37 Td (\(4,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 148.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 124.37 Td (Total income tax expense from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 124.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 124.48 Td (27,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 124.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 124.37 Td (35,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 124.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 124.37 Td (20,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 100.37 Td (Total income tax benefit from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 100.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 100.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 100.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 100.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 100.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 100.37 Td (\(2,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 100.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 215 0 obj <>] /Rotate 0 /Contents 216 0 R>> endobj 216 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 (107) 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 59.45 708.10 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 117.21 708.10 Td (of ) Tj ET Q q 0 0 0 rg BT 128.33 708.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 158.87 708.10 Td (income ) Tj ET Q q 0 0 0 rg BT 191.09 708.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 214.42 708.10 Td (at ) Tj ET Q q 0 0 0 rg BT 224.42 708.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 262.20 708.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 283.86 708.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.42 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.43 708.10 Td (Company) Tj ET Q q 0 0 0 rg BT 351.09 708.10 Td (s ) Tj ET Q q 0 0 0 rg BT 357.77 708.10 Td (ef) Tj ET Q q 0 0 0 rg BT 365.35 708.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 395.34 708.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 410.34 708.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 432.00 708.10 Td (from ) Tj ET Q q 0 0 0 rg BT 454.23 708.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 499.79 708.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 544.23 708.10 Td (is ) Tj ET Q q 0 0 0 rg BT 553.68 708.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (follows:) Tj 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 661.6 m 479.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 661.6 m 562.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 565.6 m 396.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 565.6 m 479.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 565.6 m 562.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 554.6 m 396.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 552.6 m 396.5 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 554.6 m 479.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 552.6 m 479.5 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 554.6 m 562.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 552.6 m 562.5 552.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.10 676.33 Td (Year Ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 665.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.50 664.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 664.33 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 664.33 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 652.22 Td (Federal income tax expense at statutory rates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 652.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 652.33 Td (30,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 652.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 652.22 Td (38,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 652.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 652.22 Td (26,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 640.22 Td (Increase/\(reduction\) in taxes resulting from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 628.22 Td (State income taxes, net of federal tax benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.15 628.33 Td (3,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 628.22 Td (3,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 628.22 Td (2,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 616.22 Td (Net tax-exempt interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.80 616.38 Td (\(4,299) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 616.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 616.22 Td (\(3,693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 616.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 616.22 Td (\(3,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 616.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 604.22 Td (Foreign jurisdictions tax rate differential) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 604.33 Td (191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 604.22 Td (\(63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 604.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 604.22 Td (\(185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 604.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 592.22 Td (Change in valuation allowance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 592.33 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 592.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 592.22 Td (\(4,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 592.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 580.22 Td (Income attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.80 580.38 Td (\(2,243) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 580.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 580.22 Td (\(3,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 580.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 580.22 Td (\(1,888) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 580.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 568.22 Td (Other, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 568.33 Td (889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 568.22 Td (1,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 568.22 Td (1,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 556.22 Td (Total income tax expense from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 556.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 556.33 Td (27,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 556.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 556.22 Td (35,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 556.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 556.22 Td (20,390) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.50 Td (In ) Tj ET Q q 0 0 0 rg BT 60.90 532.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 108.44 532.50 Td (with ) Tj ET Q q 0 0 0 rg BT 128.22 532.50 Td (ASC ) Tj ET Q q 0 0 0 rg BT 150.25 532.50 Td (740, ) Tj ET Q q 0 0 0 rg BT 170.32 532.50 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 190.68 532.50 Td (income ) Tj ET Q q 0 0 0 rg BT 222.68 532.50 Td (taxes ) Tj ET Q q 0 0 0 rg BT 245.80 532.50 Td (are ) Tj ET Q q 0 0 0 rg BT 260.58 532.50 Td (not ) Tj ET Q q 0 0 0 rg BT 275.94 532.50 Td (provided ) Tj ET Q q 0 0 0 rg BT 314.06 532.50 Td (on ) Tj ET Q q 0 0 0 rg BT 326.63 532.50 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 381.98 532.50 Td (earnings ) Tj ET Q q 0 0 0 rg BT 418.43 532.50 Td (of ) Tj ET Q q 0 0 0 rg BT 429.33 532.50 Td (international ) Tj ET Q q 0 0 0 rg BT 482.44 532.50 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 532.23 532.50 Td (that ) Tj ET Q q 0 0 0 rg BT 549.80 532.50 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.50 Td (permanently ) Tj ET Q q 0 0 0 rg BT 103.76 520.50 Td (reinvested. ) Tj ET Q q 0 0 0 rg BT 150.29 520.50 Td (As ) Tj ET Q q 0 0 0 rg BT 165.18 520.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.29 520.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 237.15 520.50 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.15 520.50 Td (, ) Tj ET Q q 0 0 0 rg BT 263.42 520.50 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 319.97 520.50 Td (earnings ) Tj ET Q q 0 0 0 rg BT 357.62 520.50 Td (permanently ) Tj ET Q q 0 0 0 rg BT 411.38 520.50 Td (reinvested ) Tj ET Q q 0 0 0 rg BT 456.25 520.50 Td (in ) Tj ET Q q 0 0 0 rg BT 467.80 520.50 Td (the ) Tj ET Q q 0 0 0 rg BT 483.79 520.50 Td (Company) Tj ET Q q 0 0 0 rg BT 525.46 520.50 Td (s ) Tj ET Q q 0 0 0 rg BT 533.12 520.50 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.50 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 99.72 508.50 Td (were ) Tj ET Q q 0 0 0 rg BT 121.65 508.50 Td (not ) Tj ET Q q 0 0 0 rg BT 136.92 508.50 Td (material.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.50 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 88.48 484.50 Td (income ) Tj ET Q q 0 0 0 rg BT 120.87 484.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 136.04 484.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 162.32 484.50 Td (and ) Tj ET Q q 0 0 0 rg BT 179.71 484.50 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 219.88 484.50 Td (reflect ) Tj ET Q q 0 0 0 rg BT 248.37 484.50 Td (the ) Tj ET Q q 0 0 0 rg BT 263.54 484.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 278.71 484.50 Td (ef) Tj ET Q q 0 0 0 rg BT 286.29 484.50 Td (fect ) Tj ET Q q 0 0 0 rg BT 304.23 484.50 Td (of ) Tj ET Q q 0 0 0 rg BT 315.52 484.50 Td (temporary ) Tj ET Q q 0 0 0 rg BT 359.56 484.50 Td (dif) Tj ET Q q 0 0 0 rg BT 370.49 484.50 Td (ferences ) Tj ET Q q 0 0 0 rg BT 406.75 484.50 Td (between ) Tj ET Q q 0 0 0 rg BT 443.02 484.50 Td (the ) Tj ET Q q 0 0 0 rg BT 458.19 484.50 Td (carrying ) Tj ET Q q 0 0 0 rg BT 494.46 484.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 527.41 484.50 Td (of ) Tj ET Q q 0 0 0 rg BT 538.69 484.50 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.50 Td (and ) Tj ET Q q 0 0 0 rg BT 67.24 472.50 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 107.25 472.50 Td (for ) Tj ET Q q 0 0 0 rg BT 121.71 472.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.49 472.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 198.95 472.50 Td (purposes ) Tj ET Q q 0 0 0 rg BT 237.30 472.50 Td (and ) Tj ET Q q 0 0 0 rg BT 254.54 472.50 Td (the ) Tj ET Q q 0 0 0 rg BT 269.55 472.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 306.24 472.50 Td (used ) Tj ET Q q 0 0 0 rg BT 327.37 472.50 Td (for ) Tj ET Q q 0 0 0 rg BT 341.83 472.50 Td (the ) Tj ET Q q 0 0 0 rg BT 356.84 472.50 Td (same ) Tj ET Q q 0 0 0 rg BT 380.19 472.50 Td (items ) Tj ET Q q 0 0 0 rg BT 404.65 472.50 Td (for ) Tj ET Q q 0 0 0 rg BT 419.11 472.50 Td (income ) Tj ET Q q 0 0 0 rg BT 451.35 472.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 466.36 472.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 505.82 472.50 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 546.47 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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 412.40 428.73 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.40 428.73 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 417.95 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 416.73 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 416.73 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 404.62 Td (Deferred tax assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 392.62 Td (Deferred compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.00 392.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 392.73 Td (74,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 392.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 392.62 Td (56,893) 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 (3,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 380.62 Td (4,854) 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 (5,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 368.62 Td (1,601) 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 (5,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 356.62 Td (2,930) 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 448.15 344.73 Td (88,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 344.62 Td (66,278) 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 (\(159) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 332.73 Td (\)) 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 448.15 308.73 Td (88,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 308.62 Td (66,119) 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 amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 272.73 Td (16,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 272.62 Td (15,028) 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 (2,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 260.62 Td (3,221) 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 (1,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 248.62 Td (945) 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 (677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 236.62 Td (1,074) 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 448.15 212.73 Td (21,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 212.62 Td (20,268) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 188.73 Td (66,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 188.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 188.57 Td (45,851) 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 60.28 137.50 Td (recognize ) Tj ET Q q 0 0 0 rg BT 101.64 137.50 Td (its ) Tj ET Q q 0 0 0 rg BT 113.59 137.50 Td (deferred ) Tj ET Q q 0 0 0 rg BT 149.39 137.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 164.11 137.50 Td (assets, ) Tj ET Q q 0 0 0 rg BT 192.44 137.50 Td (with ) Tj ET Q q 0 0 0 rg BT 212.72 137.50 Td (the ) Tj ET Q q 0 0 0 rg BT 227.44 137.50 Td (exception ) Tj ET Q q 0 0 0 rg BT 268.81 137.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.64 137.50 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 299.64 137.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.53 137.50 Td ( ) Tj ET Q q 0 0 0 rg BT 331.03 137.50 Td (in ) Tj ET Q q 0 0 0 rg BT 341.31 137.50 Td (state ) Tj ET Q q 0 0 0 rg BT 362.13 137.50 Td (net ) Tj ET Q q 0 0 0 rg BT 376.85 137.50 Td (operating ) Tj ET Q q 0 0 0 rg BT 417.11 137.50 Td (loss ) Tj ET Q q 0 0 0 rg BT 435.18 137.50 Td (carryforwards. ) Tj ET Q 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 (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 31, 2012) 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 542.65 652.33 Td (290) 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 535.15 628.22 Td (2,000) 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 544.30 616.22 Td (\(90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 616.22 Td (\)) 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 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 592.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 592.33 Td (2,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 580.22 Td (Additions based on tax positions related to the current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 580.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 568.22 Td (Additions for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 568.22 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 556.22 Td (Reductions for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 556.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 544.22 Td (Settlements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 544.22 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 532.33 Td (Balance at December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 532.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 532.33 Td (2,323) 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 531.80 496.22 Td (\(2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 496.22 Td (\)) 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 539.30 484.22 Td (\(200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 484.22 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 472.33 Td (Balance at December 31, 2015) 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 (2015) 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 69.80 398.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 112.95 398.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.64 398.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.64 398.10 Td ( ) Tj ET Q q 0 0 0 rg BT 145.90 398.10 Td (accruals ) Tj ET Q q 0 0 0 rg BT 182.91 398.10 Td (related ) Tj ET Q q 0 0 0 rg BT 214.37 398.10 Td (to ) Tj ET Q q 0 0 0 rg BT 226.41 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.88 398.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 281.57 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.16 398.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 327.85 398.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.55 398.10 Td (penalties ) Tj ET Q q 0 0 0 rg BT 386.35 398.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.82 398.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 458.16 398.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.16 398.10 Td (. ) Tj ET Q q 0 0 0 rg BT 484.61 398.10 Td (The ) Tj ET Q q 0 0 0 rg BT 504.42 398.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 547.56 398.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.87 386.10 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 129.48 386.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.37 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.48 386.10 Td (for ) Tj ET Q q 0 0 0 rg BT 174.25 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.58 386.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 225.13 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.57 386.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 267.11 386.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.66 386.10 Td (penalties ) Tj ET Q q 0 0 0 rg BT 321.31 386.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 354.51 386.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.84 386.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 422.03 386.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.03 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 444.14 386.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.69 386.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.69 386.10 Td (, ) Tj ET Q q 0 0 0 rg BT 485.30 386.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 532.96 386.10 Td (, ) Tj ET Q q 0 0 0 rg BT 537.57 386.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (was ) Tj ET Q q 0 0 0 rg BT 68.09 374.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 114.49 374.10 Td (during ) Tj ET Q q 0 0 0 rg BT 143.13 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.88 374.10 Td (year ) Tj ET Q q 0 0 0 rg BT 177.62 374.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.04 374.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 262.66 374.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.66 374.10 Td (. ) Tj ET Q q 0 0 0 rg BT 287.51 374.10 Td (The ) Tj ET Q q 0 0 0 rg BT 305.59 374.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 347.01 374.10 Td (or ) Tj ET Q q 0 0 0 rg BT 357.88 374.10 Td (one ) Tj ET Q q 0 0 0 rg BT 374.85 374.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.72 374.10 Td (its ) Tj ET Q q 0 0 0 rg BT 397.70 374.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 447.46 374.10 Td (files ) Tj ET Q q 0 0 0 rg BT 467.21 374.10 Td (income ) Tj ET Q q 0 0 0 rg BT 499.18 374.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 513.93 374.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 544.23 374.10 Td (with ) 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 65.84 362.10 Td (various ) Tj ET Q q 0 0 0 rg BT 98.89 362.10 Td (states ) Tj ET Q q 0 0 0 rg BT 124.73 362.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.79 362.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 175.29 362.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 228.35 362.10 Td (in ) Tj ET Q q 0 0 0 rg BT 239.75 362.10 Td (which ) Tj ET Q q 0 0 0 rg BT 267.80 362.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.64 362.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 326.15 362.10 Td (operates. ) Tj ET Q q 0 0 0 rg BT 365.32 362.10 Td (The ) Tj ET Q q 0 0 0 rg BT 384.49 362.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 426.99 362.10 Td (is ) Tj ET Q q 0 0 0 rg BT 437.28 362.10 Td (not ) Tj ET Q q 0 0 0 rg BT 453.68 362.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 485.63 362.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.02 362.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 518.43 362.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 549.80 362.10 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 95.11 350.10 Td (for ) Tj ET Q q 0 0 0 rg BT 109.66 350.10 Td (years ) Tj ET Q q 0 0 0 rg BT 133.65 350.10 Td (before ) Tj ET Q q 0 0 0 rg BT 162.09 350.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 184.98 350.10 Td (and ) Tj ET Q q 0 0 0 rg BT 202.31 350.10 Td (is ) Tj ET Q q 0 0 0 rg BT 211.88 350.10 Td (not ) Tj ET Q q 0 0 0 rg BT 227.55 350.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 258.77 350.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.44 350.10 Td (state ) Tj ET Q q 0 0 0 rg BT 290.66 350.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.00 350.10 Td (local ) Tj ET Q q 0 0 0 rg BT 330.32 350.10 Td (or ) Tj ET Q q 0 0 0 rg BT 341.55 350.10 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 380.56 350.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 395.67 350.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 440.77 350.10 Td (for ) Tj ET Q q 0 0 0 rg BT 455.33 350.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 487.10 350.10 Td (years ) Tj ET Q q 0 0 0 rg BT 511.09 350.10 Td (before ) Tj ET Q q 0 0 0 rg BT 539.52 350.10 Td (2010. ) 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 68.05 338.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.43 338.10 Td (anticipates ) Tj ET Q q 0 0 0 rg BT 154.69 338.10 Td (all ) Tj ET Q q 0 0 0 rg BT 167.19 338.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.02 338.10 Td (its ) Tj ET Q q 0 0 0 rg BT 189.97 338.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 229.67 338.10 Td (income ) Tj ET Q q 0 0 0 rg BT 261.60 338.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 276.32 338.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 320.49 338.10 Td (will ) Tj ET Q q 0 0 0 rg BT 338.54 338.10 Td (be ) Tj ET Q q 0 0 0 rg BT 350.48 338.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 386.86 338.10 Td (within ) Tj ET Q q 0 0 0 rg BT 414.92 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.63 338.10 Td (next ) Tj ET Q q 0 0 0 rg BT 449.35 338.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 478.51 338.10 Td (months.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (Note 27) 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 (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 258.33 Td (2014) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 234.33 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 234.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 234.22 Td (200) 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 (982,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 222.22 Td (956,609) 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 (15,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 210.22 Td (13,819) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 198.33 Td (998,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 198.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 198.22 Td (970,628) 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 (125,000) 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 (36,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 150.22 Td (24,618) 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 (3,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 138.22 Td (1,098) 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 (214,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 126.22 Td (150,716) 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 (783,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 102.22 Td (819,912) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 90.33 Td (998,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 90.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 90.22 Td (970,628) Tj ET Q BT /F1 10.00 Tf ET 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 /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 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[] 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 487 674.25 m 562 674.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 601.25 m 396 601.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 601.25 m 479 601.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 601.25 m 562 601.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 577.25 m 396 577.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 577.25 m 479 577.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 577.25 m 562 577.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 541.25 m 396 541.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 541.25 m 479 541.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 541.25 m 562 541.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 517.25 m 396 517.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 517.25 m 479 517.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 517.25 m 562 517.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 445.25 m 396 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 445.25 m 479 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 445.25 m 562 445.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 421.25 m 396 421.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 421.25 m 479 421.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 421.25 m 562 421.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 373.25 m 396 373.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 373.25 m 479 373.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 373.25 m 562 373.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 350.25 m 396 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 348.25 m 396 348.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 350.25 m 479 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 348.25 m 479 348.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 350.25 m 562 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 348.25 m 562 348.25 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 (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 676.98 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 676.98 Td (2013) 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) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 652.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 652.98 Td (52,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 652.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 652.87 Td (63,172) 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 (45,090) 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 to net cash provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 630.82 Td (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 382.15 615.98 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 615.87 Td (180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 615.87 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 603.87 Td (Equity in undistributed income of subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.30 604.03 Td (\(34,893) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 603.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 603.87 Td (\(37,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 603.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 603.87 Td (\(25,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 603.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 579.87 Td (Net cash provided by operating activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 579.98 Td (17,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 579.87 Td (25,874) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 579.87 Td (19,950) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 555.98 Td (Investing Activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 543.87 Td (Repayment of FAMCO note) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 543.98 Td (1,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 543.87 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 543.87 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 519.87 Td (Net cash provided by investing activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 519.98 Td (1,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 519.87 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 519.87 Td (250) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 495.98 Td (Financing Activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 483.87 Td (Issuance of senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 483.98 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 483.87 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 483.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 471.87 Td (Repayment of senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.30 472.03 Td (\(75,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 471.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 471.87 Td (\(50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 471.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 471.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 459.87 Td (Advances from/\(to\) subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 459.98 Td (49,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 459.87 Td (\(28,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 459.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 459.87 Td (34,996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 447.87 Td (Repurchase of common stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.30 448.03 Td (\(118,464) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 447.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 447.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 447.87 Td (\(55,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 447.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 423.87 Td (Net cash used in financing activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.30 424.03 Td (\(18,904) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 423.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 423.87 Td (\(28,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 423.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 423.87 Td (\(20,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 423.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 399.87 Td (Net decrease in cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.80 400.03 Td (\(152) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 399.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 399.87 Td (\(136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 399.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 399.87 Td (\(733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 399.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 375.87 Td (Cash and cash equivalents at beginning of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.15 375.98 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 375.87 Td (336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 375.87 Td (1,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 351.87 Td (Cash and cash equivalents at end of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 351.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 351.98 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 351.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 351.87 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 351.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 351.87 Td (336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 327.87 Td (Supplemental disclosures of cash flow information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 315.87 Td (Cash paid during the year for:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 303.87 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 303.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.30 304.03 Td (\(5,756) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 303.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 303.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 303.87 Td (\(4,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 303.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 303.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 303.87 Td (\(5,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 303.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 291.87 Td (Income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 291.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.30 292.03 Td (\(9,191) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 291.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 291.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 291.87 Td (\(14,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 291.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 291.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 291.87 Td (\(13,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 291.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 223 0 obj <>] /Rotate 0 /Contents 224 0 R>> endobj 224 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 261.65 736.60 Td (Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.85 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.48 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 308.11 33.60 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (Quarterly Information \(unaudited\) ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 673.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 673.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 673.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 673.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 673.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 673.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 673.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 673.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 673.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 673.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 649.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 649.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 649.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 649.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 649.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 649.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 649.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 649.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 649.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 649.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 625.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 625.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 625.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 625.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 625.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 625.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 625.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 625.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 625.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 625.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 601.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 601.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 601.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 601.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 601.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 601.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 601.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 601.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 601.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 601.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 577.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 577.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 577.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 577.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 577.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 577.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 577.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 577.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 577.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 577.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 541.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 541.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 541.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 541.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 541.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 541.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 541.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 541.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 541.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 541.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 517.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 517.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 517.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 517.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 517.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 517.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 517.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 517.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 517.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 517.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 493.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 493.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 493.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 493.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 493.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 493.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 493.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 493.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 493.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 493.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 469.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 469.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 469.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 469.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 469.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 469.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 469.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 469.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 469.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 469.10 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 281 686.1 m 289 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 686.1 m 349 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 686.1 m 357 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 686.1 m 417 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 686.1 m 425 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 686.1 m 486 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 686.1 m 494 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 686.1 m 554 686.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 686.1 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 281 673.1 m 289 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 673.1 m 349 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 673.1 m 357 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 673.1 m 417 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 673.1 m 425 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 673.1 m 486 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 673.1 m 494 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 673.1 m 554 673.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 673.1 m 562 673.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.35 688.83 Td ( 2015 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 306.95 676.83 Td ( First) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.95 676.83 Td ( Second) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.30 676.83 Td ( Third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.25 676.83 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 291.50 663.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 663.72 Td (168,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 663.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 663.72 Td (170,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 663.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 663.72 Td (154,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 663.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 663.72 Td (203,044) 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 322.65 651.72 Td (6,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 651.72 Td (6,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 651.72 Td (5,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 651.72 Td (5,680) 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 312.65 639.72 Td (161,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 639.72 Td (164,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 639.72 Td (149,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 639.72 Td (197,364) 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 312.65 627.72 Td (130,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 627.72 Td (138,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 627.72 Td (142,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 627.72 Td (174,880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 615.72 Td (Income before income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 615.72 Td (31,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 615.72 Td (25,859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 615.72 Td (6,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 615.72 Td (22,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 603.72 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 603.72 Td (9,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 603.72 Td (9,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 603.72 Td (1,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 603.72 Td (7,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 591.72 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 591.72 Td (21,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 591.72 Td (16,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 591.72 Td (5,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 591.72 Td (15,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 579.72 Td (Net income/\(loss\) applicable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 579.72 Td (4,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 579.72 Td (\(682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 579.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 579.72 Td (384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 579.72 Td (1,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 567.72 Td (Net income applicable to Piper Jaffray Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 567.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 567.72 Td (16,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 567.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 567.72 Td (16,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 567.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 567.72 Td (4,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 567.72 Td (13,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 555.67 Td (Net income applicable to Piper Jaffray Companies') Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 545.67 Td (common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 545.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 545.77 Td (15,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 545.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 545.77 Td (15,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 545.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 545.77 Td (4,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 545.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 545.77 Td (12,147) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 519.83 Td (Earnings per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 507.72 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 507.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 507.72 Td (1.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 507.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 507.72 Td (1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 507.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 507.72 Td (0.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 507.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 507.72 Td (0.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 495.72 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 495.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 495.72 Td (1.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 495.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 495.72 Td (1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 495.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 495.72 Td (0.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 495.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 495.72 Td (0.88) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 471.83 Td (Weighted average number of common shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 459.72 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 459.72 Td (15,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 459.72 Td (14,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 459.72 Td (13,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 459.72 Td (13,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 447.72 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 447.72 Td (15,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 447.72 Td (14,513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 447.72 Td (13,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 447.72 Td (13,782) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 398.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 398.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 398.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 398.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 398.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 398.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 398.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 398.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 398.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 398.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 374.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 374.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 374.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 374.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 374.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 374.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 374.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 374.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 374.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 374.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 350.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 350.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 350.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 350.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 350.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 350.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 350.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 350.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 350.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 350.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 326.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 326.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 326.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 326.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 326.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 326.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 326.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 326.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 326.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 326.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 302.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 302.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 302.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 302.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 302.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 302.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 302.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 302.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 302.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 302.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 266.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 266.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 266.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 266.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 266.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 266.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 266.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 266.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 266.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 266.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 242.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 242.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 242.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 242.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 242.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 242.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 242.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 242.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 242.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 242.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 218.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 218.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 218.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 218.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 218.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 218.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 218.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 218.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 218.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 218.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 194.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.00 194.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 194.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 194.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 194.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 194.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 194.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 194.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 194.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.00 194.10 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 282 411.1 m 290 411.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 411.1 m 350 411.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 411.1 m 358 411.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 411.1 m 418 411.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 411.1 m 426 411.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 411.1 m 487 411.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 411.1 m 495 411.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 411.1 m 555 411.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555 411.1 m 563 411.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 398.1 m 290 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 398.1 m 350 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 398.1 m 358 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 398.1 m 418 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 398.1 m 426 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 398.1 m 487 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 398.1 m 495 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 398.1 m 555 398.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555 398.1 m 563 398.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.35 413.83 Td ( 2014 Fiscal Quarter) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 402.35 Td (\(Amounts in thousands, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.95 401.83 Td ( First) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.95 401.83 Td ( Second) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.30 401.83 Td ( Third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.25 401.83 Td ( Fourth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 388.72 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 388.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 388.72 Td (173,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 388.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 388.72 Td (175,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 388.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 388.72 Td (165,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 388.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 388.72 Td (157,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 376.72 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 376.72 Td (5,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 376.72 Td (5,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 376.72 Td (6,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 376.72 Td (6,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 364.72 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 364.72 Td (168,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 364.72 Td (170,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 364.72 Td (159,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 364.72 Td (150,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 352.72 Td (Non-interest expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 352.72 Td (135,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 352.72 Td (139,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 352.72 Td (133,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 352.72 Td (129,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 340.72 Td (Income before income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 340.72 Td (32,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 340.72 Td (30,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 340.72 Td (25,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 340.72 Td (21,489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 328.72 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 328.72 Td (9,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 328.72 Td (10,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 328.72 Td (8,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 328.72 Td (7,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 316.72 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 316.72 Td (22,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 316.72 Td (20,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 316.72 Td (17,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 316.72 Td (13,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 304.72 Td (Net income applicable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 304.72 Td (5,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 304.72 Td (2,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 304.72 Td (2,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 304.72 Td (1,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 292.72 Td (Net income applicable to Piper Jaffray Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 292.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 292.72 Td (17,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 292.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 292.72 Td (18,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 292.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 292.72 Td (14,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 292.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 292.72 Td (12,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 280.67 Td (Net income applicable to Piper Jaffray Companies') Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 270.67 Td (common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 270.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 270.77 Td (16,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 270.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 270.77 Td (16,717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 270.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 270.77 Td (13,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 270.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 270.77 Td (11,700) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 244.83 Td (Earnings per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 232.72 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 232.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 232.72 Td (1.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 232.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 232.72 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 232.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 232.72 Td (0.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 232.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 232.72 Td (0.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 220.72 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 220.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 220.72 Td (1.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 220.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 220.72 Td (1.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 220.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 220.72 Td (0.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 220.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 220.72 Td (0.77) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 196.83 Td (Weighted average number of common shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 184.72 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 184.72 Td (14,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 184.72 Td (14,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 184.72 Td (15,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 184.72 Td (15,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 172.72 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 172.72 Td (14,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 172.72 Td (15,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 172.72 Td (15,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 172.72 Td (15,293) 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 /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 49.50 717.75 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 86.19 585.75 Td (to ) Tj ET Q q 0 0 0 rg BT 96.85 585.75 Td (be ) Tj ET Q q 0 0 0 rg BT 109.16 585.75 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 149.25 585.75 Td (by ) Tj ET Q q 0 0 0 rg BT 162.13 585.75 Td (us ) Tj ET Q q 0 0 0 rg BT 173.90 585.75 Td (in ) Tj ET Q q 0 0 0 rg BT 184.55 585.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 215.20 585.75 Td (that ) Tj ET Q q 0 0 0 rg BT 233.07 585.75 Td (we ) Tj ET Q q 0 0 0 rg BT 247.60 585.75 Td (file ) Tj ET Q q 0 0 0 rg BT 263.80 585.75 Td (or ) Tj ET Q q 0 0 0 rg BT 275.01 585.75 Td (submit ) Tj ET Q q 0 0 0 rg BT 305.11 585.75 Td (under ) Tj ET Q q 0 0 0 rg BT 330.76 585.75 Td (the ) Tj ET Q q 0 0 0 rg BT 345.85 585.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 387.51 585.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 404.83 585.75 Td (is ) Tj ET Q q 0 0 0 rg BT 414.38 585.75 Td (\(a\)recorded, ) Tj ET Q q 0 0 0 rg BT 468.33 585.75 Td (processed, ) Tj ET Q q 0 0 0 rg BT 513.13 585.75 Td (summarized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 573.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.84 573.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 102.55 573.75 Td (within ) Tj ET Q q 0 0 0 rg BT 130.50 573.75 Td (the ) Tj ET Q q 0 0 0 rg BT 145.12 573.75 Td (time ) Tj ET Q q 0 0 0 rg BT 165.29 573.75 Td (periods ) Tj ET Q q 0 0 0 rg BT 197.12 573.75 Td (specified ) Tj ET Q q 0 0 0 rg BT 235.62 573.75 Td (in ) Tj ET Q q 0 0 0 rg BT 245.79 573.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 287.62 573.75 Td (and ) Tj ET Q q 0 0 0 rg BT 304.46 573.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 346.28 573.75 Td (Commission ) Tj ET Q q 0 0 0 rg BT 399.24 573.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 421.08 573.75 Td (and ) Tj ET Q q 0 0 0 rg BT 437.92 573.75 Td (forms ) Tj ET Q q 0 0 0 rg BT 463.64 573.75 Td (and ) Tj ET Q q 0 0 0 rg BT 480.48 573.75 Td (\(b\)accumulated ) 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 (communicated ) Tj ET Q q 0 0 0 rg BT 110.29 561.75 Td (to ) Tj ET Q q 0 0 0 rg BT 119.50 561.75 Td (our ) Tj ET Q q 0 0 0 rg BT 134.26 561.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 189.27 561.75 Td (including ) Tj ET Q q 0 0 0 rg BT 228.47 561.75 Td (our ) Tj ET Q q 0 0 0 rg BT 243.23 561.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 280.20 561.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 319.94 561.75 Td (of) Tj ET Q q 0 0 0 rg BT 328.09 561.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 347.83 561.75 Td (and ) Tj ET Q q 0 0 0 rg BT 363.70 561.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 400.67 561.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 437.07 561.75 Td (of) Tj ET Q q 0 0 0 rg BT 445.22 561.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 464.97 561.75 Td (to ) Tj ET Q q 0 0 0 rg BT 474.17 561.75 Td (allow ) Tj ET Q q 0 0 0 rg BT 497.81 561.75 Td (timely ) Tj ET Q q 0 0 0 rg BT 524.79 561.75 Td (decisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 90.82 549.75 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 (2015) 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 96.61 465.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 116.57 465.75 Td (on ) Tj ET Q q 0 0 0 rg BT 129.31 465.75 Td (management) Tj ET Q q 0 0 0 rg BT 183.18 465.75 Td (s ) Tj ET Q q 0 0 0 rg BT 189.81 465.75 Td (assessment ) Tj ET Q q 0 0 0 rg BT 236.99 465.75 Td (of ) Tj ET Q q 0 0 0 rg BT 248.07 465.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 281.35 465.75 Td (control ) Tj ET Q q 0 0 0 rg BT 312.42 465.75 Td (over ) Tj ET Q q 0 0 0 rg BT 332.93 465.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 370.65 465.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 410.05 465.75 Td (are ) Tj ET Q q 0 0 0 rg BT 425.00 465.75 Td (included ) Tj ET Q q 0 0 0 rg BT 462.17 465.75 Td (in ) Tj ET Q q 0 0 0 rg BT 472.69 465.75 Td (Part ) Tj ET Q q 0 0 0 rg BT 491.54 465.75 Td (II, ) Tj ET Q q 0 0 0 rg BT 503.44 465.75 Td (Item8 ) Tj ET Q q 0 0 0 rg BT 532.01 465.75 Td (entitled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.75 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 93.79 453.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 140.18 453.75 Td (and ) Tj ET Q q 0 0 0 rg BT 157.11 453.75 Td (Supplementary ) Tj ET Q q 0 0 0 rg BT 220.16 453.75 Td (Data" ) Tj ET Q q 0 0 0 rg BT 245.62 453.75 Td (and ) Tj ET Q q 0 0 0 rg BT 262.55 453.75 Td (are ) Tj ET Q q 0 0 0 rg BT 277.26 453.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 330.29 453.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 357.78 453.75 Td (by ) Tj ET Q q 0 0 0 rg BT 370.28 453.75 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 (2016 ) 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 59.91 309.75 Td (be ) Tj ET Q q 0 0 0 rg BT 71.97 309.75 Td (held ) Tj ET Q q 0 0 0 rg BT 91.82 309.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.45 309.75 Td (May4, ) Tj ET Q q 0 0 0 rg BT 135.41 309.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.41 309.75 Td (, ) Tj ET Q q 0 0 0 rg BT 160.53 309.75 Td (under ) Tj ET Q q 0 0 0 rg BT 185.93 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 200.78 309.75 Td (captions ) Tj ET Q q 0 0 0 rg BT 236.73 309.75 Td ("Item ) Tj ET Q q 0 0 0 rg BT 261.77 309.75 Td (I ) Tj ET Q q 0 0 0 rg BT 267.72 309.75 Td ( ) Tj ET Q q 0 0 0 rg BT 280.35 309.75 Td (Election ) Tj ET Q q 0 0 0 rg BT 316.30 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 327.26 309.75 Td (Directors," ) Tj ET Q q 0 0 0 rg BT 373.68 309.75 Td ("Information ) Tj ET Q q 0 0 0 rg BT 428.15 309.75 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 472.44 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 487.28 309.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 514.35 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 525.31 309.75 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 67.52 225.75 Td (information ) Tj ET Q q 0 0 0 rg BT 117.21 225.75 Td (in ) Tj ET Q q 0 0 0 rg BT 127.47 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 142.16 225.75 Td (definitive ) Tj ET Q q 0 0 0 rg BT 182.96 225.75 Td (proxy ) Tj ET Q q 0 0 0 rg BT 208.77 225.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 249.56 225.75 Td (for ) Tj ET Q q 0 0 0 rg BT 263.70 225.75 Td (our ) Tj ET Q q 0 0 0 rg BT 279.51 225.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 301.99 225.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 331.12 225.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 365.81 225.75 Td (of ) Tj ET Q q 0 0 0 rg BT 376.61 225.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 429.63 225.75 Td (to ) Tj ET Q q 0 0 0 rg BT 439.88 225.75 Td (be ) Tj ET Q q 0 0 0 rg BT 451.80 225.75 Td (held ) Tj ET Q q 0 0 0 rg BT 471.49 225.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.97 225.75 Td (May4, ) Tj ET Q q 0 0 0 rg BT 514.78 225.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.78 225.75 Td (, ) Tj ET Q q 0 0 0 rg BT 539.75 225.75 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 (2015" ) 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 67.52 117.75 Td (information ) Tj ET Q q 0 0 0 rg BT 117.21 117.75 Td (in ) Tj ET Q q 0 0 0 rg BT 127.47 117.75 Td (the ) Tj ET Q q 0 0 0 rg BT 142.16 117.75 Td (definitive ) Tj ET Q q 0 0 0 rg BT 182.96 117.75 Td (proxy ) Tj ET Q q 0 0 0 rg BT 208.77 117.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 249.56 117.75 Td (for ) Tj ET Q q 0 0 0 rg BT 263.70 117.75 Td (our ) Tj ET Q q 0 0 0 rg BT 279.51 117.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 301.99 117.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 331.12 117.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 365.81 117.75 Td (of ) Tj ET Q q 0 0 0 rg BT 376.61 117.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 429.63 117.75 Td (to ) Tj ET Q q 0 0 0 rg BT 439.88 117.75 Td (be ) Tj ET Q q 0 0 0 rg BT 451.80 117.75 Td (held ) Tj ET Q q 0 0 0 rg BT 471.49 117.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.97 117.75 Td (May4, ) Tj ET Q q 0 0 0 rg BT 514.78 117.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.78 117.75 Td (, ) Tj ET Q q 0 0 0 rg BT 539.75 117.75 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 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 /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 /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 67.52 693.75 Td (information ) Tj ET Q q 0 0 0 rg BT 117.21 693.75 Td (in ) Tj ET Q q 0 0 0 rg BT 127.47 693.75 Td (the ) Tj ET Q q 0 0 0 rg BT 142.16 693.75 Td (definitive ) Tj ET Q q 0 0 0 rg BT 182.96 693.75 Td (proxy ) Tj ET Q q 0 0 0 rg BT 208.77 693.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 249.56 693.75 Td (for ) Tj ET Q q 0 0 0 rg BT 263.70 693.75 Td (our ) Tj ET Q q 0 0 0 rg BT 279.51 693.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 301.99 693.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 331.12 693.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 365.81 693.75 Td (of ) Tj ET Q q 0 0 0 rg BT 376.61 693.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 429.63 693.75 Td (to ) Tj ET Q q 0 0 0 rg BT 439.88 693.75 Td (be ) Tj ET Q q 0 0 0 rg BT 451.80 693.75 Td (held ) Tj ET Q q 0 0 0 rg BT 471.49 693.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.97 693.75 Td (May4, ) Tj ET Q q 0 0 0 rg BT 514.78 693.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.78 693.75 Td (, ) Tj ET Q q 0 0 0 rg BT 539.75 693.75 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 67.52 609.75 Td (information ) Tj ET Q q 0 0 0 rg BT 117.21 609.75 Td (in ) Tj ET Q q 0 0 0 rg BT 127.47 609.75 Td (the ) Tj ET Q q 0 0 0 rg BT 142.16 609.75 Td (definitive ) Tj ET Q q 0 0 0 rg BT 182.96 609.75 Td (proxy ) Tj ET Q q 0 0 0 rg BT 208.77 609.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 249.56 609.75 Td (for ) Tj ET Q q 0 0 0 rg BT 263.70 609.75 Td (our ) Tj ET Q q 0 0 0 rg BT 279.51 609.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 301.99 609.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 331.12 609.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 365.81 609.75 Td (of ) Tj ET Q q 0 0 0 rg BT 376.61 609.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 429.63 609.75 Td (to ) Tj ET Q q 0 0 0 rg BT 439.88 609.75 Td (be ) Tj ET Q q 0 0 0 rg BT 451.80 609.75 Td (held ) Tj ET Q q 0 0 0 rg BT 471.49 609.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.97 609.75 Td (May4, ) Tj ET Q q 0 0 0 rg BT 514.78 609.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.78 609.75 Td (, ) Tj ET Q q 0 0 0 rg BT 539.75 609.75 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 65.64 429.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 103.98 429.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 145.66 429.75 Td (schedules ) Tj ET Q q 0 0 0 rg BT 187.89 429.75 Td (for ) Tj ET Q q 0 0 0 rg BT 202.91 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 218.49 429.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 260.74 429.75 Td (have ) Tj ET Q q 0 0 0 rg BT 282.97 429.75 Td (been ) Tj ET Q q 0 0 0 rg BT 305.21 429.75 Td (included ) Tj ET Q q 0 0 0 rg BT 343.00 429.75 Td (in ) Tj ET Q q 0 0 0 rg BT 354.14 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 369.71 429.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 423.62 429.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 461.96 429.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 507.53 429.75 Td (or ) Tj ET Q q 0 0 0 rg BT 519.22 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 534.79 429.75 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 207.12 292.82 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 427.36 292.82 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 532.12 292.82 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 322.37 282.82 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 335.37 282.82 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 369.97 282.82 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 165.22 272.82 Td (LLC ) Tj ET Q q 0 0 0 rg BT 186.15 272.82 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.48 272.82 Td (excluding ) Tj ET Q q 0 0 0 rg BT 230.40 272.82 Td (schedules ) Tj ET Q q 0 0 0 rg BT 271.32 272.82 Td (and ) Tj ET Q q 0 0 0 rg BT 288.37 272.82 Td (exhibits, ) Tj ET Q q 0 0 0 rg BT 324.01 272.82 Td (which ) Tj ET Q q 0 0 0 rg BT 349.95 272.82 Td (the ) Tj ET Q q 0 0 0 rg BT 364.21 272.82 Td (r) Tj ET Q q 0 0 0 rg BT 367.73 272.82 Td (egistrant ) Tj ET Q q 0 0 0 rg BT 405.33 272.82 Td (agr) Tj ET Q q 0 0 0 rg BT 418.85 272.82 Td (ees ) Tj ET Q q 0 0 0 rg BT 433.67 272.82 Td (to ) Tj ET Q q 0 0 0 rg BT 443.49 272.82 Td (furnish ) Tj ET Q q 0 0 0 rg BT 473.88 272.82 Td (supplementally ) Tj ET Q q 0 0 0 rg BT 536.47 272.82 Td (to ) Tj ET Q q 0 0 0 rg BT 546.29 272.82 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.50 262.81 Td (Securities ) Tj ET Q q 0 0 0 rg BT 167.36 262.81 Td (and ) Tj ET Q q 0 0 0 rg BT 183.79 262.81 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 224.64 262.81 Td (Commission ) Tj ET Q q 0 0 0 rg BT 275.52 262.81 Td (upon ) Tj ET Q q 0 0 0 rg BT 296.95 262.81 Td (r) Tj ET Q q 0 0 0 rg BT 300.47 262.81 Td (equest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.01 262.81 Td (\) ) Tj ET Q q 0 0 0 rg BT 330.77 262.81 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 386.06 262.81 Td (by ) Tj ET Q q 0 0 0 rg BT 397.49 262.81 Td (reference ) Tj ET Q q 0 0 0 rg BT 436.10 262.81 Td (to ) Tj ET Q q 0 0 0 rg BT 445.30 262.81 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 476.17 262.81 Td (2.1 ) Tj ET Q q 0 0 0 rg BT 490.10 262.81 Td (to ) Tj ET Q q 0 0 0 rg BT 499.31 262.81 Td (the ) Tj ET Q q 0 0 0 rg BT 512.95 262.81 Td (Company) Tj ET Q q 0 0 0 rg BT 554.62 262.81 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 252.82 Td (Current ) Tj ET Q q 0 0 0 rg BT 159.55 252.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 189.26 252.82 Td (on ) Tj ET Q q 0 0 0 rg BT 201.76 252.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 225.93 252.82 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 246.49 252.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 267.31 252.82 Td (November ) Tj ET Q q 0 0 0 rg BT 312.02 252.82 Td (17, ) Tj ET Q q 0 0 0 rg BT 327.02 252.82 Td (2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 237.82 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 237.82 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.02 237.82 Td (and ) Tj ET Q q 0 0 0 rg BT 183.10 237.82 Td (Restated ) Tj ET Q q 0 0 0 rg BT 219.18 237.82 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 263.01 237.82 Td (of ) Tj ET Q q 0 0 0 rg BT 272.99 237.82 Td (Incorporation ) Tj ET Q q 0 0 0 rg BT 329.05 237.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 384.56 237.82 Td (by ) Tj ET Q q 0 0 0 rg BT 396.20 237.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 435.02 237.82 Td (to ) Tj ET Q q 0 0 0 rg BT 444.44 237.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 475.53 237.82 Td (3.1 ) Tj ET Q q 0 0 0 rg BT 489.67 237.82 Td (to ) Tj ET Q q 0 0 0 rg BT 499.09 237.82 Td (the ) Tj ET Q q 0 0 0 rg BT 512.95 237.82 Td (Company) Tj ET Q q 0 0 0 rg BT 554.89 237.82 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 227.82 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 167.32 227.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 197.03 227.82 Td (on ) Tj ET Q q 0 0 0 rg BT 209.53 227.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 233.70 227.82 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 256.75 227.82 Td (for ) Tj ET Q q 0 0 0 rg BT 270.91 227.82 Td (the ) Tj ET Q q 0 0 0 rg BT 285.63 227.82 Td (period ) Tj ET Q q 0 0 0 rg BT 313.68 227.82 Td (ended ) Tj ET Q q 0 0 0 rg BT 340.05 227.82 Td (June ) Tj ET Q q 0 0 0 rg BT 360.88 227.82 Td (30, ) Tj ET Q q 0 0 0 rg BT 375.88 227.82 Td (2007, ) Tj ET Q q 0 0 0 rg BT 400.88 227.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 421.43 227.82 Td (August ) Tj ET Q q 0 0 0 rg BT 452.55 227.82 Td (3, ) Tj ET Q q 0 0 0 rg BT 462.55 227.82 Td (2007\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 212.82 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 212.82 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.69 212.82 Td (and ) Tj ET Q q 0 0 0 rg BT 184.44 212.82 Td (Restated ) Tj ET Q q 0 0 0 rg BT 221.19 212.82 Td (Bylaws ) Tj ET Q q 0 0 0 rg BT 253.51 212.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 309.68 212.82 Td (by ) Tj ET Q q 0 0 0 rg BT 322.00 212.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 361.50 212.82 Td (to ) Tj ET Q q 0 0 0 rg BT 371.59 212.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 403.35 212.82 Td (3.2 ) Tj ET Q q 0 0 0 rg BT 418.16 212.82 Td (to ) Tj ET Q q 0 0 0 rg BT 428.25 212.82 Td (the ) Tj ET Q q 0 0 0 rg BT 442.78 212.82 Td (Company) Tj ET Q q 0 0 0 rg BT 484.73 212.82 Td (s ) Tj ET Q q 0 0 0 rg BT 490.66 212.82 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 531.29 212.82 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 202.82 Td (on ) Tj ET Q q 0 0 0 rg BT 139.00 202.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 163.17 202.82 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 186.22 202.82 Td (for ) Tj ET Q q 0 0 0 rg BT 200.38 202.82 Td (the ) Tj ET Q q 0 0 0 rg BT 215.10 202.82 Td (period ) Tj ET Q q 0 0 0 rg BT 243.15 202.82 Td (ended ) Tj ET Q q 0 0 0 rg BT 269.52 202.82 Td (June ) Tj ET Q q 0 0 0 rg BT 290.35 202.82 Td (30, ) Tj ET Q q 0 0 0 rg BT 305.35 202.82 Td (2007, ) Tj ET Q q 0 0 0 rg BT 330.35 202.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 350.90 202.82 Td (August ) Tj ET Q q 0 0 0 rg BT 382.02 202.82 Td (3, ) Tj ET Q q 0 0 0 rg BT 392.02 202.82 Td (2007\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 187.82 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 187.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.67 187.82 Td (of ) Tj ET Q q 0 0 0 rg BT 161.50 187.82 Td (Specimen ) Tj ET Q q 0 0 0 rg BT 203.43 187.82 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 248.13 187.82 Td (for ) Tj ET Q q 0 0 0 rg BT 262.29 187.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 285.90 187.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 297.47 187.82 Td (fray ) Tj ET Q q 0 0 0 rg BT 315.98 187.82 Td (Companies ) Tj ET Q q 0 0 0 rg BT 363.47 187.82 Td (Common ) Tj ET Q q 0 0 0 rg BT 403.20 187.82 Td (Stock. ) Tj ET Q q 0 0 0 rg BT 430.98 187.82 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 172.82 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 172.82 Td (Second ) Tj ET Q q 0 0 0 rg BT 159.09 172.82 Td (Amended ) Tj ET Q q 0 0 0 rg BT 201.38 172.82 Td (and ) Tj ET Q q 0 0 0 rg BT 219.51 172.82 Td (Restated ) Tj ET Q q 0 0 0 rg BT 257.63 172.82 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 299.63 172.82 Td (dated ) Tj ET Q q 0 0 0 rg BT 324.98 172.82 Td (as ) Tj ET Q q 0 0 0 rg BT 337.00 172.82 Td (of ) Tj ET Q q 0 0 0 rg BT 349.02 172.82 Td (June ) Tj ET Q q 0 0 0 rg BT 371.04 172.82 Td (1) Tj ET Q q 0 0 0 rg BT 375.85 172.82 Td (1, ) Tj ET Q q 0 0 0 rg BT 386.85 172.82 Td (2012 ) Tj ET Q q 0 0 0 rg BT 410.54 172.82 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 449.77 172.82 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 502.89 172.82 Td (Paper ) Tj ET Q q 0 0 0 rg BT 529.34 172.82 Td (Notes\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 162.82 Td (between ) Tj ET Q q 0 0 0 rg BT 162.40 162.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 186.09 162.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 197.66 162.82 Td (fray ) Tj ET Q q 0 0 0 rg BT 216.25 162.82 Td (& ) Tj ET Q q 0 0 0 rg BT 226.61 162.82 Td (Co. ) Tj ET Q q 0 0 0 rg BT 243.36 162.82 Td (and ) Tj ET Q q 0 0 0 rg BT 260.38 162.82 Td (the ) Tj ET Q q 0 0 0 rg BT 275.18 162.82 Td (Bank ) Tj ET Q q 0 0 0 rg BT 298.87 162.82 Td (of ) Tj ET Q q 0 0 0 rg BT 309.78 162.82 Td (New ) Tj ET Q q 0 0 0 rg BT 331.05 162.82 Td (Y) Tj ET Q q 0 0 0 rg BT 337.58 162.82 Td (ork ) Tj ET Q q 0 0 0 rg BT 353.00 162.82 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 384.46 162.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 440.91 162.82 Td (by ) Tj ET Q q 0 0 0 rg BT 453.49 162.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 493.26 162.82 Td (to ) Tj ET Q q 0 0 0 rg BT 503.62 162.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 535.64 162.82 Td (4.1 ) Tj ET Q q 0 0 0 rg BT 550.72 162.82 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 152.82 Td (the ) Tj ET Q q 0 0 0 rg BT 141.80 152.82 Td (Company's ) Tj ET Q q 0 0 0 rg BT 189.46 152.82 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 230.85 152.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 261.15 152.82 Td (on ) Tj ET Q q 0 0 0 rg BT 274.23 152.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 298.98 152.82 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 322.61 152.82 Td (for ) Tj ET Q q 0 0 0 rg BT 337.35 152.82 Td (the ) Tj ET Q q 0 0 0 rg BT 352.65 152.82 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 377.38 152.82 Td (quarter ) Tj ET Q q 0 0 0 rg BT 408.78 152.82 Td (ended ) Tj ET Q q 0 0 0 rg BT 435.74 152.82 Td (June ) Tj ET Q q 0 0 0 rg BT 457.15 152.82 Td (30, ) Tj ET Q q 0 0 0 rg BT 472.73 152.82 Td (2012, ) Tj ET Q q 0 0 0 rg BT 498.31 152.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 519.31 152.82 Td (August ) Tj ET Q q 0 0 0 rg BT 551.00 152.82 Td (2, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 142.82 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 127.82 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 127.82 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 167.34 127.82 Td (dated ) Tj ET Q q 0 0 0 rg BT 191.52 127.82 Td (as ) Tj ET Q q 0 0 0 rg BT 202.37 127.82 Td (of ) Tj ET Q q 0 0 0 rg BT 212.94 127.82 Td (April ) Tj ET Q q 0 0 0 rg BT 236.30 127.82 Td (2, ) Tj ET Q q 0 0 0 rg BT 246.32 127.82 Td (2012 ) Tj ET Q q 0 0 0 rg BT 268.85 127.82 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 306.91 127.82 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 358.86 127.82 Td (Paper ) Tj ET Q q 0 0 0 rg BT 384.15 127.82 Td (Notes ) Tj ET Q q 0 0 0 rg BT 410.00 127.82 Td (-- ) Tj ET Q q 0 0 0 rg BT 419.19 127.82 Td (Series ) Tj ET Q q 0 0 0 rg BT 446.15 127.82 Td (II\), ) Tj ET Q q 0 0 0 rg BT 461.16 127.82 Td (between ) Tj ET Q q 0 0 0 rg BT 497.00 127.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 520.63 127.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 532.20 127.82 Td (fray ) Tj ET Q q 0 0 0 rg BT 550.74 127.82 Td (& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 117.82 Td (Co. ) Tj ET Q q 0 0 0 rg BT 143.25 117.82 Td (and ) Tj ET Q q 0 0 0 rg BT 160.27 117.82 Td (the ) Tj ET Q q 0 0 0 rg BT 175.07 117.82 Td (Bank ) Tj ET Q q 0 0 0 rg BT 198.77 117.82 Td (of ) Tj ET Q q 0 0 0 rg BT 209.68 117.82 Td (New ) Tj ET Q q 0 0 0 rg BT 230.95 117.82 Td (Y) Tj ET Q q 0 0 0 rg BT 237.48 117.82 Td (ork ) Tj ET Q q 0 0 0 rg BT 252.89 117.82 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 284.36 117.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 340.81 117.82 Td (by ) Tj ET Q q 0 0 0 rg BT 353.39 117.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 393.16 117.82 Td (to ) Tj ET Q q 0 0 0 rg BT 403.52 117.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 435.55 117.82 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 455.63 117.82 Td (to ) Tj ET Q q 0 0 0 rg BT 465.99 117.82 Td (the ) Tj ET Q q 0 0 0 rg BT 480.79 117.82 Td (Company's ) Tj ET Q q 0 0 0 rg BT 527.95 117.82 Td (Current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 107.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 156.22 107.82 Td (on ) Tj ET Q q 0 0 0 rg BT 168.72 107.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 192.89 107.82 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 213.44 107.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 233.99 107.82 Td (April ) Tj ET Q q 0 0 0 rg BT 257.32 107.82 Td (5, ) Tj ET Q q 0 0 0 rg BT 267.32 107.82 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 92.82 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 92.82 Td (Second ) Tj ET Q q 0 0 0 rg BT 158.18 92.82 Td (Amended ) Tj ET Q q 0 0 0 rg BT 199.94 92.82 Td (and ) Tj ET Q q 0 0 0 rg BT 217.26 92.82 Td (Restated ) Tj ET Q q 0 0 0 rg BT 254.58 92.82 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 295.78 92.82 Td (dated ) Tj ET Q q 0 0 0 rg BT 319.68 92.82 Td (April ) Tj ET Q q 0 0 0 rg BT 343.67 92.82 Td (21, ) Tj ET Q q 0 0 0 rg BT 359.05 92.82 Td (2014 ) Tj ET Q q 0 0 0 rg BT 381.94 92.82 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 420.35 92.82 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 472.67 92.82 Td (Paper ) Tj ET Q q 0 0 0 rg BT 498.32 92.82 Td (Notes ) Tj ET Q q 0 0 0 rg BT 524.53 92.82 Td (-- ) Tj ET Q q 0 0 0 rg BT 534.07 92.82 Td (Series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 82.82 Td (III\), ) Tj ET Q q 0 0 0 rg BT 145.32 82.82 Td (between ) Tj ET Q q 0 0 0 rg BT 181.64 82.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 205.75 82.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 217.23 82.82 Td (fray ) Tj ET Q q 0 0 0 rg BT 236.32 82.82 Td (& ) Tj ET Q q 0 0 0 rg BT 247.10 82.82 Td (Co. ) Tj ET Q q 0 0 0 rg BT 264.27 82.82 Td (and ) Tj ET Q q 0 0 0 rg BT 281.71 82.82 Td (the ) Tj ET Q q 0 0 0 rg BT 296.93 82.82 Td (Bank ) Tj ET Q q 0 0 0 rg BT 321.04 82.82 Td (of ) Tj ET Q q 0 0 0 rg BT 332.37 82.82 Td (New ) Tj ET Q q 0 0 0 rg BT 353.81 82.82 Td (Y) Tj ET Q q 0 0 0 rg BT 360.03 82.82 Td (ork ) Tj ET Q q 0 0 0 rg BT 376.36 82.82 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 408.24 82.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 465.11 82.82 Td (by ) Tj ET Q q 0 0 0 rg BT 478.11 82.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 518.29 82.82 Td (to ) Tj ET Q q 0 0 0 rg BT 529.07 82.82 Td (Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 72.82 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 146.50 72.82 Td (to ) Tj ET Q q 0 0 0 rg BT 156.78 72.82 Td (the ) Tj ET Q q 0 0 0 rg BT 171.50 72.82 Td (Company's ) Tj ET Q q 0 0 0 rg BT 218.58 72.82 Td (Current ) Tj ET Q q 0 0 0 rg BT 251.62 72.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 281.34 72.82 Td (on ) Tj ET Q q 0 0 0 rg BT 293.84 72.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 318.01 72.82 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 338.56 72.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 358.83 72.82 Td (April ) Tj ET Q q 0 0 0 rg BT 382.44 72.82 Td (21, ) Tj ET Q q 0 0 0 rg BT 397.44 72.82 Td (2014\).) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (14) 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 70.25 705.07 Td (10.1) 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 150.35 705.07 Td (of ) Tj ET Q q 0 0 0 rg BT 160.87 705.07 Td (director ) Tj ET Q q 0 0 0 rg BT 194.15 705.07 Td (indemnification ) Tj ET Q q 0 0 0 rg BT 259.65 705.07 Td (agreement ) Tj ET Q q 0 0 0 rg BT 303.48 705.07 Td (between ) Tj ET Q q 0 0 0 rg BT 338.98 705.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 362.27 705.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 373.84 705.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 392.03 705.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 439.21 705.07 Td (and ) Tj ET Q q 0 0 0 rg BT 455.84 705.07 Td (its ) Tj ET Q q 0 0 0 rg BT 467.47 705.07 Td (directors ) Tj ET Q q 0 0 0 rg BT 504.64 705.07 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 695.07 Td (by ) Tj ET Q q 0 0 0 rg BT 139.00 695.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 178.68 695.07 Td (to ) Tj ET Q q 0 0 0 rg BT 188.96 695.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 220.90 695.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 240.90 695.07 Td (to ) Tj ET Q q 0 0 0 rg BT 251.18 695.07 Td (the ) Tj ET Q q 0 0 0 rg BT 265.90 695.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 312.98 695.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 346.03 695.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 375.74 695.07 Td (on ) Tj ET Q q 0 0 0 rg BT 388.24 695.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 412.41 695.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 432.96 695.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 453.79 695.07 Td (March ) Tj ET Q q 0 0 0 rg BT 482.39 695.07 Td (17, ) Tj ET Q q 0 0 0 rg BT 497.39 695.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 525.72 695.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 680.07 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 680.07 Td (Of) Tj ET Q q 0 0 0 rg BT 136.96 680.07 Td (fice ) Tj ET Q q 0 0 0 rg BT 155.31 680.07 Td (Lease ) Tj ET Q q 0 0 0 rg BT 181.59 680.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 231.68 680.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 256.79 680.07 Td (May30, ) Tj ET Q q 0 0 0 rg BT 293.57 680.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 319.52 680.07 Td (by ) Tj ET Q q 0 0 0 rg BT 332.97 680.07 Td (and ) Tj ET Q q 0 0 0 rg BT 350.86 680.07 Td (among ) Tj ET Q q 0 0 0 rg BT 381.52 680.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 406.08 680.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 417.65 680.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 437.11 680.07 Td (& ) Tj ET Q q 0 0 0 rg BT 448.34 680.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 465.96 680.07 Td (and ) Tj ET Q q 0 0 0 rg BT 483.69 680.07 Td (W) Tj ET Q q 0 0 0 rg BT 492.63 680.07 Td (ells ) Tj ET Q q 0 0 0 rg BT 509.57 680.07 Td (REIT) Tj ET Q q 0 0 0 rg BT 531.70 680.07 Td ( ) Tj ET Q q 0 0 0 rg BT 535.05 680.07 Td ( ) Tj ET Q q 0 0 0 rg BT 543.50 680.07 Td (800 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 670.07 Td (Nicollett ) Tj ET Q q 0 0 0 rg BT 164.05 670.07 Td (A) Tj ET Q q 0 0 0 rg BT 170.62 670.07 Td (venue ) Tj ET Q q 0 0 0 rg BT 197.06 670.07 Td (Owner) Tj ET Q q 0 0 0 rg BT 224.07 670.07 Td (, ) Tj ET Q q 0 0 0 rg BT 229.30 670.07 Td (LLC ) Tj ET Q q 0 0 0 rg BT 251.11 670.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 307.90 670.07 Td (by ) Tj ET Q q 0 0 0 rg BT 320.83 670.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 360.94 670.07 Td (to ) Tj ET Q q 0 0 0 rg BT 371.65 670.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 404.02 670.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 424.45 670.07 Td (to ) Tj ET Q q 0 0 0 rg BT 435.16 670.07 Td (the ) Tj ET Q q 0 0 0 rg BT 450.30 670.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 497.81 670.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 531.29 670.07 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 660.07 Td (on ) Tj ET Q q 0 0 0 rg BT 139.00 660.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 163.17 660.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 183.72 660.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 204.55 660.07 Td (June ) Tj ET Q q 0 0 0 rg BT 225.38 660.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 235.38 660.07 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 645.07 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 645.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 146.02 645.07 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 181.64 645.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 204.49 645.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 216.06 645.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 233.81 645.07 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 250.81 645.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 281.99 645.07 Td (Century ) Tj ET Q q 0 0 0 rg BT 315.95 645.07 Td (2000 ) Tj ET Q q 0 0 0 rg BT 337.69 645.07 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 374.96 645.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 434.47 645.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 453.99 645.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 509.59 645.07 Td (by ) Tj ET Q q 0 0 0 rg BT 521.33 645.07 Td (reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 635.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.26 635.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 167.68 635.07 Td (10.10 ) Tj ET Q q 0 0 0 rg BT 192.15 635.07 Td (to ) Tj ET Q q 0 0 0 rg BT 201.91 635.07 Td (the ) Tj ET Q q 0 0 0 rg BT 216.10 635.07 Td (Company) Tj ET Q q 0 0 0 rg BT 258.05 635.07 Td (s ) Tj ET Q q 0 0 0 rg BT 263.48 635.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 294.62 635.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 323.81 635.07 Td (on ) Tj ET Q q 0 0 0 rg BT 335.79 635.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 359.44 635.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 381.97 635.07 Td (for ) Tj ET Q q 0 0 0 rg BT 395.60 635.07 Td (the ) Tj ET Q q 0 0 0 rg BT 409.80 635.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 433.43 635.07 Td (year ) Tj ET Q q 0 0 0 rg BT 452.62 635.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 478.47 635.07 Td (December ) Tj ET Q q 0 0 0 rg BT 521.53 635.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 536.01 635.07 Td (2003, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 625.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 147.33 625.07 Td (March ) Tj ET Q q 0 0 0 rg BT 175.92 625.07 Td (8, ) Tj ET Q q 0 0 0 rg BT 185.92 625.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 214.25 625.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 610.07 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 610.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 145.76 610.07 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 181.11 610.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 203.69 610.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 215.26 610.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 232.75 610.07 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 249.49 610.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 280.40 610.07 Td (Century ) Tj ET Q q 0 0 0 rg BT 314.09 610.07 Td (Growth ) Tj ET Q q 0 0 0 rg BT 346.12 610.07 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 383.12 610.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 442.37 610.07 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 464.12 610.07 Td (as ) Tj ET Q q 0 0 0 rg BT 473.93 610.07 Td (amended ) Tj ET Q q 0 0 0 rg BT 511.50 610.07 Td (and ) Tj ET Q q 0 0 0 rg BT 527.41 610.07 Td (restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 600.07 Td (ef) Tj ET Q q 0 0 0 rg BT 134.18 600.07 Td (fective ) Tj ET Q q 0 0 0 rg BT 163.95 600.07 Td (September ) Tj ET Q q 0 0 0 rg BT 209.38 600.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 224.54 600.07 Td (1998 ) Tj ET Q q 0 0 0 rg BT 247.20 600.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 303.73 600.07 Td (by ) Tj ET Q q 0 0 0 rg BT 316.39 600.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 356.24 600.07 Td (to ) Tj ET Q q 0 0 0 rg BT 366.68 600.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 398.78 600.07 Td (10.1) Tj ET Q q 0 0 0 rg BT 416.10 600.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 423.58 600.07 Td ( ) Tj ET Q q 0 0 0 rg BT 426.24 600.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.68 600.07 Td (the ) Tj ET Q q 0 0 0 rg BT 451.56 600.07 Td (Company) Tj ET Q q 0 0 0 rg BT 493.50 600.07 Td (s ) Tj ET Q q 0 0 0 rg BT 499.47 600.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 531.29 600.07 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 590.07 Td (on ) Tj ET Q q 0 0 0 rg BT 139.00 590.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 163.17 590.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 186.22 590.07 Td (for ) Tj ET Q q 0 0 0 rg BT 200.38 590.07 Td (the ) Tj ET Q q 0 0 0 rg BT 215.10 590.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 239.25 590.07 Td (year ) Tj ET Q q 0 0 0 rg BT 258.96 590.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 285.34 590.07 Td (December ) Tj ET Q q 0 0 0 rg BT 328.92 590.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 343.92 590.07 Td (2003, ) Tj ET Q q 0 0 0 rg BT 368.92 590.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 389.75 590.07 Td (March ) Tj ET Q q 0 0 0 rg BT 418.35 590.07 Td (8, ) Tj ET Q q 0 0 0 rg BT 428.35 590.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 456.68 590.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 575.07 Td (10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 575.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 150.68 575.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 162.25 575.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 181.33 575.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 228.99 575.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 270.67 575.07 Td (and ) Tj ET Q q 0 0 0 rg BT 288.18 575.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 325.68 575.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 348.35 575.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 380.58 575.07 Td (and ) Tj ET Q q 0 0 0 rg BT 398.09 575.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 428.29 575.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 446.56 575.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 486.83 575.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 507.68 575.07 Td (\(as ) Tj ET Q q 0 0 0 rg BT 522.42 575.07 Td (amended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 565.07 Td (May ) Tj ET Q q 0 0 0 rg BT 147.90 565.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 163.46 565.07 Td (2015\) ) Tj ET Q q 0 0 0 rg BT 189.86 565.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 246.78 565.07 Td (by ) Tj ET Q q 0 0 0 rg BT 259.85 565.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 300.10 565.07 Td (to ) Tj ET Q q 0 0 0 rg BT 310.94 565.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 343.45 565.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 364.02 565.07 Td (to ) Tj ET Q q 0 0 0 rg BT 374.86 565.07 Td (the ) Tj ET Q q 0 0 0 rg BT 390.14 565.07 Td (Company) Tj ET Q q 0 0 0 rg BT 432.08 565.07 Td (s ) Tj ET Q q 0 0 0 rg BT 438.76 565.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 472.38 565.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 502.66 565.07 Td (on ) Tj ET Q q 0 0 0 rg BT 515.72 565.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 540.46 565.07 Td (8-K, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 555.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 147.33 555.07 Td (May ) Tj ET Q q 0 0 0 rg BT 168.16 555.07 Td (14, ) Tj ET Q q 0 0 0 rg BT 183.16 555.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 211.49 555.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 540.07 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 540.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 151.57 540.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 163.14 540.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 183.11 540.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 232.06 540.07 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 271.55 540.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 333.28 540.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 355.02 540.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 412.84 540.07 Td (by ) Tj ET Q q 0 0 0 rg BT 426.80 540.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 467.95 540.07 Td (to ) Tj ET Q q 0 0 0 rg BT 479.68 540.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 513.09 540.07 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 534.55 540.07 Td (to ) Tj ET Q q 0 0 0 rg BT 546.29 540.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 530.07 Td (Company) Tj ET Q q 0 0 0 rg BT 168.44 530.07 Td (s ) Tj ET Q q 0 0 0 rg BT 174.56 530.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 215.37 530.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 245.09 530.07 Td (on ) Tj ET Q q 0 0 0 rg BT 257.59 530.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 281.76 530.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 304.81 530.07 Td (for ) Tj ET Q q 0 0 0 rg BT 318.97 530.07 Td (the ) Tj ET Q q 0 0 0 rg BT 333.69 530.07 Td (period ) Tj ET Q q 0 0 0 rg BT 361.73 530.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 388.11 530.07 Td (June ) Tj ET Q q 0 0 0 rg BT 408.94 530.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 423.94 530.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 448.94 530.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 469.77 530.07 Td (July ) Tj ET Q q 0 0 0 rg BT 488.94 530.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 503.94 530.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 532.27 530.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 515.07 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 515.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.06 515.07 Td (of ) Tj ET Q q 0 0 0 rg BT 162.28 515.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 205.71 515.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 231.02 515.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 278.06 515.07 Td (for ) Tj ET Q q 0 0 0 rg BT 292.61 515.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 336.04 515.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 365.59 515.07 Td (in ) Tj ET Q q 0 0 0 rg BT 376.26 515.07 Td (201) Tj ET Q q 0 0 0 rg BT 391.08 515.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 401.28 515.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 426.67 515.07 Td (and ) Tj ET Q q 0 0 0 rg BT 444.00 515.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 466.89 515.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 500.31 515.07 Td (to ) Tj ET Q q 0 0 0 rg BT 510.98 515.07 Td (2010, ) Tj ET Q q 0 0 0 rg BT 536.37 515.07 Td (201) Tj ET Q q 0 0 0 rg BT 551.19 515.07 Td (1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 505.07 Td (and ) Tj ET Q q 0 0 0 rg BT 143.09 505.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 165.25 505.07 Td (performance, ) Tj ET Q q 0 0 0 rg BT 220.42 505.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 274.21 505.07 Td (under ) Tj ET Q q 0 0 0 rg BT 299.14 505.07 Td (the ) Tj ET Q q 0 0 0 rg BT 313.51 505.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 336.77 505.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 348.34 505.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 366.50 505.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 413.45 505.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 454.20 505.07 Td (and ) Tj ET Q q 0 0 0 rg BT 470.80 505.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 507.38 505.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 529.34 505.07 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 495.07 Td (and ) Tj ET Q q 0 0 0 rg BT 143.78 495.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 173.98 495.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 192.03 495.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 232.07 495.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 252.70 495.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 309.41 495.07 Td (by ) Tj ET Q q 0 0 0 rg BT 322.25 495.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 362.28 495.07 Td (to ) Tj ET Q q 0 0 0 rg BT 372.90 495.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 405.19 495.07 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 425.54 495.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.16 495.07 Td (the ) Tj ET Q q 0 0 0 rg BT 451.22 495.07 Td (Company) Tj ET Q q 0 0 0 rg BT 493.17 495.07 Td (s ) Tj ET Q q 0 0 0 rg BT 499.27 495.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 531.28 495.07 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 485.07 Td (on ) Tj ET Q q 0 0 0 rg BT 139.00 485.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 163.17 485.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 186.22 485.07 Td (for ) Tj ET Q q 0 0 0 rg BT 200.38 485.07 Td (the ) Tj ET Q q 0 0 0 rg BT 215.10 485.07 Td (year ) Tj ET Q q 0 0 0 rg BT 234.81 485.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 261.18 485.07 Td (December ) Tj ET Q q 0 0 0 rg BT 304.77 485.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 319.77 485.07 Td (2010, ) Tj ET Q q 0 0 0 rg BT 344.77 485.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 365.59 485.07 Td (February ) Tj ET Q q 0 0 0 rg BT 404.19 485.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 419.19 485.07 Td (201) Tj ET Q q 0 0 0 rg BT 434.00 485.07 Td (1\). ) Tj ET Q q 0 0 0 rg BT 447.15 485.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 470.07 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 470.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.91 470.07 Td (of ) Tj ET Q q 0 0 0 rg BT 161.98 470.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 205.26 470.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 230.44 470.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 277.33 470.07 Td (for ) Tj ET Q q 0 0 0 rg BT 291.73 470.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 335.01 470.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 364.41 470.07 Td (in ) Tj ET Q q 0 0 0 rg BT 374.92 470.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 397.66 470.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 430.93 470.07 Td (to ) Tj ET Q q 0 0 0 rg BT 441.45 470.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 464.19 470.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 520.78 470.07 Td (under ) 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 (Piper ) Tj ET Q q 0 0 0 rg BT 150.42 460.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.99 460.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 180.80 460.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 228.26 460.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 269.67 460.07 Td (and ) Tj ET Q q 0 0 0 rg BT 286.92 460.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 324.16 460.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 346.62 460.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 378.59 460.07 Td (and ) Tj ET Q q 0 0 0 rg BT 395.84 460.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 426.03 460.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 444.04 460.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 484.05 460.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.64 460.07 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 450.07 Td (by ) Tj ET Q q 0 0 0 rg BT 138.64 450.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 177.97 450.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.89 450.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 219.48 450.07 Td (10.8 ) Tj ET Q q 0 0 0 rg BT 239.12 450.07 Td (to ) Tj ET Q q 0 0 0 rg BT 249.04 450.07 Td (the ) Tj ET Q q 0 0 0 rg BT 263.40 450.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 309.93 450.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 341.24 450.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 370.60 450.07 Td (on ) Tj ET Q q 0 0 0 rg BT 382.74 450.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 406.55 450.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 429.25 450.07 Td (for ) Tj ET Q q 0 0 0 rg BT 443.05 450.07 Td (the ) Tj ET Q q 0 0 0 rg BT 457.41 450.07 Td (year ) Tj ET Q q 0 0 0 rg BT 476.76 450.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.78 450.07 Td (December ) Tj ET Q q 0 0 0 rg BT 546.01 450.07 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 440.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 151.50 440.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 172.33 440.07 Td (February ) Tj ET Q q 0 0 0 rg BT 210.92 440.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 225.92 440.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 254.25 440.07 Td ( ) Tj ET Q q 0 0 0 rg BT 256.75 440.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 425.07 Td (10.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 425.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.91 425.07 Td (of ) Tj ET Q q 0 0 0 rg BT 161.98 425.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 205.26 425.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 230.44 425.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 277.33 425.07 Td (for ) Tj ET Q q 0 0 0 rg BT 291.73 425.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 335.01 425.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 364.41 425.07 Td (in ) Tj ET Q q 0 0 0 rg BT 374.92 425.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 397.66 425.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 430.93 425.07 Td (to ) Tj ET Q q 0 0 0 rg BT 441.45 425.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 464.19 425.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 520.78 425.07 Td (under ) Tj ET Q q 0 0 0 rg BT 546.29 425.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 415.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 150.42 415.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.99 415.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 180.80 415.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 228.26 415.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 269.67 415.07 Td (and ) Tj ET Q q 0 0 0 rg BT 286.92 415.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 324.16 415.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 346.62 415.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 378.59 415.07 Td (and ) Tj ET Q q 0 0 0 rg BT 395.84 415.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 426.03 415.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 444.04 415.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 484.05 415.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.64 415.07 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 405.07 Td (by ) Tj ET Q q 0 0 0 rg BT 138.64 405.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 177.97 405.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.89 405.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 219.48 405.07 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 239.12 405.07 Td (to ) Tj ET Q q 0 0 0 rg BT 249.04 405.07 Td (the ) Tj ET Q q 0 0 0 rg BT 263.40 405.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 309.93 405.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 341.24 405.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 370.60 405.07 Td (on ) Tj ET Q q 0 0 0 rg BT 382.74 405.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 406.55 405.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 429.25 405.07 Td (for ) Tj ET Q q 0 0 0 rg BT 443.05 405.07 Td (the ) Tj ET Q q 0 0 0 rg BT 457.41 405.07 Td (year ) Tj ET Q q 0 0 0 rg BT 476.76 405.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.78 405.07 Td (December ) Tj ET Q q 0 0 0 rg BT 546.01 405.07 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 395.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 151.50 395.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 172.33 395.07 Td (February ) Tj ET Q q 0 0 0 rg BT 210.92 395.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 225.92 395.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 254.25 395.07 Td ( ) Tj ET Q q 0 0 0 rg BT 256.75 395.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 380.07 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 380.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 153.07 380.07 Td (of ) Tj ET Q q 0 0 0 rg BT 166.31 380.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 211.75 380.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 238.63 380.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 287.68 380.07 Td (for ) Tj ET Q q 0 0 0 rg BT 304.24 380.07 Td (California-based ) Tj ET Q q 0 0 0 rg BT 375.79 380.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 421.23 380.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 452.79 380.07 Td (in ) Tj ET Q q 0 0 0 rg BT 465.48 380.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 490.38 380.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 525.82 380.07 Td (to ) Tj ET Q q 0 0 0 rg BT 538.50 380.07 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 370.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 184.89 370.07 Td (under ) Tj ET Q q 0 0 0 rg BT 212.20 370.07 Td (the ) Tj ET Q q 0 0 0 rg BT 228.95 370.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 254.60 370.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 266.17 370.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 286.72 370.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 335.52 370.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 378.66 370.07 Td (and ) Tj ET Q q 0 0 0 rg BT 397.64 370.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 436.61 370.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 460.43 370.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 494.13 370.07 Td (and ) Tj ET Q q 0 0 0 rg BT 513.10 370.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 543.30 370.07 Td (erm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 360.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 166.60 360.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 187.27 360.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 244.03 360.07 Td (by ) Tj ET Q q 0 0 0 rg BT 256.93 360.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 297.01 360.07 Td (to ) Tj ET Q q 0 0 0 rg BT 307.69 360.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 340.03 360.07 Td (10.10 ) Tj ET Q q 0 0 0 rg BT 365.42 360.07 Td (to ) Tj ET Q q 0 0 0 rg BT 376.10 360.07 Td (the ) Tj ET Q q 0 0 0 rg BT 391.21 360.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 438.33 360.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 470.38 360.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 500.50 360.07 Td (on ) Tj ET Q q 0 0 0 rg BT 513.40 360.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 537.96 360.07 Td (10-K ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 350.07 Td (for ) Tj ET Q q 0 0 0 rg BT 140.66 350.07 Td (the ) Tj ET Q q 0 0 0 rg BT 155.38 350.07 Td (year ) Tj ET Q q 0 0 0 rg BT 175.08 350.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 201.46 350.07 Td (December ) Tj ET Q q 0 0 0 rg BT 245.04 350.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 260.04 350.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 285.04 350.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 305.87 350.07 Td (February ) Tj ET Q q 0 0 0 rg BT 344.47 350.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 359.47 350.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 387.80 350.07 Td ( ) Tj ET Q q 0 0 0 rg BT 390.30 350.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 335.07 Td (10.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 335.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.81 335.07 Td (of ) Tj ET Q q 0 0 0 rg BT 165.78 335.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 193.19 335.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 224.86 335.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 273.65 335.07 Td (for ) Tj ET Q q 0 0 0 rg BT 289.95 335.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 335.13 335.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 366.43 335.07 Td (in ) Tj ET Q q 0 0 0 rg BT 378.85 335.07 Td (2004 ) Tj ET Q q 0 0 0 rg BT 403.48 335.07 Td (and ) Tj ET Q q 0 0 0 rg BT 422.56 335.07 Td (2005 ) Tj ET Q q 0 0 0 rg BT 447.20 335.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 482.37 335.07 Td (to ) Tj ET Q q 0 0 0 rg BT 494.79 335.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 519.43 335.07 Td (and ) Tj ET Q q 0 0 0 rg BT 538.50 335.07 Td (2004 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 325.07 Td (performance, ) Tj ET Q q 0 0 0 rg BT 181.32 325.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 234.76 325.07 Td (under ) Tj ET Q q 0 0 0 rg BT 259.33 325.07 Td (the ) Tj ET Q q 0 0 0 rg BT 273.35 325.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 296.26 325.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 307.83 325.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 325.64 325.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 372.31 325.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 412.72 325.07 Td (and ) Tj ET Q q 0 0 0 rg BT 428.96 325.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 465.19 325.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 486.87 325.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 517.83 325.07 Td (and ) Tj ET Q q 0 0 0 rg BT 534.07 325.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 315.07 Td (T) Tj ET Q q 0 0 0 rg BT 132.26 315.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.96 315.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 189.67 315.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 209.95 315.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 266.32 315.07 Td (by ) Tj ET Q q 0 0 0 rg BT 278.82 315.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 318.51 315.07 Td (to ) Tj ET Q q 0 0 0 rg BT 328.79 315.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 360.74 315.07 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 380.74 315.07 Td (to ) Tj ET Q q 0 0 0 rg BT 391.02 315.07 Td (the ) Tj ET Q q 0 0 0 rg BT 405.74 315.07 Td (Company) Tj ET Q q 0 0 0 rg BT 447.68 315.07 Td (s ) Tj ET Q q 0 0 0 rg BT 453.80 315.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 494.62 315.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 524.34 315.07 Td (on ) Tj ET Q q 0 0 0 rg BT 536.85 315.07 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 305.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 149.55 305.07 Td (for ) Tj ET Q q 0 0 0 rg BT 163.71 305.07 Td (the ) Tj ET Q q 0 0 0 rg BT 178.43 305.07 Td (period ) Tj ET Q q 0 0 0 rg BT 206.48 305.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 232.85 305.07 Td (June ) Tj ET Q q 0 0 0 rg BT 253.68 305.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 268.68 305.07 Td (2004, ) Tj ET Q q 0 0 0 rg BT 293.68 305.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 314.23 305.07 Td (August ) Tj ET Q q 0 0 0 rg BT 345.35 305.07 Td (4, ) Tj ET Q q 0 0 0 rg BT 355.35 305.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 383.68 305.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 290.07 Td (10.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 290.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.21 290.07 Td (of ) Tj ET Q q 0 0 0 rg BT 160.57 290.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 185.39 290.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 215.03 290.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 261.21 290.07 Td (for ) Tj ET Q q 0 0 0 rg BT 274.91 290.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 317.49 290.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 346.18 290.07 Td (in ) Tj ET Q q 0 0 0 rg BT 356.00 290.07 Td (2006 ) Tj ET Q q 0 0 0 rg BT 378.03 290.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 410.60 290.07 Td (to ) Tj ET Q q 0 0 0 rg BT 420.42 290.07 Td (2005 ) Tj ET Q q 0 0 0 rg BT 442.45 290.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 498.34 290.07 Td (under ) Tj ET Q q 0 0 0 rg BT 523.15 290.07 Td (the ) Tj ET Q q 0 0 0 rg BT 537.40 290.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 280.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 138.07 280.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 157.85 280.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 206.06 280.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 248.43 280.07 Td (and ) Tj ET Q q 0 0 0 rg BT 266.63 280.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 304.84 280.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 328.05 280.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 360.98 280.07 Td (and ) Tj ET Q q 0 0 0 rg BT 379.19 280.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 409.39 280.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 428.35 280.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 469.32 280.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 490.87 280.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 548.50 280.07 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 270.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 166.22 270.07 Td (to ) Tj ET Q q 0 0 0 rg BT 176.53 270.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 208.50 270.07 Td (10.1) Tj ET Q q 0 0 0 rg BT 225.82 270.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 233.17 270.07 Td (to ) Tj ET Q q 0 0 0 rg BT 243.48 270.07 Td (the ) Tj ET Q q 0 0 0 rg BT 258.23 270.07 Td (Company) Tj ET Q q 0 0 0 rg BT 300.17 270.07 Td (s ) Tj ET Q q 0 0 0 rg BT 306.03 270.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 337.73 270.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 367.48 270.07 Td (on ) Tj ET Q q 0 0 0 rg BT 380.01 270.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 404.22 270.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 427.30 270.07 Td (for ) Tj ET Q q 0 0 0 rg BT 441.49 270.07 Td (the ) Tj ET Q q 0 0 0 rg BT 456.24 270.07 Td (year ) Tj ET Q q 0 0 0 rg BT 475.98 270.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.40 270.07 Td (December ) Tj ET Q q 0 0 0 rg BT 546.01 270.07 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 260.07 Td (2005, ) Tj ET Q q 0 0 0 rg BT 151.50 260.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 172.33 260.07 Td (March ) Tj ET Q q 0 0 0 rg BT 200.92 260.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 210.92 260.07 Td (2006\). ) Tj ET Q q 0 0 0 rg BT 239.25 260.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 245.07 Td (10.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 245.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.81 245.07 Td (of ) Tj ET Q q 0 0 0 rg BT 165.78 245.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 193.19 245.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 224.86 245.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 273.65 245.07 Td (for ) Tj ET Q q 0 0 0 rg BT 289.95 245.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 335.13 245.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 366.43 245.07 Td (in ) Tj ET Q q 0 0 0 rg BT 378.85 245.07 Td (2007 ) Tj ET Q q 0 0 0 rg BT 403.48 245.07 Td (and ) Tj ET Q q 0 0 0 rg BT 422.56 245.07 Td (2008 ) Tj ET Q q 0 0 0 rg BT 447.20 245.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 482.37 245.07 Td (to ) Tj ET Q q 0 0 0 rg BT 494.79 245.07 Td (2006 ) Tj ET Q q 0 0 0 rg BT 519.43 245.07 Td (and ) Tj ET Q q 0 0 0 rg BT 538.50 245.07 Td (2007 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 235.07 Td (performance, ) Tj ET Q q 0 0 0 rg BT 181.32 235.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 234.76 235.07 Td (under ) Tj ET Q q 0 0 0 rg BT 259.33 235.07 Td (the ) Tj ET Q q 0 0 0 rg BT 273.35 235.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 296.26 235.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 307.83 235.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 325.64 235.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 372.31 235.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 412.72 235.07 Td (and ) Tj ET Q q 0 0 0 rg BT 428.96 235.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 465.19 235.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 486.87 235.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 517.83 235.07 Td (and ) Tj ET Q q 0 0 0 rg BT 534.07 235.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 225.07 Td (T) Tj ET Q q 0 0 0 rg BT 132.26 225.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.55 225.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 188.85 225.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 208.73 225.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 264.69 225.07 Td (by ) Tj ET Q q 0 0 0 rg BT 276.79 225.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 316.07 225.07 Td (to ) Tj ET Q q 0 0 0 rg BT 325.94 225.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 357.48 225.07 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 377.08 225.07 Td (to ) Tj ET Q q 0 0 0 rg BT 386.95 225.07 Td (the ) Tj ET Q q 0 0 0 rg BT 401.27 225.07 Td (Company) Tj ET Q q 0 0 0 rg BT 443.21 225.07 Td (s ) Tj ET Q q 0 0 0 rg BT 448.73 225.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 479.99 225.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 509.31 225.07 Td (on ) Tj ET Q q 0 0 0 rg BT 521.41 225.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 545.17 225.07 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 215.07 Td (K ) Tj ET Q q 0 0 0 rg BT 136.22 215.07 Td (for ) Tj ET Q q 0 0 0 rg BT 150.38 215.07 Td (the ) Tj ET Q q 0 0 0 rg BT 165.10 215.07 Td (year ) Tj ET Q q 0 0 0 rg BT 184.81 215.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 211.18 215.07 Td (December ) Tj ET Q q 0 0 0 rg BT 254.77 215.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 269.77 215.07 Td (2006, ) Tj ET Q q 0 0 0 rg BT 294.77 215.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 315.59 215.07 Td (March ) Tj ET Q q 0 0 0 rg BT 344.19 215.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 354.19 215.07 Td (2007\). ) Tj ET Q q 0 0 0 rg BT 382.52 215.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 200.07 Td (10.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 200.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.74 200.07 Td (of ) Tj ET Q q 0 0 0 rg BT 163.64 200.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 189.99 200.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 220.83 200.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 268.55 200.07 Td (for ) Tj ET Q q 0 0 0 rg BT 283.78 200.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 348.44 200.07 Td (Director ) Tj ET Q q 0 0 0 rg BT 385.33 200.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 415.56 200.07 Td (under ) Tj ET Q q 0 0 0 rg BT 441.90 200.07 Td (the ) Tj ET Q q 0 0 0 rg BT 457.69 200.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 482.37 200.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 493.94 200.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 513.51 200.07 Td (Companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 190.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 168.41 190.07 Td (and ) Tj ET Q q 0 0 0 rg BT 185.87 190.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 223.34 190.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 245.97 190.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 278.16 190.07 Td (and ) Tj ET Q q 0 0 0 rg BT 295.63 190.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 325.83 190.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 344.05 190.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 384.29 190.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 405.09 190.07 Td ( ) Tj ET Q q 0 0 0 rg BT 408.12 190.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 465.01 190.07 Td (by ) Tj ET Q q 0 0 0 rg BT 478.04 190.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 518.25 190.07 Td (to ) Tj ET Q q 0 0 0 rg BT 529.06 190.07 Td (Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 180.07 Td (10.4 ) Tj ET Q q 0 0 0 rg BT 146.80 180.07 Td (to ) Tj ET Q q 0 0 0 rg BT 157.39 180.07 Td (the ) Tj ET Q q 0 0 0 rg BT 172.41 180.07 Td (Company) Tj ET Q q 0 0 0 rg BT 214.35 180.07 Td (s ) Tj ET Q q 0 0 0 rg BT 220.77 180.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 261.89 180.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 291.91 180.07 Td (on ) Tj ET Q q 0 0 0 rg BT 304.71 180.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 329.19 180.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 352.54 180.07 Td (for ) Tj ET Q q 0 0 0 rg BT 367.01 180.07 Td (the ) Tj ET Q q 0 0 0 rg BT 382.03 180.07 Td (period ) Tj ET Q q 0 0 0 rg BT 410.38 180.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 437.06 180.07 Td (June ) Tj ET Q q 0 0 0 rg BT 458.20 180.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 473.50 180.07 Td (2004, ) Tj ET Q q 0 0 0 rg BT 498.80 180.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 519.59 180.07 Td (August ) Tj ET Q q 0 0 0 rg BT 551.01 180.07 Td (4, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 170.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 154.83 170.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 155.07 Td (10.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 155.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.36 155.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.88 155.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 220.16 155.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 247.12 155.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 268.44 155.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.78 155.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.64 155.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 356.83 155.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 405.23 155.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.90 155.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 431.40 155.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 462.25 155.07 Td (under ) Tj ET Q q 0 0 0 rg BT 489.21 155.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.62 155.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.92 155.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.49 155.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 145.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 173.40 145.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 214.08 145.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.61 145.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 267.12 145.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 289.02 145.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 320.27 145.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.80 145.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.99 145.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 384.28 145.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.56 145.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 443.43 145.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 499.37 145.07 Td (by ) Tj ET Q q 0 0 0 rg BT 511.46 145.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.73 145.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 135.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.98 135.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 179.52 135.07 Td (to ) Tj ET Q q 0 0 0 rg BT 190.34 135.07 Td (the ) Tj ET Q q 0 0 0 rg BT 205.60 135.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 253.22 135.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 294.57 135.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 324.83 135.07 Td (on ) Tj ET Q q 0 0 0 rg BT 337.87 135.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 362.58 135.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 386.17 135.07 Td (for ) Tj ET Q q 0 0 0 rg BT 400.87 135.07 Td (the ) Tj ET Q q 0 0 0 rg BT 416.12 135.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 440.82 135.07 Td (quarter ) Tj ET Q q 0 0 0 rg BT 472.17 135.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 499.09 135.07 Td (June ) Tj ET Q q 0 0 0 rg BT 520.46 135.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 536.00 135.07 Td (2012, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 125.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 147.05 125.07 Td (August ) Tj ET Q q 0 0 0 rg BT 178.17 125.07 Td (2, ) Tj ET Q q 0 0 0 rg BT 188.17 125.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 216.50 125.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 110.07 Td (10.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 110.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.36 110.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.88 110.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 220.16 110.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 247.12 110.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 268.17 110.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.78 110.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.64 110.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 356.83 110.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 405.14 110.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.55 110.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 431.40 110.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 462.25 110.07 Td (under ) Tj ET Q q 0 0 0 rg BT 489.21 110.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.62 110.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.92 110.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.40 110.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 100.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 173.12 100.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 214.08 100.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.61 100.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 267.12 100.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 288.75 100.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 320.27 100.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.80 100.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.64 100.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 384.28 100.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.56 100.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 443.43 100.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 499.37 100.07 Td (by ) Tj ET Q q 0 0 0 rg BT 511.46 100.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.73 100.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 90.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.17 90.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 177.90 90.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.91 90.07 Td (the ) Tj ET Q q 0 0 0 rg BT 202.35 90.07 Td (Company) Tj ET Q q 0 0 0 rg BT 244.02 90.07 Td (s ) Tj ET Q q 0 0 0 rg BT 250.14 90.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 290.68 90.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 320.13 90.07 Td (on ) Tj ET Q q 0 0 0 rg BT 332.36 90.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 356.26 90.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 379.04 90.07 Td (for ) Tj ET Q q 0 0 0 rg BT 392.93 90.07 Td (the ) Tj ET Q q 0 0 0 rg BT 407.37 90.07 Td (period ) Tj ET Q q 0 0 0 rg BT 435.15 90.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 461.26 90.07 Td (June ) Tj ET Q q 0 0 0 rg BT 481.81 90.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 496.54 90.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 521.27 90.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 541.83 90.07 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 80.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 141.50 80.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 169.83 80.07 Td () Tj ET Q 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 /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (15) 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 (10.17) 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 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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 (\(incorporated ) Tj ET Q q 0 0 0 rg BT 499.37 650.07 Td (by ) Tj ET Q q 0 0 0 rg BT 511.46 650.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.73 650.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 640.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 159.28 640.07 Td (10.3 ) Tj ET Q q 0 0 0 rg BT 180.13 640.07 Td (to ) Tj ET Q q 0 0 0 rg BT 191.25 640.07 Td (the ) Tj ET Q q 0 0 0 rg BT 206.80 640.07 Td (Company) Tj ET Q q 0 0 0 rg BT 248.74 640.07 Td (s ) Tj ET Q q 0 0 0 rg BT 255.70 640.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 297.36 640.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 327.92 640.07 Td (on ) Tj ET Q q 0 0 0 rg BT 341.26 640.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 366.27 640.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 390.16 640.07 Td (for ) Tj ET Q q 0 0 0 rg BT 405.16 640.07 Td (the ) Tj ET Q q 0 0 0 rg BT 420.72 640.07 Td (period ) Tj ET Q q 0 0 0 rg BT 449.61 640.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 476.83 640.07 Td (June ) Tj ET Q q 0 0 0 rg BT 498.50 640.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 514.34 640.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 540.18 640.07 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 630.07 Td (August ) Tj ET Q q 0 0 0 rg BT 157.89 630.07 Td (5, ) Tj ET Q q 0 0 0 rg BT 167.89 630.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 196.22 630.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 615.07 Td (10.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 615.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 149.08 615.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 160.65 615.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 178.14 615.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 224.61 615.07 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 261.61 615.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 320.86 615.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 340.12 615.07 Td (for ) Tj ET Q q 0 0 0 rg BT 353.25 615.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 415.82 615.07 Td (Directors ) Tj ET Q q 0 0 0 rg BT 454.51 615.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 509.84 615.07 Td (by ) Tj ET Q q 0 0 0 rg BT 521.32 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0 rg BT 215.21 565.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 260.86 565.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 316.22 565.07 Td (by ) Tj ET Q q 0 0 0 rg BT 327.72 565.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 366.40 565.07 Td (to ) Tj ET Q q 0 0 0 rg BT 375.68 565.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 406.63 565.07 Td (10.16 ) Tj ET Q q 0 0 0 rg BT 430.63 565.07 Td (to ) Tj ET Q q 0 0 0 rg BT 439.91 565.07 Td (the ) Tj ET Q q 0 0 0 rg BT 453.62 565.07 Td (Company) Tj ET Q q 0 0 0 rg BT 495.56 565.07 Td (s ) Tj ET Q q 0 0 0 rg BT 500.63 565.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 531.29 565.07 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 555.07 Td (on ) Tj ET Q q 0 0 0 rg BT 139.00 555.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 163.17 555.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 186.22 555.07 Td (for ) Tj ET Q q 0 0 0 rg BT 200.38 555.07 Td (the ) Tj ET Q q 0 0 0 rg BT 215.10 555.07 Td (year ) Tj ET Q q 0 0 0 rg BT 234.81 555.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 261.18 555.07 Td (December ) Tj ET Q q 0 0 0 rg BT 304.77 555.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 319.77 555.07 Td (2006, ) Tj ET Q q 0 0 0 rg BT 344.77 555.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 365.59 555.07 Td (March ) Tj ET Q q 0 0 0 rg BT 394.19 555.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.19 555.07 Td (2007\). ) Tj ET Q q 0 0 0 rg BT 432.52 555.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 540.07 Td (10.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 540.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 168.45 540.07 Td (and ) Tj ET Q q 0 0 0 rg BT 185.96 540.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 223.46 540.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 246.68 540.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 293.89 540.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 318.62 540.07 Td (December ) Tj ET Q q 0 0 0 rg BT 362.77 540.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 378.34 540.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 403.91 540.07 Td (between ) Tj ET Q q 0 0 0 rg BT 440.30 540.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 464.48 540.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 476.05 540.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 495.13 540.07 Td (& ) Tj ET Q q 0 0 0 rg BT 505.98 540.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 523.22 540.07 Td (and ) Tj ET Q q 0 0 0 rg BT 540.72 540.07 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 530.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 150.36 530.07 Td (National ) Tj ET Q q 0 0 0 rg BT 187.21 530.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 236.90 530.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 293.51 530.07 Td (by ) Tj ET Q q 0 0 0 rg BT 306.25 530.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 346.19 530.07 Td (to ) Tj ET Q q 0 0 0 rg BT 356.71 530.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 388.90 530.07 Td (10.16 ) Tj ET Q q 0 0 0 rg BT 414.15 530.07 Td (to ) Tj ET Q q 0 0 0 rg BT 424.68 530.07 Td (the ) Tj ET Q q 0 0 0 rg BT 439.64 530.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 486.64 530.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 518.55 530.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 548.51 530.07 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 520.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.67 520.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 173.72 520.07 Td (for ) Tj ET Q q 0 0 0 rg BT 187.88 520.07 Td (the ) Tj ET Q q 0 0 0 rg BT 202.60 520.07 Td (year ) Tj ET Q q 0 0 0 rg BT 222.31 520.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 248.68 520.07 Td (December ) Tj ET Q q 0 0 0 rg BT 292.27 520.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 307.27 520.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 332.27 520.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 353.09 520.07 Td (February ) Tj ET Q q 0 0 0 rg BT 391.69 520.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 406.69 520.07 Td (2013\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 505.07 Td (10.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 505.07 Td (First ) Tj ET Q q 0 0 0 rg BT 146.37 505.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 197.14 505.07 Td (to ) Tj ET Q q 0 0 0 rg BT 206.45 505.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 246.66 505.07 Td (and ) Tj ET Q q 0 0 0 rg BT 262.71 505.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 298.76 505.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 320.84 505.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 369.10 505.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 392.36 505.07 Td (December ) Tj ET Q q 0 0 0 rg BT 435.06 505.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 449.17 505.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 473.28 505.07 Td (between ) Tj ET Q q 0 0 0 rg BT 508.21 505.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.93 505.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.50 505.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 495.07 Td (& ) Tj ET Q q 0 0 0 rg BT 137.58 495.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 155.05 495.07 Td (and ) Tj ET Q q 0 0 0 rg BT 172.79 495.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 193.87 495.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 218.28 495.07 Td (National ) Tj ET Q q 0 0 0 rg BT 255.56 495.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 305.80 495.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 362.96 495.07 Td (by ) Tj ET Q q 0 0 0 rg BT 376.26 495.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 416.74 495.07 Td (to ) Tj ET Q q 0 0 0 rg BT 427.82 495.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 460.56 495.07 Td (10.18 ) Tj ET Q q 0 0 0 rg BT 486.36 495.07 Td (to ) Tj ET Q q 0 0 0 rg BT 497.44 495.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.96 495.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.90 495.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 485.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.44 485.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.16 485.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.66 485.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.83 485.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.88 485.07 Td (for ) Tj ET Q q 0 0 0 rg BT 262.04 485.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.75 485.07 Td (year ) Tj ET Q q 0 0 0 rg BT 296.46 485.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.84 485.07 Td (December ) Tj ET Q q 0 0 0 rg BT 366.42 485.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 381.42 485.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 406.42 485.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 427.25 485.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.85 485.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 480.85 485.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 470.07 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 470.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 158.61 470.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 210.85 470.07 Td (to ) Tj ET Q q 0 0 0 rg BT 221.30 470.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 262.98 470.07 Td (and ) Tj ET Q q 0 0 0 rg BT 280.50 470.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 318.01 470.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 341.23 470.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 390.95 470.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 415.69 470.07 Td (December ) Tj ET Q q 0 0 0 rg BT 459.85 470.07 Td (19, ) Tj ET Q q 0 0 0 rg BT 475.43 470.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 501.00 470.07 Td (between ) Tj ET Q q 0 0 0 rg BT 537.40 470.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 460.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 138.07 460.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 155.42 460.07 Td (& ) Tj ET Q q 0 0 0 rg BT 164.54 460.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 180.05 460.07 Td (and ) Tj ET Q q 0 0 0 rg BT 195.84 460.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 214.96 460.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 237.41 460.07 Td (National ) Tj ET Q q 0 0 0 rg BT 273.17 460.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 321.45 460.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 376.66 460.07 Td (by ) Tj ET Q q 0 0 0 rg BT 388.00 460.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 426.53 460.07 Td (to ) Tj ET Q q 0 0 0 rg BT 435.65 460.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 466.43 460.07 Td (10.23 ) Tj ET Q q 0 0 0 rg BT 490.28 460.07 Td (to ) Tj ET Q q 0 0 0 rg BT 499.40 460.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.96 460.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.90 460.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 450.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.44 450.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.16 450.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.66 450.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.83 450.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.88 450.07 Td (for ) Tj ET Q q 0 0 0 rg BT 262.04 450.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.75 450.07 Td (year ) Tj ET Q q 0 0 0 rg BT 296.46 450.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.84 450.07 Td (December ) Tj ET Q q 0 0 0 rg BT 366.42 450.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 381.42 450.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 406.42 450.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 427.25 450.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.85 450.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 480.85 450.07 Td (2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 435.07 Td (10.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 435.07 Td (Third ) Tj ET Q q 0 0 0 rg BT 151.85 435.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 204.67 435.07 Td (to ) Tj ET Q q 0 0 0 rg BT 215.58 435.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 257.84 435.07 Td (and ) Tj ET Q q 0 0 0 rg BT 275.94 435.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 314.04 435.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 337.72 435.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 388.03 435.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 413.35 435.07 Td (December ) Tj ET Q q 0 0 0 rg BT 458.10 435.07 Td (18, ) Tj ET Q q 0 0 0 rg BT 474.26 435.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 500.42 435.07 Td (between ) Tj ET Q q 0 0 0 rg BT 537.40 435.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 425.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 138.07 425.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.58 425.07 Td (& ) Tj ET Q q 0 0 0 rg BT 166.86 425.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 183.53 425.07 Td (and ) Tj ET Q q 0 0 0 rg BT 200.46 425.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 220.75 425.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 244.36 425.07 Td (National ) Tj ET Q q 0 0 0 rg BT 281.01 425.07 Td (Association. ) Tj ET Q q 0 0 0 rg BT 332.96 425.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 410.07 Td (10.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 410.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.72 410.07 Td (and ) Tj ET Q q 0 0 0 rg BT 184.50 410.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 221.28 410.07 Td (Note ) Tj ET Q q 0 0 0 rg BT 243.06 410.07 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 281.26 410.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 327.76 410.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 351.75 410.07 Td (June ) Tj ET Q q 0 0 0 rg BT 372.43 410.07 Td (2, ) Tj ET Q q 0 0 0 rg BT 382.27 410.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 404.62 410.07 Td (among ) Tj ET Q q 0 0 0 rg BT 434.18 410.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 457.63 410.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 469.20 410.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 487.55 410.07 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 537.39 410.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 400.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 138.07 400.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.82 400.07 Td (& ) Tj ET Q q 0 0 0 rg BT 167.34 400.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 184.25 400.07 Td (and ) Tj ET Q q 0 0 0 rg BT 201.43 400.07 Td (the ) Tj ET Q q 0 0 0 rg BT 216.39 400.07 Td (Purchasers ) Tj ET Q q 0 0 0 rg BT 262.45 400.07 Td (party ) Tj ET Q q 0 0 0 rg BT 285.73 400.07 Td (thereto ) Tj ET Q q 0 0 0 rg BT 316.24 400.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 372.84 400.07 Td (by ) Tj ET Q q 0 0 0 rg BT 385.58 400.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 425.51 400.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.02 400.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 468.21 400.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 488.45 400.07 Td (to ) Tj ET Q q 0 0 0 rg BT 498.97 400.07 Td (the ) Tj ET Q q 0 0 0 rg BT 513.93 400.07 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 390.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 159.55 390.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 189.26 390.07 Td (on ) Tj ET Q q 0 0 0 rg BT 201.76 390.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 225.93 390.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 246.49 390.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 267.31 390.07 Td (June ) Tj ET Q q 0 0 0 rg BT 288.14 390.07 Td (5, ) Tj ET Q q 0 0 0 rg BT 298.14 390.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 375.07 Td (10.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 375.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 159.79 375.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 202.97 375.07 Td (and ) Tj ET Q q 0 0 0 rg BT 222.00 375.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 261.02 375.07 Td (Note ) Tj ET Q q 0 0 0 rg BT 285.04 375.07 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 324.99 375.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 373.72 375.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 399.96 375.07 Td (October ) Tj ET Q q 0 0 0 rg BT 436.76 375.07 Td (8, ) Tj ET Q q 0 0 0 rg BT 448.84 375.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 473.43 375.07 Td (among ) Tj ET Q q 0 0 0 rg BT 505.23 375.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.92 375.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.49 375.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 365.07 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 176.48 365.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 200.08 365.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 211.65 365.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 230.15 365.07 Td (& ) Tj ET Q q 0 0 0 rg BT 240.41 365.07 Td (Co., ) Tj ET Q q 0 0 0 rg BT 259.57 365.07 Td (and ) Tj ET Q q 0 0 0 rg BT 276.50 365.07 Td (the ) Tj ET Q q 0 0 0 rg BT 291.20 365.07 Td (Purchasers ) Tj ET Q q 0 0 0 rg BT 337.01 365.07 Td (party ) Tj ET Q q 0 0 0 rg BT 360.04 365.07 Td (thereto ) Tj ET Q q 0 0 0 rg BT 390.29 365.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 446.64 365.07 Td (by ) Tj ET Q q 0 0 0 rg BT 459.13 365.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 498.80 365.07 Td (to ) Tj ET Q q 0 0 0 rg BT 509.07 365.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 541.00 365.07 Td (10.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 355.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.78 355.07 Td (the ) Tj ET Q q 0 0 0 rg BT 151.50 355.07 Td (Company) Tj ET Q q 0 0 0 rg BT 193.44 355.07 Td (s ) Tj ET Q q 0 0 0 rg BT 199.55 355.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 232.60 355.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 262.32 355.07 Td (on ) Tj ET Q q 0 0 0 rg BT 274.82 355.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 298.99 355.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 319.54 355.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 340.36 355.07 Td (October ) Tj ET Q q 0 0 0 rg BT 375.07 355.07 Td (13, ) Tj ET Q q 0 0 0 rg BT 390.07 355.07 Td (2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 340.07 Td (10.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 340.07 Td (Consulting ) Tj ET Q q 0 0 0 rg BT 172.40 340.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 218.76 340.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 242.63 340.07 Td (March ) Tj ET Q q 0 0 0 rg BT 270.95 340.07 Td (19, ) Tj ET Q q 0 0 0 rg BT 285.66 340.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 310.38 340.07 Td (by ) Tj ET Q q 0 0 0 rg BT 322.60 340.07 Td (and ) Tj ET Q q 0 0 0 rg BT 339.25 340.07 Td (between ) Tj ET Q q 0 0 0 rg BT 374.57 340.07 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 413.73 340.07 Td (Research, ) Tj ET Q q 0 0 0 rg BT 455.09 340.07 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 472.58 340.07 Td (and ) Tj ET Q q 0 0 0 rg BT 489.23 340.07 Td (Brien ) Tj ET Q q 0 0 0 rg BT 513.66 340.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 527.27 340.07 Td (O'Brien ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 330.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 183.32 330.07 Td (by ) Tj ET Q q 0 0 0 rg BT 196.27 330.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 236.40 330.07 Td (to ) Tj ET Q q 0 0 0 rg BT 247.14 330.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 279.53 330.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 299.99 330.07 Td (to ) Tj ET Q q 0 0 0 rg BT 310.72 330.07 Td (the ) Tj ET Q q 0 0 0 rg BT 325.89 330.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 373.42 330.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 406.92 330.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 437.09 330.07 Td (on ) Tj ET Q q 0 0 0 rg BT 450.04 330.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 474.67 330.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 495.67 330.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 516.95 330.07 Td (March ) Tj ET Q q 0 0 0 rg BT 546.00 330.07 Td (19, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 320.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 305.07 Td (10.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 305.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 185.54 305.07 Td (Arrangement ) Tj ET Q q 0 0 0 rg BT 239.28 305.07 Td (with ) Tj ET Q q 0 0 0 rg BT 258.33 305.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 270.99 305.07 Td (Brad ) Tj ET Q q 0 0 0 rg BT 291.70 305.07 Td (W) Tj ET Q q 0 0 0 rg BT 300.84 305.07 Td (inges ) Tj ET Q q 0 0 0 rg BT 323.02 305.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 378.15 305.07 Td (by ) Tj ET Q q 0 0 0 rg BT 389.42 305.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 427.87 305.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.92 305.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 467.63 305.07 Td (10.24 ) Tj ET Q q 0 0 0 rg BT 491.40 305.07 Td (to ) Tj ET Q q 0 0 0 rg BT 500.45 305.07 Td (the ) Tj ET Q q 0 0 0 rg BT 513.93 305.07 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 295.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.44 295.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.16 295.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.66 295.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.83 295.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.88 295.07 Td (for ) Tj ET Q q 0 0 0 rg BT 262.04 295.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.75 295.07 Td (year ) Tj ET Q q 0 0 0 rg BT 296.46 295.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.84 295.07 Td (December ) Tj ET Q q 0 0 0 rg BT 366.42 295.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 381.42 295.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 406.42 295.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 427.25 295.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.85 295.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 480.85 295.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 509.18 295.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 280.07 Td (10.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 280.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 170.22 280.07 Td (Limited ) Tj ET Q q 0 0 0 rg BT 205.06 280.07 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 253.79 280.07 Td (Interest ) Tj ET Q q 0 0 0 rg BT 286.53 280.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 333.86 280.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 358.70 280.07 Td (February ) Tj ET Q q 0 0 0 rg BT 397.98 280.07 Td (23, ) Tj ET Q q 0 0 0 rg BT 413.66 280.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 439.34 280.07 Td (by ) Tj ET Q q 0 0 0 rg BT 452.52 280.07 Td (and ) Tj ET Q q 0 0 0 rg BT 470.14 280.07 Td (between ) Tj ET Q q 0 0 0 rg BT 506.64 280.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.93 280.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.50 280.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 270.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 175.26 270.07 Td (Management ) Tj ET Q q 0 0 0 rg BT 231.79 270.07 Td (LLC ) Tj ET Q q 0 0 0 rg BT 255.01 270.07 Td (and ) Tj ET Q q 0 0 0 rg BT 273.78 270.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 289.50 270.07 Td (Brad ) Tj ET Q q 0 0 0 rg BT 313.05 270.07 Td (W) Tj ET Q q 0 0 0 rg BT 322.19 270.07 Td (inges ) Tj ET Q q 0 0 0 rg BT 347.43 270.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 405.62 270.07 Td (by ) Tj ET Q q 0 0 0 rg BT 419.95 270.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 461.47 270.07 Td (to ) Tj ET Q q 0 0 0 rg BT 473.57 270.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 507.35 270.07 Td (10.27 ) Tj ET Q q 0 0 0 rg BT 534.18 270.07 Td (to ) Tj ET Q q 0 0 0 rg BT 546.28 270.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 260.07 Td (Company) Tj ET Q q 0 0 0 rg BT 168.44 260.07 Td (s ) Tj ET Q q 0 0 0 rg BT 174.13 260.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 205.61 260.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 235.13 260.07 Td (on ) Tj ET Q q 0 0 0 rg BT 247.45 260.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 271.43 260.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 294.29 260.07 Td (for ) Tj ET Q q 0 0 0 rg BT 308.26 260.07 Td (the ) Tj ET Q q 0 0 0 rg BT 322.79 260.07 Td (year ) Tj ET Q q 0 0 0 rg BT 342.31 260.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 368.49 260.07 Td (December ) Tj ET Q q 0 0 0 rg BT 411.89 260.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.70 260.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 451.51 260.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 472.15 260.07 Td (February ) Tj ET Q q 0 0 0 rg BT 510.56 260.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 525.37 260.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 553.51 260.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 245.07 Td (10.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 245.07 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 168.28 245.07 Td (Research, ) Tj ET Q q 0 0 0 rg BT 211.98 245.07 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 231.80 245.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 262.00 245.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 281.75 245.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 323.51 245.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 345.85 245.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 404.26 245.07 Td (by ) Tj ET Q q 0 0 0 rg BT 418.82 245.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 460.56 245.07 Td (to ) Tj ET Q q 0 0 0 rg BT 472.89 245.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 506.89 245.07 Td (10.26 ) Tj ET Q q 0 0 0 rg BT 533.95 245.07 Td (to ) Tj ET Q q 0 0 0 rg BT 546.28 245.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 235.07 Td (Company) Tj ET Q q 0 0 0 rg BT 168.44 235.07 Td (s ) Tj ET Q q 0 0 0 rg BT 174.13 235.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 205.61 235.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 235.13 235.07 Td (on ) Tj ET Q q 0 0 0 rg BT 247.45 235.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 271.43 235.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 294.29 235.07 Td (for ) Tj ET Q q 0 0 0 rg BT 308.26 235.07 Td (the ) Tj ET Q q 0 0 0 rg BT 322.79 235.07 Td (year ) Tj ET Q q 0 0 0 rg BT 342.31 235.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 368.49 235.07 Td (December ) Tj ET Q q 0 0 0 rg BT 411.89 235.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.70 235.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 451.51 235.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 472.15 235.07 Td (February ) Tj ET Q q 0 0 0 rg BT 510.56 235.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 525.37 235.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 553.51 235.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 220.07 Td (10.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 220.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.19 220.07 Td (and ) Tj ET Q q 0 0 0 rg BT 183.44 220.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 219.68 220.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 242.60 220.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 254.17 220.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 271.99 220.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 318.80 220.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 349.50 220.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 371.87 220.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 414.22 220.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 438.80 220.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 485.05 220.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.64 220.07 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 210.07 Td (by ) Tj ET Q q 0 0 0 rg BT 139.16 210.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 179.00 210.07 Td (to ) Tj ET Q q 0 0 0 rg BT 189.44 210.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 221.54 210.07 Td (10.29 ) Tj ET Q q 0 0 0 rg BT 246.71 210.07 Td (to ) Tj ET Q q 0 0 0 rg BT 257.14 210.07 Td (the ) Tj ET Q q 0 0 0 rg BT 272.02 210.07 Td (Company) Tj ET Q q 0 0 0 rg BT 313.96 210.07 Td (s ) Tj ET Q q 0 0 0 rg BT 319.93 210.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 351.75 210.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 381.63 210.07 Td (on ) Tj ET Q q 0 0 0 rg BT 394.29 210.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 418.62 210.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 441.83 210.07 Td (for ) Tj ET Q q 0 0 0 rg BT 456.15 210.07 Td (the ) Tj ET Q q 0 0 0 rg BT 471.02 210.07 Td (year ) Tj ET Q q 0 0 0 rg BT 490.89 210.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 517.43 210.07 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 200.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 141.50 200.07 Td (201) Tj ET Q q 0 0 0 rg BT 156.31 200.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 166.13 200.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 186.95 200.07 Td (February ) Tj ET Q q 0 0 0 rg BT 225.55 200.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 240.55 200.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 268.88 200.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 185.07 Td (10.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 185.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.60 185.07 Td (of ) Tj ET Q q 0 0 0 rg BT 165.35 185.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 198.67 185.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 223.66 185.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 268.62 185.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 295.12 185.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 343.69 185.07 Td (for ) Tj ET Q q 0 0 0 rg BT 359.78 185.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 404.75 185.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 435.84 185.07 Td (in ) Tj ET Q q 0 0 0 rg BT 448.04 185.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 472.47 185.07 Td (and ) Tj ET Q q 0 0 0 rg BT 491.33 185.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 515.76 185.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 550.72 185.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 175.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 179.82 175.07 Td (in ) Tj ET Q q 0 0 0 rg BT 190.40 175.07 Td (201) Tj ET Q q 0 0 0 rg BT 205.21 175.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 212.82 175.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.06 175.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 255.36 175.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 309.80 175.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 366.46 175.07 Td (by ) Tj ET Q q 0 0 0 rg BT 379.25 175.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 419.23 175.07 Td (to ) Tj ET Q q 0 0 0 rg BT 429.81 175.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 462.05 175.07 Td (10.30 ) Tj ET Q q 0 0 0 rg BT 487.35 175.07 Td (to ) Tj ET Q q 0 0 0 rg BT 497.93 175.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.94 175.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.88 175.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 165.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.44 165.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.16 165.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.66 165.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.83 165.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.88 165.07 Td (for ) Tj ET Q q 0 0 0 rg BT 262.04 165.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.75 165.07 Td (year ) Tj ET Q q 0 0 0 rg BT 296.46 165.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.84 165.07 Td (December ) Tj ET Q q 0 0 0 rg BT 366.42 165.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 381.42 165.07 Td (201) Tj ET Q q 0 0 0 rg BT 396.24 165.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 406.05 165.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 426.88 165.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.47 165.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 480.47 165.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 508.80 165.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 150.07 Td (10.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 150.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.98 150.07 Td (of ) Tj ET Q q 0 0 0 rg BT 162.13 150.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 193.82 150.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 217.20 150.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 260.55 150.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 285.79 150.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 332.75 150.07 Td (for ) Tj ET Q q 0 0 0 rg BT 347.22 150.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 390.58 150.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 420.05 150.07 Td (in ) Tj ET Q q 0 0 0 rg BT 430.64 150.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 453.45 150.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 486.80 150.07 Td (to ) Tj ET Q q 0 0 0 rg BT 497.39 150.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 550.72 150.07 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 140.07 Td (2013\) ) Tj ET Q q 0 0 0 rg BT 151.82 140.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 207.67 140.07 Td (by ) Tj ET Q q 0 0 0 rg BT 219.66 140.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 258.83 140.07 Td (to ) Tj ET Q q 0 0 0 rg BT 268.60 140.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 300.03 140.07 Td (10.29 ) Tj ET Q q 0 0 0 rg BT 324.52 140.07 Td (to ) Tj ET Q q 0 0 0 rg BT 334.29 140.07 Td (the ) Tj ET Q q 0 0 0 rg BT 348.49 140.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 394.90 140.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 426.05 140.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 455.25 140.07 Td (on ) Tj ET Q q 0 0 0 rg BT 467.24 140.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 490.90 140.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 513.44 140.07 Td (for ) Tj ET Q q 0 0 0 rg BT 527.09 140.07 Td (the ) Tj ET Q q 0 0 0 rg BT 541.30 140.07 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 130.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 152.88 130.07 Td (December ) Tj ET Q q 0 0 0 rg BT 196.46 130.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 211.46 130.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 236.46 130.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 257.29 130.07 Td (February ) Tj ET Q q 0 0 0 rg BT 295.88 130.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 310.88 130.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 339.21 130.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 115.07 Td (10.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 115.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.98 115.07 Td (of ) Tj ET Q q 0 0 0 rg BT 162.13 115.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 193.82 115.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 217.20 115.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 260.55 115.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 285.79 115.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 332.75 115.07 Td (for ) Tj ET Q q 0 0 0 rg BT 347.22 115.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 390.58 115.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 420.05 115.07 Td (in ) Tj ET Q q 0 0 0 rg BT 430.64 115.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 453.45 115.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 486.80 115.07 Td (to ) Tj ET Q q 0 0 0 rg BT 497.39 115.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 550.72 115.07 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 105.07 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 151.76 105.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 207.55 105.07 Td (by ) Tj ET Q q 0 0 0 rg BT 219.49 105.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 258.60 105.07 Td (to ) Tj ET Q q 0 0 0 rg BT 268.31 105.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 299.68 105.07 Td (10.32 ) Tj ET Q q 0 0 0 rg BT 324.11 105.07 Td (to ) Tj ET Q q 0 0 0 rg BT 333.82 105.07 Td (the ) Tj ET Q q 0 0 0 rg BT 347.97 105.07 Td (Company) Tj ET Q q 0 0 0 rg BT 389.91 105.07 Td (s ) Tj ET Q q 0 0 0 rg BT 395.31 105.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 426.40 105.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 455.55 105.07 Td (on ) Tj ET Q q 0 0 0 rg BT 467.48 105.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 491.08 105.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 513.57 105.07 Td (for ) Tj ET Q q 0 0 0 rg BT 527.16 105.07 Td (the ) Tj ET Q q 0 0 0 rg BT 541.31 105.07 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 95.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 152.88 95.07 Td (December ) Tj ET Q q 0 0 0 rg BT 196.46 95.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 211.46 95.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 236.46 95.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 257.29 95.07 Td (February ) Tj ET Q q 0 0 0 rg BT 295.88 95.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 310.88 95.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 339.21 95.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 80.07 Td (10.36) 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 150.58 80.07 Td (of ) Tj ET Q q 0 0 0 rg BT 161.32 80.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 192.62 80.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 215.60 80.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 258.55 80.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 283.20 80.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 330.04 80.07 Td (for ) Tj ET Q q 0 0 0 rg BT 344.11 80.07 Td (California-based ) Tj ET Q q 0 0 0 rg BT 413.16 80.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 456.11 80.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 485.19 80.07 Td (in ) Tj ET Q q 0 0 0 rg BT 495.38 80.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 517.79 80.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 550.73 80.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 70.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 179.44 70.07 Td (in ) Tj ET Q q 0 0 0 rg BT 189.63 70.07 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 215.38 70.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 271.66 70.07 Td (by ) Tj ET Q q 0 0 0 rg BT 284.08 70.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 323.68 70.07 Td (to ) Tj ET Q q 0 0 0 rg BT 333.87 70.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 365.73 70.07 Td (10.33 ) Tj ET Q q 0 0 0 rg BT 390.65 70.07 Td (to ) Tj ET Q q 0 0 0 rg BT 400.85 70.07 Td (the ) Tj ET Q q 0 0 0 rg BT 415.48 70.07 Td (Company) Tj ET Q q 0 0 0 rg BT 457.14 70.07 Td (s ) Tj ET Q q 0 0 0 rg BT 462.92 70.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 494.78 70.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 524.41 70.07 Td (on ) Tj ET Q q 0 0 0 rg BT 536.83 70.07 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 60.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 149.55 60.07 Td (for ) Tj ET Q q 0 0 0 rg BT 163.71 60.07 Td (the ) Tj ET Q q 0 0 0 rg BT 178.43 60.07 Td (year ) Tj ET Q q 0 0 0 rg BT 198.14 60.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 224.51 60.07 Td (December ) Tj ET Q q 0 0 0 rg BT 268.10 60.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 283.10 60.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 308.10 60.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 328.92 60.07 Td (February ) Tj ET Q q 0 0 0 rg BT 367.52 60.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 382.52 60.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 410.85 60.07 Td ( ) Tj ET Q endstream endobj 233 0 obj <>] /Rotate 0 /Contents 234 0 R>> endobj 234 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 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (16) 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 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0 rg BT 527.98 704.07 Td (\(related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 694.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.88 694.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 190.00 694.07 Td (in ) Tj ET Q q 0 0 0 rg BT 200.38 694.07 Td (2015\) ) Tj ET Q q 0 0 0 rg BT 226.32 694.07 Td (under ) Tj ET Q q 0 0 0 rg BT 251.69 694.07 Td (the ) Tj ET Q q 0 0 0 rg BT 266.50 694.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 290.21 694.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 301.78 694.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 320.39 694.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 367.69 694.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 408.89 694.07 Td (and ) Tj ET Q q 0 0 0 rg BT 425.93 694.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 462.97 694.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 485.27 694.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 517.04 694.07 Td (and ) Tj ET Q q 0 0 0 rg BT 534.08 694.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 684.07 Td (T) Tj ET Q q 0 0 0 rg BT 132.26 684.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.96 684.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 189.66 684.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 209.94 684.07 Td (and ) Tj ET Q q 0 0 0 rg BT 226.88 684.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 258.26 684.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 281.32 684.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 324.37 684.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 349.63 684.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 396.57 684.07 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 419.35 684.07 Td ( ) Tj ET Q q 0 0 0 rg BT 426.85 684.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 669.07 Td (10.38) 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 149.86 669.07 Td (of ) Tj ET Q q 0 0 0 rg BT 159.87 669.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 202.10 669.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 226.57 669.07 Td (and ) Tj ET Q q 0 0 0 rg BT 242.69 669.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 273.27 669.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 295.52 669.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 337.75 669.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 362.10 669.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 407.94 669.07 Td (for ) Tj ET Q q 0 0 0 rg BT 421.29 669.07 Td (California-based ) Tj ET Q q 0 0 0 rg BT 489.61 669.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 531.84 669.07 Td (Grants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 659.07 Td (in ) Tj ET Q q 0 0 0 rg BT 137.52 659.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 160.76 659.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 194.53 659.07 Td (to ) Tj ET Q q 0 0 0 rg BT 205.54 659.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 259.31 659.07 Td (in ) Tj ET Q q 0 0 0 rg BT 270.32 659.07 Td (2015\) ) Tj ET Q q 0 0 0 rg BT 296.89 659.07 Td (under ) Tj ET Q q 0 0 0 rg BT 322.90 659.07 Td (the ) Tj ET Q q 0 0 0 rg BT 338.35 659.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 362.70 659.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 374.27 659.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 393.52 659.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 441.31 659.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 483.15 659.07 Td (and ) Tj ET Q q 0 0 0 rg BT 500.83 659.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 538.50 659.07 Td (2003 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 649.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.44 649.07 Td (and ) Tj ET Q q 0 0 0 rg BT 175.38 649.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 205.57 649.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 223.27 649.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 262.97 649.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 283.25 649.07 Td (and ) Tj ET Q q 0 0 0 rg BT 300.19 649.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 331.58 649.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 354.64 649.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 397.68 649.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 422.95 649.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 469.88 649.07 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 492.66 649.07 Td ( ) Tj ET Q q 0 0 0 rg BT 500.16 649.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 634.07 Td (21.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 634.07 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 177.89 634.07 Td (of ) Tj ET Q q 0 0 0 rg BT 188.72 634.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 212.33 634.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 223.90 634.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 242.40 634.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 289.90 634.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 619.07 Td (23.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 619.07 Td (Consent ) Tj ET Q q 0 0 0 rg BT 161.78 619.07 Td (of ) Tj ET Q q 0 0 0 rg BT 172.61 619.07 Td (Ernst ) Tj ET Q q 0 0 0 rg BT 196.22 619.07 Td (& ) Tj ET Q q 0 0 0 rg BT 206.31 619.07 Td (Y) Tj ET Q q 0 0 0 rg BT 212.85 619.07 Td (oung ) Tj ET Q q 0 0 0 rg BT 234.84 619.07 Td (LLP) Tj ET Q q 0 0 0 rg BT 252.44 619.07 Td ( ) Tj ET Q q 0 0 0 rg BT 254.75 619.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 603.17 Td (24.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 603.17 Td (Power ) Tj ET Q q 0 0 0 rg BT 154.55 603.17 Td (of ) Tj ET Q q 0 0 0 rg BT 165.11 603.17 Td (Attorney ) Tj ET Q q 0 0 0 rg BT 202.88 603.17 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 589.07 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 589.07 Td (Rule ) Tj ET Q q 0 0 0 rg BT 147.89 589.07 Td (13a-14\(a\)/15d-14\(a\) ) Tj ET Q q 0 0 0 rg BT 231.46 589.07 Td (Certification ) Tj ET Q q 0 0 0 rg BT 284.50 589.07 Td (of ) Tj ET Q q 0 0 0 rg BT 295.33 589.07 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 337.26 589.07 Td (and ) Tj ET Q q 0 0 0 rg BT 354.20 589.07 Td (Chief ) Tj ET Q q 0 0 0 rg BT 378.92 589.07 Td (Executive ) Tj ET Q q 0 0 0 rg BT 421.40 589.07 Td (Of) Tj ET Q q 0 0 0 rg BT 431.86 589.07 Td (ficer) Tj ET Q q 0 0 0 rg BT 449.81 589.07 Td (. ) Tj ET Q q 0 0 0 rg BT 454.53 589.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 573.17 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 573.17 Td (Rule ) Tj ET Q q 0 0 0 rg BT 147.89 573.17 Td (13a-14\(a\)/15d-14\(a\) ) Tj ET Q q 0 0 0 rg BT 231.46 573.17 Td (Certification ) Tj ET Q q 0 0 0 rg BT 284.50 573.17 Td (of ) Tj ET Q q 0 0 0 rg BT 295.33 573.17 Td (Chief ) Tj ET Q q 0 0 0 rg BT 320.04 573.17 Td (Financial ) Tj ET Q q 0 0 0 rg BT 359.76 573.17 Td (Of) Tj ET Q q 0 0 0 rg BT 370.13 573.17 Td (ficer) Tj ET Q q 0 0 0 rg BT 387.89 573.17 Td (. ) Tj ET Q q 0 0 0 rg BT 392.89 573.17 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 559.07 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 559.07 Td (Section ) Tj ET Q q 0 0 0 rg BT 159.00 559.07 Td (1350 ) Tj ET Q q 0 0 0 rg BT 181.50 559.07 Td (Certifications. ) Tj ET Q q 0 0 0 rg BT 240.92 559.07 Td (** ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 544.07 Td (101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.50 492.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 544.07 Td (Interactive ) Tj ET Q q 0 0 0 rg BT 172.77 544.07 Td (data ) Tj ET Q q 0 0 0 rg BT 192.94 544.07 Td (files ) Tj ET Q q 0 0 0 rg BT 213.68 544.07 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 251.64 544.07 Td (to ) Tj ET Q q 0 0 0 rg BT 262.94 544.07 Td (Rule ) Tj ET Q q 0 0 0 rg BT 285.34 544.07 Td (405 ) Tj ET Q q 0 0 0 rg BT 303.86 544.07 Td (Registration ) Tj ET Q q 0 0 0 rg BT 356.26 544.07 Td (S-T) Tj ET Q q 0 0 0 rg BT 370.76 544.07 Td (: ) Tj ET Q q 0 0 0 rg BT 377.06 544.07 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 390.02 544.07 Td (the ) Tj ET Q q 0 0 0 rg BT 405.76 544.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 462.05 544.07 Td (Statements ) Tj ET Q q 0 0 0 rg BT 509.45 544.07 Td (of ) Tj ET Q q 0 0 0 rg BT 521.30 544.07 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 534.07 Td (Condition ) Tj ET Q q 0 0 0 rg BT 169.03 534.07 Td (as ) Tj ET Q q 0 0 0 rg BT 179.89 534.07 Td (of ) Tj ET Q q 0 0 0 rg BT 190.75 534.07 Td (December ) Tj ET Q q 0 0 0 rg BT 234.37 534.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 249.40 534.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 271.92 534.07 Td (and ) Tj ET Q q 0 0 0 rg BT 288.89 534.07 Td (December ) Tj ET Q q 0 0 0 rg BT 332.51 534.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 347.54 534.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 372.56 534.07 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 387.31 534.07 Td (the ) Tj ET Q q 0 0 0 rg BT 402.06 534.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 457.36 534.07 Td (Statements ) Tj ET Q q 0 0 0 rg BT 503.77 534.07 Td (of ) Tj ET Q q 0 0 0 rg BT 514.63 534.07 Td (Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 524.07 Td (for ) Tj ET Q q 0 0 0 rg BT 140.51 524.07 Td (the ) Tj ET Q q 0 0 0 rg BT 155.07 524.07 Td (years ) Tj ET Q q 0 0 0 rg BT 178.51 524.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 204.73 524.07 Td (December ) Tj ET Q q 0 0 0 rg BT 248.16 524.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 263.01 524.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 287.85 524.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 310.20 524.07 Td (and ) Tj ET Q q 0 0 0 rg BT 326.98 524.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 351.83 524.07 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 369.17 524.07 Td (the ) Tj ET Q q 0 0 0 rg BT 383.73 524.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 438.85 524.07 Td (Statements ) Tj ET Q q 0 0 0 rg BT 485.08 524.07 Td (of ) Tj ET Q q 0 0 0 rg BT 495.75 524.07 Td (Comprehensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 514.07 Td (Income ) Tj ET Q q 0 0 0 rg BT 159.52 514.07 Td (for ) Tj ET Q q 0 0 0 rg BT 174.21 514.07 Td (the ) Tj ET Q q 0 0 0 rg BT 189.46 514.07 Td (years ) Tj ET Q q 0 0 0 rg BT 213.59 514.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 240.49 514.07 Td (December ) Tj ET Q q 0 0 0 rg BT 284.61 514.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 300.14 514.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 325.67 514.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 348.70 514.07 Td (and ) Tj ET Q q 0 0 0 rg BT 366.17 514.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 391.70 514.07 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 409.17 514.07 Td (the ) Tj ET Q q 0 0 0 rg BT 424.42 514.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 480.23 514.07 Td (Statements ) Tj ET Q q 0 0 0 rg BT 527.14 514.07 Td (of ) Tj ET Q q 0 0 0 rg BT 538.50 514.07 Td (Cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 504.07 Td (Flows ) Tj ET Q q 0 0 0 rg BT 153.11 504.07 Td (for ) Tj ET Q q 0 0 0 rg BT 166.92 504.07 Td (the ) Tj ET Q q 0 0 0 rg BT 181.29 504.07 Td (years ) Tj ET Q q 0 0 0 rg BT 204.55 504.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 230.58 504.07 Td (December ) Tj ET Q q 0 0 0 rg BT 273.82 504.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 288.47 504.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 313.13 504.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 335.28 504.07 Td (and ) Tj ET Q q 0 0 0 rg BT 351.88 504.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 374.03 504.07 Td (and ) Tj ET Q q 0 0 0 rg BT 390.62 504.07 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 404.44 504.07 Td (the ) Tj ET Q q 0 0 0 rg BT 418.81 504.07 Td (notes ) Tj ET Q q 0 0 0 rg BT 442.07 504.07 Td (to ) Tj ET Q q 0 0 0 rg BT 452.01 504.07 Td (the ) Tj ET Q q 0 0 0 rg BT 466.38 504.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 521.31 504.07 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 494.07 Td (Statements.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.00 Td (_______________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 459.00 Td (# ) Tj ET Q q 0 0 0 rg BT 67.50 459.00 Td (The ) Tj ET Q q 0 0 0 rg BT 85.55 459.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 126.93 459.00 Td (hereby ) Tj ET Q q 0 0 0 rg BT 156.64 459.00 Td (agrees ) Tj ET Q q 0 0 0 rg BT 184.68 459.00 Td (to ) Tj ET Q q 0 0 0 rg BT 194.96 459.00 Td (furnish ) Tj ET Q q 0 0 0 rg BT 225.79 459.00 Td (supplementally ) Tj ET Q q 0 0 0 rg BT 289.38 459.00 Td (to ) Tj ET Q q 0 0 0 rg BT 299.66 459.00 Td (the ) Tj ET Q q 0 0 0 rg BT 314.38 459.00 Td (Commission ) Tj ET Q q 0 0 0 rg BT 367.45 459.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 389.95 459.00 Td (request ) Tj ET Q q 0 0 0 rg BT 421.32 459.00 Td (any ) Tj ET Q q 0 0 0 rg BT 438.26 459.00 Td (omitted ) Tj ET Q q 0 0 0 rg BT 471.31 459.00 Td (exhibit ) Tj ET Q q 0 0 0 rg BT 501.59 459.00 Td (or ) Tj ET Q q 0 0 0 rg BT 512.42 459.00 Td (schedule.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.00 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 444.00 Td (This ) Tj ET Q q 0 0 0 rg BT 87.78 444.00 Td (exhibit ) Tj ET Q q 0 0 0 rg BT 118.05 444.00 Td (is ) Tj ET Q q 0 0 0 rg BT 127.22 444.00 Td (a ) Tj ET Q q 0 0 0 rg BT 134.16 444.00 Td (management ) Tj ET Q q 0 0 0 rg BT 187.75 444.00 Td (contract ) Tj ET Q q 0 0 0 rg BT 222.45 444.00 Td (or ) Tj ET Q q 0 0 0 rg BT 233.28 444.00 Td (compensatory ) Tj ET Q q 0 0 0 rg BT 291.88 444.00 Td (plan ) Tj ET Q q 0 0 0 rg BT 311.59 444.00 Td (or ) Tj ET Q q 0 0 0 rg BT 322.42 444.00 Td (agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.00 Td (* ) Tj ET Q q 0 0 0 rg BT 67.50 429.00 Td (Filed ) Tj ET Q q 0 0 0 rg BT 90.56 429.00 Td (herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 414.00 Td (** ) Tj ET Q q 0 0 0 rg BT 67.50 414.00 Td (This ) Tj ET Q q 0 0 0 rg BT 87.67 414.00 Td (information ) Tj ET Q q 0 0 0 rg BT 137.27 414.00 Td (is ) Tj ET Q q 0 0 0 rg BT 146.33 414.00 Td (furnished ) Tj ET Q q 0 0 0 rg BT 186.49 414.00 Td (and ) Tj ET Q q 0 0 0 rg BT 203.31 414.00 Td (not ) Tj ET Q q 0 0 0 rg BT 218.48 414.00 Td (filed ) Tj ET Q q 0 0 0 rg BT 239.19 414.00 Td (for ) Tj ET Q q 0 0 0 rg BT 253.24 414.00 Td (purposes ) Tj ET Q q 0 0 0 rg BT 291.19 414.00 Td (of ) Tj ET Q q 0 0 0 rg BT 301.90 414.00 Td (Section ) Tj ET Q q 0 0 0 rg BT 334.29 414.00 Td (1) Tj ET Q q 0 0 0 rg BT 338.92 414.00 Td (1 ) Tj ET Q q 0 0 0 rg BT 346.31 414.00 Td (and ) Tj ET Q q 0 0 0 rg BT 363.13 414.00 Td (12 ) Tj ET Q q 0 0 0 rg BT 375.52 414.00 Td (of ) Tj ET Q q 0 0 0 rg BT 386.24 414.00 Td (the ) Tj ET Q q 0 0 0 rg BT 400.85 414.00 Td (Securities ) Tj ET Q q 0 0 0 rg BT 442.14 414.00 Td (Act ) Tj ET Q q 0 0 0 rg BT 458.97 414.00 Td (of ) Tj ET Q q 0 0 0 rg BT 469.69 414.00 Td (1933 ) Tj ET Q q 0 0 0 rg BT 492.08 414.00 Td (and ) Tj ET Q q 0 0 0 rg BT 508.91 414.00 Td (Section ) Tj ET Q q 0 0 0 rg BT 541.29 414.00 Td (18 ) Tj ET Q q 0 0 0 rg BT 553.68 414.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 402.00 Td (the ) Tj ET Q q 0 0 0 rg BT 82.22 402.00 Td (Securities ) Tj ET Q q 0 0 0 rg BT 124.15 402.00 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 165.52 402.00 Td (Act ) Tj ET Q q 0 0 0 rg BT 182.46 402.00 Td (of ) Tj ET Q q 0 0 0 rg BT 193.29 402.00 Td (1934.) Tj ET Q endstream endobj 235 0 obj <> endobj 236 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (17) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 267.15 740.90 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.27 740.90 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 716.90 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 105.72 716.90 Td (to ) Tj ET Q q 0 0 0 rg BT 116.72 716.90 Td (the ) Tj ET Q q 0 0 0 rg BT 132.15 716.90 Td (requirements ) Tj ET Q q 0 0 0 rg BT 187.57 716.90 Td (of ) Tj ET Q q 0 0 0 rg BT 199.12 716.90 Td (the ) Tj ET Q q 0 0 0 rg BT 214.56 716.90 Td (Securities ) Tj ET Q q 0 0 0 rg BT 257.21 716.90 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 299.15 716.90 Td (Act ) Tj ET Q q 0 0 0 rg BT 316.80 716.90 Td (of ) Tj ET Q q 0 0 0 rg BT 328.35 716.90 Td (1934, ) Tj ET Q q 0 0 0 rg BT 354.07 716.90 Td (this ) Tj ET Q q 0 0 0 rg BT 371.74 716.90 Td (report ) Tj ET Q q 0 0 0 rg BT 398.83 716.90 Td (has ) Tj ET Q q 0 0 0 rg BT 415.38 716.90 Td (been ) Tj ET Q q 0 0 0 rg BT 437.48 716.90 Td (signed ) Tj ET Q q 0 0 0 rg BT 466.81 716.90 Td (below ) Tj ET Q q 0 0 0 rg BT 494.47 716.90 Td (by ) Tj ET Q q 0 0 0 rg BT 507.69 716.90 Td (the ) Tj ET Q q 0 0 0 rg BT 523.12 716.90 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.90 Td (persons ) Tj ET Q q 0 0 0 rg BT 82.55 704.90 Td (on ) Tj ET Q q 0 0 0 rg BT 95.05 704.90 Td (behalf ) Tj ET Q q 0 0 0 rg BT 122.54 704.90 Td (of ) Tj ET Q q 0 0 0 rg BT 133.37 704.90 Td (the ) Tj ET Q q 0 0 0 rg BT 148.08 704.90 Td (registrant ) Tj ET Q q 0 0 0 rg BT 188.35 704.90 Td (and ) Tj ET Q q 0 0 0 rg BT 205.29 704.90 Td (in ) Tj ET Q q 0 0 0 rg BT 215.56 704.90 Td (the ) Tj ET Q q 0 0 0 rg BT 230.28 704.90 Td (capacities ) Tj ET Q q 0 0 0 rg BT 272.20 704.90 Td (indicated ) Tj ET Q q 0 0 0 rg BT 311.35 704.90 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.85 704.90 Td (February25, ) Tj ET Q q 0 0 0 rg BT 377.45 704.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.45 704.90 Td (. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 628.4 m 560.5 628.4 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 660.97 Td (PIPER ) Tj ET Q q 0 0 0 rg BT 358.73 660.97 Td (JAFFRA) Tj ET Q q 0 0 0 rg BT 394.40 660.97 Td (Y) Tj ET Q q 0 0 0 rg BT 400.98 660.97 Td ( ) Tj ET Q q 0 0 0 rg BT 403.29 660.97 Td (COMP) Tj ET Q q 0 0 0 rg BT 431.18 660.97 Td (ANIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 632.97 Td (By) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.00 632.65 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 632.97 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 374.67 632.97 Td (Andrew ) Tj ET Q q 0 0 0 rg BT 409.11 632.97 Td (S. ) Tj ET Q q 0 0 0 rg BT 419.67 632.97 Td (Duf) Tj ET Q q 0 0 0 rg BT 435.13 632.97 Td (f) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 618.97 Td (Its) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.00 618.65 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 618.97 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 404.93 618.97 Td (and ) Tj ET Q q 0 0 0 rg BT 421.87 618.97 Td (Chief ) Tj ET Q q 0 0 0 rg BT 446.59 618.97 Td (Executive ) Tj ET Q q 0 0 0 rg BT 489.07 618.97 Td (Of) Tj ET Q q 0 0 0 rg BT 499.44 618.97 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 590.90 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 111.40 590.90 Td (to ) Tj ET Q q 0 0 0 rg BT 122.08 590.90 Td (the ) Tj ET Q q 0 0 0 rg BT 137.19 590.90 Td (requirements ) Tj ET Q q 0 0 0 rg BT 192.29 590.90 Td (of ) Tj ET Q q 0 0 0 rg BT 203.52 590.90 Td (the ) Tj ET Q q 0 0 0 rg BT 218.64 590.90 Td (Securities ) Tj ET Q q 0 0 0 rg BT 260.97 590.90 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 302.66 590.90 Td (Act ) Tj ET Q q 0 0 0 rg BT 319.99 590.90 Td (of ) Tj ET Q q 0 0 0 rg BT 331.22 590.90 Td (1934, ) Tj ET Q q 0 0 0 rg BT 356.62 590.90 Td (this ) Tj ET Q q 0 0 0 rg BT 373.97 590.90 Td (report ) Tj ET Q q 0 0 0 rg BT 400.75 590.90 Td (has ) Tj ET Q q 0 0 0 rg BT 416.98 590.90 Td (been ) Tj ET Q q 0 0 0 rg BT 438.75 590.90 Td (signed ) Tj ET Q q 0 0 0 rg BT 467.76 590.90 Td (below ) Tj ET Q q 0 0 0 rg BT 495.10 590.90 Td (by ) Tj ET Q q 0 0 0 rg BT 508.00 590.90 Td (the ) Tj ET Q q 0 0 0 rg BT 523.11 590.90 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.90 Td (persons ) Tj ET Q q 0 0 0 rg BT 82.55 578.90 Td (on ) Tj ET Q q 0 0 0 rg BT 95.05 578.90 Td (behalf ) Tj ET Q q 0 0 0 rg BT 122.54 578.90 Td (of ) Tj ET Q q 0 0 0 rg BT 133.37 578.90 Td (the ) Tj ET Q q 0 0 0 rg BT 148.08 578.90 Td (registrant ) Tj ET Q q 0 0 0 rg BT 188.35 578.90 Td (and ) Tj ET Q q 0 0 0 rg BT 205.29 578.90 Td (in ) Tj ET Q q 0 0 0 rg BT 215.56 578.90 Td (the ) Tj ET Q q 0 0 0 rg BT 230.28 578.90 Td (capacities ) Tj ET Q q 0 0 0 rg BT 272.20 578.90 Td (indicated ) Tj ET Q q 0 0 0 rg BT 311.35 578.90 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.85 578.90 Td (February25, ) Tj ET Q q 0 0 0 rg BT 377.45 578.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.45 578.90 Td (. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 554.4 m 75.25 554.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 75.25 554.4 m 255.25 554.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.25 554.4 m 282.25 554.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.25 554.4 m 561.25 554.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 75.25 526.4 m 255.25 526.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 75.25 482.4 m 255.25 482.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 75.25 437.4 m 255.25 437.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 75.25 392.4 m 255.25 392.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 75.25 347.4 m 255.25 347.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 75.25 302.4 m 255.25 302.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 75.25 257.4 m 255.25 257.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 75.25 212.39999999999998 m 255.25 212.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 75.25 167.39999999999998 m 255.25 167.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 75.25 122.39999999999998 m 255.25 122.39999999999998 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.35 559.08 Td (SIGNATURE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.45 559.08 Td (TITLE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.05 530.97 Td (/s/ Andrew S. Duff) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.35 530.97 Td (Chairman and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.75 516.97 Td (Andrew S. Duff) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.50 516.97 Td (\(Principal Executive Officer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.90 487.07 Td (/s/ Debbra L. Schoneman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 487.07 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.90 472.07 Td (Debbra L. Schoneman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.10 472.07 Td (\(Principal Financial and Accounting Officer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.30 442.07 Td (/s/ William R. Fitzgerald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.05 442.07 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.20 427.07 Td (William R. Fitzgerald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.15 397.07 Td (/s/ B. Kristine Johnson) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.05 397.07 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.15 382.07 Td (B. Kristine Johnson) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.70 352.07 Td (/s/ Addison L. Piper) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.05 352.07 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.40 337.07 Td (Addison L. Piper) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.15 307.07 Td (/s/ Lisa K. Polsky) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.05 307.07 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.15 292.07 Td (Lisa K. Polsky) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.30 262.07 Td (/s/ Sherry M. Smith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.05 262.07 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.25 247.07 Td (Sherry M. Smith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.35 217.07 Td (/s/ Philip E. Soran) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.05 217.07 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.30 202.07 Td (Philip E. Soran) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 172.07 Td (/s/ Scott C. Taylor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.05 172.07 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.45 157.07 Td (Scott C. Taylor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.45 127.07 Td (/s/ Michele Volpi) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.05 127.07 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.45 112.07 Td (Michele Volpi) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 237 0 obj <> endobj 238 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (18) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 270.80 740.90 Td (Exhibit Index ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 702.4 m 109.5 702.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 702.4 m 561.5 702.4 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.15 721.08 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.30 707.08 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 706.65 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.00 707.13 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 686.97 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 686.97 Td (Separation ) Tj 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 206.62 651.97 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 426.86 651.97 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 531.62 651.97 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 321.87 641.97 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 334.87 641.97 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 369.47 641.97 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 164.72 631.97 Td (LLC ) Tj ET Q q 0 0 0 rg BT 185.65 631.97 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.98 631.97 Td (excluding ) Tj ET Q q 0 0 0 rg BT 229.90 631.97 Td (schedules ) Tj ET Q q 0 0 0 rg BT 270.82 631.97 Td (and ) Tj ET Q q 0 0 0 rg BT 287.87 631.97 Td (exhibits, ) Tj ET Q q 0 0 0 rg BT 323.51 631.97 Td (which ) Tj ET Q q 0 0 0 rg BT 349.45 631.97 Td (the ) Tj ET Q q 0 0 0 rg BT 363.71 631.97 Td (r) Tj ET Q q 0 0 0 rg BT 367.23 631.97 Td (egistrant ) Tj ET Q q 0 0 0 rg BT 404.83 631.97 Td (agr) Tj ET Q q 0 0 0 rg BT 418.35 631.97 Td (ees ) Tj ET Q q 0 0 0 rg BT 433.17 631.97 Td (to ) Tj ET Q q 0 0 0 rg BT 442.99 631.97 Td (furnish ) Tj ET Q q 0 0 0 rg BT 473.38 631.97 Td (supplementally ) Tj ET Q q 0 0 0 rg BT 535.97 631.97 Td (to ) Tj ET Q q 0 0 0 rg BT 545.79 631.97 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.00 621.96 Td (Securities ) Tj ET Q q 0 0 0 rg BT 166.86 621.96 Td (and ) Tj ET Q q 0 0 0 rg BT 183.29 621.96 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 224.14 621.96 Td (Commission ) Tj ET Q q 0 0 0 rg BT 275.02 621.96 Td (upon ) Tj ET Q q 0 0 0 rg BT 296.45 621.96 Td (r) Tj ET Q q 0 0 0 rg BT 299.97 621.96 Td (equest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.51 621.96 Td (\) ) Tj ET Q q 0 0 0 rg BT 330.27 621.96 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 385.56 621.96 Td (by ) Tj ET Q q 0 0 0 rg BT 396.99 621.96 Td (reference ) Tj ET Q q 0 0 0 rg BT 435.60 621.96 Td (to ) Tj ET Q q 0 0 0 rg BT 444.80 621.96 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 475.67 621.96 Td (2.1 ) Tj ET Q q 0 0 0 rg BT 489.60 621.96 Td (to ) Tj ET Q q 0 0 0 rg BT 498.81 621.96 Td (the ) Tj ET Q q 0 0 0 rg BT 512.45 621.96 Td (Company) Tj ET Q q 0 0 0 rg BT 554.12 621.96 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 611.97 Td (Current ) Tj ET Q q 0 0 0 rg BT 159.05 611.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.76 611.97 Td (on ) Tj ET Q q 0 0 0 rg BT 201.26 611.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 225.43 611.97 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 245.99 611.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 266.81 611.97 Td (November ) Tj ET Q q 0 0 0 rg BT 311.52 611.97 Td (17, ) Tj ET Q q 0 0 0 rg BT 326.52 611.97 Td (2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 596.97 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 596.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 166.52 596.97 Td (and ) Tj ET Q q 0 0 0 rg BT 182.60 596.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 218.68 596.97 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 262.51 596.97 Td (of ) Tj ET Q q 0 0 0 rg BT 272.49 596.97 Td (Incorporation ) Tj ET Q q 0 0 0 rg BT 328.55 596.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 384.06 596.97 Td (by ) Tj ET Q q 0 0 0 rg BT 395.70 596.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 434.52 596.97 Td (to ) Tj ET Q q 0 0 0 rg BT 443.94 596.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 475.03 596.97 Td (3.1 ) Tj ET Q q 0 0 0 rg BT 489.17 596.97 Td (to ) Tj ET Q q 0 0 0 rg BT 498.59 596.97 Td (the ) Tj ET Q q 0 0 0 rg BT 512.45 596.97 Td (Company) Tj ET Q q 0 0 0 rg BT 554.39 596.97 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 586.97 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 166.82 586.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 196.53 586.97 Td (on ) Tj ET Q q 0 0 0 rg BT 209.03 586.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 233.20 586.97 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 256.25 586.97 Td (for ) Tj ET Q q 0 0 0 rg BT 270.41 586.97 Td (the ) Tj ET Q q 0 0 0 rg BT 285.13 586.97 Td (period ) Tj ET Q q 0 0 0 rg BT 313.18 586.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 339.55 586.97 Td (June ) Tj ET Q q 0 0 0 rg BT 360.38 586.97 Td (30, ) Tj ET Q q 0 0 0 rg BT 375.38 586.97 Td (2007, ) Tj ET Q q 0 0 0 rg BT 400.38 586.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 420.93 586.97 Td (August ) Tj ET Q q 0 0 0 rg BT 452.05 586.97 Td (3, ) Tj ET Q q 0 0 0 rg BT 462.05 586.97 Td (2007\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 571.97 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 571.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.19 571.97 Td (and ) Tj ET Q q 0 0 0 rg BT 183.94 571.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 220.69 571.97 Td (Bylaws ) Tj ET Q q 0 0 0 rg BT 253.01 571.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 309.18 571.97 Td (by ) Tj ET Q q 0 0 0 rg BT 321.50 571.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 361.00 571.97 Td (to ) Tj ET Q q 0 0 0 rg BT 371.09 571.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 402.85 571.97 Td (3.2 ) Tj ET Q q 0 0 0 rg BT 417.66 571.97 Td (to ) Tj ET Q q 0 0 0 rg BT 427.75 571.97 Td (the ) Tj ET Q q 0 0 0 rg BT 442.28 571.97 Td (Company) Tj ET Q q 0 0 0 rg BT 484.23 571.97 Td (s ) Tj ET Q q 0 0 0 rg BT 490.16 571.97 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 530.79 571.97 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 561.97 Td (on ) Tj ET Q q 0 0 0 rg BT 138.50 561.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 162.67 561.97 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 185.72 561.97 Td (for ) Tj ET Q q 0 0 0 rg BT 199.88 561.97 Td (the ) Tj ET Q q 0 0 0 rg BT 214.60 561.97 Td (period ) Tj ET Q q 0 0 0 rg BT 242.65 561.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 269.02 561.97 Td (June ) Tj ET Q q 0 0 0 rg BT 289.85 561.97 Td (30, ) Tj ET Q q 0 0 0 rg BT 304.85 561.97 Td (2007, ) Tj ET Q q 0 0 0 rg BT 329.85 561.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 350.40 561.97 Td (August ) Tj ET Q q 0 0 0 rg BT 381.52 561.97 Td (3, ) Tj ET Q q 0 0 0 rg BT 391.52 561.97 Td (2007\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 546.97 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 546.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.17 546.97 Td (of ) Tj ET Q q 0 0 0 rg BT 161.00 546.97 Td (Specimen ) Tj ET Q q 0 0 0 rg BT 202.93 546.97 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 247.63 546.97 Td (for ) Tj ET Q q 0 0 0 rg BT 261.79 546.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 285.40 546.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 296.97 546.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 315.48 546.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 362.97 546.97 Td (Common ) Tj ET Q q 0 0 0 rg BT 402.70 546.97 Td (Stock. ) Tj ET Q q 0 0 0 rg BT 430.48 546.97 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 531.97 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 531.97 Td (Second ) Tj ET Q q 0 0 0 rg BT 158.59 531.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 200.88 531.97 Td (and ) Tj ET Q q 0 0 0 rg BT 219.01 531.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 257.13 531.97 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 299.13 531.97 Td (dated ) Tj ET Q q 0 0 0 rg BT 324.48 531.97 Td (as ) Tj ET Q q 0 0 0 rg BT 336.50 531.97 Td (of ) Tj ET Q q 0 0 0 rg BT 348.52 531.97 Td (June ) Tj ET Q q 0 0 0 rg BT 370.54 531.97 Td (1) Tj ET Q q 0 0 0 rg BT 375.35 531.97 Td (1, ) Tj ET Q q 0 0 0 rg BT 386.35 531.97 Td (2012 ) Tj ET Q q 0 0 0 rg BT 410.04 531.97 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 449.27 531.97 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 502.39 531.97 Td (Paper ) Tj ET Q q 0 0 0 rg BT 528.84 531.97 Td (Notes\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 521.97 Td (between ) Tj ET Q q 0 0 0 rg BT 161.90 521.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 185.59 521.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 197.16 521.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 215.75 521.97 Td (& ) Tj ET Q q 0 0 0 rg BT 226.11 521.97 Td (Co. ) Tj ET Q q 0 0 0 rg BT 242.86 521.97 Td (and ) Tj ET Q q 0 0 0 rg BT 259.88 521.97 Td (the ) Tj ET Q q 0 0 0 rg BT 274.68 521.97 Td (Bank ) Tj ET Q q 0 0 0 rg BT 298.37 521.97 Td (of ) Tj ET Q q 0 0 0 rg BT 309.28 521.97 Td (New ) Tj ET Q q 0 0 0 rg BT 330.55 521.97 Td (Y) Tj ET Q q 0 0 0 rg BT 337.08 521.97 Td (ork ) Tj ET Q q 0 0 0 rg BT 352.50 521.97 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 383.96 521.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 440.41 521.97 Td (by ) Tj ET Q q 0 0 0 rg BT 452.99 521.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 492.76 521.97 Td (to ) Tj ET Q q 0 0 0 rg BT 503.12 521.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 535.14 521.97 Td (4.1 ) Tj ET Q q 0 0 0 rg BT 550.22 521.97 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 511.97 Td (the ) Tj ET Q q 0 0 0 rg BT 141.30 511.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 188.96 511.97 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 230.35 511.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 260.65 511.97 Td (on ) Tj ET Q q 0 0 0 rg BT 273.73 511.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 298.48 511.97 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 322.11 511.97 Td (for ) Tj ET Q q 0 0 0 rg BT 336.85 511.97 Td (the ) Tj ET Q q 0 0 0 rg BT 352.15 511.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 376.88 511.97 Td (quarter ) Tj ET Q q 0 0 0 rg BT 408.28 511.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 435.24 511.97 Td (June ) Tj ET Q q 0 0 0 rg BT 456.65 511.97 Td (30, ) Tj ET Q q 0 0 0 rg BT 472.23 511.97 Td (2012, ) Tj ET Q q 0 0 0 rg BT 497.81 511.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 518.81 511.97 Td (August ) Tj ET Q q 0 0 0 rg BT 550.50 511.97 Td (2, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 501.97 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 486.97 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 486.97 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 166.84 486.97 Td (dated ) Tj ET Q q 0 0 0 rg BT 191.02 486.97 Td (as ) Tj ET Q q 0 0 0 rg BT 201.87 486.97 Td (of ) Tj ET Q q 0 0 0 rg BT 212.44 486.97 Td (April ) Tj ET Q q 0 0 0 rg BT 235.80 486.97 Td (2, ) Tj ET Q q 0 0 0 rg BT 245.82 486.97 Td (2012 ) Tj ET Q q 0 0 0 rg BT 268.35 486.97 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 306.41 486.97 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 358.36 486.97 Td (Paper ) Tj ET Q q 0 0 0 rg BT 383.65 486.97 Td (Notes ) Tj ET Q q 0 0 0 rg BT 409.50 486.97 Td (-- ) Tj ET Q q 0 0 0 rg BT 418.69 486.97 Td (Series ) Tj ET Q q 0 0 0 rg BT 445.65 486.97 Td (II\), ) Tj ET Q q 0 0 0 rg BT 460.66 486.97 Td (between ) Tj ET Q q 0 0 0 rg BT 496.50 486.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 520.13 486.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 531.70 486.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 550.24 486.97 Td (& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 476.97 Td (Co. ) Tj ET Q q 0 0 0 rg BT 142.75 476.97 Td (and ) Tj ET Q q 0 0 0 rg BT 159.77 476.97 Td (the ) Tj ET Q q 0 0 0 rg BT 174.57 476.97 Td (Bank ) Tj ET Q q 0 0 0 rg BT 198.27 476.97 Td (of ) Tj ET Q q 0 0 0 rg BT 209.18 476.97 Td (New ) Tj ET Q q 0 0 0 rg BT 230.45 476.97 Td (Y) Tj ET Q q 0 0 0 rg BT 236.98 476.97 Td (ork ) Tj ET Q q 0 0 0 rg BT 252.39 476.97 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 283.86 476.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 340.31 476.97 Td (by ) Tj ET Q q 0 0 0 rg BT 352.89 476.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 392.66 476.97 Td (to ) Tj ET Q q 0 0 0 rg BT 403.02 476.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 435.05 476.97 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 455.13 476.97 Td (to ) Tj ET Q q 0 0 0 rg BT 465.49 476.97 Td (the ) Tj ET Q q 0 0 0 rg BT 480.29 476.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 527.45 476.97 Td (Current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 466.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 155.72 466.97 Td (on ) Tj ET Q q 0 0 0 rg BT 168.22 466.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 192.39 466.97 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 212.94 466.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 233.49 466.97 Td (April ) Tj ET Q q 0 0 0 rg BT 256.82 466.97 Td (5, ) Tj ET Q q 0 0 0 rg BT 266.82 466.97 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 451.97 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 451.97 Td (Second ) Tj ET Q q 0 0 0 rg BT 157.96 451.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 199.44 451.97 Td (and ) Tj ET Q q 0 0 0 rg BT 216.76 451.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 254.08 451.97 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 295.28 451.97 Td (dated ) Tj ET Q q 0 0 0 rg BT 319.46 451.97 Td (April ) Tj ET Q q 0 0 0 rg BT 343.17 451.97 Td (21, ) Tj ET Q q 0 0 0 rg BT 358.55 451.97 Td (2014 ) Tj ET Q q 0 0 0 rg BT 381.44 451.97 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 419.85 451.97 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 472.17 451.97 Td (Paper ) Tj ET Q q 0 0 0 rg BT 497.82 451.97 Td (Notes ) Tj ET Q q 0 0 0 rg BT 524.03 451.97 Td (-- ) Tj ET Q q 0 0 0 rg BT 533.57 451.97 Td (Series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 441.97 Td (III\), ) Tj ET Q q 0 0 0 rg BT 144.82 441.97 Td (between ) Tj ET Q q 0 0 0 rg BT 181.14 441.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 205.25 441.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 216.82 441.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 235.82 441.97 Td (& ) Tj ET Q q 0 0 0 rg BT 246.60 441.97 Td (Co. ) Tj ET Q q 0 0 0 rg BT 263.77 441.97 Td (and ) Tj ET Q q 0 0 0 rg BT 281.21 441.97 Td (the ) Tj ET Q q 0 0 0 rg BT 296.43 441.97 Td (Bank ) Tj ET Q q 0 0 0 rg BT 320.54 441.97 Td (of ) Tj ET Q q 0 0 0 rg BT 331.87 441.97 Td (New ) Tj ET Q q 0 0 0 rg BT 353.49 441.97 Td (Y) Tj ET Q q 0 0 0 rg BT 360.03 441.97 Td (ork ) Tj ET Q q 0 0 0 rg BT 375.86 441.97 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 407.74 441.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 464.61 441.97 Td (by ) Tj ET Q q 0 0 0 rg BT 477.61 441.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 517.79 441.97 Td (to ) Tj ET Q q 0 0 0 rg BT 528.57 441.97 Td (Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 431.97 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 146.00 431.97 Td (to ) Tj ET Q q 0 0 0 rg BT 156.28 431.97 Td (the ) Tj ET Q q 0 0 0 rg BT 171.00 431.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 218.08 431.97 Td (Current ) Tj ET Q q 0 0 0 rg BT 251.12 431.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 280.84 431.97 Td (on ) Tj ET Q q 0 0 0 rg BT 293.34 431.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 317.51 431.97 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 338.06 431.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 358.61 431.97 Td (April ) Tj ET Q q 0 0 0 rg BT 381.94 431.97 Td (21, ) Tj ET Q q 0 0 0 rg BT 396.94 431.97 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 416.97 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 416.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.85 416.97 Td (of ) Tj ET Q q 0 0 0 rg BT 160.37 416.97 Td (director ) Tj ET Q q 0 0 0 rg BT 193.65 416.97 Td (indemnification ) Tj ET Q q 0 0 0 rg BT 259.15 416.97 Td (agreement ) Tj ET Q q 0 0 0 rg BT 302.98 416.97 Td (between ) Tj ET Q q 0 0 0 rg BT 338.48 416.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 361.77 416.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 373.34 416.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 391.53 416.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 438.71 416.97 Td (and ) Tj ET Q q 0 0 0 rg BT 455.34 416.97 Td (its ) Tj ET Q q 0 0 0 rg BT 466.97 416.97 Td (directors ) Tj ET Q q 0 0 0 rg BT 504.14 416.97 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 406.97 Td (by ) Tj ET Q q 0 0 0 rg BT 138.50 406.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 178.18 406.97 Td (to ) Tj ET Q q 0 0 0 rg BT 188.46 406.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 220.40 406.97 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 240.40 406.97 Td (to ) Tj ET Q q 0 0 0 rg BT 250.68 406.97 Td (the ) Tj ET Q q 0 0 0 rg BT 265.40 406.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 312.48 406.97 Td (Current ) Tj ET Q q 0 0 0 rg BT 345.53 406.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 375.24 406.97 Td (on ) Tj ET Q q 0 0 0 rg BT 387.74 406.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 411.91 406.97 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 432.46 406.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 453.29 406.97 Td (March ) Tj ET Q q 0 0 0 rg BT 481.89 406.97 Td (17, ) Tj ET Q q 0 0 0 rg BT 496.89 406.97 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 525.22 406.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 391.97 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 391.97 Td (Of) Tj ET Q q 0 0 0 rg BT 136.46 391.97 Td (fice ) Tj ET Q q 0 0 0 rg BT 154.81 391.97 Td (Lease ) Tj ET Q q 0 0 0 rg BT 181.09 391.97 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 231.18 391.97 Td (dated ) Tj ET Q q 0 0 0 rg BT 256.29 391.97 Td (May30, ) Tj ET Q q 0 0 0 rg BT 293.07 391.97 Td (2012, ) Tj ET Q q 0 0 0 rg BT 319.02 391.97 Td (by ) Tj ET Q q 0 0 0 rg BT 332.47 391.97 Td (and ) Tj ET Q q 0 0 0 rg BT 350.36 391.97 Td (among ) Tj ET Q q 0 0 0 rg BT 381.02 391.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 405.58 391.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 417.15 391.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 436.61 391.97 Td (& ) Tj ET Q q 0 0 0 rg BT 447.84 391.97 Td (Co. ) Tj ET Q q 0 0 0 rg BT 465.46 391.97 Td (and ) Tj ET Q q 0 0 0 rg BT 483.19 391.97 Td (W) Tj ET Q q 0 0 0 rg BT 492.13 391.97 Td (ells ) Tj ET Q q 0 0 0 rg BT 509.07 391.97 Td (REIT) Tj ET Q q 0 0 0 rg BT 531.20 391.97 Td ( ) Tj ET Q q 0 0 0 rg BT 534.55 391.97 Td ( ) Tj ET Q q 0 0 0 rg BT 543.00 391.97 Td (800 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 381.97 Td (Nicollett ) Tj ET Q q 0 0 0 rg BT 163.55 381.97 Td (A) Tj ET Q q 0 0 0 rg BT 170.12 381.97 Td (venue ) Tj ET Q q 0 0 0 rg BT 196.56 381.97 Td (Owner) Tj ET Q q 0 0 0 rg BT 223.57 381.97 Td (, ) Tj ET Q q 0 0 0 rg BT 228.80 381.97 Td (LLC ) Tj ET Q q 0 0 0 rg BT 250.61 381.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 307.40 381.97 Td (by ) Tj ET Q q 0 0 0 rg BT 320.33 381.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 360.44 381.97 Td (to ) Tj ET Q q 0 0 0 rg BT 371.15 381.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 403.52 381.97 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 423.95 381.97 Td (to ) Tj ET Q q 0 0 0 rg BT 434.66 381.97 Td (the ) Tj ET Q q 0 0 0 rg BT 449.80 381.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 497.31 381.97 Td (Current ) Tj ET Q q 0 0 0 rg BT 530.79 381.97 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 371.97 Td (on ) Tj ET Q q 0 0 0 rg BT 138.50 371.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 162.67 371.97 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 183.22 371.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 204.05 371.97 Td (June ) Tj ET Q q 0 0 0 rg BT 224.88 371.97 Td (1, ) Tj ET Q q 0 0 0 rg BT 234.88 371.97 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 356.97 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 356.97 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 145.52 356.97 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 181.14 356.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 203.99 356.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 215.56 356.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 233.31 356.97 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 250.31 356.97 Td (Second ) Tj ET Q q 0 0 0 rg BT 281.49 356.97 Td (Century ) Tj ET Q q 0 0 0 rg BT 315.45 356.97 Td (2000 ) Tj ET Q q 0 0 0 rg BT 337.19 356.97 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 374.46 356.97 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 433.97 356.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 453.49 356.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 509.09 356.97 Td (by ) Tj ET Q q 0 0 0 rg BT 520.83 356.97 Td (reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 346.97 Td (to ) Tj ET Q q 0 0 0 rg BT 135.76 346.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 167.18 346.97 Td (10.10 ) Tj ET Q q 0 0 0 rg BT 191.65 346.97 Td (to ) Tj ET Q q 0 0 0 rg BT 201.41 346.97 Td (the ) Tj ET Q q 0 0 0 rg BT 215.60 346.97 Td (Company) Tj ET Q q 0 0 0 rg BT 257.55 346.97 Td (s ) Tj ET Q q 0 0 0 rg BT 262.98 346.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 294.12 346.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 323.31 346.97 Td (on ) Tj ET Q q 0 0 0 rg BT 335.29 346.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 358.94 346.97 Td (10-K ) Tj ET Q q 0 0 0 rg BT 381.47 346.97 Td (for ) Tj ET Q q 0 0 0 rg BT 395.10 346.97 Td (the ) Tj ET Q q 0 0 0 rg BT 409.30 346.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 432.93 346.97 Td (year ) Tj ET Q q 0 0 0 rg BT 452.12 346.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 477.97 346.97 Td (December ) Tj ET Q q 0 0 0 rg BT 521.03 346.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 535.51 346.97 Td (2003, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 336.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 146.83 336.97 Td (March ) Tj ET Q q 0 0 0 rg BT 175.42 336.97 Td (8, ) Tj ET Q q 0 0 0 rg BT 185.42 336.97 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 213.75 336.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 321.97 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 321.97 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 145.26 321.97 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 180.61 321.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 203.19 321.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 214.76 321.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 232.25 321.97 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 248.99 321.97 Td (Second ) Tj ET Q q 0 0 0 rg BT 279.90 321.97 Td (Century ) Tj ET Q q 0 0 0 rg BT 313.59 321.97 Td (Growth ) Tj ET Q q 0 0 0 rg BT 345.62 321.97 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 382.62 321.97 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 441.87 321.97 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 463.62 321.97 Td (as ) Tj ET Q q 0 0 0 rg BT 473.43 321.97 Td (amended ) Tj ET Q q 0 0 0 rg BT 511.00 321.97 Td (and ) Tj ET Q q 0 0 0 rg BT 526.91 321.97 Td (restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 311.97 Td (ef) Tj ET Q q 0 0 0 rg BT 133.68 311.97 Td (fective ) Tj ET Q q 0 0 0 rg BT 163.45 311.97 Td (September ) Tj ET Q q 0 0 0 rg BT 208.88 311.97 Td (30, ) Tj ET Q q 0 0 0 rg BT 224.04 311.97 Td (1998 ) Tj ET Q q 0 0 0 rg BT 246.70 311.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 303.23 311.97 Td (by ) Tj ET Q q 0 0 0 rg BT 315.89 311.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 355.74 311.97 Td (to ) Tj ET Q q 0 0 0 rg BT 366.18 311.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 398.28 311.97 Td (10.1) Tj ET Q q 0 0 0 rg BT 415.60 311.97 Td (1 ) Tj ET Q q 0 0 0 rg BT 423.08 311.97 Td ( ) Tj ET Q q 0 0 0 rg BT 425.74 311.97 Td (to ) Tj ET Q q 0 0 0 rg BT 436.18 311.97 Td (the ) Tj ET Q q 0 0 0 rg BT 451.06 311.97 Td (Company) Tj ET Q q 0 0 0 rg BT 493.00 311.97 Td (s ) Tj ET Q q 0 0 0 rg BT 498.97 311.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 530.79 311.97 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 301.97 Td (on ) Tj ET Q q 0 0 0 rg BT 138.50 301.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 162.67 301.97 Td (10-K ) Tj ET Q q 0 0 0 rg BT 185.72 301.97 Td (for ) Tj ET Q q 0 0 0 rg BT 199.88 301.97 Td (the ) Tj ET Q q 0 0 0 rg BT 214.60 301.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 238.75 301.97 Td (year ) Tj ET Q q 0 0 0 rg BT 258.46 301.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 284.84 301.97 Td (December ) Tj ET Q q 0 0 0 rg BT 328.42 301.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 343.42 301.97 Td (2003, ) Tj ET Q q 0 0 0 rg BT 368.42 301.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 389.25 301.97 Td (March ) Tj ET Q q 0 0 0 rg BT 417.85 301.97 Td (8, ) Tj ET Q q 0 0 0 rg BT 427.85 301.97 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 456.18 301.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 286.97 Td (10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 286.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 150.18 286.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.75 286.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 180.83 286.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 228.49 286.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 270.17 286.97 Td (and ) Tj ET Q q 0 0 0 rg BT 287.68 286.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 325.18 286.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 347.85 286.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 380.08 286.97 Td (and ) Tj ET Q q 0 0 0 rg BT 397.59 286.97 Td (Long-T) Tj ET Q q 0 0 0 rg BT 427.79 286.97 Td (erm ) Tj ET Q q 0 0 0 rg BT 446.06 286.97 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 486.33 286.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 507.18 286.97 Td (\(as ) Tj ET Q q 0 0 0 rg BT 521.92 286.97 Td (amended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 276.97 Td (May ) Tj ET Q q 0 0 0 rg BT 147.40 276.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 162.96 276.97 Td (2015\) ) Tj ET Q q 0 0 0 rg BT 189.36 276.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 246.28 276.97 Td (by ) Tj ET Q q 0 0 0 rg BT 259.35 276.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 299.60 276.97 Td (to ) Tj ET Q q 0 0 0 rg BT 310.44 276.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 342.95 276.97 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 363.52 276.97 Td (to ) Tj ET Q q 0 0 0 rg BT 374.36 276.97 Td (the ) Tj ET Q q 0 0 0 rg BT 389.64 276.97 Td (Company) Tj ET Q q 0 0 0 rg BT 431.58 276.97 Td (s ) Tj ET Q q 0 0 0 rg BT 438.26 276.97 Td (Current ) Tj ET Q q 0 0 0 rg BT 471.88 276.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 502.16 276.97 Td (on ) Tj ET Q q 0 0 0 rg BT 515.22 276.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 539.96 276.97 Td (8-K, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 266.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 146.83 266.97 Td (May ) Tj ET Q q 0 0 0 rg BT 167.66 266.97 Td (14, ) Tj ET Q q 0 0 0 rg BT 182.66 266.97 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 210.99 266.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 251.97 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 251.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 151.07 251.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 162.64 251.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 182.61 251.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 231.56 251.97 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 271.05 251.97 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 332.78 251.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 354.52 251.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 412.34 251.97 Td (by ) Tj ET Q q 0 0 0 rg BT 426.30 251.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 467.45 251.97 Td (to ) Tj ET Q q 0 0 0 rg BT 479.18 251.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 512.59 251.97 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 534.05 251.97 Td (to ) Tj ET Q q 0 0 0 rg BT 545.79 251.97 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 241.97 Td (Company) Tj ET Q q 0 0 0 rg BT 167.94 241.97 Td (s ) Tj ET Q q 0 0 0 rg BT 174.06 241.97 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 214.87 241.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 244.59 241.97 Td (on ) Tj ET Q q 0 0 0 rg BT 257.09 241.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 281.26 241.97 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 304.31 241.97 Td (for ) Tj ET Q q 0 0 0 rg BT 318.47 241.97 Td (the ) Tj ET Q q 0 0 0 rg BT 333.19 241.97 Td (period ) Tj ET Q q 0 0 0 rg BT 361.23 241.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 387.61 241.97 Td (June ) Tj ET Q q 0 0 0 rg BT 408.44 241.97 Td (30, ) Tj ET Q q 0 0 0 rg BT 423.44 241.97 Td (2013, ) Tj ET Q q 0 0 0 rg BT 448.44 241.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 469.27 241.97 Td (July ) Tj ET Q q 0 0 0 rg BT 488.44 241.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 503.44 241.97 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 531.77 241.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 226.97 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 226.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.56 226.97 Td (of ) Tj ET Q q 0 0 0 rg BT 161.78 226.97 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 205.21 226.97 Td (Stock ) Tj ET Q q 0 0 0 rg BT 230.52 226.97 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 277.56 226.97 Td (for ) Tj ET Q q 0 0 0 rg BT 292.11 226.97 Td (Employee ) Tj ET Q q 0 0 0 rg BT 335.54 226.97 Td (Grants ) Tj ET Q q 0 0 0 rg BT 365.09 226.97 Td (in ) Tj ET Q q 0 0 0 rg BT 375.76 226.97 Td (201) Tj ET Q q 0 0 0 rg BT 390.58 226.97 Td (1, ) Tj ET Q q 0 0 0 rg BT 400.78 226.97 Td (2012, ) Tj ET Q q 0 0 0 rg BT 426.17 226.97 Td (and ) Tj ET Q q 0 0 0 rg BT 443.50 226.97 Td (2013 ) Tj ET Q q 0 0 0 rg BT 466.39 226.97 Td (\(related ) Tj ET Q q 0 0 0 rg BT 499.81 226.97 Td (to ) Tj ET Q q 0 0 0 rg BT 510.48 226.97 Td (2010, ) Tj ET Q q 0 0 0 rg BT 535.87 226.97 Td (201) Tj ET Q q 0 0 0 rg BT 550.69 226.97 Td (1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 216.97 Td (and ) Tj ET Q q 0 0 0 rg BT 142.59 216.97 Td (2012 ) Tj ET Q q 0 0 0 rg BT 164.75 216.97 Td (performance, ) Tj ET Q q 0 0 0 rg BT 219.92 216.97 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 273.71 216.97 Td (under ) Tj ET Q q 0 0 0 rg BT 298.64 216.97 Td (the ) Tj ET Q q 0 0 0 rg BT 313.01 216.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 336.27 216.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 347.84 216.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 366.00 216.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 412.95 216.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 453.70 216.97 Td (and ) Tj ET Q q 0 0 0 rg BT 470.30 216.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 506.88 216.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 528.84 216.97 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 206.97 Td (and ) Tj ET Q q 0 0 0 rg BT 143.28 206.97 Td (Long-T) Tj ET Q q 0 0 0 rg BT 173.48 206.97 Td (erm ) Tj ET Q q 0 0 0 rg BT 191.53 206.97 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 231.57 206.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 252.20 206.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 308.91 206.97 Td (by ) Tj ET Q q 0 0 0 rg BT 321.75 206.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 361.78 206.97 Td (to ) Tj ET Q q 0 0 0 rg BT 372.40 206.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 404.69 206.97 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 425.04 206.97 Td (to ) Tj ET Q q 0 0 0 rg BT 435.66 206.97 Td (the ) Tj ET Q q 0 0 0 rg BT 450.72 206.97 Td (Company) Tj ET Q q 0 0 0 rg BT 492.67 206.97 Td (s ) Tj ET Q q 0 0 0 rg BT 498.77 206.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 530.78 206.97 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 196.97 Td (on ) Tj ET Q q 0 0 0 rg BT 138.50 196.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 162.67 196.97 Td (10-K ) Tj ET Q q 0 0 0 rg BT 185.72 196.97 Td (for ) Tj ET Q q 0 0 0 rg BT 199.88 196.97 Td (the ) Tj ET Q q 0 0 0 rg BT 214.60 196.97 Td (year ) Tj ET Q q 0 0 0 rg BT 234.31 196.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 260.68 196.97 Td (December ) Tj ET Q q 0 0 0 rg BT 304.27 196.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 319.27 196.97 Td (2010, ) Tj ET Q q 0 0 0 rg BT 344.27 196.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 365.09 196.97 Td (February ) Tj ET Q q 0 0 0 rg BT 403.69 196.97 Td (28, ) Tj ET Q q 0 0 0 rg BT 418.69 196.97 Td (201) Tj ET Q q 0 0 0 rg BT 433.50 196.97 Td (1\). ) Tj ET Q q 0 0 0 rg BT 446.65 196.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 181.97 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 181.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.41 181.97 Td (of ) Tj ET Q q 0 0 0 rg BT 161.48 181.97 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 204.76 181.97 Td (Stock ) Tj ET Q q 0 0 0 rg BT 229.94 181.97 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 276.83 181.97 Td (for ) Tj ET Q q 0 0 0 rg BT 291.23 181.97 Td (Employee ) Tj ET Q q 0 0 0 rg BT 334.51 181.97 Td (Grants ) Tj ET Q q 0 0 0 rg BT 363.91 181.97 Td (in ) Tj ET Q q 0 0 0 rg BT 374.42 181.97 Td (2014 ) Tj ET Q q 0 0 0 rg BT 397.16 181.97 Td (\(related ) Tj ET Q q 0 0 0 rg BT 430.43 181.97 Td (to ) Tj ET Q q 0 0 0 rg BT 440.95 181.97 Td (2013 ) Tj ET Q q 0 0 0 rg BT 463.69 181.97 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 520.28 181.97 Td (under ) Tj ET Q q 0 0 0 rg BT 545.79 181.97 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 171.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 149.92 171.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.49 171.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 180.30 171.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 227.76 171.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 269.17 171.97 Td (and ) Tj ET Q q 0 0 0 rg BT 286.42 171.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 323.66 171.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 346.12 171.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 378.09 171.97 Td (and ) Tj ET Q q 0 0 0 rg BT 395.34 171.97 Td (Long-T) Tj ET Q q 0 0 0 rg BT 425.53 171.97 Td (erm ) Tj ET Q q 0 0 0 rg BT 443.54 171.97 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 483.55 171.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.14 171.97 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 161.97 Td (by ) Tj ET Q q 0 0 0 rg BT 138.14 161.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 177.47 161.97 Td (to ) Tj ET Q q 0 0 0 rg BT 187.39 161.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 218.98 161.97 Td (10.8 ) Tj ET Q q 0 0 0 rg BT 238.62 161.97 Td (to ) Tj ET Q q 0 0 0 rg BT 248.54 161.97 Td (the ) Tj ET Q q 0 0 0 rg BT 262.90 161.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 309.43 161.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 340.74 161.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 370.10 161.97 Td (on ) Tj ET Q q 0 0 0 rg BT 382.24 161.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 406.05 161.97 Td (10-K ) Tj ET Q q 0 0 0 rg BT 428.75 161.97 Td (for ) Tj ET Q q 0 0 0 rg BT 442.55 161.97 Td (the ) Tj ET Q q 0 0 0 rg BT 456.91 161.97 Td (year ) Tj ET Q q 0 0 0 rg BT 476.26 161.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.28 161.97 Td (December ) Tj ET Q q 0 0 0 rg BT 545.51 161.97 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 151.97 Td (2013, ) Tj ET Q q 0 0 0 rg BT 151.00 151.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 171.83 151.97 Td (February ) Tj ET Q q 0 0 0 rg BT 210.42 151.97 Td (28, ) Tj ET Q q 0 0 0 rg BT 225.42 151.97 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 253.75 151.97 Td ( ) Tj ET Q q 0 0 0 rg BT 256.25 151.97 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 136.97 Td (10.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 136.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.41 136.97 Td (of ) Tj ET Q q 0 0 0 rg BT 161.48 136.97 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 204.76 136.97 Td (Stock ) Tj ET Q q 0 0 0 rg BT 229.94 136.97 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 276.83 136.97 Td (for ) Tj ET Q q 0 0 0 rg BT 291.23 136.97 Td (Employee ) Tj ET Q q 0 0 0 rg BT 334.51 136.97 Td (Grants ) Tj ET Q q 0 0 0 rg BT 363.91 136.97 Td (in ) Tj ET Q q 0 0 0 rg BT 374.42 136.97 Td (2015 ) Tj ET Q q 0 0 0 rg BT 397.16 136.97 Td (\(related ) Tj ET Q q 0 0 0 rg BT 430.43 136.97 Td (to ) Tj ET Q q 0 0 0 rg BT 440.95 136.97 Td (2014 ) Tj ET Q q 0 0 0 rg BT 463.69 136.97 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 520.28 136.97 Td (under ) Tj ET Q q 0 0 0 rg BT 545.79 136.97 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 126.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 149.92 126.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.49 126.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 180.30 126.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 227.76 126.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 269.17 126.97 Td (and ) Tj ET Q q 0 0 0 rg BT 286.42 126.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 323.66 126.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 346.12 126.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 378.09 126.97 Td (and ) Tj ET Q q 0 0 0 rg BT 395.34 126.97 Td (Long-T) Tj ET Q q 0 0 0 rg BT 425.53 126.97 Td (erm ) Tj ET Q q 0 0 0 rg BT 443.54 126.97 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 483.55 126.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.14 126.97 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 116.97 Td (by ) Tj ET Q q 0 0 0 rg BT 138.14 116.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 177.47 116.97 Td (to ) Tj ET Q q 0 0 0 rg BT 187.39 116.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 218.98 116.97 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 238.62 116.97 Td (to ) Tj ET Q q 0 0 0 rg BT 248.54 116.97 Td (the ) Tj ET Q q 0 0 0 rg BT 262.90 116.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 309.43 116.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 340.74 116.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 370.10 116.97 Td (on ) Tj ET Q q 0 0 0 rg BT 382.24 116.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 406.05 116.97 Td (10-K ) Tj ET Q q 0 0 0 rg BT 428.75 116.97 Td (for ) Tj ET Q q 0 0 0 rg BT 442.55 116.97 Td (the ) Tj ET Q q 0 0 0 rg BT 456.91 116.97 Td (year ) Tj ET Q q 0 0 0 rg BT 476.26 116.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.28 116.97 Td (December ) Tj ET Q q 0 0 0 rg BT 545.51 116.97 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 106.97 Td (2014, ) Tj ET Q q 0 0 0 rg BT 151.00 106.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 171.83 106.97 Td (February ) Tj ET Q q 0 0 0 rg BT 210.42 106.97 Td (26, ) Tj ET Q q 0 0 0 rg BT 225.42 106.97 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 253.75 106.97 Td ( ) Tj ET Q q 0 0 0 rg BT 256.25 106.97 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 91.97 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 91.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.57 91.97 Td (of ) Tj ET Q q 0 0 0 rg BT 165.81 91.97 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 211.25 91.97 Td (Stock ) Tj ET Q q 0 0 0 rg BT 237.85 91.97 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 287.18 91.97 Td (for ) Tj ET Q q 0 0 0 rg BT 303.74 91.97 Td (California-based ) Tj ET Q q 0 0 0 rg BT 375.29 91.97 Td (Employee ) Tj ET Q q 0 0 0 rg BT 420.73 91.97 Td (Grants ) Tj ET Q q 0 0 0 rg BT 452.29 91.97 Td (in ) Tj ET Q q 0 0 0 rg BT 464.98 91.97 Td (2015 ) Tj ET Q q 0 0 0 rg BT 489.88 91.97 Td (\(related ) Tj ET Q q 0 0 0 rg BT 525.32 91.97 Td (to ) Tj ET Q q 0 0 0 rg BT 538.00 91.97 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 81.97 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 184.39 81.97 Td (under ) Tj ET Q q 0 0 0 rg BT 211.70 81.97 Td (the ) Tj ET Q q 0 0 0 rg BT 228.45 81.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 254.10 81.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 265.58 81.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 286.22 81.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 334.75 81.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 378.16 81.97 Td (and ) Tj ET Q q 0 0 0 rg BT 397.14 81.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 436.11 81.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 459.65 81.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 493.63 81.97 Td (and ) Tj ET Q q 0 0 0 rg BT 512.60 81.97 Td (Long-T) Tj ET Q q 0 0 0 rg BT 542.45 81.97 Td (erm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 71.97 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 166.10 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ET Q q 0 0 0 rg BT 272.85 695.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 295.76 695.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 307.33 695.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 325.14 695.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 371.81 695.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 412.22 695.07 Td (and ) Tj ET Q q 0 0 0 rg BT 428.46 695.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 464.69 695.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 486.37 695.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 517.33 695.07 Td (and ) Tj ET Q q 0 0 0 rg BT 533.57 695.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 685.07 Td (T) Tj ET Q q 0 0 0 rg BT 131.76 685.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.46 685.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 189.17 685.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 209.45 685.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 265.82 685.07 Td (by ) Tj ET Q q 0 0 0 rg BT 278.32 685.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 318.01 685.07 Td (to ) Tj ET Q q 0 0 0 rg BT 328.29 685.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 360.24 685.07 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 380.24 685.07 Td (to ) Tj ET Q q 0 0 0 rg BT 390.52 685.07 Td (the ) Tj ET Q q 0 0 0 rg BT 405.24 685.07 Td (Company) Tj ET Q q 0 0 0 rg BT 447.18 685.07 Td (s ) Tj ET Q q 0 0 0 rg BT 453.30 685.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 494.12 685.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 523.84 685.07 Td (on ) Tj ET Q q 0 0 0 rg BT 536.35 685.07 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 675.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 149.05 675.07 Td (for ) Tj ET Q q 0 0 0 rg BT 163.21 675.07 Td (the ) Tj ET Q q 0 0 0 rg BT 177.93 675.07 Td (period ) Tj ET Q q 0 0 0 rg BT 205.98 675.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 232.35 675.07 Td (June ) Tj ET Q q 0 0 0 rg BT 253.18 675.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 268.18 675.07 Td (2004, ) Tj ET Q q 0 0 0 rg BT 293.18 675.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 313.73 675.07 Td (August ) Tj ET Q q 0 0 0 rg BT 344.85 675.07 Td (4, ) Tj ET Q q 0 0 0 rg BT 354.85 675.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 383.18 675.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 660.07 Td (10.12) 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 149.71 660.07 Td (of ) Tj ET Q q 0 0 0 rg BT 160.07 660.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 184.89 660.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 214.53 660.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 260.71 660.07 Td (for ) Tj ET Q q 0 0 0 rg BT 274.41 660.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 316.99 660.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 345.68 660.07 Td (in ) Tj ET Q q 0 0 0 rg BT 355.50 660.07 Td (2006 ) Tj ET Q q 0 0 0 rg BT 377.53 660.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 410.10 660.07 Td (to ) Tj ET Q q 0 0 0 rg BT 419.92 660.07 Td (2005 ) Tj ET Q q 0 0 0 rg BT 441.95 660.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 497.84 660.07 Td (under ) Tj ET Q q 0 0 0 rg BT 522.65 660.07 Td (the ) Tj ET Q q 0 0 0 rg BT 536.90 660.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 650.07 Td 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0 0 0 rg BT 242.98 640.07 Td (the ) Tj ET Q q 0 0 0 rg BT 257.73 640.07 Td (Company) Tj ET Q q 0 0 0 rg BT 299.67 640.07 Td (s ) Tj ET Q q 0 0 0 rg BT 305.53 640.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 337.23 640.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 366.98 640.07 Td (on ) Tj ET Q q 0 0 0 rg BT 379.51 640.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 403.72 640.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 426.80 640.07 Td (for ) Tj ET Q q 0 0 0 rg BT 440.99 640.07 Td (the ) Tj ET Q q 0 0 0 rg BT 455.74 640.07 Td (year ) Tj ET Q q 0 0 0 rg BT 475.48 640.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 501.90 640.07 Td (December ) Tj ET Q q 0 0 0 rg BT 545.51 640.07 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 630.07 Td (2005, ) Tj ET Q q 0 0 0 rg BT 151.00 630.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 171.83 630.07 Td (March ) Tj ET Q q 0 0 0 rg BT 200.42 630.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 210.42 630.07 Td (2006\). ) Tj ET Q q 0 0 0 rg BT 238.75 630.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 615.07 Td (10.13) 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 152.31 615.07 Td (of ) Tj ET Q q 0 0 0 rg BT 165.28 615.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 192.69 615.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 224.36 615.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 273.15 615.07 Td (for ) Tj ET Q q 0 0 0 rg BT 289.45 615.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 334.63 615.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 365.93 615.07 Td (in ) Tj ET Q q 0 0 0 rg BT 378.35 615.07 Td (2007 ) Tj ET Q q 0 0 0 rg BT 402.98 615.07 Td (and ) Tj ET Q q 0 0 0 rg BT 422.06 615.07 Td (2008 ) Tj ET Q q 0 0 0 rg BT 446.70 615.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 481.87 615.07 Td (to ) Tj ET Q q 0 0 0 rg BT 494.29 615.07 Td (2006 ) Tj ET Q q 0 0 0 rg BT 518.93 615.07 Td (and ) Tj ET Q q 0 0 0 rg BT 538.00 615.07 Td (2007 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 605.07 Td (performance, ) Tj ET Q q 0 0 0 rg BT 180.82 605.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 234.26 605.07 Td (under ) Tj ET Q q 0 0 0 rg BT 258.83 605.07 Td (the ) Tj ET Q q 0 0 0 rg BT 272.85 605.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 295.76 605.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 307.33 605.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 325.14 605.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 371.81 605.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 412.22 605.07 Td (and ) Tj ET Q q 0 0 0 rg BT 428.46 605.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 464.69 605.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 486.37 605.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 517.33 605.07 Td (and ) Tj ET Q q 0 0 0 rg BT 533.57 605.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 595.07 Td (T) Tj ET Q q 0 0 0 rg BT 131.76 595.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.05 595.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 188.35 595.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 208.23 595.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 264.19 595.07 Td (by ) Tj ET Q q 0 0 0 rg BT 276.29 595.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 315.57 595.07 Td (to ) Tj ET Q q 0 0 0 rg BT 325.44 595.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 356.98 595.07 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 376.58 595.07 Td (to ) Tj ET Q q 0 0 0 rg BT 386.45 595.07 Td (the ) Tj ET Q q 0 0 0 rg BT 400.77 595.07 Td (Company) Tj ET Q q 0 0 0 rg BT 442.71 595.07 Td (s ) Tj ET Q q 0 0 0 rg BT 448.23 595.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 479.49 595.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 508.81 595.07 Td (on ) Tj ET Q q 0 0 0 rg BT 520.91 595.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 544.67 595.07 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 585.07 Td (K ) Tj ET Q q 0 0 0 rg BT 135.72 585.07 Td (for ) Tj ET Q q 0 0 0 rg BT 149.88 585.07 Td (the ) Tj ET Q q 0 0 0 rg BT 164.60 585.07 Td (year ) Tj ET Q q 0 0 0 rg BT 184.31 585.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 210.68 585.07 Td (December ) Tj ET Q q 0 0 0 rg BT 254.27 585.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 269.27 585.07 Td (2006, ) Tj ET Q q 0 0 0 rg BT 294.27 585.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 315.09 585.07 Td (March ) Tj ET Q q 0 0 0 rg BT 343.69 585.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 353.69 585.07 Td (2007\). ) Tj ET Q q 0 0 0 rg BT 382.02 585.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 570.07 Td (10.14) 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 151.24 570.07 Td (of ) Tj ET Q q 0 0 0 rg BT 163.14 570.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 189.49 570.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 220.33 570.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 268.05 570.07 Td (for ) Tj ET Q q 0 0 0 rg BT 283.28 570.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 347.94 570.07 Td (Director ) Tj ET Q q 0 0 0 rg BT 384.83 570.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 415.06 570.07 Td (under ) Tj ET Q q 0 0 0 rg BT 441.40 570.07 Td (the ) Tj ET Q q 0 0 0 rg BT 457.19 570.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 481.87 570.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 493.44 570.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 513.01 570.07 Td (Companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 560.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.91 560.07 Td (and ) Tj ET Q q 0 0 0 rg BT 185.37 560.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 222.84 560.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 245.47 560.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 277.66 560.07 Td (and ) Tj ET Q q 0 0 0 rg BT 295.13 560.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 325.33 560.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 343.55 560.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 383.79 560.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 404.59 560.07 Td ( ) Tj ET Q q 0 0 0 rg BT 407.62 560.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 464.51 560.07 Td (by ) Tj ET Q q 0 0 0 rg BT 477.54 560.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 517.75 560.07 Td (to ) Tj ET Q q 0 0 0 rg BT 528.56 560.07 Td (Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 550.07 Td (10.4 ) Tj ET Q q 0 0 0 rg BT 146.30 550.07 Td (to ) Tj ET Q q 0 0 0 rg BT 156.89 550.07 Td (the ) Tj ET Q q 0 0 0 rg BT 171.91 550.07 Td (Company) Tj ET Q q 0 0 0 rg BT 213.85 550.07 Td (s ) Tj ET Q q 0 0 0 rg BT 220.27 550.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 261.39 550.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 291.41 550.07 Td (on ) Tj ET Q q 0 0 0 rg BT 304.21 550.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 328.69 550.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 352.04 550.07 Td (for ) Tj ET Q q 0 0 0 rg BT 366.51 550.07 Td (the ) Tj ET Q q 0 0 0 rg BT 381.53 550.07 Td (period ) Tj ET Q q 0 0 0 rg BT 409.88 550.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 436.56 550.07 Td (June ) Tj ET Q q 0 0 0 rg BT 457.70 550.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 473.00 550.07 Td (2004, ) Tj ET Q q 0 0 0 rg BT 498.30 550.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 519.09 550.07 Td (August ) Tj ET Q q 0 0 0 rg BT 550.51 550.07 Td (4, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 540.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 154.33 540.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 525.07 Td (10.15) 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 151.86 525.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.38 525.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 219.66 525.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 246.62 525.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 267.94 525.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.28 525.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.14 525.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 356.33 525.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 404.73 525.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.40 525.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 430.90 525.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 461.75 525.07 Td (under ) Tj ET Q q 0 0 0 rg BT 488.71 525.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.12 525.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.42 525.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 541.99 525.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 515.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 172.90 515.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 213.58 515.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.11 515.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 266.62 515.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 288.52 515.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 319.77 515.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.30 515.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.49 515.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 383.78 515.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.06 515.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 442.93 515.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 498.87 515.07 Td (by ) Tj ET Q q 0 0 0 rg BT 510.96 515.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.23 515.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 505.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.48 505.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 179.02 505.07 Td (to ) Tj ET Q q 0 0 0 rg BT 189.84 505.07 Td (the ) Tj ET Q q 0 0 0 rg BT 205.10 505.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 252.72 505.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 294.07 505.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 324.33 505.07 Td (on ) Tj ET Q q 0 0 0 rg BT 337.37 505.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 362.08 505.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 385.67 505.07 Td (for ) Tj ET Q q 0 0 0 rg BT 400.37 505.07 Td (the ) Tj ET Q q 0 0 0 rg BT 415.62 505.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 440.32 505.07 Td (quarter ) Tj ET Q q 0 0 0 rg BT 471.67 505.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 498.59 505.07 Td (June ) Tj ET Q q 0 0 0 rg BT 519.96 505.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 535.50 505.07 Td (2012, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 495.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 146.55 495.07 Td (August ) Tj ET Q q 0 0 0 rg BT 177.67 495.07 Td (2, ) Tj ET Q q 0 0 0 rg BT 187.67 495.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 216.00 495.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 480.07 Td (10.16) 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 (2013 ) 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 (\(incorporated ) Tj ET Q q 0 0 0 rg BT 498.87 470.07 Td (by ) Tj ET Q q 0 0 0 rg BT 510.96 470.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.23 470.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 460.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 157.67 460.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 177.40 460.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.41 460.07 Td (the ) Tj ET Q q 0 0 0 rg BT 201.85 460.07 Td (Company) Tj ET Q q 0 0 0 rg BT 243.80 460.07 Td (s ) Tj ET Q q 0 0 0 rg BT 249.64 460.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 290.18 460.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 319.63 460.07 Td (on ) Tj ET Q q 0 0 0 rg BT 331.86 460.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 355.76 460.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 378.54 460.07 Td (for ) Tj ET Q q 0 0 0 rg BT 392.43 460.07 Td (the ) Tj ET Q q 0 0 0 rg BT 406.87 460.07 Td (period ) Tj ET Q q 0 0 0 rg BT 434.65 460.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 460.76 460.07 Td (June ) Tj ET Q q 0 0 0 rg BT 481.31 460.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 496.04 460.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 520.77 460.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 541.33 460.07 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 450.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 141.00 450.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 169.33 450.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 435.07 Td (10.17) 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 (2014 ) 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 (\(incorporated ) Tj ET Q q 0 0 0 rg BT 498.87 425.07 Td (by ) Tj ET Q q 0 0 0 rg BT 510.96 425.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.23 425.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 415.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 157.67 415.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 177.40 415.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.41 415.07 Td (the ) Tj ET Q q 0 0 0 rg BT 201.85 415.07 Td (Company) Tj ET Q q 0 0 0 rg BT 243.80 415.07 Td (s ) Tj ET Q q 0 0 0 rg BT 249.64 415.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 290.18 415.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 319.63 415.07 Td (on ) Tj ET Q q 0 0 0 rg BT 331.86 415.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 355.76 415.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 378.54 415.07 Td (for ) Tj ET Q q 0 0 0 rg BT 392.43 415.07 Td (the ) Tj ET Q q 0 0 0 rg BT 406.87 415.07 Td (period ) Tj ET Q q 0 0 0 rg BT 434.65 415.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 460.76 415.07 Td (June ) Tj ET Q q 0 0 0 rg BT 481.31 415.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 496.04 415.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 520.77 415.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 541.33 415.07 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 405.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 141.00 405.07 Td (2014\). ) 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 (10.18) 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 (2015 ) 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 (\(incorporated ) Tj ET Q q 0 0 0 rg BT 498.87 380.07 Td (by ) Tj ET Q q 0 0 0 rg BT 510.96 380.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.23 380.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 370.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.78 370.07 Td (10.3 ) Tj ET Q q 0 0 0 rg BT 179.63 370.07 Td (to ) Tj ET Q q 0 0 0 rg BT 190.75 370.07 Td (the ) Tj ET Q q 0 0 0 rg BT 206.30 370.07 Td (Company) Tj ET Q q 0 0 0 rg BT 248.24 370.07 Td (s ) Tj ET Q q 0 0 0 rg BT 255.20 370.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 296.86 370.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 327.42 370.07 Td (on ) Tj ET Q q 0 0 0 rg BT 340.76 370.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 365.77 370.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 389.66 370.07 Td (for ) Tj ET Q q 0 0 0 rg BT 404.66 370.07 Td (the ) Tj ET Q q 0 0 0 rg BT 420.22 370.07 Td (period ) Tj ET Q q 0 0 0 rg BT 449.11 370.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 476.33 370.07 Td (June ) Tj ET Q q 0 0 0 rg BT 498.00 370.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 513.84 370.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 539.68 370.07 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 360.07 Td (August ) Tj ET Q q 0 0 0 rg BT 157.39 360.07 Td (5, ) Tj ET Q q 0 0 0 rg BT 167.39 360.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 195.72 360.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 345.07 Td (10.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 345.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 148.58 345.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 160.15 345.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 177.64 345.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 224.11 345.07 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 261.11 345.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 320.36 345.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 339.62 345.07 Td (for ) Tj ET Q q 0 0 0 rg BT 352.75 345.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 415.32 345.07 Td (Directors ) Tj ET Q q 0 0 0 rg BT 454.01 345.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 509.34 345.07 Td (by ) Tj ET Q q 0 0 0 rg BT 520.82 345.07 Td (reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 335.07 Td (to ) Tj ET Q q 0 0 0 rg BT 135.94 335.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 167.55 335.07 Td (10.14 ) Tj ET Q q 0 0 0 rg BT 192.22 335.07 Td (to ) Tj ET Q q 0 0 0 rg BT 202.16 335.07 Td (the ) Tj ET Q q 0 0 0 rg BT 216.54 335.07 Td (Company) Tj ET Q q 0 0 0 rg BT 258.48 335.07 Td (s ) Tj ET Q q 0 0 0 rg BT 264.06 335.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 295.39 335.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 324.77 335.07 Td (on ) Tj ET Q q 0 0 0 rg BT 336.93 335.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 360.77 335.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 383.48 335.07 Td (for ) Tj ET Q q 0 0 0 rg BT 397.31 335.07 Td (the ) Tj ET Q q 0 0 0 rg BT 411.69 335.07 Td (year ) Tj ET Q q 0 0 0 rg BT 431.06 335.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 457.10 335.07 Td (December ) Tj ET Q q 0 0 0 rg BT 500.35 335.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 515.01 335.07 Td (2010, ) Tj ET Q q 0 0 0 rg BT 539.68 335.07 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 325.07 Td (February ) Tj ET Q q 0 0 0 rg BT 164.60 325.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 179.60 325.07 Td (201) Tj ET Q q 0 0 0 rg BT 194.41 325.07 Td (1\). ) Tj ET Q q 0 0 0 rg BT 207.56 325.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 310.07 Td (10.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 310.07 Td (Summary ) Tj ET Q q 0 0 0 rg BT 167.39 310.07 Td (of ) Tj ET Q q 0 0 0 rg BT 178.22 310.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 241.81 310.07 Td (Director ) Tj ET Q q 0 0 0 rg BT 277.63 310.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 337.90 310.07 Td (Program. ) Tj ET Q q 0 0 0 rg BT 377.34 310.07 Td ( ) Tj ET Q q 0 0 0 rg BT 384.84 310.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 295.07 Td (10.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 295.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.17 295.07 Td (of ) Tj ET Q q 0 0 0 rg BT 159.00 295.07 Td (Notice ) Tj ET Q q 0 0 0 rg BT 187.16 295.07 Td (Period ) Tj ET Q q 0 0 0 rg BT 214.71 295.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 260.36 295.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 315.72 295.07 Td (by ) Tj ET Q q 0 0 0 rg BT 327.22 295.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 365.90 295.07 Td (to ) Tj ET Q q 0 0 0 rg BT 375.18 295.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 406.13 295.07 Td (10.16 ) Tj ET Q q 0 0 0 rg BT 430.13 295.07 Td (to ) Tj ET Q q 0 0 0 rg BT 439.41 295.07 Td (the ) Tj ET Q q 0 0 0 rg BT 453.12 295.07 Td (Company) Tj ET Q q 0 0 0 rg BT 495.06 295.07 Td (s ) Tj ET Q q 0 0 0 rg BT 500.13 295.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 530.79 295.07 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 285.07 Td (on ) Tj ET Q q 0 0 0 rg BT 138.50 285.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 162.67 285.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 185.72 285.07 Td (for ) Tj ET Q q 0 0 0 rg BT 199.88 285.07 Td (the ) Tj ET Q q 0 0 0 rg BT 214.60 285.07 Td (year ) Tj ET Q q 0 0 0 rg BT 234.31 285.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 260.68 285.07 Td (December ) Tj ET Q q 0 0 0 rg BT 304.27 285.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 319.27 285.07 Td (2006, ) Tj ET Q q 0 0 0 rg BT 344.27 285.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 365.09 285.07 Td (March ) Tj ET Q q 0 0 0 rg BT 393.69 285.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 403.69 285.07 Td (2007\). ) Tj ET Q q 0 0 0 rg BT 432.02 285.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 270.07 Td (10.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 270.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.95 270.07 Td (and ) Tj ET Q q 0 0 0 rg BT 185.46 270.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 222.96 270.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 246.18 270.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 293.39 270.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 318.12 270.07 Td (December ) Tj ET Q q 0 0 0 rg BT 362.27 270.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 377.84 270.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 403.41 270.07 Td (between ) Tj ET Q q 0 0 0 rg BT 439.80 270.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 463.98 270.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 475.55 270.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 494.63 270.07 Td (& ) Tj ET Q q 0 0 0 rg BT 505.48 270.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 522.72 270.07 Td (and ) Tj ET Q q 0 0 0 rg BT 540.22 270.07 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 260.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 149.86 260.07 Td (National ) Tj ET Q q 0 0 0 rg BT 186.71 260.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 236.40 260.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 293.01 260.07 Td (by ) Tj ET Q q 0 0 0 rg BT 305.75 260.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 345.69 260.07 Td (to ) Tj ET Q q 0 0 0 rg BT 356.21 260.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 388.40 260.07 Td (10.16 ) Tj ET Q q 0 0 0 rg BT 413.65 260.07 Td (to ) Tj ET Q q 0 0 0 rg BT 424.18 260.07 Td (the ) Tj ET Q q 0 0 0 rg BT 439.14 260.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 486.14 260.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 518.05 260.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 548.01 260.07 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 250.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.17 250.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 173.22 250.07 Td (for ) Tj ET Q q 0 0 0 rg BT 187.38 250.07 Td (the ) Tj ET Q q 0 0 0 rg BT 202.10 250.07 Td (year ) Tj ET Q q 0 0 0 rg BT 221.81 250.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 248.18 250.07 Td (December ) Tj ET Q q 0 0 0 rg BT 291.77 250.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 306.77 250.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 331.77 250.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 352.59 250.07 Td (February ) Tj ET Q q 0 0 0 rg BT 391.19 250.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 406.19 250.07 Td (2013\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 235.07 Td (10.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 235.07 Td (First ) Tj ET Q q 0 0 0 rg BT 145.87 235.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 196.64 235.07 Td (to ) Tj ET Q q 0 0 0 rg BT 205.95 235.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 246.16 235.07 Td (and ) Tj ET Q q 0 0 0 rg BT 262.21 235.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 298.26 235.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 320.34 235.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 368.60 235.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 391.86 235.07 Td (December ) Tj ET Q q 0 0 0 rg BT 434.56 235.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 448.67 235.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 472.78 235.07 Td (between ) Tj ET Q q 0 0 0 rg BT 507.71 235.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.43 235.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.00 235.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 225.07 Td (& ) Tj ET Q q 0 0 0 rg BT 137.08 225.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 154.55 225.07 Td (and ) Tj ET Q q 0 0 0 rg BT 172.29 225.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 193.37 225.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 217.78 225.07 Td (National ) Tj ET Q q 0 0 0 rg BT 255.06 225.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 305.30 225.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 362.46 225.07 Td (by ) Tj ET Q q 0 0 0 rg BT 375.76 225.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 416.24 225.07 Td (to ) Tj ET Q q 0 0 0 rg BT 427.32 225.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 460.06 225.07 Td (10.18 ) Tj ET Q q 0 0 0 rg BT 485.86 225.07 Td (to ) Tj ET Q q 0 0 0 rg BT 496.94 225.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.46 225.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.40 225.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 215.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 157.94 215.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 187.66 215.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.16 215.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.33 215.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.38 215.07 Td (for ) Tj ET Q q 0 0 0 rg BT 261.54 215.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.25 215.07 Td (year ) Tj ET Q q 0 0 0 rg BT 295.96 215.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.34 215.07 Td (December ) Tj ET Q q 0 0 0 rg BT 365.92 215.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 380.92 215.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 405.92 215.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 426.75 215.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.35 215.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 480.35 215.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 200.07 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 200.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 158.11 200.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 210.35 200.07 Td (to ) Tj ET Q q 0 0 0 rg BT 220.80 200.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 262.48 200.07 Td (and ) Tj ET Q q 0 0 0 rg BT 280.00 200.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 317.51 200.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 340.73 200.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 390.45 200.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 415.19 200.07 Td (December ) Tj ET Q q 0 0 0 rg BT 459.35 200.07 Td (19, ) Tj ET Q q 0 0 0 rg BT 474.93 200.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 500.50 200.07 Td (between ) Tj ET Q q 0 0 0 rg BT 536.90 200.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 190.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 137.57 190.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 154.92 190.07 Td (& ) Tj ET Q q 0 0 0 rg BT 164.04 190.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 179.55 190.07 Td (and ) Tj ET Q q 0 0 0 rg BT 195.34 190.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 214.46 190.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 236.91 190.07 Td (National ) Tj ET Q q 0 0 0 rg BT 272.67 190.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 320.95 190.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 376.16 190.07 Td (by ) Tj ET Q q 0 0 0 rg BT 387.50 190.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 426.03 190.07 Td (to ) Tj ET Q q 0 0 0 rg BT 435.15 190.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 465.93 190.07 Td (10.23 ) Tj ET Q q 0 0 0 rg BT 489.78 190.07 Td (to ) Tj ET Q q 0 0 0 rg BT 498.90 190.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.46 190.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.40 190.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 180.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 157.94 180.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 187.66 180.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.16 180.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.33 180.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.38 180.07 Td (for ) Tj ET Q q 0 0 0 rg BT 261.54 180.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.25 180.07 Td (year ) Tj ET Q q 0 0 0 rg BT 295.96 180.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.34 180.07 Td (December ) Tj ET Q q 0 0 0 rg BT 365.92 180.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 380.92 180.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 405.92 180.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 426.75 180.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.35 180.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 480.35 180.07 Td (2015\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 165.07 Td (10.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 165.07 Td (Third ) Tj ET Q q 0 0 0 rg BT 151.35 165.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 204.17 165.07 Td (to ) Tj ET Q q 0 0 0 rg BT 215.08 165.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 257.34 165.07 Td (and ) Tj ET Q q 0 0 0 rg BT 275.44 165.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 313.54 165.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 337.22 165.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 387.53 165.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 412.85 165.07 Td (December ) Tj ET Q q 0 0 0 rg BT 457.60 165.07 Td (18, ) Tj ET Q q 0 0 0 rg BT 473.76 165.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 499.92 165.07 Td (between ) Tj ET Q q 0 0 0 rg BT 536.90 165.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 155.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 137.57 155.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.08 155.07 Td (& ) Tj ET Q q 0 0 0 rg BT 166.36 155.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 183.03 155.07 Td (and ) Tj ET Q q 0 0 0 rg BT 199.96 155.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 220.25 155.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 243.86 155.07 Td (National ) Tj ET Q q 0 0 0 rg BT 280.51 155.07 Td (Association. ) Tj ET Q q 0 0 0 rg BT 332.46 155.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 140.07 Td (10.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 140.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.22 140.07 Td (and ) Tj ET Q q 0 0 0 rg BT 184.00 140.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 220.78 140.07 Td (Note ) Tj ET Q q 0 0 0 rg BT 242.56 140.07 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 280.76 140.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 327.26 140.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 351.25 140.07 Td (June ) Tj ET Q q 0 0 0 rg BT 371.93 140.07 Td (2, ) Tj ET Q q 0 0 0 rg BT 381.77 140.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 404.12 140.07 Td (among ) Tj ET Q q 0 0 0 rg BT 433.68 140.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 457.13 140.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 468.70 140.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 487.05 140.07 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 536.89 140.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 130.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 137.57 130.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.32 130.07 Td (& ) Tj ET Q q 0 0 0 rg BT 166.84 130.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 183.75 130.07 Td (and ) Tj ET Q q 0 0 0 rg BT 200.93 130.07 Td (the ) Tj ET Q q 0 0 0 rg BT 215.89 130.07 Td (Purchasers ) Tj ET Q q 0 0 0 rg BT 261.95 130.07 Td (party ) Tj ET Q q 0 0 0 rg BT 285.23 130.07 Td (thereto ) Tj ET Q q 0 0 0 rg BT 315.74 130.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 372.34 130.07 Td (by ) Tj ET Q q 0 0 0 rg BT 385.08 130.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 425.01 130.07 Td (to ) Tj ET Q q 0 0 0 rg BT 435.52 130.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 467.71 130.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 487.95 130.07 Td (to ) Tj ET Q q 0 0 0 rg BT 498.47 130.07 Td (the ) Tj ET Q q 0 0 0 rg BT 513.43 130.07 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 120.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 159.05 120.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.76 120.07 Td (on ) Tj ET Q q 0 0 0 rg BT 201.26 120.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 225.43 120.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 245.99 120.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 266.81 120.07 Td (June ) Tj ET Q q 0 0 0 rg BT 287.64 120.07 Td (5, ) Tj ET Q q 0 0 0 rg BT 297.64 120.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 105.07 Td (10.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 105.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 159.01 105.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 202.47 105.07 Td (and ) Tj ET Q q 0 0 0 rg BT 221.50 105.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 260.52 105.07 Td (Note ) Tj ET Q q 0 0 0 rg BT 284.54 105.07 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 324.21 105.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 373.22 105.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 399.46 105.07 Td (October ) Tj ET Q q 0 0 0 rg BT 436.26 105.07 Td (8, ) Tj ET Q q 0 0 0 rg BT 448.34 105.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 472.93 105.07 Td (among ) Tj ET Q q 0 0 0 rg BT 504.73 105.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.42 105.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 541.90 105.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 95.07 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 175.98 95.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 199.58 95.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 211.06 95.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 229.65 95.07 Td (& ) Tj ET Q q 0 0 0 rg BT 239.91 95.07 Td (Co., ) Tj ET Q q 0 0 0 rg BT 259.07 95.07 Td (and ) Tj ET Q q 0 0 0 rg BT 276.00 95.07 Td (the ) Tj ET Q q 0 0 0 rg BT 290.70 95.07 Td (Purchasers ) Tj ET Q q 0 0 0 rg BT 336.51 95.07 Td (party ) Tj ET Q q 0 0 0 rg BT 359.54 95.07 Td (thereto ) Tj ET Q q 0 0 0 rg BT 389.79 95.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 446.14 95.07 Td (by ) Tj ET Q q 0 0 0 rg BT 458.63 95.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 498.30 95.07 Td (to ) Tj ET Q q 0 0 0 rg BT 508.57 95.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 540.50 95.07 Td (10.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 85.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.28 85.07 Td (the ) Tj ET Q q 0 0 0 rg BT 151.00 85.07 Td (Company) Tj ET Q q 0 0 0 rg BT 192.66 85.07 Td (s ) Tj ET Q q 0 0 0 rg BT 199.05 85.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 232.10 85.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 261.82 85.07 Td (on ) Tj ET Q q 0 0 0 rg BT 274.32 85.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 298.49 85.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 319.04 85.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 339.86 85.07 Td (October ) Tj ET Q q 0 0 0 rg BT 374.57 85.07 Td (13, ) Tj ET Q q 0 0 0 rg BT 389.57 85.07 Td (2015\).) Tj ET Q endstream endobj 241 0 obj <> endobj 242 0 obj <> stream 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 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 (10.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 704.07 Td (Consulting ) Tj ET Q q 0 0 0 rg BT 171.90 704.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 218.26 704.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 242.13 704.07 Td (March ) Tj ET Q q 0 0 0 rg BT 270.45 704.07 Td (19, ) Tj ET Q q 0 0 0 rg BT 285.16 704.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 309.88 704.07 Td (by ) Tj ET Q q 0 0 0 rg BT 322.10 704.07 Td (and ) Tj ET Q q 0 0 0 rg BT 338.75 704.07 Td (between ) Tj ET Q q 0 0 0 rg BT 374.07 704.07 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 413.23 704.07 Td (Research, ) Tj ET Q q 0 0 0 rg BT 454.59 704.07 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 472.08 704.07 Td (and ) Tj ET Q q 0 0 0 rg BT 488.73 704.07 Td (Brien ) Tj ET Q q 0 0 0 rg BT 513.16 704.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 526.77 704.07 Td (O'Brien ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 694.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 182.82 694.07 Td (by ) Tj ET Q q 0 0 0 rg BT 195.77 694.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 235.90 694.07 Td (to ) Tj ET Q q 0 0 0 rg BT 246.64 694.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 279.03 694.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 299.49 694.07 Td (to ) Tj ET Q q 0 0 0 rg BT 310.22 694.07 Td (the ) Tj ET Q q 0 0 0 rg BT 325.39 694.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 372.92 694.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 406.42 694.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 436.59 694.07 Td (on ) Tj ET Q q 0 0 0 rg BT 449.54 694.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 474.17 694.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 495.17 694.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 516.45 694.07 Td (March ) Tj ET Q q 0 0 0 rg BT 545.50 694.07 Td (19, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 684.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 669.07 Td (10.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 669.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 185.04 669.07 Td (Arrangement ) Tj ET Q q 0 0 0 rg BT 238.78 669.07 Td (with ) Tj ET Q q 0 0 0 rg BT 257.83 669.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 270.49 669.07 Td (Brad ) Tj ET Q q 0 0 0 rg BT 291.20 669.07 Td (W) Tj ET Q q 0 0 0 rg BT 300.34 669.07 Td (inges ) Tj ET Q q 0 0 0 rg BT 322.52 669.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 377.65 669.07 Td (by ) Tj ET Q q 0 0 0 rg BT 388.92 669.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 427.37 669.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.42 669.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 467.13 669.07 Td (10.24 ) Tj ET Q q 0 0 0 rg BT 490.90 669.07 Td (to ) Tj ET Q q 0 0 0 rg BT 499.95 669.07 Td (the ) Tj ET Q q 0 0 0 rg BT 513.43 669.07 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 659.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 157.94 659.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 187.66 659.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.16 659.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.33 659.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.38 659.07 Td (for ) Tj ET Q q 0 0 0 rg BT 261.54 659.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.25 659.07 Td (year ) Tj ET Q q 0 0 0 rg BT 295.96 659.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.34 659.07 Td (December ) Tj ET Q q 0 0 0 rg BT 365.92 659.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 380.92 659.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 405.92 659.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 426.75 659.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.35 659.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 480.35 659.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 508.68 659.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 644.07 Td (10.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 644.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 169.72 644.07 Td (Limited ) Tj ET Q q 0 0 0 rg BT 204.56 644.07 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 253.29 644.07 Td (Interest ) Tj ET Q q 0 0 0 rg BT 286.03 644.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 333.36 644.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 358.20 644.07 Td (February ) Tj ET Q q 0 0 0 rg BT 397.48 644.07 Td (23, ) Tj ET Q q 0 0 0 rg BT 413.16 644.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 438.84 644.07 Td (by ) Tj ET Q q 0 0 0 rg BT 452.02 644.07 Td (and ) Tj ET Q q 0 0 0 rg BT 469.64 644.07 Td (between ) Tj ET Q q 0 0 0 rg BT 506.14 644.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.43 644.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.00 644.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 634.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 174.76 634.07 Td (Management ) Tj ET Q q 0 0 0 rg BT 231.29 634.07 Td (LLC ) Tj ET Q q 0 0 0 rg BT 254.51 634.07 Td (and ) Tj ET Q q 0 0 0 rg BT 273.28 634.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 289.00 634.07 Td (Brad ) Tj ET Q q 0 0 0 rg BT 312.55 634.07 Td (W) Tj ET Q q 0 0 0 rg BT 321.69 634.07 Td (inges ) Tj ET Q q 0 0 0 rg BT 346.93 634.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 405.12 634.07 Td (by ) Tj ET Q q 0 0 0 rg BT 419.45 634.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 460.97 634.07 Td (to ) Tj ET Q q 0 0 0 rg BT 473.07 634.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 506.85 634.07 Td (10.27 ) Tj ET Q q 0 0 0 rg BT 533.68 634.07 Td (to ) Tj ET Q q 0 0 0 rg BT 545.78 634.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 624.07 Td (Company) Tj ET Q q 0 0 0 rg BT 167.94 624.07 Td (s ) Tj ET Q q 0 0 0 rg BT 173.63 624.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 205.11 624.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 234.63 624.07 Td (on ) Tj ET Q q 0 0 0 rg BT 246.95 624.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 270.93 624.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 293.79 624.07 Td (for ) Tj ET Q q 0 0 0 rg BT 307.76 624.07 Td (the ) Tj ET Q q 0 0 0 rg BT 322.29 624.07 Td (year ) Tj ET Q q 0 0 0 rg BT 341.81 624.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 367.99 624.07 Td (December ) Tj ET Q q 0 0 0 rg BT 411.39 624.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.20 624.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 451.01 624.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 471.65 624.07 Td (February ) Tj ET Q q 0 0 0 rg BT 510.06 624.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 524.87 624.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 553.01 624.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 609.07 Td (10.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 609.07 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 167.78 609.07 Td (Research, ) Tj ET Q q 0 0 0 rg BT 211.48 609.07 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 231.30 609.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 261.50 609.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 281.25 609.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 323.01 609.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 345.35 609.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 403.76 609.07 Td (by ) Tj ET Q q 0 0 0 rg BT 418.32 609.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 460.06 609.07 Td (to ) Tj ET Q q 0 0 0 rg BT 472.39 609.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 506.39 609.07 Td (10.26 ) Tj ET Q q 0 0 0 rg BT 533.45 609.07 Td (to ) Tj ET Q q 0 0 0 rg BT 545.78 609.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 599.07 Td (Company) Tj ET Q q 0 0 0 rg BT 167.94 599.07 Td (s ) Tj ET Q q 0 0 0 rg BT 173.63 599.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 205.11 599.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 234.63 599.07 Td (on ) Tj ET Q q 0 0 0 rg BT 246.95 599.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 270.93 599.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 293.79 599.07 Td (for ) Tj ET Q q 0 0 0 rg BT 307.76 599.07 Td (the ) Tj ET Q q 0 0 0 rg BT 322.29 599.07 Td (year ) Tj ET Q q 0 0 0 rg BT 341.81 599.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 367.99 599.07 Td (December ) Tj ET Q q 0 0 0 rg BT 411.39 599.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.20 599.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 451.01 599.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 471.65 599.07 Td (February ) Tj ET Q q 0 0 0 rg BT 510.06 599.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 524.87 599.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 553.01 599.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 584.07 Td (10.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 584.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 166.69 584.07 Td (and ) Tj ET Q q 0 0 0 rg BT 182.94 584.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 219.18 584.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 242.10 584.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 253.67 584.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 271.49 584.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 318.30 584.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 349.00 584.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 371.37 584.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 413.72 584.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 438.30 584.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 484.55 584.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.14 584.07 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 574.07 Td (by ) Tj ET Q q 0 0 0 rg BT 138.66 574.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 178.50 574.07 Td (to ) Tj ET Q q 0 0 0 rg BT 188.94 574.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 221.04 574.07 Td (10.29 ) Tj ET Q q 0 0 0 rg BT 246.21 574.07 Td (to ) Tj ET Q q 0 0 0 rg BT 256.64 574.07 Td (the ) Tj ET Q q 0 0 0 rg BT 271.52 574.07 Td (Company) Tj ET Q q 0 0 0 rg BT 313.46 574.07 Td (s ) Tj ET Q q 0 0 0 rg BT 319.43 574.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 351.25 574.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 381.13 574.07 Td (on ) Tj ET Q q 0 0 0 rg BT 393.79 574.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 418.12 574.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 441.33 574.07 Td (for ) Tj ET Q q 0 0 0 rg BT 455.65 574.07 Td (the ) Tj ET Q q 0 0 0 rg BT 470.52 574.07 Td (year ) Tj ET Q q 0 0 0 rg BT 490.39 574.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 516.93 574.07 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 564.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 141.00 564.07 Td (201) Tj ET Q q 0 0 0 rg BT 155.81 564.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 165.63 564.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 186.45 564.07 Td (February ) Tj ET Q q 0 0 0 rg BT 225.05 564.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 240.05 564.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 268.38 564.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 549.07 Td (10.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 549.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.10 549.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.85 549.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 198.17 549.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 223.16 549.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 268.12 549.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 294.62 549.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 343.19 549.07 Td (for ) Tj ET Q q 0 0 0 rg BT 359.28 549.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 404.25 549.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 435.34 549.07 Td (in ) Tj ET Q q 0 0 0 rg BT 447.54 549.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 471.97 549.07 Td (and ) Tj ET Q q 0 0 0 rg BT 490.83 549.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 515.26 549.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 550.22 549.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 539.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 179.32 539.07 Td (in ) Tj ET Q q 0 0 0 rg BT 189.90 539.07 Td (201) Tj ET Q q 0 0 0 rg BT 204.71 539.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 212.32 539.07 Td (and ) Tj ET Q q 0 0 0 rg BT 229.56 539.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 254.86 539.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 309.30 539.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 365.96 539.07 Td (by ) Tj ET Q q 0 0 0 rg BT 378.75 539.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 418.73 539.07 Td (to ) Tj ET Q q 0 0 0 rg BT 429.31 539.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 461.55 539.07 Td (10.30 ) Tj ET Q q 0 0 0 rg BT 486.85 539.07 Td (to ) Tj ET Q q 0 0 0 rg BT 497.43 539.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.44 539.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.38 539.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 529.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 157.94 529.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 187.66 529.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.16 529.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.33 529.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.38 529.07 Td (for ) Tj ET Q q 0 0 0 rg BT 261.54 529.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.25 529.07 Td (year ) Tj ET Q q 0 0 0 rg BT 295.96 529.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.34 529.07 Td (December ) Tj ET Q q 0 0 0 rg BT 365.92 529.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 380.92 529.07 Td (201) Tj ET Q q 0 0 0 rg BT 395.74 529.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.55 529.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 426.38 529.07 Td (February ) Tj ET Q q 0 0 0 rg BT 464.97 529.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 479.97 529.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 508.30 529.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 514.07 Td (10.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 514.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.48 514.07 Td (of ) Tj ET Q q 0 0 0 rg BT 161.63 514.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 193.32 514.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 216.70 514.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 260.05 514.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 285.29 514.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 332.25 514.07 Td (for ) Tj ET Q q 0 0 0 rg BT 346.72 514.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 390.08 514.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 419.55 514.07 Td (in ) Tj ET Q q 0 0 0 rg BT 430.14 514.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 452.95 514.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 486.30 514.07 Td (to ) Tj ET Q q 0 0 0 rg BT 496.89 514.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 550.22 514.07 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 504.07 Td (2013\) ) Tj ET Q q 0 0 0 rg BT 151.32 504.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 207.17 504.07 Td (by ) Tj ET Q q 0 0 0 rg BT 219.16 504.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 258.33 504.07 Td (to ) Tj ET Q q 0 0 0 rg BT 268.10 504.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 299.53 504.07 Td (10.29 ) Tj ET Q q 0 0 0 rg BT 324.02 504.07 Td (to ) Tj ET Q q 0 0 0 rg BT 333.79 504.07 Td (the ) Tj ET Q q 0 0 0 rg BT 347.99 504.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 394.40 504.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 425.55 504.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 454.75 504.07 Td (on ) Tj ET Q q 0 0 0 rg BT 466.74 504.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 490.40 504.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 512.94 504.07 Td (for ) Tj ET Q q 0 0 0 rg BT 526.59 504.07 Td (the ) Tj ET Q q 0 0 0 rg BT 540.80 504.07 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 494.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 152.38 494.07 Td (December ) Tj ET Q q 0 0 0 rg BT 195.96 494.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 210.96 494.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 235.96 494.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 256.79 494.07 Td (February ) Tj ET Q q 0 0 0 rg BT 295.38 494.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 310.38 494.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 338.71 494.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 479.07 Td (10.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 479.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.48 479.07 Td (of ) Tj ET Q q 0 0 0 rg BT 161.63 479.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 193.32 479.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 216.70 479.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 260.05 479.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 285.29 479.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 332.25 479.07 Td (for ) Tj ET Q q 0 0 0 rg BT 346.72 479.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 390.08 479.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 419.55 479.07 Td (in ) Tj ET Q q 0 0 0 rg BT 430.14 479.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 452.95 479.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 486.30 479.07 Td (to ) Tj ET Q q 0 0 0 rg BT 496.89 479.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 550.22 479.07 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 469.07 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 151.26 469.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 207.05 469.07 Td (by ) Tj ET Q q 0 0 0 rg BT 218.99 469.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 258.10 469.07 Td (to ) Tj ET Q q 0 0 0 rg BT 267.81 469.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 299.18 469.07 Td (10.32 ) Tj ET Q q 0 0 0 rg BT 323.61 469.07 Td (to ) Tj ET Q q 0 0 0 rg BT 333.32 469.07 Td (the ) Tj ET Q q 0 0 0 rg BT 347.47 469.07 Td (Company) Tj ET Q q 0 0 0 rg BT 389.41 469.07 Td (s ) Tj ET Q q 0 0 0 rg BT 394.81 469.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 425.90 469.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 455.05 469.07 Td (on ) Tj ET Q q 0 0 0 rg BT 466.98 469.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 490.58 469.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 513.07 469.07 Td (for ) Tj ET Q q 0 0 0 rg BT 526.66 469.07 Td (the ) Tj ET Q q 0 0 0 rg BT 540.81 469.07 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 459.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 152.38 459.07 Td (December ) Tj ET Q q 0 0 0 rg BT 195.96 459.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 210.96 459.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 235.96 459.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 256.79 459.07 Td (February ) Tj ET Q q 0 0 0 rg BT 295.38 459.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 310.38 459.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 338.71 459.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 444.07 Td (10.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 444.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.08 444.07 Td (of ) Tj ET Q q 0 0 0 rg BT 160.82 444.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 192.12 444.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 215.10 444.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 258.05 444.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 282.98 444.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 329.54 444.07 Td (for ) Tj ET Q q 0 0 0 rg BT 343.61 444.07 Td (California-based ) Tj ET Q q 0 0 0 rg BT 412.66 444.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 455.61 444.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 484.69 444.07 Td (in ) Tj ET Q q 0 0 0 rg BT 494.88 444.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 517.29 444.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 550.23 444.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 434.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 178.94 434.07 Td (in ) Tj ET Q q 0 0 0 rg BT 189.13 434.07 Td (2014\) ) Tj ET Q q 0 0 0 rg BT 214.88 434.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 271.16 434.07 Td (by ) Tj ET Q q 0 0 0 rg BT 283.58 434.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 323.18 434.07 Td (to ) Tj ET Q q 0 0 0 rg BT 333.37 434.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 365.23 434.07 Td (10.33 ) Tj ET Q q 0 0 0 rg BT 390.15 434.07 Td (to ) Tj ET Q q 0 0 0 rg BT 400.35 434.07 Td (the ) Tj ET Q q 0 0 0 rg BT 414.98 434.07 Td (Company) Tj ET Q q 0 0 0 rg BT 456.92 434.07 Td (s ) Tj ET Q q 0 0 0 rg BT 462.70 434.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 494.28 434.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 523.91 434.07 Td (on ) Tj ET Q q 0 0 0 rg BT 536.33 434.07 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 424.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 149.05 424.07 Td (for ) Tj ET Q q 0 0 0 rg BT 163.21 424.07 Td (the ) Tj ET Q q 0 0 0 rg BT 177.93 424.07 Td (year ) Tj ET Q q 0 0 0 rg BT 197.64 424.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 224.01 424.07 Td (December ) Tj ET Q q 0 0 0 rg BT 267.60 424.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 282.60 424.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 307.60 424.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 328.42 424.07 Td (February ) Tj ET Q q 0 0 0 rg BT 367.02 424.07 Td (26, ) Tj ET Q q 0 0 0 rg BT 382.02 424.07 Td (2015\). ) Tj ET Q q 0 0 0 rg BT 410.35 424.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 409.07 Td (10.37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 409.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.69 409.07 Td (of ) Tj ET Q q 0 0 0 rg BT 160.05 409.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 202.61 409.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 227.41 409.07 Td (and ) Tj ET Q q 0 0 0 rg BT 243.87 409.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 274.78 409.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 297.37 409.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 339.93 409.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 364.55 409.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 410.72 409.07 Td (for ) Tj ET Q q 0 0 0 rg BT 424.41 409.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 466.97 409.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 495.66 409.07 Td (in ) Tj ET Q q 0 0 0 rg BT 505.46 409.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 527.48 409.07 Td (\(related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 399.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.38 399.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 189.50 399.07 Td (in ) Tj ET Q q 0 0 0 rg BT 199.88 399.07 Td (2015\) ) Tj ET Q q 0 0 0 rg BT 225.82 399.07 Td (under ) Tj ET Q q 0 0 0 rg BT 251.19 399.07 Td (the ) Tj ET Q q 0 0 0 rg BT 266.00 399.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 289.71 399.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 301.28 399.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 319.89 399.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 367.19 399.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 408.39 399.07 Td (and ) Tj ET Q q 0 0 0 rg BT 425.43 399.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 462.47 399.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 484.77 399.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 516.54 399.07 Td (and ) Tj ET Q q 0 0 0 rg BT 533.58 399.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 389.07 Td (T) Tj ET Q q 0 0 0 rg BT 131.76 389.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.46 389.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 189.16 389.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 209.44 389.07 Td (and ) Tj ET Q q 0 0 0 rg BT 226.38 389.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 257.76 389.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 280.82 389.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 323.87 389.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 349.13 389.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 396.07 389.07 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 418.85 389.07 Td ( ) Tj ET Q q 0 0 0 rg BT 426.35 389.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 374.07 Td (10.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 374.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.36 374.07 Td (of ) Tj ET Q q 0 0 0 rg BT 159.37 374.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 201.60 374.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 226.07 374.07 Td (and ) Tj ET Q q 0 0 0 rg BT 242.19 374.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 272.77 374.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 295.02 374.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 337.25 374.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 361.60 374.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 407.44 374.07 Td (for ) Tj ET Q q 0 0 0 rg BT 420.79 374.07 Td (California-based ) Tj ET Q q 0 0 0 rg BT 489.11 374.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 531.34 374.07 Td (Grants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 364.07 Td (in ) Tj ET Q q 0 0 0 rg BT 137.02 364.07 Td (2016 ) Tj ET Q q 0 0 0 rg BT 160.26 364.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 194.03 364.07 Td (to ) Tj ET Q q 0 0 0 rg BT 205.04 364.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 258.81 364.07 Td (in ) Tj ET Q q 0 0 0 rg BT 269.82 364.07 Td (2015\) ) Tj ET Q q 0 0 0 rg BT 296.39 364.07 Td (under ) Tj ET Q q 0 0 0 rg BT 322.40 364.07 Td (the ) Tj ET Q q 0 0 0 rg BT 337.85 364.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 362.20 364.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 373.77 364.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 393.02 364.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 440.81 364.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 482.65 364.07 Td (and ) Tj ET Q q 0 0 0 rg BT 500.33 364.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 538.00 364.07 Td (2003 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 354.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 157.94 354.07 Td (and ) Tj ET Q q 0 0 0 rg BT 174.88 354.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 205.07 354.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 222.77 354.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 262.47 354.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 282.75 354.07 Td (and ) Tj ET Q q 0 0 0 rg BT 299.69 354.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 331.08 354.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 354.14 354.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 397.18 354.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 422.45 354.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 469.38 354.07 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 492.16 354.07 Td ( ) Tj ET Q q 0 0 0 rg BT 499.66 354.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 339.07 Td (21.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 339.07 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 177.39 339.07 Td (of ) Tj ET Q q 0 0 0 rg BT 188.22 339.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 211.83 339.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 223.40 339.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 241.90 339.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 289.40 339.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 324.07 Td (23.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 324.07 Td (Consent ) Tj ET Q q 0 0 0 rg BT 161.28 324.07 Td (of ) Tj ET Q q 0 0 0 rg BT 172.11 324.07 Td (Ernst ) Tj ET Q q 0 0 0 rg BT 195.72 324.07 Td (& ) Tj ET Q q 0 0 0 rg BT 205.81 324.07 Td (Y) Tj ET Q q 0 0 0 rg BT 212.35 324.07 Td (oung ) Tj ET Q q 0 0 0 rg BT 234.34 324.07 Td (LLP) Tj ET Q q 0 0 0 rg BT 251.94 324.07 Td ( ) Tj ET Q q 0 0 0 rg BT 254.25 324.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 308.17 Td (24.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 309.07 Td (Power ) Tj ET Q q 0 0 0 rg BT 154.05 309.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.61 309.07 Td (Attorney ) Tj ET Q q 0 0 0 rg BT 202.38 309.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 294.07 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 294.07 Td (Rule ) Tj ET Q q 0 0 0 rg BT 147.39 294.07 Td (13a-14\(a\)/15d-14\(a\) ) Tj ET Q q 0 0 0 rg BT 230.96 294.07 Td (Certification ) Tj ET Q q 0 0 0 rg BT 284.00 294.07 Td (of ) Tj ET Q q 0 0 0 rg BT 294.83 294.07 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 336.76 294.07 Td (and ) Tj ET Q q 0 0 0 rg BT 353.70 294.07 Td (Chief ) Tj ET Q q 0 0 0 rg BT 378.42 294.07 Td (Executive ) Tj ET Q q 0 0 0 rg BT 420.90 294.07 Td (Of) Tj ET Q q 0 0 0 rg BT 431.36 294.07 Td (ficer) Tj ET Q q 0 0 0 rg BT 449.31 294.07 Td (. ) Tj ET Q q 0 0 0 rg BT 454.03 294.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 278.17 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 279.07 Td (Rule ) Tj ET Q q 0 0 0 rg BT 147.39 279.07 Td (13a-14\(a\)/15d-14\(a\) ) Tj ET Q q 0 0 0 rg BT 230.96 279.07 Td (Certification ) Tj ET Q q 0 0 0 rg BT 284.00 279.07 Td (of ) Tj ET Q q 0 0 0 rg BT 294.83 279.07 Td (Chief ) Tj ET Q q 0 0 0 rg BT 319.54 279.07 Td (Financial ) Tj ET Q q 0 0 0 rg BT 359.26 279.07 Td (Of) Tj ET Q q 0 0 0 rg BT 369.72 279.07 Td (ficer) Tj ET Q q 0 0 0 rg BT 387.67 279.07 Td (. ) Tj ET Q q 0 0 0 rg BT 392.39 279.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 264.07 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 264.07 Td (Section ) Tj ET Q q 0 0 0 rg BT 158.50 264.07 Td (1350 ) Tj ET Q q 0 0 0 rg BT 181.00 264.07 Td (Certifications. ) Tj ET Q q 0 0 0 rg BT 240.42 264.07 Td (** ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 249.07 Td (101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 197.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 249.07 Td (Interactive ) Tj ET Q q 0 0 0 rg BT 172.27 249.07 Td (data ) Tj ET Q q 0 0 0 rg BT 192.44 249.07 Td (files ) Tj ET Q q 0 0 0 rg BT 213.18 249.07 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 251.14 249.07 Td (to ) Tj ET Q q 0 0 0 rg BT 262.44 249.07 Td (Rule ) Tj ET Q q 0 0 0 rg BT 284.84 249.07 Td (405 ) Tj ET Q q 0 0 0 rg BT 303.36 249.07 Td (Registration ) Tj ET Q q 0 0 0 rg BT 355.76 249.07 Td (S-T) Tj ET Q q 0 0 0 rg BT 370.26 249.07 Td (: ) Tj ET Q q 0 0 0 rg BT 376.56 249.07 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 389.52 249.07 Td (the ) Tj ET Q q 0 0 0 rg BT 405.26 249.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 461.55 249.07 Td (Statements ) Tj ET Q q 0 0 0 rg BT 508.95 249.07 Td (of ) Tj ET Q q 0 0 0 rg BT 520.80 249.07 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 239.07 Td (Condition ) Tj ET Q q 0 0 0 rg BT 168.53 239.07 Td (as ) Tj ET Q q 0 0 0 rg BT 179.39 239.07 Td (of ) Tj ET Q q 0 0 0 rg BT 190.25 239.07 Td (December ) Tj ET Q q 0 0 0 rg BT 233.87 239.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 248.90 239.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 271.42 239.07 Td (and ) Tj ET Q q 0 0 0 rg BT 288.39 239.07 Td (December ) Tj ET Q q 0 0 0 rg BT 332.01 239.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 347.04 239.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 372.06 239.07 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 386.81 239.07 Td (the ) Tj ET Q q 0 0 0 rg BT 401.56 239.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 456.86 239.07 Td (Statements ) Tj ET Q q 0 0 0 rg BT 503.27 239.07 Td (of ) Tj ET Q q 0 0 0 rg BT 514.13 239.07 Td (Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 229.07 Td (for ) Tj ET Q q 0 0 0 rg BT 140.01 229.07 Td (the ) Tj ET Q q 0 0 0 rg BT 154.57 229.07 Td (years ) Tj ET Q q 0 0 0 rg BT 178.01 229.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 204.23 229.07 Td (December ) Tj ET Q q 0 0 0 rg BT 247.66 229.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 262.51 229.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 287.35 229.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 309.70 229.07 Td (and ) Tj ET Q q 0 0 0 rg BT 326.48 229.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 351.33 229.07 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 368.67 229.07 Td (the ) Tj ET Q q 0 0 0 rg BT 383.23 229.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 438.35 229.07 Td (Statements ) Tj ET Q q 0 0 0 rg BT 484.58 229.07 Td (of ) Tj ET Q q 0 0 0 rg BT 495.25 229.07 Td (Comprehensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 219.07 Td (Income ) Tj ET Q q 0 0 0 rg BT 159.02 219.07 Td (for ) Tj ET Q q 0 0 0 rg BT 173.71 219.07 Td (the ) Tj ET Q q 0 0 0 rg BT 188.96 219.07 Td (years ) Tj ET Q q 0 0 0 rg BT 213.09 219.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 239.99 219.07 Td (December ) Tj ET Q q 0 0 0 rg BT 284.11 219.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 299.64 219.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 325.17 219.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 348.20 219.07 Td (and ) Tj ET Q q 0 0 0 rg BT 365.67 219.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 391.20 219.07 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 408.67 219.07 Td (the ) Tj ET Q q 0 0 0 rg BT 423.92 219.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 479.73 219.07 Td (Statements ) Tj ET Q q 0 0 0 rg BT 526.64 219.07 Td (of ) Tj ET Q q 0 0 0 rg BT 538.00 219.07 Td (Cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 209.07 Td (Flows ) Tj ET Q q 0 0 0 rg BT 152.61 209.07 Td (for ) Tj ET Q q 0 0 0 rg BT 166.42 209.07 Td (the ) Tj ET Q q 0 0 0 rg BT 180.79 209.07 Td (years ) Tj ET Q q 0 0 0 rg BT 204.05 209.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 230.08 209.07 Td (December ) Tj ET Q q 0 0 0 rg BT 273.32 209.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 287.97 209.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 312.63 209.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 334.78 209.07 Td (and ) Tj ET Q q 0 0 0 rg BT 351.38 209.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 373.53 209.07 Td (and ) Tj ET Q q 0 0 0 rg BT 390.12 209.07 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 403.94 209.07 Td (the ) Tj ET Q q 0 0 0 rg BT 418.31 209.07 Td (notes ) Tj ET Q q 0 0 0 rg BT 441.57 209.07 Td (to ) Tj ET Q q 0 0 0 rg BT 451.51 209.07 Td (the ) Tj ET Q q 0 0 0 rg BT 465.88 209.07 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 520.81 209.07 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 199.07 Td (Statements.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.00 Td (_______________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.00 Td (# ) Tj ET Q q 0 0 0 rg BT 68.00 164.00 Td (The ) Tj ET Q q 0 0 0 rg BT 86.05 164.00 Td (Company ) Tj ET Q q 0 0 0 rg BT 127.43 164.00 Td (hereby ) Tj ET Q q 0 0 0 rg BT 157.14 164.00 Td (agrees ) Tj ET Q q 0 0 0 rg BT 185.18 164.00 Td (to ) Tj ET Q q 0 0 0 rg BT 195.46 164.00 Td (furnish ) Tj ET Q q 0 0 0 rg BT 226.29 164.00 Td (supplementally ) Tj ET Q q 0 0 0 rg BT 289.88 164.00 Td (to ) Tj ET Q q 0 0 0 rg BT 300.16 164.00 Td (the ) Tj ET Q q 0 0 0 rg BT 314.88 164.00 Td (Commission ) Tj ET Q q 0 0 0 rg BT 367.95 164.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 390.45 164.00 Td (request ) Tj ET Q q 0 0 0 rg BT 421.82 164.00 Td (any ) Tj ET Q q 0 0 0 rg BT 438.76 164.00 Td (omitted ) Tj ET Q q 0 0 0 rg BT 471.81 164.00 Td (exhibit ) Tj ET Q q 0 0 0 rg BT 502.09 164.00 Td (or ) Tj ET Q q 0 0 0 rg BT 512.92 164.00 Td (schedule.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.00 Td ( ) Tj ET Q q 0 0 0 rg BT 68.00 149.00 Td (This ) Tj ET Q q 0 0 0 rg BT 88.28 149.00 Td (exhibit ) Tj ET Q q 0 0 0 rg BT 118.55 149.00 Td (is ) Tj ET Q q 0 0 0 rg BT 127.72 149.00 Td (a ) Tj ET Q q 0 0 0 rg BT 134.66 149.00 Td (management ) Tj ET Q q 0 0 0 rg BT 188.25 149.00 Td (contract ) Tj ET Q q 0 0 0 rg BT 222.95 149.00 Td (or ) Tj ET Q q 0 0 0 rg BT 233.78 149.00 Td (compensatory ) Tj ET Q q 0 0 0 rg BT 292.38 149.00 Td (plan ) Tj ET Q q 0 0 0 rg BT 312.09 149.00 Td (or ) Tj ET Q q 0 0 0 rg BT 322.92 149.00 Td (agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.00 Td (* ) Tj ET Q q 0 0 0 rg BT 68.00 134.00 Td (Filed ) Tj ET Q q 0 0 0 rg BT 91.06 134.00 Td (herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.00 Td (** ) Tj ET Q q 0 0 0 rg BT 68.00 119.00 Td (This ) Tj ET Q q 0 0 0 rg BT 88.15 119.00 Td (information ) Tj ET Q q 0 0 0 rg BT 137.72 119.00 Td (is ) Tj ET Q q 0 0 0 rg BT 146.76 119.00 Td (furnished ) Tj ET Q q 0 0 0 rg BT 186.90 119.00 Td (and ) Tj ET Q q 0 0 0 rg BT 203.70 119.00 Td (not ) Tj ET Q q 0 0 0 rg BT 218.85 119.00 Td (filed ) Tj ET Q q 0 0 0 rg BT 239.54 119.00 Td (for ) Tj ET Q q 0 0 0 rg BT 253.57 119.00 Td (purposes ) Tj ET Q q 0 0 0 rg BT 291.49 119.00 Td (of ) Tj ET Q q 0 0 0 rg BT 302.18 119.00 Td (Section ) Tj ET Q q 0 0 0 rg BT 334.55 119.00 Td (1) Tj ET Q q 0 0 0 rg BT 339.18 119.00 Td (1 ) Tj ET Q q 0 0 0 rg BT 346.54 119.00 Td (and ) Tj ET Q q 0 0 0 rg BT 363.35 119.00 Td (12 ) Tj ET Q q 0 0 0 rg BT 375.72 119.00 Td (of ) Tj ET Q q 0 0 0 rg BT 386.41 119.00 Td (the ) Tj ET Q q 0 0 0 rg BT 401.00 119.00 Td (Securities ) Tj ET Q q 0 0 0 rg BT 442.28 119.00 Td (Act ) Tj ET Q q 0 0 0 rg BT 459.08 119.00 Td (of ) Tj ET Q q 0 0 0 rg BT 469.78 119.00 Td (1933 ) Tj ET Q q 0 0 0 rg BT 492.15 119.00 Td (and ) Tj ET Q q 0 0 0 rg BT 508.95 119.00 Td (Section ) Tj ET Q q 0 0 0 rg BT 541.31 119.00 Td (18 ) Tj ET Q q 0 0 0 rg BT 553.68 119.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 107.00 Td (the ) Tj ET Q q 0 0 0 rg BT 82.72 107.00 Td (Securities ) Tj ET Q q 0 0 0 rg BT 124.65 107.00 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 166.02 107.00 Td (Act ) Tj ET Q q 0 0 0 rg BT 182.96 107.00 Td (of ) Tj ET Q q 0 0 0 rg BT 193.79 107.00 Td (1934.) Tj ET Q endstream endobj 243 0 obj <> endobj 244 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 673.95 578.20 Td (Exhibit 10.20) 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 (2016 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 71.5 503.25 m 71.5 489.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 503.25 m 180.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 489.25 m 180.5 489.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 503.25 m 180.5 489.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 503.25 m 289.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 489.25 m 289.5 489.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 503.25 m 289.5 489.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 503.25 m 419.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 489.25 m 419.5 489.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 503.25 m 419.5 489.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 719.5 503.25 m 719.5 489.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 503.25 m 719.5 503.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 489.25 m 719.5 489.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 489.25 m 71.5 457.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 489.25 m 180.5 457.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 489.25 m 289.5 457.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 489.25 m 419.5 457.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 719.5 489.25 m 719.5 457.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 489.25 m 719.5 489.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 457.25 m 719.5 457.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 457.25 m 71.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 457.25 m 180.5 457.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 457.25 m 180.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 457.25 m 289.5 457.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 457.25 m 289.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 457.25 m 419.5 457.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 457.25 m 419.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 719.5 457.25 m 719.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 457.25 m 719.5 457.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 398.25 m 719.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 398.25 m 71.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 398.25 m 180.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 398.25 m 180.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 398.25 m 289.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 398.25 m 289.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 347.25 m 289.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 398.25 m 289.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 398.25 m 419.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 398.25 m 419.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 719.5 398.25 m 719.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 398.25 m 719.5 398.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 347.25 m 719.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 347.25 m 71.5 306.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 347.25 m 180.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 347.25 m 180.5 306.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 347.25 m 289.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 347.25 m 289.5 306.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 347.25 m 419.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 347.25 m 419.5 306.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 719.5 347.25 m 719.5 306.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 347.25 m 719.5 347.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 306.25 m 71.5 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 306.25 m 180.5 306.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 306.25 m 180.5 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 306.25 m 289.5 306.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 306.25 m 289.5 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 306.25 m 419.5 306.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 306.25 m 419.5 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 719.5 306.25 m 719.5 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 306.25 m 719.5 306.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 265.25 m 71.5 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 265.25 m 180.5 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 265.25 m 180.5 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 265.25 m 289.5 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 265.25 m 289.5 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 265.25 m 419.5 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 265.25 m 419.5 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 719.5 265.25 m 719.5 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 265.25 m 719.5 265.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 206.25 m 719.5 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 206.25 m 71.5 102.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 206.25 m 180.5 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 206.25 m 180.5 102.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 206.25 m 289.5 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 206.25 m 289.5 102.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 206.25 m 419.5 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 206.25 m 419.5 102.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 719.5 206.25 m 719.5 102.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 206.25 m 719.5 206.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 102.25 m 719.5 102.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 102.25 m 71.5 101.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 102.25 m 180.5 102.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 102.25 m 180.5 101.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 102.25 m 289.5 102.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 102.25 m 289.5 101.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 102.25 m 419.5 102.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 102.25 m 419.5 101.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 719.5 102.25 m 719.5 101.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 102.25 m 719.5 102.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 101.75 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 101.75 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 101.75 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 101.75 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 101.75 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 101.75 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 101.75 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 101.75 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 719.5 101.75 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 101.75 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 101.75 m BT /F4 10.00 Tf ET q 0 0 0 rg BT 217.80 493.93 Td (Amount) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 334.80 493.93 Td (Objective) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 511.00 493.93 Td (Time and Terms of Payment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 480.65 Td (Annual Cash Retainer) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 219.85 480.51 Td ($60,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 480.51 Td (Consideration for Board and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 471.51 Td (committee service for the current) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 462.51 Td (calendar year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 480.51 Td (Paid quarterly in arrears. For any director joining or leaving the Board during a) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 471.51 Td (quarter, the amount paid shall be a pro rata sum based on the number of days) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 462.51 Td (served during the quarter.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 448.65 Td (Additional ) Tj ET Q q 0 0 0 rg BT 121.27 448.65 Td (Annual Cash ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 439.65 Td (Retainer) Tj ET Q q 0 0 0 rg BT 111.82 439.65 Td ( for) Tj ET Q q 0 0 0 rg BT 125.40 439.65 Td ( Lead ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 430.65 Td (Dir) Tj ET Q q 0 0 0 rg BT 91.33 430.65 Td (ector) Tj ET Q q 0 0 0 rg BT 110.65 430.65 Td ( and Committee ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 421.65 Td (Chairpersons) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 193.25 448.51 Td ($20,000-Lead Director) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.10 436.51 Td ($25,000-Audit) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 192.35 424.51 Td ($15,000-Compensation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 189.25 412.51 Td ($15,000-Nominating and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 212.75 403.51 Td (Governance) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 448.51 Td (Consideration for service as lead) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 439.51 Td (director or committee) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 430.51 Td (chairperson for the current) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 421.51 Td (calendar year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 448.51 Td (Paid quarterly in arrears. For any director gaining \(or resigning\) a lead director ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 439.51 Td (or committee chairperson position during a quarter) Tj ET Q q 0 0 0 rg BT 609.08 439.51 Td (, the amount paid shall be a ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 430.51 Td (pro rata sum based on the number of days served during the quarter) Tj ET Q q 0 0 0 rg BT 668.93 430.51 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 389.65 Td (Additional Annual Cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 380.65 Td (Retainer for Committee) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 371.65 Td (Members) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.10 389.51 Td ($10,000-Audit) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 194.60 375.51 Td ($5,000-Compensation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.50 361.51 Td ($5,000-Nominating and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 212.75 352.51 Td (Governance) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 389.51 Td (Consideration for service as ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 380.51 Td (committee member for the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 371.51 Td (current calendar year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 389.51 Td (Paid quarterly in arrears. For any director joining or leaving a committee ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 380.51 Td (during a quarter) Tj ET Q q 0 0 0 rg BT 483.62 380.51 Td (, the amount paid shall be a pro rata sum based on the number ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 371.51 Td (of days served during the quarter) Tj ET Q q 0 0 0 rg BT 544.71 371.51 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 338.65 Td (Additional Cash Fee for) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 329.65 Td (Non-Member Attendance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 320.65 Td (at Committee Meetings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.60 338.51 Td ($1,000 per meeting) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 338.51 Td (Consideration for attendance at a) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 329.51 Td (meeting of a committee on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 320.51 Td (which the attendee is not a) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 311.51 Td (member) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 338.51 Td (Paid on the last business day in December) Tj ET Q q 0 0 0 rg BT 577.72 338.51 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 297.65 Td (Initial Equity Grant) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.50 297.51 Td ($60,000 \(valued as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 210.10 288.51 Td (election date\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 297.51 Td (Establish PJC equity interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 288.51 Td (upon initial election to the Board) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 279.51 Td (to align director and shareholder) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 270.51 Td (interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 297.51 Td (Shares of PJC common stock granted on the date of the director's initial election) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 288.51 Td (or appointment to the Board.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 256.65 Td (Annual Equity Grant) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 184.35 256.51 Td ($70,000 \(valued on the date ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.50 247.51 Td (of the annual meeting of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 210.25 238.51 Td (shareholders\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 256.51 Td (Incentive compensation for) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 247.51 Td (continuing service on the Board) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 238.51 Td (and enhanced alignment of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 229.51 Td (director and shareholder) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 220.51 Td (interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 256.51 Td (Shares of PJC common stock granted on the date of the annual meeting of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 247.51 Td (shareholders to any director whose service on the Board will continue following) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 238.51 Td (the annual meeting. For directors joining the Board after the annual meeting in) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 229.51 Td (any year, an equity award will be granted on the date the director is elected to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 220.51 Td (the Board covering a pro rata number of shares based on the number of days) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 211.51 Td (during which the director will serve on the Board during that year.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 197.65 Td (Deferral Opportunity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.25 197.51 Td (All cash and equity received ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 201.35 188.51 Td (on an annual basis) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 197.51 Td (Increase equity stake by) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.50 188.51 Td (directors) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 197.51 Td (Annual opportunity to participate in the Amended and Restated Piper Jaffray) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 188.51 Td (Companies Deferred Compensation Plan for Non-Employee Directors,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 179.51 Td (permitting deferral into phantom stock units of all or a portion of the directors) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 170.51 Td (annual cash compensation for service as a Piper Jaffray Companies director, and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 161.51 Td (deferral of any shares granted in consideration of the directors service as a) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 152.51 Td (director. To participate in any year, irrevocable election must be made by) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 143.51 Td (December 31 of the preceding year for continuing directors and on the date of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 134.51 Td (initial election or appointment to the Board for new directors. Annual) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 125.51 Td (opportunity to change the subsequent years election. The deferral date for the) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 116.51 Td (cash retainer is the first business day in January each year; the deferral date for) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.50 107.51 Td (the equity grant is the date of the annual meeting of shareholders each year.) 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Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 474.90 Td (Reimbursement of Out-) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 78.50 465.90 Td (of-Pocket Expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 187.50 474.76 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 9.00 Tf ET q 0 0 0 rg BT 187.50 465.76 Td (service on the Board and Board committees.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 247 0 obj <> endobj 248 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.30 760.75 Td (Exhibit 10.25) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5098039215686274 0.5098039215686274 0.5098039215686274 rg BT 50.00 42.95 Td (6287833) Tj ET Q BT /F6 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 133.95 729.16552734375 m 478.0173828125 729.16552734375 l s q 0 0 0 rg BT 133.95 730.75 Td (THIRD ) Tj ET Q q 0 0 0 rg BT 166.91 730.75 Td (AMENDMENT T) Tj ET Q q 0 0 0 rg BT 240.61 730.75 Td (O ) Tj ET Q q 0 0 0 rg BT 250.80 730.75 Td (AMENDED ) Tj ET Q q 0 0 0 rg BT 303.76 730.75 Td (AND REST) Tj ET Q q 0 0 0 rg BT 354.13 730.75 Td (A) Tj ET Q q 0 0 0 rg BT 360.61 730.75 Td (TED LOAN ) Tj ET Q q 0 0 0 rg BT 414.13 730.75 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 /F5 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 114.22 706.75 Td (THIRD ) Tj ET Q q 0 0 0 rg BT 146.01 706.75 Td (AMENDMENT) Tj ET Q q 0 0 0 rg BT 210.27 706.75 Td ( ) Tj ET Q q 0 0 0 rg BT 211.71 706.75 Td (T) Tj ET Q q 0 0 0 rg BT 217.64 706.75 Td (O ) Tj ET Q q 0 0 0 rg BT 226.65 706.75 Td (AMENDED ) Tj ET Q q 0 0 0 rg BT 277.89 706.75 Td (AND ) Tj ET Q q 0 0 0 rg BT 300.54 706.75 Td (REST) Tj ET Q q 0 0 0 rg BT 326.47 706.75 Td (A) Tj ET Q q 0 0 0 rg BT 332.40 706.75 Td (TED ) Tj ET Q q 0 0 0 rg BT 353.94 706.75 Td (LOAN ) Tj ET Q q 0 0 0 rg BT 382.41 706.75 Td (AGREEMENT) Tj ET Q q 0 0 0 rg BT 445.57 706.75 Td ( ) Tj ET Q q 0 0 0 rg BT 447.11 706.75 Td (\(this ) Tj ET Q q 0 0 0 rg BT 467.54 706.75 Td () Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 470.8701171875 705.32421875 m 524.7861328125 705.32421875 l s q 0 0 0 rg BT 470.87 706.75 Td (Amendment) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 524.79 706.75 Td (\) ) Tj ET Q q 0 0 0 rg BT 532.99 706.75 Td (made ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 694.75 Td (and ) Tj ET Q q 0 0 0 rg BT 74.29 694.75 Td (entered ) Tj ET Q q 0 0 0 rg BT 111.81 694.75 Td (into ) Tj ET Q q 0 0 0 rg BT 131.53 694.75 Td (as ) Tj ET Q q 0 0 0 rg BT 145.70 694.75 Td (of ) Tj ET Q q 0 0 0 rg BT 157.64 694.75 Td (December ) Tj ET Q q 0 0 0 rg BT 207.37 694.75 Td (18, ) Tj ET Q q 0 0 0 rg BT 224.88 694.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 253.50 694.75 Td (by ) Tj ET Q q 0 0 0 rg BT 267.67 694.75 Td (and ) Tj ET Q q 0 0 0 rg BT 287.96 694.75 Td (between: ) Tj ET Q q 0 0 0 rg BT 332.14 694.75 Td ( ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 335.75 694.75 Td (PIPER ) Tj ET Q q 0 0 0 rg BT 369.36 694.75 Td (JAFFRA) Tj ET Q q 0 0 0 rg BT 407.89 694.75 Td (Y) Tj ET Q q 0 0 0 rg BT 414.37 694.75 Td ( ) Tj ET Q q 0 0 0 rg BT 417.98 694.75 Td (& ) Tj ET Q q 0 0 0 rg BT 428.80 694.75 Td (CO.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 446.58 694.75 Td (, ) Tj ET Q q 0 0 0 rg BT 452.96 694.75 Td (a ) Tj ET Q q 0 0 0 rg BT 462.13 694.75 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 507.97 694.75 Td (corporation ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 682.75 Td (\() Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 60.66015625 681.32421875 m 101.2265625 681.32421875 l s q 0 0 0 rg BT 60.66 682.75 Td (Borrower) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 101.23 682.75 Td (\), ) Tj ET Q q 0 0 0 rg BT 113.10 682.75 Td (and ) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 132.21 682.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 154.09 682.75 Td (BANK ) Tj ET Q q 0 0 0 rg BT 185.41 682.75 Td (NA) Tj ET Q q 0 0 0 rg BT 199.11 682.75 Td (TIONAL) Tj ET Q q 0 0 0 rg BT 236.15 682.75 Td ( ) Tj ET Q q 0 0 0 rg BT 238.25 682.75 Td (ASSOCIA) Tj ET Q q 0 0 0 rg BT 283.07 682.75 Td (TION) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 306.96 682.75 Td (, ) Tj ET Q q 0 0 0 rg BT 312.17 682.75 Td (a ) Tj ET Q q 0 0 0 rg BT 320.16 682.75 Td (national ) Tj ET Q q 0 0 0 rg BT 357.62 682.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 395.08 682.75 Td (association ) Tj ET Q q 0 0 0 rg BT 447.54 682.75 Td (\() Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 454.20263671875 681.32421875 m 485.34033203125 681.32421875 l s q 0 0 0 rg BT 454.20 682.75 Td (Lender) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 485.34 682.75 Td (\); ) Tj ET Q q 0 0 0 rg BT 497.21 682.75 Td (has ) Tj ET Q q 0 0 0 rg BT 515.76 682.75 Td (reference ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 670.75 Td (to ) Tj ET Q q 0 0 0 rg BT 65.12 670.75 Td (the ) Tj ET Q q 0 0 0 rg BT 81.80 670.75 Td (following ) Tj ET Q q 0 0 0 rg BT 123.49 670.75 Td (facts ) Tj ET Q q 0 0 0 rg BT 147.38 670.75 Td (and ) Tj ET Q q 0 0 0 rg BT 166.85 670.75 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 233.53 670.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 253.54 670.75 Td () Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 256.87109375 669.32421875 m 304.6689453125 669.32421875 l s q 0 0 0 rg BT 256.87 670.75 Td (Preambles) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 304.67 670.75 Td (\):) Tj ET Q BT /F5 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 /F5 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 /F5 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 (\(as ) Tj ET Q q 0 0 0 rg BT 113.50 634.75 Td (amended, ) Tj ET Q q 0 0 0 rg BT 161.13 634.75 Td (the ) Tj ET Q q 0 0 0 rg BT 178.19 634.75 Td () Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 181.51953125 633.32421875 m 230.435546875 633.32421875 l s q 0 0 0 rg BT 181.52 634.75 Td (Agreement) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 230.44 634.75 Td (; ) Tj ET Q q 0 0 0 rg BT 239.70 634.75 Td (all ) Tj ET Q q 0 0 0 rg BT 252.86 634.75 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 303.26 634.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 331.42 634.75 Td (used ) Tj ET Q q 0 0 0 rg BT 356.26 634.75 Td (and ) Tj ET Q q 0 0 0 rg BT 376.09 634.75 Td (not ) Tj ET Q q 0 0 0 rg BT 393.15 634.75 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 439.10 634.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 475.06 634.75 Td (in ) Tj ET Q q 0 0 0 rg BT 486.00 634.75 Td (this ) Tj ET Q q 0 0 0 rg BT 504.09 634.75 Td (Amendment ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 622.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 77.34 622.75 Td (have ) Tj ET Q q 0 0 0 rg BT 101.81 622.75 Td (the ) Tj ET Q q 0 0 0 rg BT 118.49 622.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 166.84 622.75 Td (meanings ) Tj ET Q q 0 0 0 rg BT 212.98 622.75 Td (ascribed ) Tj ET Q q 0 0 0 rg BT 253.56 622.75 Td (to ) Tj ET Q q 0 0 0 rg BT 264.67 622.75 Td (them ) Tj ET Q q 0 0 0 rg BT 289.68 622.75 Td (in ) Tj ET Q q 0 0 0 rg BT 300.25 622.75 Td (the ) Tj ET Q q 0 0 0 rg BT 316.37 622.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 368.07 622.75 Td (as ) Tj ET Q q 0 0 0 rg BT 381.41 622.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 425.88 622.75 Td (by ) Tj ET Q q 0 0 0 rg BT 439.22 622.75 Td (this ) Tj ET Q q 0 0 0 rg BT 457.01 622.75 Td (Amendment\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 598.75 Td (B.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.45 598.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 126.00 598.75 Td (The ) Tj ET Q q 0 0 0 rg BT 146.11 598.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 198.62 598.75 Td (was ) Tj ET Q q 0 0 0 rg BT 219.99 598.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 268.61 598.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 313.90 598.75 Td (as ) Tj ET Q q 0 0 0 rg BT 328.05 598.75 Td (described ) Tj ET Q q 0 0 0 rg BT 375.00 598.75 Td (in ) Tj ET Q q 0 0 0 rg BT 386.38 598.75 Td (the ) Tj ET Q q 0 0 0 rg BT 403.87 598.75 Td (First ) Tj ET Q q 0 0 0 rg BT 426.19 598.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 483.70 598.75 Td (to ) Tj ET Q q 0 0 0 rg BT 494.92 598.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 541.32 598.75 Td (and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 586.75 Td (Restated ) Tj ET Q q 0 0 0 rg BT 96.64 586.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 120.99 586.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 172.52 586.75 Td (dated ) Tj ET Q q 0 0 0 rg BT 200.17 586.75 Td (as ) Tj ET Q q 0 0 0 rg BT 213.35 586.75 Td (of ) Tj ET Q q 0 0 0 rg BT 224.31 586.75 Td (December ) Tj ET Q q 0 0 0 rg BT 273.06 586.75 Td (28, ) Tj ET Q q 0 0 0 rg BT 289.58 586.75 Td (2013 ) Tj ET Q q 0 0 0 rg BT 314.44 586.75 Td (and ) Tj ET Q q 0 0 0 rg BT 333.75 586.75 Td (the ) Tj ET Q q 0 0 0 rg BT 350.27 586.75 Td (Second ) Tj ET Q q 0 0 0 rg BT 386.28 586.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 442.82 586.75 Td (to ) Tj ET Q q 0 0 0 rg BT 453.26 586.75 Td (Amended ) Tj ET Q q 0 0 0 rg BT 498.69 586.75 Td (and ) Tj ET Q q 0 0 0 rg BT 517.99 586.75 Td (Restated ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 574.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 78.22 574.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 129.60 574.75 Td (dated ) Tj ET Q q 0 0 0 rg BT 157.09 574.75 Td (as ) Tj ET Q q 0 0 0 rg BT 170.12 574.75 Td (of ) Tj ET Q q 0 0 0 rg BT 180.92 574.75 Td (December ) Tj ET Q q 0 0 0 rg BT 229.52 574.75 Td (19, ) Tj ET Q q 0 0 0 rg BT 245.88 574.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 273.37 574.75 Td (and ) Tj ET Q q 0 0 0 rg BT 292.52 574.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 335.55 574.75 Td (and ) Tj ET Q q 0 0 0 rg BT 354.70 574.75 Td (Lender ) Tj ET Q q 0 0 0 rg BT 388.30 574.75 Td (desire ) Tj ET Q q 0 0 0 rg BT 418.00 574.75 Td (to ) Tj ET Q q 0 0 0 rg BT 428.81 574.75 Td (further ) Tj ET Q q 0 0 0 rg BT 460.18 574.75 Td (amend ) Tj ET Q q 0 0 0 rg BT 493.22 574.75 Td (the ) Tj ET Q q 0 0 0 rg BT 509.09 574.75 Td (Agreement ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 562.75 Td (in ) Tj ET Q q 0 0 0 rg BT 64.27 562.75 Td (order ) Tj ET Q q 0 0 0 rg BT 90.10 562.75 Td (to, ) Tj ET Q q 0 0 0 rg BT 103.70 562.75 Td (among ) Tj ET Q q 0 0 0 rg BT 136.76 562.75 Td (other ) Tj ET Q q 0 0 0 rg BT 162.04 562.75 Td (things, ) Tj ET Q q 0 0 0 rg BT 193.99 562.75 Td (extend ) Tj ET Q q 0 0 0 rg BT 226.50 562.75 Td (the ) Tj ET Q q 0 0 0 rg BT 242.73 562.75 Td (T) Tj ET Q q 0 0 0 rg BT 247.73 562.75 Td (ermination ) Tj ET Q q 0 0 0 rg BT 296.90 562.75 Td (Date ) Tj ET Q q 0 0 0 rg BT 320.51 562.75 Td (until ) Tj ET Q q 0 0 0 rg BT 341.34 562.75 Td (December ) Tj ET Q q 0 0 0 rg BT 389.95 562.75 Td (17, ) Tj ET Q q 0 0 0 rg BT 406.34 562.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 433.85 562.75 Td (on ) Tj ET Q q 0 0 0 rg BT 447.46 562.75 Td (the ) Tj ET Q q 0 0 0 rg BT 463.84 562.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 491.33 562.75 Td (set ) Tj ET Q q 0 0 0 rg BT 507.15 562.75 Td (forth ) Tj ET Q q 0 0 0 rg BT 529.65 562.75 Td (below) Tj ET Q q 0 0 0 rg BT 555.23 562.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 538.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 538.75 Td (NOW) Tj ET Q q 0 0 0 rg BT 113.89 538.75 Td (, ) Tj ET Q q 0 0 0 rg BT 119.57 538.75 Td (THEREFORE, ) Tj ET Q q 0 0 0 rg BT 187.13 538.75 Td (in ) Tj ET Q q 0 0 0 rg BT 198.02 538.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 260.61 538.75 Td (of ) Tj ET Q q 0 0 0 rg BT 272.06 538.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.07 538.75 Td (premises ) Tj ET Q q 0 0 0 rg BT 332.75 538.75 Td (and ) Tj ET Q q 0 0 0 rg BT 352.54 538.75 Td (for ) Tj ET Q q 0 0 0 rg BT 367.32 538.75 Td (other ) Tj ET Q q 0 0 0 rg BT 393.23 538.75 Td (good ) Tj ET Q q 0 0 0 rg BT 418.58 538.75 Td (and ) Tj ET Q q 0 0 0 rg BT 438.38 538.75 Td (valuable ) Tj ET Q q 0 0 0 rg BT 478.74 538.75 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 544.11 538.75 Td (the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 526.75 Td (receipt ) Tj ET Q q 0 0 0 rg BT 86.79 526.75 Td (and ) Tj ET Q q 0 0 0 rg BT 106.26 526.75 Td (suf) Tj ET Q q 0 0 0 rg BT 119.42 526.75 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 155.54 526.75 Td (of ) Tj ET Q q 0 0 0 rg BT 166.66 526.75 Td (which ) Tj ET Q q 0 0 0 rg BT 195.00 526.75 Td (are ) Tj ET Q q 0 0 0 rg BT 212.23 526.75 Td (hereby ) Tj ET Q q 0 0 0 rg BT 245.59 526.75 Td (acknowledged, ) Tj ET Q q 0 0 0 rg BT 315.08 526.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 358.42 526.75 Td (and ) Tj ET Q q 0 0 0 rg BT 377.89 526.75 Td (Lender ) Tj ET Q q 0 0 0 rg BT 411.80 526.75 Td (hereby ) Tj ET Q q 0 0 0 rg BT 445.16 526.75 Td (agree ) Tj ET Q q 0 0 0 rg BT 473.51 526.75 Td (as ) Tj ET Q q 0 0 0 rg BT 486.85 526.75 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 502.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 502.75 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 502.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 501.32421875 m 173.7978515625 501.32421875 l s q 0 0 0 rg BT 126.00 502.75 Td (Preambles) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 173.80 502.75 Td (.) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 176.58 502.75 Td ( ) Tj ET Q q 0 0 0 rg BT 179.54 502.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 182.50 502.75 Td (The ) Tj ET Q q 0 0 0 rg BT 202.69 502.75 Td (Preambles ) Tj ET Q q 0 0 0 rg BT 253.45 502.75 Td (are ) Tj ET Q q 0 0 0 rg BT 270.86 502.75 Td (true ) Tj ET Q q 0 0 0 rg BT 291.05 502.75 Td (and ) Tj ET Q q 0 0 0 rg BT 310.69 502.75 Td (correct, ) Tj ET Q q 0 0 0 rg BT 346.99 502.75 Td (and, ) Tj ET Q q 0 0 0 rg BT 369.42 502.75 Td (with ) Tj ET Q q 0 0 0 rg BT 390.16 502.75 Td (the ) Tj ET Q q 0 0 0 rg BT 407.02 502.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 442.79 502.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 470.75 502.75 Td (set ) Tj ET Q q 0 0 0 rg BT 487.05 502.75 Td (forth ) Tj ET Q q 0 0 0 rg BT 510.02 502.75 Td (herein, ) Tj ET Q q 0 0 0 rg BT 543.55 502.75 Td (are ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 490.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 112.37 490.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 142.95 490.75 Td (by ) Tj ET Q q 0 0 0 rg BT 156.29 490.75 Td (this ) Tj ET Q q 0 0 0 rg BT 174.63 490.75 Td (reference.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 466.75 Td (2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 466.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 465.32421875 m 242.1767578125 465.32421875 l s q 0 0 0 rg BT 126.00 466.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 182.69 466.75 Td (to ) Tj ET Q q 0 0 0 rg BT 193.26 466.75 Td (Agreement) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 242.18 466.75 Td (.) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 244.96 466.75 Td ( ) Tj ET Q q 0 0 0 rg BT 247.73 466.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 250.51 466.75 Td (The ) Tj ET Q q 0 0 0 rg BT 269.97 466.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 321.66 466.75 Td (is ) Tj ET Q q 0 0 0 rg BT 331.66 466.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 376.14 466.75 Td (as ) Tj ET Q q 0 0 0 rg BT 389.48 466.75 Td (follows:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 442.75 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 442.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 126.00 442.75 Td (The ) Tj ET Q q 0 0 0 rg BT 146.65 442.75 Td (definition ) Tj ET Q q 0 0 0 rg BT 190.11 442.75 Td (T) Tj ET Q q 0 0 0 rg BT 198.44 442.75 Td (ermination ) Tj ET Q q 0 0 0 rg BT 248.55 442.75 Td (Date ) Tj ET Q q 0 0 0 rg BT 276.42 442.75 Td (in ) Tj ET Q q 0 0 0 rg BT 287.63 442.75 Td (Section ) Tj ET Q q 0 0 0 rg BT 324.41 442.75 Td (1 ) Tj ET Q q 0 0 0 rg BT 333.39 442.75 Td (of ) Tj ET Q q 0 0 0 rg BT 345.16 442.75 Td (the ) Tj ET Q q 0 0 0 rg BT 361.80 442.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 414.14 442.75 Td (is ) Tj ET Q q 0 0 0 rg BT 424.78 442.75 Td (deleted ) Tj ET Q q 0 0 0 rg BT 461.01 442.75 Td (and ) Tj ET Q q 0 0 0 rg BT 481.12 442.75 Td (replaced ) Tj ET Q q 0 0 0 rg BT 522.90 442.75 Td (with ) Tj ET Q q 0 0 0 rg BT 544.11 442.75 Td (the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 430.75 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 406.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 162 405.32421875 m 238.01416015625 405.32421875 l s q 0 0 0 rg BT 162.00 406.75 Td (T) Tj ET Q q 0 0 0 rg BT 167.00 406.75 Td (ermination ) Tj ET Q q 0 0 0 rg BT 216.89 406.75 Td (Date) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 238.01 406.75 Td ( ) Tj ET Q q 0 0 0 rg BT 241.22 406.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 264.98 406.75 Td (mean ) Tj ET Q q 0 0 0 rg BT 293.20 406.75 Td (the ) Tj ET Q q 0 0 0 rg BT 310.30 406.75 Td (earlier ) Tj ET Q q 0 0 0 rg BT 341.29 406.75 Td (of ) Tj ET Q q 0 0 0 rg BT 352.83 406.75 Td (December ) Tj ET Q q 0 0 0 rg BT 402.16 406.75 Td (17, ) Tj ET Q q 0 0 0 rg BT 419.27 406.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 447.49 406.75 Td (or ) Tj ET Q q 0 0 0 rg BT 459.59 406.75 Td (the ) Tj ET Q q 0 0 0 rg BT 476.69 406.75 Td (date ) Tj ET Q q 0 0 0 rg BT 499.35 406.75 Td (on ) Tj ET Q q 0 0 0 rg BT 513.68 406.75 Td (which ) Tj ET Q q 0 0 0 rg BT 542.45 406.75 Td (this ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 126.00 394.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 177.69 394.75 Td (is ) Tj ET Q q 0 0 0 rg BT 187.69 394.75 Td (terminated ) Tj ET Q q 0 0 0 rg BT 237.72 394.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 279.41 394.75 Td (to ) Tj ET Q q 0 0 0 rg BT 290.53 394.75 Td (Section12.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 370.75 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 370.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 126.00 370.75 Td (The ) Tj ET Q q 0 0 0 rg BT 145.95 370.75 Td (reference ) Tj ET Q q 0 0 0 rg BT 190.91 370.75 Td (to ) Tj ET Q q 0 0 0 rg BT 201.96 370.75 Td (December ) Tj ET Q q 0 0 0 rg BT 254.13 370.75 Td (19, ) Tj ET Q q 0 0 0 rg BT 270.75 370.75 Td (2014 ) Tj ET Q q 0 0 0 rg BT 299.04 370.75 Td (in ) Tj ET Q BT /F5 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 369.32421875 m 349.4873046875 369.32421875 l s q 0 0 0 rg BT 309.54 370.75 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 342.27 370.75 Td (C) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 349.49 370.75 Td ( ) Tj ET Q q 0 0 0 rg BT 352.20 370.75 Td (\(Pricing ) Tj ET Q q 0 0 0 rg BT 388.81 370.75 Td (and ) Tj ET Q q 0 0 0 rg BT 408.21 370.75 Td (Fees\) ) Tj ET Q q 0 0 0 rg BT 436.49 370.75 Td (to ) Tj ET Q q 0 0 0 rg BT 447.54 370.75 Td (the ) Tj ET Q q 0 0 0 rg BT 463.62 370.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 515.25 370.75 Td (is ) Tj ET Q q 0 0 0 rg BT 525.18 370.75 Td (deleted ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 358.75 Td (and ) Tj ET Q q 0 0 0 rg BT 109.46 358.75 Td (replaced ) Tj ET Q q 0 0 0 rg BT 150.60 358.75 Td (with ) Tj ET Q q 0 0 0 rg BT 171.16 358.75 Td (December ) Tj ET Q q 0 0 0 rg BT 223.40 358.75 Td (18, ) Tj ET Q q 0 0 0 rg BT 240.08 358.75 Td (2015.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 334.75 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 334.75 Td (3. ) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 333.32421875 m 219.74951171875 333.32421875 l s q 0 0 0 rg BT 126.00 334.75 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 173.05 334.75 Td (Schedules) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 219.75 334.75 Td (. ) Tj ET Q q 0 0 0 rg BT 227.34 334.75 Td ( ) Tj ET Q q 0 0 0 rg BT 232.15 334.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 277.52 334.75 Td (acknowledges ) Tj ET Q q 0 0 0 rg BT 345.70 334.75 Td (receipt ) Tj ET Q q 0 0 0 rg BT 380.53 334.75 Td (of ) Tj ET Q q 0 0 0 rg BT 393.68 334.75 Td (the ) Tj ET Q q 0 0 0 rg BT 412.39 334.75 Td (Schedules ) Tj ET Q q 0 0 0 rg BT 463.90 334.75 Td (of ) Tj ET Q q 0 0 0 rg BT 477.04 334.75 Td (Eligible ) Tj ET Q q 0 0 0 rg BT 514.10 334.75 Td (Securities ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 322.75 Td (attached ) Tj ET Q q 0 0 0 rg BT 95.14 322.75 Td (to ) Tj ET Q q 0 0 0 rg BT 106.26 322.75 Td (this ) Tj ET Q q 0 0 0 rg BT 124.05 322.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 180.74 322.75 Td (as ) Tj ET Q BT /F5 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 321.32421875 m 232.994140625 321.32421875 l s q 0 0 0 rg BT 194.08 322.75 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 226.32 322.75 Td (A) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 232.99 322.75 Td (, ) Tj ET Q q 0 0 0 rg BT 238.55 322.75 Td (which ) Tj ET Q q 0 0 0 rg BT 266.90 322.75 Td (are ) Tj ET Q q 0 0 0 rg BT 284.13 322.75 Td (the ) Tj ET Q q 0 0 0 rg BT 300.81 322.75 Td (current ) Tj ET Q q 0 0 0 rg BT 334.71 322.75 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 379.73 322.75 Td (Summaries.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 298.75 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 298.75 Td (4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 298.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 297.32421875 m 177.1376953125 297.32421875 l s q 0 0 0 rg BT 126.00 298.75 Td (References) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 177.14 298.75 Td (. ) Tj ET Q q 0 0 0 rg BT 183.97 298.75 Td ( ) Tj ET Q q 0 0 0 rg BT 187.22 298.75 Td (All ) Tj ET Q q 0 0 0 rg BT 202.38 298.75 Td (references ) Tj ET Q q 0 0 0 rg BT 253.68 298.75 Td (in ) Tj ET Q q 0 0 0 rg BT 265.52 298.75 Td (the ) Tj ET Q q 0 0 0 rg BT 283.47 298.75 Td (Note, ) Tj ET Q q 0 0 0 rg BT 311.42 298.75 Td (the ) Tj ET Q q 0 0 0 rg BT 329.38 298.75 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 375.67 298.75 Td (Pledge ) Tj ET Q q 0 0 0 rg BT 410.05 298.75 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 465.80 298.75 Td (and ) Tj ET Q q 0 0 0 rg BT 486.54 298.75 Td (the ) Tj ET Q q 0 0 0 rg BT 504.49 298.75 Td (other ) Tj ET Q q 0 0 0 rg BT 531.34 298.75 Td (Credit ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 286.75 Td (Documents ) Tj ET Q q 0 0 0 rg BT 106.49 286.75 Td (to ) Tj ET Q q 0 0 0 rg BT 116.74 286.75 Td (the ) Tj ET Q q 0 0 0 rg BT 135.89 286.75 Td (Loan ) Tj ET Q q 0 0 0 rg BT 159.66 286.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 213.82 286.75 Td (and ) Tj ET Q q 0 0 0 rg BT 232.42 286.75 Td (any ) Tj ET Q q 0 0 0 rg BT 250.46 286.75 Td (other ) Tj ET Q q 0 0 0 rg BT 275.16 286.75 Td (references ) Tj ET Q q 0 0 0 rg BT 324.32 286.75 Td (of ) Tj ET Q q 0 0 0 rg BT 334.57 286.75 Td (similar ) Tj ET Q q 0 0 0 rg BT 365.37 286.75 Td (import ) Tj ET Q q 0 0 0 rg BT 395.07 286.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 417.55 286.75 Td (henceforth ) Tj ET Q q 0 0 0 rg BT 466.71 286.75 Td (mean ) Tj ET Q q 0 0 0 rg BT 493.64 286.75 Td (the ) Tj ET Q q 0 0 0 rg BT 509.08 286.75 Td (Agreement ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 274.75 Td (as ) Tj ET Q q 0 0 0 rg BT 67.34 274.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 111.82 274.75 Td (by ) Tj ET Q q 0 0 0 rg BT 125.16 274.75 Td (this ) Tj ET Q q 0 0 0 rg BT 142.95 274.75 Td (Amendment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 250.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 250.75 Td (4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 250.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 249.32421875 m 215.55615234375 249.32421875 l s q 0 0 0 rg BT 126.00 250.75 Td (Full ) Tj ET Q q 0 0 0 rg BT 144.05 250.75 Td (Force ) Tj ET Q q 0 0 0 rg BT 171.55 250.75 Td (and ) Tj ET Q q 0 0 0 rg BT 190.17 250.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 199.44 250.75 Td (fect) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 215.56 250.75 Td (.) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 218.33 250.75 Td ( ) Tj ET Q q 0 0 0 rg BT 220.27 250.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 222.21 250.75 Td (Except ) Tj ET Q q 0 0 0 rg BT 254.72 250.75 Td (to ) Tj ET Q q 0 0 0 rg BT 264.99 250.75 Td (the ) Tj ET Q q 0 0 0 rg BT 280.83 250.75 Td (extent ) Tj ET Q q 0 0 0 rg BT 310.01 250.75 Td (specifically ) Tj ET Q q 0 0 0 rg BT 360.30 250.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 403.93 250.75 Td (by ) Tj ET Q q 0 0 0 rg BT 416.43 250.75 Td (this ) Tj ET Q q 0 0 0 rg BT 433.55 250.75 Td (Amendment, ) Tj ET Q q 0 0 0 rg BT 492.18 250.75 Td (all ) Tj ET Q q 0 0 0 rg BT 504.12 250.75 Td (of ) Tj ET Q q 0 0 0 rg BT 514.40 250.75 Td (the ) Tj ET Q q 0 0 0 rg BT 530.23 250.75 Td (terms, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 238.75 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 104.56 238.75 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 155.13 238.75 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 206.26 238.75 Td (representations ) Tj ET Q q 0 0 0 rg BT 277.95 238.75 Td (and ) Tj ET Q q 0 0 0 rg BT 297.40 238.75 Td (warranties ) Tj ET Q q 0 0 0 rg BT 346.29 238.75 Td (contained ) Tj ET Q q 0 0 0 rg BT 392.42 238.75 Td (in ) Tj ET Q q 0 0 0 rg BT 402.97 238.75 Td (the ) Tj ET Q q 0 0 0 rg BT 419.09 238.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 470.77 238.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 494.10 238.75 Td (be ) Tj ET Q q 0 0 0 rg BT 507.98 238.75 Td (and ) Tj ET Q q 0 0 0 rg BT 527.43 238.75 Td (remain ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 226.75 Td (in ) Tj ET Q q 0 0 0 rg BT 64.56 226.75 Td (full ) Tj ET Q q 0 0 0 rg BT 80.12 226.75 Td (force ) Tj ET Q q 0 0 0 rg BT 105.13 226.75 Td (and ) Tj ET Q q 0 0 0 rg BT 124.60 226.75 Td (ef) Tj ET Q q 0 0 0 rg BT 132.75 226.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 151.65 226.75 Td (and ) Tj ET Q q 0 0 0 rg BT 171.11 226.75 Td (the ) Tj ET Q q 0 0 0 rg BT 187.79 226.75 Td (same ) Tj ET Q q 0 0 0 rg BT 215.03 226.75 Td (are ) Tj ET Q q 0 0 0 rg BT 232.26 226.75 Td (hereby ) Tj ET Q q 0 0 0 rg BT 265.61 226.75 Td (ratified ) Tj ET Q q 0 0 0 rg BT 298.40 226.75 Td (and ) Tj ET Q q 0 0 0 rg BT 317.87 226.75 Td (confirmed.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 202.75 Td (5.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 202.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 201.32421875 m 212.03369140625 201.32421875 l s q 0 0 0 rg BT 126.00 202.75 Td (Continuing ) Tj ET Q q 0 0 0 rg BT 176.28 202.75 Td (Security) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 211.66 202.75 Td (. ) Tj ET Q q 0 0 0 rg BT 216.91 202.75 Td ( ) Tj ET Q q 0 0 0 rg BT 219.22 202.75 Td (The ) Tj ET Q q 0 0 0 rg BT 238.43 202.75 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 292.59 202.75 Td (as ) Tj ET Q q 0 0 0 rg BT 305.62 202.75 Td (hereby ) Tj ET Q q 0 0 0 rg BT 338.67 202.75 Td (amended, ) Tj ET Q q 0 0 0 rg BT 385.62 202.75 Td (and ) Tj ET Q q 0 0 0 rg BT 404.77 202.75 Td (the ) Tj ET Q q 0 0 0 rg BT 421.14 202.75 Td (Note, ) Tj ET Q q 0 0 0 rg BT 447.51 202.75 Td (are, ) Tj ET Q q 0 0 0 rg BT 467.21 202.75 Td (and ) Tj ET Q q 0 0 0 rg BT 486.36 202.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 509.40 202.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 549.68 202.75 Td (to ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 190.75 Td (be, ) Tj ET Q q 0 0 0 rg BT 70.68 190.75 Td (secured ) Tj ET Q q 0 0 0 rg BT 109.03 190.75 Td (by ) Tj ET Q q 0 0 0 rg BT 122.37 190.75 Td (the ) Tj ET Q q 0 0 0 rg BT 139.05 190.75 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 184.07 190.75 Td (Pledge ) Tj ET Q q 0 0 0 rg BT 217.44 190.75 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 166.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 166.75 Td (6.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 166.75 Td ( ) Tj ET Q BT /F5 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 232.47265625 165.32421875 l s q 0 0 0 rg BT 126.00 166.75 Td (Successors ) Tj ET Q q 0 0 0 rg BT 179.40 166.75 Td (and ) Tj ET Q q 0 0 0 rg BT 197.46 166.75 Td (Assigns) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 232.47 166.75 Td (.) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 235.25 166.75 Td ( ) Tj ET Q q 0 0 0 rg BT 236.97 166.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 238.68 166.75 Td (This ) Tj ET Q q 0 0 0 rg BT 258.95 166.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 314.58 166.75 Td (shall ) Tj ET Q q 0 0 0 rg BT 336.86 166.75 Td (be ) Tj ET Q q 0 0 0 rg BT 349.70 166.75 Td (binding ) Tj ET Q q 0 0 0 rg BT 383.66 166.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 407.62 166.75 Td (and ) Tj ET Q q 0 0 0 rg BT 426.02 166.75 Td (inure ) Tj ET Q q 0 0 0 rg BT 449.97 166.75 Td (to ) Tj ET Q q 0 0 0 rg BT 460.03 166.75 Td (the ) Tj ET Q q 0 0 0 rg BT 475.64 166.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 507.38 166.75 Td (of ) Tj ET Q q 0 0 0 rg BT 517.44 166.75 Td (Borrower ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 154.75 Td (and ) Tj ET Q q 0 0 0 rg BT 73.11 154.75 Td (Lender ) Tj ET Q q 0 0 0 rg BT 106.67 154.75 Td (and ) Tj ET Q q 0 0 0 rg BT 125.77 154.75 Td (their ) Tj ET Q q 0 0 0 rg BT 147.65 154.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 195.64 154.75 Td (successors ) Tj ET Q q 0 0 0 rg BT 248.08 154.75 Td (and ) Tj ET Q q 0 0 0 rg BT 267.19 154.75 Td (assigns, ) Tj ET Q q 0 0 0 rg BT 306.29 154.75 Td (except ) Tj ET Q q 0 0 0 rg BT 338.18 154.75 Td (that ) Tj ET Q q 0 0 0 rg BT 357.28 154.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 400.26 154.75 Td (may ) Tj ET Q q 0 0 0 rg BT 421.58 154.75 Td (not ) Tj ET Q q 0 0 0 rg BT 437.90 154.75 Td (assign, ) Tj ET Q q 0 0 0 rg BT 472.01 154.75 Td (transfer ) Tj ET Q q 0 0 0 rg BT 508.33 154.75 Td (or ) Tj ET Q q 0 0 0 rg BT 519.64 154.75 Td (delegate ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 142.75 Td (any ) Tj ET Q q 0 0 0 rg BT 72.90 142.75 Td (of ) Tj ET Q q 0 0 0 rg BT 84.02 142.75 Td (its ) Tj ET Q q 0 0 0 rg BT 96.80 142.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 124.03 142.75 Td (or ) Tj ET Q q 0 0 0 rg BT 135.70 142.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 186.29 142.75 Td (under ) Tj ET Q q 0 0 0 rg BT 214.64 142.75 Td (the ) Tj ET Q q 0 0 0 rg BT 230.77 142.75 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 282.47 142.75 Td (as ) Tj ET Q q 0 0 0 rg BT 295.81 142.75 Td (amended ) Tj ET Q q 0 0 0 rg BT 340.28 142.75 Td (by ) Tj ET Q q 0 0 0 rg BT 353.62 142.75 Td (this ) Tj ET Q q 0 0 0 rg BT 371.41 142.75 Td (Amendment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 118.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 118.75 Td (7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 118.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 117.32421875 m 269.037109375 117.32421875 l s q 0 0 0 rg BT 126.00 118.75 Td (Representations ) Tj ET Q q 0 0 0 rg BT 201.60 118.75 Td (and ) Tj ET Q q 0 0 0 rg BT 221.06 118.75 Td (W) Tj ET Q q 0 0 0 rg BT 230.13 118.75 Td (arranties) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 269.04 118.75 Td (.) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 271.82 118.75 Td ( ) Tj ET Q q 0 0 0 rg BT 274.59 118.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 277.37 118.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 320.72 118.75 Td (hereby ) Tj ET Q q 0 0 0 rg BT 354.07 118.75 Td (represents ) Tj ET Q q 0 0 0 rg BT 404.10 118.75 Td (and ) Tj ET Q q 0 0 0 rg BT 423.56 118.75 Td (warrants ) Tj ET Q q 0 0 0 rg BT 464.68 118.75 Td (to ) Tj ET Q q 0 0 0 rg BT 475.80 118.75 Td (Lender ) Tj ET Q q 0 0 0 rg BT 509.72 118.75 Td (that:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 94.75 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 94.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 126.00 94.75 Td (the ) Tj ET Q q 0 0 0 rg BT 143.04 94.75 Td (execution, ) Tj ET Q q 0 0 0 rg BT 191.75 94.75 Td (delivery ) Tj ET Q q 0 0 0 rg BT 229.35 94.75 Td (and ) Tj ET Q q 0 0 0 rg BT 249.17 94.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 308.44 94.75 Td (by ) Tj ET Q q 0 0 0 rg BT 322.13 94.75 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 365.83 94.75 Td (of ) Tj ET Q q 0 0 0 rg BT 377.31 94.75 Td (this ) Tj ET Q q 0 0 0 rg BT 395.38 94.75 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 452.43 94.75 Td (are ) Tj ET Q q 0 0 0 rg BT 470.02 94.75 Td (within ) Tj ET Q q 0 0 0 rg BT 498.72 94.75 Td (the ) Tj ET Q q 0 0 0 rg BT 515.75 94.75 Td (corporate ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 82.75 Td (powers ) Tj ET Q q 0 0 0 rg BT 125.01 82.75 Td (of ) Tj ET Q q 0 0 0 rg BT 136.13 82.75 Td (Borrower) Tj ET Q q 0 0 0 rg BT 176.14 82.75 Td (, ) Tj ET Q q 0 0 0 rg BT 181.70 82.75 Td (have ) Tj ET Q q 0 0 0 rg BT 206.16 82.75 Td (been ) Tj ET Q q 0 0 0 rg BT 231.18 82.75 Td (duly ) Tj ET Q q 0 0 0 rg BT 252.30 82.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 301.77 82.75 Td (by ) Tj ET Q q 0 0 0 rg BT 315.11 82.75 Td (all ) Tj ET Q q 0 0 0 rg BT 327.89 82.75 Td (necessary ) Tj ET Q q 0 0 0 rg BT 376.24 82.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 421.26 82.75 Td (action ) Tj ET Q q 0 0 0 rg BT 450.72 82.75 Td (and ) Tj ET Q q 0 0 0 rg BT 470.18 82.75 Td (require ) Tj ET Q q 0 0 0 rg BT 504.08 82.75 Td (no ) Tj ET Q q 0 0 0 rg BT 517.98 82.75 Td (action ) Tj ET Q q 0 0 0 rg BT 547.44 82.75 Td (by ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 70.75 Td (or ) Tj ET Q q 0 0 0 rg BT 101.59 70.75 Td (in ) Tj ET Q q 0 0 0 rg BT 112.07 70.75 Td (respect ) Tj ET Q q 0 0 0 rg BT 147.56 70.75 Td (of, ) Tj ET Q q 0 0 0 rg BT 161.37 70.75 Td (consent ) Tj ET Q q 0 0 0 rg BT 199.09 70.75 Td (of ) Tj ET Q q 0 0 0 rg BT 210.13 70.75 Td (or ) Tj ET Q q 0 0 0 rg BT 221.72 70.75 Td (filing ) Tj ET Q q 0 0 0 rg BT 244.98 70.75 Td (or ) Tj ET Q q 0 0 0 rg BT 256.57 70.75 Td (recording ) Tj ET Q q 0 0 0 rg BT 300.96 70.75 Td (with, ) Tj ET Q q 0 0 0 rg BT 324.22 70.75 Td (any ) Tj ET Q q 0 0 0 rg BT 343.04 70.75 Td (governmental ) Tj ET Q q 0 0 0 rg BT 406.32 70.75 Td (or ) Tj ET Q q 0 0 0 rg BT 417.91 70.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 465.08 70.75 Td (body) Tj ET Q q 0 0 0 rg BT 486.02 70.75 Td (, ) Tj ET Q q 0 0 0 rg BT 491.49 70.75 Td (instrumentality) Tj ET Q q 0 0 0 rg BT 555.22 70.75 Td (, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 58.75 Td (authority) Tj ET Q q 0 0 0 rg BT 127.61 58.75 Td (, ) Tj ET Q q 0 0 0 rg BT 133.17 58.75 Td (agency ) Tj ET Q q 0 0 0 rg BT 168.19 58.75 Td (or ) Tj ET Q q 0 0 0 rg BT 179.86 58.75 Td (of) Tj ET Q q 0 0 0 rg BT 188.02 58.75 Td (ficial ) Tj ET Q q 0 0 0 rg BT 210.81 58.75 Td (or ) Tj ET Q q 0 0 0 rg BT 222.48 58.75 Td (any ) Tj ET Q q 0 0 0 rg BT 241.38 58.75 Td (other ) Tj ET Q q 0 0 0 rg BT 266.95 58.75 Td (person ) Tj ET Q q 0 0 0 rg BT 300.30 58.75 Td (or ) Tj ET Q q 0 0 0 rg BT 311.97 58.75 Td (entity;) Tj ET Q endstream endobj 249 0 obj <> endobj 250 0 obj <> stream BT /F7 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5098039215686274 0.5098039215686274 0.5098039215686274 rg BT 50.00 42.95 Td (6287833) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 297.10 30.95 Td (- 2 -) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 719.10 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 719.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 126.00 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.57 719.10 Td (execution, ) Tj ET Q q 0 0 0 rg BT 192.83 719.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 230.96 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.32 719.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 311.13 719.10 Td (by ) Tj ET Q q 0 0 0 rg BT 325.36 719.10 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 369.60 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.61 719.10 Td (this ) Tj ET Q q 0 0 0 rg BT 400.12 719.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 457.71 719.10 Td (do ) Tj ET Q q 0 0 0 rg BT 472.50 719.10 Td (not ) Tj ET Q q 0 0 0 rg BT 490.08 719.10 Td (conflict ) Tj ET Q q 0 0 0 rg BT 524.87 719.10 Td (with, ) Tj ET Q q 0 0 0 rg BT 549.11 719.10 Td (or ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 707.10 Td (result ) Tj ET Q q 0 0 0 rg BT 118.11 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.55 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 138.76 707.10 Td (breach ) Tj ET Q q 0 0 0 rg BT 172.99 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.99 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.54 707.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 233.98 707.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 282.66 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 295.21 707.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 343.88 707.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 358.65 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 371.20 707.10 Td (constitute ) Tj ET Q q 0 0 0 rg BT 417.66 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 426.88 707.10 Td (default ) Tj ET Q q 0 0 0 rg BT 460.55 707.10 Td (under ) Tj ET Q q 0 0 0 rg BT 489.79 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 502.33 707.10 Td (result ) Tj ET Q q 0 0 0 rg BT 530.44 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 541.88 707.10 Td (any ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 695.10 Td (violation ) Tj ET Q q 0 0 0 rg BT 130.30 695.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 145.03 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.54 695.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 191.15 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.11 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.62 695.10 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 269.24 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.20 695.10 Td (Incorporation ) Tj ET Q q 0 0 0 rg BT 343.18 695.10 Td (or ) Tj ET Q q 0 0 0 rg BT 355.68 695.10 Td (Bylaws ) Tj ET Q q 0 0 0 rg BT 390.96 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.92 695.10 Td (Borrower) Tj ET Q q 0 0 0 rg BT 442.93 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 449.32 695.10 Td (any ) Tj ET Q q 0 0 0 rg BT 469.05 695.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 517.70 695.10 Td (law) Tj ET Q q 0 0 0 rg BT 532.15 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 538.54 695.10 Td (rule, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 683.10 Td (regulation, ) Tj ET Q q 0 0 0 rg BT 139.49 683.10 Td (order) Tj ET Q q 0 0 0 rg BT 162.28 683.10 Td (, ) Tj ET Q q 0 0 0 rg BT 167.85 683.10 Td (writ, ) Tj ET Q q 0 0 0 rg BT 188.97 683.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 232.90 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 244.58 683.10 Td (decree ) Tj ET Q q 0 0 0 rg BT 277.95 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.08 683.10 Td (any ) Tj ET Q q 0 0 0 rg BT 307.99 683.10 Td (court ) Tj ET Q q 0 0 0 rg BT 333.02 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 344.70 683.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 408.08 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 419.76 683.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 467.02 683.10 Td (body) Tj ET Q q 0 0 0 rg BT 487.96 683.10 Td (, ) Tj ET Q q 0 0 0 rg BT 493.53 683.10 Td (instrumentality ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 671.10 Td (authority) Tj ET Q q 0 0 0 rg BT 127.61 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 133.58 671.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 169.02 671.10 Td (or ) Tj ET Q q 0 0 0 rg BT 181.11 671.10 Td (of) Tj ET Q q 0 0 0 rg BT 189.27 671.10 Td (ficial ) Tj ET Q q 0 0 0 rg BT 212.47 671.10 Td (or ) Tj ET Q q 0 0 0 rg BT 224.55 671.10 Td (any ) Tj ET Q q 0 0 0 rg BT 243.87 671.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 297.65 671.10 Td (document ) Tj ET Q q 0 0 0 rg BT 344.76 671.10 Td (or ) Tj ET Q q 0 0 0 rg BT 356.84 671.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 406.72 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.25 671.10 Td (which ) Tj ET Q q 0 0 0 rg BT 447.01 671.10 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 490.77 671.10 Td (is ) Tj ET Q q 0 0 0 rg BT 501.19 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 509.94 671.10 Td (party ) Tj ET Q q 0 0 0 rg BT 535.37 671.10 Td (or ) Tj ET Q q 0 0 0 rg BT 547.45 671.10 Td (by ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 659.10 Td (which ) Tj ET Q q 0 0 0 rg BT 117.66 659.10 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 160.32 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 171.30 659.10 Td (any ) Tj ET Q q 0 0 0 rg BT 189.51 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.95 659.10 Td (its ) Tj ET Q q 0 0 0 rg BT 212.04 659.10 Td (property ) Tj ET Q q 0 0 0 rg BT 250.81 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 261.80 659.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 292.79 659.10 Td (is ) Tj ET Q q 0 0 0 rg BT 302.10 659.10 Td (bound ) Tj ET Q q 0 0 0 rg BT 332.00 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 342.99 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.42 659.10 Td (which ) Tj ET Q q 0 0 0 rg BT 381.08 659.10 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 423.74 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 434.72 659.10 Td (any ) Tj ET Q q 0 0 0 rg BT 452.93 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.37 659.10 Td (its ) Tj ET Q q 0 0 0 rg BT 475.46 659.10 Td (property ) Tj ET Q q 0 0 0 rg BT 514.23 659.10 Td (is ) Tj ET Q q 0 0 0 rg BT 523.55 659.10 Td (subject;) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 635.10 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.66 635.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 126.00 635.10 Td (this ) Tj ET Q q 0 0 0 rg BT 143.53 635.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 199.91 635.10 Td (has ) Tj ET Q q 0 0 0 rg BT 218.49 635.10 Td (been ) Tj ET Q q 0 0 0 rg BT 243.20 635.10 Td (duly ) Tj ET Q q 0 0 0 rg BT 264.01 635.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 307.05 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.20 635.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 369.24 635.10 Td (by ) Tj ET Q q 0 0 0 rg BT 382.26 635.10 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 425.29 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.44 635.10 Td (constitutes ) Tj ET Q q 0 0 0 rg BT 494.70 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.06 635.10 Td (legal, ) Tj ET Q q 0 0 0 rg BT 537.43 635.10 Td (valid ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.06 623.10 Td (binding ) Tj ET Q q 0 0 0 rg BT 145.68 623.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 191.87 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.58 623.10 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 247.52 623.10 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 303.15 623.10 Td (against ) Tj ET Q q 0 0 0 rg BT 338.77 623.10 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 382.71 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.86 623.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 448.94 623.10 Td (with ) Tj ET Q q 0 0 0 rg BT 470.09 623.10 Td (its ) Tj ET Q q 0 0 0 rg BT 483.46 623.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 514.61 623.10 Td (except ) Tj ET Q q 0 0 0 rg BT 547.45 623.10 Td (as ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 611.10 Td (such ) Tj ET Q q 0 0 0 rg BT 115.24 611.10 Td (enforceability ) Tj ET Q q 0 0 0 rg BT 178.28 611.10 Td (may ) Tj ET Q q 0 0 0 rg BT 201.28 611.10 Td (be ) Tj ET Q q 0 0 0 rg BT 216.52 611.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 249.53 611.10 Td (by ) Tj ET Q q 0 0 0 rg BT 264.21 611.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 277.21 611.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 326.36 611.10 Td (bankruptcy) Tj ET Q q 0 0 0 rg BT 374.53 611.10 Td (, ) Tj ET Q q 0 0 0 rg BT 381.43 611.10 Td (insolvency ) Tj ET Q q 0 0 0 rg BT 432.23 611.10 Td (or ) Tj ET Q q 0 0 0 rg BT 445.24 611.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 478.24 611.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 502.36 611.10 Td (af) Tj ET Q q 0 0 0 rg BT 510.52 611.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 544.10 611.10 Td (the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 599.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 148.83 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.41 599.10 Td (creditors) Tj ET Q q 0 0 0 rg BT 200.60 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.84 599.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 231.54 599.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 275.36 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.28 599.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 309.63 599.10 Td (general ) Tj ET Q q 0 0 0 rg BT 346.23 599.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 391.71 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.29 599.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 433.22 599.10 Td (\(regardless ) Tj ET Q q 0 0 0 rg BT 486.48 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 498.06 599.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 536.87 599.10 Td (such ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 587.10 Td (enforceability ) Tj ET Q q 0 0 0 rg BT 151.70 587.10 Td (is ) Tj ET Q q 0 0 0 rg BT 161.70 587.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 213.40 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 223.96 587.10 Td (a ) Tj ET Q q 0 0 0 rg BT 232.30 587.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 284.56 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.12 587.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 324.58 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 336.25 587.10 Td (at ) Tj ET Q q 0 0 0 rg BT 347.37 587.10 Td (law\); ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 563.10 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 563.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 126.00 563.10 Td (all ) Tj ET Q q 0 0 0 rg BT 137.66 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.66 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.22 563.10 Td (representations ) Tj ET Q q 0 0 0 rg BT 233.81 563.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.16 563.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 299.94 563.10 Td (made ) Tj ET Q q 0 0 0 rg BT 326.62 563.10 Td (by ) Tj ET Q q 0 0 0 rg BT 338.84 563.10 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 381.06 563.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.51 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.74 563.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 459.09 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.65 563.10 Td (Note, ) Tj ET Q q 0 0 0 rg BT 500.21 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.77 563.10 Td (Collateral ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 551.10 Td (Pledge ) Tj ET Q q 0 0 0 rg BT 123.34 551.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 177.77 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 197.20 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.85 551.10 Td (other ) Tj ET Q q 0 0 0 rg BT 239.38 551.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 268.80 551.10 Td (Documents ) Tj ET Q q 0 0 0 rg BT 322.12 551.10 Td (are ) Tj ET Q q 0 0 0 rg BT 339.32 551.10 Td (true ) Tj ET Q q 0 0 0 rg BT 359.29 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.72 551.10 Td (correct ) Tj ET Q q 0 0 0 rg BT 412.02 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 422.55 551.10 Td (all ) Tj ET Q q 0 0 0 rg BT 435.30 551.10 Td (material ) Tj ET Q q 0 0 0 rg BT 473.61 551.10 Td (respects ) Tj ET Q q 0 0 0 rg BT 514.14 551.10 Td (on ) Tj ET Q q 0 0 0 rg BT 528.01 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 547.44 551.10 Td (as ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.12 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.80 539.10 Td (date ) Tj ET Q q 0 0 0 rg BT 140.04 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.16 539.10 Td (this ) Tj ET Q q 0 0 0 rg BT 168.95 539.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 225.64 539.10 Td (as ) Tj ET Q q 0 0 0 rg BT 238.98 539.10 Td (if ) Tj ET Q q 0 0 0 rg BT 246.76 539.10 Td (made ) Tj ET Q q 0 0 0 rg BT 274.55 539.10 Td (on ) Tj ET Q q 0 0 0 rg BT 288.45 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 307.92 539.10 Td (as ) Tj ET Q q 0 0 0 rg BT 321.25 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 332.37 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.05 539.10 Td (date ) Tj ET Q q 0 0 0 rg BT 371.29 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.41 539.10 Td (this ) Tj ET Q q 0 0 0 rg BT 400.20 539.10 Td (Amendment; ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 515.10 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 515.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 126.00 515.10 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 171.49 515.10 Td (is ) Tj ET Q q 0 0 0 rg BT 183.64 515.10 Td (an ) Tj ET Q q 0 0 0 rg BT 199.69 515.10 Td (exempted ) Tj ET Q q 0 0 0 rg BT 251.86 515.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 299.57 515.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 318.39 515.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 356.12 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 368.83 515.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 407.11 515.10 Td (221.2 ) Tj ET Q q 0 0 0 rg BT 437.06 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.32 515.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 489.16 515.10 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 531.32 515.10 Td (Board ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 503.10 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 142.28 503.10 Td (U\) ) Tj ET Q q 0 0 0 rg BT 157.30 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.45 503.10 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 223.48 503.10 Td (acknowledges ) Tj ET Q q 0 0 0 rg BT 291.32 503.10 Td (that ) Tj ET Q q 0 0 0 rg BT 312.46 503.10 Td (Lender ) Tj ET Q q 0 0 0 rg BT 348.07 503.10 Td (is ) Tj ET Q q 0 0 0 rg BT 359.75 503.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 400.36 503.10 Td (into ) Tj ET Q q 0 0 0 rg BT 420.95 503.10 Td (this ) Tj ET Q q 0 0 0 rg BT 440.09 503.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 493.47 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.62 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.99 503.10 Td (Other ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 491.10 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 146.69 491.10 Td (based ) Tj ET Q q 0 0 0 rg BT 176.72 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 190.62 491.10 Td (Lender) Tj ET Q q 0 0 0 rg BT 222.13 491.10 Td () Tj ET Q q 0 0 0 rg BT 224.17 491.10 Td (s ) Tj ET Q q 0 0 0 rg BT 231.95 491.10 Td (good ) Tj ET Q q 0 0 0 rg BT 256.97 491.10 Td (faith ) Tj ET Q q 0 0 0 rg BT 278.65 491.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 342.02 491.10 Td (that ) Tj ET Q q 0 0 0 rg BT 361.48 491.10 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 404.82 491.10 Td (is ) Tj ET Q q 0 0 0 rg BT 414.82 491.10 Td (an ) Tj ET Q q 0 0 0 rg BT 428.73 491.10 Td (exempted ) Tj ET Q q 0 0 0 rg BT 478.75 491.10 Td (borrower; ) Tj ET Q q 0 0 0 rg BT 527.09 491.10 Td (and) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 467.10 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 467.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 126.00 467.10 Td (as ) Tj ET Q q 0 0 0 rg BT 139.53 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.83 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.70 467.10 Td (date ) Tj ET Q q 0 0 0 rg BT 190.12 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.43 467.10 Td (this ) Tj ET Q q 0 0 0 rg BT 219.36 467.10 Td (Amendment, ) Tj ET Q q 0 0 0 rg BT 279.02 467.10 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 322.55 467.10 Td (is ) Tj ET Q q 0 0 0 rg BT 332.74 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.49 467.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 397.03 467.10 Td (with ) Tj ET Q q 0 0 0 rg BT 417.78 467.10 Td (all ) Tj ET Q q 0 0 0 rg BT 430.75 467.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 478.73 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 490.04 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.31 467.10 Td (Agreement, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.68 455.10 Td (Note, ) Tj ET Q q 0 0 0 rg BT 133.36 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.04 455.10 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 195.06 455.10 Td (Pledge ) Tj ET Q q 0 0 0 rg BT 228.42 455.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 282.90 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.36 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.04 455.10 Td (other ) Tj ET Q q 0 0 0 rg BT 344.61 455.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 374.06 455.10 Td (Documents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 431.10 Td (8.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 431.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 429.67421875 m 186.21484375 429.67421875 l s q 0 0 0 rg BT 126.00 431.10 Td (Inconsistency) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 185.84 431.10 Td (. ) Tj ET Q q 0 0 0 rg BT 192.99 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.36 431.10 Td (In ) Tj ET Q q 0 0 0 rg BT 210.07 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.34 431.10 Td (event ) Tj ET Q q 0 0 0 rg BT 257.17 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.88 431.10 Td (any ) Tj ET Q q 0 0 0 rg BT 290.37 431.10 Td (inconsistency ) Tj ET Q q 0 0 0 rg BT 354.77 431.10 Td (or ) Tj ET Q q 0 0 0 rg BT 368.03 431.10 Td (conflict ) Tj ET Q q 0 0 0 rg BT 403.52 431.10 Td (between ) Tj ET Q q 0 0 0 rg BT 445.70 431.10 Td (this ) Tj ET Q q 0 0 0 rg BT 464.76 431.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 523.04 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 544.10 431.10 Td (the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 108.47 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.15 419.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 155.71 419.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 203.51 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.97 419.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 270.78 419.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 316.92 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.49 419.10 Td (this ) Tj ET Q q 0 0 0 rg BT 345.27 419.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 401.97 419.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 425.31 419.10 Td (govern ) Tj ET Q q 0 0 0 rg BT 458.67 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.13 419.10 Td (control.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 395.10 Td (9.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.34 395.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 393.67421875 m 194.3388671875 393.67421875 l s q 0 0 0 rg BT 126.00 395.10 Td (Governing ) Tj ET Q q 0 0 0 rg BT 176.27 395.10 Td (Law) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 194.06 395.10 Td (. ) Tj ET Q q 0 0 0 rg BT 200.97 395.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.84 395.10 Td (This ) Tj ET Q q 0 0 0 rg BT 227.04 395.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 285.09 395.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 309.79 395.10 Td (be ) Tj ET Q q 0 0 0 rg BT 325.04 395.10 Td (governed ) Tj ET Q q 0 0 0 rg BT 370.87 395.10 Td (by ) Tj ET Q q 0 0 0 rg BT 385.57 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.38 395.10 Td (construed ) Tj ET Q q 0 0 0 rg BT 454.43 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.35 395.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 522.18 395.10 Td (with ) Tj ET Q q 0 0 0 rg BT 544.10 395.10 Td (the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (substantive ) Tj ET Q q 0 0 0 rg BT 106.87 383.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 129.16 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.79 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.97 383.10 Td (State ) Tj ET Q q 0 0 0 rg BT 181.61 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.24 383.10 Td (Minnesota ) Tj ET Q q 0 0 0 rg BT 240.66 383.10 Td (\(without ) Tj ET Q q 0 0 0 rg BT 277.96 383.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 322.49 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.12 383.10 Td (conflict ) Tj ET Q q 0 0 0 rg BT 366.52 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.15 383.10 Td (law ) Tj ET Q q 0 0 0 rg BT 394.44 383.10 Td (principles\) ) Tj ET Q q 0 0 0 rg BT 442.30 383.10 Td (but ) Tj ET Q q 0 0 0 rg BT 458.48 383.10 Td (giving ) Tj ET Q q 0 0 0 rg BT 486.90 383.10 Td (ef) Tj ET Q q 0 0 0 rg BT 495.06 383.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 513.46 383.10 Td (to ) Tj ET Q q 0 0 0 rg BT 524.09 383.10 Td (Federal ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 371.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 76.78 371.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 124.60 371.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.71 371.10 Td (national ) Tj ET Q q 0 0 0 rg BT 173.52 371.10 Td (banks.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 347.10 Td (10.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.90 347.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 345.67421875 m 208.9931640625 345.67421875 l s q 0 0 0 rg BT 126.00 347.10 Td (Electronic ) Tj ET Q q 0 0 0 rg BT 173.42 347.10 Td (Imaging) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 208.99 347.10 Td (. ) Tj ET Q q 0 0 0 rg BT 215.28 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 218.79 347.10 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 262.87 347.10 Td (hereby ) Tj ET Q q 0 0 0 rg BT 296.96 347.10 Td (acknowledges ) Tj ET Q q 0 0 0 rg BT 363.84 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.25 347.10 Td (receipt ) Tj ET Q q 0 0 0 rg BT 414.78 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.63 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 435.70 347.10 Td (copy ) Tj ET Q q 0 0 0 rg BT 460.34 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.19 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.90 347.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 544.11 347.10 Td (the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 335.10 Td (Note, ) Tj ET Q q 0 0 0 rg BT 80.46 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.92 335.10 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 141.73 335.10 Td (Pledge ) Tj ET Q q 0 0 0 rg BT 174.92 335.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 229.17 335.10 Td (this ) Tj ET Q q 0 0 0 rg BT 246.79 335.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 303.26 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.51 335.10 Td (all ) Tj ET Q q 0 0 0 rg BT 335.08 335.10 Td (other ) Tj ET Q q 0 0 0 rg BT 359.92 335.10 Td (Advance ) Tj ET Q q 0 0 0 rg BT 401.40 335.10 Td (Documents. ) Tj ET Q q 0 0 0 rg BT 457.31 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.88 335.10 Td (Lender ) Tj ET Q q 0 0 0 rg BT 493.57 335.10 Td (may) Tj ET Q q 0 0 0 rg BT 511.72 335.10 Td (, ) Tj ET Q q 0 0 0 rg BT 517.06 335.10 Td (on ) Tj ET Q q 0 0 0 rg BT 530.75 335.10 Td (behalf ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.50 323.10 Td (Borrower) Tj ET Q q 0 0 0 rg BT 104.52 323.10 Td (, ) Tj ET Q q 0 0 0 rg BT 109.46 323.10 Td (create ) Tj ET Q q 0 0 0 rg BT 139.42 323.10 Td (a ) Tj ET Q q 0 0 0 rg BT 147.15 323.10 Td (microfilm ) Tj ET Q q 0 0 0 rg BT 189.31 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 200.36 323.10 Td (optical ) Tj ET Q q 0 0 0 rg BT 231.44 323.10 Td (disk ) Tj ET Q q 0 0 0 rg BT 251.38 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 262.44 323.10 Td (other ) Tj ET Q q 0 0 0 rg BT 287.40 323.10 Td (electronic ) Tj ET Q q 0 0 0 rg BT 332.36 323.10 Td (image ) Tj ET Q q 0 0 0 rg BT 361.76 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.27 323.10 Td (any ) Tj ET Q q 0 0 0 rg BT 390.56 323.10 Td (or ) Tj ET Q q 0 0 0 rg BT 401.61 323.10 Td (all ) Tj ET Q q 0 0 0 rg BT 413.78 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.29 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.35 323.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 469.19 323.10 Td (Documents. ) Tj ET Q q 0 0 0 rg BT 524.71 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 526.88 323.10 Td (Lender ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (may ) Tj ET Q q 0 0 0 rg BT 75.55 311.10 Td (store ) Tj ET Q q 0 0 0 rg BT 100.43 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.99 311.10 Td (electronic ) Tj ET Q q 0 0 0 rg BT 162.44 311.10 Td (image ) Tj ET Q q 0 0 0 rg BT 192.33 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.33 311.10 Td (any ) Tj ET Q q 0 0 0 rg BT 222.10 311.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 251.43 311.10 Td (Document ) Tj ET Q q 0 0 0 rg BT 299.67 311.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.10 311.10 Td (its ) Tj ET Q q 0 0 0 rg BT 322.76 311.10 Td (electronic ) Tj ET Q q 0 0 0 rg BT 368.21 311.10 Td (form ) Tj ET Q q 0 0 0 rg BT 390.87 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.21 311.10 Td (then ) Tj ET Q q 0 0 0 rg BT 432.32 311.10 Td (destroy ) Tj ET Q q 0 0 0 rg BT 467.77 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.33 311.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 512.56 311.10 Td (original ) Tj ET Q q 0 0 0 rg BT 547.45 311.10 Td (as ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (part ) Tj ET Q q 0 0 0 rg BT 74.01 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.13 299.10 Td (Lender) Tj ET Q q 0 0 0 rg BT 116.64 299.10 Td () Tj ET Q q 0 0 0 rg BT 118.68 299.10 Td (s ) Tj ET Q q 0 0 0 rg BT 126.46 299.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 159.80 299.10 Td (business ) Tj ET Q q 0 0 0 rg BT 202.05 299.10 Td (practices, ) Tj ET Q q 0 0 0 rg BT 247.62 299.10 Td (with ) Tj ET Q q 0 0 0 rg BT 268.18 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.86 299.10 Td (electronic ) Tj ET Q q 0 0 0 rg BT 330.44 299.10 Td (image ) Tj ET Q q 0 0 0 rg BT 360.45 299.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 399.37 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 410.48 299.10 Td (be ) Tj ET Q q 0 0 0 rg BT 424.39 299.10 Td (an ) Tj ET Q q 0 0 0 rg BT 438.29 299.10 Td (original.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 275.10 Td (1) Tj ET Q q 0 0 0 rg BT 94.82 275.10 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.16 275.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 126 273.67421875 m 173.2509765625 273.67421875 l s q 0 0 0 rg BT 126.00 275.10 Td (Conditions) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 173.25 275.10 Td (. ) Tj ET Q q 0 0 0 rg BT 180.95 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.87 275.10 Td (Notwithstanding ) Tj ET Q q 0 0 0 rg BT 261.95 275.10 Td (any ) Tj ET Q q 0 0 0 rg BT 282.99 275.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 327.93 275.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 376.22 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 388.93 275.10 Td (this ) Tj ET Q q 0 0 0 rg BT 408.44 275.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 467.27 275.10 Td (to ) Tj ET Q q 0 0 0 rg BT 480.54 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.36 275.10 Td (contrary) Tj ET Q q 0 0 0 rg BT 534.74 275.10 Td (, ) Tj ET Q q 0 0 0 rg BT 542.44 275.10 Td (this ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 110.69 263.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 134.04 263.10 Td (not ) Tj ET Q q 0 0 0 rg BT 150.72 263.10 Td (be ) Tj ET Q q 0 0 0 rg BT 164.62 263.10 Td (ef) Tj ET Q q 0 0 0 rg BT 172.78 263.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 204.46 263.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 236.14 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.61 263.10 Td (until ) Tj ET Q q 0 0 0 rg BT 276.73 263.10 Td (Lender ) Tj ET Q q 0 0 0 rg BT 310.65 263.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 333.99 263.10 Td (have ) Tj ET Q q 0 0 0 rg BT 358.45 263.10 Td (received: ) Tj ET Q q 0 0 0 rg BT 401.81 263.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.00 239.10 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 239.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 126.00 239.10 Td (this ) Tj ET Q q 0 0 0 rg BT 143.79 239.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 200.48 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.95 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.63 239.10 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 269.97 239.10 Td (Letter) Tj ET Q q 0 0 0 rg BT 294.99 239.10 Td (, ) Tj ET Q q 0 0 0 rg BT 300.55 239.10 Td (duly ) Tj ET Q q 0 0 0 rg BT 321.67 239.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 365.03 239.10 Td (by ) Tj ET Q q 0 0 0 rg BT 378.37 239.10 Td (Borrower; 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Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 274.75 Td (V) Tj ET Q q 0 0 0 rg BT 60.12 274.75 Td (ery ) Tj ET Q q 0 0 0 rg BT 76.61 274.75 Td (T) Tj ET Q q 0 0 0 rg BT 82.34 274.75 Td (ruly ) Tj ET Q q 0 0 0 rg BT 101.06 274.75 Td (Y) Tj ET Q q 0 0 0 rg BT 106.81 274.75 Td (ours,) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 250.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 76.23 250.75 Td (BANK ) Tj ET Q q 0 0 0 rg BT 107.89 250.75 Td (NA) Tj ET Q q 0 0 0 rg BT 121.59 250.75 Td (TIONAL) Tj ET Q q 0 0 0 rg BT 158.63 250.75 Td ( ) Tj ET Q q 0 0 0 rg BT 161.04 250.75 Td (ASSOCIA) Tj ET Q q 0 0 0 rg BT 205.86 250.75 Td (TION ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 226.75 Td (By:) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 68.4482421875 225.32421875 m 185.1572265625 225.32421875 l s q 0 0 0 rg BT 68.45 226.75 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 81.78 226.75 Td (Christopher ) Tj ET Q q 0 0 0 rg BT 136.25 226.75 Td (M. ) Tj ET Q q 0 0 0 rg BT 150.14 226.75 Td (Doering) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 185.16 226.75 Td (________) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 214.75 Td ( Christopher M. Doering, Senior V) Tj ET Q q 0 0 0 rg BT 215.00 214.75 Td (ice President) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 207.25 178.75 Td ([BORROWERS SIGNA) Tj ET Q q 0 0 0 rg BT 312.07 178.75 Td (TURES ON P) Tj ET Q q 0 0 0 rg BT 372.45 178.75 Td (AGE 2]) Tj ET Q endstream endobj 259 0 obj <> endobj 260 0 obj <> stream BT /F7 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5098039215686274 0.5098039215686274 0.5098039215686274 rg BT 50.00 42.95 Td (6287884) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 730.75 Td (Piper Jaf) Tj ET Q q 0 0 0 rg BT 93.28 730.75 Td (fray & Co.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 718.75 Td (December18, 2015) Tj ET Q BT /F5 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 706.75 Td (Page 2) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 658.75 Td (Accepted and agreed to by Borrower as of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 244.11 658.75 Td (December18, 2015) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 331.94 658.75 Td (:) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 54.00 634.75 Td (PIPER ) Tj ET Q q 0 0 0 rg BT 86.79 634.75 Td (JAFFRA) Tj ET Q q 0 0 0 rg BT 125.31 634.75 Td (Y) Tj ET Q q 0 0 0 rg BT 131.80 634.75 Td ( ) Tj ET Q q 0 0 0 rg BT 134.58 634.75 Td (& ) Tj ET Q q 0 0 0 rg BT 144.58 634.75 Td (CO.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 610.75 Td (By:) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 68.4482421875 609.32421875 m 204.0732421875 609.32421875 l s q 0 0 0 rg BT 68.45 610.75 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 81.78 610.75 Td (Debbra ) Tj ET Q q 0 0 0 rg BT 117.36 610.75 Td (L. ) Tj ET Q q 0 0 0 rg BT 128.48 610.75 Td (Schoneman ) Tj ET Q q 0 0 0 rg BT 184.63 610.75 Td ( ) Tj ET Q q 0 0 0 rg BT 187.40 610.75 Td ( ) Tj ET Q q 0 0 0 rg BT 190.18 610.75 Td ( ) Tj ET Q q 0 0 0 rg BT 192.96 610.75 Td ( ) Tj ET Q q 0 0 0 rg BT 195.74 610.75 Td ( ) Tj ET Q q 0 0 0 rg BT 198.52 610.75 Td ( ) Tj ET Q q 0 0 0 rg BT 201.29 610.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 598.75 Td ( ) Tj ET Q q 0 0 0 rg BT 56.78 598.75 Td ( ) Tj ET Q q 0 0 0 rg BT 59.56 598.75 Td ( ) Tj ET Q q 0 0 0 rg BT 62.33 598.75 Td ( ) Tj ET Q q 0 0 0 rg BT 65.11 598.75 Td ( ) Tj ET Q q 0 0 0 rg BT 67.89 598.75 Td (Debbra ) Tj ET Q q 0 0 0 rg BT 103.47 598.75 Td (L. 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Td ( ) Tj ET Q q 0 0 0 rg BT 183.48 562.75 Td ( ) Tj ET Q q 0 0 0 rg BT 186.26 562.75 Td ( ) Tj ET Q q 0 0 0 rg BT 189.03 562.75 Td ( ) Tj ET Q q 0 0 0 rg BT 191.81 562.75 Td ( ) Tj ET Q q 0 0 0 rg BT 194.59 562.75 Td ( ) Tj ET Q q 0 0 0 rg BT 197.37 562.75 Td ( ) Tj ET Q q 0 0 0 rg BT 200.15 562.75 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 550.75 Td ( ) Tj ET Q q 0 0 0 rg BT 56.78 550.75 Td ( ) Tj ET Q q 0 0 0 rg BT 59.56 550.75 Td ( ) Tj ET Q q 0 0 0 rg BT 62.33 550.75 Td ( ) Tj ET Q q 0 0 0 rg BT 65.11 550.75 Td ( ) Tj ET Q q 0 0 0 rg BT 67.71 550.75 Td (T) Tj ET Q q 0 0 0 rg BT 73.45 550.75 Td (imothy ) Tj ET Q q 0 0 0 rg BT 105.68 550.75 Td (L. ) Tj ET Q q 0 0 0 rg BT 116.80 550.75 Td (Carter) Tj ET Q q 0 0 0 rg BT 144.03 550.75 Td (, ) Tj ET Q q 0 0 0 rg BT 149.41 550.75 Td (T) Tj ET Q q 0 0 0 rg BT 155.14 550.75 Td (reasurer) Tj ET Q endstream endobj 261 0 obj <> endobj 262 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.30 760.60 Td (Exhibit 10.37) Tj ET Q BT 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630.30 Td (AND REST) Tj ET Q q 0 0 0 rg BT 204.94 630.30 Td (A) Tj ET Q q 0 0 0 rg BT 212.72 630.30 Td (TED 2003 ) Tj ET Q q 0 0 0 rg BT 266.73 630.30 Td (ANNUAL) Tj ET Q q 0 0 0 rg BT 317.40 630.30 Td ( ) Tj ET Q q 0 0 0 rg BT 319.74 630.30 Td (AND LONG-TERM INCENTIVE PLAN) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 293.00 615.90 Td (AND) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 139.25 601.50 Td (MUTUAL) Tj ET Q q 0 0 0 rg BT 191.92 601.50 Td ( FUND RESTRICTED SHARE INVESTMENT) Tj ET Q q 0 0 0 rg BT 437.08 601.50 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 266 573.2220703125 m 345.974609375 573.2220703125 l s q 0 0 0 rg BT 266.00 575.10 Td (Notice of Grant) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 546.30 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 546.30 Td (Piper Jaf) Tj ET Q q 0 0 0 rg BT 150.11 546.30 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 72.00 531.90 Td (below-named employee of the Company or an ) Tj ET Q q 0 0 0 rg BT 296.94 531.90 Td (Af) Tj ET Q q 0 0 0 rg BT 309.38 531.90 Td (filiate of the Company \(the Employee\) \(i\) a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 517.50 Td (Restricted Stock ) Tj ET Q q 0 0 0 rg BT 153.32 517.50 Td (A) Tj ET Q q 0 0 0 rg BT 160.89 517.50 Td (ward pursuant to the Company) Tj ET Q q 0 0 0 rg BT 312.19 517.50 Td (s ) Tj ET Q q 0 0 0 rg BT 319.20 517.50 Td (Amended and Restated 2003 ) Tj ET Q q 0 0 0 rg BT 459.84 517.50 Td (Annual and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 503.10 Td (Long-T) Tj ET Q q 0 0 0 rg BT 107.82 503.10 Td (erm Incentive Plan, as amended from time to time \(the 2003 Plan\), and \(ii\) to the extent ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 488.70 Td (the Employee has so elected for this award cycle, a Mutual Fund Restricted Share ) Tj ET Q q 0 0 0 rg BT 466.88 488.70 Td (A) Tj ET Q q 0 0 0 rg BT 474.45 488.70 Td (ward \(the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 474.30 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 111.69 474.30 Td (A) Tj ET Q q 0 0 0 rg BT 119.25 474.30 Td (ward\) pursuant to the Company) Tj ET Q q 0 0 0 rg BT 279.88 474.30 Td (s Mutual Fund Restricted Share Investment Plan, as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 459.90 Td (amended from time to time \(the MFRS Plan and together with the Restricted Stock Plan, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 445.50 Td (Plans\). ) Tj ET Q q 0 0 0 rg BT 121.44 445.50 Td (The terms and conditions of the Restricted Stock ) Tj ET Q q 0 0 0 rg BT 358.05 445.50 Td (A) Tj ET Q q 0 0 0 rg BT 365.62 445.50 Td (ward and any MFRS ) Tj ET Q q 0 0 0 rg BT 467.62 445.50 Td (A) Tj ET Q q 0 0 0 rg BT 475.18 445.50 Td (ward that has ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 431.10 Td (been elected \(collectively) Tj ET Q q 0 0 0 rg BT 193.82 431.10 Td (, the A) Tj ET Q q 0 0 0 rg BT 230.37 431.10 Td (wards\) are set forth in this Restricted Stock and Mutual Fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 416.70 Td (Restricted Share ) Tj ET Q q 0 0 0 rg BT 153.31 416.70 Td (Agreement \(the Agreement\), consisting of this Notice of Grant and the ) Tj ET Q q 0 0 0 rg BT 506.31 416.70 Td (T) Tj ET Q q 0 0 0 rg BT 512.80 416.70 Td (erms ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 402.30 Td (and Conditions on the following pages. ) Tj ET Q q 0 0 0 rg BT 266.43 402.30 Td (This ) Tj ET Q q 0 0 0 rg BT 290.10 402.30 Td (Agreement and the ) Tj ET Q q 0 0 0 rg BT 383.74 402.30 Td (A) Tj ET Q q 0 0 0 rg BT 391.30 402.30 Td (wards are subject to all of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 387.90 Td (provisions of the applicable Plans. ) Tj ET Q q 0 0 0 rg BT 242.31 387.90 Td (Any capitalized term that is not defined in this ) Tj ET Q q 0 0 0 rg BT 467.26 387.90 Td (Agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 373.50 Td (shall have the meaning set forth in the Plans as they currently exist or as they are amended in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 359.10 Td (future. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 332.70 Td (Name of Employee: ________________________) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 306.30 Td (Date of Issuance: _______________, 2016) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 279.90 Td (Restricted Stock ) Tj ET Q q 0 0 0 rg BT 158.65 279.90 Td (A) Tj ET Q q 0 0 0 rg BT 166.42 279.90 Td (ward ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 260.4 m 305.5 260.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 258.4 m 305.5 258.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 260.4 m 539.5 260.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 258.4 m 538.5 258.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 258.4 m 72.5 224.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 260.4 m 70.5 224.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 258.4 m 538.5 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m 538.5 175.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 189.39999999999998 m 540.5 175.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 175.39999999999998 m 72.5 121.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 175.39999999999998 m 70.5 119.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 121.39999999999998 m 305.5 121.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 119.39999999999998 m 305.5 119.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 175.39999999999998 m 538.5 121.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 175.39999999999998 m 540.5 119.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 121.39999999999998 m 538.5 121.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 119.39999999999998 m 540.5 119.39999999999998 l s BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 239.08 Td (No. ) Tj ET Q q 0 0 0 rg BT 94.67 239.08 Td (of ) Tj ET Q q 0 0 0 rg BT 107.66 239.08 Td (Shares ) Tj ET Q q 0 0 0 rg BT 142.65 239.08 Td (Covered:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 204.08 Td (V) Tj ET Q q 0 0 0 rg BT 81.34 204.08 Td (esting ) Tj ET Q q 0 0 0 rg BT 113.00 204.08 Td (Schedule ) Tj ET Q q 0 0 0 rg BT 159.99 204.08 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 204.31 204.08 Td (to ) Tj ET Q q 0 0 0 rg BT 216.65 204.08 Td (Section ) Tj ET Q q 0 0 0 rg BT 255.64 204.08 Td (3:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 345.95 178.58 Td (No. of Restricted Shares Which) 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 150.8 162.98007812499998 m 225.114453125 162.98007812499998 l s q 0 0 0 rg BT 150.80 164.58 Td (Vesting Date\(s\)) 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 345.6 162.98007812499998 m 498.336328125 162.98007812499998 l s q 0 0 0 rg BT 345.60 164.58 Td (Become ) Tj ET Q q 0 0 0 rg BT 387.70 164.58 Td (V) Tj ET Q q 0 0 0 rg BT 395.04 164.58 Td (ested as of Such Date) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 263 0 obj <> endobj 264 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 72.5 497.4 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 70.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 497.4 m 81.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 497.4 m 137.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 497.4 m 193.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 497.4 m 249.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 497.4 m 305.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 497.4 m 361.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 497.4 m 417.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 497.4 m 473.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 497.4 m 529.5 497.4 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 538.5 497.4 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 540.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 497.4 m 539.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 497.4 m 72.5 478.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 497.4 m 70.5 478.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 497.4 m 538.5 478.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 497.4 m 540.5 478.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 478.4 m 72.5 464.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 478.4 m 70.5 464.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 478.4 m 538.5 464.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 478.4 m 540.5 464.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 464.4 m 72.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 464.4 m 70.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 464.4 m 538.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 464.4 m 540.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 450.4 m 72.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 450.4 m 70.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 450.4 m 193.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 450.4 m 249.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 450.4 m 305.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 450.4 m 305.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 450.4 m 361.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 450.4 m 417.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 450.4 m 417.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 450.4 m 473.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 450.4 m 529.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 450.4 m 529.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 450.4 m 538.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 450.4 m 540.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 425.4 m 72.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 425.4 m 70.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 425.4 m 193.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 425.4 m 249.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 425.4 m 305.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 425.4 m 305.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 425.4 m 361.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 425.4 m 417.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 425.4 m 417.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 425.4 m 473.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 425.4 m 529.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 425.4 m 529.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 425.4 m 538.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 425.4 m 540.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 405.4 m 72.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 405.4 m 70.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 405.4 m 193.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 405.4 m 249.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 405.4 m 305.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 405.4 m 305.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 405.4 m 361.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 405.4 m 417.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 405.4 m 417.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 405.4 m 473.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 405.4 m 529.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 405.4 m 529.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 405.4 m 538.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 405.4 m 540.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 385.4 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 70.5 385.4 m 70.5 365.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 385.4 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 193.5 385.4 m 249.5 385.4 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 305.5 385.4 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 249.5 385.4 m 305.5 385.4 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 305.5 385.4 m 361.5 385.4 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 361.5 385.4 m 417.5 385.4 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 417.5 385.4 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 417.5 385.4 m 473.5 385.4 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 529.5 385.4 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 473.5 385.4 m 529.5 385.4 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 538.5 385.4 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 540.5 385.4 m 540.5 365.4 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 72.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 365.4 m 70.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 360.4 m 81.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 358.4 m 81.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 360.4 m 137.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 358.4 m 137.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 360.4 m 193.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 358.4 m 193.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 360.4 m 249.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 358.4 m 249.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 360.4 m 305.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 358.4 m 305.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 360.4 m 361.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 358.4 m 361.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 360.4 m 417.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 358.4 m 417.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 360.4 m 473.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 358.4 m 473.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 360.4 m 529.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 358.4 m 529.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 365.4 m 538.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 365.4 m 540.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 360.4 m 538.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 358.4 m 540.5 358.4 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 679.02 Td (Restricted Mutual Fund Shares Covered:*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 654.02 Td (Advisory Research All Cap Value Fund \(ADVGX\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 624.02 Td (Advisory Research Global Value Fund \(ADVWX\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 596.02 Td (Advisory Research MLP & Energy Income Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 586.02 Td (\(Class I: INFIX\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 555.02 Td (Vanguard 500 Index Fund Investor Shares \(VFINX\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 519.02 Td (JP Morgan Short Duration Bond Fund \(JSDUX\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 483.07 Td (Vesting Schedule pursuant to Section 3:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.85 468.97 Td (No. of Restricted Mutual Fund Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.90 454.97 Td (Vested as of Each Date) 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 106 428.7333984375 m 167.9287109375 428.7333984375 l s q 0 0 0 rg BT 106.00 430.07 Td (Vesting Date\(s\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.45 440.07 Td (Advisory Research All) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.85 430.07 Td (Cap Value Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.80 440.07 Td (Advisory Research) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.30 430.07 Td (Global Value Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.45 440.07 Td (Advisory Research MLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.70 430.07 Td (& Energy Income Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.00 410.07 Td (__________, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.00 390.07 Td (__________, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.00 370.07 Td (__________, 2019) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 347.90 Td (* ) Tj ET Q q 0 0 0 rg BT 79.50 347.90 Td (Subject ) Tj ET Q q 0 0 0 rg BT 112.00 347.90 Td (to ) Tj ET Q q 0 0 0 rg BT 122.27 347.90 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 168.66 347.90 Td (in ) Tj ET Q q 0 0 0 rg BT 178.93 347.90 Td (accordance ) Tj ET Q q 0 0 0 rg BT 226.39 347.90 Td (with ) Tj ET Q q 0 0 0 rg BT 246.67 347.90 Td (the ) Tj ET Q q 0 0 0 rg BT 261.39 347.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 286.11 347.90 Td (of ) Tj ET Q q 0 0 0 rg BT 296.94 347.90 Td (this ) Tj ET Q q 0 0 0 rg BT 313.33 347.90 Td (Agreement.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 321.50 Td (IMPOR) Tj ET Q q 0 0 0 rg BT 112.90 321.50 Td (T) Tj ET Q q 0 0 0 rg BT 120.02 321.50 Td (ANT) Tj ET Q q 0 0 0 rg BT 145.14 321.50 Td ( ) Tj ET Q q 0 0 0 rg BT 147.47 321.50 Td (ACKNOWLEDGEMENT) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 282.15 321.50 Td (: ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 291.49 321.50 Td (By signing this ) Tj ET Q q 0 0 0 rg BT 365.60 321.50 Td (Agr) Tj ET Q q 0 0 0 rg BT 383.16 321.50 Td (eement, Employee voluntarily ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 307.10 Td (elects to r) Tj ET Q q 0 0 0 rg BT 118.88 307.10 Td (eceive and accept the Restricted Stock ) Tj ET Q q 0 0 0 rg BT 305.23 307.10 Td (A) Tj ET Q q 0 0 0 rg BT 311.90 307.10 Td (war) Tj ET Q q 0 0 0 rg BT 330.13 307.10 Td (d and any MFRS ) Tj ET Q q 0 0 0 rg BT 413.89 307.10 Td (A) Tj ET Q q 0 0 0 rg BT 420.56 307.10 Td (war) Tj ET Q q 0 0 0 rg BT 438.79 307.10 Td (d subject to all of the ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 292.70 Td (terms and conditions set forth in this ) Tj ET Q q 0 0 0 rg BT 250.79 292.70 Td (Agr) Tj ET Q q 0 0 0 rg BT 268.34 292.70 Td (eement, and specifically acknowledges and agr) Tj ET Q q 0 0 0 rg BT 494.50 292.70 Td (ees that ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 278.30 Td (under certain cir) Tj ET Q q 0 0 0 rg BT 152.87 278.30 Td (cumstances, as specified in Section 5\(a\), the unvested Restricted Shar) Tj ET Q q 0 0 0 rg BT 486.67 278.30 Td (es and ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 263.90 Td (Restricted Mutual Fund Shar) Tj ET Q q 0 0 0 rg BT 211.87 263.90 Td (es may cease to vest and be forfeited to the Company) Tj ET Q q 0 0 0 rg BT 465.81 263.90 Td (. Employee ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 249.50 Td (also acknowledges and agr) Tj ET Q q 0 0 0 rg BT 202.54 249.50 Td (ees that such terms and conditions ar) Tj ET Q q 0 0 0 rg BT 381.42 249.50 Td (e fair and r) Tj ET Q q 0 0 0 rg BT 435.30 249.50 Td (easonable under the ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 235.10 Td (cir) Tj ET Q q 0 0 0 rg BT 84.88 235.10 Td (cumstances.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 208.70 Td (EMPLOYEE) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 182.30 Td (___________________________________________) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 142.70 Td (PIPER ) Tj ET Q q 0 0 0 rg BT 104.70 142.70 Td (JAFFRA) Tj ET Q q 0 0 0 rg BT 143.44 142.70 Td (Y) Tj ET Q q 0 0 0 rg BT 150.97 142.70 Td ( ) Tj ET Q q 0 0 0 rg BT 153.72 142.70 Td (COMP) Tj ET Q q 0 0 0 rg BT 183.89 142.70 Td (ANIES) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 103.10 Td (By_________________________________________) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 83.90 Td ( ) Tj ET Q q 0 0 0 rg BT 74.75 83.90 Td ( ) Tj ET Q q 0 0 0 rg BT 77.50 83.90 Td ( ) Tj ET Q q 0 0 0 rg BT 80.25 83.90 Td ( ) Tj ET Q q 0 0 0 rg BT 83.00 83.90 Td (Its ) Tj ET Q q 0 0 0 rg BT 96.75 83.90 Td (_______________________________________) Tj ET Q endstream endobj 265 0 obj <> endobj 266 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 249.2 710.0220703125 m 362.78984375 710.0220703125 l s q 0 0 0 rg BT 249.20 711.90 Td (T) Tj ET Q q 0 0 0 rg BT 256.10 711.90 Td (erms and Conditions) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 685.50 Td (1.) 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 198.09375 683.6220703125 l s q 0 0 0 rg BT 108.00 685.50 Td (Restricted Shar) Tj ET Q q 0 0 0 rg BT 188.10 685.50 Td (es) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 198.09 685.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 659.10 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 q 0 0 0 rg BT 144.00 659.10 Td (The Shares subject to the Restricted Stock ) Tj ET Q q 0 0 0 rg BT 348.96 659.10 Td (A) Tj ET Q q 0 0 0 rg BT 356.52 659.10 Td (ward are subject to the restrictions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 644.70 Td (provided for in this ) Tj ET Q q 0 0 0 rg BT 166.66 644.70 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 72.00 630.30 Td (each as a Restricted Share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 603.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 603.90 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 603.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 603.90 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 72.00 589.50 Td (the Company) Tj ET Q q 0 0 0 rg BT 139.66 589.50 Td (s transfer agent in the name of the Employee \(unless the Employee requests a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 575.10 Td (certificate evidencing the Restricted Shares\). ) Tj ET Q q 0 0 0 rg BT 292.24 575.10 Td (All restrictions provided for in this ) Tj ET Q q 0 0 0 rg BT 461.55 575.10 Td (Agreement will ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 560.70 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 72.00 546.30 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 72.00 531.90 Td (the Plan, the Restricted Shares may not \(until such Restricted Shares have vested in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 517.50 Td (Employee in accordance with all terms and conditions of this ) Tj ET Q q 0 0 0 rg BT 367.92 517.50 Td (Agreement\) be assigned or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 503.10 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 72.00 488.70 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 72.00 474.30 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 72.00 459.90 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 481.22 459.90 Td (Agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 445.50 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 72.00 431.10 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 72.00 416.70 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 72.00 402.30 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 72.00 387.90 Td (Company may) Tj ET Q q 0 0 0 rg BT 141.54 387.90 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 72.00 373.50 Td (during which any restrictions are in ef) Tj ET Q q 0 0 0 rg BT 254.39 373.50 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 72.00 359.10 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 72.00 344.70 Td (custody) Tj ET Q q 0 0 0 rg BT 108.55 344.70 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 318.30 Td (2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 318.30 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 108 316.4220703125 m 269.44921875 316.4220703125 l s q 0 0 0 rg BT 108.00 318.30 Td (Restricted Mutual Fund Shar) Tj ET Q q 0 0 0 rg BT 259.45 318.30 Td (es) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 269.45 318.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 291.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 291.90 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 291.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 291.90 Td (The MFRS Plan allows the Employee to elect to receive a portion \(not less than ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 277.50 Td (ten percent \(10%\) or more than fifty percent \(50%\)\) of a Restricted Stock ) Tj ET Q q 0 0 0 rg BT 426.87 277.50 Td (A) Tj ET Q q 0 0 0 rg BT 434.43 277.50 Td (ward that would ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 263.10 Td (otherwise have been granted to the Employee under the 2003 Plan in the form of Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 248.70 Td (Mutual Fund Shares of selected mutual funds managed by ) Tj ET Q q 0 0 0 rg BT 353.61 248.70 Td (Af) Tj ET Q q 0 0 0 rg BT 366.06 248.70 Td (filiates of the Company) Tj ET Q q 0 0 0 rg BT 478.25 248.70 Td (. ) Tj ET Q q 0 0 0 rg BT 487.04 248.70 Td (The ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 234.30 Td (Mutual Fund Restricted Share ) Tj ET Q q 0 0 0 rg BT 218.65 234.30 Td (A) Tj ET Q q 0 0 0 rg BT 226.21 234.30 Td (ward section of the Notice of Grant reflects the election, if any) Tj ET Q q 0 0 0 rg BT 525.98 234.30 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 219.90 Td (made by the Employee to receive Restricted Mutual Fund Shares. ) Tj ET Q q 0 0 0 rg BT 393.03 219.90 Td (The deadline for submitting ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 205.50 Td (an election form for this award cycle having passed, no reallocation among selected mutual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 191.10 Td (funds shall be permitted and the Employee) Tj ET Q q 0 0 0 rg BT 280.61 191.10 Td (s election is irrevocable. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 176.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 162.30 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 162.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 162.30 Td (All vesting contingencies and restrictions provided for in this ) Tj ET Q q 0 0 0 rg BT 440.28 162.30 Td (Agreement will ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 147.90 Td (apply to each Restricted Mutual Fund Share. ) Tj ET Q q 0 0 0 rg BT 289.07 147.90 Td (The Restricted Mutual Fund Shares may not \(until ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 133.50 Td (such Restricted Mutual Fund Shares have vested in the Employee in accordance with all terms ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 119.10 Td (and conditions of this ) Tj ET Q q 0 0 0 rg BT 178.00 119.10 Td (Agreement\) 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 72.00 104.70 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 90.30 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 75.90 Td (portion subject to forfeiture to the Company) Tj ET Q q 0 0 0 rg BT 283.17 75.90 Td (, unless and until that Restricted Mutual Fund Share ) Tj ET Q endstream endobj 267 0 obj <> endobj 268 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 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 481.22 711.70 Td (Agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (and the MFRS Plan. ) Tj ET Q q 0 0 0 rg BT 175.13 697.30 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 72.00 682.90 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 72.00 656.50 Td (3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 656.50 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 108 654.6220703125 m 145.564453125 654.6220703125 l s q 0 0 0 rg BT 108.00 656.50 Td (V) Tj ET Q q 0 0 0 rg BT 115.56 656.50 Td (esting) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 145.56 656.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 630.10 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 630.10 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 144 628.500390625 m 264.333984375 628.500390625 l s q 0 0 0 rg BT 144.00 630.10 Td (Continuous Employment) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 264.33 630.10 Td (: So long as the Employee remains continuously ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 615.70 Td (employed \(including during the continuance of any leave of absence as approved by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 601.30 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 601.30 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 601.30 Td (filiate\) by the Company or an ) Tj ET Q q 0 0 0 rg BT 304.73 601.30 Td (Af) Tj ET Q q 0 0 0 rg BT 317.18 601.30 Td (filiate, then the Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 586.90 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 72.00 572.50 Td (respective ) Tj ET Q q 0 0 0 rg BT 123.42 572.50 Td (V) Tj ET Q q 0 0 0 rg BT 130.76 572.50 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 72.00 558.10 Td (when the Employee) Tj ET Q q 0 0 0 rg BT 170.64 558.10 Td (s employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 359.61 558.10 Td (Af) Tj ET Q q 0 0 0 rg BT 372.06 558.10 Td (filiate terminates, whether by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 543.70 Td (Employee or by the Company \(or an ) Tj ET Q q 0 0 0 rg BT 249.63 543.70 Td (Af) Tj ET Q q 0 0 0 rg BT 262.07 543.70 Td (filiate\), voluntarily or involuntarily) Tj ET Q q 0 0 0 rg BT 429.92 543.70 Td (, for any reason, then, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 529.30 Td (in accordance with Section 5 of this ) Tj ET Q q 0 0 0 rg BT 246.29 529.30 Td (Agreement, the Restricted Shares and Restricted Mutual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 514.90 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 72.00 500.50 Td (Shares as of the termination date shall be forfeited to the Company) Tj ET Q q 0 0 0 rg BT 392.13 500.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 474.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 474.10 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 474.10 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 144 472.500390625 m 267.97265625 472.500390625 l s q 0 0 0 rg BT 144.00 474.10 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 474.10 Td (esting in Event of Death) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 267.97 474.10 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 357.94 474.10 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 459.70 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 459.70 Td (filiate terminates because of the Employee) Tj ET Q q 0 0 0 rg BT 292.03 459.70 Td (s death, then the unvested Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 445.30 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 72.00 418.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 418.90 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 418.90 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 144 417.300390625 m 344.126953125 417.300390625 l s q 0 0 0 rg BT 144.00 418.90 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 418.90 Td (esting in Event of Long-T) Tj ET Q q 0 0 0 rg BT 275.14 418.90 Td (erm Disability) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 344.13 418.90 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 434.10 418.90 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 404.50 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 404.50 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 404.50 Td (filiate terminates because of the Employee) Tj ET Q q 0 0 0 rg BT 368.35 404.50 Td (s long-term disability \(as defined in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 390.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 139.66 390.10 Td (s long-term disability plan, a Disability\), then the unvested Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 375.70 Td (Restricted Mutual Fund Shares will continue vesting during the Employee) Tj ET Q q 0 0 0 rg BT 431.61 375.70 Td (s long-term disability ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 361.30 Td (period in accordance with their respective ) Tj ET Q q 0 0 0 rg BT 275.69 361.30 Td (V) Tj ET Q q 0 0 0 rg BT 283.03 361.30 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 72.00 346.90 Td (however) Tj ET Q q 0 0 0 rg BT 112.83 346.90 Td (, the Employee recovers from the Disability) Tj ET Q q 0 0 0 rg BT 322.32 346.90 Td (, and returns to gainful employment with any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 332.50 Td (employer other than the Company or an ) Tj ET Q q 0 0 0 rg BT 265.62 332.50 Td (Af) Tj ET Q q 0 0 0 rg BT 278.06 332.50 Td (filiate, the Employee) Tj ET Q q 0 0 0 rg BT 381.69 332.50 Td (s entitlement to the unvested ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 318.10 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 72.00 303.70 Td (subparagraph 3\(f\) below) Tj ET Q q 0 0 0 rg BT 189.18 303.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 277.30 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.99 277.30 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 144 275.70039062499995 m 319.611328125 275.70039062499995 l s q 0 0 0 rg BT 144.00 277.30 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 277.30 Td (esting in Event of Severance Event) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 319.61 277.30 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 409.58 277.30 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 262.90 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 262.90 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 262.90 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 72.00 248.50 Td (severance event \(i.e., an event specifically designated as a severance event by the Company in a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 234.10 Td (written notice to the Employee that he or she is eligible for severance benefits under the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 219.70 Td (Company) Tj ET Q q 0 0 0 rg BT 122.00 219.70 Td (s Severance Plan, as may be amended from time to time\), then the unvested Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 205.30 Td (Shares and Restricted Mutual Fund Shares will, as set forth in writing in a severance agreement, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 190.90 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 489.56 190.90 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 176.50 Td (execution of a general release of all claims against the Company and its ) Tj ET Q q 0 0 0 rg BT 418.21 176.50 Td (Af) Tj ET Q q 0 0 0 rg BT 430.66 176.50 Td (filiates, on a form ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 162.10 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 72 146.10039062500005 m 114.65625 146.10039062500005 l s q 0 0 0 rg BT 72.00 147.70 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 114.66 147.70 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 72.00 133.30 Td (release and it remains ef) Tj ET Q q 0 0 0 rg BT 188.39 133.30 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 72.00 118.90 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 72.00 104.50 Td (Company) Tj ET Q q 0 0 0 rg BT 122.00 104.50 Td (s Severance Plan and the applicable severance agreement.) Tj ET Q endstream endobj 269 0 obj <> endobj 270 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 711.70 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.32 711.70 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 144 710.100390625 m 339.744140625 710.100390625 l s q 0 0 0 rg BT 144.00 711.70 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 711.70 Td (esting in Event of For Cause Dischar) Tj ET Q q 0 0 0 rg BT 328.42 711.70 Td (ge) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 339.74 711.70 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 429.71 711.70 Td (s employment with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 697.30 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 697.30 Td (filiate terminates because the Employee was dischar) Tj ET Q q 0 0 0 rg BT 411.12 697.30 Td (ged for Cause \(as that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (term is defined in subparagraph 5\(b\)\) below) Tj ET Q q 0 0 0 rg BT 282.49 682.90 Td (, then the unvested Restricted Shares and Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (Mutual Fund Shares shall cease vesting and be forfeited to the Company) Tj ET Q q 0 0 0 rg BT 419.47 668.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 642.10 Td (\(f\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.99 642.10 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 144 640.500390625 m 401.220703125 640.500390625 l s q 0 0 0 rg BT 144.00 642.10 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 642.10 Td (esting in the Event of ) Tj ET Q q 0 0 0 rg BT 256.32 642.10 Td (Any Other ) Tj ET Q q 0 0 0 rg BT 310.09 642.10 Td (T) Tj ET Q q 0 0 0 rg BT 316.58 642.10 Td (ype of Separation) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 401.22 642.10 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 491.19 642.10 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 627.70 Td (employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 253.31 627.70 Td (Af) Tj ET Q q 0 0 0 rg BT 265.75 627.70 Td (filiate terminates for any reason other than the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 613.30 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 613.30 Td (s death, Disability) Tj ET Q q 0 0 0 rg BT 210.19 613.30 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 72.00 598.90 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 72.00 584.50 Td (Shares shall cease vesting and be forfeited to the Company) Tj ET Q q 0 0 0 rg BT 354.13 584.50 Td (, unless, at or around the time of such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 570.10 Td (termination: \(a\) the Employee voluntarily elects to sign a Post-T) Tj ET Q q 0 0 0 rg BT 380.09 570.10 Td (ermination ) Tj ET Q q 0 0 0 rg BT 434.41 570.10 Td (Agreement with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 555.70 Td (Company; and \(b\) the Employee executes a general release of all claims against the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 541.30 Td (and its ) Tj ET Q q 0 0 0 rg BT 106.00 541.30 Td (Af) Tj ET Q q 0 0 0 rg BT 118.45 541.30 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 72.00 526.90 Td (designated by the Company) Tj ET Q q 0 0 0 rg BT 204.86 526.90 Td (, and takes no action to revoke the general release in whole or in part.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 500.50 Td (If the Employee signs a Post-T) Tj ET Q q 0 0 0 rg BT 255.47 500.50 Td (ermination ) Tj ET Q q 0 0 0 rg BT 309.79 500.50 Td (Agreement, and thereafter complies with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 486.10 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 486.10 Td (s obligations under such Post-T) Tj ET Q q 0 0 0 rg BT 274.47 486.10 Td (ermination ) Tj ET Q q 0 0 0 rg BT 328.79 486.10 Td (Agreement, including the obligation to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 471.70 Td (refrain from engaging in any Restricted ) Tj ET Q q 0 0 0 rg BT 263.94 471.70 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 72.00 457.30 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 72.00 442.90 Td (or the restricted period identified in the Post-T) Tj ET Q q 0 0 0 rg BT 294.10 442.90 Td (ermination ) Tj ET Q q 0 0 0 rg BT 348.42 442.90 Td (Agreement \(which may extend beyond ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 428.50 Td (the ) Tj ET Q q 0 0 0 rg BT 89.00 428.50 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 72.00 414.10 Td (following the date of termination\), and the Employee signs and does not rescind the general ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 399.70 Td (release 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 72.00 385.30 Td (Shares shall not cease to vest and shall not be forfeited, but rather) Tj ET Q q 0 0 0 rg BT 386.42 385.30 Td (, as set forth in the Post-) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 370.90 Td (T) Tj ET Q q 0 0 0 rg BT 78.49 370.90 Td (ermination ) Tj ET Q q 0 0 0 rg BT 132.81 370.90 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 72.00 356.50 Td (respective ) Tj ET Q q 0 0 0 rg BT 123.42 356.50 Td (V) Tj ET Q q 0 0 0 rg BT 130.76 356.50 Td (esting Schedules in the Notice of Grant for so long as the Employee continuously ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 342.10 Td (refrains from engaging in all Restricted ) Tj ET Q q 0 0 0 rg BT 263.27 342.10 Td (Activities for the shorter of the remaining vesting period ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 327.70 Td (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 72.00 313.30 Td (identified in the Post-T) Tj ET Q q 0 0 0 rg BT 182.14 313.30 Td (ermination ) Tj ET Q q 0 0 0 rg BT 236.47 313.30 Td (Agreement.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 286.90 Td (\(g\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 286.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 286.90 Td (Notwithstanding any other provisions of this ) Tj ET Q q 0 0 0 rg BT 360.66 286.90 Td (Agreement to the contrary) Tj ET Q q 0 0 0 rg BT 486.16 286.90 Td (, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 272.50 Td (Committee may) Tj ET Q q 0 0 0 rg BT 148.21 272.50 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 72.00 258.10 Td (Restricted Mutual Fund Shares, or any portion of either thereof, shall vest immediately or) Tj ET Q q 0 0 0 rg BT 501.75 258.10 Td (, to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 243.70 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 72.00 229.30 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 72.00 214.90 Td (Committee in its sole discretion.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 188.50 Td (4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 188.50 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 108 186.6220703125 m 191.98828125 186.6220703125 l s q 0 0 0 rg BT 108.00 188.50 Td (Effect of ) Tj ET Q q 0 0 0 rg BT 154.42 188.50 Td (V) Tj ET Q q 0 0 0 rg BT 161.99 188.50 Td (esting) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 191.99 188.50 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 72.00 174.10 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 72.00 159.70 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 158.10039062500005 m 215.619140625 158.10039062500005 l s q 0 0 0 rg BT 172.96 159.70 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.62 159.70 Td (, however) Tj ET Q q 0 0 0 rg BT 262.45 159.70 Td (, that such vested Restricted Shares and Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 145.30 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 72.00 130.90 Td (Section 7 of this ) Tj ET Q q 0 0 0 rg BT 152.67 130.90 Td (Agreement. ) Tj ET Q endstream endobj 271 0 obj <> endobj 272 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 711.90 Td (5.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 711.90 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 108 710.0220703125 m 503.63671875 710.0220703125 l s q 0 0 0 rg BT 108.00 711.90 Td (Forfeitur) Tj ET Q q 0 0 0 rg BT 155.09 711.90 Td (e of Unvested Restricted Shar) Tj ET Q q 0 0 0 rg BT 306.84 711.90 Td (es and Restricted Mutual Fund Shar) Tj ET Q q 0 0 0 rg BT 493.64 711.90 Td (es) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 503.64 711.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 685.50 Td (\(a\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 685.50 Td (If \(i\) the Employee attempts to pledge, encumber) Tj ET Q q 0 0 0 rg BT 379.44 685.50 Td (, assign, transfer or otherwise ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 671.10 Td (dispose of any of the Restricted Shares \(except as permitted by Section 1\(b\) of these ) Tj ET Q q 0 0 0 rg BT 479.33 671.10 Td (T) Tj ET Q q 0 0 0 rg BT 485.82 671.10 Td (erms and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 656.70 Td (Conditions\) or the Employee) Tj ET Q q 0 0 0 rg BT 214.31 656.70 Td (s interest in or rights to any of the Restricted Mutual Fund Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 642.30 Td (\(except as permitted by Section 2\(b\) of these ) Tj ET Q q 0 0 0 rg BT 289.71 642.30 Td (T) Tj ET Q q 0 0 0 rg BT 296.20 642.30 Td (erms and Conditions\), or the Restricted Shares or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 627.90 Td (Restricted Mutual Fund Shares become subject to attachment or any similar involuntary process ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 613.50 Td (in violation of this ) Tj ET Q q 0 0 0 rg BT 162.67 613.50 Td (Agreement, or \(ii\) the Employee) Tj ET Q q 0 0 0 rg BT 322.28 613.50 Td (s employment with the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 599.10 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 599.10 Td (filiate \(A\) is terminated for Cause or \(B\)terminates under the circumstances covered by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 584.70 Td (Section 3\(d\) or Section 3\(f\) \(including as Section 3\(f\) applies with respect to Section 3\(c\)\) of this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 570.30 Td (Agreement and either \(1\) the conditions or restrictions of such Section, as applicable, are not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 555.90 Td (satisfied or \(2\)the conditions or restrictions of such Section, as applicable, are satisfied but the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 541.50 Td (Employee subsequently violates any of them, then any Restricted Shares and Restricted Mutual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 527.10 Td (Fund Shares that have not previously vested shall cease to vest and shall be forfeited to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 512.70 Td (Company immediately) Tj ET Q q 0 0 0 rg BT 180.87 512.70 Td (, the Employee shall thereafter have no right, title or interest whatsoever ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 498.30 Td (in such unvested Restricted Shares and Restricted Mutual Fund Shares, and, if the Company does ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 483.90 Td (not have custody of any and all certificates representing Restricted Shares so forfeited, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 469.50 Td (Employee shall immediately return to the Company any and all certificates representing ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 455.10 Td (Restricted Shares so forfeited. ) Tj ET Q q 0 0 0 rg BT 221.96 455.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 281.84 455.10 Td (, the Employee will deliver to the Company a stock ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 440.70 Td (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 72.00 426.30 Td (Restricted Shares to the Company in accordance with the previous sentence or) Tj ET Q q 0 0 0 rg BT 447.73 426.30 Td (, if such stock ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 411.90 Td (power has previously been tendered to the Company) Tj ET Q q 0 0 0 rg BT 323.48 411.90 Td (, the Company will be authorized to deem ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 397.50 Td (such previously tendered stock power delivered, and the Company will be authorized to cancel ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 383.10 Td (any and all certificates representing Restricted Shares so forfeited and to cause a book entry to be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 368.70 Td (made in the records of the Company) Tj ET Q q 0 0 0 rg BT 249.95 368.70 Td (s transfer agent in the name of the Employee \(or a new ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 354.30 Td (stock certificate to be issued, if requested by the Employee\) evidencing any Restricted Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 339.90 Td (that vested prior to the forfeiture of unvested Restricted Shares under this Section 5. If the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 325.50 Td (Restricted Shares are evidenced by a book entry made in the records of the Company) Tj ET Q q 0 0 0 rg BT 483.86 325.50 Td (s transfer ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 311.10 Td (agent, then the Company will be authorized to cause such book entry to be adjusted to reflect the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 296.70 Td (number of Restricted Shares so forfeited.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 270.30 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 270.30 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 270.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 270.30 Td (For purposes of this ) Tj ET Q q 0 0 0 rg BT 242.00 270.30 Td (Agreement, Cause means \(i\) the Employee) Tj ET Q q 0 0 0 rg BT 461.92 270.30 Td (s continued ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 255.90 Td (failure to substantially perform his or her duties with the Company or an ) Tj ET Q q 0 0 0 rg BT 422.26 255.90 Td (Af) Tj ET Q q 0 0 0 rg BT 434.71 255.90 Td (filiate after written ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 241.50 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 72.00 227.10 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 72.00 212.70 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 212.70 Td (filiate in its written demand; \(ii\) the Employee) Tj ET Q q 0 0 0 rg BT 310.72 212.70 Td (s conviction of a felony; \(iii\) the Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 198.30 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 72.00 183.90 Td (discretion impairs the Employee) Tj ET Q q 0 0 0 rg BT 230.96 183.90 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 72.00 169.50 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 169.50 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 72.00 155.10 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 155.10 Td (filiate; \(iv\) the Employee) Tj ET Q q 0 0 0 rg BT 208.73 155.10 Td (s violation of any policy of the Company or an ) Tj ET Q q 0 0 0 rg BT 435.36 155.10 Td (Af) Tj ET Q q 0 0 0 rg BT 447.81 155.10 Td (filiate that the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 140.70 Td (Company) Tj ET Q q 0 0 0 rg BT 117.88 140.70 Td (, in its sole discretion, deems material; \(v\) the Employee) Tj ET Q q 0 0 0 rg BT 392.14 140.70 Td (s violation of any securities ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 126.30 Td (law) Tj ET Q q 0 0 0 rg BT 88.55 126.30 Td (, rule or regulation that the Company) Tj ET Q q 0 0 0 rg BT 265.39 126.30 Td (, in its sole discretion, deems material; \(vi\) the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 111.90 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 111.90 Td (s engagement in conduct that, in the Company) Tj ET Q q 0 0 0 rg BT 349.93 111.90 Td (s sole discretion, exposes the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 97.50 Td (or an ) Tj ET Q q 0 0 0 rg BT 98.66 97.50 Td (Af) Tj ET Q q 0 0 0 rg BT 111.11 97.50 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 97.50 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 83.10 Td (engagement in conduct that would subject the Employee to statutory disqualification pursuant to ) Tj ET Q endstream endobj 273 0 obj <> endobj 274 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (Section 15\(b\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 220.29 711.70 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 72.00 697.30 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 697.30 Td (s gross or willful misconduct that the Company) Tj ET Q q 0 0 0 rg BT 350.85 697.30 Td (, in its sole discretion, deems material.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 670.90 Td (6.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 670.90 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 108 669.0220703125 m 210.9609375 669.0220703125 l s q 0 0 0 rg BT 108.00 670.90 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 162.98 670.90 Td (Activities) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 210.96 670.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 216.96 670.90 Td ( In consideration of the grant of this ) Tj ET Q q 0 0 0 rg BT 391.59 670.90 Td (A) Tj ET Q q 0 0 0 rg BT 399.15 670.90 Td (ward, the Employee agrees ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 656.50 Td (to comply with and be bound by the following restrictive covenants \(each a Restricted ) Tj ET Q q 0 0 0 rg BT 493.21 656.50 Td (Activity ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 642.10 Td (and together the Restricted ) Tj ET Q q 0 0 0 rg BT 208.62 642.10 Td (Activities\):) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 615.70 Td (\(a\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 615.70 Td (the Employee will not, either during the Employee) Tj ET Q q 0 0 0 rg BT 390.60 615.70 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 601.30 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 601.30 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 601.30 Td (filiate or at any time thereafter) Tj ET Q q 0 0 0 rg BT 306.54 601.30 Td (, except in connection with the performance of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 586.90 Td (the Employee) Tj ET Q q 0 0 0 rg BT 141.64 586.90 Td (s job duties for the benefit of the Company) Tj ET Q q 0 0 0 rg BT 346.82 586.90 Td (, use, disclose or misappropriate any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 572.50 Td (Company-Confidential Information \(as defined below\) unless the Company or an ) Tj ET Q q 0 0 0 rg BT 465.25 572.50 Td (Af) Tj ET Q q 0 0 0 rg BT 477.69 572.50 Td (filiate ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 558.10 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 72.00 543.70 Td (meaning as provided in the Company) Tj ET Q q 0 0 0 rg BT 254.96 543.70 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 72.00 529.30 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 72.00 514.90 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 514.90 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 514.90 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 72.00 500.50 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 500.50 Td (s employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 312.96 500.50 Td (Af) Tj ET Q q 0 0 0 rg BT 325.41 500.50 Td (filiate.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 474.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.99 474.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 474.10 Td (the Employee will not, during the Employee) Tj ET Q q 0 0 0 rg BT 360.29 474.10 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 459.70 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 459.70 Td (filiate and during the ) Tj ET Q q 0 0 0 rg BT 187.08 459.70 Td (Applicable Post-Employment Restricted Period, directly or indirectly) Tj ET Q q 0 0 0 rg BT 519.23 459.70 Td (, on ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 445.30 Td (behalf of the Employee or any other person \(including but not limited to any ) Tj ET Q q 0 0 0 rg BT 441.69 445.30 Td (T) Tj ET Q q 0 0 0 rg BT 448.18 445.30 Td (alent Competitor ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 430.90 Td (\(as defined below\)\), solicit, induce or encourage any person then employed, or employed within ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 416.50 Td (the 180-day period preceding the Employee) Tj ET Q q 0 0 0 rg BT 285.59 416.50 Td (s termination, by the Company or an ) Tj ET Q q 0 0 0 rg BT 463.56 416.50 Td (Af) Tj ET Q q 0 0 0 rg BT 476.01 416.50 Td (filiate to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 402.10 Td (terminate or otherwise modify their employment relationship with the Company;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 375.70 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 375.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 375.70 Td (the Employee will not, during the Employee) Tj ET Q q 0 0 0 rg BT 360.29 375.70 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 361.30 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 361.30 Td (filiate and during the ) Tj ET Q q 0 0 0 rg BT 187.08 361.30 Td (Applicable Post-Employment Restricted Period, on behalf of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 346.90 Td (Employee or any other person \(including but not limited to any ) Tj ET Q q 0 0 0 rg BT 378.05 346.90 Td (T) Tj ET Q q 0 0 0 rg BT 384.54 346.90 Td (alent Competitor \(as defined ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 332.50 Td (below\)\), hire, retain or employ in any capacity any person then employed, or employed within ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 318.10 Td (the 180-day period preceding the Employee) Tj ET Q q 0 0 0 rg BT 285.59 318.10 Td (s termination, by the Company or an ) Tj ET Q q 0 0 0 rg BT 463.56 318.10 Td (Af) Tj ET Q q 0 0 0 rg BT 476.01 318.10 Td (filiate;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 291.70 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 291.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 291.70 Td (the Employee will not, during the Employee) Tj ET Q q 0 0 0 rg BT 360.29 291.70 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 277.30 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 277.30 Td (filiate and during the ) Tj ET Q q 0 0 0 rg BT 187.08 277.30 Td (Applicable Post-Employment Restricted Period, directly or indirectly) Tj ET Q q 0 0 0 rg BT 519.23 277.30 Td (, on ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 262.90 Td (behalf of the Employee or any other person \(including but not limited to any ) Tj ET Q q 0 0 0 rg BT 441.69 262.90 Td (T) Tj ET Q q 0 0 0 rg BT 448.18 262.90 Td (alent Competitor\), ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 248.50 Td (solicit any customer) Tj ET Q q 0 0 0 rg BT 168.16 248.50 Td (, client or account of the Company or an ) Tj ET Q q 0 0 0 rg BT 364.11 248.50 Td (Af) Tj ET Q q 0 0 0 rg BT 376.55 248.50 Td (filiate, or otherwise otherwise ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 234.10 Td (seek to divert any customer) Tj ET Q q 0 0 0 rg BT 203.48 234.10 Td (, client or account of the Company or an ) Tj ET Q q 0 0 0 rg BT 399.42 234.10 Td (Af) Tj ET Q q 0 0 0 rg BT 411.87 234.10 Td (filiate away from ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 219.70 Td (engaging in business with the Company or an ) Tj ET Q q 0 0 0 rg BT 293.31 219.70 Td (Af) Tj ET Q q 0 0 0 rg BT 305.75 219.70 Td (filiate. For purposes of this subparagraph, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 205.30 Td (customer) Tj ET Q q 0 0 0 rg BT 120.83 205.30 Td (, client or account shall include the following: then-current customers, clients, or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 190.90 Td (accounts of the Company or an ) Tj ET Q q 0 0 0 rg BT 223.96 190.90 Td (Af) Tj ET Q q 0 0 0 rg BT 236.41 190.90 Td (filiate; any customers, clients or accounts that had been ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 176.50 Td (represented by or had a business relationship with the Company or an ) Tj ET Q q 0 0 0 rg BT 408.59 176.50 Td (Af) Tj ET Q q 0 0 0 rg BT 421.04 176.50 Td (filiate within the 365-) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 162.10 Td (day period preceding the Employee) Tj ET Q q 0 0 0 rg BT 245.94 162.10 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 72.00 147.70 Td (legal entity that had been solicited or pitched for business by the Company or an ) Tj ET Q q 0 0 0 rg BT 460.24 147.70 Td (Af) Tj ET Q q 0 0 0 rg BT 472.69 147.70 Td (filiate within ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 133.30 Td (the 365-day period preceding the Employee) Tj ET Q q 0 0 0 rg BT 285.59 133.30 Td (s termination, if the Employee was involved in any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 118.90 Td (capacity in the solicitation or pitch;) Tj ET Q endstream endobj 275 0 obj <> endobj 276 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 711.70 Td (\(e\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 711.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 711.70 Td (the Employee will not, during the Employee) Tj ET Q q 0 0 0 rg BT 360.29 711.70 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 697.30 Td (filiate and during the ) Tj ET Q q 0 0 0 rg BT 187.08 697.30 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 72.00 682.90 Td (consent of the Company or an ) Tj ET Q q 0 0 0 rg BT 218.64 682.90 Td (Af) Tj ET Q q 0 0 0 rg BT 231.08 682.90 Td (filiate, \(x\) become a director) Tj ET Q q 0 0 0 rg BT 367.53 682.90 Td (, of) Tj ET Q q 0 0 0 rg BT 383.31 682.90 Td (ficer) Tj ET Q q 0 0 0 rg BT 404.81 682.90 Td (, employee, partner) Tj ET Q q 0 0 0 rg BT 496.95 682.90 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (consultant or independent contractor of, or otherwise work or provide services for) Tj ET Q q 0 0 0 rg BT 464.72 668.50 Td (, a ) Tj ET Q q 0 0 0 rg BT 478.83 668.50 Td (T) Tj ET Q q 0 0 0 rg BT 485.33 668.50 Td (alent ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (Competitor doing business in the same geographic or market area\(s\) in which the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.70 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 639.70 Td (filiate is also doing business, or \(y\) acquire any material ownership or similar financial interest ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.30 Td (in any such ) Tj ET Q q 0 0 0 rg BT 129.44 625.30 Td (T) Tj ET Q q 0 0 0 rg BT 135.93 625.30 Td (alent Competitor;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 598.90 Td (\(f\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.99 598.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 598.90 Td (the Employee will not, either during the Employee) Tj ET Q q 0 0 0 rg BT 390.60 598.90 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 584.50 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 584.50 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 584.50 Td (filiate or at any time thereafter) Tj ET Q q 0 0 0 rg BT 306.54 584.50 Td (, make disparaging, derogatory) Tj ET Q q 0 0 0 rg BT 454.72 584.50 Td (, or defamatory ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 570.10 Td (statements about the Company or an ) Tj ET Q q 0 0 0 rg BT 249.30 570.10 Td (Af) Tj ET Q q 0 0 0 rg BT 261.74 570.10 Td (filiate in any public forum or media; and) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 543.70 Td (\(g\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 543.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 543.70 Td (the Employee will not, either during the Employee) Tj ET Q q 0 0 0 rg BT 390.60 543.70 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 529.30 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 529.30 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 529.30 Td (filiate or at any time thereafter) Tj ET Q q 0 0 0 rg BT 306.54 529.30 Td (, fail to cooperate fully with and provide full ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 514.90 Td (and accurate information to the Company and its counsel with respect to any matter \(including ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 500.50 Td (any audit, tax proceeding, litigation, investigation or governmental proceeding\) with respect to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 486.10 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 72.00 471.70 Td (appropriate and reasonable expenses incurred by the Employee.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 445.30 Td (For purposes of this Section 6, the Applicable Post-Employment Restricted Period ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 430.90 Td (means: \(i\) with respect to Sections 6\(b\) and \(c\), one year following any termination of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 416.50 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 416.50 Td (s employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 312.96 416.50 Td (Af) Tj ET Q q 0 0 0 rg BT 325.41 416.50 Td (filiate \(not including any period of notice ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 402.10 Td (provided by the Employee\); \(ii\) with respect to Section 6\(d\), six months following any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 387.70 Td (termination of the Employee) Tj ET Q q 0 0 0 rg BT 212.96 387.70 Td (s employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 401.94 387.70 Td (Af) Tj ET Q q 0 0 0 rg BT 414.38 387.70 Td (filiate \(not including any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 373.30 Td (period of notice provided by the Employee\); and \(iii\) with respect to Section 6\(e\), one month ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 358.90 Td (following any termination of the Employee) Tj ET Q q 0 0 0 rg BT 282.95 358.90 Td (s employment initiated and ef) Tj ET Q q 0 0 0 rg BT 425.36 358.90 Td (fected by the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 344.50 Td (or an ) Tj ET Q q 0 0 0 rg BT 98.66 344.50 Td (Af) Tj ET Q q 0 0 0 rg BT 111.11 344.50 Td (filiate without Cause, or three months following any other termination of the Employee) Tj ET Q q 0 0 0 rg BT 534.01 344.50 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 330.10 Td (employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 253.31 330.10 Td (Af) Tj ET Q q 0 0 0 rg BT 265.75 330.10 Td (filiate \(not including any period of notice provided by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 315.70 Td (the Employee\); ) 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 148.640625 314.100390625 m 191.296875 314.100390625 l s q 0 0 0 rg BT 148.64 315.70 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 191.30 315.70 Td (, however) Tj ET Q q 0 0 0 rg BT 238.13 315.70 Td (, that if the Company requests that the Employee sign a Post-) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 301.30 Td (T) Tj ET Q q 0 0 0 rg BT 78.49 301.30 Td (ermination ) Tj ET Q q 0 0 0 rg BT 132.81 301.30 Td (Agreement and the Employee voluntarily elects to sign such Post-T) Tj ET Q q 0 0 0 rg BT 456.23 301.30 Td (ermination ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 286.90 Td (Agreement with the Company pursuant to Section 3\(f\), then such Post-T) Tj ET Q q 0 0 0 rg BT 419.43 286.90 Td (ermination ) Tj ET Q q 0 0 0 rg BT 473.75 286.90 Td (Agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 272.50 Td (may include one or more restricted periods that are longer than the ) Tj ET Q q 0 0 0 rg BT 393.88 272.50 Td (Applicable Post-Employment ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 258.10 Td (Restricted Period with respect to one or more of the Restricted ) Tj ET Q q 0 0 0 rg BT 374.25 258.10 Td (Activities.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 231.70 Td (For purposes of this Section 6, a T) Tj ET Q q 0 0 0 rg BT 277.80 231.70 Td (alent Competitor means any corporation, partnership, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 217.30 Td (limited liability company or other business association, or) Tj ET Q q 0 0 0 rg BT 349.73 217.30 Td (ganization or entity that engages in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 202.90 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 72.00 188.50 Td (limited to, investment banks, sell-side broker dealers, mer) Tj ET Q q 0 0 0 rg BT 349.71 188.50 Td (gers and acquisitions or strategic ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 174.10 Td (advisory firms, merchant banks, hedge funds, private equity firms, venture capital firms, asset ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 159.70 Td (managers and investment advisory firms.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 133.30 Td (7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 133.30 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 108 131.42207031249995 m 208.330078125 131.42207031249995 l s q 0 0 0 rg BT 108.00 133.30 Td (Potential Clawback) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 208.33 133.30 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 211.33 133.30 Td ( ) Tj ET Q q 0 0 0 rg BT 217.11 133.30 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 72.00 118.90 Td (copy of the Company) Tj ET Q q 0 0 0 rg BT 178.98 118.90 Td (s Incentive Compensation Recovery Policy) Tj ET Q q 0 0 0 rg BT 385.49 118.90 Td (, dated February 4, 2014 \(the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 104.50 Td (Recovery Policy\), and understands, accepts and agrees that this grant in this ) Tj ET Q q 0 0 0 rg BT 449.22 104.50 Td (Agreement of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 90.10 Td (Restricted Shares and Restricted Mutual Fund Shares, and any other outstanding ) Tj ET Q q 0 0 0 rg BT 460.59 90.10 Td (A) Tj ET Q q 0 0 0 rg BT 468.16 90.10 Td (ward he or she ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 75.70 Td (may have been granted under the Plans after May 8, 2013 \(a Prior ) Tj ET Q q 0 0 0 rg BT 395.89 75.70 Td (A) Tj ET Q q 0 0 0 rg BT 403.46 75.70 Td (ward\) are subject to the ) Tj ET Q endstream endobj 277 0 obj <> endobj 278 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 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 72.00 697.30 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 72.00 682.90 Td (Restricted Stock ) Tj ET Q q 0 0 0 rg BT 153.32 682.90 Td (A) Tj ET Q q 0 0 0 rg BT 160.89 682.90 Td (ward or the MFRS ) Tj ET Q q 0 0 0 rg BT 252.89 682.90 Td (A) Tj ET Q q 0 0 0 rg BT 260.46 682.90 Td (ward, any Prior ) Tj ET Q q 0 0 0 rg BT 337.11 682.90 Td (A) Tj ET Q q 0 0 0 rg BT 344.67 682.90 Td (ward, any Shares issued or mutual fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (shares vested pursuant to this ) Tj ET Q q 0 0 0 rg BT 214.98 668.50 Td (Agreement or any Prior ) Tj ET Q q 0 0 0 rg BT 330.95 668.50 Td (A) Tj ET Q q 0 0 0 rg BT 338.51 668.50 Td (ward, any proceeds received by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 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 72.00 639.70 Td (value received by Employee under the Restricted Stock ) Tj ET Q q 0 0 0 rg BT 340.58 639.70 Td (A) Tj ET Q q 0 0 0 rg BT 348.14 639.70 Td (ward, the MFRS ) Tj ET Q q 0 0 0 rg BT 430.15 639.70 Td (A) Tj ET Q q 0 0 0 rg BT 437.71 639.70 Td (ward or any Prior ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.30 Td (A) Tj ET Q q 0 0 0 rg BT 79.56 625.30 Td (ward under the circumstances and to the extent set forth in the Recovery Policy) Tj ET Q q 0 0 0 rg BT 459.66 625.30 Td (. ) Tj ET Q q 0 0 0 rg BT 468.45 625.30 Td (This ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 610.90 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 72.00 596.50 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 72.00 570.10 Td (8.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 570.10 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 207.240234375 568.2220703125 l s q 0 0 0 rg BT 108.00 570.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 132.46 570.10 Td (eholder) Tj ET Q q 0 0 0 rg BT 170.90 570.10 Td ( Rights) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 207.24 570.10 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 210.24 570.10 Td ( ) Tj ET Q q 0 0 0 rg BT 215.58 570.10 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 72.00 555.70 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 72.00 541.30 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 72.00 526.90 Td (the Restricted Mutual Fund Shares, except as otherwise specifically provided in this ) Tj ET Q q 0 0 0 rg BT 477.57 526.90 Td (Agreement.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 500.50 Td (9.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 500.50 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 108 498.6220703125 m 223.34765625 498.6220703125 l s q 0 0 0 rg BT 108.00 500.50 Td (Fees and Distributions) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 223.35 500.50 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 488.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 474.10 Td (\(a\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 474.10 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 72.00 459.70 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 108.00 433.30 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 433.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 433.30 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 72.00 418.90 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 72.00 404.50 Td (Restricted Mutual Fund Shares, then the following shall apply) Tj ET Q q 0 0 0 rg BT 369.51 404.50 Td (. In the event of distributions made ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 390.10 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 72.00 375.70 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 72.00 361.30 Td (Restricted Mutual Fund Shares under this ) Tj ET Q q 0 0 0 rg BT 273.98 361.30 Td (Agreement, and shall vest along with the other ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 346.90 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 72.00 332.50 Td (provided in the ) Tj ET Q q 0 0 0 rg BT 147.43 332.50 Td (V) Tj ET Q q 0 0 0 rg BT 154.77 332.50 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 72.00 318.10 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 72.00 303.70 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 72.00 289.30 Td (Mutual Fund Shares. ) Tj ET Q q 0 0 0 rg BT 177.67 289.30 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 72.00 274.90 Td (restricted and shall vest on the dates specified in the applicable ) Tj ET Q q 0 0 0 rg BT 376.68 274.90 Td (V) Tj ET Q q 0 0 0 rg BT 384.01 274.90 Td (esting Schedule in the Notice of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 260.50 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 72.00 246.10 Td (are forfeited in accordance with this ) Tj ET Q q 0 0 0 rg BT 247.25 246.10 Td (Agreement, the distributions with respect to any such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 231.70 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 72.00 205.30 Td (10.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 205.30 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 108 203.42207031249995 m 194.162109375 203.42207031249995 l s q 0 0 0 rg BT 108.00 205.30 Td (T) Tj ET Q q 0 0 0 rg BT 114.90 205.30 Td (ax ) Tj ET Q q 0 0 0 rg BT 129.69 205.30 Td (W) Tj ET Q q 0 0 0 rg BT 141.47 205.30 Td (ithholding) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 194.16 205.30 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 203.16 205.30 Td (The parties hereto recognize that the Company or an ) Tj ET Q q 0 0 0 rg BT 457.40 205.30 Td (Af) Tj ET Q q 0 0 0 rg BT 469.85 205.30 Td (filiate may be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 190.90 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 72.00 176.50 Td (Shares or Restricted Mutual Fund Shares, or) Tj ET Q q 0 0 0 rg BT 284.48 176.50 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 72.00 162.10 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 72.00 147.70 Td (income in the year of receipt, upon the Employee) Tj ET Q q 0 0 0 rg BT 312.25 147.70 Td (s receipt of the Restricted Shares or Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 133.30 Td (Mutual Fund Shares, respectively) Tj ET Q q 0 0 0 rg BT 232.52 133.30 Td (. ) Tj ET Q q 0 0 0 rg BT 241.31 133.30 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 72.00 118.90 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 118.90 Td (filiate is required to withhold such taxes, the Employee will promptly pay) Tj ET Q q 0 0 0 rg BT 437.59 118.90 Td (, in cash upon ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 104.50 Td (demand \(or in any other manner permitted by the Committee in accordance with the terms of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 90.10 Td (Plans\), to the Company or an ) Tj ET Q q 0 0 0 rg BT 214.32 90.10 Td (Af) Tj ET Q q 0 0 0 rg BT 226.76 90.10 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 75.70 Td (obligation. ) Tj ET Q q 0 0 0 rg BT 129.45 75.70 Td (The Employee further acknowledges that the Company has directed the Employee to ) Tj ET Q endstream endobj 279 0 obj <> endobj 280 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 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 72.00 697.30 Td (any municipality) Tj ET Q q 0 0 0 rg BT 152.20 697.30 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 72.00 682.90 Td (consequences of the Employee) Tj ET Q q 0 0 0 rg BT 223.61 682.90 Td (s death.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 656.50 Td (1) Tj ET Q q 0 0 0 rg BT 77.34 656.50 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.34 656.50 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 108 654.6220703125 m 193.65234375 654.6220703125 l s q 0 0 0 rg BT 108.00 656.50 Td (Injunctive Relief) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 193.65 656.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 196.65 656.50 Td ( In the event of a breach by the Employee of the Employee) Tj ET Q q 0 0 0 rg BT 485.54 656.50 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 642.10 Td (obligations under this ) Tj ET Q q 0 0 0 rg BT 178.33 642.10 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 72.00 627.70 Td (a Restricted ) Tj ET Q q 0 0 0 rg BT 131.31 627.70 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 72.00 613.30 Td (granted by law) Tj ET Q q 0 0 0 rg BT 142.53 613.30 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 72.00 598.90 Td (performance of its rights under this ) Tj ET Q q 0 0 0 rg BT 243.29 598.90 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 305.38 598.90 Td (The Employee acknowledges that a violation or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 584.50 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 72.00 570.10 Td (damage to the Company) Tj ET Q q 0 0 0 rg BT 188.19 570.10 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 72.00 555.70 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 72.00 541.30 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 72.00 514.90 Td (12.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 514.90 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 108 513.0220703125 m 345.533203125 513.0220703125 l s q 0 0 0 rg BT 108.00 514.90 Td (Restrictive Legends and Stop-T) Tj ET Q q 0 0 0 rg BT 268.78 514.90 Td (ransfer) Tj ET Q q 0 0 0 rg BT 305.88 514.90 Td ( Orders) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 345.53 514.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 488.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 488.50 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 488.50 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 144 486.900390625 m 184.65234375 486.900390625 l s q 0 0 0 rg BT 144.00 488.50 Td (Legends) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 184.65 488.50 Td (. ) Tj ET Q q 0 0 0 rg BT 193.44 488.50 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 72.00 474.10 Td (contain a notation or bear the following legend \(as well as any notations or legends required by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 459.70 Td (applicable state and federal corporate and securities laws\) noting the existence of the restrictions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 445.30 Td (and the Company) Tj ET Q q 0 0 0 rg BT 159.98 445.30 Td (s rights to reacquire the Restricted Shares set forth in this ) Tj ET Q q 0 0 0 rg BT 436.92 445.30 Td (Agreement:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 418.90 Td (THE SHARES REPRESENTED BY) Tj ET Q q 0 0 0 rg BT 327.23 418.90 Td ( ) Tj ET Q q 0 0 0 rg BT 330.01 418.90 Td (THIS [BOOK ENTR) Tj ET Q q 0 0 0 rg BT 431.34 418.90 Td (Y] ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 404.50 Td ([CER) Tj ET Q q 0 0 0 rg BT 170.61 404.50 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 207.95 404.50 Td (TE] MA) Tj ET Q q 0 0 0 rg BT 247.84 404.50 Td (Y) Tj ET Q q 0 0 0 rg BT 256.06 404.50 Td ( BE ) Tj ET Q q 0 0 0 rg BT 277.18 404.50 Td (TRANSFERRED ONL) Tj ET Q q 0 0 0 rg BT 388.99 404.50 Td (Y) Tj ET Q q 0 0 0 rg BT 397.21 404.50 Td ( IN ) Tj ET Q q 0 0 0 rg BT 415.21 404.50 Td (ACCORDANCE ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 390.10 Td (WITH ) Tj ET Q q 0 0 0 rg BT 178.10 390.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 204.21 390.10 Td (TERMS OF ) Tj ET Q q 0 0 0 rg BT 264.90 390.10 Td (A) Tj ET Q q 0 0 0 rg BT 272.90 390.10 Td ( RESTRICTED ST) Tj ET Q q 0 0 0 rg BT 365.36 390.10 Td (OCK ) Tj ET Q q 0 0 0 rg BT 393.03 390.10 Td (AND MUTUAL) Tj ET Q q 0 0 0 rg BT 472.91 390.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 375.70 Td (FUND RESTRICTED SHARE ) Tj ET Q q 0 0 0 rg BT 297.02 375.70 Td (AGREEMENT) Tj ET Q q 0 0 0 rg BT 370.79 375.70 Td ( BETWEEN ) Tj ET Q q 0 0 0 rg BT 433.89 375.70 Td (THE ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 361.30 Td (COMP) Tj ET Q q 0 0 0 rg BT 176.91 361.30 Td (ANY) Tj ET Q q 0 0 0 rg BT 202.46 361.30 Td ( ) Tj ET Q q 0 0 0 rg BT 204.80 361.30 Td (AND ) Tj ET Q q 0 0 0 rg BT 233.58 361.30 Td (THE ST) Tj ET Q q 0 0 0 rg BT 273.70 361.30 Td (OCKHOLDER, ) Tj ET Q q 0 0 0 rg BT 353.03 361.30 Td (A) Tj ET Q q 0 0 0 rg BT 361.04 361.30 Td ( COPY) Tj ET Q q 0 0 0 rg BT 395.60 361.30 Td ( OF ) Tj ET Q q 0 0 0 rg BT 416.72 361.30 Td (WHICH IS ON ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 346.90 Td (FILE ) Tj ET Q q 0 0 0 rg BT 172.11 346.90 Td (WITH ) Tj ET Q q 0 0 0 rg BT 206.21 346.90 Td (THE SECRET) Tj ET Q q 0 0 0 rg BT 276.25 346.90 Td (AR) Tj ET Q q 0 0 0 rg BT 292.26 346.90 Td (Y) Tj ET Q q 0 0 0 rg BT 300.48 346.90 Td ( OF ) Tj ET Q q 0 0 0 rg BT 321.60 346.90 Td (THE COMP) Tj ET Q q 0 0 0 rg BT 380.84 346.90 Td (ANY) Tj ET Q q 0 0 0 rg BT 405.29 346.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 320.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 320.50 Td (\(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.99 320.50 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 144 318.900390625 m 249.87890625 318.900390625 l s q 0 0 0 rg BT 144.00 320.50 Td (Stop-T) Tj ET Q q 0 0 0 rg BT 176.91 320.50 Td (ransfer Notices) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 249.88 320.50 Td (. ) Tj ET Q q 0 0 0 rg BT 258.66 320.50 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 72.00 306.10 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 72.00 291.70 Td (instructions to its transfer agent, if any) Tj ET Q q 0 0 0 rg BT 256.18 291.70 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 72.00 277.30 Td (may make appropriate notations to the same ef) Tj ET Q q 0 0 0 rg BT 296.04 277.30 Td (fect in its own records.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 250.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 250.90 Td (\(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.32 250.90 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 144 249.30039062499998 m 235.6611328125 249.30039062499998 l s q 0 0 0 rg BT 144.00 250.90 Td (Refusal to ) Tj ET Q q 0 0 0 rg BT 195.77 250.90 Td (T) Tj ET Q q 0 0 0 rg BT 202.68 250.90 Td (ransfer) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 235.33 250.90 Td (. ) Tj ET Q q 0 0 0 rg BT 244.11 250.90 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 72.00 236.50 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 72.00 222.10 Td (the provisions of this ) Tj ET Q q 0 0 0 rg BT 175.34 222.10 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 72.00 207.70 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 72.00 193.30 Td (shall have been so transferred.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 166.90 Td (13.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 166.90 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 108 165.02207031249998 m 278.3203125 165.02207031249998 l s q 0 0 0 rg BT 108.00 166.90 Td (Interpr) Tj ET Q q 0 0 0 rg BT 145.78 166.90 Td (etation of ) Tj ET Q q 0 0 0 rg BT 196.88 166.90 Td (This ) Tj ET Q q 0 0 0 rg BT 221.90 166.90 Td (Agr) Tj ET Q q 0 0 0 rg BT 241.68 166.90 Td (eement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 278.32 166.90 Td (. ) Tj ET Q q 0 0 0 rg BT 286.66 166.90 Td (All decisions and interpretations made by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 152.50 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 72.00 138.10 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 72.00 123.70 Td (provisions of this ) Tj ET Q q 0 0 0 rg BT 157.68 123.70 Td (Agreement and the Plans, the provisions of the Plans shall govern.) Tj ET Q endstream endobj 281 0 obj <> endobj 282 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 711.90 Td (14.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 711.90 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 108 710.0220703125 m 400.11328125 710.0220703125 l s q 0 0 0 rg BT 108.00 711.90 Td (No Pr) Tj ET Q q 0 0 0 rg BT 138.11 711.90 Td (omise of Futur) Tj ET Q q 0 0 0 rg BT 213.21 711.90 Td (e ) Tj ET Q q 0 0 0 rg BT 220.88 711.90 Td (A) Tj ET Q q 0 0 0 rg BT 228.65 711.90 Td (wards or) Tj ET Q q 0 0 0 rg BT 274.10 711.90 Td ( Continued Employment) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 400.11 711.90 Td (. ) Tj ET Q q 0 0 0 rg BT 408.90 711.90 Td (The Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.50 Td (acknowledges that this ) Tj ET Q q 0 0 0 rg BT 183.64 697.50 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 72.00 683.10 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 72.00 668.70 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 72.00 654.30 Td (participation of the Employee under either of the Plans. ) Tj ET Q q 0 0 0 rg BT 344.03 654.30 Td (This ) Tj ET Q q 0 0 0 rg BT 367.71 654.30 Td (Agreement shall not give the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.90 Td (Employee a right to continued employment with the Company or any ) Tj ET Q q 0 0 0 rg BT 407.60 639.90 Td (Af) Tj ET Q q 0 0 0 rg BT 420.05 639.90 Td (filiate, and the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.50 Td (or ) Tj ET Q q 0 0 0 rg BT 84.33 625.50 Td (Af) Tj ET Q q 0 0 0 rg BT 96.78 625.50 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 72.00 611.10 Td (deal with the Employee without regard to this ) Tj ET Q q 0 0 0 rg BT 293.95 611.10 Td (Agreement.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 584.70 Td (15.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 584.70 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 108 582.8220703125 m 182.337890625 582.8220703125 l s q 0 0 0 rg BT 108.00 584.70 Td (Binding Effect) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 182.34 584.70 Td (. ) Tj ET Q q 0 0 0 rg BT 191.12 584.70 Td (This ) Tj ET Q q 0 0 0 rg BT 214.79 584.70 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 72.00 570.30 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 72.00 555.90 Td (and its successors and assigns.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 529.50 Td (16.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 529.50 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 529.50 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 111 527.6220703125 m 231.3984375 527.6220703125 l s q 0 0 0 rg BT 111.00 529.50 Td (Agr) Tj ET Q q 0 0 0 rg BT 130.78 529.50 Td (eement to ) Tj ET Q q 0 0 0 rg BT 182.75 529.50 Td (Arbitrate) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 231.40 529.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 234.40 529.50 Td ( ) Tj ET Q q 0 0 0 rg BT 240.18 529.50 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 72.00 515.10 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 72.00 500.70 Td (performance or breach of this ) Tj ET Q q 0 0 0 rg BT 216.27 500.70 Td (Agreement \(including, without limitation, the grant, issuance or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 486.30 Td (forfeiture of Restricted Shares and Restricted Mutual Fund Shares\) shall be settled by arbitration ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 471.90 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 72.00 457.50 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 72.00 443.10 Td (any court having jurisdiction thereof. ) Tj ET Q q 0 0 0 rg BT 255.62 443.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 314.82 443.10 Td (, the Company and the Employee each waive ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 428.70 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 72 412.700390625 m 114.65625 412.700390625 l s q 0 0 0 rg BT 72.00 414.30 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 114.66 414.30 Td (, this Section 16 shall not be construed to limit the Company) Tj ET Q q 0 0 0 rg BT 408.63 414.30 Td (s right to obtain equitable ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 399.90 Td (relief under Section 1) Tj ET Q q 0 0 0 rg BT 175.18 399.90 Td (1 with respect to any matter or controversy subject to Section 1) Tj ET Q q 0 0 0 rg BT 478.32 399.90 Td (1, and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 385.50 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 523.08 385.50 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 371.10 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 72.00 356.70 Td (other applicable court, without being required to first arbitrate such matter or controversy) Tj ET Q q 0 0 0 rg BT 500.07 356.70 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 330.30 Td (17.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 330.30 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 108 328.4220703125 m 181.9921875 328.4220703125 l s q 0 0 0 rg BT 108.00 330.30 Td (Choice of Law) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 181.99 330.30 Td (. ) Tj ET Q q 0 0 0 rg BT 190.78 330.30 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 72.00 315.90 Td (terms the Plans are governed by the laws of the State of Delaware. ) Tj ET Q q 0 0 0 rg BT 396.23 315.90 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 455.43 315.90 Td (, this ) Tj ET Q q 0 0 0 rg BT 481.11 315.90 Td (Agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 301.50 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 72.00 287.10 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 72.00 260.70 Td (18.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 260.70 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 108 258.82207031250005 m 173.994140625 258.82207031250005 l s q 0 0 0 rg BT 108.00 260.70 Td (Modification) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 173.99 260.70 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 182.99 260.70 Td (In the event that any one or more of the Restricted ) Tj ET Q q 0 0 0 rg BT 426.58 260.70 Td (Activities described in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 246.30 Td (Section 6 above shall be held to be unenforceable, invalid or illegal for any reason including, but ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 231.90 Td (not limited to, being excessively broad as to duration, geographical scope, activity or subject, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 217.50 Td (such restriction shall be construed or modified by limiting and reducing it, so as to provide the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 203.10 Td (Company with the maximum protection of its business interests and the intent of the parties as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 188.70 Td (set forth herein and yet be valid and enforceable under the applicable law as it shall then exist. If ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 174.30 Td (any such restriction held to be unenforceable, invalid or illegal cannot be so construed or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 159.90 Td (modified, such finding shall not af) Tj ET Q q 0 0 0 rg BT 237.09 159.90 Td (fect the enforceability of any of the other restrictions contained ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 145.50 Td (herein. ) Tj ET Q endstream endobj 283 0 obj <> endobj 284 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 711.90 Td (19.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 711.90 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 108 710.0220703125 m 199.201171875 710.0220703125 l s q 0 0 0 rg BT 108.00 711.90 Td (Entir) Tj ET Q q 0 0 0 rg BT 135.12 711.90 Td (e ) Tj ET Q q 0 0 0 rg BT 142.78 711.90 Td (Agr) Tj ET Q q 0 0 0 rg BT 162.56 711.90 Td (eement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 199.20 711.90 Td (. ) Tj ET Q q 0 0 0 rg BT 207.98 711.90 Td (This ) Tj ET Q q 0 0 0 rg BT 231.66 711.90 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 72.00 697.50 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 72.00 683.10 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 72.00 668.70 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 72.00 654.30 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 72.00 627.90 Td (20.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 627.90 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 108 626.0220703125 m 233.783203125 626.0220703125 l s q 0 0 0 rg BT 108.00 627.90 Td (Amendment and ) Tj ET Q q 0 0 0 rg BT 196.46 627.90 Td (W) Tj ET Q q 0 0 0 rg BT 207.80 627.90 Td (aiver) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 233.78 627.90 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 72.00 613.50 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 72.00 599.10 Td (parties. No term or condition of this ) Tj ET Q q 0 0 0 rg BT 249.64 599.10 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 72.00 584.70 Td (there be any estoppel to enforce any provision of this ) Tj ET Q q 0 0 0 rg BT 329.26 584.70 Td (Agreement, except by a statement in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 570.30 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 510.90 570.30 Td (Any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 555.90 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 72.00 541.50 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 72.00 527.10 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 72.00 500.70 Td (21.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 500.70 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 108 498.8220703125 m 295.3125 498.8220703125 l s q 0 0 0 rg BT 108.00 500.70 Td (Acknowledgment of Receipt of Copy) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 295.31 500.70 Td (. By execution hereof, the Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 486.30 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 72.00 471.90 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 72.00 445.50 Td (22.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 445.50 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 108 443.6220703125 m 365.326171875 443.6220703125 l s q 0 0 0 rg BT 108.00 445.50 Td (Acknowledgement of ) Tj ET Q q 0 0 0 rg BT 218.44 445.50 Td (V) Tj ET Q q 0 0 0 rg BT 226.00 445.50 Td (oluntary Election; Fairness) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 365.33 445.50 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 374.33 445.50 Td (By executing this ) Tj ET Q q 0 0 0 rg BT 460.65 445.50 Td (Agreement, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 431.10 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 72.00 416.70 Td (and 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 72.00 402.30 Td (Agreement, and agrees to be bound thereby) Tj ET Q q 0 0 0 rg BT 280.14 402.30 Td (, including, without limitation, the terms and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 387.90 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 72.00 373.50 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 72.00 359.10 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 72.00 344.70 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 72.00 330.30 Td (Fund Shares is being made.) Tj ET Q endstream endobj 285 0 obj <> endobj 286 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.30 759.20 Td (Exhibit 10.38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 62.00 Td (US.103934418.02) 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 182.85 697.50 Td (\(2016 ) Tj ET Q q 0 0 0 rg BT 213.18 697.50 Td (Annual Grant California-based employees\)) 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 72.00 539.10 Td ( ) Tj ET Q 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 \(ii\) to the extent ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 481.50 Td (the Employee has so elected for this award cycle, a Mutual Fund Restricted Share ) Tj ET Q q 0 0 0 rg BT 466.88 481.50 Td (A) Tj ET Q q 0 0 0 rg BT 474.45 481.50 Td (ward \(the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 467.10 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 111.69 467.10 Td (A) Tj ET Q q 0 0 0 rg BT 119.25 467.10 Td (ward\) pursuant to the Company) Tj ET Q q 0 0 0 rg BT 279.88 467.10 Td (s Mutual Fund Restricted Share Investment Plan, as ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.70 Td (amended from time to time \(the MFRS Plan and together with the Restricted Stock Plan, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.30 Td (Plans\). ) Tj ET Q q 0 0 0 rg BT 121.44 438.30 Td (The terms and conditions of the Restricted Stock ) Tj ET Q q 0 0 0 rg BT 358.05 438.30 Td (A) Tj ET Q q 0 0 0 rg BT 365.62 438.30 Td (ward and any MFRS ) Tj ET Q q 0 0 0 rg BT 467.62 438.30 Td (A) Tj ET Q q 0 0 0 rg BT 475.18 438.30 Td (ward that has ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 423.90 Td (been elected \(collectively) Tj ET Q q 0 0 0 rg BT 193.82 423.90 Td (, the A) Tj ET Q q 0 0 0 rg BT 230.37 423.90 Td (wards\) are set forth in this Restricted Stock and Mutual Fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 409.50 Td (Restricted Share ) Tj ET Q q 0 0 0 rg BT 153.31 409.50 Td (Agreement \(the Agreement\), consisting of this Notice of Grant and the ) Tj ET Q q 0 0 0 rg BT 506.31 409.50 Td (T) Tj ET Q q 0 0 0 rg BT 512.80 409.50 Td (erms ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 395.10 Td (and Conditions on the following pages. ) Tj ET Q q 0 0 0 rg BT 266.43 395.10 Td (This ) Tj ET Q q 0 0 0 rg BT 290.10 395.10 Td (Agreement and the ) Tj ET Q q 0 0 0 rg BT 383.74 395.10 Td (A) Tj ET Q q 0 0 0 rg BT 391.30 395.10 Td (wards are subject to all of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 380.70 Td (provisions of the applicable Plans. ) Tj ET Q q 0 0 0 rg BT 242.31 380.70 Td (Any capitalized term that is not defined in this ) Tj ET Q q 0 0 0 rg BT 467.26 380.70 Td (Agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 366.30 Td (shall have the meaning set forth in the Plans as they currently exist or as they are amended in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 351.90 Td (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: _______________, 2016) 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 71.5 246 m 305.5 246 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 244 m 305.5 244 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 246 m 539.5 246 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 244 m 538.5 244 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 244 m 72.5 210 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 246 m 70.5 210 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 244 m 538.5 210 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 246 m 540.5 210 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 210 m 72.5 175 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 210 m 70.5 175 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 210 m 305.5 210 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 210 m 538.5 175 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 210 m 540.5 175 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 210 m 539.5 210 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 175 m 72.5 161 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 175 m 70.5 161 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 175 m 538.5 161 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 175 m 540.5 161 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 161 m 72.5 107 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 161 m 70.5 105 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 107 m 305.5 107 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 105 m 305.5 105 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 161 m 538.5 107 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 161 m 540.5 105 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 107 m 538.5 107 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 105 m 540.5 105 l s BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 224.68 Td (No. ) Tj ET Q q 0 0 0 rg BT 94.67 224.68 Td (of ) Tj ET Q q 0 0 0 rg BT 107.66 224.68 Td (Shares ) Tj ET Q q 0 0 0 rg BT 142.65 224.68 Td (Covered:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 74.00 189.68 Td (V) Tj ET Q q 0 0 0 rg BT 81.34 189.68 Td (esting ) Tj ET Q q 0 0 0 rg BT 113.00 189.68 Td (Schedule ) Tj ET Q q 0 0 0 rg BT 159.99 189.68 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 204.31 189.68 Td (to ) Tj ET Q q 0 0 0 rg BT 216.65 189.68 Td (Section ) Tj ET Q q 0 0 0 rg BT 255.64 189.68 Td (3:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 345.95 164.18 Td (No. of Restricted Shares Which) 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 150.8 148.580078125 m 225.114453125 148.580078125 l s q 0 0 0 rg BT 150.80 150.18 Td (Vesting Date\(s\)) 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 345.6 148.580078125 m 498.336328125 148.580078125 l s q 0 0 0 rg BT 345.60 150.18 Td (Become ) Tj ET Q q 0 0 0 rg BT 387.70 150.18 Td (V) Tj ET Q q 0 0 0 rg BT 395.04 150.18 Td (ested as of Such Date) Tj ET Q BT /F1 12.00 Tf ET endstream endobj 287 0 obj <> endobj 288 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 72.5 497.4 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 70.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 497.4 m 81.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 497.4 m 137.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 497.4 m 193.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 497.4 m 249.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 497.4 m 305.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 497.4 m 361.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 497.4 m 417.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 497.4 m 473.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 497.4 m 529.5 497.4 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 538.5 497.4 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 540.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 497.4 m 539.5 497.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 497.4 m 72.5 478.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 497.4 m 70.5 478.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 497.4 m 538.5 478.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 497.4 m 540.5 478.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 478.4 m 72.5 464.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 478.4 m 70.5 464.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 478.4 m 538.5 464.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 478.4 m 540.5 464.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 464.4 m 72.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 464.4 m 70.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 464.4 m 538.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 464.4 m 540.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 450.4 m 72.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 450.4 m 70.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 450.4 m 193.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 450.4 m 249.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 450.4 m 305.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 450.4 m 305.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 450.4 m 361.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 450.4 m 417.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 450.4 m 417.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 450.4 m 473.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 450.4 m 529.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 450.4 m 529.5 450.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 450.4 m 538.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 450.4 m 540.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 425.4 m 72.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 425.4 m 70.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 425.4 m 193.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 425.4 m 249.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 425.4 m 305.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 425.4 m 305.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 425.4 m 361.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 425.4 m 417.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 425.4 m 417.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 425.4 m 473.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 425.4 m 529.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 425.4 m 529.5 425.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 425.4 m 538.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 425.4 m 540.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 405.4 m 72.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 405.4 m 70.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 405.4 m 193.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 405.4 m 249.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 405.4 m 305.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 405.4 m 305.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 405.4 m 361.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 405.4 m 417.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 405.4 m 417.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 405.4 m 473.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 405.4 m 529.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 405.4 m 529.5 405.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 405.4 m 538.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 405.4 m 540.5 385.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 385.4 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 70.5 385.4 m 70.5 365.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 385.4 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 193.5 385.4 m 249.5 385.4 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 305.5 385.4 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 249.5 385.4 m 305.5 385.4 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 305.5 385.4 m 361.5 385.4 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 361.5 385.4 m 417.5 385.4 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 417.5 385.4 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 417.5 385.4 m 473.5 385.4 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 529.5 385.4 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 473.5 385.4 m 529.5 385.4 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 538.5 385.4 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 540.5 385.4 m 540.5 365.4 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 72.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 365.4 m 70.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 360.4 m 81.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 70.5 358.4 m 81.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 360.4 m 137.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 81.5 358.4 m 137.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 360.4 m 193.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 358.4 m 193.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 360.4 m 249.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 358.4 m 249.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 360.4 m 305.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 358.4 m 305.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 360.4 m 361.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 358.4 m 361.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 360.4 m 417.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 358.4 m 417.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 360.4 m 473.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 358.4 m 473.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 360.4 m 529.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 358.4 m 529.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 538.5 365.4 m 538.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 365.4 m 540.5 358.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 360.4 m 538.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 358.4 m 540.5 358.4 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 679.02 Td (Restricted Mutual Fund Shares Covered:*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 654.02 Td (Advisory Research All Cap Value Fund \(ADVGX\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 624.02 Td (Advisory Research Global Value Fund \(ADVWX\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 596.02 Td (Advisory Research MLP & Energy Income Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 586.02 Td (\(Class I: INFIX\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 555.02 Td (Vanguard 500 Index Fund Investor Shares \(VFINX\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.00 519.02 Td (JP Morgan Short Duration Bond Fund \(JSDUX\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 483.07 Td (Vesting Schedule pursuant to Section 3:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.85 468.97 Td (No. of Restricted Mutual Fund Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.90 454.97 Td (Vested as of Each Date) 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 106 428.7333984375 m 167.9287109375 428.7333984375 l s q 0 0 0 rg BT 106.00 430.07 Td (Vesting Date\(s\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.45 440.07 Td (Advisory Research All) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.85 430.07 Td (Cap Value Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.80 440.07 Td (Advisory Research) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.30 430.07 Td (Global Value Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.45 440.07 Td (Advisory Research MLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.70 430.07 Td (& Energy Income Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.00 410.07 Td (__________, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.00 390.07 Td (__________, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.00 370.07 Td (__________, 2019) Tj ET Q BT /F1 12.00 Tf ET BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 345.50 Td (* ) Tj ET Q q 0 0 0 rg BT 81.00 345.50 Td (Subject ) Tj ET Q q 0 0 0 rg BT 119.99 345.50 Td (to ) Tj ET Q q 0 0 0 rg BT 132.33 345.50 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 187.99 345.50 Td (in ) Tj ET Q q 0 0 0 rg BT 200.32 345.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 257.27 345.50 Td (with ) Tj ET Q q 0 0 0 rg BT 281.61 345.50 Td (the ) Tj ET Q q 0 0 0 rg BT 299.27 345.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 328.93 345.50 Td (of ) Tj ET Q q 0 0 0 rg BT 341.92 345.50 Td (this ) Tj ET Q q 0 0 0 rg BT 361.60 345.50 Td (Agreement.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 316.70 Td (IMPOR) Tj ET Q q 0 0 0 rg BT 112.90 316.70 Td (T) Tj ET Q q 0 0 0 rg BT 120.02 316.70 Td (ANT) Tj ET Q q 0 0 0 rg BT 145.14 316.70 Td ( ) Tj ET Q q 0 0 0 rg BT 147.47 316.70 Td (ACKNOWLEDGEMENT) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 282.15 316.70 Td (: ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 291.49 316.70 Td (By signing this ) Tj ET Q q 0 0 0 rg BT 365.60 316.70 Td (Agr) Tj ET Q q 0 0 0 rg BT 383.16 316.70 Td (eement, Employee voluntarily ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 302.30 Td (elects to r) Tj ET Q q 0 0 0 rg BT 118.88 302.30 Td (eceive and accept the Restricted Stock ) Tj ET Q q 0 0 0 rg BT 305.23 302.30 Td (A) Tj ET Q q 0 0 0 rg BT 311.90 302.30 Td (war) Tj ET Q q 0 0 0 rg BT 330.13 302.30 Td (d and any MFRS ) Tj ET Q q 0 0 0 rg BT 413.89 302.30 Td (A) Tj ET Q q 0 0 0 rg BT 420.56 302.30 Td (war) Tj ET Q q 0 0 0 rg BT 438.79 302.30 Td (d subject to all of the ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 287.90 Td (terms and conditions set forth in this ) Tj ET Q q 0 0 0 rg BT 250.79 287.90 Td (Agr) Tj ET Q q 0 0 0 rg BT 268.34 287.90 Td (eement, and specifically acknowledges and agr) Tj ET Q q 0 0 0 rg BT 494.50 287.90 Td (ees that ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 273.50 Td (under certain cir) Tj ET Q q 0 0 0 rg BT 152.87 273.50 Td (cumstances, as specified in Section 5\(a\), the unvested Restricted Shar) Tj ET Q q 0 0 0 rg BT 486.67 273.50 Td (es and ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 259.10 Td (Restricted Mutual Fund Shar) Tj ET Q q 0 0 0 rg BT 211.87 259.10 Td (es may cease to vest and be forfeited to the Company) Tj ET Q q 0 0 0 rg BT 465.81 259.10 Td (. Employee ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 244.70 Td (also acknowledges and agr) Tj ET Q q 0 0 0 rg BT 202.54 244.70 Td (ees that such terms and conditions ar) Tj ET Q q 0 0 0 rg BT 381.42 244.70 Td (e fair and r) Tj ET Q q 0 0 0 rg BT 435.30 244.70 Td (easonable under the ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 72.00 230.30 Td (cir) Tj ET Q q 0 0 0 rg BT 84.88 230.30 Td (cumstances.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 203.90 Td (EMPLOYEE) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 177.50 Td (___________________________________________) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 137.90 Td (PIPER ) Tj ET Q q 0 0 0 rg BT 104.70 137.90 Td (JAFFRA) Tj ET Q q 0 0 0 rg BT 143.44 137.90 Td (Y) Tj ET Q q 0 0 0 rg BT 150.97 137.90 Td ( ) Tj ET Q q 0 0 0 rg BT 153.72 137.90 Td (COMP) Tj ET Q q 0 0 0 rg BT 183.89 137.90 Td (ANIES) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 98.30 Td (By_________________________________________) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 72.00 79.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.75 79.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.50 79.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.25 79.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.00 79.10 Td (Its ) Tj ET Q q 0 0 0 rg BT 96.75 79.10 Td (_______________________________________) Tj ET Q endstream endobj 289 0 obj <> endobj 290 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 249.2 710.0220703125 m 362.78984375 710.0220703125 l s q 0 0 0 rg BT 249.20 711.90 Td (T) Tj ET Q q 0 0 0 rg BT 256.10 711.90 Td (erms and Conditions) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 683.10 Td (1.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 683.10 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 108 681.2220703125 m 198.09375 681.2220703125 l s q 0 0 0 rg BT 108.00 683.10 Td (Restricted Shar) Tj ET Q q 0 0 0 rg BT 188.10 683.10 Td (es) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 198.09 683.10 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.30 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 654.30 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 144.00 654.30 Td (The Shares subject to the Restricted Stock ) Tj ET Q q 0 0 0 rg BT 348.96 654.30 Td (A) Tj ET Q q 0 0 0 rg BT 356.52 654.30 Td (ward are subject to the restrictions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.90 Td (provided for in this ) Tj ET Q q 0 0 0 rg BT 166.66 639.90 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 72.00 625.50 Td (each as a Restricted Share.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.70 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 596.70 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 144.00 596.70 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 72.00 582.30 Td (the Company) Tj ET Q q 0 0 0 rg BT 139.66 582.30 Td (s transfer agent in the name of the Employee \(unless the Employee requests a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.90 Td (certificate evidencing the Restricted Shares\). ) Tj ET Q q 0 0 0 rg BT 292.24 567.90 Td (All restrictions provided for in this ) Tj ET Q q 0 0 0 rg BT 461.55 567.90 Td (Agreement will ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.50 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 72.00 539.10 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 72.00 524.70 Td (the Plan, the Restricted Shares may not \(until such Restricted Shares have vested in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 510.30 Td (Employee in accordance with all terms and conditions of this ) Tj ET Q q 0 0 0 rg BT 367.92 510.30 Td (Agreement\) be assigned or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 495.90 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 72.00 481.50 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 72.00 467.10 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 72.00 452.70 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 481.22 452.70 Td (Agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.30 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 72.00 423.90 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 72.00 409.50 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 72.00 395.10 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 72.00 380.70 Td (Company may) Tj ET Q q 0 0 0 rg BT 141.54 380.70 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 72.00 366.30 Td (during which any restrictions are in ef) Tj ET Q q 0 0 0 rg BT 254.39 366.30 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 72.00 351.90 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 72.00 337.50 Td (custody) Tj ET Q q 0 0 0 rg BT 108.55 337.50 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 308.70 Td (2.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 308.70 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 108 306.8220703125 m 269.44921875 306.8220703125 l s q 0 0 0 rg BT 108.00 308.70 Td (Restricted Mutual Fund Shar) Tj ET Q q 0 0 0 rg BT 259.45 308.70 Td (es) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 269.45 308.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 279.90 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 279.90 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 144.00 279.90 Td (The MFRS Plan allows the Employee to elect to receive a portion \(not less than ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 265.50 Td (ten percent \(10%\) or more than fifty percent \(50%\)\) of a Restricted Stock ) Tj ET Q q 0 0 0 rg BT 426.87 265.50 Td (A) Tj ET Q q 0 0 0 rg BT 434.43 265.50 Td (ward that would ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 251.10 Td (otherwise have been granted to the Employee under the 2003 Plan in the form of Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 236.70 Td (Mutual Fund Shares of selected mutual funds managed by ) Tj ET Q q 0 0 0 rg BT 353.61 236.70 Td (Af) Tj ET Q q 0 0 0 rg BT 366.06 236.70 Td (filiates of the Company) Tj ET Q q 0 0 0 rg BT 478.25 236.70 Td (. ) Tj ET Q q 0 0 0 rg BT 487.04 236.70 Td (The ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 222.30 Td (Mutual Fund Restricted Share ) Tj ET Q q 0 0 0 rg BT 218.65 222.30 Td (A) Tj ET Q q 0 0 0 rg BT 226.21 222.30 Td (ward section of the Notice of Grant reflects the election, if any) Tj ET Q q 0 0 0 rg BT 525.98 222.30 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 207.90 Td (made by the Employee to receive Restricted Mutual Fund Shares. ) Tj ET Q q 0 0 0 rg BT 393.03 207.90 Td (The deadline for submitting ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 193.50 Td (an election form for this award cycle having passed, no reallocation among selected mutual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 179.10 Td (funds shall be permitted and the Employee) Tj ET Q q 0 0 0 rg BT 280.61 179.10 Td (s election is irrevocable. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 164.70 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 150.30 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 144.00 150.30 Td (All vesting contingencies and restrictions provided for in this ) Tj ET Q q 0 0 0 rg BT 440.28 150.30 Td (Agreement will ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.90 Td (apply to each Restricted Mutual Fund Share. ) Tj ET Q q 0 0 0 rg BT 289.07 135.90 Td (The Restricted Mutual Fund Shares may not \(until ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 121.50 Td (such Restricted Mutual Fund Shares have vested in the Employee in accordance with all terms ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 107.10 Td (and conditions of this ) Tj ET Q q 0 0 0 rg BT 178.00 107.10 Td (Agreement\) 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 92.70 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 78.30 Td (or similar process. Each Restricted Mutual Fund Share will remain restricted, and its unvested ) Tj ET Q endstream endobj 291 0 obj <> endobj 292 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (portion subject to forfeiture to the Company) Tj ET Q q 0 0 0 rg BT 283.17 711.70 Td (, unless and until that Restricted Mutual Fund Share ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 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 481.22 697.30 Td (Agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (and the MFRS Plan. ) Tj ET Q q 0 0 0 rg BT 175.13 682.90 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 72.00 668.50 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 72.00 639.70 Td (3.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 639.70 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 145.564453125 637.8220703125 l s q 0 0 0 rg BT 108.00 639.70 Td (V) Tj ET Q q 0 0 0 rg BT 115.56 639.70 Td (esting) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 145.56 639.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 610.90 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 144 609.300390625 m 264.333984375 609.300390625 l s q 0 0 0 rg BT 144.00 610.90 Td (Continuous Employment) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 264.33 610.90 Td (: So long as the Employee remains continuously ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.50 Td (employed \(including during the continuance of any leave of absence as approved by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.10 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 582.10 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 582.10 Td (filiate\) by the Company or an ) Tj ET Q q 0 0 0 rg BT 304.73 582.10 Td (Af) Tj ET Q q 0 0 0 rg BT 317.18 582.10 Td (filiate, then the Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.70 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 72.00 553.30 Td (respective ) Tj ET Q q 0 0 0 rg BT 123.42 553.30 Td (V) Tj ET Q q 0 0 0 rg BT 130.76 553.30 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 72.00 538.90 Td (when the Employee) Tj ET Q q 0 0 0 rg BT 170.64 538.90 Td (s employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 359.61 538.90 Td (Af) Tj ET Q q 0 0 0 rg BT 372.06 538.90 Td (filiate terminates, whether by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 524.50 Td (Employee or by the Company \(or an ) Tj ET Q q 0 0 0 rg BT 249.63 524.50 Td (Af) Tj ET Q q 0 0 0 rg BT 262.07 524.50 Td (filiate\), voluntarily or involuntarily) Tj ET Q q 0 0 0 rg BT 429.92 524.50 Td (, for any reason, then, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 510.10 Td (in accordance with Section 5 of this ) Tj ET Q q 0 0 0 rg BT 246.29 510.10 Td (Agreement, the Restricted Shares and Restricted Mutual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 495.70 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 72.00 481.30 Td (Shares as of the termination date shall be forfeited to the Company) Tj ET Q q 0 0 0 rg BT 392.13 481.30 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.50 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 452.50 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 144 450.900390625 m 267.97265625 450.900390625 l s q 0 0 0 rg BT 144.00 452.50 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 452.50 Td (esting in Event of Death) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 267.97 452.50 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 357.94 452.50 Td (s employment by the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.10 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 438.10 Td (filiate terminates because of the Employee) Tj ET Q q 0 0 0 rg BT 292.03 438.10 Td (s death, then the unvested Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 423.70 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 72.00 394.90 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 394.90 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 144 393.300390625 m 344.126953125 393.300390625 l s q 0 0 0 rg BT 144.00 394.90 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 394.90 Td (esting in Event of Long-T) Tj ET Q q 0 0 0 rg BT 275.14 394.90 Td (erm Disability) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 344.13 394.90 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 434.10 394.90 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 380.50 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 380.50 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 380.50 Td (filiate terminates because of the Employee) Tj ET Q q 0 0 0 rg BT 368.35 380.50 Td (s long-term disability \(as defined in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 366.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 139.66 366.10 Td (s long-term disability plan, a Disability\), then the unvested Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 351.70 Td (Restricted Mutual Fund Shares will continue vesting during the Employee) Tj ET Q q 0 0 0 rg BT 431.61 351.70 Td (s long-term disability ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 337.30 Td (period in accordance with their respective ) Tj ET Q q 0 0 0 rg BT 275.69 337.30 Td (V) Tj ET Q q 0 0 0 rg BT 283.03 337.30 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 72.00 322.90 Td (however) Tj ET Q q 0 0 0 rg BT 112.83 322.90 Td (, the Employee recovers from the Disability) Tj ET Q q 0 0 0 rg BT 322.32 322.90 Td (, and returns to gainful employment with any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 308.50 Td (employer other than the Company or an ) Tj ET Q q 0 0 0 rg BT 265.62 308.50 Td (Af) Tj ET Q q 0 0 0 rg BT 278.06 308.50 Td (filiate, the Employee) Tj ET Q q 0 0 0 rg BT 381.69 308.50 Td (s entitlement to the unvested ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 294.10 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 72.00 279.70 Td (subparagraph 3\(f\) below) Tj ET Q q 0 0 0 rg BT 189.18 279.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 250.90 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 144 249.30039062499998 m 319.611328125 249.30039062499998 l s q 0 0 0 rg BT 144.00 250.90 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 250.90 Td (esting in Event of Severance Event) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 319.61 250.90 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 409.58 250.90 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 236.50 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 236.50 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 236.50 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 72.00 222.10 Td (severance event \(i.e., an event specifically designated as a severance event by the Company in a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 207.70 Td (written notice to the Employee that he or she is eligible for severance benefits under the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 193.30 Td (Company) Tj ET Q q 0 0 0 rg BT 122.00 193.30 Td (s Severance Plan, as may be amended from time to time\), then the unvested Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 178.90 Td (Shares and Restricted Mutual Fund Shares will, as set forth in writing in a severance agreement, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 164.50 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 489.56 164.50 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 150.10 Td (execution of a general release of all claims against the Company and its ) Tj ET Q q 0 0 0 rg BT 418.21 150.10 Td (Af) Tj ET Q q 0 0 0 rg BT 430.66 150.10 Td (filiates, on a form ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.70 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 72 119.70039062499995 m 114.65625 119.70039062499995 l s q 0 0 0 rg BT 72.00 121.30 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 114.66 121.30 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 72.00 106.90 Td (release and it remains ef) Tj ET Q q 0 0 0 rg BT 188.39 106.90 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 92.50 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 78.10 Td (Company) Tj ET Q q 0 0 0 rg BT 122.00 78.10 Td (s Severance Plan and the applicable severance agreement.) Tj ET Q endstream endobj 293 0 obj <> endobj 294 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 697.30 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 144 695.700390625 m 339.744140625 695.700390625 l s q 0 0 0 rg BT 144.00 697.30 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 697.30 Td (esting in Event of For Cause Dischar) Tj ET Q q 0 0 0 rg BT 328.42 697.30 Td (ge) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 339.74 697.30 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 429.71 697.30 Td (s employment with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 682.90 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 682.90 Td (filiate terminates because the Employee was dischar) Tj ET Q q 0 0 0 rg BT 411.12 682.90 Td (ged for Cause \(as that ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 Td (term is defined in subparagraph 5\(b\)\) below) Tj ET Q q 0 0 0 rg BT 282.49 668.50 Td (, then the unvested Restricted Shares and Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 654.10 Td (Mutual Fund Shares shall cease vesting and be forfeited to the Company) Tj ET Q q 0 0 0 rg BT 419.47 654.10 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 109.00 625.30 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 144 623.700390625 m 401.220703125 623.700390625 l s q 0 0 0 rg BT 144.00 625.30 Td (V) Tj ET Q q 0 0 0 rg BT 151.34 625.30 Td (esting in the Event of ) Tj ET Q q 0 0 0 rg BT 256.32 625.30 Td (Any Other ) Tj ET Q q 0 0 0 rg BT 310.09 625.30 Td (T) Tj ET Q q 0 0 0 rg BT 316.58 625.30 Td (ype of Separation) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 401.22 625.30 Td (: If the Employee) Tj ET Q q 0 0 0 rg BT 491.19 625.30 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 610.90 Td (employment with the Company or an ) Tj ET Q q 0 0 0 rg BT 253.31 610.90 Td (Af) Tj ET Q q 0 0 0 rg BT 265.75 610.90 Td (filiate terminates for any reason other than the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 596.50 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 596.50 Td (s death, Disability) Tj ET Q q 0 0 0 rg BT 210.19 596.50 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 72.00 582.10 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 72.00 567.70 Td (Shares shall cease vesting and be forfeited to the Company) Tj ET Q q 0 0 0 rg BT 354.13 567.70 Td (, unless, at or around the time of such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.30 Td (termination: \(a\) the Employee voluntarily elects to sign a Post-T) Tj ET Q q 0 0 0 rg BT 380.09 553.30 Td (ermination ) Tj ET Q q 0 0 0 rg BT 434.41 553.30 Td (Agreement with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 538.90 Td (Company; and \(b\) the Employee executes a general release of all claims against the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 524.50 Td (and its ) Tj ET Q q 0 0 0 rg BT 106.00 524.50 Td (Af) Tj ET Q q 0 0 0 rg BT 118.45 524.50 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 72.00 510.10 Td (designated by the Company) Tj ET Q q 0 0 0 rg BT 204.86 510.10 Td (, and takes no action to revoke the general release in whole or in part.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 481.30 Td (If the Employee signs a Post-T) Tj ET Q q 0 0 0 rg BT 255.47 481.30 Td (ermination ) Tj ET Q q 0 0 0 rg BT 309.79 481.30 Td (Agreement, and thereafter complies with 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 obligations under such Post-T) Tj ET Q q 0 0 0 rg BT 274.47 466.90 Td (ermination ) Tj ET Q q 0 0 0 rg BT 328.79 466.90 Td (Agreement, including the obligation to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.50 Td (refrain from engaging in any Post-T) Tj ET Q q 0 0 0 rg BT 244.11 452.50 Td (ermination Restricted ) Tj ET Q q 0 0 0 rg BT 350.09 452.50 Td (Activities \(as defined below\) for the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.10 Td (shorter of the remaining vesting period of the unvested Restricted Shares and Restricted Mutual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 423.70 Td (Fund Shares, or the restricted period identified in the Post-T) Tj ET Q q 0 0 0 rg BT 359.77 423.70 Td (ermination ) Tj ET Q q 0 0 0 rg BT 414.09 423.70 Td (Agreement \(which may ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 409.30 Td (be up to two years following the date of termination\), and the Employee signs and does not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 394.90 Td (rescind the general release as described above, then the unvested Restricted Shares and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 380.50 Td (Restricted Mutual Fund Shares shall not cease to vest and shall not be forfeited, but rather) Tj ET Q q 0 0 0 rg BT 503.41 380.50 Td (, as set ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 366.10 Td (forth in the Post-T) Tj ET Q q 0 0 0 rg BT 159.49 366.10 Td (ermination ) Tj ET Q q 0 0 0 rg BT 213.81 366.10 Td (Agreement, shall continue to vest in the numbers and on the dates ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 351.70 Td (specified in their respective ) Tj ET Q q 0 0 0 rg BT 207.06 351.70 Td (V) Tj ET Q q 0 0 0 rg BT 214.39 351.70 Td (esting Schedules in the Notice of Grant for so long as the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 337.30 Td (Employee continuously refrains from engaging in all Post-T) Tj ET Q q 0 0 0 rg BT 360.10 337.30 Td (ermination Restricted ) Tj ET Q q 0 0 0 rg BT 466.07 337.30 Td (Activities for ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 322.90 Td (the shorter of the remaining vesting period of the unvested Restricted Shares and Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 308.50 Td (Mutual Fund Shares, or the restricted period identified in the Post-T) Tj ET Q q 0 0 0 rg BT 397.43 308.50 Td (ermination ) Tj ET Q q 0 0 0 rg BT 451.75 308.50 Td (Agreement.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 279.70 Td (Post-T) Tj ET Q q 0 0 0 rg BT 144.49 279.70 Td (ermination Restricted ) Tj ET Q q 0 0 0 rg BT 250.46 279.70 Td (Activites shall include the following restrictive covenants:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 250.90 Td (\(i\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 250.90 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 180.00 236.50 Td (T) Tj ET Q q 0 0 0 rg BT 186.49 236.50 Td (ermination ) Tj ET Q q 0 0 0 rg BT 240.81 236.50 Td (Agreement engage in a Restricted ) Tj ET Q q 0 0 0 rg BT 405.75 236.50 Td (Activity as defined in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 222.10 Td (Section 5 below;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 193.30 Td (\(ii\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 193.30 Td (the Employee will not during the period set forth in the Post-T) Tj ET Q q 0 0 0 rg BT 478.78 193.30 Td (ermination ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 178.90 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 180.00 164.50 Td (not limited to any ) Tj ET Q q 0 0 0 rg BT 267.77 164.50 Td (T) Tj ET Q q 0 0 0 rg BT 274.27 164.50 Td (alent Competitor \(as defined below\)\), hire, retain or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 150.10 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 180.00 135.70 Td (180-day period preceding the Employee) Tj ET Q q 0 0 0 rg BT 375.93 135.70 Td (s termination, by the Company or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 121.30 Td (an ) Tj ET Q q 0 0 0 rg BT 193.66 121.30 Td (Af) Tj ET Q q 0 0 0 rg BT 206.11 121.30 Td (filiate;) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 92.50 Td (\(iii\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 92.50 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 78.10 Td (T) Tj ET Q q 0 0 0 rg BT 186.49 78.10 Td (ermination ) Tj ET Q q 0 0 0 rg BT 240.81 78.10 Td (Agreement, directly or indirectly) Tj ET Q q 0 0 0 rg BT 397.97 78.10 Td (, on behalf of the Employee ) Tj ET Q endstream endobj 295 0 obj <> endobj 296 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 711.70 Td (or any other person \(including but not limited to any ) Tj ET Q q 0 0 0 rg BT 434.40 711.70 Td (T) Tj ET Q q 0 0 0 rg BT 440.89 711.70 Td (alent Competitor\), ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 697.30 Td (solicit any customer) Tj ET Q q 0 0 0 rg BT 276.16 697.30 Td (, client or account of the Company or an ) Tj ET Q q 0 0 0 rg BT 472.11 697.30 Td (Af) Tj ET Q q 0 0 0 rg BT 484.55 697.30 Td (filiate, or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 682.90 Td (otherwise otherwise seek to divert any customer) Tj ET Q q 0 0 0 rg BT 410.78 682.90 Td (, client or account of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 668.50 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 256.32 668.50 Td (Af) Tj ET Q q 0 0 0 rg BT 268.77 668.50 Td (filiate away from engaging in business with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 654.10 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 256.32 654.10 Td (Af) Tj ET Q q 0 0 0 rg BT 268.77 654.10 Td (filiate. For purposes of this subparagraph, customer) Tj ET Q q 0 0 0 rg BT 523.89 654.10 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 639.70 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 180.00 625.30 Td (clients, or accounts of the Company or an ) Tj ET Q q 0 0 0 rg BT 382.28 625.30 Td (Af) Tj ET Q q 0 0 0 rg BT 394.73 625.30 Td (filiate; any customers, clients ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 610.90 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 180.00 596.50 Td (with the Company or an ) Tj ET Q q 0 0 0 rg BT 298.32 596.50 Td (Af) Tj ET Q q 0 0 0 rg BT 310.76 596.50 Td (filiate within the 365-day period preceding the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 582.10 Td (Employee) Tj ET Q q 0 0 0 rg BT 231.98 582.10 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 180.00 567.70 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 180.00 553.30 Td (or an ) Tj ET Q q 0 0 0 rg BT 206.66 553.30 Td (Af) Tj ET Q q 0 0 0 rg BT 219.11 553.30 Td (filiate within the 365-day period preceding the Employee) Tj ET Q q 0 0 0 rg BT 497.35 553.30 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 538.90 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 180.00 524.50 Td (solicitation or pitch; and) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 495.70 Td (\(iv\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 495.70 Td (the Employee will not during the period set forth in the Post-T) Tj ET Q q 0 0 0 rg BT 478.78 495.70 Td (ermination ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 481.30 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 180.00 466.90 Td (Af) Tj ET Q q 0 0 0 rg BT 192.45 466.90 Td (filiate, \(x\)become a director) Tj ET Q q 0 0 0 rg BT 328.89 466.90 Td (, of) Tj ET Q q 0 0 0 rg BT 344.67 466.90 Td (ficer) Tj ET Q q 0 0 0 rg BT 366.17 466.90 Td (, employee, partner) Tj ET Q q 0 0 0 rg BT 458.31 466.90 Td (, consultant or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 452.50 Td (independent contractor of, or otherwise work or provide services for) Tj ET Q q 0 0 0 rg BT 507.40 452.50 Td (, a ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 438.10 Td (T) Tj ET Q q 0 0 0 rg BT 186.49 438.10 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 180.00 423.70 Td (\(s\) in which the Company or an ) Tj ET Q q 0 0 0 rg BT 334.31 423.70 Td (Af) Tj ET Q q 0 0 0 rg BT 346.75 423.70 Td (filiate is also doing business, or \(y\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 409.30 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 180.00 394.90 Td (T) Tj ET Q q 0 0 0 rg BT 186.49 394.90 Td (alent Competitor) Tj ET Q q 0 0 0 rg BT 266.81 394.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 366.10 Td (For purposes of this Section 3, a T) Tj ET Q q 0 0 0 rg BT 277.80 366.10 Td (alent Competitor means any corporation, partnership, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 351.70 Td (limited liability company or other business association, or) Tj ET Q q 0 0 0 rg BT 349.73 351.70 Td (ganization or entity that engages in the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 337.30 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 72.00 322.90 Td (limited to, investment banks, sell-side broker dealers, mer) Tj ET Q q 0 0 0 rg BT 349.71 322.90 Td (gers and acquisitions or strategic ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 308.50 Td (advisory firms, merchant banks, hedge funds, private equity firms, venture capital firms, asset ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 294.10 Td (managers and investment advisory firms.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 265.30 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 72.00 250.90 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 72.00 236.50 Td (a ) Tj ET Q q 0 0 0 rg BT 80.11 236.50 Td (T) Tj ET Q q 0 0 0 rg BT 86.60 236.50 Td (alent Competitor upon termination of employment. Rather) Tj ET Q q 0 0 0 rg BT 369.39 236.50 Td (, this Section 3\(f\) specifies the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 222.10 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 72.00 207.70 Td (of the unvested Restricted Mutual Fund Shares under this Section 3\(f\) by voluntarily electing to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 193.30 Td (sign a Post-T) Tj ET Q q 0 0 0 rg BT 134.50 193.30 Td (ermination ) Tj ET Q q 0 0 0 rg BT 188.82 193.30 Td (Agreement and complying with the obligations thereunder \(including the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 178.90 Td (obligation to refrain from engaging in the specified Post-T) Tj ET Q q 0 0 0 rg BT 351.76 178.90 Td (ermination Restricted ) Tj ET Q q 0 0 0 rg BT 457.73 178.90 Td (Activities during ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 164.50 Td (the period set forth in the specified Post-T) Tj ET Q q 0 0 0 rg BT 273.45 164.50 Td (ermination ) Tj ET Q q 0 0 0 rg BT 327.77 164.50 Td (Agreement\). Employee need not so choose, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 150.10 Td (however) Tj ET Q q 0 0 0 rg BT 112.83 150.10 Td (, and is free to elect not to sign a Post-T) Tj ET Q q 0 0 0 rg BT 302.95 150.10 Td (ermination ) Tj ET Q q 0 0 0 rg BT 357.28 150.10 Td (Agreement, in which case the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.70 Td (unvested Restricted Shares and Restricted Mutual Fund Shares shall cease vesting and be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 121.30 Td (forfeited to the Company as described above.) Tj ET Q endstream endobj 297 0 obj <> endobj 298 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 711.70 Td (\(g\) ) Tj ET Q q 0 0 0 rg BT 144.00 711.70 Td (Notwithstanding any other provisions of this ) Tj ET Q q 0 0 0 rg BT 360.66 711.70 Td (Agreement to the contrary) Tj ET Q q 0 0 0 rg BT 486.16 711.70 Td (, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (Committee may) Tj ET Q q 0 0 0 rg BT 148.21 697.30 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 72.00 682.90 Td (Restricted Mutual Fund Shares, or any portion of either thereof, shall vest immediately or) Tj ET Q q 0 0 0 rg BT 501.75 682.90 Td (, to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 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 72.00 654.10 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 72.00 639.70 Td (Committee in its sole discretion.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 610.90 Td (4.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 610.90 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 108 609.0220703125 m 191.98828125 609.0220703125 l s q 0 0 0 rg BT 108.00 610.90 Td (Effect of ) Tj ET Q q 0 0 0 rg BT 154.42 610.90 Td (V) Tj ET Q q 0 0 0 rg BT 161.99 610.90 Td (esting) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 191.99 610.90 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 72.00 596.50 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 72.00 582.10 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 580.500390625 m 215.619140625 580.500390625 l s q 0 0 0 rg BT 172.96 582.10 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 215.62 582.10 Td (, however) Tj ET Q q 0 0 0 rg BT 262.45 582.10 Td (, that such vested Restricted Shares and Restricted ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.70 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 72.00 553.30 Td (Section 7 of this ) Tj ET Q q 0 0 0 rg BT 152.67 553.30 Td (Agreement. ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 524.50 Td (5.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 524.50 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 503.63671875 522.6220703125 l s q 0 0 0 rg BT 108.00 524.50 Td (Forfeitur) Tj ET Q q 0 0 0 rg BT 155.09 524.50 Td (e of Unvested Restricted Shar) Tj ET Q q 0 0 0 rg BT 306.84 524.50 Td (es and Restricted Mutual Fund Shar) Tj ET Q q 0 0 0 rg BT 493.64 524.50 Td (es) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 503.64 524.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 495.70 Td (\(a\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 495.70 Td (If \(i\) the Employee attempts to pledge, encumber) Tj ET Q q 0 0 0 rg BT 379.44 495.70 Td (, assign, transfer or otherwise ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 481.30 Td (dispose of any of the Restricted Shares \(except as permitted by Section 1\(b\) of these ) Tj ET Q q 0 0 0 rg BT 479.33 481.30 Td (T) Tj ET Q q 0 0 0 rg BT 485.82 481.30 Td (erms and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 466.90 Td (Conditions\) or the Employee) Tj ET Q q 0 0 0 rg BT 214.31 466.90 Td (s interest in or rights to any of the Restricted Mutual Fund Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.50 Td (\(except as permitted by Section 2\(b\) of these ) Tj ET Q q 0 0 0 rg BT 289.71 452.50 Td (T) Tj ET Q q 0 0 0 rg BT 296.20 452.50 Td (erms and Conditions\), or the Restricted Shares or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.10 Td (Restricted Mutual Fund Shares become subject to attachment or any similar involuntary process ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 423.70 Td (in violation of this ) Tj ET Q q 0 0 0 rg BT 162.67 423.70 Td (Agreement, or \(ii\) the Employee) Tj ET Q q 0 0 0 rg BT 322.28 423.70 Td (s employment with the Company or an ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 409.30 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 409.30 Td (filiate \(A\) is terminated for Cause or \(B\)terminates under the circumstances covered by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 394.90 Td (Section 3\(d\) or Section 3\(f\) \(including as Section 3\(f\) applies with respect to Section 3\(c\)\) of this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 380.50 Td (Agreement and either \(1\) the conditions or restrictions of such Section, as applicable, are not ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 366.10 Td (satisfied or \(2\)the conditions or restrictions of such Section, as applicable, are satisfied but the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 351.70 Td (Employee subsequently violates any of them, then any Restricted Shares and Restricted Mutual ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 337.30 Td (Fund Shares that have not previously vested shall cease to vest and shall be forfeited to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 322.90 Td (Company immediately) Tj ET Q q 0 0 0 rg BT 180.87 322.90 Td (, the Employee shall thereafter have no right, title or interest whatsoever ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 308.50 Td (in such unvested Restricted Shares and Restricted Mutual Fund Shares, and, if the Company does ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 294.10 Td (not have custody of any and all certificates representing Restricted Shares so forfeited, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 279.70 Td (Employee shall immediately return to the Company any and all certificates representing ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 265.30 Td (Restricted Shares so forfeited. ) Tj ET Q q 0 0 0 rg BT 221.96 265.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 281.84 265.30 Td (, the Employee will deliver to the Company a stock ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 250.90 Td (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 72.00 236.50 Td (Restricted Shares to the Company in accordance with the previous sentence or) Tj ET Q q 0 0 0 rg BT 447.73 236.50 Td (, if such stock ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 222.10 Td (power has previously been tendered to the Company) Tj ET Q q 0 0 0 rg BT 323.48 222.10 Td (, the Company will be authorized to deem ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 207.70 Td (such previously tendered stock power delivered, and the Company will be authorized to cancel ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 193.30 Td (any and all certificates representing Restricted Shares so forfeited and to cause a book entry to be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 178.90 Td (made in the records of the Company) Tj ET Q q 0 0 0 rg BT 249.95 178.90 Td (s transfer agent in the name of the Employee \(or a new ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 164.50 Td (stock certificate to be issued, if requested by the Employee\) evidencing any Restricted Shares ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 150.10 Td (that vested prior to the forfeiture of unvested Restricted Shares under this Section 5. If the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.70 Td (Restricted Shares are evidenced by a book entry made in the records of the Company) Tj ET Q q 0 0 0 rg BT 483.86 135.70 Td (s transfer ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 121.30 Td (agent, then the Company will be authorized to cause such book entry to be adjusted to reflect the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 106.90 Td (number of Restricted Shares so forfeited.) Tj ET Q endstream endobj 299 0 obj <> endobj 300 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 711.70 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 144.00 711.70 Td (For purposes of this ) Tj ET Q q 0 0 0 rg BT 242.00 711.70 Td (Agreement, Cause means \(i\) the Employee) Tj ET Q q 0 0 0 rg BT 461.92 711.70 Td (s continued ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (failure to substantially perform his or her duties with the Company or an ) Tj ET Q q 0 0 0 rg BT 422.26 697.30 Td (Af) Tj ET Q q 0 0 0 rg BT 434.71 697.30 Td (filiate after written ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 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 72.00 668.50 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 72.00 654.10 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 654.10 Td (filiate in its written demand; \(ii\) the Employee) Tj ET Q q 0 0 0 rg BT 310.72 654.10 Td (s conviction of a felony; \(iii\) the Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 639.70 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 72.00 625.30 Td (discretion impairs the Employee) Tj ET Q q 0 0 0 rg BT 230.96 625.30 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 72.00 610.90 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 610.90 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 72.00 596.50 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 596.50 Td (filiate; \(iv\) the Employee) Tj ET Q q 0 0 0 rg BT 208.73 596.50 Td (s violation of any policy of the Company or an ) Tj ET Q q 0 0 0 rg BT 435.36 596.50 Td (Af) Tj ET Q q 0 0 0 rg BT 447.81 596.50 Td (filiate that the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.10 Td (Company) Tj ET Q q 0 0 0 rg BT 117.88 582.10 Td (, in its sole discretion, deems material; \(v\) the Employee) Tj ET Q q 0 0 0 rg BT 392.14 582.10 Td (s violation of any securities ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.70 Td (law) Tj ET Q q 0 0 0 rg BT 88.55 567.70 Td (, rule or regulation that the Company) Tj ET Q q 0 0 0 rg BT 265.39 567.70 Td (, in its sole discretion, deems material; \(vi\) the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.30 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 553.30 Td (s engagement in conduct that, in the Company) Tj ET Q q 0 0 0 rg BT 349.93 553.30 Td (s sole discretion, exposes the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 538.90 Td (or an ) Tj ET Q q 0 0 0 rg BT 98.66 538.90 Td (Af) Tj ET Q q 0 0 0 rg BT 111.11 538.90 Td (filiate to civil or regulatory liability or injury to its reputation; \(vii\) the Employee) Tj ET Q q 0 0 0 rg BT 504.01 538.90 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 524.50 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 72.00 510.10 Td (Section 15\(b\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 220.29 510.10 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 72.00 495.70 Td (Employee) Tj ET Q q 0 0 0 rg BT 123.98 495.70 Td (s gross or willful misconduct that the Company) Tj ET Q q 0 0 0 rg BT 350.85 495.70 Td (, in its sole discretion, deems material.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 466.90 Td (6.) 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 210.9609375 465.0220703125 l s q 0 0 0 rg BT 108.00 466.90 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 162.98 466.90 Td (Activities) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 210.96 466.90 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 216.96 466.90 Td ( In consideration of the grant of this ) Tj ET Q q 0 0 0 rg BT 391.59 466.90 Td (A) Tj ET Q q 0 0 0 rg BT 399.15 466.90 Td (ward, the Employee agrees ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 452.50 Td (to comply with and be bound by the following restrictive covenants \(each a Restricted ) Tj ET Q q 0 0 0 rg BT 493.21 452.50 Td (Activity ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.10 Td (and together the Restricted ) Tj ET Q q 0 0 0 rg BT 208.62 438.10 Td (Activities\):) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 409.30 Td (\(a\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 180.00 409.30 Td (the Employee will not, either during the Employee) Tj ET Q q 0 0 0 rg BT 426.60 409.30 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 394.90 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 184.32 394.90 Td (Af) Tj ET Q q 0 0 0 rg BT 196.77 394.90 Td (filiate or at any time thereafter) Tj ET Q q 0 0 0 rg BT 342.54 394.90 Td (, except in connection with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 380.50 Td (performance of the Employee) Tj ET Q q 0 0 0 rg BT 254.27 380.50 Td (s job duties for the benefit of the Company) Tj ET Q q 0 0 0 rg BT 459.45 380.50 Td (, use, disclose or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 366.10 Td (misappropriate any Company-Confidential Information \(as defined below\) unless the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 351.70 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 184.32 351.70 Td (Af) Tj ET Q q 0 0 0 rg BT 196.77 351.70 Td (filiate consents otherwise in writing. Company-Confidential ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 337.30 Td (Information shall have the same meaning as provided in the Company) Tj ET Q q 0 0 0 rg BT 453.24 337.30 Td (s Code of Ethics ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 322.90 Td (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 108.00 308.50 Td (proprietary knowledge or information of the Company or an ) Tj ET Q q 0 0 0 rg BT 399.59 308.50 Td (Af) Tj ET Q q 0 0 0 rg BT 412.04 308.50 Td (filiate that the Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 294.10 Td (has acquired or become acquainted with during the Employee) Tj ET Q q 0 0 0 rg BT 407.89 294.10 Td (s employment with the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 279.70 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 184.32 279.70 Td (Af) Tj ET Q q 0 0 0 rg BT 196.77 279.70 Td (filiate.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 250.90 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 144.00 250.90 Td (the Employee will not, either during the Employee) Tj ET Q q 0 0 0 rg BT 390.60 250.90 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 236.50 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 236.50 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 236.50 Td (filiate or at any time thereafter) Tj ET Q q 0 0 0 rg BT 306.54 236.50 Td (, make disparaging, derogatory) Tj ET Q q 0 0 0 rg BT 454.72 236.50 Td (, or defamatory ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 222.10 Td (statements about the Company or an ) Tj ET Q q 0 0 0 rg BT 249.30 222.10 Td (Af) Tj ET Q q 0 0 0 rg BT 261.74 222.10 Td (filiate in any public forum or media; and) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 193.30 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 144.00 193.30 Td (the Employee will not, either during the Employee) Tj ET Q q 0 0 0 rg BT 390.60 193.30 Td (s employment by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 178.90 Td (Company or an ) Tj ET Q q 0 0 0 rg BT 148.32 178.90 Td (Af) Tj ET Q q 0 0 0 rg BT 160.77 178.90 Td (filiate or at any time thereafter) Tj ET Q q 0 0 0 rg BT 306.54 178.90 Td (, fail to cooperate fully with and provide full ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 164.50 Td (and accurate information to the Company and its counsel with respect to any matter \(including ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 150.10 Td (any audit, tax proceeding, litigation, investigation or governmental proceeding\) with respect to ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.70 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 72.00 121.30 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 92.50 Td (7.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 92.50 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 90.6220703125 m 208.330078125 90.6220703125 l s q 0 0 0 rg BT 108.00 92.50 Td (Potential Clawback) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 208.33 92.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 211.33 92.50 Td ( ) Tj ET Q q 0 0 0 rg BT 217.11 92.50 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 78.10 Td (copy of the Company) Tj ET Q q 0 0 0 rg BT 178.98 78.10 Td (s Incentive Compensation Recovery Policy) Tj ET Q q 0 0 0 rg BT 385.49 78.10 Td (, dated February 4, 2014 \(the ) Tj ET Q endstream endobj 301 0 obj <> endobj 302 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (Recovery Policy\), and understands, accepts and agrees that this grant in this ) Tj ET Q q 0 0 0 rg BT 449.22 711.70 Td (Agreement of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (Restricted Shares and Restricted Mutual Fund Shares, and any other outstanding ) Tj ET Q q 0 0 0 rg BT 460.59 697.30 Td (A) Tj ET Q q 0 0 0 rg BT 468.16 697.30 Td (ward he or she ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (may have been granted under the Plans after May 8, 2013 \(a Prior ) Tj ET Q q 0 0 0 rg BT 395.89 682.90 Td (A) Tj ET Q q 0 0 0 rg BT 403.46 682.90 Td (ward\) are subject to the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 668.50 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 72.00 654.10 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 72.00 639.70 Td (Restricted Stock ) Tj ET Q q 0 0 0 rg BT 153.32 639.70 Td (A) Tj ET Q q 0 0 0 rg BT 160.89 639.70 Td (ward or the MFRS ) Tj ET Q q 0 0 0 rg BT 252.89 639.70 Td (A) Tj ET Q q 0 0 0 rg BT 260.46 639.70 Td (ward, any Prior ) Tj ET Q q 0 0 0 rg BT 337.11 639.70 Td (A) Tj ET Q q 0 0 0 rg BT 344.67 639.70 Td (ward, any Shares issued or mutual fund ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.30 Td (shares vested pursuant to this ) Tj ET Q q 0 0 0 rg BT 214.98 625.30 Td (Agreement or any Prior ) Tj ET Q q 0 0 0 rg BT 330.95 625.30 Td (A) Tj ET Q q 0 0 0 rg BT 338.51 625.30 Td (ward, any proceeds received by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 610.90 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 72.00 596.50 Td (value received by Employee under the Restricted Stock ) Tj ET Q q 0 0 0 rg BT 340.58 596.50 Td (A) Tj ET Q q 0 0 0 rg BT 348.14 596.50 Td (ward, the MFRS ) Tj ET Q q 0 0 0 rg BT 430.15 596.50 Td (A) Tj ET Q q 0 0 0 rg BT 437.71 596.50 Td (ward or any Prior ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.56 582.10 Td (ward under the circumstances and to the extent set forth in the Recovery Policy) Tj ET Q q 0 0 0 rg BT 459.66 582.10 Td (. ) Tj ET Q q 0 0 0 rg BT 468.45 582.10 Td (This ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.70 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 72.00 553.30 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 72.00 524.50 Td (8.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 524.50 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 207.240234375 522.6220703125 l s q 0 0 0 rg BT 108.00 524.50 Td (Shar) Tj ET Q q 0 0 0 rg BT 132.46 524.50 Td (eholder) Tj ET Q q 0 0 0 rg BT 170.90 524.50 Td ( Rights) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 207.24 524.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 210.24 524.50 Td ( ) Tj ET Q q 0 0 0 rg BT 215.58 524.50 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 72.00 510.10 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 72.00 495.70 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 72.00 481.30 Td (the Restricted Mutual Fund Shares, except as otherwise specifically provided in this ) Tj ET Q q 0 0 0 rg BT 477.57 481.30 Td (Agreement.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 452.50 Td (9.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 452.50 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 108 450.6220703125 m 223.34765625 450.6220703125 l s q 0 0 0 rg BT 108.00 452.50 Td (Fees and Distributions) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 223.35 452.50 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 438.10 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 108.00 423.70 Td (\(a\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 423.70 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 72.00 409.30 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 108.00 380.50 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 144.00 380.50 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 72.00 366.10 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 72.00 351.70 Td (Restricted Mutual Fund Shares, then the following shall apply) Tj ET Q q 0 0 0 rg BT 369.51 351.70 Td (. In the event of distributions made ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 337.30 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 72.00 322.90 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 72.00 308.50 Td (Restricted Mutual Fund Shares under this ) Tj ET Q q 0 0 0 rg BT 273.98 308.50 Td (Agreement, and shall vest along with the other ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 294.10 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 72.00 279.70 Td (provided in the ) Tj ET Q q 0 0 0 rg BT 147.43 279.70 Td (V) Tj ET Q q 0 0 0 rg BT 154.77 279.70 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 72.00 265.30 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 72.00 250.90 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 72.00 236.50 Td (Mutual Fund Shares. ) Tj ET Q q 0 0 0 rg BT 177.67 236.50 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 72.00 222.10 Td (restricted and shall vest on the dates specified in the applicable ) Tj ET Q q 0 0 0 rg BT 376.68 222.10 Td (V) Tj ET Q q 0 0 0 rg BT 384.01 222.10 Td (esting Schedule in the Notice of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 207.70 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 72.00 193.30 Td (are forfeited in accordance with this ) Tj ET Q q 0 0 0 rg BT 247.25 193.30 Td (Agreement, the distributions with respect to any such ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 178.90 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 72.00 150.10 Td (10.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 150.10 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 108 148.22207031250002 m 194.162109375 148.22207031250002 l s q 0 0 0 rg BT 108.00 150.10 Td (T) Tj ET Q q 0 0 0 rg BT 114.90 150.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 129.69 150.10 Td (W) Tj ET Q q 0 0 0 rg BT 141.47 150.10 Td (ithholding) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 194.16 150.10 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 203.16 150.10 Td (The parties hereto recognize that the Company or an ) Tj ET Q q 0 0 0 rg BT 457.40 150.10 Td (Af) Tj ET Q q 0 0 0 rg BT 469.85 150.10 Td (filiate may be ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 135.70 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 72.00 121.30 Td (Shares or Restricted Mutual Fund Shares, or) Tj ET Q q 0 0 0 rg BT 284.48 121.30 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 72.00 106.90 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 92.50 Td (income in the year of receipt, upon the Employee) Tj ET Q q 0 0 0 rg BT 312.25 92.50 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 78.10 Td (Mutual Fund Shares, respectively) Tj ET Q q 0 0 0 rg BT 232.52 78.10 Td (. ) Tj ET Q q 0 0 0 rg BT 241.31 78.10 Td (The Employee agrees that, at such time, if the Company or an ) Tj ET Q endstream endobj 303 0 obj <> endobj 304 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (Af) Tj ET Q q 0 0 0 rg BT 84.45 711.70 Td (filiate is required to withhold such taxes, the Employee will promptly pay) Tj ET Q q 0 0 0 rg BT 437.59 711.70 Td (, in cash upon ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.30 Td (demand \(or in any other manner permitted by the Committee in accordance with the terms of the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 Td (Plans\), to the Company or an ) Tj ET Q q 0 0 0 rg BT 214.32 682.90 Td (Af) Tj ET Q q 0 0 0 rg BT 226.76 682.90 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 72.00 668.50 Td (obligation. ) Tj ET Q q 0 0 0 rg BT 129.45 668.50 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 72.00 654.10 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 72.00 639.70 Td (any municipality) Tj ET Q q 0 0 0 rg BT 152.20 639.70 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 72.00 625.30 Td (consequences of the Employee) Tj ET Q q 0 0 0 rg BT 223.61 625.30 Td (s death.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 596.50 Td (1) Tj ET Q q 0 0 0 rg BT 77.34 596.50 Td (1.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.34 596.50 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 108 594.6220703125 m 193.65234375 594.6220703125 l s q 0 0 0 rg BT 108.00 596.50 Td (Injunctive Relief) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 193.65 596.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 196.65 596.50 Td ( In the event of a breach by the Employee of the Employee) Tj ET Q q 0 0 0 rg BT 485.54 596.50 Td (s ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 582.10 Td (obligations under this ) Tj ET Q q 0 0 0 rg BT 178.33 582.10 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 72.00 567.70 Td (a Restricted ) Tj ET Q q 0 0 0 rg BT 131.31 567.70 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 72.00 553.30 Td (granted by law) Tj ET Q q 0 0 0 rg BT 142.53 553.30 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 72.00 538.90 Td (performance of its rights under this ) Tj ET Q q 0 0 0 rg BT 243.29 538.90 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 305.38 538.90 Td (The Employee acknowledges that a violation or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 524.50 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 72.00 510.10 Td (damage to the Company) Tj ET Q q 0 0 0 rg BT 188.19 510.10 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 72.00 495.70 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 72.00 481.30 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 72.00 452.50 Td (12.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 452.50 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 108 450.6220703125 m 345.533203125 450.6220703125 l s q 0 0 0 rg BT 108.00 452.50 Td (Restrictive Legends and Stop-T) Tj ET Q q 0 0 0 rg BT 268.78 452.50 Td (ransfer) Tj ET Q q 0 0 0 rg BT 305.88 452.50 Td ( Orders) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 345.53 452.50 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 423.70 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 423.70 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 144 422.100390625 m 184.65234375 422.100390625 l s q 0 0 0 rg BT 144.00 423.70 Td (Legends) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 184.65 423.70 Td (. ) Tj ET Q q 0 0 0 rg BT 193.44 423.70 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 72.00 409.30 Td (contain a notation or bear the following legend \(as well as any notations or legends required by ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 394.90 Td (applicable state and federal corporate and securities laws\) noting the existence of the restrictions ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 380.50 Td (and the Company) Tj ET Q q 0 0 0 rg BT 159.98 380.50 Td (s rights to reacquire the Restricted Shares set forth in this ) Tj ET Q q 0 0 0 rg BT 436.92 380.50 Td (Agreement:) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 351.70 Td (THE SHARES REPRESENTED BY) Tj ET Q q 0 0 0 rg BT 327.23 351.70 Td ( ) Tj ET Q q 0 0 0 rg BT 330.01 351.70 Td (THIS [BOOK ENTR) Tj ET Q q 0 0 0 rg BT 431.34 351.70 Td (Y] ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 337.30 Td ([CER) Tj ET Q q 0 0 0 rg BT 170.61 337.30 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 207.95 337.30 Td (TE] MA) Tj ET Q q 0 0 0 rg BT 247.84 337.30 Td (Y) Tj ET Q q 0 0 0 rg BT 256.06 337.30 Td ( BE ) Tj ET Q q 0 0 0 rg BT 277.18 337.30 Td (TRANSFERRED ONL) Tj ET Q q 0 0 0 rg BT 388.99 337.30 Td (Y) Tj ET Q q 0 0 0 rg BT 397.21 337.30 Td ( IN ) Tj ET Q q 0 0 0 rg BT 415.21 337.30 Td (ACCORDANCE ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 322.90 Td (WITH ) Tj ET Q q 0 0 0 rg BT 178.10 322.90 Td (THE ) Tj ET Q q 0 0 0 rg BT 204.21 322.90 Td (TERMS OF ) Tj ET Q q 0 0 0 rg BT 264.90 322.90 Td (A) Tj ET Q q 0 0 0 rg BT 272.90 322.90 Td ( RESTRICTED ST) Tj ET Q q 0 0 0 rg BT 365.36 322.90 Td (OCK ) Tj ET Q q 0 0 0 rg BT 393.03 322.90 Td (AND MUTUAL) Tj ET Q q 0 0 0 rg BT 472.91 322.90 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 308.50 Td (FUND RESTRICTED SHARE ) Tj ET Q q 0 0 0 rg BT 297.02 308.50 Td (AGREEMENT) Tj ET Q q 0 0 0 rg BT 370.79 308.50 Td ( BETWEEN ) Tj ET Q q 0 0 0 rg BT 433.89 308.50 Td (THE ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 294.10 Td (COMP) Tj ET Q q 0 0 0 rg BT 176.91 294.10 Td (ANY) Tj ET Q q 0 0 0 rg BT 202.46 294.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.80 294.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 233.58 294.10 Td (THE ST) Tj ET Q q 0 0 0 rg BT 273.70 294.10 Td (OCKHOLDER, ) Tj ET Q q 0 0 0 rg BT 353.03 294.10 Td (A) Tj ET Q q 0 0 0 rg BT 361.04 294.10 Td ( COPY) Tj ET Q q 0 0 0 rg BT 395.60 294.10 Td ( OF ) Tj ET Q q 0 0 0 rg BT 416.72 294.10 Td (WHICH IS ON ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 144.00 279.70 Td (FILE ) Tj ET Q q 0 0 0 rg BT 172.11 279.70 Td (WITH ) Tj ET Q q 0 0 0 rg BT 206.21 279.70 Td (THE SECRET) Tj ET Q q 0 0 0 rg BT 276.25 279.70 Td (AR) Tj ET Q q 0 0 0 rg BT 292.26 279.70 Td (Y) Tj ET Q q 0 0 0 rg BT 300.48 279.70 Td ( OF ) Tj ET Q q 0 0 0 rg BT 321.60 279.70 Td (THE COMP) Tj ET Q q 0 0 0 rg BT 380.84 279.70 Td (ANY) Tj ET Q q 0 0 0 rg BT 405.29 279.70 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 253.30 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 253.30 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 144 251.70039062499995 m 249.87890625 251.70039062499995 l s q 0 0 0 rg BT 144.00 253.30 Td (Stop-T) Tj ET Q q 0 0 0 rg BT 176.91 253.30 Td (ransfer Notices) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 249.88 253.30 Td (. ) Tj ET Q q 0 0 0 rg BT 258.66 253.30 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 72.00 238.90 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 72.00 224.50 Td (instructions to its transfer agent, if any) Tj ET Q q 0 0 0 rg BT 256.18 224.50 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 72.00 210.10 Td (may make appropriate notations to the same ef) Tj ET Q q 0 0 0 rg BT 296.04 210.10 Td (fect in its own records.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 183.70 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 183.70 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 144 182.10039062500005 m 235.6611328125 182.10039062500005 l s q 0 0 0 rg BT 144.00 183.70 Td (Refusal to ) Tj ET Q q 0 0 0 rg BT 195.77 183.70 Td (T) Tj ET Q q 0 0 0 rg BT 202.68 183.70 Td (ransfer) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 235.33 183.70 Td (. ) Tj ET Q q 0 0 0 rg BT 244.11 183.70 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 72.00 169.30 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 72.00 154.90 Td (the provisions of this ) Tj ET Q q 0 0 0 rg BT 175.34 154.90 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 72.00 140.50 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 72.00 126.10 Td (shall have been so transferred.) Tj ET Q endstream endobj 305 0 obj <> endobj 306 0 obj <> stream BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 711.90 Td (13.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 711.90 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 108 710.0220703125 m 278.3203125 710.0220703125 l s q 0 0 0 rg BT 108.00 711.90 Td (Interpr) Tj ET Q q 0 0 0 rg BT 145.78 711.90 Td (etation of ) Tj ET Q q 0 0 0 rg BT 196.88 711.90 Td (This ) Tj ET Q q 0 0 0 rg BT 221.90 711.90 Td (Agr) Tj ET Q q 0 0 0 rg BT 241.68 711.90 Td (eement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 278.32 711.90 Td (. ) Tj ET Q q 0 0 0 rg BT 286.66 711.90 Td (All decisions and interpretations made by the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 697.50 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 72.00 683.10 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 72.00 668.70 Td (provisions of this ) Tj ET Q q 0 0 0 rg BT 157.68 668.70 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 72.00 639.90 Td (14.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 639.90 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 108 638.0220703125 m 400.11328125 638.0220703125 l s q 0 0 0 rg BT 108.00 639.90 Td (No Pr) Tj ET Q q 0 0 0 rg BT 138.11 639.90 Td (omise of Futur) Tj ET Q q 0 0 0 rg BT 213.21 639.90 Td (e ) Tj ET Q q 0 0 0 rg BT 220.88 639.90 Td (A) Tj ET Q q 0 0 0 rg BT 228.65 639.90 Td (wards or) Tj ET Q q 0 0 0 rg BT 274.10 639.90 Td ( Continued Employment) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 400.11 639.90 Td (. ) Tj ET Q q 0 0 0 rg BT 408.90 639.90 Td (The Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 625.50 Td (acknowledges that this ) Tj ET Q q 0 0 0 rg BT 183.64 625.50 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 72.00 611.10 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 72.00 596.70 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 72.00 582.30 Td (participation of the Employee under either of the Plans. ) Tj ET Q q 0 0 0 rg BT 344.03 582.30 Td (This ) Tj ET Q q 0 0 0 rg BT 367.71 582.30 Td (Agreement shall not give the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 567.90 Td (Employee a right to continued employment with the Company or any ) Tj ET Q q 0 0 0 rg BT 407.60 567.90 Td (Af) Tj ET Q q 0 0 0 rg BT 420.05 567.90 Td (filiate, and the Company ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 553.50 Td (or ) Tj ET Q q 0 0 0 rg BT 84.33 553.50 Td (Af) Tj ET Q q 0 0 0 rg BT 96.78 553.50 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 72.00 539.10 Td (deal with the Employee without regard to this ) Tj ET Q q 0 0 0 rg BT 293.95 539.10 Td (Agreement.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 510.30 Td (15.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 510.30 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 108 508.4220703125 m 182.337890625 508.4220703125 l s q 0 0 0 rg BT 108.00 510.30 Td (Binding Effect) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 182.34 510.30 Td (. ) Tj ET Q q 0 0 0 rg BT 191.12 510.30 Td (This ) Tj ET Q q 0 0 0 rg BT 214.79 510.30 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 72.00 495.90 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 72.00 481.50 Td (and its successors and assigns.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 455.10 Td (16.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.00 455.10 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 111 453.2220703125 m 231.3984375 453.2220703125 l s q 0 0 0 rg BT 111.00 455.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 130.78 455.10 Td (eement to ) Tj ET Q q 0 0 0 rg BT 182.75 455.10 Td (Arbitrate) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 231.40 455.10 Td (.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 234.40 455.10 Td ( ) Tj ET Q q 0 0 0 rg BT 240.18 455.10 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 72.00 440.70 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 72.00 426.30 Td (performance or breach of this ) Tj ET Q q 0 0 0 rg BT 216.27 426.30 Td (Agreement \(including, without limitation, the grant, issuance or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 411.90 Td (forfeiture of Restricted Shares and Restricted Mutual Fund Shares\) shall be settled by arbitration ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 397.50 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 72.00 383.10 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 72.00 368.70 Td (any court having jurisdiction thereof. ) Tj ET Q q 0 0 0 rg BT 255.62 368.70 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 314.82 368.70 Td (, the Company and the Employee each waive ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 354.30 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 72 338.300390625 m 114.65625 338.300390625 l s q 0 0 0 rg BT 72.00 339.90 Td (provided) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 114.66 339.90 Td (, this Section 16 shall not be construed to limit the Company) Tj ET Q q 0 0 0 rg BT 408.63 339.90 Td (s right to obtain equitable ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 325.50 Td (relief under Section 1) Tj ET Q q 0 0 0 rg BT 175.18 325.50 Td (1 with respect to any matter or controversy subject to Section 1) Tj ET Q q 0 0 0 rg BT 478.32 325.50 Td (1, and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 311.10 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 523.08 311.10 Td (, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 296.70 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 72.00 282.30 Td (other applicable court, without being required to first arbitrate such matter or controversy) Tj ET Q q 0 0 0 rg BT 500.07 282.30 Td (.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 253.50 Td (17.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 253.50 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 108 251.6220703125 m 181.9921875 251.6220703125 l s q 0 0 0 rg BT 108.00 253.50 Td (Choice of Law) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 181.99 253.50 Td (. ) Tj ET Q q 0 0 0 rg BT 190.78 253.50 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 72.00 239.10 Td (terms the Plans are governed by the laws of the State of Delaware. ) Tj ET Q q 0 0 0 rg BT 396.23 239.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 455.43 239.10 Td (, this ) Tj ET Q q 0 0 0 rg BT 481.11 239.10 Td (Agreement ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 224.70 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 72.00 210.30 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 72.00 183.90 Td (18.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 183.90 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 108 182.02207031249998 m 244.552734375 182.02207031249998 l s q 0 0 0 rg BT 108.00 183.90 Td (T) Tj ET Q q 0 0 0 rg BT 114.90 183.90 Td (ermination; Modification) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 244.55 183.90 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 253.55 183.90 Td (In the event that any one or more of the Post-T) Tj ET Q q 0 0 0 rg BT 477.32 183.90 Td (ermination ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 169.50 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 122.99 169.50 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 72.00 155.10 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 72.00 140.70 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 72.00 126.30 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 72.00 111.90 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 97.50 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 83.10 Td (invalid or illegal cannot be so construed or modified, then this ) Tj ET Q q 0 0 0 rg BT 372.60 83.10 Td (Agreement shall terminate in its ) Tj ET Q endstream endobj 307 0 obj <> endobj 308 0 obj <> stream BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 711.70 Td (entirety) Tj ET Q q 0 0 0 rg BT 107.87 711.70 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 72.00 697.30 Td (Mutual Fund Shares that are the subject of this ) Tj ET Q q 0 0 0 rg BT 298.29 697.30 Td (Agreement shall cease immediately and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 682.90 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 72.00 668.50 Td (forfeited and shall be cancelled in accordance with Section 4 above.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 642.10 Td (19.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 642.10 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 108 640.2220703125 m 199.201171875 640.2220703125 l s q 0 0 0 rg BT 108.00 642.10 Td (Entir) Tj ET Q q 0 0 0 rg BT 135.12 642.10 Td (e ) Tj ET Q q 0 0 0 rg BT 142.78 642.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 162.56 642.10 Td (eement) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 199.20 642.10 Td (. ) Tj ET Q q 0 0 0 rg BT 207.98 642.10 Td (This ) Tj ET Q q 0 0 0 rg BT 231.66 642.10 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 72.00 627.70 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 72.00 613.30 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 72.00 598.90 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 72.00 584.50 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 72.00 558.10 Td (20.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 558.10 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 108 556.2220703125 m 233.783203125 556.2220703125 l s q 0 0 0 rg BT 108.00 558.10 Td (Amendment and ) Tj ET Q q 0 0 0 rg BT 196.46 558.10 Td (W) Tj ET Q q 0 0 0 rg BT 207.80 558.10 Td (aiver) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 233.78 558.10 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 72.00 543.70 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 72.00 529.30 Td (parties. No term or condition of this ) Tj ET Q q 0 0 0 rg BT 249.64 529.30 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 72.00 514.90 Td (there be any estoppel to enforce any provision of this ) Tj ET Q q 0 0 0 rg BT 329.26 514.90 Td (Agreement, except by a statement in ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 500.50 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 510.90 500.50 Td (Any ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 486.10 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 72.00 471.70 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 72.00 457.30 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 72.00 428.50 Td (21.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 428.50 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 108 426.6220703125 m 295.3125 426.6220703125 l s q 0 0 0 rg BT 108.00 428.50 Td (Acknowledgment of Receipt of Copy) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 295.31 428.50 Td (. By execution hereof, the Employee ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 414.10 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 72.00 399.70 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 72.00 370.90 Td (22.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 87.00 370.90 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 108 369.0220703125 m 360 369.0220703125 l s q 0 0 0 rg BT 108.00 370.90 Td (Acknowledgment of ) Tj ET Q q 0 0 0 rg BT 213.11 370.90 Td (V) Tj ET Q q 0 0 0 rg BT 220.68 370.90 Td (oluntary Election; Fairness) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 360.00 370.90 Td (. ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 369.00 370.90 Td (By executing this ) Tj ET Q q 0 0 0 rg BT 455.33 370.90 Td (Agreement, the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 356.50 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 72.00 342.10 Td (and 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 72.00 327.70 Td (Agreement, and agrees to be bound thereby) Tj ET Q q 0 0 0 rg BT 280.14 327.70 Td (, including, without limitation, the terms and ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 72.00 313.30 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 72.00 298.90 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 72.00 284.50 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 72.00 270.10 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 72.00 255.70 Td (Fund Shares is being made.) Tj ET Q endstream endobj 309 0 obj <> endobj 310 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 (\(as of January 10, 2016\)) 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 58.00 656.27 Td (Piper Jaffray Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.25 656.27 Td (United Kingdom) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 639.27 Td (Edgeview Partners, L.P.) 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 58.00 622.27 Td (Piper Jaffray Financial Products Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 622.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 605.27 Td (Piper Jaffray Financial Products II Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 605.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 588.27 Td (Piper Jaffray Financial Products III Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 588.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 571.27 Td (Piper Jaffray Foundation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 571.27 Td (Delaware) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 554.27 Td (Piper Jaffray Lending 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 Lending LLC) 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 Private Capital 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 Ventures Inc.) 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 64.00 486.27 Td (Piper Ventures Capital Inc.) 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 (PJC Capital LLC) 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 64.00 452.27 Td (PJC Consumer Partners Acquisition I, 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 311 0 obj <> endobj 312 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 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 81.00 425.70 Td (of ) Tj ET Q q 0 0 0 rg BT 93.60 425.70 Td (our ) Tj ET Q q 0 0 0 rg BT 112.19 425.70 Td (reports ) Tj ET Q q 0 0 0 rg BT 148.11 425.70 Td (dated ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 176.70 425.70 Td (February25, ) Tj ET Q q 0 0 0 rg BT 240.62 425.70 Td (2016) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 264.62 425.70 Td (, ) Tj ET Q q 0 0 0 rg BT 270.22 425.70 Td (with ) Tj ET Q q 0 0 0 rg BT 294.15 425.70 Td (respect ) Tj ET Q q 0 0 0 rg BT 330.73 425.70 Td (to ) Tj ET Q q 0 0 0 rg BT 342.67 425.70 Td (the ) Tj ET Q q 0 0 0 rg BT 359.93 425.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 423.18 425.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 467.75 425.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 521.01 425.70 Td (of ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 411.30 Td (Piper ) Tj ET Q q 0 0 0 rg BT 108.01 411.30 Td (Jaf) Tj ET Q q 0 0 0 rg BT 121.78 411.30 Td (fray ) Tj ET Q q 0 0 0 rg BT 142.78 411.30 Td (Companies ) Tj ET Q q 0 0 0 rg BT 198.45 411.30 Td (\("the ) Tj ET Q q 0 0 0 rg BT 223.69 411.30 Td (Company"\) ) Tj ET Q q 0 0 0 rg BT 280.92 411.30 Td (and ) Tj ET Q q 0 0 0 rg BT 299.93 411.30 Td (the ) Tj ET Q q 0 0 0 rg BT 316.27 411.30 Td (ef) Tj ET Q q 0 0 0 rg BT 325.37 411.30 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 380.36 411.30 Td (of ) Tj ET Q q 0 0 0 rg BT 392.04 411.30 Td (internal ) Tj ET Q q 0 0 0 rg BT 430.37 411.30 Td (control ) Tj ET Q q 0 0 0 rg BT 466.03 411.30 Td (over ) Tj ET Q q 0 0 0 rg BT 489.04 411.30 Td (financial ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 396.90 Td (reporting ) Tj ET Q q 0 0 0 rg BT 127.55 396.90 Td (of ) Tj ET Q q 0 0 0 rg BT 140.11 396.90 Td (the ) Tj ET Q q 0 0 0 rg BT 157.33 396.90 Td (Company) Tj ET Q q 0 0 0 rg BT 203.21 396.90 Td (, ) Tj ET Q q 0 0 0 rg BT 208.78 396.90 Td (included ) Tj ET Q q 0 0 0 rg BT 252.66 396.90 Td (in ) Tj ET Q q 0 0 0 rg BT 264.55 396.90 Td (this ) Tj ET Q q 0 0 0 rg BT 283.89 396.90 Td (Annual ) Tj ET Q q 0 0 0 rg BT 321.78 396.90 Td (Report ) Tj ET Q q 0 0 0 rg BT 357.00 396.90 Td (\(Form ) Tj ET Q q 0 0 0 rg BT 389.56 396.90 Td (10-K\) ) Tj ET Q q 0 0 0 rg BT 420.78 396.90 Td (of ) Tj ET Q q 0 0 0 rg BT 433.34 396.90 Td (the ) Tj ET Q q 0 0 0 rg BT 450.56 396.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 499.79 396.90 Td (for ) Tj ET Q q 0 0 0 rg BT 516.34 396.90 Td (the ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 382.50 Td (year ) Tj ET Q q 0 0 0 rg BT 104.65 382.50 Td (ended ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 136.30 382.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 206.60 382.50 Td (2015) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 230.60 382.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 327.30 Td ( ) Tj ET Q q 0 0 0 rg BT 117.00 327.30 Td ( ) Tj ET Q q 0 0 0 rg BT 153.00 327.30 Td ( ) Tj ET Q q 0 0 0 rg BT 189.00 327.30 Td ( ) Tj ET Q q 0 0 0 rg BT 225.00 327.30 Td ( ) Tj ET Q q 0 0 0 rg BT 261.00 327.30 Td ( ) Tj ET Q q 0 0 0 rg BT 297.00 327.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 333.00 327.30 Td (/s/ Ernst & ) Tj ET Q q 0 0 0 rg BT 387.56 327.30 Td (Y) Tj ET Q q 0 0 0 rg BT 395.02 327.30 Td (oung LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.36 327.30 Td ( ) Tj ET Q q 0 0 0 rg BT 477.00 327.30 Td ( ) Tj ET Q q 0 0 0 rg BT 513.00 327.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 315.30 Td ( ) Tj ET Q q 0 0 0 rg BT 117.00 315.30 Td ( ) Tj ET Q q 0 0 0 rg BT 153.00 315.30 Td ( ) Tj ET Q q 0 0 0 rg BT 189.00 315.30 Td ( ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 276.90 Td (Minneapolis, ) Tj ET Q q 0 0 0 rg BT 146.99 276.90 Td (Minnesota ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 81.00 262.50 Td (February25, ) Tj ET Q q 0 0 0 rg BT 145.32 262.50 Td (2016) Tj ET Q BT /F1 12.00 Tf ET endstream endobj 313 0 obj <> endobj 314 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 (2015) 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 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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 (25th ) 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 (2016) 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 80.5 287.79999999999995 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/ Andrew S. Duff) 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 342.34 445.48 Td (Lisa ) Tj ET Q q 0 0 0 rg BT 366.00 445.48 Td (K. ) Tj ET Q q 0 0 0 rg BT 380.66 445.48 Td (Polsky) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 83.00 424.98 Td (Andrew S. Duf) Tj ET Q q 0 0 0 rg BT 155.77 424.98 Td (f, ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 83.00 412.98 Td (Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 246.73 412.98 Td (ficer) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 328.00 424.98 Td (Lisa ) Tj ET Q q 0 0 0 rg BT 351.66 424.98 Td (K. ) Tj ET Q q 0 0 0 rg BT 366.33 424.98 Td (Polsky) Tj ET Q q 0 0 0 rg BT 398.61 424.98 Td (, ) Tj ET Q q 0 0 0 rg BT 404.22 424.98 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 (B. ) Tj ET Q q 0 0 0 rg BT 111.34 223.48 Td (Kristine ) Tj ET Q q 0 0 0 rg BT 153.00 223.48 Td (Johnson) 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 (B. ) Tj ET Q q 0 0 0 rg BT 97.00 202.98 Td (Kristine ) Tj ET Q q 0 0 0 rg BT 138.66 202.98 Td (Johnson, ) Tj ET Q q 0 0 0 rg BT 184.00 202.98 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 97.01 149.48 Td (Addison ) Tj ET Q q 0 0 0 rg BT 140.35 149.48 Td (L. ) Tj ET Q q 0 0 0 rg BT 153.68 149.48 Td (Piper) 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 (Addison ) Tj ET Q q 0 0 0 rg BT 126.67 128.98 Td (L. ) Tj ET Q q 0 0 0 rg BT 140.00 128.98 Td (Piper) Tj ET Q q 0 0 0 rg BT 165.09 128.98 Td (, ) Tj ET Q q 0 0 0 rg BT 170.85 128.98 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 315 0 obj <> endobj 316 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. 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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 (February25, ) Tj ET Q q 0 0 0 rg BT 127.75 178.25 Td (2016) 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 317 0 obj <> endobj 318 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 (annual ) Tj ET Q q 0 0 0 rg BT 176.46 682.25 Td (report ) Tj ET Q q 0 0 0 rg BT 202.83 682.25 Td (on ) Tj ET Q q 0 0 0 rg BT 215.33 682.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 239.50 682.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 262.55 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.38 682.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 296.99 682.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 308.47 682.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 327.07 682.25 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 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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 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