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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 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 0 Tr /GS0 gs 0 Tw 0 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 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 /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 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 102 548.0833984375 m 452.4833984375 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 COMMON EQUITY) Tj ET Q q 0 0 1 rg BT 253.04 549.42 Td (, RELA) Tj ET Q q 0 0 1 rg BT 283.04 549.42 Td (TED SHAREHOLDER MA) Tj ET Q q 0 0 1 rg BT 395.81 549.42 Td (TTERS ) Tj ET Q q 0 0 1 rg BT 428.32 549.42 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 106.5 538.0833984375 m 315.044921875 538.0833984375 l s q 0 0 1 rg BT 106.50 539.42 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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 102 508.0833984375 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 0 Tr /GS0 gs 0 Tw 0 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 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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 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524.7 428.0833984375 m 538.9578125 428.0833984375 l s q 0 0 1 rg BT 524.70 429.42 Td (1) Tj ET Q q 0 0 1 rg BT 529.33 429.42 Td (1) Tj ET Q q 0 0 1 rg BT 533.96 429.42 Td (1) 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 102 413.0833984375 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 /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524.7 413.0833984375 m 538.9578125 413.0833984375 l s q 0 0 1 rg BT 524.70 414.42 Td (1) Tj ET Q q 0 0 1 rg BT 529.33 414.42 Td (1) Tj ET Q q 0 0 1 rg BT 533.96 414.42 Td (1) 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 102 368.0833984375 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 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524.7 368.0833984375 m 538.9578125 368.0833984375 l s q 0 0 1 rg BT 524.70 369.42 Td (1) Tj ET Q q 0 0 1 rg BT 529.33 369.42 Td (1) Tj ET Q q 0 0 1 rg BT 533.96 369.42 Td (1) 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 102 353.0833984375 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 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524.7 353.0833984375 m 538.9578125 353.0833984375 l s q 0 0 1 rg BT 524.70 354.42 Td (1) Tj ET Q q 0 0 1 rg BT 529.33 354.42 Td (1) Tj ET Q q 0 0 1 rg BT 533.96 354.42 Td (1) 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 102 338.0833984375 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 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 524.7 328.0833984375 m 538.9578125 328.0833984375 l s q 0 0 1 rg BT 524.70 329.42 Td (1) Tj ET Q q 0 0 1 rg BT 529.33 329.42 Td (1) Tj ET Q q 0 0 1 rg BT 533.96 329.42 Td (1) 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 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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 102 288.0833984375 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 /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 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 (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 [] 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rg BT 255.29 645.75 Td (other ) Tj ET Q q 0 0 0 rg BT 278.28 645.75 Td (than ) Tj ET Q q 0 0 0 rg BT 297.95 645.75 Td (historical ) Tj ET Q q 0 0 0 rg BT 337.62 645.75 Td (information ) Tj ET Q q 0 0 0 rg BT 387.28 645.75 Td (or ) Tj ET Q q 0 0 0 rg BT 398.07 645.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 442.73 645.75 Td (of ) Tj ET Q q 0 0 0 rg BT 453.51 645.75 Td (current ) Tj ET Q q 0 0 0 rg BT 484.28 645.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 528.40 645.75 Td (and ) Tj ET Q q 0 0 0 rg BT 545.29 645.75 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.75 Td (relate ) Tj ET Q q 0 0 0 rg BT 73.24 633.75 Td (to ) Tj ET Q q 0 0 0 rg BT 82.55 633.75 Td (our ) Tj ET Q q 0 0 0 rg BT 97.42 633.75 Td (future ) Tj ET Q q 0 0 0 rg BT 122.84 633.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 145.48 633.75 Td (and ) Tj ET Q q 0 0 0 rg BT 161.46 633.75 Td (objectives ) Tj ET Q q 0 0 0 rg BT 203.54 633.75 Td (and ) Tj ET Q q 0 0 0 rg BT 219.51 633.75 Td (results, ) Tj ET Q q 0 0 0 rg BT 249.66 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0 0 0 rg BT 155.58 537.75 Td (events.) 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 73.97 465.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 85.45 465.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 104.92 465.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 153.28 465.75 Td (is ) Tj ET Q q 0 0 0 rg BT 163.31 465.75 Td (an ) Tj ET Q q 0 0 0 rg BT 176.12 465.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 223.37 465.75 Td (bank ) Tj ET Q q 0 0 0 rg BT 246.17 465.75 Td (and ) Tj ET Q q 0 0 0 rg BT 263.97 465.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 286.78 465.75 Td (management ) Tj ET Q q 0 0 0 rg BT 341.23 465.75 Td (firm, ) Tj ET Q q 0 0 0 rg BT 364.32 465.75 Td (serving ) Tj ET Q q 0 0 0 rg BT 397.12 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 412.70 465.75 Td (needs ) Tj ET Q q 0 0 0 rg BT 438.84 465.75 Td (of ) Tj ET Q q 0 0 0 rg BT 450.53 465.75 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 506.38 465.75 Td (private ) Tj ET Q q 0 0 0 rg BT 537.51 465.75 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.75 Td (groups, ) Tj ET Q q 0 0 0 rg BT 81.15 453.75 Td (public ) Tj ET Q q 0 0 0 rg BT 108.08 453.75 Td (entities, ) Tj ET Q q 0 0 0 rg BT 141.39 453.75 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 183.87 453.75 Td (entities ) Tj ET Q q 0 0 0 rg BT 214.68 453.75 Td (and ) Tj ET Q q 0 0 0 rg BT 231.05 453.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 280.76 453.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 318.79 453.75 Td (in ) Tj ET Q q 0 0 0 rg BT 328.50 453.75 Td (the ) Tj ET Q q 0 0 0 rg BT 342.65 453.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 362.36 453.75 Td (and ) Tj ET Q q 0 0 0 rg BT 378.73 453.75 Td (internationally) Tj ET Q q 0 0 0 rg BT 436.40 453.75 Td (. ) Tj ET Q q 0 0 0 rg BT 440.83 453.75 Td (Founded ) Tj ET Q q 0 0 0 rg BT 477.76 453.75 Td (in ) Tj ET Q q 0 0 0 rg BT 487.47 453.75 Td (1895, ) Tj ET Q q 0 0 0 rg BT 511.90 453.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 534.94 453.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 546.41 453.75 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 85.83 441.75 Td (a ) Tj ET Q q 0 0 0 rg BT 92.16 441.75 Td (broad ) Tj ET Q q 0 0 0 rg BT 116.81 441.75 Td (set ) Tj ET Q q 0 0 0 rg BT 129.81 441.75 Td (of ) Tj ET Q q 0 0 0 rg BT 140.03 441.75 Td (products ) Tj ET Q q 0 0 0 rg BT 176.36 441.75 Td (and ) Tj ET Q q 0 0 0 rg BT 192.69 441.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 229.29 441.75 Td (including ) Tj ET Q q 0 0 0 rg BT 268.95 441.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 295.83 441.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.16 441.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 331.27 441.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 359.81 441.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 393.35 441.75 Td (products; ) Tj ET Q q 0 0 0 rg BT 432.46 441.75 Td (public ) Tj ET Q q 0 0 0 rg BT 459.34 441.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 490.66 441.75 Td (services; ) Tj ET Q q 0 0 0 rg BT 527.53 441.75 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 87.48 429.75 Td (services; ) Tj ET Q q 0 0 0 rg BT 126.01 429.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 154.55 429.75 Td (and ) Tj ET Q q 0 0 0 rg BT 172.54 429.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 196.63 429.75 Td (income ) Tj ET Q q 0 0 0 rg BT 229.61 429.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 280.93 429.75 Td (brokerage; ) Tj ET Q q 0 0 0 rg BT 327.23 429.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 355.77 429.75 Td (and ) Tj ET Q q 0 0 0 rg BT 373.75 429.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 397.84 429.75 Td (income ) Tj ET Q q 0 0 0 rg BT 430.82 429.75 Td (research; ) Tj ET Q q 0 0 0 rg BT 470.45 429.75 Td (and ) Tj ET Q q 0 0 0 rg BT 488.44 429.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.42 429.75 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.75 Td (services. ) Tj ET Q q 0 0 0 rg BT 86.73 417.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 104.80 417.75 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 158.40 417.75 Td (are ) Tj ET Q q 0 0 0 rg BT 173.12 417.75 Td (located ) Tj ET Q q 0 0 0 rg BT 204.51 417.75 Td (in ) Tj ET Q q 0 0 0 rg BT 214.81 417.75 Td (Minneapolis, ) Tj ET Q q 0 0 0 rg BT 269.83 417.75 Td (Minnesota ) Tj ET Q q 0 0 0 rg BT 314.56 417.75 Td (and ) Tj ET Q q 0 0 0 rg BT 331.52 417.75 Td (we ) Tj ET Q q 0 0 0 rg BT 345.70 417.75 Td (have ) Tj ET Q q 0 0 0 rg BT 367.09 417.75 Td (of) Tj ET Q q 0 0 0 rg BT 375.24 417.75 Td (fices ) Tj ET Q q 0 0 0 rg BT 396.64 417.75 Td (across ) Tj ET Q q 0 0 0 rg BT 424.15 417.75 Td (the ) Tj ET Q q 0 0 0 rg BT 438.88 417.75 Td (United ) Tj ET Q q 0 0 0 rg BT 468.62 417.75 Td (States ) Tj ET Q q 0 0 0 rg BT 495.02 417.75 Td (and ) Tj ET Q q 0 0 0 rg BT 511.98 417.75 Td (international ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.75 Td (locations ) Tj ET Q q 0 0 0 rg BT 87.40 405.75 Td (in ) Tj ET Q q 0 0 0 rg BT 96.98 405.75 Td (London, ) Tj ET Q q 0 0 0 rg BT 132.39 405.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 156.41 405.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 180.43 405.75 Td (and ) Tj ET Q q 0 0 0 rg BT 196.66 405.75 Td (Zurich. ) Tj ET Q q 0 0 0 rg BT 227.49 405.75 Td (W) Tj ET Q q 0 0 0 rg BT 236.12 405.75 Td (e ) Tj ET Q q 0 0 0 rg BT 242.36 405.75 Td (market ) Tj ET Q q 0 0 0 rg BT 271.92 405.75 Td (our ) Tj ET Q q 0 0 0 rg BT 287.05 405.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 332.73 405.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 366.75 405.75 Td (and ) Tj ET Q q 0 0 0 rg BT 382.98 405.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 432.56 405.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 472.12 405.75 Td (business ) Tj ET Q q 0 0 0 rg BT 507.81 405.75 Td (under ) Tj ET Q q 0 0 0 rg BT 532.38 405.75 Td (a ) Tj ET Q q 0 0 0 rg BT 538.61 405.75 Td (single ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.75 Td (name ) Tj ET Q q 0 0 0 rg BT 72.67 393.75 Td ( ) Tj ET Q q 0 0 0 rg BT 79.18 393.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 101.80 393.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 113.28 393.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 130.89 393.75 Td ( ) Tj ET Q q 0 0 0 rg BT 137.41 393.75 Td (which ) Tj ET Q q 0 0 0 rg BT 163.36 393.75 Td (gives ) Tj ET Q q 0 0 0 rg BT 185.98 393.75 Td (us ) Tj ET Q q 0 0 0 rg BT 196.38 393.75 Td (a ) Tj ET Q q 0 0 0 rg BT 202.33 393.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 243.84 393.75 Td (brand ) Tj ET Q q 0 0 0 rg BT 268.12 393.75 Td (across ) Tj ET Q q 0 0 0 rg BT 294.63 393.75 Td (this ) Tj ET Q q 0 0 0 rg BT 310.59 393.75 Td (business. ) Tj ET Q q 0 0 0 rg BT 348.49 393.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 365.55 393.75 Td (traditional ) Tj ET Q q 0 0 0 rg BT 408.17 393.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 429.12 393.75 Td (management ) Tj ET Q q 0 0 0 rg BT 481.72 393.75 Td (business ) Tj ET Q q 0 0 0 rg BT 517.12 393.75 Td (is ) Tj ET Q q 0 0 0 rg BT 525.31 393.75 Td (marketed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.75 Td (under ) Tj ET Q q 0 0 0 rg BT 74.22 381.75 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 113.94 381.75 Td (Research, ) Tj ET Q q 0 0 0 rg BT 155.58 381.75 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 67.41 213.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 91.44 213.75 Td (income ) Tj ET Q q 0 0 0 rg BT 124.35 213.75 Td (products. ) Tj ET Q q 0 0 0 rg BT 164.51 213.75 Td (This ) Tj ET Q q 0 0 0 rg BT 185.76 213.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 222.56 213.75 Td (also ) Tj ET Q q 0 0 0 rg BT 242.15 213.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 278.95 213.75 Td (the ) Tj ET Q q 0 0 0 rg BT 294.64 213.75 Td (results ) Tj ET Q q 0 0 0 rg BT 324.22 213.75 Td (from ) Tj ET Q q 0 0 0 rg BT 347.14 213.75 Td (our ) Tj ET Q q 0 0 0 rg BT 363.94 213.75 Td (two ) Tj ET Q q 0 0 0 rg BT 382.42 213.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 428.09 213.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 451.01 213.75 Td (management ) Tj ET Q q 0 0 0 rg BT 505.57 213.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 531.27 213.75 Td (and ) Tj ET Q q 0 0 0 rg BT 549.18 213.75 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.54 201.75 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 113.96 177.75 Td (Banking ) Tj ET Q q 0 0 0 rg BT 150.43 177.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.43 177.75 Td ( ) Tj ET Q q 0 0 0 rg BT 158.35 177.75 Td (W) Tj ET Q q 0 0 0 rg BT 166.99 177.75 Td (e ) Tj ET Q q 0 0 0 rg BT 174.58 177.75 Td (help ) Tj ET Q q 0 0 0 rg BT 194.94 177.75 Td (raise ) Tj ET Q q 0 0 0 rg BT 216.96 177.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 246.76 177.75 Td (through ) Tj ET Q q 0 0 0 rg BT 281.02 177.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 309.16 177.75 Td (financings ) Tj ET Q q 0 0 0 rg BT 353.96 177.75 Td (and ) Tj ET Q q 0 0 0 rg BT 371.55 177.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 405.24 177.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 442.83 177.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 480.68 177.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 521.04 177.75 Td (relating ) Tj ET Q q 0 0 0 rg BT 554.73 177.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 165.75 Td (mer) Tj ET Q q 0 0 0 rg BT 82.87 165.75 Td (gers ) Tj ET Q q 0 0 0 rg BT 101.50 165.75 Td (and ) Tj ET Q q 0 0 0 rg BT 117.91 165.75 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 170.16 165.75 Td (for ) Tj ET Q q 0 0 0 rg BT 183.79 165.75 Td (our ) Tj ET Q q 0 0 0 rg BT 199.09 165.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 238.82 165.75 Td (clients. ) Tj ET Q q 0 0 0 rg BT 269.25 165.75 Td (W) Tj ET Q q 0 0 0 rg BT 277.89 165.75 Td (e ) Tj ET Q q 0 0 0 rg BT 284.30 165.75 Td (operate ) Tj ET Q q 0 0 0 rg BT 315.70 165.75 Td (in ) Tj ET Q q 0 0 0 rg BT 325.45 165.75 Td (the ) Tj ET Q q 0 0 0 rg BT 339.64 165.75 Td (following ) Tj ET Q q 0 0 0 rg BT 380.50 165.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 404.13 165.75 Td (sectors: ) Tj ET Q q 0 0 0 rg BT 436.65 165.75 Td (healthcare, ) Tj ET Q q 0 0 0 rg BT 482.20 165.75 Td (consumer ) Tj ET Q q 0 0 0 rg BT 523.05 165.75 Td (and ) Tj ET Q q 0 0 0 rg BT 539.46 165.75 Td (retail, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 153.75 Td (business ) Tj ET Q q 0 0 0 rg BT 105.04 153.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 143.40 153.75 Td (clean ) Tj ET Q q 0 0 0 rg BT 168.15 153.75 Td (technologies, ) Tj ET Q q 0 0 0 rg BT 224.84 153.75 Td (industrials, ) Tj ET Q q 0 0 0 rg BT 272.66 153.75 Td (and ) Tj ET Q q 0 0 0 rg BT 290.75 153.75 Td (technology) Tj ET Q q 0 0 0 rg BT 334.54 153.75 Td (, ) Tj ET Q q 0 0 0 rg BT 340.69 153.75 Td (media ) Tj ET Q q 0 0 0 rg BT 368.77 153.75 Td (and ) Tj ET Q q 0 0 0 rg BT 386.87 153.75 Td (telecommunications, ) Tj ET Q q 0 0 0 rg BT 473.55 153.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 514.41 153.75 Td (focusing ) Tj ET Q q 0 0 0 rg BT 552.50 153.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 141.75 Td (middle-market ) Tj ET Q q 0 0 0 rg BT 128.01 141.75 Td (clients. ) Tj ET Q q 0 0 0 rg BT 158.25 141.75 Td (For ) Tj ET Q q 0 0 0 rg BT 173.78 141.75 Td (our ) Tj ET Q q 0 0 0 rg BT 188.75 141.75 Td (government ) Tj ET Q q 0 0 0 rg BT 238.15 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 254.23 141.75 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 296.42 141.75 Td (clients, ) Tj ET Q q 0 0 0 rg BT 326.66 141.75 Td (we ) Tj ET Q q 0 0 0 rg BT 339.96 141.75 Td (underwrite ) Tj ET Q q 0 0 0 rg BT 384.92 141.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 403.77 141.75 Td (issuances ) Tj ET Q q 0 0 0 rg BT 443.18 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 459.26 141.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 491.45 141.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 528.07 141.75 Td (advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 129.75 Td (and ) Tj ET Q q 0 0 0 rg BT 85.68 129.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 118.86 129.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 137.59 129.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 156.33 129.75 Td (management ) Tj ET Q q 0 0 0 rg BT 211.16 129.75 Td (services. ) Tj ET Q q 0 0 0 rg BT 249.61 129.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 268.90 129.75 Td (public ) Tj ET Q q 0 0 0 rg BT 297.64 129.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 330.81 129.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 378.43 129.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 414.39 129.75 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 463.67 129.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 489.07 129.75 Td (on ) Tj ET Q q 0 0 0 rg BT 502.82 129.75 Td (state ) Tj ET Q q 0 0 0 rg BT 524.89 129.75 Td (and ) Tj ET Q q 0 0 0 rg BT 543.07 129.75 Td (local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 117.75 Td (governments, ) Tj ET Q q 0 0 0 rg BT 125.54 117.75 Td (cultural ) Tj ET Q q 0 0 0 rg BT 159.97 117.75 Td (and ) Tj ET Q q 0 0 0 rg BT 178.29 117.75 Td (social ) Tj ET Q q 0 0 0 rg BT 205.51 117.75 Td (service ) Tj ET Q q 0 0 0 rg BT 237.71 117.75 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 282.14 117.75 Td (entities, ) Tj ET Q q 0 0 0 rg BT 317.41 117.75 Td (and ) Tj ET Q q 0 0 0 rg BT 335.73 117.75 Td (the ) Tj ET Q q 0 0 0 rg BT 351.84 117.75 Td (education, ) Tj ET Q q 0 0 0 rg BT 397.09 117.75 Td (healthcare, ) Tj ET Q q 0 0 0 rg BT 444.56 117.75 Td (hospitality) Tj ET Q q 0 0 0 rg BT 486.13 117.75 Td (, ) Tj ET Q q 0 0 0 rg BT 492.52 117.75 Td (senior ) Tj ET Q q 0 0 0 rg BT 520.84 117.75 Td (living ) Tj ET Q q 0 0 0 rg BT 548.06 117.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 105.75 Td (transportation ) Tj ET Q q 0 0 0 rg BT 125.54 105.75 Td (sectors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 81.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 81.75 Td (Equity ) Tj ET Q q 0 0 0 rg BT 97.07 81.75 Td (and ) Tj ET Q q 0 0 0 rg BT 115.54 81.75 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 141.77 81.75 Td (Income ) Tj ET Q q 0 0 0 rg BT 174.67 81.75 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 227.03 81.75 Td (Br) Tj ET Q q 0 0 0 rg BT 236.66 81.75 Td (okerage ) Tj ET Q q 0 0 0 rg BT 272.34 81.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.34 81.75 Td ( ) Tj ET Q q 0 0 0 rg BT 280.56 81.75 Td (W) Tj ET Q q 0 0 0 rg BT 289.20 81.75 Td (e ) Tj ET Q q 0 0 0 rg BT 297.10 81.75 Td (of) Tj ET Q q 0 0 0 rg BT 305.25 81.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 319.82 81.75 Td (both ) Tj ET Q q 0 0 0 rg BT 341.07 81.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 369.53 81.75 Td (and ) Tj ET Q q 0 0 0 rg BT 387.44 81.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 411.46 81.75 Td (income ) Tj ET Q q 0 0 0 rg BT 444.36 81.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 482.27 81.75 Td (and ) Tj ET Q q 0 0 0 rg BT 500.17 81.75 Td (trade ) Tj ET Q q 0 0 0 rg BT 523.63 81.75 Td (execution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 69.75 Td (services ) Tj ET Q q 0 0 0 rg BT 102.78 69.75 Td (for ) Tj ET Q q 0 0 0 rg BT 117.52 69.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 168.37 69.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 207.56 69.75 Td (and ) Tj ET Q q 0 0 0 rg BT 225.07 69.75 Td (government ) Tj ET Q q 0 0 0 rg BT 275.91 69.75 Td (and ) Tj ET Q q 0 0 0 rg BT 293.43 69.75 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 337.05 69.75 Td (entities. ) Tj ET Q q 0 0 0 rg BT 371.51 69.75 Td (Integral ) Tj ET Q q 0 0 0 rg BT 405.68 69.75 Td (to ) Tj ET Q q 0 0 0 rg BT 416.53 69.75 Td (our ) Tj ET Q q 0 0 0 rg BT 432.94 69.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 462.67 69.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 497.40 69.75 Td (ef) Tj ET Q q 0 0 0 rg BT 504.99 69.75 Td (forts, ) Tj ET Q q 0 0 0 rg BT 528.89 69.75 Td (we ) Tj ET Q q 0 0 0 rg BT 543.63 69.75 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 57.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 94.24 57.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 115.42 57.75 Td (and ) Tj ET Q q 0 0 0 rg BT 131.61 57.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 161.68 57.75 Td (relationships ) Tj ET Q q 0 0 0 rg BT 214.53 57.75 Td (with ) Tj ET Q q 0 0 0 rg BT 234.05 57.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 283.58 57.75 Td (investors ) Tj ET Q q 0 0 0 rg BT 321.43 57.75 Td (in ) Tj ET Q q 0 0 0 rg BT 330.95 57.75 Td (the ) Tj ET Q q 0 0 0 rg BT 344.92 57.75 Td (United ) Tj ET Q q 0 0 0 rg BT 373.88 57.75 Td (States ) Tj ET Q q 0 0 0 rg BT 399.51 57.75 Td (and ) Tj ET Q q 0 0 0 rg BT 415.70 57.75 Td (Europe ) Tj ET Q q 0 0 0 rg BT 446.32 57.75 Td (that ) Tj ET Q q 0 0 0 rg BT 463.06 57.75 Td (invest ) Tj ET Q q 0 0 0 rg BT 488.69 57.75 Td (in ) Tj ET Q q 0 0 0 rg BT 498.22 57.75 Td (our ) Tj ET Q q 0 0 0 rg BT 513.29 57.75 Td (core ) Tj ET Q q 0 0 0 rg BT 532.24 57.75 Td (sectors. ) 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 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 endstream endobj 9 0 obj <>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 21.60 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 717.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 85.10 717.60 Td (research ) Tj ET Q q 0 0 0 rg BT 120.46 717.60 Td (analysts ) Tj ET Q q 0 0 0 rg BT 154.73 717.60 Td (provide ) Tj ET Q q 0 0 0 rg BT 187.32 717.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 233.26 717.60 Td (ideas ) Tj ET Q q 0 0 0 rg BT 255.85 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 272.34 717.60 Td (support ) Tj ET Q q 0 0 0 rg BT 304.39 717.60 Td (to ) Tj ET Q q 0 0 0 rg BT 314.22 717.60 Td (our ) Tj ET Q q 0 0 0 rg BT 329.60 717.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 359.98 717.60 Td (clients ) Tj ET Q q 0 0 0 rg BT 388.13 717.60 Td (on ) Tj ET Q q 0 0 0 rg BT 400.19 717.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 717.60 Td (600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 477.05 717.60 Td (companies. ) Tj ET Q q 0 0 0 rg BT 524.36 717.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 541.96 717.60 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 705.60 Td (income ) Tj ET Q q 0 0 0 rg BT 100.37 705.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 123.24 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 141.11 705.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 172.86 705.60 Td (professionals ) Tj ET Q q 0 0 0 rg BT 229.06 705.60 Td (have ) Tj ET Q q 0 0 0 rg BT 251.37 705.60 Td (expertise ) Tj ET Q q 0 0 0 rg BT 290.90 705.60 Td (in ) Tj ET Q q 0 0 0 rg BT 302.11 705.60 Td (municipal, ) Tj ET Q q 0 0 0 rg BT 348.03 705.60 Td (corporate, ) Tj ET Q q 0 0 0 rg BT 391.71 705.60 Td (mortgage, ) Tj ET Q q 0 0 0 rg BT 435.41 705.60 Td (agency) Tj ET Q q 0 0 0 rg BT 463.08 705.60 Td (, ) Tj ET Q q 0 0 0 rg BT 469.01 705.60 Td (treasury ) Tj ET Q q 0 0 0 rg BT 504.65 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 522.52 705.60 Td (structured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 693.60 Td (product ) Tj ET Q q 0 0 0 rg BT 100.75 693.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 141.21 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 158.35 693.60 Td (cover ) Tj ET Q q 0 0 0 rg BT 183.25 693.60 Td (a ) Tj ET Q q 0 0 0 rg BT 190.39 693.60 Td (range ) Tj ET Q q 0 0 0 rg BT 215.30 693.60 Td (of ) Tj ET Q q 0 0 0 rg BT 226.33 693.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 276.80 693.60 Td (investors. ) Tj ET Q q 0 0 0 rg BT 317.92 693.60 Td (W) Tj ET Q q 0 0 0 rg BT 326.55 693.60 Td (e ) Tj ET Q q 0 0 0 rg BT 333.69 693.60 Td (engage ) Tj ET Q q 0 0 0 rg BT 364.71 693.60 Td (in ) Tj ET Q q 0 0 0 rg BT 375.18 693.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 406.21 693.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 445.01 693.60 Td (for ) Tj ET Q q 0 0 0 rg BT 459.37 693.60 Td (both ) Tj ET Q q 0 0 0 rg BT 479.84 693.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 519.20 693.60 Td (facilitation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 681.60 Td (and ) Tj ET Q q 0 0 0 rg BT 84.36 681.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 120.66 681.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 151.41 681.60 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 191.88 681.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 209.86 681.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 246.15 681.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 276.90 681.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 315.42 681.60 Td (\(i.e. ) Tj ET Q q 0 0 0 rg BT 333.39 681.60 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 380.24 681.60 Td (trading\) ) Tj ET Q q 0 0 0 rg BT 414.32 681.60 Td (are ) Tj ET Q q 0 0 0 rg BT 428.95 681.60 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 469.68 681.60 Td (solely ) Tj ET Q q 0 0 0 rg BT 495.99 681.60 Td (to ) Tj ET Q q 0 0 0 rg BT 506.19 681.60 Td (investing ) Tj ET Q q 0 0 0 rg BT 545.28 681.60 Td (firm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 669.60 Td (capital, ) Tj ET Q q 0 0 0 rg BT 98.49 669.60 Td (and ) Tj ET Q q 0 0 0 rg BT 114.78 669.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 138.28 669.60 Td (on ) Tj ET Q q 0 0 0 rg BT 150.12 669.60 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 196.39 669.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 246.01 669.60 Td (in ) Tj ET Q q 0 0 0 rg BT 255.63 669.60 Td (a ) Tj ET Q q 0 0 0 rg BT 261.91 669.60 Td (variety ) Tj ET Q q 0 0 0 rg BT 291.52 669.60 Td (of ) Tj ET Q q 0 0 0 rg BT 301.69 669.60 Td (securities, ) Tj ET Q q 0 0 0 rg BT 343.80 669.60 Td (including ) Tj ET Q q 0 0 0 rg BT 383.41 669.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 425.25 669.60 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 453.48 669.60 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 524.73 669.60 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 657.60 Td (and ) Tj ET Q q 0 0 0 rg BT 84.44 657.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 111.93 657.60 Td (securities. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 633.60 Td (Principal ) Tj ET Q q 0 0 0 rg BT 108.36 633.60 Td (Investments ) Tj ET Q q 0 0 0 rg BT 158.66 633.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.66 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 166.53 633.60 Td (W) Tj ET Q q 0 0 0 rg BT 175.17 633.60 Td (e ) Tj ET Q q 0 0 0 rg BT 182.70 633.60 Td (engage ) Tj ET Q q 0 0 0 rg BT 214.10 633.60 Td (in ) Tj ET Q q 0 0 0 rg BT 224.97 633.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 265.27 633.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 300.57 633.60 Td (activities, ) Tj ET Q q 0 0 0 rg BT 342.26 633.60 Td (which ) Tj ET Q q 0 0 0 rg BT 369.79 633.60 Td (involve ) Tj ET Q q 0 0 0 rg BT 402.88 633.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 430.96 633.60 Td (or ) Tj ET Q q 0 0 0 rg BT 442.38 633.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 462.69 633.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 513.56 633.60 Td (in ) Tj ET Q q 0 0 0 rg BT 524.43 633.60 Td (late ) Tj ET Q q 0 0 0 rg BT 541.95 633.60 Td (stage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 621.60 Td (private ) Tj ET Q q 0 0 0 rg BT 97.48 621.60 Td (companies. ) Tj ET Q q 0 0 0 rg BT 144.47 621.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 194.37 621.60 Td (, ) Tj ET Q q 0 0 0 rg BT 199.09 621.60 Td (we ) Tj ET Q q 0 0 0 rg BT 212.96 621.60 Td (have ) Tj ET Q q 0 0 0 rg BT 234.06 621.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 284.05 621.60 Td (in ) Tj ET Q q 0 0 0 rg BT 294.04 621.60 Td (private ) Tj ET Q q 0 0 0 rg BT 324.02 621.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 351.23 621.60 Td (and ) Tj ET Q q 0 0 0 rg BT 367.88 621.60 Td (venture ) Tj ET Q q 0 0 0 rg BT 400.09 621.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 428.95 621.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 453.39 621.60 Td (and ) Tj ET Q q 0 0 0 rg BT 470.04 621.60 Td (other ) Tj ET Q q 0 0 0 rg BT 492.81 621.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 512.24 621.60 Td (investments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 597.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 597.60 Td (Alternative ) Tj ET Q q 0 0 0 rg BT 114.01 597.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 137.37 597.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 191.82 597.60 Td (Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.82 597.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.07 597.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.07 597.60 Td ( ) Tj ET Q q 0 0 0 rg BT 225.82 597.60 Td (As ) Tj ET Q q 0 0 0 rg BT 239.18 597.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 268.63 597.60 Td (of ) Tj ET Q q 0 0 0 rg BT 279.21 597.60 Td (our ) Tj ET Q q 0 0 0 rg BT 294.79 597.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 330.91 597.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 361.48 597.60 Td (and ) Tj ET Q q 0 0 0 rg BT 378.17 597.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 417.62 597.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 452.08 597.60 Td (ef) Tj ET Q q 0 0 0 rg BT 459.67 597.60 Td (forts ) Tj ET Q q 0 0 0 rg BT 480.25 597.60 Td (have ) Tj ET Q q 0 0 0 rg BT 501.37 597.60 Td (matured ) Tj ET Q q 0 0 0 rg BT 536.38 597.60 Td (and ) Tj ET Q q 0 0 0 rg BT 553.07 597.60 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 585.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 114.78 585.60 Td (process ) Tj ET Q q 0 0 0 rg BT 148.17 585.60 Td (has ) Tj ET Q q 0 0 0 rg BT 164.90 585.60 Td (been ) Tj ET Q q 0 0 0 rg BT 187.18 585.60 Td (developed, ) Tj ET Q q 0 0 0 rg BT 234.18 585.60 Td (we ) Tj ET Q q 0 0 0 rg BT 249.24 585.60 Td (have ) Tj ET Q q 0 0 0 rg BT 271.52 585.60 Td (created ) Tj ET Q q 0 0 0 rg BT 303.78 585.60 Td (alternative ) Tj ET Q q 0 0 0 rg BT 349.38 585.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 372.22 585.60 Td (management ) Tj ET Q q 0 0 0 rg BT 426.71 585.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 452.33 585.60 Td (in ) Tj ET Q q 0 0 0 rg BT 463.51 585.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 506.90 585.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 548.06 585.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 573.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 107.20 573.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 141.92 573.60 Td (in ) Tj ET Q q 0 0 0 rg BT 152.20 573.60 Td (order ) Tj ET Q q 0 0 0 rg BT 175.80 573.60 Td (to ) Tj ET Q q 0 0 0 rg BT 186.07 573.60 Td (invest ) Tj ET Q q 0 0 0 rg BT 212.46 573.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 232.18 573.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 261.33 573.60 Td (as ) Tj ET Q q 0 0 0 rg BT 272.16 573.60 Td (well ) Tj ET Q q 0 0 0 rg BT 291.88 573.60 Td (as ) Tj ET Q q 0 0 0 rg BT 302.71 573.60 Td (to ) Tj ET Q q 0 0 0 rg BT 312.98 573.60 Td (seek ) Tj ET Q q 0 0 0 rg BT 333.25 573.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 362.40 573.60 Td (from ) Tj ET Q q 0 0 0 rg BT 384.34 573.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 415.73 573.60 Td (investors. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 549.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 73.67 549.60 Td (Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.60 Td (The ) Tj ET Q q 0 0 0 rg BT 66.77 525.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 91.19 525.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 145.60 525.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 181.13 525.60 Td (includes ) Tj ET Q q 0 0 0 rg BT 216.66 525.60 Td (our ) Tj ET Q q 0 0 0 rg BT 232.20 525.60 Td (traditional ) Tj ET Q q 0 0 0 rg BT 275.50 525.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 297.15 525.60 Td (management ) Tj ET Q q 0 0 0 rg BT 350.44 525.60 Td (business ) Tj ET Q q 0 0 0 rg BT 386.54 525.60 Td (and ) Tj ET Q q 0 0 0 rg BT 403.19 525.60 Td (our ) Tj ET Q q 0 0 0 rg BT 418.72 525.60 Td (seed ) Tj ET Q q 0 0 0 rg BT 438.70 525.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 488.68 525.60 Td (in ) Tj ET Q q 0 0 0 rg BT 498.66 525.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 540.29 525.60 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (and ) Tj ET Q q 0 0 0 rg BT 67.85 513.60 Td (private ) Tj ET Q q 0 0 0 rg BT 99.52 513.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 125.65 513.60 Td (or ) Tj ET Q q 0 0 0 rg BT 137.88 513.60 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 190.67 513.60 Td (that ) Tj ET Q q 0 0 0 rg BT 209.57 513.60 Td (we ) Tj ET Q q 0 0 0 rg BT 225.14 513.60 Td (manage. ) Tj ET Q q 0 0 0 rg BT 262.64 513.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 282.10 513.60 Td (traditional ) Tj ET Q q 0 0 0 rg BT 327.10 513.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 350.45 513.60 Td (management ) Tj ET Q q 0 0 0 rg BT 405.44 513.60 Td (business ) Tj ET Q q 0 0 0 rg BT 443.24 513.60 Td (of) Tj ET Q q 0 0 0 rg BT 451.39 513.60 Td (fers ) Tj ET Q q 0 0 0 rg BT 470.29 513.60 Td (specialized ) Tj ET Q q 0 0 0 rg BT 518.62 513.60 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (management ) Tj ET Q q 0 0 0 rg BT 102.76 501.60 Td (solutions ) Tj ET Q q 0 0 0 rg BT 141.06 501.60 Td (for ) Tj ET Q q 0 0 0 rg BT 154.89 501.60 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 204.02 501.60 Td (private ) Tj ET Q q 0 0 0 rg BT 233.96 501.60 Td (clients ) Tj ET Q q 0 0 0 rg BT 262.23 501.60 Td (and ) Tj ET Q q 0 0 0 rg BT 278.85 501.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 324.90 501.60 Td (advisors. ) Tj ET Q q 0 0 0 rg BT 362.75 501.60 Td (W) Tj ET Q q 0 0 0 rg BT 371.39 501.60 Td (e ) Tj ET Q q 0 0 0 rg BT 378.00 501.60 Td (manage ) Tj ET Q q 0 0 0 rg BT 411.27 501.60 Td (value-oriented ) Tj ET Q q 0 0 0 rg BT 471.19 501.60 Td (domestic, ) Tj ET Q q 0 0 0 rg BT 511.97 501.60 Td (international ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.60 Td (and ) Tj ET Q q 0 0 0 rg BT 65.79 489.60 Td (global ) Tj ET Q q 0 0 0 rg BT 92.63 489.60 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 134.74 489.60 Td (as ) Tj ET Q q 0 0 0 rg BT 144.92 489.60 Td (well ) Tj ET Q q 0 0 0 rg BT 163.98 489.60 Td (as ) Tj ET Q q 0 0 0 rg BT 174.16 489.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 194.35 489.60 Td ( ) Tj ET Q q 0 0 0 rg BT 196.20 489.60 Td (and ) Tj ET Q q 0 0 0 rg BT 212.49 489.60 Td (ener) Tj ET Q q 0 0 0 rg BT 229.51 489.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 241.36 489.60 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 297.07 489.60 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 339.19 489.60 Td (through ) Tj ET Q q 0 0 0 rg BT 372.14 489.60 Td (open-end ) Tj ET Q q 0 0 0 rg BT 411.20 489.60 Td (and ) Tj ET Q q 0 0 0 rg BT 427.48 489.60 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 472.65 489.60 Td (funds. ) Tj ET Q q 0 0 0 rg BT 499.08 489.60 Td (W) Tj ET Q q 0 0 0 rg BT 507.72 489.60 Td (e ) Tj ET Q q 0 0 0 rg BT 514.01 489.60 Td (also ) Tj ET Q q 0 0 0 rg BT 531.96 489.60 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.60 Td (customized ) Tj ET Q q 0 0 0 rg BT 98.27 477.60 Td (solutions ) Tj ET Q q 0 0 0 rg BT 137.61 477.60 Td (to ) Tj ET Q q 0 0 0 rg BT 148.61 477.60 Td (our ) Tj ET Q q 0 0 0 rg BT 165.17 477.60 Td (clients. ) Tj ET Q q 0 0 0 rg BT 197.00 477.60 Td (In ) Tj ET Q q 0 0 0 rg BT 208.55 477.60 Td (many ) Tj ET Q q 0 0 0 rg BT 233.99 477.60 Td (cases, ) Tj ET Q q 0 0 0 rg BT 260.82 477.60 Td (we ) Tj ET Q q 0 0 0 rg BT 275.70 477.60 Td (of) Tj ET Q q 0 0 0 rg BT 283.85 477.60 Td (fer ) Tj ET Q q 0 0 0 rg BT 298.18 477.60 Td (both ) Tj ET Q q 0 0 0 rg BT 319.18 477.60 Td (diversified ) Tj ET Q q 0 0 0 rg BT 365.17 477.60 Td (and ) Tj ET Q q 0 0 0 rg BT 382.83 477.60 Td (more ) Tj ET Q q 0 0 0 rg BT 406.60 477.60 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 460.91 477.60 Td (versions ) Tj ET Q q 0 0 0 rg BT 497.46 477.60 Td (of ) Tj ET Q q 0 0 0 rg BT 509.02 477.60 Td (our ) Tj ET Q q 0 0 0 rg BT 525.57 477.60 Td (products, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 89.20 465.60 Td (through ) Tj ET Q q 0 0 0 rg BT 122.81 465.60 Td (separately ) Tj ET Q q 0 0 0 rg BT 165.84 465.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 204.44 465.60 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 244.42 465.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 441.60 Td (V) Tj ET Q q 0 0 0 rg BT 72.50 441.60 Td (alue ) Tj ET Q q 0 0 0 rg BT 92.28 441.60 Td (Equity ) Tj ET Q q 0 0 0 rg BT 120.94 441.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.94 441.60 Td ( ) Tj ET Q q 0 0 0 rg BT 128.31 441.60 Td (W) Tj ET Q q 0 0 0 rg BT 136.95 441.60 Td (e ) Tj ET Q q 0 0 0 rg BT 143.95 441.60 Td (take ) Tj ET Q q 0 0 0 rg BT 163.16 441.60 Td (a ) Tj ET Q q 0 0 0 rg BT 170.16 441.60 Td (value-driven ) Tj ET Q q 0 0 0 rg BT 223.25 441.60 Td (approach ) Tj ET Q q 0 0 0 rg BT 262.45 441.60 Td (to ) Tj ET Q q 0 0 0 rg BT 272.79 441.60 Td (managing ) Tj ET Q q 0 0 0 rg BT 314.78 441.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 340.67 441.60 Td (in ) Tj ET Q q 0 0 0 rg BT 351.01 441.60 Td (the ) Tj ET Q q 0 0 0 rg BT 365.78 441.60 Td (domestic ) Tj ET Q q 0 0 0 rg BT 404.44 441.60 Td (and ) Tj ET Q q 0 0 0 rg BT 421.44 441.60 Td (international ) Tj ET Q q 0 0 0 rg BT 474.54 441.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 502.09 441.60 Td (markets. ) Tj ET Q q 0 0 0 rg BT 538.62 441.60 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 429.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 114.80 429.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 155.99 429.60 Td (have ) Tj ET Q q 0 0 0 rg BT 178.29 429.60 Td (an ) Tj ET Q q 0 0 0 rg BT 191.15 429.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 238.45 429.60 Td (philosophy ) Tj ET Q q 0 0 0 rg BT 286.32 429.60 Td (that ) Tj ET Q q 0 0 0 rg BT 304.74 429.60 Td (centers ) Tj ET Q q 0 0 0 rg BT 336.48 429.60 Td (on ) Tj ET Q q 0 0 0 rg BT 349.90 429.60 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 403.30 429.60 Td (security ) Tj ET Q q 0 0 0 rg BT 438.38 429.60 Td (selection ) Tj ET Q q 0 0 0 rg BT 477.34 429.60 Td (across ) Tj ET Q q 0 0 0 rg BT 505.75 429.60 Td (industries ) Tj ET Q q 0 0 0 rg BT 548.06 429.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 417.60 Td (regions ) Tj ET Q q 0 0 0 rg BT 99.64 417.60 Td (with ) Tj ET Q q 0 0 0 rg BT 120.11 417.60 Td (a ) Tj ET Q q 0 0 0 rg BT 127.25 417.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 151.61 417.60 Td (on ) Tj ET Q q 0 0 0 rg BT 164.30 417.60 Td (analyzing, ) Tj ET Q q 0 0 0 rg BT 208.37 417.60 Td (among ) Tj ET Q q 0 0 0 rg BT 238.29 417.60 Td (other ) Tj ET Q q 0 0 0 rg BT 261.53 417.60 Td (things, ) Tj ET Q q 0 0 0 rg BT 291.18 417.60 Td (a ) Tj ET Q q 0 0 0 rg BT 298.32 417.60 Td (company's ) Tj ET Q q 0 0 0 rg BT 343.36 417.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 381.04 417.60 Td (position, ) Tj ET Q q 0 0 0 rg BT 418.46 417.60 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 455.05 417.60 Td (and ) Tj ET Q q 0 0 0 rg BT 472.19 417.60 Td (profitability ) Tj ET Q q 0 0 0 rg BT 522.66 417.60 Td (in ) Tj ET Q q 0 0 0 rg BT 533.13 417.60 Td (light ) Tj ET Q q 0 0 0 rg BT 554.17 417.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 405.60 Td (its ) Tj ET Q q 0 0 0 rg BT 80.00 405.60 Td (valuation. ) Tj ET Q q 0 0 0 rg BT 122.76 405.60 Td (By ) Tj ET Q q 0 0 0 rg BT 137.48 405.60 Td (focusing ) Tj ET Q q 0 0 0 rg BT 174.96 405.60 Td (on ) Tj ET Q q 0 0 0 rg BT 188.01 405.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 228.82 405.60 Td (with ) Tj ET Q q 0 0 0 rg BT 249.65 405.60 Td (attractive ) Tj ET Q q 0 0 0 rg BT 289.89 405.60 Td (net ) Tj ET Q q 0 0 0 rg BT 305.16 405.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 327.65 405.60 Td (values, ) Tj ET Q q 0 0 0 rg BT 358.74 405.60 Td (we ) Tj ET Q q 0 0 0 rg BT 373.45 405.60 Td (seek ) Tj ET Q q 0 0 0 rg BT 394.27 405.60 Td (to ) Tj ET Q q 0 0 0 rg BT 405.09 405.60 Td (generate ) Tj ET Q q 0 0 0 rg BT 442.00 405.60 Td (competitive ) Tj ET Q q 0 0 0 rg BT 492.26 405.60 Td (long-term ) Tj ET Q q 0 0 0 rg BT 534.74 405.60 Td (returns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 393.60 Td (while ) Tj ET Q q 0 0 0 rg BT 92.22 393.60 Td (minimizing ) Tj ET Q q 0 0 0 rg BT 140.83 393.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 187.21 393.60 Td (risk. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 369.60 Td (Master ) Tj ET Q q 0 0 0 rg BT 99.17 369.60 Td (Limited ) Tj ET Q q 0 0 0 rg BT 133.07 369.60 Td (Partnerships ) Tj ET Q q 0 0 0 rg BT 188.08 369.60 Td (\("MLPs"\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.03 369.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.37 369.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.37 369.60 Td ( ) Tj ET Q q 0 0 0 rg BT 238.46 369.60 Td (W) Tj ET Q q 0 0 0 rg BT 247.10 369.60 Td (e ) Tj ET Q q 0 0 0 rg BT 254.88 369.60 Td (also ) Tj ET Q q 0 0 0 rg BT 274.33 369.60 Td (manage ) Tj ET Q q 0 0 0 rg BT 308.76 369.60 Td (MLPs ) Tj ET Q q 0 0 0 rg BT 336.56 369.60 Td (focused ) Tj ET Q q 0 0 0 rg BT 370.99 369.60 Td (on ) Tj ET Q q 0 0 0 rg BT 384.33 369.60 Td (the ) Tj ET Q q 0 0 0 rg BT 399.89 369.60 Td (ener) Tj ET Q q 0 0 0 rg BT 416.92 369.60 Td (gy ) Tj ET Q q 0 0 0 rg BT 430.26 369.60 Td (sector) Tj ET Q q 0 0 0 rg BT 453.58 369.60 Td (. ) Tj ET Q q 0 0 0 rg BT 459.18 369.60 Td (These ) Tj ET Q q 0 0 0 rg BT 486.40 369.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 527.50 369.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 552.50 369.60 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 357.60 Td (growth, ) Tj ET Q q 0 0 0 rg BT 100.87 357.60 Td (yet ) Tj ET Q q 0 0 0 rg BT 115.63 357.60 Td (seek ) Tj ET Q q 0 0 0 rg BT 135.94 357.60 Td (to ) Tj ET Q q 0 0 0 rg BT 146.26 357.60 Td (limit ) Tj ET Q q 0 0 0 rg BT 167.69 357.60 Td (exposure ) Tj ET Q q 0 0 0 rg BT 206.33 357.60 Td (to ) Tj ET Q q 0 0 0 rg BT 216.65 357.60 Td (riskier ) Tj ET Q q 0 0 0 rg BT 244.74 357.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 285.05 357.60 Td (by ) Tj ET Q q 0 0 0 rg BT 297.59 357.60 Td (placing ) Tj ET Q q 0 0 0 rg BT 329.56 357.60 Td (greater ) Tj ET Q q 0 0 0 rg BT 359.86 357.60 Td (importance ) Tj ET Q q 0 0 0 rg BT 407.38 357.60 Td (on ) Tj ET Q q 0 0 0 rg BT 419.92 357.60 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 479.65 357.60 Td (which ) Tj ET Q q 0 0 0 rg BT 506.63 357.60 Td (support ) Tj ET Q q 0 0 0 rg BT 539.17 357.60 Td (stable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 345.60 Td (distributions ) Tj ET Q q 0 0 0 rg BT 119.31 345.60 Td (and ) Tj ET Q q 0 0 0 rg BT 135.55 345.60 Td (are ) Tj ET Q q 0 0 0 rg BT 149.57 345.60 Td (representative ) Tj ET Q q 0 0 0 rg BT 207.45 345.60 Td (of ) Tj ET Q q 0 0 0 rg BT 217.59 345.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 244.94 345.60 Td (quality ) Tj ET Q q 0 0 0 rg BT 274.52 345.60 Td (MLPs, ) Tj ET Q q 0 0 0 rg BT 303.28 345.60 Td (including ) Tj ET Q q 0 0 0 rg BT 342.86 345.60 Td (less ) Tj ET Q q 0 0 0 rg BT 359.66 345.60 Td (volatile ) Tj ET Q q 0 0 0 rg BT 391.46 345.60 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 437.99 345.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 473.66 345.60 Td (assets, ) Tj ET Q q 0 0 0 rg BT 501.30 345.60 Td (cleaner ) Tj ET Q q 0 0 0 rg BT 531.97 345.60 Td (balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 333.60 Td (sheets ) Tj ET Q q 0 0 0 rg BT 94.44 333.60 Td (and ) Tj ET Q q 0 0 0 rg BT 111.38 333.60 Td (proven ) Tj ET Q q 0 0 0 rg BT 141.65 333.60 Td (management ) Tj ET Q q 0 0 0 rg BT 195.23 333.60 Td (teams. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.60 Td (As ) Tj ET Q q 0 0 0 rg BT 63.33 309.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.38 309.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 133.18 309.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.18 309.60 Td (, ) Tj ET Q q 0 0 0 rg BT 158.40 309.60 Td (total ) Tj ET Q q 0 0 0 rg BT 178.89 309.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 204.93 309.60 Td (under ) Tj ET Q q 0 0 0 rg BT 230.42 309.60 Td (management ) Tj ET Q q 0 0 0 rg BT 284.23 309.60 Td (\("AUM"\) ) Tj ET Q q 0 0 0 rg BT 325.10 309.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.25 309.60 Td ($1) Tj ET Q q 0 0 0 rg BT 356.88 309.60 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 372.10 309.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.21 309.60 Td (, ) Tj ET Q q 0 0 0 rg BT 403.43 309.60 Td (of ) Tj ET Q q 0 0 0 rg BT 414.47 309.60 Td (which ) Tj ET Q q 0 0 0 rg BT 441.63 309.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.10 309.60 Td (50 ) Tj ET Q q 0 0 0 rg BT 514.82 309.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.25 309.60 Td ( ) Tj ET Q q 0 0 0 rg BT 546.96 309.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.60 Td (invested ) Tj ET Q q 0 0 0 rg BT 84.52 297.60 Td (in ) Tj ET Q q 0 0 0 rg BT 93.99 297.60 Td (equities ) Tj ET Q q 0 0 0 rg BT 126.78 297.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.91 297.60 Td (50 ) Tj ET Q q 0 0 0 rg BT 154.60 297.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.03 297.60 Td ( ) Tj ET Q q 0 0 0 rg BT 185.72 297.60 Td (in ) Tj ET Q q 0 0 0 rg BT 195.19 297.60 Td (MLPs. ) Tj ET Q q 0 0 0 rg BT 223.46 297.60 Td (As ) Tj ET Q q 0 0 0 rg BT 236.27 297.60 Td (of ) Tj ET Q q 0 0 0 rg BT 246.29 297.60 Td (the ) Tj ET Q q 0 0 0 rg BT 260.20 297.60 Td (same ) Tj ET Q q 0 0 0 rg BT 282.44 297.60 Td (date, ) Tj ET Q q 0 0 0 rg BT 303.28 297.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.73 297.60 Td (8 ) Tj ET Q q 0 0 0 rg BT 369.43 297.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.85 297.60 Td ( ) Tj ET Q q 0 0 0 rg BT 400.54 297.60 Td (of ) Tj ET Q q 0 0 0 rg BT 410.56 297.60 Td (our ) Tj ET Q q 0 0 0 rg BT 425.21 297.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 450.24 297.60 Td (was ) Tj ET Q q 0 0 0 rg BT 467.48 297.60 Td (invested ) Tj ET Q q 0 0 0 rg BT 502.50 297.60 Td (in ) Tj ET Q q 0 0 0 rg BT 511.97 297.60 Td (international ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.60 Td (and ) Tj ET Q q 0 0 0 rg BT 66.29 285.60 Td (global ) Tj ET Q q 0 0 0 rg BT 93.65 285.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 139.88 285.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 180.00 285.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.80 285.60 Td (92 ) Tj ET Q q 0 0 0 rg BT 209.15 285.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.58 285.60 Td ( ) Tj ET Q q 0 0 0 rg BT 240.93 285.60 Td (was ) Tj ET Q q 0 0 0 rg BT 258.84 285.60 Td (invested ) Tj ET Q q 0 0 0 rg BT 294.52 285.60 Td (in ) Tj ET Q q 0 0 0 rg BT 304.66 285.60 Td (domestic ) Tj ET Q q 0 0 0 rg BT 343.12 285.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 389.35 285.60 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 431.45 285.60 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.35 285.60 Td (78 ) Tj ET Q q 0 0 0 rg BT 506.71 285.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.13 285.60 Td ( ) Tj ET Q q 0 0 0 rg BT 538.49 285.60 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 285.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 74.82 273.60 Td (as ) Tj ET Q q 0 0 0 rg BT 85.13 273.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.44 273.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 153.51 273.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.51 273.60 Td ( ) Tj ET Q q 0 0 0 rg BT 175.49 273.60 Td (was ) Tj ET Q q 0 0 0 rg BT 193.03 273.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 231.10 273.60 Td (on ) Tj ET Q q 0 0 0 rg BT 243.08 273.60 Td (behalf ) Tj ET Q q 0 0 0 rg BT 270.05 273.60 Td (of ) Tj ET Q q 0 0 0 rg BT 280.36 273.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 330.13 273.60 Td (clients, ) Tj ET Q q 0 0 0 rg BT 360.71 273.60 Td (including ) Tj ET Q q 0 0 0 rg BT 400.47 273.60 Td (foundations, ) Tj ET Q q 0 0 0 rg BT 452.17 273.60 Td (endowments, ) Tj ET Q q 0 0 0 rg BT 507.20 273.60 Td (pension ) Tj ET Q q 0 0 0 rg BT 540.29 273.60 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.60 Td (and ) Tj ET Q q 0 0 0 rg BT 65.94 261.60 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 120.43 261.60 Td (and ) Tj ET Q q 0 0 0 rg BT 136.87 261.60 Td (through ) Tj ET Q q 0 0 0 rg BT 169.97 261.60 Td (mutual ) Tj ET Q q 0 0 0 rg BT 199.75 261.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 220.08 261.60 Td (sponsors ) Tj ET Q q 0 0 0 rg BT 257.09 261.60 Td (and ) Tj ET Q q 0 0 0 rg BT 273.53 261.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 314.95 261.60 Td (advisors. ) Tj ET Q q 0 0 0 rg BT 352.34 261.60 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.88 261.60 Td (16 ) Tj ET Q q 0 0 0 rg BT 426.88 261.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.31 261.60 Td ( ) Tj ET Q q 0 0 0 rg BT 458.31 261.60 Td (of ) Tj ET Q q 0 0 0 rg BT 468.64 261.60 Td (our ) Tj ET Q q 0 0 0 rg BT 483.53 261.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 508.86 261.60 Td (was ) Tj ET Q q 0 0 0 rg BT 526.42 261.60 Td (managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.60 Td (on ) Tj ET Q q 0 0 0 rg BT 61.99 249.60 Td (behalf ) Tj ET Q q 0 0 0 rg BT 89.46 249.60 Td (of ) Tj ET Q q 0 0 0 rg BT 100.28 249.60 Td (individual ) Tj ET Q q 0 0 0 rg BT 143.32 249.60 Td (client ) Tj ET Q q 0 0 0 rg BT 168.03 249.60 Td (relationships, ) Tj ET Q q 0 0 0 rg BT 224.12 249.60 Td (which ) Tj ET Q q 0 0 0 rg BT 251.05 249.60 Td (are ) Tj ET Q q 0 0 0 rg BT 265.74 249.60 Td (principally ) Tj ET Q q 0 0 0 rg BT 311.55 249.60 Td (high ) Tj ET Q q 0 0 0 rg BT 331.82 249.60 Td (net ) Tj ET Q q 0 0 0 rg BT 346.53 249.60 Td (worth ) Tj ET Q q 0 0 0 rg BT 372.34 249.60 Td (individuals, ) Tj ET Q q 0 0 0 rg BT 421.78 249.60 Td (and ) Tj ET Q q 0 0 0 rg BT 438.71 249.60 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.95 249.60 Td (6 ) Tj ET Q q 0 0 0 rg BT 506.44 249.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.87 249.60 Td ( ) Tj ET Q q 0 0 0 rg BT 538.36 249.60 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 249.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 75.33 237.60 Td (was ) Tj ET Q q 0 0 0 rg BT 93.39 237.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 131.98 237.60 Td (through ) Tj ET Q q 0 0 0 rg BT 165.59 237.60 Td (sub-advisory ) Tj ET Q q 0 0 0 rg BT 219.75 237.60 Td (relationships ) Tj ET Q q 0 0 0 rg BT 273.35 237.60 Td (on ) Tj ET Q q 0 0 0 rg BT 285.85 237.60 Td (closed-end ) Tj ET Q q 0 0 0 rg BT 331.67 237.60 Td (funds.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 213.60 Td (Discontinued ) Tj ET Q q 0 0 0 rg BT 107.01 213.60 Td (Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.19 189.60 Td (Hong ) Tj ET Q q 0 0 0 rg BT 91.55 189.60 Td (Kong ) Tj ET Q q 0 0 0 rg BT 115.92 189.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 144.71 189.60 Td (markets ) Tj ET Q q 0 0 0 rg BT 178.50 189.60 Td (business ) Tj ET Q q 0 0 0 rg BT 214.53 189.60 Td (ceased ) Tj ET Q q 0 0 0 rg BT 243.32 189.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 287.11 189.60 Td (in ) Tj ET Q q 0 0 0 rg BT 297.03 189.60 Td (2012. ) Tj ET Q q 0 0 0 rg BT 321.20 189.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 371.10 189.60 Td (, ) Tj ET Q q 0 0 0 rg BT 375.74 189.60 Td (we ) Tj ET Q q 0 0 0 rg BT 389.54 189.60 Td (sold ) Tj ET Q q 0 0 0 rg BT 408.35 189.60 Td (Fiduciary ) Tj ET Q q 0 0 0 rg BT 448.35 189.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 472.71 189.60 Td (Management, ) Tj ET Q q 0 0 0 rg BT 529.55 189.60 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 553.08 189.60 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.08 177.60 Td (management ) Tj ET Q q 0 0 0 rg BT 126.32 177.60 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 166.78 177.60 Td (, ) Tj ET Q q 0 0 0 rg BT 172.42 177.60 Td (in ) Tj ET Q q 0 0 0 rg BT 183.35 177.60 Td (2013. ) Tj ET Q q 0 0 0 rg BT 208.99 177.60 Td (For ) Tj ET Q q 0 0 0 rg BT 226.03 177.60 Td (further ) Tj ET Q q 0 0 0 rg BT 256.39 177.60 Td (information ) Tj ET Q q 0 0 0 rg BT 306.74 177.60 Td (on ) Tj ET Q q 0 0 0 rg BT 319.89 177.60 Td (our ) Tj ET Q q 0 0 0 rg BT 336.37 177.60 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 390.61 177.60 Td (operations, ) Tj ET Q q 0 0 0 rg BT 437.92 177.60 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.83 177.60 Td (Note ) Tj ET Q q 0 0 0 rg BT 476.42 177.60 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.42 177.60 Td ( ) Tj ET Q q 0 0 0 rg BT 484.56 177.60 Td (to ) Tj ET Q q 0 0 0 rg BT 495.49 177.60 Td (our ) Tj ET Q q 0 0 0 rg BT 511.96 177.60 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 165.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 131.69 165.60 Td (included ) Tj ET Q q 0 0 0 rg BT 168.63 165.60 Td (in ) Tj ET Q q 0 0 0 rg BT 178.90 165.60 Td (Part ) Tj ET Q q 0 0 0 rg BT 197.51 165.60 Td (II, ) Tj ET Q q 0 0 0 rg BT 209.17 165.60 Td (Item ) Tj ET Q q 0 0 0 rg BT 230.00 165.60 Td (8 ) Tj ET Q q 0 0 0 rg BT 237.50 165.60 Td (of ) Tj ET Q q 0 0 0 rg BT 248.33 165.60 Td (this ) Tj ET Q q 0 0 0 rg BT 265.28 165.60 Td (Form ) Tj ET Q q 0 0 0 rg BT 289.45 165.60 Td (10-K.) 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 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 endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 21.60 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 (For ) Tj ET Q q 0 0 0 rg BT 66.44 693.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 104.46 693.75 Td (information ) Tj ET Q q 0 0 0 rg BT 154.72 693.75 Td (concerning ) Tj ET Q q 0 0 0 rg BT 202.19 693.75 Td (our ) Tj ET Q q 0 0 0 rg BT 218.57 693.75 Td (geographic ) Tj ET Q q 0 0 0 rg BT 266.04 693.75 Td (regions ) Tj ET Q q 0 0 0 rg BT 298.52 693.75 Td (for ) Tj ET Q q 0 0 0 rg BT 313.23 693.75 Td (each ) Tj ET Q q 0 0 0 rg BT 334.59 693.75 Td (of ) Tj ET Q q 0 0 0 rg BT 345.96 693.75 Td (the ) Tj ET Q q 0 0 0 rg BT 361.23 693.75 Td (years ) Tj ET Q q 0 0 0 rg BT 385.37 693.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.29 693.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 471.42 693.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.42 693.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.97 693.75 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.97 693.75 Td (, ) Tj ET Q q 0 0 0 rg BT 522.52 693.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 693.75 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 693.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 681.75 Td (, ) Tj ET Q q 0 0 0 rg BT 102.16 681.75 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.43 681.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 139.37 681.75 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.37 681.75 Td ( ) Tj ET Q q 0 0 0 rg BT 151.87 681.75 Td (to ) Tj ET Q q 0 0 0 rg BT 162.15 681.75 Td (our ) Tj ET Q q 0 0 0 rg BT 177.98 681.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 231.02 681.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 268.50 681.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 313.21 681.75 Td (included ) Tj ET Q q 0 0 0 rg BT 350.14 681.75 Td (in ) Tj ET Q q 0 0 0 rg BT 360.42 681.75 Td (Part ) Tj ET Q q 0 0 0 rg BT 379.03 681.75 Td (II, ) Tj ET Q q 0 0 0 rg BT 390.69 681.75 Td (Item ) Tj ET Q q 0 0 0 rg BT 411.52 681.75 Td (8 ) Tj ET Q q 0 0 0 rg BT 419.02 681.75 Td (of ) Tj ET Q q 0 0 0 rg BT 429.85 681.75 Td (this ) Tj ET Q q 0 0 0 rg BT 446.79 681.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 470.96 681.75 Td (10-K. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 657.75 Td (Competition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.85 633.75 Td (business ) Tj ET Q q 0 0 0 rg BT 104.55 633.75 Td (is ) Tj ET Q q 0 0 0 rg BT 114.02 633.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 145.15 633.75 Td (to ) Tj ET Q q 0 0 0 rg BT 155.73 633.75 Td (intense ) Tj ET Q q 0 0 0 rg BT 186.85 633.75 Td (competition ) Tj ET Q q 0 0 0 rg BT 237.42 633.75 Td (driven ) Tj ET Q q 0 0 0 rg BT 265.77 633.75 Td (by ) Tj ET Q q 0 0 0 rg BT 278.57 633.75 Td (lar) Tj ET Q q 0 0 0 rg BT 288.94 633.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 300.98 633.75 Td (W) Tj ET Q q 0 0 0 rg BT 309.61 633.75 Td (all ) Tj ET Q q 0 0 0 rg BT 322.41 633.75 Td (Street ) Tj ET Q q 0 0 0 rg BT 348.54 633.75 Td (and ) Tj ET Q q 0 0 0 rg BT 365.78 633.75 Td (international ) Tj ET Q q 0 0 0 rg BT 419.12 633.75 Td (firms ) Tj ET Q q 0 0 0 rg BT 443.03 633.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 483.59 633.75 Td (independently ) Tj ET Q q 0 0 0 rg BT 543.05 633.75 Td (or ) Tj ET Q q 0 0 0 rg BT 554.18 633.75 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.75 Td (part ) Tj ET Q q 0 0 0 rg BT 67.31 621.75 Td (of ) Tj ET Q q 0 0 0 rg BT 77.91 621.75 Td (a ) Tj ET Q q 0 0 0 rg BT 84.61 621.75 Td (lar) Tj ET Q q 0 0 0 rg BT 94.98 621.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 106.68 621.75 Td (commercial ) Tj ET Q q 0 0 0 rg BT 156.14 621.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 190.62 621.75 Td (institution. ) Tj ET Q q 0 0 0 rg BT 235.78 621.75 Td (W) Tj ET Q q 0 0 0 rg BT 244.42 621.75 Td (e ) Tj ET Q q 0 0 0 rg BT 251.13 621.75 Td (also ) Tj ET Q q 0 0 0 rg BT 269.50 621.75 Td (compete ) Tj ET Q q 0 0 0 rg BT 305.63 621.75 Td (with ) Tj ET Q q 0 0 0 rg BT 325.68 621.75 Td (regional ) Tj ET Q q 0 0 0 rg BT 360.71 621.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 389.07 621.75 Td (dealers, ) Tj ET Q q 0 0 0 rg BT 422.15 621.75 Td (boutique ) Tj ET Q q 0 0 0 rg BT 459.41 621.75 Td (and ) Tj ET Q q 0 0 0 rg BT 476.11 621.75 Td (niche-specialty ) Tj ET Q q 0 0 0 rg BT 538.90 621.75 Td (firms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.61 609.75 Td (management ) Tj ET Q q 0 0 0 rg BT 127.37 609.75 Td (firms ) Tj ET Q q 0 0 0 rg BT 152.15 609.75 Td (and ) Tj ET Q q 0 0 0 rg BT 170.26 609.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 216.13 609.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 248.13 609.75 Td (systems ) Tj ET Q q 0 0 0 rg BT 283.47 609.75 Td (that ) Tj ET Q q 0 0 0 rg BT 302.14 609.75 Td (ef) Tj ET Q q 0 0 0 rg BT 309.72 609.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 328.38 609.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 369.82 609.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 421.25 609.75 Td (through ) Tj ET Q q 0 0 0 rg BT 456.03 609.75 Td (various ) Tj ET Q q 0 0 0 rg BT 489.14 609.75 Td (electronic ) Tj ET Q q 0 0 0 rg BT 532.23 609.75 Td (venues. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.75 Td (Competition ) Tj ET Q q 0 0 0 rg BT 101.17 597.75 Td (is ) Tj ET Q q 0 0 0 rg BT 109.52 597.75 Td (based ) Tj ET Q q 0 0 0 rg BT 133.96 597.75 Td (on ) Tj ET Q q 0 0 0 rg BT 145.63 597.75 Td (a ) Tj ET Q q 0 0 0 rg BT 151.75 597.75 Td (variety ) Tj ET Q q 0 0 0 rg BT 181.18 597.75 Td (of ) Tj ET Q q 0 0 0 rg BT 191.19 597.75 Td (factors, ) Tj ET Q q 0 0 0 rg BT 222.57 597.75 Td (including ) Tj ET Q q 0 0 0 rg BT 262.02 597.75 Td (price, ) Tj ET Q q 0 0 0 rg BT 286.17 597.75 Td (quality ) Tj ET Q q 0 0 0 rg BT 315.62 597.75 Td (of ) Tj ET Q q 0 0 0 rg BT 325.63 597.75 Td (advice ) Tj ET Q q 0 0 0 rg BT 353.39 597.75 Td (and ) Tj ET Q q 0 0 0 rg BT 369.51 597.75 Td (service, ) Tj ET Q q 0 0 0 rg BT 402.00 597.75 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 446.71 597.75 Td (product ) Tj ET Q q 0 0 0 rg BT 478.93 597.75 Td (selection, ) Tj ET Q q 0 0 0 rg BT 518.65 597.75 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.75 Td (execution, ) Tj ET Q q 0 0 0 rg BT 93.47 585.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 131.05 585.75 Td (resources ) Tj ET Q q 0 0 0 rg BT 171.40 585.75 Td (and ) Tj ET Q q 0 0 0 rg BT 188.44 585.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 234.92 585.75 Td (performance. ) Tj ET Q q 0 0 0 rg BT 290.54 585.75 Td (Many ) Tj ET Q q 0 0 0 rg BT 316.47 585.75 Td (of ) Tj ET Q q 0 0 0 rg BT 327.40 585.75 Td (our ) Tj ET Q q 0 0 0 rg BT 343.32 585.75 Td (lar) Tj ET Q q 0 0 0 rg BT 353.69 585.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 365.73 585.75 Td (competitors ) Tj ET Q q 0 0 0 rg BT 415.54 585.75 Td (have ) Tj ET Q q 0 0 0 rg BT 437.01 585.75 Td (greater ) Tj ET Q q 0 0 0 rg BT 467.36 585.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 504.94 585.75 Td (resources ) Tj ET Q q 0 0 0 rg BT 545.30 585.75 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.75 Td (we ) Tj ET Q q 0 0 0 rg BT 63.66 573.75 Td (have ) Tj ET Q q 0 0 0 rg BT 85.04 573.75 Td (and ) Tj ET Q q 0 0 0 rg BT 101.98 573.75 Td (may ) Tj ET Q q 0 0 0 rg BT 121.69 573.75 Td (have ) Tj ET Q q 0 0 0 rg BT 143.07 573.75 Td (more ) Tj ET Q q 0 0 0 rg BT 166.12 573.75 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 208.05 573.75 Td (to ) Tj ET Q q 0 0 0 rg BT 218.33 573.75 Td (of) Tj ET Q q 0 0 0 rg BT 226.48 573.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 240.08 573.75 Td (a ) Tj ET Q q 0 0 0 rg BT 247.02 573.75 Td (broader ) Tj ET Q q 0 0 0 rg BT 280.06 573.75 Td (set ) Tj ET Q q 0 0 0 rg BT 293.67 573.75 Td (of ) Tj ET Q q 0 0 0 rg BT 304.50 573.75 Td (products ) Tj ET Q q 0 0 0 rg BT 341.43 573.75 Td (and ) Tj ET Q q 0 0 0 rg BT 358.37 573.75 Td (services ) Tj ET Q q 0 0 0 rg BT 393.08 573.75 Td (than ) Tj ET Q q 0 0 0 rg BT 412.80 573.75 Td (we ) Tj ET Q q 0 0 0 rg BT 426.96 573.75 Td (can.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.75 Td (In ) Tj ET Q q 0 0 0 rg BT 61.17 549.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 99.78 549.75 Td (there ) Tj ET Q q 0 0 0 rg BT 123.10 549.75 Td (is ) Tj ET Q q 0 0 0 rg BT 133.11 549.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 178.66 549.75 Td (competition ) Tj ET Q q 0 0 0 rg BT 229.76 549.75 Td (within ) Tj ET Q q 0 0 0 rg BT 258.66 549.75 Td (the ) Tj ET Q q 0 0 0 rg BT 274.21 549.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 315.31 549.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 351.43 549.75 Td (for ) Tj ET Q q 0 0 0 rg BT 366.43 549.75 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 407.54 549.75 Td (and ) Tj ET Q q 0 0 0 rg BT 425.31 549.75 Td (retaining ) Tj ET Q q 0 0 0 rg BT 464.19 549.75 Td (the ) Tj ET Q q 0 0 0 rg BT 479.75 549.75 Td (services ) Tj ET Q q 0 0 0 rg BT 515.29 549.75 Td (of ) Tj ET Q q 0 0 0 rg BT 526.96 549.75 Td (qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.75 Td (employees. ) Tj ET Q q 0 0 0 rg BT 97.24 537.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 115.26 537.75 Td (business ) Tj ET Q q 0 0 0 rg BT 151.63 537.75 Td (is ) Tj ET Q q 0 0 0 rg BT 160.78 537.75 Td (a ) Tj ET Q q 0 0 0 rg BT 167.69 537.75 Td (human ) Tj ET Q q 0 0 0 rg BT 197.38 537.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 226.50 537.75 Td (business ) Tj ET Q q 0 0 0 rg BT 262.87 537.75 Td (and ) Tj ET Q q 0 0 0 rg BT 279.78 537.75 Td (the ) Tj ET Q q 0 0 0 rg BT 294.48 537.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 347.47 537.75 Td (of ) Tj ET Q q 0 0 0 rg BT 358.28 537.75 Td (our ) Tj ET Q q 0 0 0 rg BT 374.08 537.75 Td (business ) Tj ET Q q 0 0 0 rg BT 410.45 537.75 Td (is ) Tj ET Q q 0 0 0 rg BT 419.59 537.75 Td (dependent ) Tj ET Q q 0 0 0 rg BT 463.16 537.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 485.64 537.75 Td (the ) Tj ET Q q 0 0 0 rg BT 500.33 537.75 Td (skills, ) Tj ET Q q 0 0 0 rg BT 526.42 537.75 Td (expertise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.75 Td (and ) Tj ET Q q 0 0 0 rg BT 65.42 525.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 117.42 525.75 Td (of ) Tj ET Q q 0 0 0 rg BT 127.23 525.75 Td (our ) Tj ET Q q 0 0 0 rg BT 142.04 525.75 Td (employees. ) Tj ET Q q 0 0 0 rg BT 188.68 525.75 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 232.08 525.75 Td (our ) Tj ET Q q 0 0 0 rg BT 246.89 525.75 Td (ability ) Tj ET Q q 0 0 0 rg BT 273.92 525.75 Td (to ) Tj ET Q q 0 0 0 rg BT 283.18 525.75 Td (compete ) Tj ET Q q 0 0 0 rg BT 318.53 525.75 Td (ef) Tj ET Q q 0 0 0 rg BT 326.12 525.75 Td (fectively ) Tj ET Q q 0 0 0 rg BT 362.58 525.75 Td (is ) Tj ET Q q 0 0 0 rg BT 370.73 525.75 Td (dependent ) Tj ET Q q 0 0 0 rg BT 413.31 525.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 434.79 525.75 Td (attracting ) Tj ET Q q 0 0 0 rg BT 474.03 525.75 Td (and ) Tj ET Q q 0 0 0 rg BT 489.95 525.75 Td (retaining ) Tj ET Q q 0 0 0 rg BT 526.97 525.75 Td (qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.75 Td (individuals ) Tj ET Q q 0 0 0 rg BT 95.79 513.75 Td (who ) Tj ET Q q 0 0 0 rg BT 114.86 513.75 Td (are ) Tj ET Q q 0 0 0 rg BT 128.92 513.75 Td (motivated ) Tj ET Q q 0 0 0 rg BT 170.76 513.75 Td (to ) Tj ET Q q 0 0 0 rg BT 180.39 513.75 Td (serve ) Tj ET Q q 0 0 0 rg BT 203.34 513.75 Td (the ) Tj ET Q q 0 0 0 rg BT 217.40 513.75 Td (best ) Tj ET Q q 0 0 0 rg BT 235.36 513.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 270.54 513.75 Td (of ) Tj ET Q q 0 0 0 rg BT 280.72 513.75 Td (our ) Tj ET Q q 0 0 0 rg BT 295.90 513.75 Td (clients, ) Tj ET Q q 0 0 0 rg BT 326.35 513.75 Td (thereby ) Tj ET Q q 0 0 0 rg BT 358.18 513.75 Td (serving ) Tj ET Q q 0 0 0 rg BT 389.47 513.75 Td (the ) Tj ET Q q 0 0 0 rg BT 403.54 513.75 Td (best ) Tj ET Q q 0 0 0 rg BT 421.50 513.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 456.67 513.75 Td (of ) Tj ET Q q 0 0 0 rg BT 466.85 513.75 Td (our ) Tj ET Q q 0 0 0 rg BT 482.03 513.75 Td (company) Tj ET Q q 0 0 0 rg BT 518.04 513.75 Td (. ) Tj ET Q q 0 0 0 rg BT 521.98 513.75 Td (Attracting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.92 501.75 Td (retaining ) Tj ET Q q 0 0 0 rg BT 105.45 501.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 151.19 501.75 Td (depends, ) Tj ET Q q 0 0 0 rg BT 189.44 501.75 Td (among ) Tj ET Q q 0 0 0 rg BT 219.64 501.75 Td (other ) Tj ET Q q 0 0 0 rg BT 243.17 501.75 Td (things, ) Tj ET Q q 0 0 0 rg BT 273.10 501.75 Td (on ) Tj ET Q q 0 0 0 rg BT 286.08 501.75 Td (our ) Tj ET Q q 0 0 0 rg BT 302.40 501.75 Td (company) Tj ET Q q 0 0 0 rg BT 341.83 501.75 Td (s ) Tj ET Q q 0 0 0 rg BT 348.70 501.75 Td (culture, ) Tj ET Q q 0 0 0 rg BT 381.95 501.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 438.52 501.75 Td (work ) Tj ET Q q 0 0 0 rg BT 462.06 501.75 Td (environment, ) Tj ET Q q 0 0 0 rg BT 518.08 501.75 Td (geographic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (locations ) Tj ET Q q 0 0 0 rg BT 88.10 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 105.04 489.75 Td (compensation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 465.75 Td (Employees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.75 Td (As ) Tj ET Q q 0 0 0 rg BT 62.74 441.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.20 441.75 Td (February18, ) Tj ET Q q 0 0 0 rg BT 126.43 441.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.43 441.75 Td (, ) Tj ET Q q 0 0 0 rg BT 151.06 441.75 Td (we ) Tj ET Q q 0 0 0 rg BT 164.85 441.75 Td (had ) Tj ET Q q 0 0 0 rg BT 181.41 441.75 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.30 441.75 Td (1,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.80 441.75 Td ( ) Tj ET Q q 0 0 0 rg BT 265.93 441.75 Td (employees, ) Tj ET Q q 0 0 0 rg BT 313.32 441.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.78 441.75 Td (whom ) Tj ET Q q 0 0 0 rg BT 350.91 441.75 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.80 441.75 Td (655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.80 441.75 Td ( ) Tj ET Q q 0 0 0 rg BT 427.93 441.75 Td (were ) Tj ET Q q 0 0 0 rg BT 449.49 441.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 491.04 441.75 Td (with ) Tj ET Q q 0 0 0 rg BT 510.95 441.75 Td (the ) Tj ET Q q 0 0 0 rg BT 525.29 441.75 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (Industry ) Tj ET Q q 0 0 0 rg BT 85.33 429.75 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 131.71 429.75 Td (Authority ) Tj ET Q q 0 0 0 rg BT 173.10 429.75 Td (\(FINRA\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 405.75 Td (Regulation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.68 381.75 Td (a ) Tj ET Q q 0 0 0 rg BT 71.18 381.75 Td (participant ) Tj ET Q q 0 0 0 rg BT 117.01 381.75 Td (in ) Tj ET Q q 0 0 0 rg BT 127.85 381.75 Td (the ) Tj ET Q q 0 0 0 rg BT 143.14 381.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 181.18 381.75 Td (services ) Tj ET Q q 0 0 0 rg BT 216.46 381.75 Td (industry) Tj ET Q q 0 0 0 rg BT 248.59 381.75 Td (, ) Tj ET Q q 0 0 0 rg BT 254.15 381.75 Td (our ) Tj ET Q q 0 0 0 rg BT 270.55 381.75 Td (business ) Tj ET Q q 0 0 0 rg BT 307.51 381.75 Td (is ) Tj ET Q q 0 0 0 rg BT 317.24 381.75 Td (regulated ) Tj ET Q q 0 0 0 rg BT 357.51 381.75 Td (by ) Tj ET Q q 0 0 0 rg BT 370.58 381.75 Td (U.S.federal ) Tj ET Q q 0 0 0 rg BT 421.68 381.75 Td (and ) Tj ET Q q 0 0 0 rg BT 439.19 381.75 Td (state ) Tj ET Q q 0 0 0 rg BT 460.58 381.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 504.74 381.75 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 544.73 381.75 Td (self-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 93.33 369.75 Td (or) Tj ET Q q 0 0 0 rg BT 101.48 369.75 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 149.76 369.75 Td (\(SROs\) ) Tj ET Q q 0 0 0 rg BT 191.38 369.75 Td (and ) Tj ET Q q 0 0 0 rg BT 208.56 369.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 249.06 369.75 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 295.94 369.75 Td (and ) Tj ET Q q 0 0 0 rg BT 313.12 369.75 Td (by ) Tj ET Q q 0 0 0 rg BT 325.86 369.75 Td (foreign ) Tj ET Q q 0 0 0 rg BT 357.47 369.75 Td (governmental ) Tj ET Q q 0 0 0 rg BT 415.19 369.75 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 454.86 369.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 492.57 369.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 536.41 369.75 Td (bodies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.75 Td (and ) Tj ET Q q 0 0 0 rg BT 65.70 357.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 105.23 357.75 Td (exchanges. ) Tj ET Q q 0 0 0 rg BT 151.02 357.75 Td (W) Tj ET Q q 0 0 0 rg BT 159.65 357.75 Td (e ) Tj ET Q q 0 0 0 rg BT 165.86 357.75 Td (are ) Tj ET Q q 0 0 0 rg BT 179.83 357.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 209.92 357.75 Td (to ) Tj ET Q q 0 0 0 rg BT 219.46 357.75 Td (complex ) Tj ET Q q 0 0 0 rg BT 255.66 357.75 Td (and ) Tj ET Q q 0 0 0 rg BT 271.87 357.75 Td (extensive ) Tj ET Q q 0 0 0 rg BT 311.39 357.75 Td (regulation ) Tj ET Q q 0 0 0 rg BT 353.70 357.75 Td (of ) Tj ET Q q 0 0 0 rg BT 363.80 357.75 Td (most ) Tj ET Q q 0 0 0 rg BT 385.01 357.75 Td (aspects ) Tj ET Q q 0 0 0 rg BT 415.65 357.75 Td (of ) Tj ET Q q 0 0 0 rg BT 425.75 357.75 Td (our ) Tj ET Q q 0 0 0 rg BT 440.84 357.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 479.00 357.75 Td (including ) Tj ET Q q 0 0 0 rg BT 518.54 357.75 Td (the ) Tj ET Q q 0 0 0 rg BT 532.52 357.75 Td (manner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.75 Td (in ) Tj ET Q q 0 0 0 rg BT 59.76 345.75 Td (which ) Tj ET Q q 0 0 0 rg BT 86.69 345.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 126.93 345.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 177.18 345.75 Td (are ) Tj ET Q q 0 0 0 rg BT 191.87 345.75 Td (ef) Tj ET Q q 0 0 0 rg BT 199.46 345.75 Td (fected, ) Tj ET Q q 0 0 0 rg BT 228.87 345.75 Td (net ) Tj ET Q q 0 0 0 rg BT 243.57 345.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 272.71 345.75 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 329.89 345.75 Td (recordkeeping ) Tj ET Q q 0 0 0 rg BT 389.57 345.75 Td (and ) Tj ET Q q 0 0 0 rg BT 406.49 345.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 445.63 345.75 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 494.48 345.75 Td (relationships ) Tj ET Q q 0 0 0 rg BT 548.07 345.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.75 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 87.08 333.75 Td (with ) Tj ET Q q 0 0 0 rg BT 108.00 333.75 Td (customers, ) Tj ET Q q 0 0 0 rg BT 154.19 333.75 Td (the ) Tj ET Q q 0 0 0 rg BT 169.55 333.75 Td (handling ) Tj ET Q q 0 0 0 rg BT 207.69 333.75 Td (of ) Tj ET Q q 0 0 0 rg BT 219.17 333.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 240.08 333.75 Td (and ) Tj ET Q q 0 0 0 rg BT 257.66 333.75 Td (mar) Tj ET Q q 0 0 0 rg BT 273.03 333.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 288.95 333.75 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 329.58 333.75 Td (conduct, ) Tj ET Q q 0 0 0 rg BT 366.88 333.75 Td (experience ) Tj ET Q q 0 0 0 rg BT 413.33 333.75 Td (and ) Tj ET Q q 0 0 0 rg BT 430.91 333.75 Td (training ) Tj ET Q q 0 0 0 rg BT 465.16 333.75 Td (requirements ) Tj ET Q q 0 0 0 rg BT 520.51 333.75 Td (for ) Tj ET Q q 0 0 0 rg BT 535.31 333.75 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.75 Td (employees, ) Tj ET Q q 0 0 0 rg BT 97.48 321.75 Td (and ) Tj ET Q q 0 0 0 rg BT 114.63 321.75 Td (the ) Tj ET Q q 0 0 0 rg BT 129.56 321.75 Td (manner ) Tj ET Q q 0 0 0 rg BT 162.25 321.75 Td (in ) Tj ET Q q 0 0 0 rg BT 172.74 321.75 Td (which ) Tj ET Q q 0 0 0 rg BT 199.90 321.75 Td (we ) Tj ET Q q 0 0 0 rg BT 214.27 321.75 Td (prevent ) Tj ET Q q 0 0 0 rg BT 246.97 321.75 Td (and ) Tj ET Q q 0 0 0 rg BT 264.12 321.75 Td (detect ) Tj ET Q q 0 0 0 rg BT 290.70 321.75 Td (money-laundering ) Tj ET Q q 0 0 0 rg BT 366.72 321.75 Td (and ) Tj ET Q q 0 0 0 rg BT 383.88 321.75 Td (bribery ) Tj ET Q q 0 0 0 rg BT 415.46 321.75 Td (activities. ) Tj ET Q q 0 0 0 rg BT 456.58 321.75 Td (The ) Tj ET Q q 0 0 0 rg BT 474.84 321.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 518.65 321.75 Td (framework ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.38 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.15 309.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 112.68 309.75 Td (services ) Tj ET Q q 0 0 0 rg BT 147.44 309.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 182.76 309.75 Td (is ) Tj ET Q q 0 0 0 rg BT 191.98 309.75 Td (designed ) Tj ET Q q 0 0 0 rg BT 230.08 309.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 269.84 309.75 Td (to ) Tj ET Q q 0 0 0 rg BT 280.17 309.75 Td (safeguard ) Tj ET Q q 0 0 0 rg BT 321.59 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 336.36 309.75 Td (integrity ) Tj ET Q q 0 0 0 rg BT 372.79 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 383.67 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 398.44 309.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 427.64 309.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 461.84 309.75 Td (and ) Tj ET Q q 0 0 0 rg BT 478.83 309.75 Td (to ) Tj ET Q q 0 0 0 rg BT 489.16 309.75 Td (protect ) Tj ET Q q 0 0 0 rg BT 519.47 309.75 Td (customers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.75 Td (not ) Tj ET Q q 0 0 0 rg BT 64.78 297.75 Td (creditors ) Tj ET Q q 0 0 0 rg BT 102.26 297.75 Td (or ) Tj ET Q q 0 0 0 rg BT 113.09 297.75 Td (shareholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.95 273.75 Td (laws, ) Tj ET Q q 0 0 0 rg BT 91.69 273.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 114.03 273.75 Td (and ) Tj ET Q q 0 0 0 rg BT 131.38 273.75 Td (regulations ) Tj ET Q q 0 0 0 rg BT 178.71 273.75 Td (comprising ) Tj ET Q q 0 0 0 rg BT 226.61 273.75 Td (this ) Tj ET Q q 0 0 0 rg BT 243.97 273.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 287.97 273.75 Td (framework ) Tj ET Q q 0 0 0 rg BT 334.74 273.75 Td (can ) Tj ET Q q 0 0 0 rg BT 351.52 273.75 Td (\(and ) Tj ET Q q 0 0 0 rg BT 372.20 273.75 Td (do\) ) Tj ET Q q 0 0 0 rg BT 388.43 273.75 Td (change ) Tj ET Q q 0 0 0 rg BT 419.65 273.75 Td (frequently) Tj ET Q q 0 0 0 rg BT 460.10 273.75 Td (, ) Tj ET Q q 0 0 0 rg BT 465.50 273.75 Td (as ) Tj ET Q q 0 0 0 rg BT 476.74 273.75 Td (can ) Tj ET Q q 0 0 0 rg BT 493.52 273.75 Td (the ) Tj ET Q q 0 0 0 rg BT 508.64 273.75 Td (interpretation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.79 261.75 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 119.62 261.75 Td (of ) Tj ET Q q 0 0 0 rg BT 130.80 261.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 165.32 261.75 Td (laws, ) Tj ET Q q 0 0 0 rg BT 189.00 261.75 Td (rules ) Tj ET Q q 0 0 0 rg BT 211.29 261.75 Td (and ) Tj ET Q q 0 0 0 rg BT 228.58 261.75 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 278.37 261.75 Td (Conditions ) Tj ET Q q 0 0 0 rg BT 325.12 261.75 Td (in ) Tj ET Q q 0 0 0 rg BT 335.75 261.75 Td (the ) Tj ET Q q 0 0 0 rg BT 350.82 261.75 Td (global ) Tj ET Q q 0 0 0 rg BT 378.67 261.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 416.50 261.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 451.01 261.75 Td (and ) Tj ET Q q 0 0 0 rg BT 468.30 261.75 Td (economy) Tj ET Q q 0 0 0 rg BT 504.31 261.75 Td (, ) Tj ET Q q 0 0 0 rg BT 509.66 261.75 Td (including ) Tj ET Q q 0 0 0 rg BT 550.29 261.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.75 Td (2008 ) Tj ET Q q 0 0 0 rg BT 71.60 249.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 108.68 249.75 Td (crisis, ) Tj ET Q q 0 0 0 rg BT 134.40 249.75 Td (caused ) Tj ET Q q 0 0 0 rg BT 163.70 249.75 Td (legislators ) Tj ET Q q 0 0 0 rg BT 206.91 249.75 Td (and ) Tj ET Q q 0 0 0 rg BT 223.45 249.75 Td (regulators ) Tj ET Q q 0 0 0 rg BT 265.54 249.75 Td (to ) Tj ET Q q 0 0 0 rg BT 275.42 249.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 310.27 249.75 Td (the ) Tj ET Q q 0 0 0 rg BT 324.59 249.75 Td (examination, ) Tj ET Q q 0 0 0 rg BT 378.62 249.75 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 430.70 249.75 Td (and ) Tj ET Q q 0 0 0 rg BT 447.24 249.75 Td (rule-making ) Tj ET Q q 0 0 0 rg BT 498.21 249.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 530.30 249.75 Td (directed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.75 Td (toward ) Tj ET Q q 0 0 0 rg BT 79.55 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 94.06 237.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 131.32 237.75 Td (services ) Tj ET Q q 0 0 0 rg BT 165.81 237.75 Td (industry) Tj ET Q q 0 0 0 rg BT 197.94 237.75 Td (, ) Tj ET Q q 0 0 0 rg BT 202.73 237.75 Td (which ) Tj ET Q q 0 0 0 rg BT 229.45 237.75 Td (we ) Tj ET Q q 0 0 0 rg BT 243.40 237.75 Td (expect ) Tj ET Q q 0 0 0 rg BT 271.78 237.75 Td (to ) Tj ET Q q 0 0 0 rg BT 281.84 237.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 318.56 237.75 Td (in ) Tj ET Q q 0 0 0 rg BT 328.62 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 343.12 237.75 Td (coming ) Tj ET Q q 0 0 0 rg BT 375.40 237.75 Td (years. ) Tj ET Q q 0 0 0 rg BT 401.29 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 403.57 237.75 Td (In ) Tj ET Q q 0 0 0 rg BT 414.19 237.75 Td (2010, ) Tj ET Q q 0 0 0 rg BT 438.97 237.75 Td ( ) Tj ET Q q 0 0 0 rg BT 441.26 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 455.76 237.75 Td (federal ) Tj ET Q q 0 0 0 rg BT 485.80 237.75 Td (government ) Tj ET Q q 0 0 0 rg BT 535.85 237.75 Td (passed ) 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 64.98 225.75 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 116.88 225.75 Td (W) Tj ET Q q 0 0 0 rg BT 125.52 225.75 Td (all ) Tj ET Q q 0 0 0 rg BT 138.78 225.75 Td (Street ) Tj ET Q q 0 0 0 rg BT 165.36 225.75 Td (Reform ) Tj ET Q q 0 0 0 rg BT 199.17 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 216.87 225.75 Td (Consumer ) Tj ET Q q 0 0 0 rg BT 261.24 225.75 Td (Protection ) Tj ET Q q 0 0 0 rg BT 304.88 225.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 322.58 225.75 Td (\(Dodd-Frank\). ) Tj ET Q q 0 0 0 rg BT 392.76 225.75 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 444.91 225.75 Td (significantly ) Tj ET Q q 0 0 0 rg BT 498.16 225.75 Td (restructures ) Tj ET Q q 0 0 0 rg BT 548.06 225.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.75 Td (intensifies ) Tj ET Q q 0 0 0 rg BT 93.22 213.75 Td (regulation ) Tj ET Q q 0 0 0 rg BT 136.38 213.75 Td (in ) Tj ET Q q 0 0 0 rg BT 146.77 213.75 Td (the ) Tj ET Q q 0 0 0 rg BT 161.60 213.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 199.19 213.75 Td (services ) Tj ET Q q 0 0 0 rg BT 234.02 213.75 Td (industry) Tj ET Q q 0 0 0 rg BT 266.15 213.75 Td (, ) Tj ET Q q 0 0 0 rg BT 271.26 213.75 Td (with ) Tj ET Q q 0 0 0 rg BT 291.65 213.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 335.94 213.75 Td (that ) Tj ET Q q 0 0 0 rg BT 353.55 213.75 Td (include, ) Tj ET Q q 0 0 0 rg BT 388.10 213.75 Td (among ) Tj ET Q q 0 0 0 rg BT 417.93 213.75 Td (other ) Tj ET Q q 0 0 0 rg BT 441.09 213.75 Td (things, ) Tj ET Q q 0 0 0 rg BT 470.65 213.75 Td (increased ) Tj ET Q q 0 0 0 rg BT 511.02 213.75 Td (regulation ) Tj ET Q q 0 0 0 rg BT 554.18 213.75 Td (of ) 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 65.32 201.75 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 111.13 201.75 Td (on ) Tj ET Q q 0 0 0 rg BT 122.51 201.75 Td (OTC ) Tj ET Q q 0 0 0 rg BT 143.89 201.75 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 189.14 201.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 222.17 201.75 Td (and ) Tj ET Q q 0 0 0 rg BT 237.99 201.75 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 289.63 201.75 Td (broadening ) Tj ET Q q 0 0 0 rg BT 335.99 201.75 Td (of ) Tj ET Q q 0 0 0 rg BT 345.70 201.75 Td (the ) Tj ET Q q 0 0 0 rg BT 359.30 201.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 397.33 201.75 Td (and ) Tj ET Q q 0 0 0 rg BT 413.15 201.75 Td (regulation ) Tj ET Q q 0 0 0 rg BT 455.07 201.75 Td (of ) Tj ET Q q 0 0 0 rg BT 464.78 201.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 504.46 201.75 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 565.01 201.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.21 189.75 Td (regulation ) Tj ET Q q 0 0 0 rg BT 109.03 189.75 Td (of ) Tj ET Q q 0 0 0 rg BT 119.63 189.75 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 158.00 189.75 Td (duties ) Tj ET Q q 0 0 0 rg BT 184.16 189.75 Td (owed ) Tj ET Q q 0 0 0 rg BT 208.09 189.75 Td (by ) Tj ET Q q 0 0 0 rg BT 220.36 189.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 262.63 189.75 Td (advisors ) Tj ET Q q 0 0 0 rg BT 298.23 189.75 Td (or ) Tj ET Q q 0 0 0 rg BT 308.83 189.75 Td (conduit ) Tj ET Q q 0 0 0 rg BT 341.10 189.75 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 383.91 189.75 Td (of ) Tj ET Q q 0 0 0 rg BT 394.52 189.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 436.78 189.75 Td (securities. ) Tj ET Q q 0 0 0 rg BT 479.32 189.75 Td (In ) Tj ET Q q 0 0 0 rg BT 489.92 189.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 527.47 189.75 Td (a ) Tj ET Q q 0 0 0 rg BT 534.18 189.75 Td (section ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.29 177.75 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 111.64 177.75 Td (referred ) Tj ET Q q 0 0 0 rg BT 145.74 177.75 Td (to ) Tj ET Q q 0 0 0 rg BT 155.99 177.75 Td (as ) Tj ET Q q 0 0 0 rg BT 166.78 177.75 Td (the ) Tj ET Q q 0 0 0 rg BT 181.46 177.75 Td ("V) Tj ET Q q 0 0 0 rg BT 191.48 177.75 Td (olcker ) Tj ET Q q 0 0 0 rg BT 218.93 177.75 Td (Rule" ) Tj ET Q q 0 0 0 rg BT 244.36 177.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 281.26 177.75 Td (for ) Tj ET Q q 0 0 0 rg BT 295.39 177.75 Td (a ) Tj ET Q q 0 0 0 rg BT 302.29 177.75 Td (limitation ) Tj ET Q q 0 0 0 rg BT 343.64 177.75 Td (on ) Tj ET Q q 0 0 0 rg BT 356.11 177.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 403.00 177.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 433.79 177.75 Td (and ) Tj ET Q q 0 0 0 rg BT 450.69 177.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 500.93 177.75 Td (by ) Tj ET Q q 0 0 0 rg BT 513.39 177.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 543.06 177.75 Td (bank ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.75 Td (holding ) Tj ET Q q 0 0 0 rg BT 83.30 165.75 Td (companies. ) Tj ET Q q 0 0 0 rg BT 131.56 165.75 Td (W) Tj ET Q q 0 0 0 rg BT 140.20 165.75 Td (e ) Tj ET Q q 0 0 0 rg BT 147.88 165.75 Td (are ) Tj ET Q q 0 0 0 rg BT 163.32 165.75 Td (not ) Tj ET Q q 0 0 0 rg BT 179.34 165.75 Td (a ) Tj ET Q q 0 0 0 rg BT 187.02 165.75 Td (bank ) Tj ET Q q 0 0 0 rg BT 209.70 165.75 Td (holding ) Tj ET Q q 0 0 0 rg BT 243.49 165.75 Td (company ) Tj ET Q q 0 0 0 rg BT 283.39 165.75 Td (and, ) Tj ET Q q 0 0 0 rg BT 303.56 165.75 Td (as ) Tj ET Q q 0 0 0 rg BT 315.13 165.75 Td (a ) Tj ET Q q 0 0 0 rg BT 322.81 165.75 Td (result, ) Tj ET Q q 0 0 0 rg BT 350.76 165.75 Td (the ) Tj ET Q q 0 0 0 rg BT 365.99 165.75 Td (V) Tj ET Q q 0 0 0 rg BT 371.92 165.75 Td (olcker ) Tj ET Q q 0 0 0 rg BT 400.14 165.75 Td (Rule ) Tj ET Q q 0 0 0 rg BT 422.27 165.75 Td (does ) Tj ET Q q 0 0 0 rg BT 443.84 165.75 Td (not ) Tj ET Q q 0 0 0 rg BT 459.85 165.75 Td (apply ) Tj ET Q q 0 0 0 rg BT 485.31 165.75 Td (to ) Tj ET Q q 0 0 0 rg BT 496.33 165.75 Td (us. ) Tj ET Q q 0 0 0 rg BT 510.96 165.75 Td (Even ) Tj ET Q q 0 0 0 rg BT 534.74 165.75 Td (though ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 153.75 Td (portions ) Tj ET Q q 0 0 0 rg BT 83.62 153.75 Td (of ) Tj ET Q q 0 0 0 rg BT 93.28 153.75 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 143.50 153.75 Td (do ) Tj ET Q q 0 0 0 rg BT 154.84 153.75 Td (not ) Tj ET Q q 0 0 0 rg BT 168.95 153.75 Td (apply ) Tj ET Q q 0 0 0 rg BT 192.51 153.75 Td (to ) Tj ET Q q 0 0 0 rg BT 201.62 153.75 Td (us ) Tj ET Q q 0 0 0 rg BT 211.85 153.75 Td (\(e.g. ) Tj ET Q q 0 0 0 rg BT 230.96 153.75 Td (the ) Tj ET Q q 0 0 0 rg BT 244.41 153.75 Td (V) Tj ET Q q 0 0 0 rg BT 250.35 153.75 Td (olcker ) Tj ET Q q 0 0 0 rg BT 276.67 153.75 Td (Rule\), ) Tj ET Q q 0 0 0 rg BT 302.72 153.75 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 352.94 153.75 Td (as ) Tj ET Q q 0 0 0 rg BT 362.61 153.75 Td (a ) Tj ET Q q 0 0 0 rg BT 368.38 153.75 Td (whole ) Tj ET Q q 0 0 0 rg BT 394.16 153.75 Td (and ) Tj ET Q q 0 0 0 rg BT 409.93 153.75 Td (the ) Tj ET Q q 0 0 0 rg BT 423.49 153.75 Td (intensified ) Tj ET Q q 0 0 0 rg BT 467.04 153.75 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 509.47 153.75 Td (environment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.75 Td (will ) Tj ET Q q 0 0 0 rg BT 67.05 141.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 91.81 141.75 Td (alter ) Tj ET Q q 0 0 0 rg BT 111.56 141.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 140.75 141.75 Td (business ) Tj ET Q q 0 0 0 rg BT 176.63 141.75 Td (practices ) Tj ET Q q 0 0 0 rg BT 214.15 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 230.58 141.75 Td (change ) Tj ET Q q 0 0 0 rg BT 260.88 141.75 Td (the ) Tj ET Q q 0 0 0 rg BT 275.09 141.75 Td (competitive ) Tj ET Q q 0 0 0 rg BT 324.29 141.75 Td (landscape ) Tj ET Q q 0 0 0 rg BT 365.70 141.75 Td (of ) Tj ET Q q 0 0 0 rg BT 376.02 141.75 Td (the ) Tj ET Q q 0 0 0 rg BT 390.22 141.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 427.19 141.75 Td (services ) Tj ET Q q 0 0 0 rg BT 461.39 141.75 Td (industry) Tj ET Q q 0 0 0 rg BT 493.52 141.75 Td (, ) Tj ET Q q 0 0 0 rg BT 498.00 141.75 Td (which ) Tj ET Q q 0 0 0 rg BT 524.43 141.75 Td (may ) Tj ET Q q 0 0 0 rg BT 543.64 141.75 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.75 Td (an ) Tj ET Q q 0 0 0 rg BT 61.44 129.75 Td (adverse ) Tj ET Q q 0 0 0 rg BT 94.48 129.75 Td (ef) Tj ET Q q 0 0 0 rg BT 102.06 129.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 119.55 129.75 Td (on ) Tj ET Q q 0 0 0 rg BT 132.05 129.75 Td (our ) Tj ET Q q 0 0 0 rg BT 147.88 129.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 186.77 129.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 224.25 129.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 264.52 129.75 Td (and ) Tj ET Q q 0 0 0 rg BT 281.46 129.75 Td (results ) Tj ET Q q 0 0 0 rg BT 310.07 129.75 Td (of ) Tj ET Q q 0 0 0 rg BT 320.90 129.75 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.65 105.75 Td (U.S.broker ) Tj ET Q q 0 0 0 rg BT 116.63 105.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 143.65 105.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 187.36 105.75 Td (\(Piper ) Tj ET Q q 0 0 0 rg BT 214.39 105.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 225.87 105.75 Td (fray& ) Tj ET Q q 0 0 0 rg BT 254.85 105.75 Td (Co.\) ) Tj ET Q q 0 0 0 rg BT 274.94 105.75 Td (is ) Tj ET Q q 0 0 0 rg BT 284.21 105.75 Td (registered ) Tj ET Q q 0 0 0 rg BT 326.23 105.75 Td (as ) Tj ET Q q 0 0 0 rg BT 337.16 105.75 Td (a ) Tj ET Q q 0 0 0 rg BT 344.20 105.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 384.56 105.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 413.25 105.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 440.28 105.75 Td (with ) Tj ET Q q 0 0 0 rg BT 460.65 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 475.47 105.75 Td (SEC ) Tj ET Q q 0 0 0 rg BT 496.40 105.75 Td (and ) Tj ET Q q 0 0 0 rg BT 513.44 105.75 Td (is ) Tj ET Q q 0 0 0 rg BT 522.71 105.75 Td (a ) Tj ET Q q 0 0 0 rg BT 529.74 105.75 Td (member ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 93.75 Td (of ) Tj ET Q q 0 0 0 rg BT 59.17 93.75 Td (various ) Tj ET Q q 0 0 0 rg BT 89.94 93.75 Td (SROs ) Tj ET Q q 0 0 0 rg BT 114.62 93.75 Td (and ) Tj ET Q q 0 0 0 rg BT 130.39 93.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 169.49 93.75 Td (exchanges. ) Tj ET Q q 0 0 0 rg BT 214.97 93.75 Td (In ) Tj ET Q q 0 0 0 rg BT 224.64 93.75 Td (July ) Tj ET Q q 0 0 0 rg BT 242.64 93.75 Td (of ) Tj ET Q q 0 0 0 rg BT 252.31 93.75 Td (2007, ) Tj ET Q q 0 0 0 rg BT 276.15 93.75 Td (the ) Tj ET Q q 0 0 0 rg BT 289.70 93.75 Td (National ) Tj ET Q q 0 0 0 rg BT 325.17 93.75 Td (Association ) Tj ET Q q 0 0 0 rg BT 373.72 93.75 Td (of ) Tj ET Q q 0 0 0 rg BT 383.39 93.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 424.16 93.75 Td (Dealers ) Tj ET Q q 0 0 0 rg BT 456.03 93.75 Td (and ) Tj ET Q q 0 0 0 rg BT 471.81 93.75 Td (the ) Tj ET Q q 0 0 0 rg BT 485.36 93.75 Td (member ) Tj ET Q q 0 0 0 rg BT 519.46 93.75 Td (regulation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 81.75 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 101.20 81.75 Td (and ) Tj ET Q q 0 0 0 rg BT 117.38 81.75 Td (arbitration ) Tj ET Q q 0 0 0 rg BT 160.76 81.75 Td (functions ) Tj ET Q q 0 0 0 rg BT 199.71 81.75 Td (of ) Tj ET Q q 0 0 0 rg BT 209.77 81.75 Td (the ) Tj ET Q q 0 0 0 rg BT 223.72 81.75 Td (New ) Tj ET Q q 0 0 0 rg BT 244.08 81.75 Td (Y) Tj ET Q q 0 0 0 rg BT 250.30 81.75 Td (ork ) Tj ET Q q 0 0 0 rg BT 265.37 81.75 Td (Stock ) Tj ET Q q 0 0 0 rg BT 289.88 81.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 331.03 81.75 Td (\(NYSE\) ) Tj ET Q q 0 0 0 rg BT 374.42 81.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 426.69 81.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.21 81.75 Td (formFINRA, ) Tj ET Q q 0 0 0 rg BT 492.38 81.75 Td (which ) Tj ET Q q 0 0 0 rg BT 518.55 81.75 Td (now ) Tj ET Q q 0 0 0 rg BT 537.51 81.75 Td (serves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 69.75 Td (as ) Tj ET Q q 0 0 0 rg BT 60.11 69.75 Td (the ) Tj ET Q q 0 0 0 rg BT 74.61 69.75 Td (primary ) Tj ET Q q 0 0 0 rg BT 108.55 69.75 Td (SRO ) Tj ET Q q 0 0 0 rg BT 130.29 69.75 Td (of ) Tj ET Q q 0 0 0 rg BT 140.90 69.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 164.29 69.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 175.77 69.75 Td (fray& ) Tj ET Q q 0 0 0 rg BT 204.43 69.75 Td (Co., ) Tj ET Q q 0 0 0 rg BT 223.38 69.75 Td (although ) Tj ET Q q 0 0 0 rg BT 260.66 69.75 Td (the ) Tj ET Q q 0 0 0 rg BT 275.16 69.75 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 303.56 69.75 Td (continues ) Tj ET Q q 0 0 0 rg BT 344.16 69.75 Td (to ) Tj ET Q q 0 0 0 rg BT 354.22 69.75 Td (have ) Tj ET Q q 0 0 0 rg BT 375.38 69.75 Td (oversight ) Tj ET Q q 0 0 0 rg BT 414.88 69.75 Td (over ) Tj ET Q q 0 0 0 rg BT 434.93 69.75 Td (NYSE-related ) Tj ET Q q 0 0 0 rg BT 493.86 69.75 Td (market ) Tj ET Q q 0 0 0 rg BT 523.91 69.75 Td (activities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 57.75 Td (FINRA) Tj ET Q q 0 0 0 rg BT 78.95 57.75 Td ( ) Tj ET Q q 0 0 0 rg BT 80.82 57.75 Td (regulates ) Tj ET Q q 0 0 0 rg BT 118.77 57.75 Td (many ) Tj ET Q q 0 0 0 rg BT 142.85 57.75 Td (aspects ) Tj ET Q q 0 0 0 rg BT 173.59 57.75 Td (of ) Tj ET Q q 0 0 0 rg BT 183.78 57.75 Td (our ) Tj ET Q q 0 0 0 rg BT 198.98 57.75 Td (U.S.broker ) Tj ET Q q 0 0 0 rg BT 247.22 57.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 273.51 57.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 311.76 57.75 Td (including ) Tj ET Q q 0 0 0 rg BT 351.40 57.75 Td (registration, ) Tj ET Q q 0 0 0 rg BT 401.30 57.75 Td (education ) Tj ET Q q 0 0 0 rg BT 442.04 57.75 Td (and ) Tj ET Q q 0 0 0 rg BT 458.34 57.75 Td (conduct ) Tj ET Q q 0 0 0 rg BT 491.86 57.75 Td (of ) Tj ET Q q 0 0 0 rg BT 502.05 57.75 Td (our ) Tj ET Q q 0 0 0 rg BT 517.24 57.75 Td (employees, ) 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 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 endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 21.60 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 717.60 Td (examinations, ) Tj ET Q q 0 0 0 rg BT 108.35 717.60 Td (rulemaking, ) Tj ET Q q 0 0 0 rg BT 159.42 717.60 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 212.42 717.60 Td (of ) Tj ET Q q 0 0 0 rg BT 223.78 717.60 Td (these ) Tj ET Q q 0 0 0 rg BT 247.35 717.60 Td (rules ) Tj ET Q q 0 0 0 rg BT 269.82 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 287.29 717.60 Td (the ) Tj ET Q q 0 0 0 rg BT 302.53 717.60 Td (federal ) Tj ET Q q 0 0 0 rg BT 333.32 717.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 374.11 717.60 Td (laws, ) Tj ET Q q 0 0 0 rg BT 397.97 717.60 Td (trade ) Tj ET Q q 0 0 0 rg BT 420.98 717.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 460.67 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 478.13 717.60 Td (the ) Tj ET Q q 0 0 0 rg BT 493.38 717.60 Td (administration ) Tj ET Q q 0 0 0 rg BT 554.18 717.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.60 Td (dispute ) Tj ET Q q 0 0 0 rg BT 80.71 705.60 Td (resolution ) Tj ET Q q 0 0 0 rg BT 123.02 705.60 Td (between ) Tj ET Q q 0 0 0 rg BT 158.66 705.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 197.09 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 213.85 705.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 255.59 705.60 Td (firms. ) Tj ET Q q 0 0 0 rg BT 281.35 705.60 Td (W) Tj ET Q q 0 0 0 rg BT 289.99 705.60 Td (e ) Tj ET Q q 0 0 0 rg BT 296.75 705.60 Td (have ) Tj ET Q q 0 0 0 rg BT 317.95 705.60 Td (agreed ) Tj ET Q q 0 0 0 rg BT 346.92 705.60 Td (to ) Tj ET Q q 0 0 0 rg BT 357.01 705.60 Td (abide ) Tj ET Q q 0 0 0 rg BT 380.99 705.60 Td (by ) Tj ET Q q 0 0 0 rg BT 393.31 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 407.85 705.60 Td (rules ) Tj ET Q q 0 0 0 rg BT 429.61 705.60 Td (of ) Tj ET Q q 0 0 0 rg BT 440.26 705.60 Td (FINRA) Tj ET Q q 0 0 0 rg BT 469.71 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 472.03 705.60 Td (\(as ) Tj ET Q q 0 0 0 rg BT 486.01 705.60 Td (well ) Tj ET Q q 0 0 0 rg BT 505.55 705.60 Td (as ) Tj ET Q q 0 0 0 rg BT 516.20 705.60 Td (those ) Tj ET Q q 0 0 0 rg BT 539.63 705.60 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 705.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (NYSE ) Tj ET Q q 0 0 0 rg BT 78.55 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 95.93 693.60 Td (other ) Tj ET Q q 0 0 0 rg BT 119.41 693.60 Td (SROs\), ) Tj ET Q q 0 0 0 rg BT 151.52 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 168.90 693.60 Td (FINRA) Tj ET Q q 0 0 0 rg BT 198.35 693.60 Td ( ) Tj ET Q q 0 0 0 rg BT 201.29 693.60 Td (has ) Tj ET Q q 0 0 0 rg BT 217.55 693.60 Td (the ) Tj ET Q q 0 0 0 rg BT 232.71 693.60 Td (power ) Tj ET Q q 0 0 0 rg BT 260.64 693.60 Td (to ) Tj ET Q q 0 0 0 rg BT 271.35 693.60 Td (expel, ) Tj ET Q q 0 0 0 rg BT 298.44 693.60 Td (fine ) Tj ET Q q 0 0 0 rg BT 316.93 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 334.30 693.60 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 376.12 693.60 Td (discipline ) Tj ET Q q 0 0 0 rg BT 417.94 693.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 441.98 693.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 453.46 693.60 Td (fray& ) Tj ET Q q 0 0 0 rg BT 482.77 693.60 Td (Co. ) Tj ET Q q 0 0 0 rg BT 499.88 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 517.26 693.60 Td (its ) Tj ET Q q 0 0 0 rg BT 529.64 693.60 Td (of) Tj ET Q q 0 0 0 rg BT 537.79 693.60 Td (ficers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.60 Td (directors ) Tj ET Q q 0 0 0 rg BT 86.06 681.60 Td (and ) Tj ET Q q 0 0 0 rg BT 102.08 681.60 Td (employees. ) Tj ET Q q 0 0 0 rg BT 148.57 681.60 Td (Among ) Tj ET Q q 0 0 0 rg BT 180.15 681.60 Td (the ) Tj ET Q q 0 0 0 rg BT 193.94 681.60 Td (rules ) Tj ET Q q 0 0 0 rg BT 214.96 681.60 Td (that ) Tj ET Q q 0 0 0 rg BT 231.53 681.60 Td (apply ) Tj ET Q q 0 0 0 rg BT 255.32 681.60 Td (to ) Tj ET Q q 0 0 0 rg BT 264.68 681.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 287.36 681.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 298.84 681.60 Td (fray& ) Tj ET Q q 0 0 0 rg BT 326.80 681.60 Td (Co. ) Tj ET Q q 0 0 0 rg BT 342.55 681.60 Td (are ) Tj ET Q q 0 0 0 rg BT 356.33 681.60 Td (the ) Tj ET Q q 0 0 0 rg BT 370.12 681.60 Td (uniform ) Tj ET Q q 0 0 0 rg BT 403.92 681.60 Td (net ) Tj ET Q q 0 0 0 rg BT 417.71 681.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 445.94 681.60 Td (rule ) Tj ET Q q 0 0 0 rg BT 463.06 681.60 Td (of ) Tj ET Q q 0 0 0 rg BT 472.97 681.60 Td (the ) Tj ET Q q 0 0 0 rg BT 486.76 681.60 Td (SEC ) Tj ET Q q 0 0 0 rg BT 506.68 681.60 Td (\(Rule15c3-1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.60 Td (and ) Tj ET Q q 0 0 0 rg BT 66.67 669.60 Td (the ) Tj ET Q q 0 0 0 rg BT 81.62 669.60 Td (net ) Tj ET Q q 0 0 0 rg BT 96.58 669.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 125.96 669.60 Td (rule ) Tj ET Q q 0 0 0 rg BT 144.24 669.60 Td (of ) Tj ET Q q 0 0 0 rg BT 155.31 669.60 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 190.54 669.60 Td (Both ) Tj ET Q q 0 0 0 rg BT 212.73 669.60 Td (rules ) Tj ET Q q 0 0 0 rg BT 234.90 669.60 Td (set ) Tj ET Q q 0 0 0 rg BT 248.74 669.60 Td (a ) Tj ET Q q 0 0 0 rg BT 255.92 669.60 Td (minimum ) Tj ET Q q 0 0 0 rg BT 297.54 669.60 Td (level ) Tj ET Q q 0 0 0 rg BT 319.71 669.60 Td (of ) Tj ET Q q 0 0 0 rg BT 330.77 669.60 Td (net ) Tj ET Q q 0 0 0 rg BT 345.73 669.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 375.11 669.60 Td (a ) Tj ET Q q 0 0 0 rg BT 382.28 669.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 411.12 669.60 Td (dealer ) Tj ET Q q 0 0 0 rg BT 438.27 669.60 Td (must ) Tj ET Q q 0 0 0 rg BT 460.46 669.60 Td (maintain ) Tj ET Q q 0 0 0 rg BT 498.18 669.60 Td (and ) Tj ET Q q 0 0 0 rg BT 515.35 669.60 Td (also ) Tj ET Q q 0 0 0 rg BT 534.20 669.60 Td (require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.60 Td (that ) Tj ET Q q 0 0 0 rg BT 67.10 657.60 Td (a ) Tj ET Q q 0 0 0 rg BT 74.14 657.60 Td (portion ) Tj ET Q q 0 0 0 rg BT 105.63 657.60 Td (of ) Tj ET Q q 0 0 0 rg BT 116.56 657.60 Td (the ) Tj ET Q q 0 0 0 rg BT 131.38 657.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 160.08 657.60 Td (dealer's ) Tj ET Q q 0 0 0 rg BT 192.80 657.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 218.73 657.60 Td (be ) Tj ET Q q 0 0 0 rg BT 230.77 657.60 Td (relatively ) Tj ET Q q 0 0 0 rg BT 271.14 657.60 Td (liquid. ) Tj ET Q q 0 0 0 rg BT 299.57 657.60 Td (Under ) Tj ET Q q 0 0 0 rg BT 327.17 657.60 Td (the ) Tj ET Q q 0 0 0 rg BT 341.99 657.60 Td (FINRA) Tj ET Q q 0 0 0 rg BT 371.44 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 374.04 657.60 Td (rule, ) Tj ET Q q 0 0 0 rg BT 394.69 657.60 Td (FINRA) Tj ET Q q 0 0 0 rg BT 424.14 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 426.75 657.60 Td (may ) Tj ET Q q 0 0 0 rg BT 446.57 657.60 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 480.83 657.60 Td (a ) Tj ET Q q 0 0 0 rg BT 487.87 657.60 Td (member ) Tj ET Q q 0 0 0 rg BT 523.24 657.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 543.06 657.60 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.60 Td (expanding ) Tj ET Q q 0 0 0 rg BT 92.68 645.60 Td (its ) Tj ET Q q 0 0 0 rg BT 103.66 645.60 Td (business ) Tj ET Q q 0 0 0 rg BT 139.07 645.60 Td (or ) Tj ET Q q 0 0 0 rg BT 148.93 645.60 Td (paying ) Tj ET Q q 0 0 0 rg BT 177.67 645.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 196.97 645.60 Td (dividends ) Tj ET Q q 0 0 0 rg BT 237.38 645.60 Td (if ) Tj ET Q q 0 0 0 rg BT 245.01 645.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 281.53 645.60 Td (net ) Tj ET Q q 0 0 0 rg BT 295.28 645.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 323.45 645.60 Td (falls ) Tj ET Q q 0 0 0 rg BT 342.20 645.60 Td (below ) Tj ET Q q 0 0 0 rg BT 368.16 645.60 Td (FINRA) Tj ET Q q 0 0 0 rg BT 397.61 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 399.14 645.60 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 455.37 645.60 Td (In ) Tj ET Q q 0 0 0 rg BT 465.22 645.60 Td (addition, ) Tj ET Q q 0 0 0 rg BT 502.02 645.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 524.66 645.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 536.14 645.60 Td (fray& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (Co. ) Tj ET Q q 0 0 0 rg BT 65.76 633.60 Td (is ) Tj ET Q q 0 0 0 rg BT 74.52 633.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 104.94 633.60 Td (to ) Tj ET Q q 0 0 0 rg BT 114.81 633.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 144.10 633.60 Td (notification ) Tj ET Q q 0 0 0 rg BT 192.29 633.60 Td (requirements ) Tj ET Q q 0 0 0 rg BT 246.59 633.60 Td (related ) Tj ET Q q 0 0 0 rg BT 275.88 633.60 Td (to ) Tj ET Q q 0 0 0 rg BT 285.75 633.60 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 336.72 633.60 Td (of ) Tj ET Q q 0 0 0 rg BT 347.14 633.60 Td (excess ) Tj ET Q q 0 0 0 rg BT 375.33 633.60 Td (net ) Tj ET Q q 0 0 0 rg BT 389.64 633.60 Td (capital. ) Tj ET Q q 0 0 0 rg BT 420.42 633.60 Td (As ) Tj ET Q q 0 0 0 rg BT 433.62 633.60 Td (a ) Tj ET Q q 0 0 0 rg BT 440.15 633.60 Td (result ) Tj ET Q q 0 0 0 rg BT 464.46 633.60 Td (of ) Tj ET Q q 0 0 0 rg BT 474.88 633.60 Td (these ) Tj ET Q q 0 0 0 rg BT 497.52 633.60 Td (rules, ) Tj ET Q q 0 0 0 rg BT 521.55 633.60 Td (our ) Tj ET Q q 0 0 0 rg BT 536.97 633.60 Td (ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.60 Td (to ) Tj ET Q q 0 0 0 rg BT 59.88 621.60 Td (make ) Tj ET Q q 0 0 0 rg BT 84.14 621.60 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 135.62 621.60 Td (of ) Tj ET Q q 0 0 0 rg BT 146.55 621.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 175.80 621.60 Td (from ) Tj ET Q q 0 0 0 rg BT 197.84 621.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 221.55 621.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 233.03 621.60 Td (fray& ) Tj ET Q q 0 0 0 rg BT 262.01 621.60 Td (Co. ) Tj ET Q q 0 0 0 rg BT 278.78 621.60 Td (may ) Tj ET Q q 0 0 0 rg BT 298.60 621.60 Td (be ) Tj ET Q q 0 0 0 rg BT 310.64 621.60 Td (limited. ) Tj ET Q q 0 0 0 rg BT 344.07 621.60 Td (In ) Tj ET Q q 0 0 0 rg BT 355.00 621.60 Td (addition, ) Tj ET Q q 0 0 0 rg BT 392.88 621.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 416.58 621.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 428.06 621.60 Td (fray& ) Tj ET Q q 0 0 0 rg BT 457.04 621.60 Td (Co. ) Tj ET Q q 0 0 0 rg BT 473.81 621.60 Td (is ) Tj ET Q q 0 0 0 rg BT 483.09 621.60 Td (licensed ) Tj ET Q q 0 0 0 rg BT 518.45 621.60 Td (as ) Tj ET Q q 0 0 0 rg BT 529.38 621.60 Td (a ) Tj ET Q q 0 0 0 rg BT 536.42 621.60 Td (broker ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.60 Td (dealer ) Tj ET Q q 0 0 0 rg BT 76.96 609.60 Td (in ) Tj ET Q q 0 0 0 rg BT 87.78 609.60 Td (each ) Tj ET Q q 0 0 0 rg BT 109.14 609.60 Td (of ) Tj ET Q q 0 0 0 rg BT 120.51 609.60 Td (the ) Tj ET Q q 0 0 0 rg BT 135.76 609.60 Td (50states, ) Tj ET Q q 0 0 0 rg BT 176.02 609.60 Td (requiring ) Tj ET Q q 0 0 0 rg BT 215.71 609.60 Td (us ) Tj ET Q q 0 0 0 rg BT 227.64 609.60 Td (to ) Tj ET Q q 0 0 0 rg BT 238.46 609.60 Td (comply ) Tj ET Q q 0 0 0 rg BT 271.50 609.60 Td (with ) Tj ET Q q 0 0 0 rg BT 292.31 609.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 336.44 609.60 Td (laws, ) Tj ET Q q 0 0 0 rg BT 360.31 609.60 Td (rules ) Tj ET Q q 0 0 0 rg BT 382.79 609.60 Td (and ) Tj ET Q q 0 0 0 rg BT 400.27 609.60 Td (regulations ) Tj ET Q q 0 0 0 rg BT 447.74 609.60 Td (of ) Tj ET Q q 0 0 0 rg BT 459.11 609.60 Td (each ) Tj ET Q q 0 0 0 rg BT 480.47 609.60 Td (state. ) Tj ET Q q 0 0 0 rg BT 503.66 609.60 Td (Any ) Tj ET Q q 0 0 0 rg BT 523.92 609.60 Td (state ) Tj ET Q q 0 0 0 rg BT 545.29 609.60 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.60 Td (revoke ) Tj ET Q q 0 0 0 rg BT 79.47 597.60 Td (a ) Tj ET Q q 0 0 0 rg BT 86.68 597.60 Td (license ) Tj ET Q q 0 0 0 rg BT 117.20 597.60 Td (to ) Tj ET Q q 0 0 0 rg BT 127.75 597.60 Td (conduct ) Tj ET Q q 0 0 0 rg BT 162.17 597.60 Td (a ) Tj ET Q q 0 0 0 rg BT 169.37 597.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 209.90 597.60 Td (business ) Tj ET Q q 0 0 0 rg BT 246.56 597.60 Td (and ) Tj ET Q q 0 0 0 rg BT 263.76 597.60 Td (fine ) Tj ET Q q 0 0 0 rg BT 282.07 597.60 Td (or ) Tj ET Q q 0 0 0 rg BT 293.17 597.60 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 334.81 597.60 Td (discipline ) Tj ET Q q 0 0 0 rg BT 376.46 597.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 405.32 597.60 Td (dealers ) Tj ET Q q 0 0 0 rg BT 436.40 597.60 Td (and ) Tj ET Q q 0 0 0 rg BT 453.61 597.60 Td (their ) Tj ET Q q 0 0 0 rg BT 474.70 597.60 Td (of) Tj ET Q q 0 0 0 rg BT 482.85 597.60 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 510.32 597.60 Td (directors ) Tj ET Q q 0 0 0 rg BT 548.07 597.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td (employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 561.60 Td (e ) Tj ET Q q 0 0 0 rg BT 64.87 561.60 Td (also ) Tj ET Q q 0 0 0 rg BT 83.28 561.60 Td (operate ) Tj ET Q q 0 0 0 rg BT 115.00 561.60 Td (an ) Tj ET Q q 0 0 0 rg BT 126.74 561.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 151.81 561.60 Td (that ) Tj ET Q q 0 0 0 rg BT 169.10 561.60 Td (is ) Tj ET Q q 0 0 0 rg BT 178.07 561.60 Td (authorized, ) Tj ET Q q 0 0 0 rg BT 225.07 561.60 Td (licensed ) Tj ET Q q 0 0 0 rg BT 260.13 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 276.86 561.60 Td (regulated ) Tj ET Q q 0 0 0 rg BT 316.36 561.60 Td (by ) Tj ET Q q 0 0 0 rg BT 328.66 561.60 Td (the ) Tj ET Q q 0 0 0 rg BT 343.17 561.60 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 364.92 561.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 404.42 561.60 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 440.10 561.60 Td (Authority ) Tj ET Q q 0 0 0 rg BT 481.29 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 498.02 561.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 539.74 561.60 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.28 549.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 85.18 549.60 Td (of ) Tj ET Q q 0 0 0 rg BT 96.07 549.60 Td (England ) Tj ET Q q 0 0 0 rg BT 131.96 549.60 Td (and ) Tj ET Q q 0 0 0 rg BT 148.78 549.60 Td (W) Tj ET Q q 0 0 0 rg BT 157.42 549.60 Td (ales. ) Tj ET Q q 0 0 0 rg BT 177.84 549.60 Td (While ) Tj ET Q q 0 0 0 rg BT 204.84 549.60 Td (we ) Tj ET Q q 0 0 0 rg BT 219.07 549.60 Td (ceased ) Tj ET Q q 0 0 0 rg BT 248.28 549.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 292.50 549.60 Td (related ) Tj ET Q q 0 0 0 rg BT 322.27 549.60 Td (to ) Tj ET Q q 0 0 0 rg BT 332.61 549.60 Td (our ) Tj ET Q q 0 0 0 rg BT 348.50 549.60 Td (Hong ) Tj ET Q q 0 0 0 rg BT 373.29 549.60 Td (Kong ) Tj ET Q q 0 0 0 rg BT 398.08 549.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 427.29 549.60 Td (markets ) Tj ET Q q 0 0 0 rg BT 461.51 549.60 Td (business ) Tj ET Q q 0 0 0 rg BT 497.97 549.60 Td (as ) Tj ET Q q 0 0 0 rg BT 508.86 549.60 Td (of ) Tj ET Q q 0 0 0 rg BT 519.76 549.60 Td (September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (30, ) Tj ET Q q 0 0 0 rg BT 65.73 537.60 Td (2012, ) Tj ET Q q 0 0 0 rg BT 91.95 537.60 Td (we ) Tj ET Q q 0 0 0 rg BT 107.34 537.60 Td (expect ) Tj ET Q q 0 0 0 rg BT 137.16 537.60 Td (to ) Tj ET Q q 0 0 0 rg BT 148.66 537.60 Td (maintain ) Tj ET Q q 0 0 0 rg BT 187.38 537.60 Td (a ) Tj ET Q q 0 0 0 rg BT 195.54 537.60 Td (more ) Tj ET Q q 0 0 0 rg BT 219.81 537.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 251.87 537.60 Td (presence ) Tj ET Q q 0 0 0 rg BT 290.57 537.60 Td (in ) Tj ET Q q 0 0 0 rg BT 302.07 537.60 Td (the ) Tj ET Q q 0 0 0 rg BT 318.02 537.60 Td (Hong ) Tj ET Q q 0 0 0 rg BT 343.96 537.60 Td (Kong ) Tj ET Q q 0 0 0 rg BT 369.91 537.60 Td (region ) Tj ET Q q 0 0 0 rg BT 399.18 537.60 Td (to ) Tj ET Q q 0 0 0 rg BT 410.69 537.60 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 449.39 537.60 Td (our ) Tj ET Q q 0 0 0 rg BT 466.44 537.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 487.95 537.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 526.12 537.60 Td (business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.60 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 525.60 Td (, ) Tj ET Q q 0 0 0 rg BT 103.87 525.60 Td (we ) Tj ET Q q 0 0 0 rg BT 118.07 525.60 Td (have ) Tj ET Q q 0 0 0 rg BT 139.49 525.60 Td (applied ) Tj ET Q q 0 0 0 rg BT 171.46 525.60 Td (for ) Tj ET Q q 0 0 0 rg BT 185.66 525.60 Td (a ) Tj ET Q q 0 0 0 rg BT 192.63 525.60 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 236.27 525.60 Td (license ) Tj ET Q q 0 0 0 rg BT 266.57 525.60 Td (to ) Tj ET Q q 0 0 0 rg BT 276.88 525.60 Td (be ) Tj ET Q q 0 0 0 rg BT 288.86 525.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 330.82 525.60 Td (with ) Tj ET Q q 0 0 0 rg BT 351.14 525.60 Td (and ) Tj ET Q q 0 0 0 rg BT 368.12 525.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 398.98 525.60 Td (to ) Tj ET Q q 0 0 0 rg BT 409.29 525.60 Td (the ) Tj ET Q q 0 0 0 rg BT 424.05 525.60 Td (Hong ) Tj ET Q q 0 0 0 rg BT 448.81 525.60 Td (Kong ) Tj ET Q q 0 0 0 rg BT 473.57 525.60 Td (Securities ) Tj ET Q q 0 0 0 rg BT 515.54 525.60 Td (and ) Tj ET Q q 0 0 0 rg BT 532.52 525.60 Td (Futures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (Commission. ) Tj ET Q q 0 0 0 rg BT 104.21 513.60 Td (The ) Tj ET Q q 0 0 0 rg BT 121.53 513.60 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 142.74 513.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 181.72 513.60 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 216.99 513.60 Td (Authority ) Tj ET Q q 0 0 0 rg BT 257.64 513.60 Td (and ) Tj ET Q q 0 0 0 rg BT 273.85 513.60 Td (the ) Tj ET Q q 0 0 0 rg BT 287.84 513.60 Td (Hong ) Tj ET Q q 0 0 0 rg BT 311.83 513.60 Td (Kong ) Tj ET Q q 0 0 0 rg BT 335.82 513.60 Td (Securities ) Tj ET Q q 0 0 0 rg BT 377.03 513.60 Td (and ) Tj ET Q q 0 0 0 rg BT 393.23 513.60 Td (Futures ) Tj ET Q q 0 0 0 rg BT 425.00 513.60 Td (Commission ) Tj ET Q q 0 0 0 rg BT 477.34 513.60 Td (regulate ) Tj ET Q q 0 0 0 rg BT 511.31 513.60 Td (these ) Tj ET Q q 0 0 0 rg BT 533.63 513.60 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (\(in ) Tj ET Q q 0 0 0 rg BT 63.11 501.60 Td (their ) Tj ET Q q 0 0 0 rg BT 83.93 501.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 126.97 501.60 Td (jurisdictions\) ) Tj ET Q q 0 0 0 rg BT 182.24 501.60 Td (in ) Tj ET Q q 0 0 0 rg BT 192.52 501.60 Td (areas ) Tj ET Q q 0 0 0 rg BT 215.55 501.60 Td (of ) Tj ET Q q 0 0 0 rg BT 226.38 501.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 255.54 501.60 Td (adequacy) Tj ET Q q 0 0 0 rg BT 292.64 501.60 Td (, ) Tj ET Q q 0 0 0 rg BT 297.64 501.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 336.79 501.60 Td (protection ) Tj ET Q q 0 0 0 rg BT 379.84 501.60 Td (and ) Tj ET Q q 0 0 0 rg BT 396.78 501.60 Td (business ) Tj ET Q q 0 0 0 rg BT 433.17 501.60 Td (conduct, ) Tj ET Q q 0 0 0 rg BT 469.82 501.60 Td (among ) Tj ET Q q 0 0 0 rg BT 499.54 501.60 Td (others.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.60 Td (Entities ) Tj ET Q q 0 0 0 rg BT 82.66 477.60 Td (in ) Tj ET Q q 0 0 0 rg BT 93.05 477.60 Td (the ) Tj ET Q q 0 0 0 rg BT 107.88 477.60 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 159.94 477.60 Td (identified ) Tj ET Q q 0 0 0 rg BT 200.87 477.60 Td (above ) Tj ET Q q 0 0 0 rg BT 227.36 477.60 Td (are ) Tj ET Q q 0 0 0 rg BT 242.18 477.60 Td (also ) Tj ET Q q 0 0 0 rg BT 260.90 477.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 291.84 477.60 Td (to ) Tj ET Q q 0 0 0 rg BT 302.23 477.60 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 350.38 477.60 Td (laundering ) Tj ET Q q 0 0 0 rg BT 395.76 477.60 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 445.31 477.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 469.03 477.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 480.51 477.60 Td (fray& ) Tj ET Q q 0 0 0 rg BT 509.50 477.60 Td (Co., ) Tj ET Q q 0 0 0 rg BT 528.78 477.60 Td (our ) Tj ET Q q 0 0 0 rg BT 544.72 477.60 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 79.43 465.60 Td (dealer ) Tj ET Q q 0 0 0 rg BT 107.69 465.60 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 148.15 465.60 Td (, ) Tj ET Q q 0 0 0 rg BT 154.48 465.60 Td (is ) Tj ET Q q 0 0 0 rg BT 164.98 465.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 197.14 465.60 Td (to ) Tj ET Q q 0 0 0 rg BT 208.75 465.60 Td (the ) Tj ET Q q 0 0 0 rg BT 224.80 465.60 Td (USA) Tj ET Q q 0 0 0 rg BT 244.25 465.60 Td ( ) Tj ET Q q 0 0 0 rg BT 248.08 465.60 Td (P) Tj ET Q q 0 0 0 rg BT 252.73 465.60 Td (A) Tj ET Q q 0 0 0 rg BT 258.84 465.60 Td (TRIOT) Tj ET Q q 0 0 0 rg BT 288.10 465.60 Td ( ) Tj ET Q q 0 0 0 rg BT 291.09 465.60 Td (Act ) Tj ET Q q 0 0 0 rg BT 309.36 465.60 Td (of ) Tj ET Q q 0 0 0 rg BT 321.52 465.60 Td (2001, ) Tj ET Q q 0 0 0 rg BT 347.85 465.60 Td (which ) Tj ET Q q 0 0 0 rg BT 376.12 465.60 Td (contains ) Tj ET Q q 0 0 0 rg BT 413.28 465.60 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 462.66 465.60 Td (laundering ) Tj ET Q q 0 0 0 rg BT 509.25 465.60 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 465.60 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.60 Td (transparency ) Tj ET Q q 0 0 0 rg BT 102.45 453.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 122.64 453.60 Td (and ) Tj ET Q q 0 0 0 rg BT 138.95 453.60 Td (mandates ) Tj ET Q q 0 0 0 rg BT 178.57 453.60 Td (the ) Tj ET Q q 0 0 0 rg BT 192.65 453.60 Td (implementation ) Tj ET Q q 0 0 0 rg BT 257.28 453.60 Td (of ) Tj ET Q q 0 0 0 rg BT 267.48 453.60 Td (various ) Tj ET Q q 0 0 0 rg BT 298.78 453.60 Td (regulations ) Tj ET Q q 0 0 0 rg BT 345.08 453.60 Td (requiring ) Tj ET Q q 0 0 0 rg BT 383.60 453.60 Td (us ) Tj ET Q q 0 0 0 rg BT 394.35 453.60 Td (to ) Tj ET Q q 0 0 0 rg BT 404.00 453.60 Td (implement ) Tj ET Q q 0 0 0 rg BT 448.63 453.60 Td (standards ) Tj ET Q q 0 0 0 rg BT 488.26 453.60 Td (for ) Tj ET Q q 0 0 0 rg BT 501.79 453.60 Td (verifying ) Tj ET Q q 0 0 0 rg BT 540.30 453.60 Td (client ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td (identification ) Tj ET Q q 0 0 0 rg BT 105.10 441.60 Td (at ) Tj ET Q q 0 0 0 rg BT 114.60 441.60 Td (account ) Tj ET Q q 0 0 0 rg BT 147.98 441.60 Td (opening, ) Tj ET Q q 0 0 0 rg BT 184.98 441.60 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 231.71 441.60 Td (client ) Tj ET Q q 0 0 0 rg BT 256.20 441.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 306.25 441.60 Td (and ) Tj ET Q q 0 0 0 rg BT 322.97 441.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 361.91 441.60 Td (suspicious ) Tj ET Q q 0 0 0 rg BT 405.87 441.60 Td (activity) Tj ET Q q 0 0 0 rg BT 435.21 441.60 Td (. ) Tj ET Q q 0 0 0 rg BT 439.99 441.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 457.83 441.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 488.99 441.60 Td (in ) Tj ET Q q 0 0 0 rg BT 499.06 441.60 Td (Hong ) Tj ET Q q 0 0 0 rg BT 523.56 441.60 Td (Kong ) Tj ET Q q 0 0 0 rg BT 548.07 441.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.52 429.60 Td (United ) Tj ET Q q 0 0 0 rg BT 94.54 429.60 Td (Kingdom ) Tj ET Q q 0 0 0 rg BT 135.13 429.60 Td (are ) Tj ET Q q 0 0 0 rg BT 150.14 429.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 181.27 429.60 Td (to ) Tj ET Q q 0 0 0 rg BT 191.85 429.60 Td (similar ) Tj ET Q q 0 0 0 rg BT 222.43 429.60 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 270.78 429.60 Td (laundering ) Tj ET Q q 0 0 0 rg BT 316.35 429.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 337.48 429.60 Td (and ) Tj ET Q q 0 0 0 rg BT 354.73 429.60 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 404.26 429.60 Td (W) Tj ET Q q 0 0 0 rg BT 412.90 429.60 Td (e ) Tj ET Q q 0 0 0 rg BT 420.14 429.60 Td (are ) Tj ET Q q 0 0 0 rg BT 435.16 429.60 Td (also ) Tj ET Q q 0 0 0 rg BT 454.07 429.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 485.20 429.60 Td (to ) Tj ET Q q 0 0 0 rg BT 495.78 429.60 Td (the ) Tj ET Q q 0 0 0 rg BT 510.81 429.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 531.39 429.60 Td (Foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.60 Td (Corrupt ) Tj ET Q q 0 0 0 rg BT 83.55 417.60 Td (Practices ) Tj ET Q q 0 0 0 rg BT 121.94 417.60 Td (Act ) Tj ET Q q 0 0 0 rg BT 139.33 417.60 Td (as ) Tj ET Q q 0 0 0 rg BT 150.60 417.60 Td (well ) Tj ET Q q 0 0 0 rg BT 170.77 417.60 Td (as ) Tj ET Q q 0 0 0 rg BT 182.04 417.60 Td (other ) Tj ET Q q 0 0 0 rg BT 205.53 417.60 Td (anti-bribery ) Tj ET Q q 0 0 0 rg BT 255.68 417.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 276.96 417.60 Td (in ) Tj ET Q q 0 0 0 rg BT 287.68 417.60 Td (the ) Tj ET Q q 0 0 0 rg BT 302.85 417.60 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 355.23 417.60 Td (in ) Tj ET Q q 0 0 0 rg BT 365.96 417.60 Td (which ) Tj ET Q q 0 0 0 rg BT 393.34 417.60 Td (we ) Tj ET Q q 0 0 0 rg BT 407.95 417.60 Td (operate. ) Tj ET Q q 0 0 0 rg BT 442.61 417.60 Td (These ) Tj ET Q q 0 0 0 rg BT 469.43 417.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 490.70 417.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 530.85 417.60 Td (prohibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 93.87 405.60 Td (and ) Tj ET Q q 0 0 0 rg BT 109.91 405.60 Td (their ) Tj ET Q q 0 0 0 rg BT 129.84 405.60 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 188.65 405.60 Td (from ) Tj ET Q q 0 0 0 rg BT 209.69 405.60 Td (engaging ) Tj ET Q q 0 0 0 rg BT 247.95 405.60 Td (in ) Tj ET Q q 0 0 0 rg BT 257.33 405.60 Td (bribery ) Tj ET Q q 0 0 0 rg BT 287.82 405.60 Td (or ) Tj ET Q q 0 0 0 rg BT 297.75 405.60 Td (making ) Tj ET Q q 0 0 0 rg BT 329.35 405.60 Td (other ) Tj ET Q q 0 0 0 rg BT 351.51 405.60 Td (improper ) Tj ET Q q 0 0 0 rg BT 389.77 405.60 Td (payments ) Tj ET Q q 0 0 0 rg BT 429.70 405.60 Td (to ) Tj ET Q q 0 0 0 rg BT 439.08 405.60 Td (foreign ) Tj ET Q q 0 0 0 rg BT 469.56 405.60 Td (of) Tj ET Q q 0 0 0 rg BT 477.71 405.60 Td (ficials ) Tj ET Q q 0 0 0 rg BT 503.75 405.60 Td (for ) Tj ET Q q 0 0 0 rg BT 517.02 405.60 Td (the ) Tj ET Q q 0 0 0 rg BT 530.84 405.60 Td (purpose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 393.60 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 100.60 393.60 Td (or ) Tj ET Q q 0 0 0 rg BT 111.43 393.60 Td (retaining ) Tj ET Q q 0 0 0 rg BT 149.48 393.60 Td (business ) Tj ET Q q 0 0 0 rg BT 185.87 393.60 Td (or ) Tj ET Q q 0 0 0 rg BT 196.70 393.60 Td (gaining ) Tj ET Q q 0 0 0 rg BT 229.19 393.60 Td (an ) Tj ET Q q 0 0 0 rg BT 241.13 393.60 Td (unfair ) Tj ET Q q 0 0 0 rg BT 267.51 393.60 Td (business ) Tj ET Q q 0 0 0 rg BT 303.90 393.60 Td (advantage. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 369.60 Td (e ) Tj ET Q q 0 0 0 rg BT 64.89 369.60 Td (maintain ) Tj ET Q q 0 0 0 rg BT 102.20 369.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 123.96 369.60 Td (management ) Tj ET Q q 0 0 0 rg BT 177.37 369.60 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 226.90 369.60 Td (that ) Tj ET Q q 0 0 0 rg BT 244.22 369.60 Td (are ) Tj ET Q q 0 0 0 rg BT 258.74 369.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 300.48 369.60 Td (as ) Tj ET Q q 0 0 0 rg BT 311.13 369.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 357.33 369.60 Td (advisers ) Tj ET Q q 0 0 0 rg BT 392.42 369.60 Td (with ) Tj ET Q q 0 0 0 rg BT 412.52 369.60 Td (the ) Tj ET Q q 0 0 0 rg BT 427.05 369.60 Td (SEC ) Tj ET Q q 0 0 0 rg BT 447.71 369.60 Td (and ) Tj ET Q q 0 0 0 rg BT 464.47 369.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 495.11 369.60 Td (to ) Tj ET Q q 0 0 0 rg BT 505.21 369.60 Td (regulation ) Tj ET Q q 0 0 0 rg BT 548.07 369.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.60 Td (oversight ) Tj ET Q q 0 0 0 rg BT 89.16 357.60 Td (by ) Tj ET Q q 0 0 0 rg BT 101.60 357.60 Td (the ) Tj ET Q q 0 0 0 rg BT 116.26 357.60 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 139.37 357.60 Td (These ) Tj ET Q q 0 0 0 rg BT 165.69 357.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 197.01 357.60 Td (are ) Tj ET Q q 0 0 0 rg BT 211.12 357.60 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 250.79 357.60 Td (Research, ) Tj ET Q q 0 0 0 rg BT 292.38 357.60 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 310.09 357.60 Td (\("ARI"\), ) Tj ET Q q 0 0 0 rg BT 347.08 357.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 370.63 357.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 382.11 357.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 400.65 357.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 447.52 357.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 502.17 357.60 Td (LLC ) Tj ET Q q 0 0 0 rg BT 523.50 357.60 Td (\("PJIM"\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.60 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 345.60 Td (PJC ) Tj ET Q q 0 0 0 rg BT 85.07 345.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 116.46 345.60 Td (Partners ) Tj ET Q q 0 0 0 rg BT 151.73 345.60 Td (LLC. ) Tj ET Q q 0 0 0 rg BT 175.07 345.60 Td (As ) Tj ET Q q 0 0 0 rg BT 188.68 345.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 230.61 345.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 277.00 345.60 Td (advisors, ) Tj ET Q q 0 0 0 rg BT 315.33 345.60 Td (these ) Tj ET Q q 0 0 0 rg BT 338.38 345.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 369.77 345.60 Td (are ) Tj ET Q q 0 0 0 rg BT 384.48 345.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 415.31 345.60 Td (to ) Tj ET Q q 0 0 0 rg BT 425.59 345.60 Td (requirements ) Tj ET Q q 0 0 0 rg BT 480.29 345.60 Td (that ) Tj ET Q q 0 0 0 rg BT 497.79 345.60 Td (relate ) Tj ET Q q 0 0 0 rg BT 522.50 345.60 Td (to, ) Tj ET Q q 0 0 0 rg BT 535.28 345.60 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.60 Td (other ) Tj ET Q q 0 0 0 rg BT 71.88 333.60 Td (things, ) Tj ET Q q 0 0 0 rg BT 100.67 333.60 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 138.59 333.60 Td (duties ) Tj ET Q q 0 0 0 rg BT 164.32 333.60 Td (to ) Tj ET Q q 0 0 0 rg BT 173.93 333.60 Td (clients, ) Tj ET Q q 0 0 0 rg BT 204.37 333.60 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 253.97 333.60 Td (an ) Tj ET Q q 0 0 0 rg BT 265.24 333.60 Td (ef) Tj ET Q q 0 0 0 rg BT 272.83 333.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 301.87 333.60 Td (compliance ) Tj ET Q q 0 0 0 rg BT 349.79 333.60 Td (program, ) Tj ET Q q 0 0 0 rg BT 388.00 333.60 Td (solicitation ) Tj ET Q q 0 0 0 rg BT 434.28 333.60 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 484.15 333.60 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 520.41 333.60 Td (of ) Tj ET Q q 0 0 0 rg BT 530.58 333.60 Td (interest, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.60 Td (recordkeeping ) Tj ET Q q 0 0 0 rg BT 108.39 321.60 Td (and ) Tj ET Q q 0 0 0 rg BT 124.52 321.60 Td (reporting ) Tj ET Q q 0 0 0 rg BT 162.88 321.60 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 219.28 321.60 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 261.52 321.60 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 317.92 321.60 Td (limitations ) Tj ET Q q 0 0 0 rg BT 362.39 321.60 Td (on ) Tj ET Q q 0 0 0 rg BT 374.09 321.60 Td (agency ) Tj ET Q q 0 0 0 rg BT 404.10 321.60 Td (cross ) Tj ET Q q 0 0 0 rg BT 426.35 321.60 Td (and ) Tj ET Q q 0 0 0 rg BT 442.49 321.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 479.72 321.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 529.19 321.60 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.60 Td (advisor ) Tj ET Q q 0 0 0 rg BT 81.74 309.60 Td (and ) Tj ET Q q 0 0 0 rg BT 98.98 309.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 136.22 309.60 Td (clients, ) Tj ET Q q 0 0 0 rg BT 167.62 309.60 Td (as ) Tj ET Q q 0 0 0 rg BT 178.75 309.60 Td (well ) Tj ET Q q 0 0 0 rg BT 198.77 309.60 Td (as ) Tj ET Q q 0 0 0 rg BT 209.90 309.60 Td (general ) Tj ET Q q 0 0 0 rg BT 242.12 309.60 Td (anti-fraud ) Tj ET Q q 0 0 0 rg BT 284.35 309.60 Td (prohibitions. ) Tj ET Q q 0 0 0 rg BT 337.98 309.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 370.22 309.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 416.90 309.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 441.92 309.60 Td (that ) Tj ET Q q 0 0 0 rg BT 459.71 309.60 Td (we ) Tj ET Q q 0 0 0 rg BT 474.18 309.60 Td (manage ) Tj ET Q q 0 0 0 rg BT 508.07 309.60 Td (are ) Tj ET Q q 0 0 0 rg BT 523.08 309.60 Td (registered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.06 297.60 Td (companies ) Tj ET Q q 0 0 0 rg BT 139.50 297.60 Td (under ) Tj ET Q q 0 0 0 rg BT 163.94 297.60 Td (the ) Tj ET Q q 0 0 0 rg BT 177.83 297.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 223.94 297.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 264.13 297.60 Td (Act, ) Tj ET Q q 0 0 0 rg BT 282.74 297.60 Td (as ) Tj ET Q q 0 0 0 rg BT 292.75 297.60 Td (amended. ) Tj ET Q q 0 0 0 rg BT 332.90 297.60 Td (Those ) Tj ET Q q 0 0 0 rg BT 359.01 297.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 382.91 297.60 Td (and ) Tj ET Q q 0 0 0 rg BT 399.02 297.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 429.58 297.60 Td (that ) Tj ET Q q 0 0 0 rg BT 446.25 297.60 Td (serve ) Tj ET Q q 0 0 0 rg BT 469.02 297.60 Td (as ) Tj ET Q q 0 0 0 rg BT 479.02 297.60 Td (the ) Tj ET Q q 0 0 0 rg BT 492.92 297.60 Td (funds' ) Tj ET Q q 0 0 0 rg BT 518.61 297.60 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.60 Td (advisors ) Tj ET Q q 0 0 0 rg BT 85.97 285.60 Td (are ) Tj ET Q q 0 0 0 rg BT 101.32 285.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 132.78 285.60 Td (to ) Tj ET Q q 0 0 0 rg BT 143.70 285.60 Td (the ) Tj ET Q q 0 0 0 rg BT 159.06 285.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 206.63 285.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 247.96 285.60 Td (Act ) Tj ET Q q 0 0 0 rg BT 265.54 285.60 Td (and ) Tj ET Q q 0 0 0 rg BT 283.12 285.60 Td (the ) Tj ET Q q 0 0 0 rg BT 298.48 285.60 Td (rules ) Tj ET Q q 0 0 0 rg BT 321.05 285.60 Td (and ) Tj ET Q q 0 0 0 rg BT 338.63 285.60 Td (regulations ) Tj ET Q q 0 0 0 rg BT 386.20 285.60 Td (of ) Tj ET Q q 0 0 0 rg BT 397.67 285.60 Td (the ) Tj ET Q q 0 0 0 rg BT 413.03 285.60 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 437.01 285.60 Td (which ) Tj ET Q q 0 0 0 rg BT 464.59 285.60 Td (regulate ) Tj ET Q q 0 0 0 rg BT 499.93 285.60 Td (the ) Tj ET Q q 0 0 0 rg BT 515.29 285.60 Td (relationship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.60 Td (between ) Tj ET Q q 0 0 0 rg BT 84.73 273.60 Td (a ) Tj ET Q q 0 0 0 rg BT 91.09 273.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 132.43 273.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 178.23 273.60 Td (company ) Tj ET Q q 0 0 0 rg BT 216.80 273.60 Td (and ) Tj ET Q q 0 0 0 rg BT 233.16 273.60 Td (its ) Tj ET Q q 0 0 0 rg BT 244.53 273.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 290.33 273.60 Td (advisor ) Tj ET Q q 0 0 0 rg BT 321.68 273.60 Td (and ) Tj ET Q q 0 0 0 rg BT 338.04 273.60 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 371.62 273.60 Td (or ) Tj ET Q q 0 0 0 rg BT 381.87 273.60 Td (severely ) Tj ET Q q 0 0 0 rg BT 417.10 273.60 Td (restrict ) Tj ET Q q 0 0 0 rg BT 446.79 273.60 Td (principal ) Tj ET Q q 0 0 0 rg BT 484.25 273.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 533.93 273.60 Td (or ) Tj ET Q q 0 0 0 rg BT 544.18 273.60 Td (joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.60 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 101.06 261.60 Td (among ) Tj ET Q q 0 0 0 rg BT 129.57 261.60 Td (other ) Tj ET Q q 0 0 0 rg BT 151.42 261.60 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 207.13 261.60 Td (ARI ) Tj ET Q q 0 0 0 rg BT 225.65 261.60 Td (is ) Tj ET Q q 0 0 0 rg BT 233.61 261.60 Td (also ) Tj ET Q q 0 0 0 rg BT 251.02 261.60 Td (authorized ) Tj ET Q q 0 0 0 rg BT 294.52 261.60 Td (by ) Tj ET Q q 0 0 0 rg BT 305.81 261.60 Td (the ) Tj ET Q q 0 0 0 rg BT 319.33 261.60 Td (Irish ) Tj ET Q q 0 0 0 rg BT 338.95 261.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 377.46 261.60 Td (Services ) Tj ET Q q 0 0 0 rg BT 412.63 261.60 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 458.08 261.60 Td (Authority ) Tj ET Q q 0 0 0 rg BT 498.26 261.60 Td (as ) Tj ET Q q 0 0 0 rg BT 507.89 261.60 Td (an ) Tj ET Q q 0 0 0 rg BT 518.62 261.60 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.60 Td (advisor ) Tj ET Q q 0 0 0 rg BT 80.96 249.60 Td (in ) Tj ET Q q 0 0 0 rg BT 90.75 249.60 Td (Ireland ) Tj ET Q q 0 0 0 rg BT 121.08 249.60 Td (and ) Tj ET Q q 0 0 0 rg BT 137.54 249.60 Td (cleared ) Tj ET Q q 0 0 0 rg BT 168.42 249.60 Td (by ) Tj ET Q q 0 0 0 rg BT 180.43 249.60 Td (the ) Tj ET Q q 0 0 0 rg BT 194.67 249.60 Td (Luxembour) Tj ET Q q 0 0 0 rg BT 241.14 249.60 Td (g ) Tj ET Q q 0 0 0 rg BT 248.16 249.60 Td (Commission ) Tj ET Q q 0 0 0 rg BT 300.74 249.60 Td (de ) Tj ET Q q 0 0 0 rg BT 312.20 249.60 Td (Surviellance ) Tj ET Q q 0 0 0 rg BT 364.19 249.60 Td (du ) Tj ET Q q 0 0 0 rg BT 376.21 249.60 Td (Secteur ) Tj ET Q q 0 0 0 rg BT 408.21 249.60 Td (Financier ) Tj ET Q q 0 0 0 rg BT 447.99 249.60 Td (as ) Tj ET Q q 0 0 0 rg BT 458.34 249.60 Td (a ) Tj ET Q q 0 0 0 rg BT 464.79 249.60 Td (manager ) Tj ET Q q 0 0 0 rg BT 501.23 249.60 Td (to ) Tj ET Q q 0 0 0 rg BT 511.03 249.60 Td (Luxembour) Tj ET Q q 0 0 0 rg BT 557.50 249.60 Td (g ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.60 Td (funds. ) Tj ET Q q 0 0 0 rg BT 75.83 237.60 Td (ARI ) Tj ET Q q 0 0 0 rg BT 95.12 237.60 Td (is ) Tj ET Q q 0 0 0 rg BT 103.86 237.60 Td (the ) Tj ET Q q 0 0 0 rg BT 118.14 237.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 164.09 237.60 Td (advisor ) Tj ET Q q 0 0 0 rg BT 195.60 237.60 Td (for ) Tj ET Q q 0 0 0 rg BT 208.87 237.60 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 248.15 237.60 Td (Research ) Tj ET Q q 0 0 0 rg BT 286.87 237.60 Td (Global ) Tj ET Q q 0 0 0 rg BT 316.15 237.60 Td (Funds ) Tj ET Q q 0 0 0 rg BT 342.67 237.60 Td (PLC, ) Tj ET Q q 0 0 0 rg BT 365.58 237.60 Td (an ) Tj ET Q q 0 0 0 rg BT 377.08 237.60 Td (open-ended ) Tj ET Q q 0 0 0 rg BT 425.79 237.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 471.74 237.60 Td (company ) Tj ET Q q 0 0 0 rg BT 510.47 237.60 Td (with ) Tj ET Q q 0 0 0 rg BT 530.31 237.60 Td (variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 78.12 225.60 Td (authorized ) Tj ET Q q 0 0 0 rg BT 122.29 225.60 Td (and ) Tj ET Q q 0 0 0 rg BT 138.69 225.60 Td (regulated ) Tj ET Q q 0 0 0 rg BT 177.86 225.60 Td (by ) Tj ET Q q 0 0 0 rg BT 189.83 225.60 Td (the ) Tj ET Q q 0 0 0 rg BT 204.02 225.60 Td (Central ) Tj ET Q q 0 0 0 rg BT 235.42 225.60 Td (Bank ) Tj ET Q q 0 0 0 rg BT 258.49 225.60 Td (of ) Tj ET Q q 0 0 0 rg BT 268.79 225.60 Td (Ireland ) Tj ET Q q 0 0 0 rg BT 299.08 225.60 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 335.48 225.60 Td (to ) Tj ET Q q 0 0 0 rg BT 345.23 225.60 Td (the ) Tj ET Q q 0 0 0 rg BT 359.41 225.60 Td (European ) Tj ET Q q 0 0 0 rg BT 399.70 225.60 Td (Communities ) Tj ET Q q 0 0 0 rg BT 455.55 225.60 Td (Regulations ) Tj ET Q q 0 0 0 rg BT 505.30 225.60 Td (\(Undertakings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.60 Td (for ) Tj ET Q q 0 0 0 rg BT 64.08 213.60 Td (Collective ) Tj ET Q q 0 0 0 rg BT 108.10 213.60 Td (Investments ) Tj ET Q q 0 0 0 rg BT 159.34 213.60 Td (in ) Tj ET Q q 0 0 0 rg BT 169.83 213.60 Td (T) Tj ET Q q 0 0 0 rg BT 175.58 213.60 Td (ransferable ) Tj ET Q q 0 0 0 rg BT 222.92 213.60 Td (Securities ) Tj ET Q q 0 0 0 rg BT 265.27 213.60 Td (or ) Tj ET Q q 0 0 0 rg BT 276.52 213.60 Td (UCITS\). ) Tj ET Q q 0 0 0 rg BT 313.51 213.60 Td (ARI ) Tj ET Q q 0 0 0 rg BT 333.66 213.60 Td (has ) Tj ET Q q 0 0 0 rg BT 349.90 213.60 Td (established ) Tj ET Q q 0 0 0 rg BT 397.26 213.60 Td (a ) Tj ET Q q 0 0 0 rg BT 404.40 213.60 Td (T) Tj ET Q q 0 0 0 rg BT 409.81 213.60 Td (okyo ) Tj ET Q q 0 0 0 rg BT 432.73 213.60 Td (of) Tj ET Q q 0 0 0 rg BT 440.88 213.60 Td (fice ) Tj ET Q q 0 0 0 rg BT 458.79 213.60 Td (which ) Tj ET Q q 0 0 0 rg BT 486.14 213.60 Td (is ) Tj ET Q q 0 0 0 rg BT 495.73 213.60 Td (a ) Tj ET Q q 0 0 0 rg BT 503.09 213.60 Td (Representative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.60 Td (Of) Tj ET Q q 0 0 0 rg BT 59.87 201.60 Td (fice ) Tj ET Q q 0 0 0 rg BT 77.12 201.60 Td (of ) Tj ET Q q 0 0 0 rg BT 87.71 201.60 Td (a ) Tj ET Q q 0 0 0 rg BT 94.41 201.60 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 127.79 201.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 173.98 201.60 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 208.47 201.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 239.06 201.60 Td (to ) Tj ET Q q 0 0 0 rg BT 249.10 201.60 Td (Japanese ) Tj ET Q q 0 0 0 rg BT 286.90 201.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 307.49 201.60 Td (and ) Tj ET Q q 0 0 0 rg BT 324.19 201.60 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 373.39 201.60 Td (PJIM ) Tj ET Q q 0 0 0 rg BT 397.33 201.60 Td (is ) Tj ET Q q 0 0 0 rg BT 406.26 201.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 447.95 201.60 Td (with ) Tj ET Q q 0 0 0 rg BT 467.99 201.60 Td (the ) Tj ET Q q 0 0 0 rg BT 482.47 201.60 Td (Commodity ) Tj ET Q q 0 0 0 rg BT 532.52 201.60 Td (Futures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.60 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 189.60 Td (rading ) Tj ET Q q 0 0 0 rg BT 83.19 189.60 Td (Commission ) Tj ET Q q 0 0 0 rg BT 136.13 189.60 Td (\(CFTC\) ) Tj ET Q q 0 0 0 rg BT 179.06 189.60 Td (and ) Tj ET Q q 0 0 0 rg BT 195.88 189.60 Td (the ) Tj ET Q q 0 0 0 rg BT 210.48 189.60 Td (National ) Tj ET Q q 0 0 0 rg BT 247.30 189.60 Td (Futures ) Tj ET Q q 0 0 0 rg BT 279.15 189.60 Td (Association ) Tj ET Q q 0 0 0 rg BT 328.75 189.60 Td (\(NF) Tj ET Q q 0 0 0 rg BT 348.56 189.60 Td (A\) ) Tj ET Q q 0 0 0 rg BT 365.93 189.60 Td (as ) Tj ET Q q 0 0 0 rg BT 376.65 189.60 Td (a ) Tj ET Q q 0 0 0 rg BT 383.47 189.60 Td (commodities ) Tj ET Q q 0 0 0 rg BT 437.51 189.60 Td (pool ) Tj ET Q q 0 0 0 rg BT 457.67 189.60 Td (operator) Tj ET Q q 0 0 0 rg BT 490.43 189.60 Td (. ) Tj ET Q q 0 0 0 rg BT 495.14 189.60 Td (The ) Tj ET Q q 0 0 0 rg BT 513.07 189.60 Td (registrations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.60 Td (with ) Tj ET Q q 0 0 0 rg BT 70.11 177.60 Td (the ) Tj ET Q q 0 0 0 rg BT 85.16 177.60 Td (CFTC ) Tj ET Q q 0 0 0 rg BT 113.00 177.60 Td (and ) Tj ET Q q 0 0 0 rg BT 130.27 177.60 Td (NF) Tj ET Q q 0 0 0 rg BT 142.31 177.60 Td (A) Tj ET Q q 0 0 0 rg BT 148.98 177.60 Td ( ) Tj ET Q q 0 0 0 rg BT 151.81 177.60 Td (allow ) Tj ET Q q 0 0 0 rg BT 176.86 177.60 Td (PJIM ) Tj ET Q q 0 0 0 rg BT 201.37 177.60 Td (to ) Tj ET Q q 0 0 0 rg BT 211.98 177.60 Td (enter ) Tj ET Q q 0 0 0 rg BT 234.80 177.60 Td (into ) Tj ET Q q 0 0 0 rg BT 253.19 177.60 Td (derivative ) Tj ET Q q 0 0 0 rg BT 296.00 177.60 Td (instruments ) Tj ET Q q 0 0 0 rg BT 345.50 177.60 Td (\(e.g, ) Tj ET Q q 0 0 0 rg BT 366.10 177.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 398.36 177.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 416.18 177.60 Td (swaps ) Tj ET Q q 0 0 0 rg BT 443.46 177.60 Td (and ) Tj ET Q q 0 0 0 rg BT 460.73 177.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 486.32 177.60 Td (default ) Tj ET Q q 0 0 0 rg BT 516.92 177.60 Td (swap ) Tj ET Q q 0 0 0 rg BT 540.30 177.60 Td (index ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.60 Td (contracts\) ) Tj ET Q q 0 0 0 rg BT 91.42 165.60 Td (to ) Tj ET Q q 0 0 0 rg BT 101.70 165.60 Td (hedge ) Tj ET Q q 0 0 0 rg BT 128.08 165.60 Td (risks ) Tj ET Q q 0 0 0 rg BT 149.47 165.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 193.06 165.60 Td (with ) Tj ET Q q 0 0 0 rg BT 213.34 165.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 243.04 165.60 Td (security ) Tj ET Q q 0 0 0 rg BT 277.20 165.60 Td (positions ) Tj ET Q q 0 0 0 rg BT 315.82 165.60 Td (of ) Tj ET Q q 0 0 0 rg BT 326.65 165.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 351.37 165.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 389.96 165.60 Td (by ) Tj ET Q q 0 0 0 rg BT 402.46 165.60 Td (PJIM.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.60 Td (Certain ) Tj ET Q q 0 0 0 rg BT 81.85 141.60 Td (of ) Tj ET Q q 0 0 0 rg BT 93.11 141.60 Td (our ) Tj ET Q q 0 0 0 rg BT 109.36 141.60 Td (businesses ) Tj ET Q q 0 0 0 rg BT 154.50 141.60 Td (also ) Tj ET Q q 0 0 0 rg BT 173.53 141.60 Td (are ) Tj ET Q q 0 0 0 rg BT 188.66 141.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 219.91 141.60 Td (to ) Tj ET Q q 0 0 0 rg BT 230.61 141.60 Td (compliance ) Tj ET Q q 0 0 0 rg BT 279.62 141.60 Td (with ) Tj ET Q q 0 0 0 rg BT 300.32 141.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 321.57 141.60 Td (and ) Tj ET Q q 0 0 0 rg BT 338.93 141.60 Td (regulations ) Tj ET Q q 0 0 0 rg BT 386.28 141.60 Td (of ) Tj ET Q q 0 0 0 rg BT 397.53 141.60 Td (U.S.federal ) Tj ET Q q 0 0 0 rg BT 448.49 141.60 Td (and ) Tj ET Q q 0 0 0 rg BT 465.85 141.60 Td (state ) Tj ET Q q 0 0 0 rg BT 487.10 141.60 Td (governments, ) Tj ET Q q 0 0 0 rg BT 544.17 141.60 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.60 Td (U.S.governments, ) Tj ET Q q 0 0 0 rg BT 126.76 129.60 Td (their ) Tj ET Q q 0 0 0 rg BT 147.91 129.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 191.26 129.60 Td (agencies ) Tj ET Q q 0 0 0 rg BT 228.51 129.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 256.88 129.60 Td (various ) Tj ET Q q 0 0 0 rg BT 289.14 129.60 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 350.82 129.60 Td (or) Tj ET Q q 0 0 0 rg BT 358.97 129.60 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 407.34 129.60 Td (or ) Tj ET Q q 0 0 0 rg BT 418.49 129.60 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 462.96 129.60 Td (governing ) Tj ET Q q 0 0 0 rg BT 506.33 129.60 Td (the ) Tj ET Q q 0 0 0 rg BT 521.37 129.60 Td (privacy ) Tj ET Q q 0 0 0 rg BT 554.17 129.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.60 Td (client ) Tj ET Q q 0 0 0 rg BT 74.91 117.60 Td (information. ) Tj ET Q q 0 0 0 rg BT 127.11 117.60 Td (Any ) Tj ET Q q 0 0 0 rg BT 147.52 117.60 Td (failure ) Tj ET Q q 0 0 0 rg BT 176.81 117.60 Td (with ) Tj ET Q q 0 0 0 rg BT 197.78 117.60 Td (respect ) Tj ET Q q 0 0 0 rg BT 229.29 117.60 Td (to ) Tj ET Q q 0 0 0 rg BT 240.26 117.60 Td (our ) Tj ET Q q 0 0 0 rg BT 256.78 117.60 Td (practices, ) Tj ET Q q 0 0 0 rg BT 298.01 117.60 Td (procedures ) Tj ET Q q 0 0 0 rg BT 345.07 117.60 Td (and ) Tj ET Q q 0 0 0 rg BT 362.70 117.60 Td (controls ) Tj ET Q q 0 0 0 rg BT 398.11 117.60 Td (in ) Tj ET Q q 0 0 0 rg BT 409.08 117.60 Td (any ) Tj ET Q q 0 0 0 rg BT 426.72 117.60 Td (of ) Tj ET Q q 0 0 0 rg BT 438.24 117.60 Td (these ) Tj ET Q q 0 0 0 rg BT 461.98 117.60 Td (areas ) Tj ET Q q 0 0 0 rg BT 485.71 117.60 Td (could ) Tj ET Q q 0 0 0 rg BT 511.12 117.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 542.64 117.60 Td (us ) Tj ET Q q 0 0 0 rg BT 554.72 117.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.60 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 93.09 105.60 Td (consequences, ) Tj ET Q q 0 0 0 rg BT 153.07 105.60 Td (including ) Tj ET Q q 0 0 0 rg BT 193.34 105.60 Td (fines, ) Tj ET Q q 0 0 0 rg BT 217.78 105.60 Td (and ) Tj ET Q q 0 0 0 rg BT 234.72 105.60 Td (potentially ) Tj ET Q q 0 0 0 rg BT 279.99 105.60 Td (other ) Tj ET Q q 0 0 0 rg BT 303.04 105.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 347.75 105.60 Td (liabilities. ) 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 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 endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 21.60 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 (2015) 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 (57) 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 (46) 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 (48) 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 (Frank E. Fairman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 619.82 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 619.82 Td (Head of Public Finance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 605.82 Td (John W. Geelan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 605.82 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 605.82 Td (General Counsel and Secretary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 591.82 Td (Jeff P. Klinefelter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 591.82 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 591.82 Td (Global Head of Equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 577.82 Td (R. Scott LaRue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 577.82 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 577.82 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 52.50 563.82 Td (Debbra L. Schoneman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 563.82 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 563.82 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 549.82 Td (M. Brad Winges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 549.82 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 549.82 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 49.50 521.75 Td (Andrew ) Tj ET Q q 0 0 0 rg BT 83.65 521.75 Td (S. ) Tj ET Q q 0 0 0 rg BT 93.62 521.75 Td (Duf) Tj ET Q q 0 0 0 rg BT 109.55 521.75 Td (f) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.88 521.75 Td ( ) Tj ET Q q 0 0 0 rg BT 114.80 521.75 Td (is ) Tj ET Q q 0 0 0 rg BT 123.38 521.75 Td (our ) Tj ET Q q 0 0 0 rg BT 138.63 521.75 Td (chairman ) Tj ET Q q 0 0 0 rg BT 177.74 521.75 Td (and ) Tj ET Q q 0 0 0 rg BT 194.09 521.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 215.99 521.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 256.22 521.75 Td (of) Tj ET Q q 0 0 0 rg BT 264.37 521.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 282.13 521.75 Td (. ) Tj ET Q q 0 0 0 rg BT 286.55 521.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 298.22 521.75 Td (. ) Tj ET Q q 0 0 0 rg BT 302.63 521.75 Td (Duf) Tj ET Q q 0 0 0 rg BT 318.00 521.75 Td (f ) Tj ET Q q 0 0 0 rg BT 323.25 521.75 Td (became ) Tj ET Q q 0 0 0 rg BT 355.69 521.75 Td (chairman ) Tj ET Q q 0 0 0 rg BT 394.81 521.75 Td (and ) Tj ET Q q 0 0 0 rg BT 411.16 521.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 433.06 521.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 473.28 521.75 Td (of) Tj ET Q q 0 0 0 rg BT 481.43 521.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 501.66 521.75 Td (of ) Tj ET Q q 0 0 0 rg BT 511.91 521.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 534.93 521.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 546.41 521.75 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 97.27 509.75 Td (following ) Tj ET Q q 0 0 0 rg BT 138.93 509.75 Td (completion ) Tj ET Q q 0 0 0 rg BT 186.70 509.75 Td (of ) Tj ET Q q 0 0 0 rg BT 197.81 509.75 Td (our ) Tj ET Q q 0 0 0 rg BT 213.91 509.75 Td (spin-of) Tj ET Q q 0 0 0 rg BT 242.06 509.75 Td (f ) Tj ET Q q 0 0 0 rg BT 248.17 509.75 Td (from ) Tj ET Q q 0 0 0 rg BT 270.38 509.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 290.94 509.75 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 327.59 509.75 Td (on ) Tj ET Q q 0 0 0 rg BT 340.37 509.75 Td (December ) Tj ET Q q 0 0 0 rg BT 384.23 509.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 399.50 509.75 Td (2003. ) Tj ET Q q 0 0 0 rg BT 424.78 509.75 Td (He ) Tj ET Q q 0 0 0 rg BT 439.22 509.75 Td (also ) Tj ET Q q 0 0 0 rg BT 458.10 509.75 Td (has ) Tj ET Q q 0 0 0 rg BT 474.21 509.75 Td (served ) Tj ET Q q 0 0 0 rg BT 503.08 509.75 Td (as ) Tj ET Q q 0 0 0 rg BT 514.19 509.75 Td (chairman ) Tj ET Q q 0 0 0 rg BT 554.17 509.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.75 Td (our ) Tj ET Q q 0 0 0 rg BT 65.22 497.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 93.71 497.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 120.53 497.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 164.03 497.75 Td (since ) Tj ET Q q 0 0 0 rg BT 186.97 497.75 Td (2003, ) Tj ET Q q 0 0 0 rg BT 211.86 497.75 Td (as ) Tj ET Q q 0 0 0 rg BT 222.58 497.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 244.96 497.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 285.66 497.75 Td (of) Tj ET Q q 0 0 0 rg BT 293.81 497.75 Td (ficer ) Tj ET Q q 0 0 0 rg BT 314.51 497.75 Td (of ) Tj ET Q q 0 0 0 rg BT 325.24 497.75 Td (our ) Tj ET Q q 0 0 0 rg BT 340.96 497.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 369.45 497.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 396.26 497.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 439.76 497.75 Td (since ) Tj ET Q q 0 0 0 rg BT 462.70 497.75 Td (2000, ) Tj ET Q q 0 0 0 rg BT 487.59 497.75 Td (and ) Tj ET Q q 0 0 0 rg BT 504.42 497.75 Td (as ) Tj ET Q q 0 0 0 rg BT 515.15 497.75 Td (president ) Tj ET Q q 0 0 0 rg BT 554.19 497.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.75 Td (our ) Tj ET Q q 0 0 0 rg BT 65.32 485.75 Td (broker ) Tj ET Q q 0 0 0 rg BT 93.92 485.75 Td (dealer ) Tj ET Q q 0 0 0 rg BT 120.83 485.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 164.44 485.75 Td (since ) Tj ET Q q 0 0 0 rg BT 187.48 485.75 Td (1996. ) Tj ET Q q 0 0 0 rg BT 212.47 485.75 Td (He ) Tj ET Q q 0 0 0 rg BT 226.63 485.75 Td (has ) Tj ET Q q 0 0 0 rg BT 242.45 485.75 Td (been ) Tj ET Q q 0 0 0 rg BT 263.82 485.75 Td (with ) Tj ET Q q 0 0 0 rg BT 284.09 485.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 307.70 485.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 319.18 485.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 337.77 485.75 Td (since ) Tj ET Q q 0 0 0 rg BT 360.81 485.75 Td (1980. ) Tj ET Q q 0 0 0 rg BT 385.80 485.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 408.30 485.75 Td (to ) Tj ET Q q 0 0 0 rg BT 418.57 485.75 Td (the ) Tj ET Q q 0 0 0 rg BT 433.28 485.75 Td (spin-of) Tj ET Q q 0 0 0 rg BT 461.43 485.75 Td (f ) Tj ET Q q 0 0 0 rg BT 467.26 485.75 Td (from ) Tj ET Q q 0 0 0 rg BT 489.19 485.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 509.47 485.75 Td (Bancorp, ) Tj ET Q q 0 0 0 rg BT 548.34 485.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 560.01 485.75 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.75 Td (Duf) Tj ET Q q 0 0 0 rg BT 64.87 473.75 Td (f ) Tj ET Q q 0 0 0 rg BT 70.70 473.75 Td (also ) Tj ET Q q 0 0 0 rg BT 89.31 473.75 Td (was ) Tj ET Q q 0 0 0 rg BT 107.36 473.75 Td (a ) Tj ET Q q 0 0 0 rg BT 114.30 473.75 Td (vice ) Tj ET Q q 0 0 0 rg BT 133.46 473.75 Td (chairman ) Tj ET Q q 0 0 0 rg BT 173.16 473.75 Td (of ) Tj ET Q q 0 0 0 rg BT 183.99 473.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 204.27 473.75 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 240.65 473.75 Td (from ) Tj ET Q q 0 0 0 rg BT 262.59 473.75 Td (1999 ) Tj ET Q q 0 0 0 rg BT 285.09 473.75 Td (through ) Tj ET Q q 0 0 0 rg BT 318.69 473.75 Td (2003.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 449.75 Td (Chad ) Tj ET Q q 0 0 0 rg BT 74.48 449.75 Td (R. ) Tj ET Q q 0 0 0 rg BT 85.98 449.75 Td (Abraham) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.88 449.75 Td ( ) Tj ET Q q 0 0 0 rg BT 127.63 449.75 Td (is ) Tj ET Q q 0 0 0 rg BT 137.04 449.75 Td (our ) Tj ET Q q 0 0 0 rg BT 153.12 449.75 Td (co-head ) Tj ET Q q 0 0 0 rg BT 187.51 449.75 Td (of ) Tj ET Q q 0 0 0 rg BT 198.58 449.75 Td (global ) Tj ET Q q 0 0 0 rg BT 226.32 449.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 272.95 449.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 307.91 449.75 Td (and ) Tj ET Q q 0 0 0 rg BT 325.09 449.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 354.48 449.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 391.38 449.75 Td (a ) Tj ET Q q 0 0 0 rg BT 398.57 449.75 Td (position ) Tj ET Q q 0 0 0 rg BT 433.54 449.75 Td (he ) Tj ET Q q 0 0 0 rg BT 445.72 449.75 Td (has ) Tj ET Q q 0 0 0 rg BT 461.79 449.75 Td (held ) Tj ET Q q 0 0 0 rg BT 481.75 449.75 Td (since ) Tj ET Q q 0 0 0 rg BT 505.04 449.75 Td (October ) Tj ET Q q 0 0 0 rg BT 540.00 449.75 Td (2010. ) Tj ET Q q 0 0 0 rg BT 565.00 449.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 72.01 437.75 Td (to ) Tj ET Q q 0 0 0 rg BT 82.31 437.75 Td (his ) Tj ET Q q 0 0 0 rg BT 96.49 437.75 Td (current ) Tj ET Q q 0 0 0 rg BT 127.32 437.75 Td (role, ) Tj ET Q q 0 0 0 rg BT 147.88 437.75 Td (he ) Tj ET Q q 0 0 0 rg BT 159.83 437.75 Td (served ) Tj ET Q q 0 0 0 rg BT 188.44 437.75 Td (as ) Tj ET Q q 0 0 0 rg BT 199.29 437.75 Td (head ) Tj ET Q q 0 0 0 rg BT 220.68 437.75 Td (of ) Tj ET Q q 0 0 0 rg BT 231.52 437.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 259.03 437.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 288.19 437.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 322.36 437.75 Td (since ) Tj ET Q q 0 0 0 rg BT 345.42 437.75 Td (November ) Tj ET Q q 0 0 0 rg BT 390.14 437.75 Td (2005. ) Tj ET Q q 0 0 0 rg BT 415.16 437.75 Td ( ) Tj ET Q q 0 0 0 rg BT 417.67 437.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 429.34 437.75 Td (.) Tj ET Q q 0 0 0 rg BT 433.79 437.75 Td (Abraham ) Tj ET Q q 0 0 0 rg BT 473.51 437.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 501.02 437.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 524.64 437.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 536.12 437.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 554.73 437.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.75 Td (1991.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 401.75 Td (Christopher ) Tj ET Q q 0 0 0 rg BT 101.05 401.75 Td (D. ) Tj ET Q q 0 0 0 rg BT 112.85 401.75 Td (Crawshaw) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.21 401.75 Td ( ) Tj ET Q q 0 0 0 rg BT 158.29 401.75 Td (is ) Tj ET Q q 0 0 0 rg BT 167.04 401.75 Td (our ) Tj ET Q q 0 0 0 rg BT 182.46 401.75 Td (head ) Tj ET Q q 0 0 0 rg BT 203.42 401.75 Td (of ) Tj ET Q q 0 0 0 rg BT 213.83 401.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 235.36 401.75 Td (management. ) Tj ET Q q 0 0 0 rg BT 291.03 401.75 Td ( ) Tj ET Q q 0 0 0 rg BT 293.11 401.75 Td (He ) Tj ET Q q 0 0 0 rg BT 306.86 401.75 Td (has ) Tj ET Q q 0 0 0 rg BT 322.27 401.75 Td (served ) Tj ET Q q 0 0 0 rg BT 350.45 401.75 Td (in ) Tj ET Q q 0 0 0 rg BT 360.32 401.75 Td (this ) Tj ET Q q 0 0 0 rg BT 376.85 401.75 Td (role ) Tj ET Q q 0 0 0 rg BT 394.48 401.75 Td (since ) Tj ET Q q 0 0 0 rg BT 417.11 401.75 Td (January ) Tj ET Q q 0 0 0 rg BT 450.29 401.75 Td (2014. ) Tj ET Q q 0 0 0 rg BT 474.88 401.75 Td ( ) Tj ET Q q 0 0 0 rg BT 476.96 401.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 488.63 401.75 Td (. ) Tj ET Q q 0 0 0 rg BT 493.21 401.75 Td (Crawshaw ) Tj ET Q q 0 0 0 rg BT 537.51 401.75 Td (joined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 72.77 389.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.25 389.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 102.51 389.75 Td (from ) Tj ET Q q 0 0 0 rg BT 123.63 389.75 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 163.02 389.75 Td (Research, ) Tj ET Q q 0 0 0 rg BT 204.33 389.75 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 224.26 389.75 Td (a ) Tj ET Q q 0 0 0 rg BT 230.86 389.75 Td (Chicago-based ) Tj ET Q q 0 0 0 rg BT 292.44 389.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 314.04 389.75 Td (management ) Tj ET Q q 0 0 0 rg BT 367.29 389.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 386.67 389.75 Td (that ) Tj ET Q q 0 0 0 rg BT 403.83 389.75 Td (we ) Tj ET Q q 0 0 0 rg BT 417.65 389.75 Td (acquired ) Tj ET Q q 0 0 0 rg BT 454.24 389.75 Td (in ) Tj ET Q q 0 0 0 rg BT 464.18 389.75 Td (2010, ) Tj ET Q q 0 0 0 rg BT 488.84 389.75 Td (where ) Tj ET Q q 0 0 0 rg BT 515.43 389.75 Td (he ) Tj ET Q q 0 0 0 rg BT 527.03 389.75 Td (had ) Tj ET Q q 0 0 0 rg BT 543.63 389.75 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.75 Td (a ) Tj ET Q q 0 0 0 rg BT 56.54 377.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 98.57 377.75 Td (director ) Tj ET Q q 0 0 0 rg BT 132.26 377.75 Td (since ) Tj ET Q q 0 0 0 rg BT 155.40 377.75 Td (2004, ) Tj ET Q q 0 0 0 rg BT 180.50 377.75 Td (having ) Tj ET Q q 0 0 0 rg BT 210.32 377.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 237.91 377.75 Td (the ) Tj ET Q q 0 0 0 rg BT 252.72 377.75 Td (company ) Tj ET Q q 0 0 0 rg BT 291.98 377.75 Td (in ) Tj ET Q q 0 0 0 rg BT 302.35 377.75 Td (2001. ) Tj ET Q q 0 0 0 rg BT 327.45 377.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 339.12 377.75 Td (. ) Tj ET Q q 0 0 0 rg BT 344.22 377.75 Td (Crawshaw ) Tj ET Q q 0 0 0 rg BT 389.03 377.75 Td (was ) Tj ET Q q 0 0 0 rg BT 407.18 377.75 Td (named ) Tj ET Q q 0 0 0 rg BT 436.43 377.75 Td (president ) Tj ET Q q 0 0 0 rg BT 475.68 377.75 Td (of ) Tj ET Q q 0 0 0 rg BT 486.04 377.75 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 525.86 377.75 Td (Research ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.75 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 365.75 Td (2012.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 341.75 Td (Frank ) Tj ET Q q 0 0 0 rg BT 77.95 341.75 Td (E. ) Tj ET Q q 0 0 0 rg BT 89.46 341.75 Td (Fairman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.14 341.75 Td ( ) Tj ET Q q 0 0 0 rg BT 128.47 341.75 Td (is ) Tj ET Q q 0 0 0 rg BT 137.47 341.75 Td (head ) Tj ET Q q 0 0 0 rg BT 158.68 341.75 Td (of ) Tj ET Q q 0 0 0 rg BT 169.34 341.75 Td (our ) Tj ET Q q 0 0 0 rg BT 185.00 341.75 Td (public ) Tj ET Q q 0 0 0 rg BT 212.33 341.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 244.08 341.75 Td (services ) Tj ET Q q 0 0 0 rg BT 278.62 341.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 317.34 341.75 Td (a ) Tj ET Q q 0 0 0 rg BT 324.11 341.75 Td (position ) Tj ET Q q 0 0 0 rg BT 358.67 341.75 Td (he ) Tj ET Q q 0 0 0 rg BT 370.44 341.75 Td (has ) Tj ET Q q 0 0 0 rg BT 386.10 341.75 Td (held ) Tj ET Q q 0 0 0 rg BT 405.65 341.75 Td (since ) Tj ET Q q 0 0 0 rg BT 428.53 341.75 Td (July ) Tj ET Q q 0 0 0 rg BT 447.53 341.75 Td (2005. ) Tj ET Q q 0 0 0 rg BT 472.36 341.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 494.70 341.75 Td (to ) Tj ET Q q 0 0 0 rg BT 504.81 341.75 Td (that, ) Tj ET Q q 0 0 0 rg BT 524.63 341.75 Td (he ) Tj ET Q q 0 0 0 rg BT 536.40 341.75 Td (served ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.75 Td (as ) Tj ET Q q 0 0 0 rg BT 61.03 329.75 Td (head ) Tj ET Q q 0 0 0 rg BT 83.10 329.75 Td (of ) Tj ET Q q 0 0 0 rg BT 94.63 329.75 Td (the ) Tj ET Q q 0 0 0 rg BT 110.05 329.75 Td (firm's ) Tj ET Q q 0 0 0 rg BT 136.16 329.75 Td (public ) Tj ET Q q 0 0 0 rg BT 164.35 329.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 196.97 329.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 244.05 329.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 279.47 329.75 Td (group ) Tj ET Q q 0 0 0 rg BT 305.99 329.75 Td (from ) Tj ET Q q 0 0 0 rg BT 328.63 329.75 Td (1991 ) Tj ET Q q 0 0 0 rg BT 351.83 329.75 Td (to ) Tj ET Q q 0 0 0 rg BT 362.81 329.75 Td (2005, ) Tj ET Q q 0 0 0 rg BT 388.50 329.75 Td (as ) Tj ET Q q 0 0 0 rg BT 400.03 329.75 Td (well ) Tj ET Q q 0 0 0 rg BT 420.45 329.75 Td (as ) Tj ET Q q 0 0 0 rg BT 431.98 329.75 Td (the ) Tj ET Q q 0 0 0 rg BT 447.39 329.75 Td (head ) Tj ET Q q 0 0 0 rg BT 469.47 329.75 Td (of ) Tj ET Q q 0 0 0 rg BT 480.99 329.75 Td (the ) Tj ET Q q 0 0 0 rg BT 496.41 329.75 Td (firm's ) Tj ET Q q 0 0 0 rg BT 522.52 329.75 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.75 Td (derivative ) Tj ET Q q 0 0 0 rg BT 91.98 317.75 Td (business ) Tj ET Q q 0 0 0 rg BT 128.37 317.75 Td (from ) Tj ET Q q 0 0 0 rg BT 150.31 317.75 Td (2002 ) Tj ET Q q 0 0 0 rg BT 172.81 317.75 Td (to ) Tj ET Q q 0 0 0 rg BT 183.09 317.75 Td (2005. ) Tj ET Q q 0 0 0 rg BT 208.09 317.75 Td (He ) Tj ET Q q 0 0 0 rg BT 222.25 317.75 Td (has ) Tj ET Q q 0 0 0 rg BT 238.08 317.75 Td (been ) Tj ET Q q 0 0 0 rg BT 259.46 317.75 Td (with ) Tj ET Q q 0 0 0 rg BT 279.73 317.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 303.34 317.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 314.82 317.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 333.42 317.75 Td (since ) Tj ET Q q 0 0 0 rg BT 356.47 317.75 Td (1983.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 293.75 Td (John ) Tj ET Q q 0 0 0 rg BT 72.26 293.75 Td (W) Tj ET Q q 0 0 0 rg BT 80.41 293.75 Td (. ) Tj ET Q q 0 0 0 rg BT 84.68 293.75 Td (Geelan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.89 293.75 Td (is ) Tj ET Q q 0 0 0 rg BT 124.32 293.75 Td (our ) Tj ET Q q 0 0 0 rg BT 139.42 293.75 Td (general ) Tj ET Q q 0 0 0 rg BT 170.61 293.75 Td (counsel ) Tj ET Q q 0 0 0 rg BT 202.93 293.75 Td (and ) Tj ET Q q 0 0 0 rg BT 219.13 293.75 Td (secretary) Tj ET Q q 0 0 0 rg BT 254.57 293.75 Td (. ) Tj ET Q q 0 0 0 rg BT 258.83 293.75 Td (He ) Tj ET Q q 0 0 0 rg BT 272.26 293.75 Td (served ) Tj ET Q q 0 0 0 rg BT 300.13 293.75 Td (as ) Tj ET Q q 0 0 0 rg BT 310.23 293.75 Td (assistant ) Tj ET Q q 0 0 0 rg BT 345.88 293.75 Td (general ) Tj ET Q q 0 0 0 rg BT 377.07 293.75 Td (counsel ) Tj ET Q q 0 0 0 rg BT 409.39 293.75 Td (and ) Tj ET Q q 0 0 0 rg BT 425.59 293.75 Td (assistant ) Tj ET Q q 0 0 0 rg BT 461.25 293.75 Td (secretary ) Tj ET Q q 0 0 0 rg BT 499.10 293.75 Td (from ) Tj ET Q q 0 0 0 rg BT 520.30 293.75 Td (November ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.75 Td (2007 ) Tj ET Q q 0 0 0 rg BT 72.00 281.75 Td (until ) Tj ET Q q 0 0 0 rg BT 92.83 281.75 Td (becoming ) Tj ET Q q 0 0 0 rg BT 134.77 281.75 Td (general ) Tj ET Q q 0 0 0 rg BT 166.69 281.75 Td (counsel ) Tj ET Q q 0 0 0 rg BT 199.74 281.75 Td (in ) Tj ET Q q 0 0 0 rg BT 210.02 281.75 Td (January ) Tj ET Q q 0 0 0 rg BT 243.62 281.75 Td (2013. ) Tj ET Q q 0 0 0 rg BT 268.62 281.75 Td ( ) Tj ET Q q 0 0 0 rg BT 271.12 281.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 282.79 281.75 Td (. ) Tj ET Q q 0 0 0 rg BT 287.79 281.75 Td (Geelan ) Tj ET Q q 0 0 0 rg BT 318.60 281.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 346.10 281.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 369.71 281.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 381.18 281.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 399.78 281.75 Td (in ) Tj ET Q q 0 0 0 rg BT 410.06 281.75 Td (2005.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 257.75 Td (Jef) Tj ET Q q 0 0 0 rg BT 62.09 257.75 Td (f ) Tj ET Q q 0 0 0 rg BT 68.03 257.75 Td (P) Tj ET Q q 0 0 0 rg BT 72.85 257.75 Td (. ) Tj ET Q q 0 0 0 rg BT 77.96 257.75 Td (Klinefelter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.84 257.75 Td ( ) Tj ET Q q 0 0 0 rg BT 124.45 257.75 Td (is ) Tj ET Q q 0 0 0 rg BT 133.72 257.75 Td (the ) Tj ET Q q 0 0 0 rg BT 148.55 257.75 Td (global ) Tj ET Q q 0 0 0 rg BT 176.15 257.75 Td (head ) Tj ET Q q 0 0 0 rg BT 197.64 257.75 Td (of ) Tj ET Q q 0 0 0 rg BT 208.58 257.75 Td (our ) Tj ET Q q 0 0 0 rg BT 224.52 257.75 Td (equities ) Tj ET Q q 0 0 0 rg BT 258.23 257.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 297.23 257.75 Td (a ) Tj ET Q q 0 0 0 rg BT 304.28 257.75 Td (position ) Tj ET Q q 0 0 0 rg BT 339.11 257.75 Td (he ) Tj ET Q q 0 0 0 rg BT 351.16 257.75 Td (has ) Tj ET Q q 0 0 0 rg BT 367.10 257.75 Td (held ) Tj ET Q q 0 0 0 rg BT 386.93 257.75 Td (since ) Tj ET Q q 0 0 0 rg BT 410.08 257.75 Td (July ) Tj ET Q q 0 0 0 rg BT 429.36 257.75 Td (2012. ) Tj ET Q q 0 0 0 rg BT 454.47 257.75 Td ( ) Tj ET Q q 0 0 0 rg BT 457.08 257.75 Td (From ) Tj ET Q q 0 0 0 rg BT 481.36 257.75 Td (May ) Tj ET Q q 0 0 0 rg BT 502.30 257.75 Td (2010 ) Tj ET Q q 0 0 0 rg BT 524.90 257.75 Td (until ) Tj ET Q q 0 0 0 rg BT 545.85 257.75 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.75 Td (2012, ) Tj ET Q q 0 0 0 rg BT 74.50 245.75 Td (he ) Tj ET Q q 0 0 0 rg BT 86.44 245.75 Td (served ) Tj ET Q q 0 0 0 rg BT 115.04 245.75 Td (as ) Tj ET Q q 0 0 0 rg BT 125.87 245.75 Td (head ) Tj ET Q q 0 0 0 rg BT 147.24 245.75 Td (of ) Tj ET Q q 0 0 0 rg BT 158.07 245.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 185.57 245.75 Td (research. ) Tj ET Q q 0 0 0 rg BT 223.88 245.75 Td ( ) Tj ET Q q 0 0 0 rg BT 226.38 245.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 238.04 245.75 Td (. ) Tj ET Q q 0 0 0 rg BT 243.04 245.75 Td (Klinefelter ) Tj ET Q q 0 0 0 rg BT 288.86 245.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 316.35 245.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 339.96 245.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 351.44 245.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 370.04 245.75 Td (in ) Tj ET Q q 0 0 0 rg BT 380.32 245.75 Td (1997 ) Tj ET Q q 0 0 0 rg BT 402.82 245.75 Td (as ) Tj ET Q q 0 0 0 rg BT 413.65 245.75 Td (a ) Tj ET Q q 0 0 0 rg BT 420.58 245.75 Td (research ) Tj ET Q q 0 0 0 rg BT 456.39 245.75 Td (analyst.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 221.75 Td (R. ) Tj ET Q q 0 0 0 rg BT 61.20 221.75 Td (Scott ) Tj ET Q q 0 0 0 rg BT 84.28 221.75 Td (LaRue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.06 221.75 Td ( ) Tj ET Q q 0 0 0 rg BT 114.59 221.75 Td (is ) Tj ET Q q 0 0 0 rg BT 123.79 221.75 Td (our ) Tj ET Q q 0 0 0 rg BT 139.65 221.75 Td (co-head ) Tj ET Q q 0 0 0 rg BT 173.82 221.75 Td (of ) Tj ET Q q 0 0 0 rg BT 184.68 221.75 Td (global ) Tj ET Q q 0 0 0 rg BT 212.20 221.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 258.61 221.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 293.36 221.75 Td (and ) Tj ET Q q 0 0 0 rg BT 310.32 221.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 339.50 221.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 376.19 221.75 Td (a ) Tj ET Q q 0 0 0 rg BT 383.15 221.75 Td (position ) Tj ET Q q 0 0 0 rg BT 417.91 221.75 Td (he ) Tj ET Q q 0 0 0 rg BT 429.88 221.75 Td (has ) Tj ET Q q 0 0 0 rg BT 445.73 221.75 Td (held ) Tj ET Q q 0 0 0 rg BT 465.48 221.75 Td (since ) Tj ET Q q 0 0 0 rg BT 488.55 221.75 Td (October ) Tj ET Q q 0 0 0 rg BT 523.29 221.75 Td (2010. ) Tj ET Q q 0 0 0 rg BT 548.32 221.75 Td ( ) Tj ET Q q 0 0 0 rg BT 550.85 221.75 Td (He ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.75 Td (had ) Tj ET Q q 0 0 0 rg BT 66.32 209.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 110.92 209.75 Td (served ) Tj ET Q q 0 0 0 rg BT 139.40 209.75 Td (as ) Tj ET Q q 0 0 0 rg BT 150.12 209.75 Td (global ) Tj ET Q q 0 0 0 rg BT 177.49 209.75 Td (co-head ) Tj ET Q q 0 0 0 rg BT 211.52 209.75 Td (of ) Tj ET Q q 0 0 0 rg BT 222.23 209.75 Td (consumer ) Tj ET Q q 0 0 0 rg BT 263.49 209.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 309.76 209.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 344.36 209.75 Td (since ) Tj ET Q q 0 0 0 rg BT 367.29 209.75 Td (February ) Tj ET Q q 0 0 0 rg BT 405.77 209.75 Td (2010, ) Tj ET Q q 0 0 0 rg BT 430.65 209.75 Td (after ) Tj ET Q q 0 0 0 rg BT 451.35 209.75 Td (having ) Tj ET Q q 0 0 0 rg BT 480.95 209.75 Td (served ) Tj ET Q q 0 0 0 rg BT 509.43 209.75 Td (as ) Tj ET Q q 0 0 0 rg BT 520.14 209.75 Td (co-head ) Tj ET Q q 0 0 0 rg BT 554.17 209.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.75 Td (consumer ) Tj ET Q q 0 0 0 rg BT 90.88 197.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 137.26 197.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 171.98 197.75 Td (since ) Tj ET Q q 0 0 0 rg BT 194.47 197.75 Td (August ) Tj ET Q q 0 0 0 rg BT 225.86 197.75 Td (2004. ) Tj ET Q q 0 0 0 rg BT 250.86 197.75 Td ( ) Tj ET Q q 0 0 0 rg BT 253.36 197.75 Td (He ) Tj ET Q q 0 0 0 rg BT 267.52 197.75 Td (has ) Tj ET Q q 0 0 0 rg BT 283.35 197.75 Td (been ) Tj ET Q q 0 0 0 rg BT 304.73 197.75 Td (with ) Tj ET Q q 0 0 0 rg BT 325.01 197.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 348.62 197.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 360.10 197.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 378.69 197.75 Td (since ) Tj ET Q q 0 0 0 rg BT 401.74 197.75 Td (2003.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 173.75 Td (Debbra ) Tj ET Q q 0 0 0 rg BT 82.05 173.75 Td (L. ) Tj ET Q q 0 0 0 rg BT 92.65 173.75 Td (Schoneman) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.55 173.75 Td ( ) Tj ET Q q 0 0 0 rg BT 143.54 173.75 Td (is ) Tj ET Q q 0 0 0 rg BT 152.21 173.75 Td (our ) Tj ET Q q 0 0 0 rg BT 167.53 173.75 Td (chief ) Tj ET Q q 0 0 0 rg BT 189.51 173.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.48 173.75 Td (of) Tj ET Q q 0 0 0 rg BT 234.63 173.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 252.40 173.75 Td (. ) Tj ET Q q 0 0 0 rg BT 256.89 173.75 Td (Ms. ) Tj ET Q q 0 0 0 rg BT 274.17 173.75 Td (Schoneman ) Tj ET Q q 0 0 0 rg BT 322.82 173.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 349.80 173.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 372.91 173.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 384.39 173.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 402.48 173.75 Td (in ) Tj ET Q q 0 0 0 rg BT 412.25 173.75 Td (1990 ) Tj ET Q q 0 0 0 rg BT 434.24 173.75 Td (and ) Tj ET Q q 0 0 0 rg BT 450.68 173.75 Td (has ) Tj ET Q q 0 0 0 rg BT 466.00 173.75 Td (held ) Tj ET Q q 0 0 0 rg BT 485.21 173.75 Td (her ) Tj ET Q q 0 0 0 rg BT 499.97 173.75 Td (current ) Tj ET Q q 0 0 0 rg BT 530.28 173.75 Td (position ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.75 Td (since ) Tj ET Q q 0 0 0 rg BT 72.07 161.75 Td (May ) Tj ET Q q 0 0 0 rg BT 92.42 161.75 Td (2008. ) Tj ET Q q 0 0 0 rg BT 116.93 161.75 Td (She ) Tj ET Q q 0 0 0 rg BT 133.95 161.75 Td (previously ) Tj ET Q q 0 0 0 rg BT 178.19 161.75 Td (served ) Tj ET Q q 0 0 0 rg BT 206.31 161.75 Td (as ) Tj ET Q q 0 0 0 rg BT 216.66 161.75 Td (treasurer ) Tj ET Q q 0 0 0 rg BT 253.65 161.75 Td (from ) Tj ET Q q 0 0 0 rg BT 274.66 161.75 Td (August ) Tj ET Q q 0 0 0 rg BT 305.57 161.75 Td (2006 ) Tj ET Q q 0 0 0 rg BT 327.59 161.75 Td (until ) Tj ET Q q 0 0 0 rg BT 347.95 161.75 Td (May ) Tj ET Q q 0 0 0 rg BT 368.29 161.75 Td (2008. ) Tj ET Q q 0 0 0 rg BT 392.81 161.75 Td ( ) Tj ET Q q 0 0 0 rg BT 394.83 161.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 416.85 161.75 Td (to ) Tj ET Q q 0 0 0 rg BT 426.65 161.75 Td (that, ) Tj ET Q q 0 0 0 rg BT 446.16 161.75 Td (she ) Tj ET Q q 0 0 0 rg BT 461.51 161.75 Td (served ) Tj ET Q q 0 0 0 rg BT 489.63 161.75 Td (as ) Tj ET Q q 0 0 0 rg BT 499.98 161.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 531.42 161.75 Td (director ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.75 Td (of ) Tj ET Q q 0 0 0 rg BT 60.85 149.75 Td (our ) Tj ET Q q 0 0 0 rg BT 77.19 149.75 Td (corporate ) Tj ET Q q 0 0 0 rg BT 117.96 149.75 Td (and ) Tj ET Q q 0 0 0 rg BT 135.42 149.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 186.21 149.75 Td (services ) Tj ET Q q 0 0 0 rg BT 221.44 149.75 Td (business ) Tj ET Q q 0 0 0 rg BT 258.35 149.75 Td (from ) Tj ET Q q 0 0 0 rg BT 280.80 149.75 Td (July ) Tj ET Q q 0 0 0 rg BT 300.49 149.75 Td (2002 ) Tj ET Q q 0 0 0 rg BT 323.50 149.75 Td (until ) Tj ET Q q 0 0 0 rg BT 344.86 149.75 Td (July ) Tj ET Q q 0 0 0 rg BT 364.54 149.75 Td (2004 ) Tj ET Q q 0 0 0 rg BT 387.56 149.75 Td (when ) Tj ET Q q 0 0 0 rg BT 412.24 149.75 Td (the ) Tj ET Q q 0 0 0 rg BT 427.47 149.75 Td (role ) Tj ET Q q 0 0 0 rg BT 446.03 149.75 Td (was ) Tj ET Q q 0 0 0 rg BT 464.60 149.75 Td (expanded ) Tj ET Q q 0 0 0 rg BT 505.93 149.75 Td (to ) Tj ET Q q 0 0 0 rg BT 516.73 149.75 Td (include ) Tj ET Q q 0 0 0 rg BT 549.18 149.75 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.75 Td (public ) Tj ET Q q 0 0 0 rg BT 77.00 137.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 108.92 137.75 Td (services ) Tj ET Q q 0 0 0 rg BT 143.63 137.75 Td (division.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 113.75 Td (M. ) Tj ET Q q 0 0 0 rg BT 63.66 113.75 Td (Brad ) Tj ET Q q 0 0 0 rg BT 86.78 113.75 Td (W) Tj ET Q q 0 0 0 rg BT 95.30 113.75 Td (inges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.97 113.75 Td ( ) Tj ET Q q 0 0 0 rg BT 119.74 113.75 Td (is ) Tj ET Q q 0 0 0 rg BT 129.17 113.75 Td (head ) Tj ET Q q 0 0 0 rg BT 150.82 113.75 Td (of ) Tj ET Q q 0 0 0 rg BT 161.91 113.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 185.22 113.75 Td (income ) Tj ET Q q 0 0 0 rg BT 217.42 113.75 Td (services, ) Tj ET Q q 0 0 0 rg BT 254.89 113.75 Td (a ) Tj ET Q q 0 0 0 rg BT 262.10 113.75 Td (position ) Tj ET Q q 0 0 0 rg BT 297.09 113.75 Td (he ) Tj ET Q q 0 0 0 rg BT 309.29 113.75 Td (has ) Tj ET Q q 0 0 0 rg BT 325.39 113.75 Td (held ) Tj ET Q q 0 0 0 rg BT 345.37 113.75 Td (since ) Tj ET Q q 0 0 0 rg BT 368.68 113.75 Td (January ) Tj ET Q q 0 0 0 rg BT 402.55 113.75 Td (2009, ) Tj ET Q q 0 0 0 rg BT 427.81 113.75 Td (and ) Tj ET Q q 0 0 0 rg BT 445.01 113.75 Td (became ) Tj ET Q q 0 0 0 rg BT 478.31 113.75 Td (head ) Tj ET Q q 0 0 0 rg BT 499.95 113.75 Td (of ) Tj ET Q q 0 0 0 rg BT 511.05 113.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 534.92 113.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 546.40 113.75 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 69.89 101.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 120.84 101.75 Td (and ) Tj ET Q q 0 0 0 rg BT 138.45 101.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 169.95 101.75 Td (in ) Tj ET Q q 0 0 0 rg BT 180.90 101.75 Td (February ) Tj ET Q q 0 0 0 rg BT 220.17 101.75 Td (2014. ) Tj ET Q q 0 0 0 rg BT 245.84 101.75 Td (Mr) Tj ET Q q 0 0 0 rg BT 257.51 101.75 Td (.) Tj ET Q q 0 0 0 rg BT 262.33 101.75 Td (W) Tj ET Q q 0 0 0 rg BT 271.37 101.75 Td (inges ) Tj ET Q q 0 0 0 rg BT 295.65 101.75 Td (joined ) Tj ET Q q 0 0 0 rg BT 323.82 101.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 348.10 101.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 359.58 101.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 378.85 101.75 Td (in ) Tj ET Q q 0 0 0 rg BT 389.80 101.75 Td (1991 ) Tj ET Q q 0 0 0 rg BT 412.97 101.75 Td (and ) Tj ET Q q 0 0 0 rg BT 430.58 101.75 Td (served ) Tj ET Q q 0 0 0 rg BT 459.86 101.75 Td (as ) Tj ET Q q 0 0 0 rg BT 471.36 101.75 Td (head ) Tj ET Q q 0 0 0 rg BT 493.41 101.75 Td (of ) Tj ET Q q 0 0 0 rg BT 504.91 101.75 Td (public ) Tj ET Q q 0 0 0 rg BT 533.08 101.75 Td (finance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.75 Td (services ) Tj ET Q q 0 0 0 rg BT 84.29 89.75 Td (sales ) Tj ET Q q 0 0 0 rg BT 106.31 89.75 Td (and ) Tj ET Q q 0 0 0 rg BT 123.33 89.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 154.24 89.75 Td (from ) Tj ET Q q 0 0 0 rg BT 176.26 89.75 Td (June ) Tj ET Q q 0 0 0 rg BT 197.18 89.75 Td (2005 ) Tj ET Q q 0 0 0 rg BT 219.76 89.75 Td (until ) Tj ET Q q 0 0 0 rg BT 240.68 89.75 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 281.03 89.75 Td (his ) Tj ET Q q 0 0 0 rg BT 295.29 89.75 Td (current ) Tj ET Q q 0 0 0 rg BT 326.18 89.75 Td (position. ) Tj ET Q q 0 0 0 rg BT 363.49 89.75 Td (Prior ) Tj ET Q q 0 0 0 rg BT 386.08 89.75 Td (to ) Tj ET Q q 0 0 0 rg BT 396.44 89.75 Td (that, ) Tj ET Q q 0 0 0 rg BT 416.52 89.75 Td (he ) Tj ET Q q 0 0 0 rg BT 428.54 89.75 Td (served ) Tj ET Q q 0 0 0 rg BT 457.22 89.75 Td (as ) Tj ET Q q 0 0 0 rg BT 468.13 89.75 Td (head ) Tj ET Q q 0 0 0 rg BT 489.59 89.75 Td (of ) Tj ET Q q 0 0 0 rg BT 500.51 89.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 543.08 89.75 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.75 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 77.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 97.26 77.75 Td (from ) Tj ET Q q 0 0 0 rg BT 119.20 77.75 Td (June ) Tj ET Q q 0 0 0 rg BT 140.03 77.75 Td (2003 ) Tj ET Q q 0 0 0 rg BT 162.53 77.75 Td (until ) Tj ET Q q 0 0 0 rg BT 183.37 77.75 Td (June ) Tj ET Q q 0 0 0 rg BT 204.20 77.75 Td (2005.) 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 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 endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 21.60 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 717.75 Td (Additional Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.42 693.75 Td (principal ) Tj ET Q q 0 0 0 rg BT 107.33 693.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 149.00 693.75 Td (of) Tj ET Q q 0 0 0 rg BT 157.15 693.75 Td (fices ) Tj ET Q q 0 0 0 rg BT 179.39 693.75 Td (are ) Tj ET Q q 0 0 0 rg BT 194.97 693.75 Td (located ) Tj ET Q q 0 0 0 rg BT 227.20 693.75 Td (at ) Tj ET Q q 0 0 0 rg BT 237.79 693.75 Td (800 ) Tj ET Q q 0 0 0 rg BT 256.15 693.75 Td (Nicollet ) Tj ET Q q 0 0 0 rg BT 291.73 693.75 Td (Mall, ) Tj ET Q q 0 0 0 rg BT 316.48 693.75 Td (Suite ) Tj ET Q q 0 0 0 rg BT 340.40 693.75 Td (1000, ) Tj ET Q q 0 0 0 rg BT 366.27 693.75 Td (Minneapolis, ) Tj ET Q q 0 0 0 rg BT 422.13 693.75 Td (Minnesota ) Tj ET Q q 0 0 0 rg BT 467.71 693.75 Td (55402, ) Tj ET Q q 0 0 0 rg BT 498.58 693.75 Td (and ) Tj ET Q q 0 0 0 rg BT 516.38 693.75 Td (our ) Tj ET Q q 0 0 0 rg BT 533.08 693.75 Td (general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.75 Td (telephone ) Tj ET Q q 0 0 0 rg BT 90.30 681.75 Td (number ) Tj ET Q q 0 0 0 rg BT 122.77 681.75 Td (is ) Tj ET Q q 0 0 0 rg BT 131.36 681.75 Td (\(612\)303-6000. ) Tj ET Q q 0 0 0 rg BT 198.14 681.75 Td (W) Tj ET Q q 0 0 0 rg BT 206.78 681.75 Td (e ) Tj ET Q q 0 0 0 rg BT 213.14 681.75 Td (maintain ) Tj ET Q q 0 0 0 rg BT 250.06 681.75 Td (an ) Tj ET Q q 0 0 0 rg BT 261.42 681.75 Td (Internet ) Tj ET Q q 0 0 0 rg BT 294.30 681.75 Td (W) Tj ET Q q 0 0 0 rg BT 302.94 681.75 Td (eb ) Tj ET Q q 0 0 0 rg BT 314.30 681.75 Td (site ) Tj ET Q q 0 0 0 rg BT 330.12 681.75 Td (at ) Tj ET Q q 0 0 0 rg BT 339.26 681.75 Td (http://www) Tj ET Q q 0 0 0 rg BT 384.16 681.75 Td (.piperjaf) Tj ET Q q 0 0 0 rg BT 417.58 681.75 Td (fray) Tj ET Q q 0 0 0 rg BT 433.03 681.75 Td (.com. ) Tj ET Q q 0 0 0 rg BT 457.03 681.75 Td (The ) Tj ET Q q 0 0 0 rg BT 474.50 681.75 Td (information ) Tj ET Q q 0 0 0 rg BT 523.64 681.75 Td (contained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.75 Td (on ) Tj ET Q q 0 0 0 rg BT 61.72 669.75 Td (and ) Tj ET Q q 0 0 0 rg BT 78.37 669.75 Td (connected ) Tj ET Q q 0 0 0 rg BT 121.12 669.75 Td (to ) Tj ET Q q 0 0 0 rg BT 131.12 669.75 Td (our ) Tj ET Q q 0 0 0 rg BT 146.50 669.75 Td (W) Tj ET Q q 0 0 0 rg BT 155.14 669.75 Td (eb ) Tj ET Q q 0 0 0 rg BT 166.80 669.75 Td (site ) Tj ET Q q 0 0 0 rg BT 182.90 669.75 Td (is ) Tj ET Q q 0 0 0 rg BT 191.79 669.75 Td (not ) Tj ET Q q 0 0 0 rg BT 206.78 669.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 259.53 669.75 Td (into ) Tj ET Q q 0 0 0 rg BT 277.30 669.75 Td (this ) Tj ET Q q 0 0 0 rg BT 293.97 669.75 Td (report. ) Tj ET Q q 0 0 0 rg BT 322.40 669.75 Td (W) Tj ET Q q 0 0 0 rg BT 331.04 669.75 Td (e ) Tj ET Q q 0 0 0 rg BT 337.70 669.75 Td (make ) Tj ET Q q 0 0 0 rg BT 361.57 669.75 Td (available ) Tj ET Q q 0 0 0 rg BT 399.87 669.75 Td (free ) Tj ET Q q 0 0 0 rg BT 417.63 669.75 Td (of ) Tj ET Q q 0 0 0 rg BT 428.17 669.75 Td (char) Tj ET Q q 0 0 0 rg BT 445.20 669.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 456.86 669.75 Td (on ) Tj ET Q q 0 0 0 rg BT 469.07 669.75 Td (or ) Tj ET Q q 0 0 0 rg BT 479.62 669.75 Td (through ) Tj ET Q q 0 0 0 rg BT 512.94 669.75 Td (our ) Tj ET Q q 0 0 0 rg BT 528.33 669.75 Td (W) Tj ET Q q 0 0 0 rg BT 536.97 669.75 Td (eb ) Tj ET Q q 0 0 0 rg BT 548.62 669.75 Td (site ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.75 Td (our ) Tj ET Q q 0 0 0 rg BT 64.86 657.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 93.55 657.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 123.35 657.75 Td (on ) Tj ET Q q 0 0 0 rg BT 135.38 657.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 159.08 657.75 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 184.16 657.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 222.29 657.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 252.09 657.75 Td (on ) Tj ET Q q 0 0 0 rg BT 264.12 657.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 287.82 657.75 Td (10-Q, ) Tj ET Q q 0 0 0 rg BT 312.90 657.75 Td (current ) Tj ET Q q 0 0 0 rg BT 343.25 657.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 373.05 657.75 Td (on ) Tj ET Q q 0 0 0 rg BT 385.08 657.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 408.78 657.75 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 428.87 657.75 Td (amendments ) Tj ET Q q 0 0 0 rg BT 481.44 657.75 Td (to ) Tj ET Q q 0 0 0 rg BT 491.25 657.75 Td (those ) Tj ET Q q 0 0 0 rg BT 514.39 657.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 544.19 657.75 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.75 Td (or ) Tj ET Q q 0 0 0 rg BT 60.03 645.75 Td (furnished ) Tj ET Q q 0 0 0 rg BT 99.99 645.75 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 136.63 645.75 Td (to ) Tj ET Q q 0 0 0 rg BT 146.60 645.75 Td (Section13\(a\) ) Tj ET Q q 0 0 0 rg BT 202.40 645.75 Td (or ) Tj ET Q q 0 0 0 rg BT 212.92 645.75 Td (15\(d\) ) Tj ET Q q 0 0 0 rg BT 236.78 645.75 Td (of ) Tj ET Q q 0 0 0 rg BT 247.31 645.75 Td (the ) Tj ET Q q 0 0 0 rg BT 261.72 645.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 303.35 645.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 344.49 645.75 Td (Act ) Tj ET Q q 0 0 0 rg BT 361.12 645.75 Td (of ) Tj ET Q q 0 0 0 rg BT 371.65 645.75 Td (1934, ) Tj ET Q q 0 0 0 rg BT 396.35 645.75 Td (and ) Tj ET Q q 0 0 0 rg BT 412.98 645.75 Td (all ) Tj ET Q q 0 0 0 rg BT 425.18 645.75 Td (other ) Tj ET Q q 0 0 0 rg BT 447.92 645.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 477.89 645.75 Td (we ) Tj ET Q q 0 0 0 rg BT 491.74 645.75 Td (file ) Tj ET Q q 0 0 0 rg BT 507.27 645.75 Td (with ) Tj ET Q q 0 0 0 rg BT 527.24 645.75 Td (the ) Tj ET Q q 0 0 0 rg BT 541.66 645.75 Td (SEC, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.75 Td (as ) Tj ET Q q 0 0 0 rg BT 60.45 633.75 Td (soon ) Tj ET Q q 0 0 0 rg BT 81.96 633.75 Td (as ) Tj ET Q q 0 0 0 rg BT 92.90 633.75 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 138.84 633.75 Td (practicable ) Tj ET Q q 0 0 0 rg BT 185.31 633.75 Td (after ) Tj ET Q q 0 0 0 rg BT 206.24 633.75 Td (we ) Tj ET Q q 0 0 0 rg BT 220.52 633.75 Td (electronically ) Tj ET Q q 0 0 0 rg BT 277.55 633.75 Td (file ) Tj ET Q q 0 0 0 rg BT 293.49 633.75 Td (these ) Tj ET Q q 0 0 0 rg BT 316.66 633.75 Td (reports ) Tj ET Q q 0 0 0 rg BT 347.04 633.75 Td (with, ) Tj ET Q q 0 0 0 rg BT 369.94 633.75 Td (or ) Tj ET Q q 0 0 0 rg BT 380.89 633.75 Td (furnish ) Tj ET Q q 0 0 0 rg BT 411.83 633.75 Td (them ) Tj ET Q q 0 0 0 rg BT 434.45 633.75 Td (to, ) Tj ET Q q 0 0 0 rg BT 447.34 633.75 Td (the ) Tj ET Q q 0 0 0 rg BT 462.18 633.75 Td (SEC. ) Tj ET Q q 0 0 0 rg BT 485.63 633.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 513.80 633.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 525.28 633.75 Td (fray) Tj ET Q q 0 0 0 rg BT 540.73 633.75 Td (, ) Tj ET Q q 0 0 0 rg BT 550.28 633.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.75 Td (Company) Tj ET Q q 0 0 0 rg BT 92.18 621.75 Td (, ) Tj ET Q q 0 0 0 rg BT 101.49 621.75 Td (registrant, ) Tj ET Q q 0 0 0 rg BT 153.00 621.75 Td (we, ) Tj ET Q q 0 0 0 rg BT 178.41 621.75 Td (us ) Tj ET Q q 0 0 0 rg BT 198.55 621.75 Td (and ) Tj ET Q q 0 0 0 rg BT 215.36 621.75 Td (our ) Tj ET Q q 0 0 0 rg BT 239.94 621.75 Td (refer ) Tj ET Q q 0 0 0 rg BT 261.18 621.75 Td (to ) Tj ET Q q 0 0 0 rg BT 271.34 621.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 294.82 621.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 306.30 621.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 324.77 621.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 372.14 621.75 Td (and ) Tj ET Q q 0 0 0 rg BT 388.95 621.75 Td (our ) Tj ET Q q 0 0 0 rg BT 404.65 621.75 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 456.57 621.75 Td (The ) Tj ET Q q 0 0 0 rg BT 474.49 621.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 497.97 621.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 509.45 621.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 527.92 621.75 Td (logo ) Tj ET Q q 0 0 0 rg BT 548.07 621.75 Td (and ) 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 64.74 609.75 Td (other ) Tj ET Q q 0 0 0 rg BT 88.31 609.75 Td (trademarks, ) Tj ET Q q 0 0 0 rg BT 138.26 609.75 Td (tradenames ) Tj ET Q q 0 0 0 rg BT 186.82 609.75 Td (and ) Tj ET Q q 0 0 0 rg BT 204.28 609.75 Td (service ) Tj ET Q q 0 0 0 rg BT 235.62 609.75 Td (marks ) Tj ET Q q 0 0 0 rg BT 263.09 609.75 Td (of ) Tj ET Q q 0 0 0 rg BT 274.44 609.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 298.57 609.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 310.05 609.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 329.18 609.75 Td (mentioned ) Tj ET Q q 0 0 0 rg BT 374.41 609.75 Td (in ) Tj ET Q q 0 0 0 rg BT 385.22 609.75 Td (this ) Tj ET Q q 0 0 0 rg BT 402.69 609.75 Td (report, ) Tj ET Q q 0 0 0 rg BT 432.09 609.75 Td (including ) Tj ET Q q 0 0 0 rg BT 472.89 609.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 497.02 609.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 508.50 609.75 Td (fray) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 524.60 614.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.54 609.75 Td (, ) Tj ET Q q 0 0 0 rg BT 535.06 609.75 Td (are ) Tj ET Q q 0 0 0 rg BT 550.30 609.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.75 Td (property ) Tj ET Q q 0 0 0 rg BT 85.88 597.75 Td (of ) Tj ET Q q 0 0 0 rg BT 96.71 597.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 120.32 597.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 131.79 597.75 Td (fray) Tj ET Q q 0 0 0 rg BT 147.24 597.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 573.75 Td (ITEM1A. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 105.89 573.75 Td (RISK ) Tj ET Q q 0 0 0 rg BT 131.18 573.75 Td (F) Tj ET Q q 0 0 0 rg BT 136.94 573.75 Td (ACT) Tj ET Q q 0 0 0 rg BT 156.20 573.75 Td (ORS. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 549.75 Td (Developments ) Tj ET Q q 0 0 0 rg BT 109.83 549.75 Td (in ) Tj ET Q q 0 0 0 rg BT 120.74 549.75 Td (market ) Tj ET Q q 0 0 0 rg BT 152.19 549.75 Td (and ) Tj ET Q q 0 0 0 rg BT 170.32 549.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 212.32 549.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 257.68 549.75 Td (have ) Tj ET Q q 0 0 0 rg BT 279.68 549.75 Td (in ) Tj ET Q q 0 0 0 rg BT 290.59 549.75 Td (the ) Tj ET Q q 0 0 0 rg BT 305.94 549.75 Td (past ) Tj ET Q q 0 0 0 rg BT 325.17 549.75 Td (adversely ) Tj ET Q q 0 0 0 rg BT 366.06 549.75 Td (af) Tj ET Q q 0 0 0 rg BT 374.21 549.75 Td (fected, ) Tj ET Q q 0 0 0 rg BT 403.70 549.75 Td (and ) Tj ET Q q 0 0 0 rg BT 421.83 549.75 Td (may ) Tj ET Q q 0 0 0 rg BT 441.61 549.75 Td (in ) Tj ET Q q 0 0 0 rg BT 452.52 549.75 Td (the ) Tj ET Q q 0 0 0 rg BT 467.86 549.75 Td (future ) Tj ET Q q 0 0 0 rg BT 495.99 549.75 Td (adversely ) Tj ET Q q 0 0 0 rg BT 536.88 549.75 Td (af) Tj ET Q q 0 0 0 rg BT 545.02 549.75 Td (fect, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 537.75 Td (our ) Tj ET Q q 0 0 0 rg BT 66.45 537.75 Td (business ) Tj ET Q q 0 0 0 rg BT 103.97 537.75 Td (and ) Tj ET Q q 0 0 0 rg BT 122.03 537.75 Td (profitability ) Tj ET Q q 0 0 0 rg BT 172.86 537.75 Td (and ) Tj ET Q q 0 0 0 rg BT 190.92 537.75 Td (cause ) Tj ET Q q 0 0 0 rg BT 216.75 537.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 254.80 537.75 Td (in ) Tj ET Q q 0 0 0 rg BT 265.64 537.75 Td (our ) Tj ET Q q 0 0 0 rg BT 282.59 537.75 Td (results ) Tj ET Q q 0 0 0 rg BT 312.32 537.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.15 537.75 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.75 Td (Economic ) Tj ET Q q 0 0 0 rg BT 92.95 513.75 Td (and ) Tj ET Q q 0 0 0 rg BT 110.30 513.75 Td (market ) Tj ET Q q 0 0 0 rg BT 140.97 513.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 185.54 513.75 Td (have ) Tj ET Q q 0 0 0 rg BT 207.32 513.75 Td (had, ) Tj ET Q q 0 0 0 rg BT 227.17 513.75 Td (and ) Tj ET Q q 0 0 0 rg BT 244.52 513.75 Td (will ) Tj ET Q q 0 0 0 rg BT 262.98 513.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 300.32 513.75 Td (to ) Tj ET Q q 0 0 0 rg BT 311.01 513.75 Td (have, ) Tj ET Q q 0 0 0 rg BT 335.29 513.75 Td (a ) Tj ET Q q 0 0 0 rg BT 342.64 513.75 Td (direct ) Tj ET Q q 0 0 0 rg BT 368.31 513.75 Td (and ) Tj ET Q q 0 0 0 rg BT 385.66 513.75 Td (material ) Tj ET Q q 0 0 0 rg BT 421.32 513.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 451.44 513.75 Td (on ) Tj ET Q q 0 0 0 rg BT 464.35 513.75 Td (our ) Tj ET Q q 0 0 0 rg BT 480.59 513.75 Td (results ) Tj ET Q q 0 0 0 rg BT 509.60 513.75 Td (of ) Tj ET Q q 0 0 0 rg BT 520.84 513.75 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.75 Td (and ) Tj ET Q q 0 0 0 rg BT 67.17 501.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 105.37 501.75 Td (condition ) Tj ET Q q 0 0 0 rg BT 146.37 501.75 Td (because ) Tj ET Q q 0 0 0 rg BT 181.24 501.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 234.99 501.75 Td (in ) Tj ET Q q 0 0 0 rg BT 246.00 501.75 Td (the ) Tj ET Q q 0 0 0 rg BT 261.44 501.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 299.65 501.75 Td (services ) Tj ET Q q 0 0 0 rg BT 335.08 501.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 371.09 501.75 Td (is ) Tj ET Q q 0 0 0 rg BT 380.98 501.75 Td (heavily ) Tj ET Q q 0 0 0 rg BT 413.64 501.75 Td (influenced ) Tj ET Q q 0 0 0 rg BT 459.07 501.75 Td (by ) Tj ET Q q 0 0 0 rg BT 472.30 501.75 Td (the ) Tj ET Q q 0 0 0 rg BT 487.74 501.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 518.73 501.75 Td (strength ) Tj ET Q q 0 0 0 rg BT 554.18 501.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 90.87 489.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 135.04 489.75 Td (and ) Tj ET Q q 0 0 0 rg BT 151.98 489.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 189.46 489.75 Td (market ) Tj ET Q q 0 0 0 rg BT 219.72 489.75 Td (activity) Tj ET Q q 0 0 0 rg BT 249.06 489.75 Td (. ) Tj ET Q q 0 0 0 rg BT 254.06 489.75 Td (For ) Tj ET Q q 0 0 0 rg BT 270.45 489.75 Td (example:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 477.75 Td ( ) Tj ET Q q 0 0 0 rg BT 70.00 477.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 465.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 84.71 465.75 Td (equities ) Tj ET Q q 0 0 0 rg BT 117.48 465.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 163.02 465.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 196.89 465.75 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 232.70 465.75 Td (in ) Tj ET Q q 0 0 0 rg BT 242.14 465.75 Td (the ) Tj ET Q q 0 0 0 rg BT 256.02 465.75 Td (form ) Tj ET Q q 0 0 0 rg BT 277.11 465.75 Td (of ) Tj ET Q q 0 0 0 rg BT 287.10 465.75 Td (underwriting, ) Tj ET Q q 0 0 0 rg BT 342.92 465.75 Td (placement ) Tj ET Q q 0 0 0 rg BT 385.67 465.75 Td (and ) Tj ET Q q 0 0 0 rg BT 401.77 465.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 438.41 465.75 Td (advisory ) Tj ET Q q 0 0 0 rg BT 474.51 465.75 Td (fees, ) Tj ET Q q 0 0 0 rg BT 494.77 465.75 Td (is ) Tj ET Q q 0 0 0 rg BT 503.10 465.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 535.30 465.75 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 453.75 Td (to ) Tj ET Q q 0 0 0 rg BT 78.38 453.75 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 145.33 453.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 190.10 453.75 Td (and ) Tj ET Q q 0 0 0 rg BT 207.64 453.75 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 267.94 453.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 306.02 453.75 Td (market ) Tj ET Q q 0 0 0 rg BT 336.89 453.75 Td (activity) Tj ET Q q 0 0 0 rg BT 366.23 453.75 Td (. ) Tj ET Q q 0 0 0 rg BT 371.14 453.75 Td (As ) Tj ET Q q 0 0 0 rg BT 385.36 453.75 Td (an ) Tj ET Q q 0 0 0 rg BT 397.90 453.75 Td (example, ) Tj ET Q q 0 0 0 rg BT 437.37 453.75 Td (a ) Tj ET Q q 0 0 0 rg BT 444.90 453.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 490.22 453.75 Td (component ) Tj ET Q q 0 0 0 rg BT 537.75 453.75 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 453.75 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 441.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 114.50 441.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 149.83 441.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 188.48 441.75 Td (are ) Tj ET Q q 0 0 0 rg BT 203.80 441.75 Td (derived ) Tj ET Q q 0 0 0 rg BT 236.90 441.75 Td (from ) Tj ET Q q 0 0 0 rg BT 259.45 441.75 Td (initial ) Tj ET Q q 0 0 0 rg BT 285.90 441.75 Td (public ) Tj ET Q q 0 0 0 rg BT 314.01 441.75 Td (of) Tj ET Q q 0 0 0 rg BT 322.16 441.75 Td (ferings ) Tj ET Q q 0 0 0 rg BT 353.04 441.75 Td (of ) Tj ET Q q 0 0 0 rg BT 364.48 441.75 Td (middle-market ) Tj ET Q q 0 0 0 rg BT 426.46 441.75 Td (companies ) Tj ET Q q 0 0 0 rg BT 472.34 441.75 Td (in ) Tj ET Q q 0 0 0 rg BT 483.23 441.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 514.68 441.75 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 548.06 441.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 429.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 99.20 429.75 Td (in ) Tj ET Q q 0 0 0 rg BT 108.68 429.75 Td (this ) Tj ET Q q 0 0 0 rg BT 124.84 429.75 Td (area ) Tj ET Q q 0 0 0 rg BT 143.19 429.75 Td (is ) Tj ET Q q 0 0 0 rg BT 151.57 429.75 Td (highly ) Tj ET Q q 0 0 0 rg BT 178.84 429.75 Td (correlated ) Tj ET Q q 0 0 0 rg BT 220.52 429.75 Td (to ) Tj ET Q q 0 0 0 rg BT 230.00 429.75 Td (the ) Tj ET Q q 0 0 0 rg BT 243.93 429.75 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 309.49 429.75 Td (environment. ) Tj ET Q q 0 0 0 rg BT 364.24 429.75 Td (Even ) Tj ET Q q 0 0 0 rg BT 386.50 429.75 Td (though ) Tj ET Q q 0 0 0 rg BT 415.98 429.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 442.69 429.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 476.05 429.75 Td (were ) Tj ET Q q 0 0 0 rg BT 497.19 429.75 Td (strong, ) Tj ET Q q 0 0 0 rg BT 526.39 429.75 Td (volatility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 417.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 107.89 417.75 Td (was ) Tj ET Q q 0 0 0 rg BT 126.63 417.75 Td (low) Tj ET Q q 0 0 0 rg BT 140.98 417.75 Td (, ) Tj ET Q q 0 0 0 rg BT 146.67 417.75 Td (and ) Tj ET Q q 0 0 0 rg BT 164.30 417.75 Td (the ) Tj ET Q q 0 0 0 rg BT 179.71 417.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 200.68 417.75 Td (economy ) Tj ET Q q 0 0 0 rg BT 240.53 417.75 Td (showed ) Tj ET Q q 0 0 0 rg BT 274.27 417.75 Td (signs ) Tj ET Q q 0 0 0 rg BT 298.02 417.75 Td (of ) Tj ET Q q 0 0 0 rg BT 309.54 417.75 Td (improvement ) Tj ET Q q 0 0 0 rg BT 366.05 417.75 Td (in ) Tj ET Q q 0 0 0 rg BT 377.02 417.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 402.71 417.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 434.23 417.75 Td (has ) Tj ET Q q 0 0 0 rg BT 450.75 417.75 Td (been ) Tj ET Q q 0 0 0 rg BT 472.82 417.75 Td (uneven ) Tj ET Q q 0 0 0 rg BT 504.88 417.75 Td (across ) Tj ET Q q 0 0 0 rg BT 533.06 417.75 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 405.75 Td (sectors. ) Tj ET Q q 0 0 0 rg BT 99.56 405.75 Td ( ) Tj ET Q q 0 0 0 rg BT 101.35 405.75 Td (In ) Tj ET Q q 0 0 0 rg BT 111.47 405.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 148.54 405.75 Td (the ) Tj ET Q q 0 0 0 rg BT 162.55 405.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 182.12 405.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 222.79 405.75 Td (recovery ) Tj ET Q q 0 0 0 rg BT 259.56 405.75 Td (and ) Tj ET Q q 0 0 0 rg BT 275.79 405.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 312.56 405.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 346.01 405.75 Td (remain ) Tj ET Q q 0 0 0 rg BT 375.56 405.75 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 419.56 405.75 Td (to ) Tj ET Q q 0 0 0 rg BT 429.13 405.75 Td (the ) Tj ET Q q 0 0 0 rg BT 443.13 405.75 Td (possible ) Tj ET Q q 0 0 0 rg BT 477.71 405.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 498.39 405.75 Td (posed ) Tj ET Q q 0 0 0 rg BT 523.51 405.75 Td (by ) Tj ET Q q 0 0 0 rg BT 535.30 405.75 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 393.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 107.78 393.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 150.86 393.75 Td (or ) Tj ET Q q 0 0 0 rg BT 160.60 393.75 Td (exogenous ) Tj ET Q q 0 0 0 rg BT 204.78 393.75 Td (shocks, ) Tj ET Q q 0 0 0 rg BT 235.91 393.75 Td (which ) Tj ET Q q 0 0 0 rg BT 261.76 393.75 Td (could ) Tj ET Q q 0 0 0 rg BT 285.39 393.75 Td (include, ) Tj ET Q q 0 0 0 rg BT 318.74 393.75 Td (among ) Tj ET Q q 0 0 0 rg BT 347.36 393.75 Td (other ) Tj ET Q q 0 0 0 rg BT 369.32 393.75 Td (things, ) Tj ET Q q 0 0 0 rg BT 397.68 393.75 Td (the ) Tj ET Q q 0 0 0 rg BT 411.31 393.75 Td (possibility ) Tj ET Q q 0 0 0 rg BT 454.39 393.75 Td (of ) Tj ET Q q 0 0 0 rg BT 464.14 393.75 Td (slowing ) Tj ET Q q 0 0 0 rg BT 497.22 393.75 Td (global ) Tj ET Q q 0 0 0 rg BT 523.62 393.75 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 381.75 Td (growth, ) Tj ET Q q 0 0 0 rg BT 101.73 381.75 Td (tepid ) Tj ET Q q 0 0 0 rg BT 125.13 381.75 Td (wage ) Tj ET Q q 0 0 0 rg BT 149.63 381.75 Td (and ) Tj ET Q q 0 0 0 rg BT 167.47 381.75 Td (consumer ) Tj ET Q q 0 0 0 rg BT 209.74 381.75 Td (spending ) Tj ET Q q 0 0 0 rg BT 249.25 381.75 Td (growth, ) Tj ET Q q 0 0 0 rg BT 283.48 381.75 Td (deflation ) Tj ET Q q 0 0 0 rg BT 322.43 381.75 Td (and ) Tj ET Q q 0 0 0 rg BT 340.27 381.75 Td (stagnation ) Tj ET Q q 0 0 0 rg BT 384.77 381.75 Td (in ) Tj ET Q q 0 0 0 rg BT 395.95 381.75 Td (the ) Tj ET Q q 0 0 0 rg BT 411.57 381.75 Td (European ) Tj ET Q q 0 0 0 rg BT 453.28 381.75 Td (Union, ) Tj ET Q q 0 0 0 rg BT 484.18 381.75 Td (a ) Tj ET Q q 0 0 0 rg BT 492.02 381.75 Td (resur) Tj ET Q q 0 0 0 rg BT 511.83 381.75 Td (gence ) Tj ET Q q 0 0 0 rg BT 538.55 381.75 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 381.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 369.75 Td (European ) Tj ET Q q 0 0 0 rg BT 108.32 369.75 Td (sovereign ) Tj ET Q q 0 0 0 rg BT 149.71 369.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 169.44 369.75 Td (crisis, ) Tj ET Q q 0 0 0 rg BT 195.55 369.75 Td (and ) Tj ET Q q 0 0 0 rg BT 212.50 369.75 Td (the ) Tj ET Q q 0 0 0 rg BT 227.23 369.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 269.17 369.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 306.67 369.75 Td (for ) Tj ET Q q 0 0 0 rg BT 320.84 369.75 Td (a ) Tj ET Q q 0 0 0 rg BT 327.78 369.75 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 381.38 369.75 Td (in ) Tj ET Q q 0 0 0 rg BT 391.67 369.75 Td (global ) Tj ET Q q 0 0 0 rg BT 419.17 369.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 460.55 369.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 504.73 369.75 Td (as ) Tj ET Q q 0 0 0 rg BT 515.57 369.75 Td (a ) Tj ET Q q 0 0 0 rg BT 522.51 369.75 Td (result ) Tj ET Q q 0 0 0 rg BT 547.24 369.75 Td (of ) Tj ET Q q 0 0 0 rg BT 558.08 369.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 357.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 112.06 357.75 Td (downturn ) Tj ET Q q 0 0 0 rg BT 152.74 357.75 Td (in ) Tj ET Q q 0 0 0 rg BT 162.87 357.75 Td (one ) Tj ET Q q 0 0 0 rg BT 179.65 357.75 Td (or ) Tj ET Q q 0 0 0 rg BT 190.33 357.75 Td (more ) Tj ET Q q 0 0 0 rg BT 213.23 357.75 Td (major ) Tj ET Q q 0 0 0 rg BT 238.90 357.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 280.12 357.75 Td (regions. ) Tj ET Q q 0 0 0 rg BT 314.41 357.75 Td (If ) Tj ET Q q 0 0 0 rg BT 323.42 357.75 Td (these ) Tj ET Q q 0 0 0 rg BT 346.31 357.75 Td (factors ) Tj ET Q q 0 0 0 rg BT 375.87 357.75 Td (were ) Tj ET Q q 0 0 0 rg BT 397.65 357.75 Td (to ) Tj ET Q q 0 0 0 rg BT 407.77 357.75 Td (worsen ) Tj ET Q q 0 0 0 rg BT 439.00 357.75 Td (or ) Tj ET Q q 0 0 0 rg BT 449.68 357.75 Td (if ) Tj ET Q q 0 0 0 rg BT 458.14 357.75 Td (an ) Tj ET Q q 0 0 0 rg BT 469.93 357.75 Td (exogenous ) Tj ET Q q 0 0 0 rg BT 515.04 357.75 Td ( ) Tj ET Q q 0 0 0 rg BT 517.39 357.75 Td (shock ) Tj ET Q q 0 0 0 rg BT 543.07 357.75 Td (were ) 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 77.46 345.75 Td (materialize, ) Tj ET Q q 0 0 0 rg BT 126.55 345.75 Td (it ) Tj ET Q q 0 0 0 rg BT 134.28 345.75 Td (could ) Tj ET Q q 0 0 0 rg BT 158.67 345.75 Td (lead ) Tj ET Q q 0 0 0 rg BT 177.50 345.75 Td (to ) Tj ET Q q 0 0 0 rg BT 187.46 345.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 214.63 345.75 Td (market ) Tj ET Q q 0 0 0 rg BT 244.57 345.75 Td (declines ) Tj ET Q q 0 0 0 rg BT 279.51 345.75 Td (and ) Tj ET Q q 0 0 0 rg BT 296.13 345.75 Td (volatility) Tj ET Q q 0 0 0 rg BT 331.59 345.75 Td (, ) Tj ET Q q 0 0 0 rg BT 336.26 345.75 Td (which ) Tj ET Q q 0 0 0 rg BT 362.88 345.75 Td (would ) Tj ET Q q 0 0 0 rg BT 390.06 345.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 415.01 345.75 Td (have ) Tj ET Q q 0 0 0 rg BT 436.06 345.75 Td (a ) Tj ET Q q 0 0 0 rg BT 442.67 345.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 487.06 345.75 Td (negative ) Tj ET Q q 0 0 0 rg BT 523.11 345.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 552.50 345.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 333.75 Td (our ) Tj ET Q q 0 0 0 rg BT 83.33 333.75 Td (results ) Tj ET Q q 0 0 0 rg BT 111.94 333.75 Td (of ) Tj ET Q q 0 0 0 rg BT 122.77 333.75 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 309.75 Td (Although ) Tj ET Q q 0 0 0 rg BT 107.87 309.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 139.89 309.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 161.35 309.75 Td (gradually ) Tj ET Q q 0 0 0 rg BT 201.70 309.75 Td (declined ) Tj ET Q q 0 0 0 rg BT 238.16 309.75 Td (throughout ) Tj ET Q q 0 0 0 rg BT 284.64 309.75 Td (2014 ) Tj ET Q q 0 0 0 rg BT 307.23 309.75 Td (as ) Tj ET Q q 0 0 0 rg BT 318.14 309.75 Td (a ) Tj ET Q q 0 0 0 rg BT 325.17 309.75 Td (result ) Tj ET Q q 0 0 0 rg BT 349.98 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 360.89 309.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 402.92 309.75 Td (high ) Tj ET Q q 0 0 0 rg BT 423.28 309.75 Td (demand ) Tj ET Q q 0 0 0 rg BT 457.52 309.75 Td (for ) Tj ET Q q 0 0 0 rg BT 471.77 309.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 491.96 309.75 Td (T) Tj ET Q q 0 0 0 rg BT 497.71 309.75 Td (reasuries ) Tj ET Q q 0 0 0 rg BT 535.84 309.75 Td (amidst ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 297.75 Td (slowing ) Tj ET Q q 0 0 0 rg BT 101.37 297.75 Td (global ) Tj ET Q q 0 0 0 rg BT 128.56 297.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 169.64 297.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 200.17 297.75 Td (and ) Tj ET Q q 0 0 0 rg BT 216.80 297.75 Td (a ) Tj ET Q q 0 0 0 rg BT 223.44 297.75 Td (variety ) Tj ET Q q 0 0 0 rg BT 253.41 297.75 Td (of ) Tj ET Q q 0 0 0 rg BT 263.94 297.75 Td (perceived ) Tj ET Q q 0 0 0 rg BT 305.00 297.75 Td (geopolitical ) Tj ET Q q 0 0 0 rg BT 354.40 297.75 Td (risks, ) Tj ET Q q 0 0 0 rg BT 378.00 297.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 409.63 297.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 426.81 297.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 465.12 297.75 Td (in ) Tj ET Q q 0 0 0 rg BT 475.10 297.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 499.80 297.75 Td (especially ) Tj ET Q q 0 0 0 rg BT 541.98 297.75 Td (if ) Tj ET Q q 0 0 0 rg BT 550.29 297.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 285.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 101.43 285.75 Td (are ) Tj ET Q q 0 0 0 rg BT 115.36 285.75 Td (rapid ) Tj ET Q q 0 0 0 rg BT 137.63 285.75 Td (or ) Tj ET Q q 0 0 0 rg BT 147.69 285.75 Td (severe, ) Tj ET Q q 0 0 0 rg BT 177.45 285.75 Td (could ) Tj ET Q q 0 0 0 rg BT 201.39 285.75 Td (negatively ) Tj ET Q q 0 0 0 rg BT 244.76 285.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 273.70 285.75 Td (our ) Tj ET Q q 0 0 0 rg BT 288.75 285.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 311.02 285.75 Td (income ) Tj ET Q q 0 0 0 rg BT 342.18 285.75 Td (institutional ) Tj ET Q q 0 0 0 rg BT 391.68 285.75 Td (business. ) Tj ET Q q 0 0 0 rg BT 429.41 285.75 Td (As ) Tj ET Q q 0 0 0 rg BT 442.25 285.75 Td (an ) Tj ET Q q 0 0 0 rg BT 453.41 285.75 Td (example, ) Tj ET Q q 0 0 0 rg BT 491.51 285.75 Td (a ) Tj ET Q q 0 0 0 rg BT 497.67 285.75 Td (lar) Tj ET Q q 0 0 0 rg BT 508.04 285.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 519.20 285.75 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 273.75 Td (of ) Tj ET Q q 0 0 0 rg BT 78.56 273.75 Td (our ) Tj ET Q q 0 0 0 rg BT 94.63 273.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 135.13 273.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 176.19 273.75 Td (- ) Tj ET Q q 0 0 0 rg BT 182.25 273.75 Td (both ) Tj ET Q q 0 0 0 rg BT 202.76 273.75 Td (that ) Tj ET Q q 0 0 0 rg BT 220.49 273.75 Td (held ) Tj ET Q q 0 0 0 rg BT 240.44 273.75 Td (for ) Tj ET Q q 0 0 0 rg BT 254.84 273.75 Td (facilitating ) Tj ET Q q 0 0 0 rg BT 300.89 273.75 Td (client ) Tj ET Q q 0 0 0 rg BT 325.83 273.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 358.56 273.75 Td (as ) Tj ET Q q 0 0 0 rg BT 369.62 273.75 Td (well ) Tj ET Q q 0 0 0 rg BT 389.58 273.75 Td (as ) Tj ET Q q 0 0 0 rg BT 400.64 273.75 Td (our ) Tj ET Q q 0 0 0 rg BT 416.70 273.75 Td (own ) Tj ET Q q 0 0 0 rg BT 436.66 273.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 483.82 273.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 514.88 273.75 Td (- ) Tj ET Q q 0 0 0 rg BT 520.94 273.75 Td ( ) Tj ET Q q 0 0 0 rg BT 523.68 273.75 Td (consist ) Tj ET Q q 0 0 0 rg BT 554.19 273.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 261.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 89.74 261.75 Td (income ) Tj ET Q q 0 0 0 rg BT 120.87 261.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 162.83 261.75 Td (and ) Tj ET Q q 0 0 0 rg BT 178.97 261.75 Td (a ) Tj ET Q q 0 0 0 rg BT 185.10 261.75 Td (rapid ) Tj ET Q q 0 0 0 rg BT 207.35 261.75 Td (increase ) Tj ET Q q 0 0 0 rg BT 241.80 261.75 Td (in ) Tj ET Q q 0 0 0 rg BT 251.27 261.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 282.40 261.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 302.98 261.75 Td (would ) Tj ET Q q 0 0 0 rg BT 329.68 261.75 Td (decrease ) Tj ET Q q 0 0 0 rg BT 365.79 261.75 Td (the ) Tj ET Q q 0 0 0 rg BT 379.70 261.75 Td (value ) Tj ET Q q 0 0 0 rg BT 403.05 261.75 Td (of ) Tj ET Q q 0 0 0 rg BT 413.08 261.75 Td (these ) Tj ET Q q 0 0 0 rg BT 435.32 261.75 Td (positions, ) Tj ET Q q 0 0 0 rg BT 475.64 261.75 Td (possibly ) Tj ET Q q 0 0 0 rg BT 510.67 261.75 Td (significantly) Tj ET Q q 0 0 0 rg BT 560.01 261.75 Td (. ) Tj ET Q q 0 0 0 rg BT 565.01 261.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 249.75 Td (Further) Tj ET Q q 0 0 0 rg BT 96.54 249.75 Td (, ) Tj ET Q q 0 0 0 rg BT 101.91 249.75 Td (our ) Tj ET Q q 0 0 0 rg BT 118.12 249.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 150.42 249.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 168.28 249.75 Td (hedging ) Tj ET Q q 0 0 0 rg BT 203.37 249.75 Td (strategies ) Tj ET Q q 0 0 0 rg BT 244.01 249.75 Td (may ) Tj ET Q q 0 0 0 rg BT 264.10 249.75 Td (not ) Tj ET Q q 0 0 0 rg BT 279.75 249.75 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 315.39 249.75 Td (this ) Tj ET Q q 0 0 0 rg BT 332.71 249.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 371.70 249.75 Td (as ) Tj ET Q q 0 0 0 rg BT 382.90 249.75 Td (we ) Tj ET Q q 0 0 0 rg BT 397.43 249.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 437.51 249.75 Td (do ) Tj ET Q q 0 0 0 rg BT 450.38 249.75 Td (not ) Tj ET Q q 0 0 0 rg BT 466.04 249.75 Td (hedge ) Tj ET Q q 0 0 0 rg BT 492.79 249.75 Td (all ) Tj ET Q q 0 0 0 rg BT 505.65 249.75 Td (of ) Tj ET Q q 0 0 0 rg BT 516.86 249.75 Td (our ) Tj ET Q q 0 0 0 rg BT 533.06 249.75 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 237.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 85.72 237.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 103.96 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 121.63 237.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 160.98 237.75 Td (may ) Tj ET Q q 0 0 0 rg BT 181.43 237.75 Td (reduce ) Tj ET Q q 0 0 0 rg BT 211.31 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 226.77 237.75 Td (correlation ) Tj ET Q q 0 0 0 rg BT 273.31 237.75 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 294.60 237.75 Td (ef) Tj ET Q q 0 0 0 rg BT 302.18 237.75 Td (fectiveness\) ) Tj ET Q q 0 0 0 rg BT 353.17 237.75 Td (between ) Tj ET Q q 0 0 0 rg BT 389.73 237.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 420.16 237.75 Td (hedging ) Tj ET Q q 0 0 0 rg BT 455.62 237.75 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 491.62 237.75 Td (and ) Tj ET Q q 0 0 0 rg BT 509.29 237.75 Td (the ) Tj ET Q q 0 0 0 rg BT 524.75 237.75 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 225.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 107.47 225.75 Td (we ) Tj ET Q q 0 0 0 rg BT 120.78 225.75 Td (are ) Tj ET Q q 0 0 0 rg BT 134.63 225.75 Td (attempting ) Tj ET Q q 0 0 0 rg BT 179.05 225.75 Td (to ) Tj ET Q q 0 0 0 rg BT 188.47 225.75 Td (hedge. ) Tj ET Q q 0 0 0 rg BT 216.50 225.75 Td (In ) Tj ET Q q 0 0 0 rg BT 226.48 225.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 263.40 225.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 294.48 225.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 311.11 225.75 Td (increases ) Tj ET Q q 0 0 0 rg BT 349.40 225.75 Td (in ) Tj ET Q q 0 0 0 rg BT 358.83 225.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 382.97 225.75 Td (both ) Tj ET Q q 0 0 0 rg BT 402.40 225.75 Td (gradual ) Tj ET Q q 0 0 0 rg BT 434.03 225.75 Td (and ) Tj ET Q q 0 0 0 rg BT 450.12 225.75 Td (more ) Tj ET Q q 0 0 0 rg BT 472.31 225.75 Td (severe, ) Tj ET Q q 0 0 0 rg BT 501.99 225.75 Td (may ) Tj ET Q q 0 0 0 rg BT 520.86 225.75 Td (negatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 213.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 97.15 213.75 Td (the ) Tj ET Q q 0 0 0 rg BT 111.81 213.75 Td (volume ) Tj ET Q q 0 0 0 rg BT 144.25 213.75 Td (of ) Tj ET Q q 0 0 0 rg BT 155.03 213.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 174.69 213.75 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 222.66 213.75 Td (issuances ) Tj ET Q q 0 0 0 rg BT 262.87 213.75 Td (underwritten ) Tj ET Q q 0 0 0 rg BT 316.41 213.75 Td (by ) Tj ET Q q 0 0 0 rg BT 328.85 213.75 Td (our ) Tj ET Q q 0 0 0 rg BT 344.62 213.75 Td (public ) Tj ET Q q 0 0 0 rg BT 372.06 213.75 Td (finance ) Tj ET Q q 0 0 0 rg BT 403.93 213.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 450.25 213.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 484.91 213.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 523.75 213.75 Td (as ) Tj ET Q q 0 0 0 rg BT 534.52 213.75 Td (well ) Tj ET Q q 0 0 0 rg BT 554.18 213.75 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 201.75 Td (our ) Tj ET Q q 0 0 0 rg BT 84.62 201.75 Td (managed ) Tj ET Q q 0 0 0 rg BT 124.50 201.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 150.50 201.75 Td (focused ) Tj ET Q q 0 0 0 rg BT 185.39 201.75 Td (on ) Tj ET Q q 0 0 0 rg BT 199.17 201.75 Td (master ) Tj ET Q q 0 0 0 rg BT 229.61 201.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 261.73 201.75 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 314.39 201.75 Td (\("MLPs"\), ) Tj ET Q q 0 0 0 rg BT 359.95 201.75 Td (which ) Tj ET Q q 0 0 0 rg BT 388.18 201.75 Td (may ) Tj ET Q q 0 0 0 rg BT 409.18 201.75 Td (underperform ) Tj ET Q q 0 0 0 rg BT 467.94 201.75 Td (in ) Tj ET Q q 0 0 0 rg BT 479.51 201.75 Td (a ) Tj ET Q q 0 0 0 rg BT 487.73 201.75 Td (rising ) Tj ET Q q 0 0 0 rg BT 514.29 201.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.51 201.75 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 189.75 Td (environment. ) Tj ET Q q 0 0 0 rg BT 123.04 189.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 165.75 Td (An ) Tj ET Q q 0 0 0 rg BT 82.05 165.75 Td (unsustainable ) Tj ET Q q 0 0 0 rg BT 138.82 165.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 158.94 165.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 200.14 165.75 Td (recovery) Tj ET Q q 0 0 0 rg BT 234.47 165.75 Td (, ) Tj ET Q q 0 0 0 rg BT 239.30 165.75 Td (or ) Tj ET Q q 0 0 0 rg BT 249.96 165.75 Td (a ) Tj ET Q q 0 0 0 rg BT 256.74 165.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 301.28 165.75 Td (worsening ) Tj ET Q q 0 0 0 rg BT 345.27 165.75 Td (of ) Tj ET Q q 0 0 0 rg BT 355.94 165.75 Td (global ) Tj ET Q q 0 0 0 rg BT 383.27 165.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 424.47 165.75 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 470.97 165.75 Td (would ) Tj ET Q q 0 0 0 rg BT 498.30 165.75 Td (likely ) Tj ET Q q 0 0 0 rg BT 523.41 165.75 Td (result ) Tj ET Q q 0 0 0 rg BT 547.96 165.75 Td (in ) Tj ET Q q 0 0 0 rg BT 558.07 165.75 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 153.75 Td (decline ) Tj ET Q q 0 0 0 rg BT 97.90 153.75 Td (in ) Tj ET Q q 0 0 0 rg BT 107.20 153.75 Td (the ) Tj ET Q q 0 0 0 rg BT 120.94 153.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 157.44 153.75 Td (markets, ) Tj ET Q q 0 0 0 rg BT 193.12 153.75 Td (reducing ) Tj ET Q q 0 0 0 rg BT 229.63 153.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 250.59 153.75 Td (valuations ) Tj ET Q q 0 0 0 rg BT 293.22 153.75 Td (and ) Tj ET Q q 0 0 0 rg BT 309.18 153.75 Td (adversely ) Tj ET Q q 0 0 0 rg BT 349.02 153.75 Td (impacting ) Tj ET Q q 0 0 0 rg BT 390.53 153.75 Td (our ) Tj ET Q q 0 0 0 rg BT 405.39 153.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 426.35 153.75 Td (management ) Tj ET Q q 0 0 0 rg BT 478.96 153.75 Td (business. ) Tj ET Q q 0 0 0 rg BT 516.54 153.75 Td (A) Tj ET Q q 0 0 0 rg BT 523.21 153.75 Td ( ) Tj ET Q q 0 0 0 rg BT 524.73 153.75 Td (reduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 141.75 Td (in ) Tj ET Q q 0 0 0 rg BT 77.73 141.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 99.62 141.75 Td (values ) Tj ET Q q 0 0 0 rg BT 127.62 141.75 Td (would ) Tj ET Q q 0 0 0 rg BT 155.07 141.75 Td (negatively ) Tj ET Q q 0 0 0 rg BT 199.17 141.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 228.83 141.75 Td (this ) Tj ET Q q 0 0 0 rg BT 245.73 141.75 Td (business ) Tj ET Q q 0 0 0 rg BT 282.08 141.75 Td (by ) Tj ET Q q 0 0 0 rg BT 294.53 141.75 Td (reducing ) Tj ET Q q 0 0 0 rg BT 331.96 141.75 Td (the ) Tj ET Q q 0 0 0 rg BT 346.63 141.75 Td (value ) Tj ET Q q 0 0 0 rg BT 370.74 141.75 Td (of ) Tj ET Q q 0 0 0 rg BT 381.52 141.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 407.30 141.75 Td (under ) Tj ET Q q 0 0 0 rg BT 432.52 141.75 Td (management, ) Tj ET Q q 0 0 0 rg BT 488.56 141.75 Td (and ) Tj ET Q q 0 0 0 rg BT 505.45 141.75 Td (as ) Tj ET Q q 0 0 0 rg BT 516.23 141.75 Td (a ) Tj ET Q q 0 0 0 rg BT 523.12 141.75 Td (result, ) Tj ET Q q 0 0 0 rg BT 550.29 141.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 129.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 105.54 129.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 146.90 129.75 Td (from ) Tj ET Q q 0 0 0 rg BT 168.84 129.75 Td (this ) Tj ET Q q 0 0 0 rg BT 185.79 129.75 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.75 Td (It ) Tj ET Q q 0 0 0 rg BT 58.21 105.75 Td (is ) Tj ET Q q 0 0 0 rg BT 67.47 105.75 Td (dif) Tj ET Q q 0 0 0 rg BT 78.40 105.75 Td (ficult ) Tj ET Q q 0 0 0 rg BT 102.10 105.75 Td (to ) Tj ET Q q 0 0 0 rg BT 112.47 105.75 Td (predict ) Tj ET Q q 0 0 0 rg BT 142.83 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 157.65 105.75 Td (market ) Tj ET Q q 0 0 0 rg BT 188.01 105.75 Td (conditions ) Tj ET Q q 0 0 0 rg BT 232.27 105.75 Td (for ) Tj ET Q q 0 0 0 rg BT 246.53 105.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 271.62 105.75 Td (which ) Tj ET Q q 0 0 0 rg BT 298.66 105.75 Td (are ) Tj ET Q q 0 0 0 rg BT 313.46 105.75 Td (dependent ) Tj ET Q q 0 0 0 rg BT 357.15 105.75 Td (in ) Tj ET Q q 0 0 0 rg BT 367.53 105.75 Td (lar) Tj ET Q q 0 0 0 rg BT 377.89 105.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 389.93 105.75 Td (part ) Tj ET Q q 0 0 0 rg BT 408.07 105.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 430.67 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 445.48 105.75 Td (pace ) Tj ET Q q 0 0 0 rg BT 466.40 105.75 Td (and ) Tj ET Q q 0 0 0 rg BT 483.43 105.75 Td (sustainability ) Tj ET Q q 0 0 0 rg BT 539.36 105.75 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 105.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 93.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 68.90 93.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 109.39 93.75 Td (recovery ) Tj ET Q q 0 0 0 rg BT 145.98 93.75 Td (as ) Tj ET Q q 0 0 0 rg BT 155.93 93.75 Td (well ) Tj ET Q q 0 0 0 rg BT 174.77 93.75 Td (as ) Tj ET Q q 0 0 0 rg BT 184.71 93.75 Td (the ) Tj ET Q q 0 0 0 rg BT 198.55 93.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 215.15 93.75 Td (at ) Tj ET Q q 0 0 0 rg BT 223.99 93.75 Td (which ) Tj ET Q q 0 0 0 rg BT 250.04 93.75 Td (other ) Tj ET Q q 0 0 0 rg BT 272.21 93.75 Td (of ) Tj ET Q q 0 0 0 rg BT 282.15 93.75 Td (the ) Tj ET Q q 0 0 0 rg BT 295.99 93.75 Td (world's ) Tj ET Q q 0 0 0 rg BT 326.63 93.75 Td (major ) Tj ET Q q 0 0 0 rg BT 351.57 93.75 Td (economies ) Tj ET Q q 0 0 0 rg BT 395.95 93.75 Td (grow ) Tj ET Q q 0 0 0 rg BT 418.12 93.75 Td (in ) Tj ET Q q 0 0 0 rg BT 427.52 93.75 Td (2015. ) Tj ET Q q 0 0 0 rg BT 451.64 93.75 Td ( ) Tj ET Q q 0 0 0 rg BT 453.25 93.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 470.42 93.75 Td (smaller ) Tj ET Q q 0 0 0 rg BT 501.48 93.75 Td (scale ) Tj ET Q q 0 0 0 rg BT 523.08 93.75 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 81.75 Td (to ) Tj ET Q q 0 0 0 rg BT 60.30 81.75 Td (many ) Tj ET Q q 0 0 0 rg BT 85.54 81.75 Td (of ) Tj ET Q q 0 0 0 rg BT 96.89 81.75 Td (our ) Tj ET Q q 0 0 0 rg BT 113.24 81.75 Td (competitors ) Tj ET Q q 0 0 0 rg BT 163.47 81.75 Td (and ) Tj ET Q q 0 0 0 rg BT 180.93 81.75 Td (the ) Tj ET Q q 0 0 0 rg BT 196.16 81.75 Td (cyclical ) Tj ET Q q 0 0 0 rg BT 230.27 81.75 Td (nature ) Tj ET Q q 0 0 0 rg BT 258.28 81.75 Td (of ) Tj ET Q q 0 0 0 rg BT 269.63 81.75 Td (the ) Tj ET Q q 0 0 0 rg BT 284.86 81.75 Td (economy ) Tj ET Q q 0 0 0 rg BT 324.54 81.75 Td (and ) Tj ET Q q 0 0 0 rg BT 342.00 81.75 Td (this ) Tj ET Q q 0 0 0 rg BT 359.47 81.75 Td (industry ) Tj ET Q q 0 0 0 rg BT 395.26 81.75 Td (leads ) Tj ET Q q 0 0 0 rg BT 418.83 81.75 Td (to ) Tj ET Q q 0 0 0 rg BT 429.63 81.75 Td (volatility ) Tj ET Q q 0 0 0 rg BT 468.76 81.75 Td (in ) Tj ET Q q 0 0 0 rg BT 479.56 81.75 Td (our ) Tj ET Q q 0 0 0 rg BT 495.91 81.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 533.91 81.75 Td (results, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 69.75 Td (including ) Tj ET Q q 0 0 0 rg BT 89.60 69.75 Td (our ) Tj ET Q q 0 0 0 rg BT 105.26 69.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 145.35 69.75 Td (mar) Tj ET Q q 0 0 0 rg BT 160.72 69.75 Td (gins, ) Tj ET Q q 0 0 0 rg BT 182.22 69.75 Td (compensation ) Tj ET Q q 0 0 0 rg BT 240.09 69.75 Td (ratios ) Tj ET Q q 0 0 0 rg BT 264.63 69.75 Td (and ) Tj ET Q q 0 0 0 rg BT 281.40 69.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 315.37 69.75 Td (and ) Tj ET Q q 0 0 0 rg BT 332.14 69.75 Td (expense ) Tj ET Q q 0 0 0 rg BT 366.67 69.75 Td (levels. ) Tj ET Q q 0 0 0 rg BT 394.83 69.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 412.71 69.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 450.01 69.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 502.87 69.75 Td (may ) Tj ET Q q 0 0 0 rg BT 522.41 69.75 Td (be ) Tj ET Q q 0 0 0 rg BT 534.18 69.75 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 57.75 Td (by ) Tj ET Q q 0 0 0 rg BT 61.63 57.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.97 57.75 Td (fixed ) Tj ET Q q 0 0 0 rg BT 98.65 57.75 Td (nature ) Tj ET Q q 0 0 0 rg BT 125.76 57.75 Td (of ) Tj ET Q q 0 0 0 rg BT 136.22 57.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 165.55 57.75 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 206.28 57.75 Td (the ) Tj ET Q q 0 0 0 rg BT 220.62 57.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 249.96 57.75 Td (from ) Tj ET Q q 0 0 0 rg BT 271.53 57.75 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 327.52 57.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 353.54 57.75 Td (or ) Tj ET Q q 0 0 0 rg BT 364.00 57.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 402.23 57.75 Td (during ) Tj ET Q q 0 0 0 rg BT 430.46 57.75 Td (the ) Tj ET Q q 0 0 0 rg BT 444.81 57.75 Td (year) Tj ET Q q 0 0 0 rg BT 461.61 57.75 Td (, ) Tj ET Q q 0 0 0 rg BT 466.24 57.75 Td (and ) Tj ET Q q 0 0 0 rg BT 482.81 57.75 Td (the ) Tj ET Q q 0 0 0 rg BT 497.15 57.75 Td (inability ) Tj ET Q q 0 0 0 rg BT 532.61 57.75 Td (to ) Tj ET Q q 0 0 0 rg BT 542.52 57.75 Td (scale ) 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 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 endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 21.60 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (back ) Tj ET Q q 0 0 0 rg BT 71.65 740.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 94.93 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 105.98 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.70 740.10 Td (timeframe ) Tj ET Q q 0 0 0 rg BT 158.06 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.12 740.10 Td (match ) Tj ET Q q 0 0 0 rg BT 196.83 740.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 238.41 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 249.47 740.10 Td (revenue-related ) Tj ET Q q 0 0 0 rg BT 314.92 740.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 350.40 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 361.46 740.10 Td (market ) Tj ET Q q 0 0 0 rg BT 392.50 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.21 740.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 452.36 740.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 499.08 740.10 Td (As ) Tj ET Q q 0 0 0 rg BT 513.47 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 521.18 740.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 549.18 740.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 728.10 Td (results ) Tj ET Q q 0 0 0 rg BT 115.59 728.10 Td (may ) Tj ET Q q 0 0 0 rg BT 135.31 728.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 155.57 728.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 208.06 728.10 Td (from ) Tj ET Q q 0 0 0 rg BT 230.00 728.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 258.12 728.10 Td (-to-quarter ) Tj ET Q q 0 0 0 rg BT 303.37 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.31 728.10 Td (year) Tj ET Q q 0 0 0 rg BT 337.32 728.10 Td (-to-year) Tj ET Q q 0 0 0 rg BT 368.41 728.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Developments ) Tj ET Q q 0 0 0 rg BT 109.45 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 119.97 704.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 153.25 704.10 Td (business ) Tj ET Q q 0 0 0 rg BT 190.45 704.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 220.97 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.48 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.45 704.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 266.41 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.16 704.10 Td (global ) Tj ET Q q 0 0 0 rg BT 311.90 704.10 Td (economy) Tj ET Q q 0 0 0 rg BT 348.19 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 352.87 704.10 Td (as ) Tj ET Q q 0 0 0 rg BT 363.95 704.10 Td (well ) Tj ET Q q 0 0 0 rg BT 382.80 704.10 Td (as ) Tj ET Q q 0 0 0 rg BT 393.88 704.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 418.28 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.80 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.76 704.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 478.72 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.25 704.10 Td (which ) Tj ET Q q 0 0 0 rg BT 516.44 704.10 Td (we ) Tj ET Q q 0 0 0 rg BT 529.74 704.10 Td (conduct ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 66.45 692.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 106.47 692.10 Td (have ) Tj ET Q q 0 0 0 rg BT 128.41 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 139.25 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.52 692.10 Td (past ) Tj ET Q q 0 0 0 rg BT 173.69 692.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 214.51 692.10 Td (af) Tj ET Q q 0 0 0 rg BT 222.66 692.10 Td (fected, ) Tj ET Q q 0 0 0 rg BT 252.08 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.14 692.10 Td (may ) Tj ET Q q 0 0 0 rg BT 289.86 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 300.70 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.98 692.10 Td (future ) Tj ET Q q 0 0 0 rg BT 344.04 692.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 384.86 692.10 Td (af) Tj ET Q q 0 0 0 rg BT 393.01 692.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 412.99 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 429.94 692.10 Td (business ) Tj ET Q q 0 0 0 rg BT 467.46 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 485.52 692.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 533.48 692.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.81 668.10 Td (results ) Tj ET Q q 0 0 0 rg BT 94.68 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 108.10 668.10 Td (a ) Tj ET Q q 0 0 0 rg BT 114.30 668.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 154.37 668.10 Td (period ) Tj ET Q q 0 0 0 rg BT 181.68 668.10 Td (may ) Tj ET Q q 0 0 0 rg BT 200.65 668.10 Td (be ) Tj ET Q q 0 0 0 rg BT 211.85 668.10 Td (disproportionately ) Tj ET Q q 0 0 0 rg BT 286.93 668.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 325.34 668.10 Td (by ) Tj ET Q q 0 0 0 rg BT 337.10 668.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 371.63 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.17 668.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 414.02 668.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 443.55 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.64 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.62 668.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 487.16 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 497.25 668.10 Td (global ) Tj ET Q q 0 0 0 rg BT 524.01 668.10 Td (economy) Tj ET Q q 0 0 0 rg BT 560.01 668.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 656.10 Td (for ) Tj ET Q q 0 0 0 rg BT 74.49 656.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 104.19 656.10 Td (products ) Tj ET Q q 0 0 0 rg BT 141.13 656.10 Td (within ) Tj ET Q q 0 0 0 rg BT 169.19 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.90 656.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 221.38 656.10 Td (services ) Tj ET Q q 0 0 0 rg BT 256.09 656.10 Td (industry) Tj ET Q q 0 0 0 rg BT 288.22 656.10 Td (, ) Tj ET Q q 0 0 0 rg BT 293.22 656.10 Td (due ) Tj ET Q q 0 0 0 rg BT 310.16 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.44 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 336.27 656.10 Td (business ) Tj ET Q q 0 0 0 rg BT 372.66 656.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 390.72 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.65 656.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 431.81 656.10 Td (areas. ) Tj ET Q q 0 0 0 rg BT 457.35 656.10 Td (For ) Tj ET Q q 0 0 0 rg BT 473.74 656.10 Td (example:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 632.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 84.43 632.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 110.81 632.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 156.07 632.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 189.67 632.10 Td (business ) Tj ET Q q 0 0 0 rg BT 224.94 632.10 Td (focuses ) Tj ET Q q 0 0 0 rg BT 256.31 632.10 Td (on ) Tj ET Q q 0 0 0 rg BT 267.69 632.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 300.17 632.10 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 331.82 632.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 379.29 632.10 Td (healthcare, ) Tj ET Q q 0 0 0 rg BT 424.25 632.10 Td (business ) Tj ET Q q 0 0 0 rg BT 459.52 632.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 495.61 632.10 Td (clean ) Tj ET Q q 0 0 0 rg BT 518.08 632.10 Td (technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 84.30 620.10 Td (renewables, ) Tj ET Q q 0 0 0 rg BT 134.14 620.10 Td (consumer) Tj ET Q q 0 0 0 rg BT 172.62 620.10 Td (, ) Tj ET Q q 0 0 0 rg BT 177.48 620.10 Td (diversified ) Tj ET Q q 0 0 0 rg BT 222.60 620.10 Td (industrials ) Tj ET Q q 0 0 0 rg BT 266.63 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.43 620.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 320.50 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.30 620.10 Td (technology) Tj ET Q q 0 0 0 rg BT 381.09 620.10 Td (, ) Tj ET Q q 0 0 0 rg BT 385.95 620.10 Td (media ) Tj ET Q q 0 0 0 rg BT 412.74 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.54 620.10 Td (telecommunications. ) Tj ET Q q 0 0 0 rg BT 514.77 620.10 Td (V) Tj ET Q q 0 0 0 rg BT 520.70 620.10 Td (olatility ) Tj ET Q q 0 0 0 rg BT 554.17 620.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 608.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 114.56 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 124.42 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.72 608.10 Td (business ) Tj ET Q q 0 0 0 rg BT 174.70 608.10 Td (environment ) Tj ET Q q 0 0 0 rg BT 227.32 608.10 Td (for ) Tj ET Q q 0 0 0 rg BT 241.06 608.10 Td (these ) Tj ET Q q 0 0 0 rg BT 263.69 608.10 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 296.04 608.10 Td (including ) Tj ET Q q 0 0 0 rg BT 335.90 608.10 Td (but ) Tj ET Q q 0 0 0 rg BT 350.76 608.10 Td (not ) Tj ET Q q 0 0 0 rg BT 365.62 608.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 396.04 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.90 608.10 Td (challenging ) Tj ET Q q 0 0 0 rg BT 454.63 608.10 Td (market ) Tj ET Q q 0 0 0 rg BT 484.48 608.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 528.22 608.10 Td (for ) Tj ET Q q 0 0 0 rg BT 541.97 608.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 596.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 98.61 596.10 Td (that ) Tj ET Q q 0 0 0 rg BT 116.95 596.10 Td (are ) Tj ET Q q 0 0 0 rg BT 132.50 596.10 Td (disproportionately ) Tj ET Q q 0 0 0 rg BT 209.16 596.10 Td (worse ) Tj ET Q q 0 0 0 rg BT 236.38 596.10 Td (than ) Tj ET Q q 0 0 0 rg BT 256.94 596.10 Td (those ) Tj ET Q q 0 0 0 rg BT 281.39 596.10 Td (impacting ) Tj ET Q q 0 0 0 rg BT 324.73 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.29 596.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 380.28 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.06 596.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 433.06 596.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 473.61 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 485.28 596.10 Td (downturns ) Tj ET Q q 0 0 0 rg BT 530.84 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 541.96 596.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 584.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 97.99 584.10 Td (that ) Tj ET Q q 0 0 0 rg BT 115.71 584.10 Td (are ) Tj ET Q q 0 0 0 rg BT 130.63 584.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 182.23 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.28 584.10 Td (general ) Tj ET Q q 0 0 0 rg BT 225.42 584.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 267.02 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.18 584.10 Td (market ) Tj ET Q q 0 0 0 rg BT 314.66 584.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 361.55 584.10 Td (may ) Tj ET Q q 0 0 0 rg BT 381.49 584.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 422.52 584.10 Td (af) Tj ET Q q 0 0 0 rg BT 430.11 584.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 447.82 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 463.87 584.10 Td (business ) Tj ET Q q 0 0 0 rg BT 500.48 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 503.20 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.36 584.10 Td (may ) Tj ET Q q 0 0 0 rg BT 540.30 584.10 Td (cause ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 572.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 107.00 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 118.18 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.79 572.10 Td (net ) Tj ET Q q 0 0 0 rg BT 149.40 572.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 188.34 572.10 Td (we ) Tj ET Q q 0 0 0 rg BT 203.39 572.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 235.65 572.10 Td (from ) Tj ET Q q 0 0 0 rg BT 258.49 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 275.21 572.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 305.26 572.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 340.31 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.14 572.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 399.29 572.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 437.13 572.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 479.12 572.10 Td (Further) Tj ET Q q 0 0 0 rg BT 508.16 572.10 Td (, ) Tj ET Q q 0 0 0 rg BT 514.06 572.10 Td (we ) Tj ET Q q 0 0 0 rg BT 529.11 572.10 Td (may ) Tj ET Q q 0 0 0 rg BT 549.73 572.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 560.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 111.16 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 120.95 560.10 Td (may ) Tj ET Q q 0 0 0 rg BT 139.63 560.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 183.29 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.53 560.10 Td (a ) Tj ET Q q 0 0 0 rg BT 198.43 560.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 222.66 560.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 250.77 560.10 Td (than ) Tj ET Q q 0 0 0 rg BT 269.45 560.10 Td (other ) Tj ET Q q 0 0 0 rg BT 291.46 560.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 314.03 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.27 560.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 352.50 560.10 Td (that ) Tj ET Q q 0 0 0 rg BT 368.96 560.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 413.72 560.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 457.40 560.10 Td (activity) Tj ET Q q 0 0 0 rg BT 486.74 560.10 Td (, ) Tj ET Q q 0 0 0 rg BT 490.70 560.10 Td (such ) Tj ET Q q 0 0 0 rg BT 510.49 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 520.29 560.10 Td (depository ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 548.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 104.74 548.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 153.94 548.10 Td (ener) Tj ET Q q 0 0 0 rg BT 170.97 548.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 183.22 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.92 548.10 Td (mining, ) Tj ET Q q 0 0 0 rg BT 233.01 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.70 548.10 Td (industrials, ) Tj ET Q q 0 0 0 rg BT 296.12 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.81 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.40 548.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 368.42 548.10 Td (results ) Tj ET Q q 0 0 0 rg BT 396.78 548.10 Td (may ) Tj ET Q q 0 0 0 rg BT 416.25 548.10 Td (not ) Tj ET Q q 0 0 0 rg BT 431.29 548.10 Td (correlate ) Tj ET Q q 0 0 0 rg BT 468.51 548.10 Td (with ) Tj ET Q q 0 0 0 rg BT 488.54 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.02 548.10 Td (results ) Tj ET Q q 0 0 0 rg BT 531.38 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.96 548.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 536.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 91.11 536.10 Td (which ) Tj ET Q q 0 0 0 rg BT 118.05 536.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 162.74 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.02 536.10 Td (these ) Tj ET Q q 0 0 0 rg BT 196.07 536.10 Td (sectors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 512.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 85.53 512.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 108.55 512.10 Td (income ) Tj ET Q q 0 0 0 rg BT 140.46 512.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 190.72 512.10 Td (business ) Tj ET Q q 0 0 0 rg BT 227.09 512.10 Td (derives ) Tj ET Q q 0 0 0 rg BT 258.44 512.10 Td (its ) Tj ET Q q 0 0 0 rg BT 270.37 512.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 304.49 512.10 Td (from ) Tj ET Q q 0 0 0 rg BT 326.40 512.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 348.32 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.24 512.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 396.04 512.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 428.51 512.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.76 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.45 512.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 495.92 512.10 Td (market ) Tj ET Q q 0 0 0 rg BT 526.16 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 543.08 512.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 500.10 Td (products ) Tj ET Q q 0 0 0 rg BT 104.23 500.10 Td (within ) Tj ET Q q 0 0 0 rg BT 132.08 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.59 500.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 177.75 500.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 210.31 500.10 Td (including ) Tj ET Q q 0 0 0 rg BT 250.38 500.10 Td (structured ) Tj ET Q q 0 0 0 rg BT 292.65 500.10 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 339.10 500.10 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 367.50 500.10 Td (preferreds ) Tj ET Q q 0 0 0 rg BT 410.32 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.05 500.10 Td (government ) Tj ET Q q 0 0 0 rg BT 477.11 500.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 507.72 500.10 Td (products. ) Tj ET Q q 0 0 0 rg BT 546.95 500.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 488.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 108.54 488.10 Td (results ) Tj ET Q q 0 0 0 rg BT 137.93 488.10 Td (for ) Tj ET Q q 0 0 0 rg BT 152.88 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.49 488.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 193.32 488.10 Td (income ) Tj ET Q q 0 0 0 rg BT 226.03 488.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 277.09 488.10 Td (business ) Tj ET Q q 0 0 0 rg BT 314.26 488.10 Td (may ) Tj ET Q q 0 0 0 rg BT 334.76 488.10 Td (not ) Tj ET Q q 0 0 0 rg BT 350.82 488.10 Td (correlate ) Tj ET Q q 0 0 0 rg BT 389.07 488.10 Td (with ) Tj ET Q q 0 0 0 rg BT 410.13 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.63 488.10 Td (results ) Tj ET Q q 0 0 0 rg BT 455.02 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.63 488.10 Td (other ) Tj ET Q q 0 0 0 rg BT 490.46 488.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 514.85 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 526.46 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.96 488.10 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 476.10 Td (income ) Tj ET Q q 0 0 0 rg BT 99.91 476.10 Td (market ) Tj ET Q q 0 0 0 rg BT 130.64 476.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 170.82 476.10 Td (because ) Tj ET Q q 0 0 0 rg BT 205.44 476.10 Td (we ) Tj ET Q q 0 0 0 rg BT 220.07 476.10 Td (do ) Tj ET Q q 0 0 0 rg BT 233.04 476.10 Td (not ) Tj ET Q q 0 0 0 rg BT 248.79 476.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 293.96 476.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.71 476.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 349.90 476.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 390.09 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.39 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.58 476.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 440.10 476.10 Td (income ) Tj ET Q q 0 0 0 rg BT 472.50 476.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 507.13 476.10 Td (such ) Tj ET Q q 0 0 0 rg BT 528.44 476.10 Td (as ) Tj ET Q q 0 0 0 rg BT 539.74 476.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 464.10 Td (default ) Tj ET Q q 0 0 0 rg BT 97.76 464.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 127.21 464.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 170.79 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.73 464.10 Td (commodities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 440.10 Td (Similar ) Tj ET Q q 0 0 0 rg BT 100.30 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 111.44 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.12 440.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 152.03 440.10 Td (income ) Tj ET Q q 0 0 0 rg BT 184.82 440.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 235.95 440.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 275.70 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 292.39 440.10 Td (public ) Tj ET Q q 0 0 0 rg BT 320.74 440.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 353.52 440.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 400.76 440.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 436.33 440.10 Td (business ) Tj ET Q q 0 0 0 rg BT 473.58 440.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 509.71 440.10 Td (heavily ) Tj ET Q q 0 0 0 rg BT 542.50 440.10 Td (upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 428.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 111.98 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.57 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.60 428.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 180.40 428.10 Td (market. ) Tj ET Q q 0 0 0 rg BT 213.48 428.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 231.84 428.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 260.21 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.80 428.10 Td (ef) Tj ET Q q 0 0 0 rg BT 278.38 428.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 296.18 428.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 342.88 428.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 377.91 428.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 428.48 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 439.07 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.10 428.10 Td (state ) Tj ET Q q 0 0 0 rg BT 475.24 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.49 428.10 Td (local ) Tj ET Q q 0 0 0 rg BT 514.74 428.10 Td (government ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 416.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 97.95 416.10 Td (has ) Tj ET Q q 0 0 0 rg BT 113.97 416.10 Td (been, ) Tj ET Q q 0 0 0 rg BT 138.03 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.15 416.10 Td (may ) Tj ET Q q 0 0 0 rg BT 175.05 416.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 212.17 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.63 416.10 Td (be, ) Tj ET Q q 0 0 0 rg BT 237.26 416.10 Td (challenged ) Tj ET Q q 0 0 0 rg BT 283.25 416.10 Td (by ) Tj ET Q q 0 0 0 rg BT 295.94 416.10 Td (concerns ) Tj ET Q q 0 0 0 rg BT 334.16 416.10 Td (over ) Tj ET Q q 0 0 0 rg BT 354.61 416.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 374.51 416.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 400.52 416.10 Td (for ) Tj ET Q q 0 0 0 rg BT 414.87 416.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 457.54 416.10 Td (issuers ) Tj ET Q q 0 0 0 rg BT 487.45 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 504.57 416.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 528.91 416.10 Td (budgets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 404.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 84.30 404.10 Td (public ) Tj ET Q q 0 0 0 rg BT 110.55 404.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 141.22 404.10 Td (business ) Tj ET Q q 0 0 0 rg BT 176.36 404.10 Td (focuses ) Tj ET Q q 0 0 0 rg BT 207.60 404.10 Td (on ) Tj ET Q q 0 0 0 rg BT 218.85 404.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 263.98 404.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 297.45 404.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 328.69 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 337.72 404.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 366.74 404.10 Td (that ) Tj ET Q q 0 0 0 rg BT 382.98 404.10 Td (include ) Tj ET Q q 0 0 0 rg BT 413.67 404.10 Td (state ) Tj ET Q q 0 0 0 rg BT 433.24 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.93 404.10 Td (local ) Tj ET Q q 0 0 0 rg BT 469.61 404.10 Td (government, ) Tj ET Q q 0 0 0 rg BT 521.13 404.10 Td (education, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 392.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 96.25 392.10 Td (living, ) Tj ET Q q 0 0 0 rg BT 126.40 392.10 Td (healthcare, ) Tj ET Q q 0 0 0 rg BT 174.29 392.10 Td (transportation, ) Tj ET Q q 0 0 0 rg BT 236.65 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.40 392.10 Td (hospitality ) Tj ET Q q 0 0 0 rg BT 301.93 392.10 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 336.51 392.10 Td (with ) Tj ET Q q 0 0 0 rg BT 358.61 392.10 Td (an ) Tj ET Q q 0 0 0 rg BT 372.36 392.10 Td (emphasis ) Tj ET Q q 0 0 0 rg BT 413.89 392.10 Td (on ) Tj ET Q q 0 0 0 rg BT 428.20 392.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 480.28 392.10 Td (with ) Tj ET Q q 0 0 0 rg BT 502.37 392.10 Td (a ) Tj ET Q q 0 0 0 rg BT 511.12 392.10 Td (par ) Tj ET Q q 0 0 0 rg BT 528.20 392.10 Td (value ) Tj ET Q q 0 0 0 rg BT 554.17 392.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 380.10 Td ($500million ) Tj ET Q q 0 0 0 rg BT 121.34 380.10 Td (or ) Tj ET Q q 0 0 0 rg BT 132.13 380.10 Td (less. ) Tj ET Q q 0 0 0 rg BT 152.08 380.10 Td (Challenging ) Tj ET Q q 0 0 0 rg BT 203.41 380.10 Td (market ) Tj ET Q q 0 0 0 rg BT 233.63 380.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 277.75 380.10 Td (for ) Tj ET Q q 0 0 0 rg BT 291.86 380.10 Td (these ) Tj ET Q q 0 0 0 rg BT 314.86 380.10 Td (sectors ) Tj ET Q q 0 0 0 rg BT 345.08 380.10 Td (that ) Tj ET Q q 0 0 0 rg BT 362.53 380.10 Td (are ) Tj ET Q q 0 0 0 rg BT 377.19 380.10 Td (disproportionately ) Tj ET Q q 0 0 0 rg BT 452.96 380.10 Td (worse ) Tj ET Q q 0 0 0 rg BT 479.30 380.10 Td (than ) Tj ET Q q 0 0 0 rg BT 498.97 380.10 Td (those ) Tj ET Q q 0 0 0 rg BT 522.53 380.10 Td (impacting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.75 368.10 Td (broader ) Tj ET Q q 0 0 0 rg BT 116.33 368.10 Td (economy ) Tj ET Q q 0 0 0 rg BT 156.02 368.10 Td (or ) Tj ET Q q 0 0 0 rg BT 167.39 368.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 210.42 368.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 245.11 368.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 285.35 368.10 Td (may ) Tj ET Q q 0 0 0 rg BT 305.60 368.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 346.95 368.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 377.20 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 393.57 368.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 433.00 368.10 Td (More ) Tj ET Q q 0 0 0 rg BT 457.70 368.10 Td (broadly) Tj ET Q q 0 0 0 rg BT 487.59 368.10 Td (, ) Tj ET Q q 0 0 0 rg BT 493.13 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 509.50 368.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 533.08 368.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 356.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 118.46 356.10 Td (business ) Tj ET Q q 0 0 0 rg BT 155.53 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.15 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 189.66 356.10 Td (public ) Tj ET Q q 0 0 0 rg BT 217.83 356.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 250.44 356.10 Td (business ) Tj ET Q q 0 0 0 rg BT 287.51 356.10 Td (are ) Tj ET Q q 0 0 0 rg BT 302.90 356.10 Td (tied ) Tj ET Q q 0 0 0 rg BT 321.07 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.03 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.43 356.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 390.60 356.10 Td (market ) Tj ET Q q 0 0 0 rg BT 421.54 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.16 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.56 356.10 Td (enactment, ) Tj ET Q q 0 0 0 rg BT 501.33 356.10 Td (or ) Tj ET Q q 0 0 0 rg BT 512.84 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.23 356.10 Td (threat ) Tj ET Q q 0 0 0 rg BT 554.18 356.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 344.10 Td (enactment, ) Tj ET Q q 0 0 0 rg BT 113.30 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.85 344.10 Td (any ) Tj ET Q q 0 0 0 rg BT 140.50 344.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 184.38 344.10 Td (that ) Tj ET Q q 0 0 0 rg BT 201.58 344.10 Td (would ) Tj ET Q q 0 0 0 rg BT 228.80 344.10 Td (alter ) Tj ET Q q 0 0 0 rg BT 248.78 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.21 344.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 303.19 344.10 Td (alternatives ) Tj ET Q q 0 0 0 rg BT 351.49 344.10 Td (available ) Tj ET Q q 0 0 0 rg BT 389.79 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 399.79 344.10 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 458.65 344.10 Td (through ) Tj ET Q q 0 0 0 rg BT 491.98 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.41 344.10 Td (elimination ) Tj ET Q q 0 0 0 rg BT 554.17 344.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 332.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 107.76 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.59 332.10 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 166.07 332.10 Td (bonds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 308.10 Td (A) Tj ET Q q 0 0 0 rg BT 74.17 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.60 308.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 121.25 308.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 152.56 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.33 308.10 Td (our ) Tj ET Q q 0 0 0 rg BT 179.09 308.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 200.96 308.10 Td (management ) Tj ET Q q 0 0 0 rg BT 254.48 308.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 292.45 308.10 Td (are ) Tj ET Q q 0 0 0 rg BT 307.08 308.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 339.50 308.10 Td (from ) Tj ET Q q 0 0 0 rg BT 361.37 308.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 395.45 308.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 433.98 308.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 461.41 308.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 500.78 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.65 308.10 Td (this ) Tj ET Q q 0 0 0 rg BT 534.53 308.10 Td (type ) Tj ET Q q 0 0 0 rg BT 554.17 308.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 296.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 113.39 296.10 Td (product ) Tj ET Q q 0 0 0 rg BT 145.95 296.10 Td (has ) Tj ET Q q 0 0 0 rg BT 161.29 296.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 211.61 296.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 233.06 296.10 Td (outflows ) Tj ET Q q 0 0 0 rg BT 270.07 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 279.86 296.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 306.29 296.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 331.46 296.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 371.25 296.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 398.26 296.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 431.92 296.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 475.58 296.10 Td (well ) Tj ET Q q 0 0 0 rg BT 494.81 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.60 296.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 526.61 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 543.06 296.10 Td (most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 284.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 94.96 284.10 Td (products ) Tj ET Q q 0 0 0 rg BT 131.87 284.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 182.64 284.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 204.54 284.10 Td (inflows ) Tj ET Q q 0 0 0 rg BT 237.01 284.10 Td (during ) Tj ET Q q 0 0 0 rg BT 265.58 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.27 284.10 Td (year) Tj ET Q q 0 0 0 rg BT 297.08 284.10 Td (, ) Tj ET Q q 0 0 0 rg BT 302.04 284.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 329.51 284.10 Td (market ) Tj ET Q q 0 0 0 rg BT 359.74 284.10 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 404.07 284.10 Td (, ) Tj ET Q q 0 0 0 rg BT 409.03 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.72 284.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 463.94 284.10 Td (prevalence ) Tj ET Q q 0 0 0 rg BT 509.71 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.51 284.10 Td (lower) Tj ET Q q 0 0 0 rg BT 543.07 284.10 Td (-cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 272.10 Td (passively-managed ) Tj ET Q q 0 0 0 rg BT 145.84 272.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 172.26 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.40 272.10 Td (other ) Tj ET Q q 0 0 0 rg BT 210.64 272.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 246.21 272.10 Td (events ) Tj ET Q q 0 0 0 rg BT 273.46 272.10 Td (impacting ) Tj ET Q q 0 0 0 rg BT 315.14 272.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 349.06 272.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 394.62 272.10 Td (could ) Tj ET Q q 0 0 0 rg BT 418.54 272.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 442.44 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.36 272.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 491.93 272.10 Td (trend ) Tj ET Q q 0 0 0 rg BT 514.17 272.10 Td (for ) Tj ET Q q 0 0 0 rg BT 527.53 272.10 Td (actively-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 260.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 106.76 260.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 134.91 260.10 Td (products ) Tj ET Q q 0 0 0 rg BT 172.51 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.45 260.10 Td (continue. ) Tj ET Q q 0 0 0 rg BT 223.55 260.10 Td (Outflows ) Tj ET Q q 0 0 0 rg BT 263.93 260.10 Td (for ) Tj ET Q q 0 0 0 rg BT 278.75 260.10 Td (this ) Tj ET Q q 0 0 0 rg BT 296.36 260.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 343.41 260.10 Td (product ) Tj ET Q q 0 0 0 rg BT 377.11 260.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 421.93 260.10 Td (af) Tj ET Q q 0 0 0 rg BT 429.51 260.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 447.66 260.10 Td (results ) Tj ET Q q 0 0 0 rg BT 476.93 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.42 260.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 533.24 260.10 Td (for ) Tj ET Q q 0 0 0 rg BT 548.06 260.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 248.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 106.39 248.10 Td (as ) Tj ET Q q 0 0 0 rg BT 117.22 248.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 155.26 248.10 Td (are ) Tj ET Q q 0 0 0 rg BT 169.97 248.10 Td (closely ) Tj ET Q q 0 0 0 rg BT 200.79 248.10 Td (tied ) Tj ET Q q 0 0 0 rg BT 218.29 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 228.56 248.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 254.39 248.10 Td (under ) Tj ET Q q 0 0 0 rg BT 279.66 248.10 Td (management.) 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 (Management ) Tj ET Q q 0 0 0 rg BT 122.19 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.12 224.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 192.14 224.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 210.73 224.10 Td (we ) Tj ET Q q 0 0 0 rg BT 224.88 224.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 244.58 224.10 Td (on ) Tj ET Q q 0 0 0 rg BT 257.07 224.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 282.89 224.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 318.71 224.10 Td (by ) Tj ET Q q 0 0 0 rg BT 331.20 224.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 378.15 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.08 224.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 442.01 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.28 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 468.10 224.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 506.69 224.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 531.40 224.10 Td (focused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 212.10 Td (on ) Tj ET Q q 0 0 0 rg BT 79.03 212.10 Td (MLPs ) Tj ET Q q 0 0 0 rg BT 105.02 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.99 212.10 Td (other ) Tj ET Q q 0 0 0 rg BT 143.07 212.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 192.37 212.10 Td (related ) Tj ET Q q 0 0 0 rg BT 221.11 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.42 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.17 212.10 Td (ener) Tj ET Q q 0 0 0 rg BT 261.19 212.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 272.73 212.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 328.12 212.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 353.53 212.10 Td (are ) Tj ET Q q 0 0 0 rg BT 367.27 212.10 Td (a ) Tj ET Q q 0 0 0 rg BT 373.24 212.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 420.31 212.10 Td (contributor ) Tj ET Q q 0 0 0 rg BT 466.28 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.59 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 490.45 212.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.42 212.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 200.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 108.14 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.75 200.10 Td (Return ) Tj ET Q q 0 0 0 rg BT 140.57 200.10 Td (on ) Tj ET Q q 0 0 0 rg BT 153.18 200.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 199.67 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 210.05 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.88 200.10 Td (ener) Tj ET Q q 0 0 0 rg BT 241.90 200.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 254.51 200.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 310.98 200.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 337.46 200.10 Td (is ) Tj ET Q q 0 0 0 rg BT 346.74 200.10 Td (partly ) Tj ET Q q 0 0 0 rg BT 372.67 200.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 416.37 200.10 Td (on ) Tj ET Q q 0 0 0 rg BT 428.98 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.80 200.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 470.28 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.22 200.10 Td (ener) Tj ET Q q 0 0 0 rg BT 498.25 200.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 510.85 200.10 Td (commodities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 188.10 Td (such ) Tj ET Q q 0 0 0 rg BT 88.12 188.10 Td (as ) Tj ET Q q 0 0 0 rg BT 98.74 188.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 128.79 188.10 Td (gas, ) Tj ET Q q 0 0 0 rg BT 146.91 188.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 176.96 188.10 Td (gas ) Tj ET Q q 0 0 0 rg BT 192.58 188.10 Td (liquids, ) Tj ET Q q 0 0 0 rg BT 224.60 188.10 Td (crude ) Tj ET Q q 0 0 0 rg BT 249.09 188.10 Td (oil, ) Tj ET Q q 0 0 0 rg BT 264.44 188.10 Td (refined ) Tj ET Q q 0 0 0 rg BT 295.04 188.10 Td (petroleum ) Tj ET Q q 0 0 0 rg BT 337.88 188.10 Td (products ) Tj ET Q q 0 0 0 rg BT 374.60 188.10 Td (or ) Tj ET Q q 0 0 0 rg BT 385.22 188.10 Td (coal. ) Tj ET Q q 0 0 0 rg BT 406.67 188.10 Td (Persistently ) Tj ET Q q 0 0 0 rg BT 455.62 188.10 Td (depressed ) Tj ET Q q 0 0 0 rg BT 497.34 188.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 523.50 188.10 Td (for ) Tj ET Q q 0 0 0 rg BT 537.45 188.10 Td (any ) Tj ET Q q 0 0 0 rg BT 554.18 188.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 176.10 Td (these ) Tj ET Q q 0 0 0 rg BT 90.29 176.10 Td (products ) Tj ET Q q 0 0 0 rg BT 126.97 176.10 Td (could ) Tj ET Q q 0 0 0 rg BT 151.43 176.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 196.44 176.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 215.34 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.36 176.10 Td (a ) Tj ET Q q 0 0 0 rg BT 232.04 176.10 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 285.37 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.95 176.10 Td (market ) Tj ET Q q 0 0 0 rg BT 325.95 176.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 369.86 176.10 Td (for ) Tj ET Q q 0 0 0 rg BT 383.76 176.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 428.77 176.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.79 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.25 176.10 Td (ener) Tj ET Q q 0 0 0 rg BT 470.28 176.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 482.52 176.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 538.62 176.10 Td (sector ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 84.44 164.10 Td (poorer ) Tj ET Q q 0 0 0 rg BT 113.04 164.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 143.31 164.10 Td (by ) Tj ET Q q 0 0 0 rg BT 155.81 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 171.64 164.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 198.86 164.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 218.30 164.10 Td (consequently) Tj ET Q q 0 0 0 rg BT 270.41 164.10 Td (, ) Tj ET Q q 0 0 0 rg BT 275.41 164.10 Td (a ) Tj ET Q q 0 0 0 rg BT 282.35 164.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 322.61 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.89 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.61 164.10 Td (management ) Tj ET Q q 0 0 0 rg BT 401.20 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.13 164.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 471.16 164.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 489.76 164.10 Td (we ) Tj ET Q q 0 0 0 rg BT 503.92 164.10 Td (receive. ) 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 68.67 140.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 117.28 140.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 149.79 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.85 140.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 207.58 140.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 258.42 140.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 288.68 140.10 Td (us ) Tj ET Q q 0 0 0 rg BT 300.64 140.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.92 140.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 328.98 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.81 140.10 Td (loss.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 116.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.59 116.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 96.93 116.10 Td (in ) Tj ET Q q 0 0 0 rg BT 107.72 116.10 Td (a ) Tj ET Q q 0 0 0 rg BT 115.18 116.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 145.96 116.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.31 116.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 196.42 116.10 Td (in ) Tj ET Q q 0 0 0 rg BT 207.22 116.10 Td (which ) Tj ET Q q 0 0 0 rg BT 234.68 116.10 Td (we ) Tj ET Q q 0 0 0 rg BT 249.35 116.10 Td (commit ) Tj ET Q q 0 0 0 rg BT 282.92 116.10 Td (or ) Tj ET Q q 0 0 0 rg BT 294.27 116.10 Td (invest ) Tj ET Q q 0 0 0 rg BT 321.17 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.52 116.10 Td (own ) Tj ET Q q 0 0 0 rg BT 357.76 116.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 389.93 116.10 Td (including ) Tj ET Q q 0 0 0 rg BT 430.72 116.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 478.16 116.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 509.50 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 526.96 116.10 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (investing. ) Tj ET Q q 0 0 0 rg BT 90.65 104.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 108.19 104.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 154.61 104.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 184.92 104.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 223.01 104.10 Td (\(which ) Tj ET Q q 0 0 0 rg BT 252.77 104.10 Td (we ) Tj ET Q q 0 0 0 rg BT 266.41 104.10 Td (also ) Tj ET Q q 0 0 0 rg BT 284.51 104.10 Td (refer ) Tj ET Q q 0 0 0 rg BT 305.37 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.13 104.10 Td (as ) Tj ET Q q 0 0 0 rg BT 325.45 104.10 Td ("strategic ) Tj ET Q q 0 0 0 rg BT 365.40 104.10 Td (trading" ) Tj ET Q q 0 0 0 rg BT 399.79 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 409.56 104.10 Td (this ) Tj ET Q q 0 0 0 rg BT 426.00 104.10 Td (report\) ) Tj ET Q q 0 0 0 rg BT 455.19 104.10 Td (related ) Tj ET Q q 0 0 0 rg BT 484.38 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.15 104.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 536.13 104.10 Td (bonds, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (non-agency ) Tj ET Q q 0 0 0 rg BT 98.70 92.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 139.03 92.10 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 167.98 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.97 92.10 Td (equities ) Tj ET Q q 0 0 0 rg BT 218.64 92.10 Td (are ) Tj ET Q q 0 0 0 rg BT 233.40 92.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.40 92.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 288.50 92.10 Td (contributor ) Tj ET Q q 0 0 0 rg BT 335.49 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 345.83 92.10 Td (our ) Tj ET Q q 0 0 0 rg BT 361.72 92.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 392.04 92.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 429.58 92.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 460.75 92.10 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 486.08 92.10 Td (income ) Tj ET Q q 0 0 0 rg BT 518.07 92.10 Td (proprietary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.56 80.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 119.40 80.10 Td (- ) Tj ET Q q 0 0 0 rg BT 125.47 80.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 174.30 80.10 Td (with ) Tj ET Q q 0 0 0 rg BT 194.82 80.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 225.87 80.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.39 80.10 Td (non-agency ) Tj ET Q q 0 0 0 rg BT 285.77 80.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 326.28 80.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 352.91 80.10 Td (- ) Tj ET Q q 0 0 0 rg BT 358.98 80.10 Td (comprise ) Tj ET Q q 0 0 0 rg BT 398.37 80.10 Td (a ) Tj ET Q q 0 0 0 rg BT 405.55 80.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 453.83 80.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 499.87 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.94 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 527.01 80.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 552.51 80.10 Td (III ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.91 68.10 Td (within ) Tj ET Q q 0 0 0 rg BT 104.55 68.10 Td (our ) Tj ET Q q 0 0 0 rg BT 120.96 68.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 161.81 68.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 199.49 68.10 Td (. ) Tj ET Q q 0 0 0 rg BT 205.07 68.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 230.92 68.10 Td (III ) Tj ET Q q 0 0 0 rg BT 243.99 68.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 270.40 68.10 Td (have ) Tj ET Q q 0 0 0 rg BT 292.36 68.10 Td (little ) Tj ET Q q 0 0 0 rg BT 313.77 68.10 Td (or ) Tj ET Q q 0 0 0 rg BT 325.19 68.10 Td (no ) Tj ET Q q 0 0 0 rg BT 338.27 68.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 369.68 68.10 Td (observability) Tj ET Q q 0 0 0 rg BT 421.24 68.10 Td (, ) Tj ET Q q 0 0 0 rg BT 426.82 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.34 68.10 Td (may ) Tj ET Q q 0 0 0 rg BT 464.64 68.10 Td (be ) Tj ET Q q 0 0 0 rg BT 477.16 68.10 Td (less ) Tj ET Q q 0 0 0 rg BT 495.24 68.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 521.66 68.10 Td (than ) Tj ET Q q 0 0 0 rg BT 541.96 68.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 90.48 56.10 Td (that ) Tj ET Q q 0 0 0 rg BT 108.70 56.10 Td (we ) Tj ET Q q 0 0 0 rg BT 123.58 56.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 144.57 56.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.57 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 172.12 56.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 213.10 56.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 250.78 56.10 Td (. ) Tj ET Q q 0 0 0 rg BT 256.50 56.10 Td (In ) Tj ET Q q 0 0 0 rg BT 268.05 56.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 304.04 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.04 56.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 362.68 56.10 Td (trading, ) Tj ET Q q 0 0 0 rg BT 396.73 56.10 Td (we ) Tj ET Q q 0 0 0 rg BT 411.61 56.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 443.14 56.10 Td (in ) Tj ET Q q 0 0 0 rg BT 454.14 56.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 492.90 56.10 Td (investing, ) Tj ET Q q 0 0 0 rg BT 535.28 56.10 Td (having ) 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 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 endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (established ) Tj ET Q q 0 0 0 rg BT 96.50 740.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 141.27 740.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 163.28 740.10 Td (management ) Tj ET Q q 0 0 0 rg BT 216.94 740.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 241.73 740.10 Td (for ) Tj ET Q q 0 0 0 rg BT 255.96 740.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 298.52 740.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 338.85 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.86 740.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 395.63 740.10 Td (banking. ) Tj ET Q q 0 0 0 rg BT 432.73 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 441.37 740.10 Td (e ) Tj ET Q q 0 0 0 rg BT 448.38 740.10 Td (have ) Tj ET Q q 0 0 0 rg BT 469.83 740.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 505.72 740.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 525.51 740.10 Td (capital ) 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 (these ) Tj ET Q q 0 0 0 rg BT 72.41 728.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 96.99 728.10 Td (alongside ) Tj ET Q q 0 0 0 rg BT 137.67 728.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 166.68 728.10 Td (raised ) Tj ET Q q 0 0 0 rg BT 192.91 728.10 Td (from ) Tj ET Q q 0 0 0 rg BT 214.71 728.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 245.96 728.10 Td (investors, ) Tj ET Q q 0 0 0 rg BT 286.92 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.72 728.10 Td (intend ) Tj ET Q q 0 0 0 rg BT 331.07 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.21 728.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 378.00 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 388.14 728.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 422.15 728.10 Td (these ) Tj ET Q q 0 0 0 rg BT 445.06 728.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 489.61 728.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.41 728.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 91.58 716.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 141.48 716.10 Td (, ) Tj ET Q q 0 0 0 rg BT 146.31 716.10 Td (we ) Tj ET Q q 0 0 0 rg BT 160.30 716.10 Td (have ) Tj ET Q q 0 0 0 rg BT 181.50 716.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 219.37 716.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 269.47 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 279.58 716.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 306.90 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 323.67 716.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 343.21 716.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 392.21 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.87 716.10 Td (private ) Tj ET Q q 0 0 0 rg BT 432.96 716.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 480.55 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.32 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.42 716.10 Td (private ) Tj ET Q q 0 0 0 rg BT 537.51 716.10 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 704.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 98.92 704.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 128.07 704.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 155.30 704.10 Td (among ) Tj ET Q q 0 0 0 rg BT 185.01 704.10 Td (other ) Tj ET Q q 0 0 0 rg BT 208.06 704.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 227.78 704.10 Td (investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.74 680.10 Td (results ) Tj ET Q q 0 0 0 rg BT 94.53 680.10 Td (from ) Tj ET Q q 0 0 0 rg BT 115.65 680.10 Td (these ) Tj ET Q q 0 0 0 rg BT 137.88 680.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 175.67 680.10 Td (may ) Tj ET Q q 0 0 0 rg BT 194.57 680.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 214.02 680.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 265.70 680.10 Td (from ) Tj ET Q q 0 0 0 rg BT 286.82 680.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 316.82 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.28 680.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 354.20 680.10 Td (, ) Tj ET Q q 0 0 0 rg BT 358.38 680.10 Td (especially ) Tj ET Q q 0 0 0 rg BT 400.05 680.10 Td (as ) Tj ET Q q 0 0 0 rg BT 410.06 680.10 Td (it ) Tj ET Q q 0 0 0 rg BT 417.30 680.10 Td (relates ) Tj ET Q q 0 0 0 rg BT 445.08 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.54 680.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 500.65 680.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 530.66 680.10 Td (activity) 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 (W) Tj ET Q q 0 0 0 rg BT 58.14 668.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.45 668.10 Td (may ) Tj ET Q q 0 0 0 rg BT 85.54 668.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 108.96 668.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 154.05 668.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 180.81 668.10 Td (from ) Tj ET Q q 0 0 0 rg BT 203.12 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 219.33 668.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 266.62 668.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 305.60 668.10 Td (due ) Tj ET Q q 0 0 0 rg BT 322.91 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.56 668.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 356.98 668.10 Td (income ) Tj ET Q q 0 0 0 rg BT 389.29 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 400.49 668.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 428.36 668.10 Td (market ) Tj ET Q q 0 0 0 rg BT 459.00 668.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 509.08 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 526.39 668.10 Td (volatility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (from ) Tj ET Q q 0 0 0 rg BT 72.10 656.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 103.58 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.51 656.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 142.28 656.10 Td (. ) Tj ET Q q 0 0 0 rg BT 147.94 656.10 Td (In ) Tj ET Q q 0 0 0 rg BT 159.43 656.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 197.86 656.10 Td (we ) Tj ET Q q 0 0 0 rg BT 212.68 656.10 Td (may ) Tj ET Q q 0 0 0 rg BT 233.06 656.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 264.54 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 275.48 656.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 310.85 656.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 361.78 656.10 Td (that ) Tj ET Q q 0 0 0 rg BT 379.93 656.10 Td (if ) Tj ET Q q 0 0 0 rg BT 389.20 656.10 Td (not ) Tj ET Q q 0 0 0 rg BT 405.14 656.10 Td (successful, ) Tj ET Q q 0 0 0 rg BT 451.90 656.10 Td (could ) Tj ET Q q 0 0 0 rg BT 477.28 656.10 Td (result ) Tj ET Q q 0 0 0 rg BT 502.66 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 513.60 656.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 542.92 656.10 Td (W) Tj ET Q q 0 0 0 rg BT 551.96 656.10 Td (ith ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 80.04 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.05 644.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 127.82 644.10 Td (investing, ) Tj ET Q q 0 0 0 rg BT 169.21 644.10 Td (there ) Tj ET Q q 0 0 0 rg BT 191.42 644.10 Td (often ) Tj ET Q q 0 0 0 rg BT 214.19 644.10 Td (is ) Tj ET Q q 0 0 0 rg BT 223.09 644.10 Td (not ) Tj ET Q q 0 0 0 rg BT 238.09 644.10 Td (an ) Tj ET Q q 0 0 0 rg BT 249.76 644.10 Td (established ) Tj ET Q q 0 0 0 rg BT 296.42 644.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 321.98 644.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 352.53 644.10 Td (market ) Tj ET Q q 0 0 0 rg BT 382.52 644.10 Td (for ) Tj ET Q q 0 0 0 rg BT 396.41 644.10 Td (these ) Tj ET Q q 0 0 0 rg BT 419.18 644.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 469.18 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 479.74 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 495.30 644.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 545.30 644.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (be ) Tj ET Q q 0 0 0 rg BT 62.05 632.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 104.05 632.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 135.49 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.38 632.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 193.93 632.10 Td (on ) Tj ET Q q 0 0 0 rg BT 207.04 632.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 225.71 632.10 Td (or ) Tj ET Q q 0 0 0 rg BT 237.15 632.10 Td (hedging, ) Tj ET Q q 0 0 0 rg BT 274.98 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 292.54 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 308.98 632.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 337.65 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 348.54 632.10 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 389.43 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 405.87 632.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 435.64 632.10 Td (from ) Tj ET Q q 0 0 0 rg BT 458.19 632.10 Td (these ) Tj ET Q q 0 0 0 rg BT 481.85 632.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 532.74 632.10 Td (may ) Tj ET Q q 0 0 0 rg BT 553.07 632.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (limited, ) Tj ET Q q 0 0 0 rg BT 83.10 620.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 126.96 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 143.06 620.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 160.83 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 171.93 620.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 200.48 620.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 224.64 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 240.73 620.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 280.71 620.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 315.69 620.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 348.45 620.10 Td (involves ) Tj ET Q q 0 0 0 rg BT 385.10 620.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 435.65 620.10 Td (in ) Tj ET Q q 0 0 0 rg BT 446.19 620.10 Td (late ) Tj ET Q q 0 0 0 rg BT 463.40 620.10 Td (stage ) Tj ET Q q 0 0 0 rg BT 486.71 620.10 Td (private ) Tj ET Q q 0 0 0 rg BT 517.24 620.10 Td (companies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 608.10 Td (we ) Tj ET Q q 0 0 0 rg BT 80.60 608.10 Td (may ) Tj ET Q q 0 0 0 rg BT 100.32 608.10 Td (be ) Tj ET Q q 0 0 0 rg BT 112.25 608.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 141.41 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.69 608.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 180.83 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 196.66 608.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 243.04 608.10 Td (objectives ) Tj ET Q q 0 0 0 rg BT 286.08 608.10 Td (by ) Tj ET Q q 0 0 0 rg BT 298.58 608.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 316.63 608.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.46 608.10 Td (other ) Tj ET Q q 0 0 0 rg BT 350.51 608.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 396.90 608.10 Td (at ) Tj ET Q q 0 0 0 rg BT 406.62 608.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 446.32 608.10 Td (prices.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.95 584.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 92.83 584.10 Td (price ) Tj ET Q q 0 0 0 rg BT 116.15 584.10 Td (may ) Tj ET Q q 0 0 0 rg BT 136.15 584.10 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 175.59 584.10 Td (as ) Tj ET Q q 0 0 0 rg BT 187.25 584.10 Td (a ) Tj ET Q q 0 0 0 rg BT 195.03 584.10 Td (result ) Tj ET Q q 0 0 0 rg BT 221.14 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.25 584.10 Td (several ) Tj ET Q q 0 0 0 rg BT 263.90 584.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 297.50 584.10 Td (including ) Tj ET Q q 0 0 0 rg BT 339.74 584.10 Td (but ) Tj ET Q q 0 0 0 rg BT 355.85 584.10 Td (not ) Tj ET Q q 0 0 0 rg BT 371.97 584.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 403.07 584.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 416.13 584.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 452.79 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 463.91 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 481.13 584.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 523.07 584.10 Td (operating ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 81.73 572.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 117.57 572.10 Td (book ) Tj ET Q q 0 0 0 rg BT 140.07 572.10 Td (value ) Tj ET Q q 0 0 0 rg BT 164.78 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.84 572.10 Td (return ) Tj ET Q q 0 0 0 rg BT 211.47 572.10 Td (on ) Tj ET Q q 0 0 0 rg BT 224.53 572.10 Td (equity) Tj ET Q q 0 0 0 rg BT 249.15 572.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 548.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.96 548.10 Td (have ) Tj ET Q q 0 0 0 rg BT 86.23 548.10 Td (experienced, ) Tj ET Q q 0 0 0 rg BT 139.41 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.24 548.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 184.72 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.88 548.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 240.57 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 250.74 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.34 548.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 294.10 548.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 343.70 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 353.87 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.47 548.10 Td (market ) Tj ET Q q 0 0 0 rg BT 398.62 548.10 Td (price ) Tj ET Q q 0 0 0 rg BT 420.99 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.71 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 447.43 548.10 Td (common ) Tj ET Q q 0 0 0 rg BT 484.81 548.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 508.30 548.10 Td (due ) Tj ET Q q 0 0 0 rg BT 525.13 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.29 548.10 Td (factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.36 536.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 90.44 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.08 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.17 536.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 141.02 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 151.22 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 166.42 536.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 204.68 536.10 Td (including ) Tj ET Q q 0 0 0 rg BT 244.33 536.10 Td (but ) Tj ET Q q 0 0 0 rg BT 258.97 536.10 Td (not ) Tj ET Q q 0 0 0 rg BT 273.62 536.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 303.82 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.47 536.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 347.54 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.19 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 372.39 536.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 412.30 536.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 451.93 536.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 482.41 536.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 516.49 536.10 Td (book ) Tj ET Q q 0 0 0 rg BT 538.36 536.10 Td (value, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.93 524.10 Td (return ) Tj ET Q q 0 0 0 rg BT 93.81 524.10 Td (on ) Tj ET Q q 0 0 0 rg BT 106.80 524.10 Td (equity) Tj ET Q q 0 0 0 rg BT 131.15 524.10 Td (. ) Tj ET Q q 0 0 0 rg BT 136.64 524.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 155.19 524.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 194.58 524.10 Td (by ) Tj ET Q q 0 0 0 rg BT 207.57 524.10 Td (its ) Tj ET Q q 0 0 0 rg BT 220.02 524.10 Td (nature, ) Tj ET Q q 0 0 0 rg BT 250.50 524.10 Td (does ) Tj ET Q q 0 0 0 rg BT 271.82 524.10 Td (not ) Tj ET Q q 0 0 0 rg BT 287.60 524.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 322.80 524.10 Td (steady ) Tj ET Q q 0 0 0 rg BT 351.34 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.78 524.10 Td (predictable ) Tj ET Q q 0 0 0 rg BT 416.19 524.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 453.06 524.10 Td (on ) Tj ET Q q 0 0 0 rg BT 466.06 524.10 Td (a ) Tj ET Q q 0 0 0 rg BT 473.49 524.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 512.58 524.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 538.08 524.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (causes ) Tj ET Q q 0 0 0 rg BT 78.32 512.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 128.25 512.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.75 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 154.80 512.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 178.63 512.10 Td (price ) Tj ET Q q 0 0 0 rg BT 201.33 512.10 Td (that ) Tj ET Q q 0 0 0 rg BT 219.05 512.10 Td (may ) Tj ET Q q 0 0 0 rg BT 238.98 512.10 Td (be ) Tj ET Q q 0 0 0 rg BT 251.14 512.10 Td (significant. ) Tj ET Q q 0 0 0 rg BT 298.57 512.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 324.06 512.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 353.99 512.10 Td (that ) Tj ET Q q 0 0 0 rg BT 371.70 512.10 Td (have ) Tj ET Q q 0 0 0 rg BT 393.30 512.10 Td (af) Tj ET Q q 0 0 0 rg BT 400.89 512.10 Td (fected, ) Tj ET Q q 0 0 0 rg BT 430.53 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.69 512.10 Td (may ) Tj ET Q q 0 0 0 rg BT 467.63 512.10 Td (further ) Tj ET Q q 0 0 0 rg BT 497.55 512.10 Td (af) Tj ET Q q 0 0 0 rg BT 505.14 512.10 Td (fect, ) Tj ET Q q 0 0 0 rg BT 525.34 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 541.39 512.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (price ) Tj ET Q q 0 0 0 rg BT 71.60 500.10 Td (include ) Tj ET Q q 0 0 0 rg BT 103.15 500.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 137.48 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.37 500.10 Td (or ) Tj ET Q q 0 0 0 rg BT 157.82 500.10 Td (news ) Tj ET Q q 0 0 0 rg BT 180.49 500.10 Td (related ) Tj ET Q q 0 0 0 rg BT 209.81 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.70 500.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 260.69 500.10 Td (or ) Tj ET Q q 0 0 0 rg BT 271.14 500.10 Td (market ) Tj ET Q q 0 0 0 rg BT 301.02 500.10 Td (events ) Tj ET Q q 0 0 0 rg BT 328.68 500.10 Td (or ) Tj ET Q q 0 0 0 rg BT 339.13 500.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 385.41 500.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 419.73 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 429.63 500.10 Td (market ) Tj ET Q q 0 0 0 rg BT 459.51 500.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 503.29 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 513.18 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.52 500.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (services ) Tj ET Q q 0 0 0 rg BT 83.78 488.10 Td (industry) Tj ET Q q 0 0 0 rg BT 115.91 488.10 Td (, ) Tj ET Q q 0 0 0 rg BT 120.48 488.10 Td (including ) Tj ET Q q 0 0 0 rg BT 160.32 488.10 Td (developments ) Tj ET Q q 0 0 0 rg BT 217.94 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.79 488.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 270.40 488.10 Td (af) Tj ET Q q 0 0 0 rg BT 277.99 488.10 Td (fecting ) Tj ET Q q 0 0 0 rg BT 307.83 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 323.23 488.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 361.69 488.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 389.86 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 399.71 488.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 421.21 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.50 488.10 Td (expectations ) Tj ET Q q 0 0 0 rg BT 487.55 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.95 488.10 Td (market ) Tj ET Q q 0 0 0 rg BT 527.79 488.10 Td (analysts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 83.35 476.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.77 476.10 Td (recommendations ) Tj ET Q q 0 0 0 rg BT 165.50 476.10 Td (or ) Tj ET Q q 0 0 0 rg BT 175.47 476.10 Td (outlooks ) Tj ET Q q 0 0 0 rg BT 211.56 476.10 Td (by ) Tj ET Q q 0 0 0 rg BT 223.20 476.10 Td (market ) Tj ET Q q 0 0 0 rg BT 252.60 476.10 Td (analysts, ) Tj ET Q q 0 0 0 rg BT 288.96 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.04 476.10 Td (aggressive ) Tj ET Q q 0 0 0 rg BT 348.88 476.10 Td (short ) Tj ET Q q 0 0 0 rg BT 370.53 476.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 398.83 476.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 428.25 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 437.66 476.10 Td (that ) Tj ET Q q 0 0 0 rg BT 454.30 476.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 504.24 476.10 Td (in ) Tj ET Q q 0 0 0 rg BT 513.66 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.52 476.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 84.78 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.06 464.10 Td (2008.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 97.12 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.96 440.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 155.67 440.10 Td (services ) Tj ET Q q 0 0 0 rg BT 192.14 440.10 Td (engagements ) Tj ET Q q 0 0 0 rg BT 250.30 440.10 Td (are ) Tj ET Q q 0 0 0 rg BT 267.91 440.10 Td (transactional ) Tj ET Q q 0 0 0 rg BT 326.64 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.25 440.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 370.75 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.58 440.10 Td (do ) Tj ET Q q 0 0 0 rg BT 404.86 440.10 Td (not ) Tj ET Q q 0 0 0 rg BT 422.47 440.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 465.06 440.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 499.88 440.10 Td (for ) Tj ET Q q 0 0 0 rg BT 516.38 440.10 Td (subsequent ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (engagements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (Even ) Tj ET Q q 0 0 0 rg BT 71.65 404.10 Td (though ) Tj ET Q q 0 0 0 rg BT 101.04 404.10 Td (we ) Tj ET Q q 0 0 0 rg BT 114.31 404.10 Td (work ) Tj ET Q q 0 0 0 rg BT 136.47 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 145.85 404.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 184.11 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 199.05 404.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 226.76 404.10 Td (at ) Tj ET Q q 0 0 0 rg BT 235.58 404.10 Td (every ) Tj ET Q q 0 0 0 rg BT 259.40 404.10 Td (stage ) Tj ET Q q 0 0 0 rg BT 281.55 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.49 404.10 Td (their ) Tj ET Q q 0 0 0 rg BT 311.42 404.10 Td (lifecycle, ) Tj ET Q q 0 0 0 rg BT 349.95 404.10 Td (we ) Tj ET Q q 0 0 0 rg BT 363.22 404.10 Td (are ) Tj ET Q q 0 0 0 rg BT 377.03 404.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 413.63 404.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 447.44 404.10 Td (on ) Tj ET Q q 0 0 0 rg BT 459.05 404.10 Td (a ) Tj ET Q q 0 0 0 rg BT 465.10 404.10 Td (short-term, ) Tj ET Q q 0 0 0 rg BT 510.86 404.10 Td (engagement-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (by-engagement ) Tj ET Q q 0 0 0 rg BT 113.57 392.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 136.00 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.21 392.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 192.51 392.10 Td (with ) Tj ET Q q 0 0 0 rg BT 212.72 392.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 246.25 392.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 275.33 392.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 309.41 392.10 Td (or ) Tj ET Q q 0 0 0 rg BT 320.17 392.10 Td (mer) Tj ET Q q 0 0 0 rg BT 335.54 392.10 Td (gers ) Tj ET Q q 0 0 0 rg BT 354.63 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.50 392.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 421.71 392.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 473.86 392.10 Td (As ) Tj ET Q q 0 0 0 rg BT 487.41 392.10 Td (a ) Tj ET Q q 0 0 0 rg BT 494.28 392.10 Td (consequence, ) Tj ET Q q 0 0 0 rg BT 550.29 392.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 78.49 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.70 380.10 Td (when ) Tj ET Q q 0 0 0 rg BT 114.24 380.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 133.22 380.10 Td (are ) Tj ET Q q 0 0 0 rg BT 148.30 380.10 Td (earned, ) Tj ET Q q 0 0 0 rg BT 180.33 380.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 200.14 380.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 241.60 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.81 380.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 295.67 380.10 Td (results ) Tj ET Q q 0 0 0 rg BT 324.66 380.10 Td (from ) Tj ET Q q 0 0 0 rg BT 346.98 380.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 376.50 380.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 411.04 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.35 380.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 468.99 380.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 506.30 380.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 545.28 380.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 96.13 368.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 135.56 368.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 167.20 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.30 368.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 209.94 368.10 Td (based ) Tj ET Q q 0 0 0 rg BT 236.03 368.10 Td (on ) Tj ET Q q 0 0 0 rg BT 249.36 368.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 277.68 368.10 Td (market ) Tj ET Q q 0 0 0 rg BT 308.76 368.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 353.75 368.10 Td (as ) Tj ET Q q 0 0 0 rg BT 365.41 368.10 Td (well ) Tj ET Q q 0 0 0 rg BT 385.95 368.10 Td (as ) Tj ET Q q 0 0 0 rg BT 397.60 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.14 368.10 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 480.33 368.10 Td (business ) Tj ET Q q 0 0 0 rg BT 517.54 368.10 Td (cycle ) Tj ET Q q 0 0 0 rg BT 541.96 368.10 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (broadly) Tj ET Q q 0 0 0 rg BT 79.40 356.10 Td (. ) Tj ET Q q 0 0 0 rg BT 84.20 356.10 Td (In ) Tj ET Q q 0 0 0 rg BT 94.84 356.10 Td (particular) Tj ET Q q 0 0 0 rg BT 132.75 356.10 Td (, ) Tj ET Q q 0 0 0 rg BT 137.56 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 153.19 356.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 191.04 356.10 Td (related ) Tj ET Q q 0 0 0 rg BT 220.54 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.63 356.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 276.82 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.56 356.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 339.76 356.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 389.83 356.10 Td (tend ) Tj ET Q q 0 0 0 rg BT 409.36 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.44 356.10 Td (be ) Tj ET Q q 0 0 0 rg BT 431.19 356.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 459.05 356.10 Td (volatile ) Tj ET Q q 0 0 0 rg BT 491.34 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.09 356.10 Td (unpredictable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 63.64 344.10 Td (lumpy\) ) Tj ET Q q 0 0 0 rg BT 103.89 344.10 Td (from ) Tj ET Q q 0 0 0 rg BT 125.81 344.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 156.61 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.87 344.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 197.67 344.10 Td (due ) Tj ET Q q 0 0 0 rg BT 214.59 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 224.85 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 239.55 344.10 Td (one-time ) Tj ET Q q 0 0 0 rg BT 277.58 344.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 305.04 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.86 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.56 344.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 376.91 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.83 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.53 344.10 Td (size ) Tj ET Q q 0 0 0 rg BT 426.56 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.38 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.08 344.10 Td (fee. ) Tj ET Q q 0 0 0 rg BT 469.27 344.10 Td ( ) Tj ET Q q 0 0 0 rg BT 471.20 344.10 Td (As ) Tj ET Q q 0 0 0 rg BT 484.80 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 491.72 344.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 518.92 344.10 Td (high ) Tj ET Q q 0 0 0 rg BT 539.18 344.10 Td (levels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.49 332.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 94.79 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 105.23 332.10 Td (one ) Tj ET Q q 0 0 0 rg BT 122.32 332.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 153.30 332.10 Td (will ) Tj ET Q q 0 0 0 rg BT 171.51 332.10 Td (not ) Tj ET Q q 0 0 0 rg BT 186.95 332.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 234.03 332.10 Td (be ) Tj ET Q q 0 0 0 rg BT 246.12 332.10 Td (predictive ) Tj ET Q q 0 0 0 rg BT 288.76 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.75 332.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 341.84 332.10 Td (high ) Tj ET Q q 0 0 0 rg BT 362.28 332.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 388.26 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.25 332.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 433.55 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 443.99 332.10 Td (any ) Tj ET Q q 0 0 0 rg BT 461.08 332.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 508.18 332.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 538.88 332.10 Td ( ) Tj ET Q q 0 0 0 rg BT 541.54 332.10 Td (If ) Tj ET Q q 0 0 0 rg BT 550.86 332.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (are ) Tj ET Q q 0 0 0 rg BT 65.37 320.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 95.69 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.13 320.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 144.66 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 152.76 320.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 199.20 320.10 Td (number ) Tj ET Q q 0 0 0 rg BT 233.41 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.41 320.10 Td (new ) Tj ET Q q 0 0 0 rg BT 265.73 320.10 Td (engagements ) Tj ET Q q 0 0 0 rg BT 321.60 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.70 320.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 377.23 320.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 396.99 320.10 Td (from ) Tj ET Q q 0 0 0 rg BT 420.10 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.98 320.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 480.74 320.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 529.40 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.39 320.10 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 102.26 308.10 Td (our ) Tj ET Q q 0 0 0 rg BT 118.09 308.10 Td (business ) Tj ET Q q 0 0 0 rg BT 154.49 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 171.42 308.10 Td (results ) Tj ET Q q 0 0 0 rg BT 200.03 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.86 308.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 255.02 308.10 Td (will ) Tj ET Q q 0 0 0 rg BT 273.07 308.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 298.35 308.10 Td (be ) Tj ET Q q 0 0 0 rg BT 310.29 308.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 351.10 308.10 Td (af) Tj ET Q q 0 0 0 rg BT 358.69 308.10 Td (fected.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.11 284.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 100.60 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.43 284.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 159.49 284.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 206.43 284.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 242.83 284.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 295.90 284.10 Td (may ) Tj ET Q q 0 0 0 rg BT 315.62 284.10 Td (dif) Tj ET Q q 0 0 0 rg BT 326.55 284.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 340.71 284.10 Td (from ) Tj ET Q q 0 0 0 rg BT 363.21 284.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 391.26 284.10 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.60 260.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 115.15 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.03 260.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 172.46 260.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 218.89 260.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 253.66 260.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 303.98 260.10 Td (in ) Tj ET Q q 0 0 0 rg BT 314.32 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 330.20 260.10 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 364.97 260.10 Td (is ) Tj ET Q q 0 0 0 rg BT 374.19 260.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 413.95 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.94 260.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 466.82 260.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 498.81 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 514.70 260.10 Td (control, ) Tj ET Q q 0 0 0 rg BT 548.08 260.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 64.75 248.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 110.55 248.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 144.69 248.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 178.26 248.10 Td (is ) Tj ET Q q 0 0 0 rg BT 186.85 248.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 223.76 248.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 252.33 248.10 Td (only ) Tj ET Q q 0 0 0 rg BT 272.03 248.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 293.95 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.09 248.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 351.11 248.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 398.02 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.27 248.10 Td (a ) Tj ET Q q 0 0 0 rg BT 414.63 248.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 462.93 248.10 Td (In ) Tj ET Q q 0 0 0 rg BT 473.18 248.10 Td (most ) Tj ET Q q 0 0 0 rg BT 494.55 248.10 Td (cases, ) Tj ET Q q 0 0 0 rg BT 520.07 248.10 Td (we ) Tj ET Q q 0 0 0 rg BT 533.65 248.10 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (little ) Tj ET Q q 0 0 0 rg BT 71.14 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 82.78 236.10 Td (no ) Tj ET Q q 0 0 0 rg BT 96.08 236.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 133.83 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 148.79 236.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 195.98 236.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 231.51 236.10 Td (engagements ) Tj ET Q q 0 0 0 rg BT 287.02 236.10 Td (that ) Tj ET Q q 0 0 0 rg BT 305.32 236.10 Td (do ) Tj ET Q q 0 0 0 rg BT 318.63 236.10 Td (not ) Tj ET Q q 0 0 0 rg BT 334.72 236.10 Td (result ) Tj ET Q q 0 0 0 rg BT 360.24 236.10 Td (in ) Tj ET Q q 0 0 0 rg BT 371.33 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.85 236.10 Td (successful ) Tj ET Q q 0 0 0 rg BT 431.26 236.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 479.56 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 491.20 236.10 Td (a ) Tj ET Q q 0 0 0 rg BT 498.94 236.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 548.62 236.10 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 88.73 224.10 Td (a ) Tj ET Q q 0 0 0 rg BT 96.03 224.10 Td (client's ) Tj ET Q q 0 0 0 rg BT 126.80 224.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 173.54 224.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 220.28 224.10 Td (may ) Tj ET Q q 0 0 0 rg BT 240.35 224.10 Td (be ) Tj ET Q q 0 0 0 rg BT 252.65 224.10 Td (delayed ) Tj ET Q q 0 0 0 rg BT 286.61 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 297.80 224.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 343.42 224.10 Td (because ) Tj ET Q q 0 0 0 rg BT 377.93 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.12 224.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.42 224.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 425.37 224.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.01 224.10 Td (agree ) Tj ET Q q 0 0 0 rg BT 460.52 224.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 483.38 224.10 Td (final ) Tj ET Q q 0 0 0 rg BT 504.57 224.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 529.65 224.10 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 224.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 99.38 212.10 Td (, ) Tj ET Q q 0 0 0 rg BT 103.22 212.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 130.65 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.76 212.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 166.09 212.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 206.29 212.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 248.72 212.10 Td (consents ) Tj ET Q q 0 0 0 rg BT 284.49 212.10 Td (or ) Tj ET Q q 0 0 0 rg BT 294.16 212.10 Td (board ) Tj ET Q q 0 0 0 rg BT 318.26 212.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.92 212.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 375.91 212.10 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 418.62 212.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 446.05 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.17 212.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 482.04 212.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 522.24 212.10 Td (financing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 83.08 200.10 Td (market ) Tj ET Q q 0 0 0 rg BT 113.89 200.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 158.61 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 169.98 200.10 Td (unexpected ) Tj ET Q q 0 0 0 rg BT 218.56 200.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 256.59 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 267.97 200.10 Td (other ) Tj ET Q q 0 0 0 rg BT 291.56 200.10 Td (problems ) Tj ET Q q 0 0 0 rg BT 331.82 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.65 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.91 200.10 Td (client's ) Tj ET Q q 0 0 0 rg BT 388.87 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 400.24 200.10 Td (counterparty's ) Tj ET Q q 0 0 0 rg BT 459.51 200.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 498.95 200.10 Td (If ) Tj ET Q q 0 0 0 rg BT 508.66 200.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 538.36 200.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 554.73 200.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 88.89 188.10 Td (a ) Tj ET Q q 0 0 0 rg BT 96.07 188.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 142.69 188.10 Td (on ) Tj ET Q q 0 0 0 rg BT 155.43 188.10 Td (which ) Tj ET Q q 0 0 0 rg BT 182.61 188.10 Td (we ) Tj ET Q q 0 0 0 rg BT 197.01 188.10 Td (are ) Tj ET Q q 0 0 0 rg BT 211.96 188.10 Td (advising ) Tj ET Q q 0 0 0 rg BT 248.59 188.10 Td (or ) Tj ET Q q 0 0 0 rg BT 259.66 188.10 Td (an ) Tj ET Q q 0 0 0 rg BT 271.84 188.10 Td (of) Tj ET Q q 0 0 0 rg BT 279.99 188.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 306.61 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 317.13 188.10 Td (which ) Tj ET Q q 0 0 0 rg BT 344.31 188.10 Td (we ) Tj ET Q q 0 0 0 rg BT 358.71 188.10 Td (are ) Tj ET Q q 0 0 0 rg BT 373.66 188.10 Td (participating, ) Tj ET Q q 0 0 0 rg BT 429.44 188.10 Td (we ) Tj ET Q q 0 0 0 rg BT 443.84 188.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 463.79 188.10 Td (little ) Tj ET Q q 0 0 0 rg BT 484.86 188.10 Td (or ) Tj ET Q q 0 0 0 rg BT 495.93 188.10 Td (no ) Tj ET Q q 0 0 0 rg BT 508.67 188.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 543.06 188.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.47 176.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 109.10 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.30 176.10 Td (may ) Tj ET Q q 0 0 0 rg BT 144.27 176.10 Td (have ) Tj ET Q q 0 0 0 rg BT 164.91 176.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 199.98 176.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 243.95 176.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 281.80 176.10 Td (\(for ) Tj ET Q q 0 0 0 rg BT 298.55 176.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 336.68 176.10 Td (travel ) Tj ET Q q 0 0 0 rg BT 361.20 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.39 176.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 398.58 176.10 Td (expenses\) ) Tj ET Q q 0 0 0 rg BT 439.77 176.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 482.62 176.10 Td (with ) Tj ET Q q 0 0 0 rg BT 502.16 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.13 176.10 Td (transaction. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 164.10 Td (, ) Tj ET Q q 0 0 0 rg BT 103.04 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 118.07 164.10 Td (business ) Tj ET Q q 0 0 0 rg BT 153.67 164.10 Td (is ) Tj ET Q q 0 0 0 rg BT 162.04 164.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 189.30 164.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 232.10 164.10 Td (on ) Tj ET Q q 0 0 0 rg BT 243.80 164.10 Td (market ) Tj ET Q q 0 0 0 rg BT 273.27 164.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 316.63 164.10 Td (as ) Tj ET Q q 0 0 0 rg BT 326.67 164.10 Td (well ) Tj ET Q q 0 0 0 rg BT 345.59 164.10 Td (as ) Tj ET Q q 0 0 0 rg BT 355.62 164.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.54 164.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 408.46 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 424.60 164.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 454.63 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.66 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 479.70 164.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 507.50 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.65 164.10 Td (interested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (third ) Tj ET Q q 0 0 0 rg BT 71.78 152.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 104.33 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.17 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.78 152.10 Td (number ) Tj ET Q q 0 0 0 rg BT 171.72 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.45 152.10 Td (engagements ) Tj ET Q q 0 0 0 rg BT 239.05 152.10 Td (we ) Tj ET Q q 0 0 0 rg BT 254.10 152.10 Td (have ) Tj ET Q q 0 0 0 rg BT 276.38 152.10 Td (at ) Tj ET Q q 0 0 0 rg BT 286.99 152.10 Td (any ) Tj ET Q q 0 0 0 rg BT 304.82 152.10 Td (given ) Tj ET Q q 0 0 0 rg BT 330.44 152.10 Td (time ) Tj ET Q q 0 0 0 rg BT 351.61 152.10 Td (\(and ) Tj ET Q q 0 0 0 rg BT 372.77 152.10 Td (any ) Tj ET Q q 0 0 0 rg BT 390.61 152.10 Td (characterization ) Tj ET Q q 0 0 0 rg BT 457.84 152.10 Td (or ) Tj ET Q q 0 0 0 rg BT 469.57 152.10 Td (description ) Tj ET Q q 0 0 0 rg BT 517.40 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 529.13 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 545.85 152.10 Td (deal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (pipelines\) ) Tj ET Q q 0 0 0 rg BT 91.43 140.10 Td (is ) Tj ET Q q 0 0 0 rg BT 100.60 140.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 131.43 140.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.71 140.10 Td (change ) Tj ET Q q 0 0 0 rg BT 172.52 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.46 140.10 Td (may ) Tj ET Q q 0 0 0 rg BT 209.18 140.10 Td (not ) Tj ET Q q 0 0 0 rg BT 224.46 140.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 271.38 140.10 Td (result ) Tj ET Q q 0 0 0 rg BT 296.10 140.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.38 140.10 Td (future ) Tj ET Q q 0 0 0 rg BT 332.75 140.10 Td (revenues.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 73.67 116.10 Td (management ) Tj ET Q q 0 0 0 rg BT 129.50 116.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 164.77 116.10 Td (may ) Tj ET Q q 0 0 0 rg BT 184.49 116.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 204.76 116.10 Td (based ) Tj ET Q q 0 0 0 rg BT 230.59 116.10 Td (on ) Tj ET Q q 0 0 0 rg BT 243.65 116.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 290.59 116.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 345.86 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.92 116.10 Td (market ) Tj ET Q q 0 0 0 rg BT 395.31 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.37 116.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 455.31 116.10 Td (factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 92.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.55 92.10 Td (have ) Tj ET Q q 0 0 0 rg BT 85.39 92.10 Td (grown ) Tj ET Q q 0 0 0 rg BT 112.91 92.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.21 92.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 149.62 92.10 Td (management ) Tj ET Q q 0 0 0 rg BT 202.68 92.10 Td (business ) Tj ET Q q 0 0 0 rg BT 238.54 92.10 Td (in ) Tj ET Q q 0 0 0 rg BT 248.29 92.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 274.68 92.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 300.25 92.10 Td (including ) Tj ET Q q 0 0 0 rg BT 339.99 92.10 Td (with ) Tj ET Q q 0 0 0 rg BT 359.74 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.92 92.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 419.77 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.64 92.10 Td (ARI ) Tj ET Q q 0 0 0 rg BT 448.83 92.10 Td (in ) Tj ET Q q 0 0 0 rg BT 458.58 92.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 483.05 92.10 Td (which ) Tj ET Q q 0 0 0 rg BT 509.45 92.10 Td (has ) Tj ET Q q 0 0 0 rg BT 524.75 92.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.18 80.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 85.53 80.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 129.08 80.10 Td (with ) Tj ET Q q 0 0 0 rg BT 149.32 80.10 Td (this ) Tj ET Q q 0 0 0 rg BT 166.23 80.10 Td (business ) Tj ET Q q 0 0 0 rg BT 202.58 80.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 235.02 80.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.26 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 261.05 80.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 291.27 80.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 337.34 80.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 365.92 80.10 Td (under ) Tj ET Q q 0 0 0 rg BT 391.15 80.10 Td (management ) Tj ET Q q 0 0 0 rg BT 444.70 80.10 Td (are ) Tj ET Q q 0 0 0 rg BT 459.36 80.10 Td (a ) Tj ET Q q 0 0 0 rg BT 466.26 80.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 510.93 80.10 Td (driver ) Tj ET Q q 0 0 0 rg BT 537.27 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.06 80.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 88.32 68.10 Td (as ) Tj ET Q q 0 0 0 rg BT 99.08 68.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 137.05 68.10 Td (are ) Tj ET Q q 0 0 0 rg BT 151.68 68.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 191.32 68.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 223.74 68.10 Td (from ) Tj ET Q q 0 0 0 rg BT 245.61 68.10 Td (management ) Tj ET Q q 0 0 0 rg BT 299.12 68.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 317.65 68.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 337.30 68.10 Td (on ) Tj ET Q q 0 0 0 rg BT 349.73 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.37 68.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 390.13 68.10 Td (under ) Tj ET Q q 0 0 0 rg BT 415.33 68.10 Td (management. ) Tj ET Q q 0 0 0 rg BT 471.35 68.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 489.33 68.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 517.31 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.52 68.10 Td (maintain ) 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 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 endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 21.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 21.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.62 740.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 96.17 740.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 122.29 740.10 Td (under ) Tj ET Q q 0 0 0 rg BT 147.85 740.10 Td (management ) Tj ET Q q 0 0 0 rg BT 201.73 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 211.19 740.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 242.31 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 252.88 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 260.11 740.10 Td (number ) Tj ET Q q 0 0 0 rg BT 293.45 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.57 740.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 337.07 740.10 Td (including ) Tj ET Q q 0 0 0 rg BT 377.64 740.10 Td (investors' ) Tj ET Q q 0 0 0 rg BT 418.34 740.10 Td (perception ) Tj ET Q q 0 0 0 rg BT 463.33 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.46 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 490.58 740.10 Td (past ) Tj ET Q q 0 0 0 rg BT 509.48 740.10 Td (performance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (market ) Tj ET Q q 0 0 0 rg BT 79.76 728.10 Td (or ) Tj ET Q q 0 0 0 rg BT 90.59 728.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 131.97 728.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 178.63 728.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 228.90 728.10 Td (from ) Tj ET Q q 0 0 0 rg BT 250.84 728.10 Td (other ) Tj ET Q q 0 0 0 rg BT 273.88 728.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 294.71 728.10 Td (managers ) Tj ET Q q 0 0 0 rg BT 335.53 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.47 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 368.30 728.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 396.35 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 406.63 728.10 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 445.78 728.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 470.50 728.10 Td (with ) Tj ET Q q 0 0 0 rg BT 490.77 728.10 Td (major ) Tj ET Q q 0 0 0 rg BT 516.60 728.10 Td (investors.) 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 95.84 704.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 148.26 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 156.84 704.10 Td (one ) Tj ET Q q 0 0 0 rg BT 173.18 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.42 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.54 704.10 Td (most ) Tj ET Q q 0 0 0 rg BT 218.89 704.10 Td (important ) Tj ET Q q 0 0 0 rg BT 259.68 704.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 288.79 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 298.47 704.10 Td (retaining ) Tj ET Q q 0 0 0 rg BT 335.92 704.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 369.49 704.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 397.49 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.84 704.10 Td (competing ) Tj ET Q q 0 0 0 rg BT 457.95 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 471.52 704.10 Td (new ) Tj ET Q q 0 0 0 rg BT 490.08 704.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.42 704.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 88.48 692.10 Td (Poor ) Tj ET Q q 0 0 0 rg BT 109.96 692.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 156.43 692.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 209.54 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.57 692.10 Td (other ) Tj ET Q q 0 0 0 rg BT 249.70 692.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 299.50 692.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 329.29 692.10 Td (could ) Tj ET Q q 0 0 0 rg BT 354.09 692.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 383.33 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 399.25 692.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 437.37 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 454.40 692.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 483.09 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 499.01 692.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 529.92 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 540.29 692.10 Td (many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (ways: ) Tj ET Q q 0 0 0 rg BT 74.47 680.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 107.77 680.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 135.51 680.10 Td (may ) Tj ET Q q 0 0 0 rg BT 154.36 680.10 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 193.77 680.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 217.63 680.10 Td (from ) Tj ET Q q 0 0 0 rg BT 238.70 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 253.67 680.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 274.75 680.10 Td (management ) Tj ET Q q 0 0 0 rg BT 327.47 680.10 Td (business ) Tj ET Q q 0 0 0 rg BT 363.00 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.42 680.10 Td (favor ) Tj ET Q q 0 0 0 rg BT 395.15 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.12 680.10 Td (better ) Tj ET Q q 0 0 0 rg BT 429.52 680.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 476.14 680.10 Td (products ) Tj ET Q q 0 0 0 rg BT 512.22 680.10 Td (or ) Tj ET Q q 0 0 0 rg BT 522.19 680.10 Td (a ) Tj ET Q q 0 0 0 rg BT 528.26 680.10 Td (dif) Tj ET Q q 0 0 0 rg BT 539.19 680.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.40 668.10 Td (style ) Tj ET Q q 0 0 0 rg BT 118.30 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 129.65 668.10 Td (focus; ) Tj ET Q q 0 0 0 rg BT 157.11 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 173.46 668.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 203.12 668.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 253.91 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 264.71 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 281.06 668.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 327.96 668.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 353.20 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 364.54 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.78 668.10 Td (seed ) Tj ET Q q 0 0 0 rg BT 400.56 668.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 430.23 668.10 Td (we ) Tj ET Q q 0 0 0 rg BT 444.91 668.10 Td (have ) Tj ET Q q 0 0 0 rg BT 466.80 668.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 512.59 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 523.39 668.10 Td (new ) Tj ET Q q 0 0 0 rg BT 543.06 668.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (management ) Tj ET Q q 0 0 0 rg BT 103.18 656.10 Td (products ) Tj ET Q q 0 0 0 rg BT 140.22 656.10 Td (may ) Tj ET Q q 0 0 0 rg BT 160.03 656.10 Td (diminish ) Tj ET Q q 0 0 0 rg BT 197.63 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.00 656.10 Td (value ) Tj ET Q q 0 0 0 rg BT 232.25 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 243.18 656.10 Td (may ) Tj ET Q q 0 0 0 rg BT 262.99 656.10 Td (be ) Tj ET Q q 0 0 0 rg BT 275.02 656.10 Td (lost; ) Tj ET Q q 0 0 0 rg BT 294.85 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.88 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.81 656.10 Td (key ) Tj ET Q q 0 0 0 rg BT 344.84 656.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 390.20 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.57 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.38 656.10 Td (business ) Tj ET Q q 0 0 0 rg BT 451.87 656.10 Td (may ) Tj ET Q q 0 0 0 rg BT 471.68 656.10 Td (depart, ) Tj ET Q q 0 0 0 rg BT 501.76 656.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 536.57 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 546.94 656.10 Td (join ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 644.10 Td (competitor ) Tj ET Q q 0 0 0 rg BT 102.26 644.10 Td (or ) Tj ET Q q 0 0 0 rg BT 113.09 644.10 Td (otherwise.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 620.10 Td (o ) Tj ET Q q 0 0 0 rg BT 61.45 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.21 620.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 101.19 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 116.06 620.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 161.48 620.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 213.55 620.10 Td (is ) Tj ET Q q 0 0 0 rg BT 221.76 620.10 Td (perceived ) Tj ET Q q 0 0 0 rg BT 262.16 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.48 620.10 Td (be ) Tj ET Q q 0 0 0 rg BT 282.46 620.10 Td (poor ) Tj ET Q q 0 0 0 rg BT 302.34 620.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.66 620.10 Td (either ) Tj ET Q q 0 0 0 rg BT 335.96 620.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 367.48 620.10 Td (or ) Tj ET Q q 0 0 0 rg BT 377.36 620.10 Td (absolute ) Tj ET Q q 0 0 0 rg BT 412.22 620.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 438.48 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 453.35 620.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 474.33 620.10 Td (management ) Tj ET Q q 0 0 0 rg BT 526.97 620.10 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (will ) Tj ET Q q 0 0 0 rg BT 68.15 608.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 94.01 608.10 Td (be ) Tj ET Q q 0 0 0 rg BT 106.53 608.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 141.27 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.79 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 175.21 608.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 203.85 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.72 608.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 242.79 608.10 Td (new ) Tj ET Q q 0 0 0 rg BT 262.54 608.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 287.85 608.10 Td (will ) Tj ET Q q 0 0 0 rg BT 306.49 608.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 332.35 608.10 Td (be ) Tj ET Q q 0 0 0 rg BT 344.88 608.10 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 386.01 608.10 Td (Even ) Tj ET Q q 0 0 0 rg BT 409.65 608.10 Td (when ) Tj ET Q q 0 0 0 rg BT 434.40 608.10 Td (market ) Tj ET Q q 0 0 0 rg BT 465.25 608.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 510.00 608.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.30 608.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (favorable, ) Tj ET Q q 0 0 0 rg BT 92.26 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 108.09 596.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 154.47 596.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 207.50 596.10 Td (may ) Tj ET Q q 0 0 0 rg BT 227.22 596.10 Td (be ) Tj ET Q q 0 0 0 rg BT 239.16 596.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 279.98 596.10 Td (af) Tj ET Q q 0 0 0 rg BT 287.56 596.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 314.49 596.10 Td (by ) Tj ET Q q 0 0 0 rg BT 326.99 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 342.83 596.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 389.21 596.10 Td (style ) Tj ET Q q 0 0 0 rg BT 410.60 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.54 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.26 596.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 483.07 596.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 533.35 596.10 Td (that ) Tj ET Q q 0 0 0 rg BT 550.85 596.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (make. ) Tj ET Q q 0 0 0 rg BT 75.61 584.10 Td (Further) Tj ET Q q 0 0 0 rg BT 104.65 584.10 Td (, ) Tj ET Q q 0 0 0 rg BT 109.11 584.10 Td (as ) Tj ET Q q 0 0 0 rg BT 119.39 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.57 584.10 Td (size ) Tj ET Q q 0 0 0 rg BT 151.07 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.47 584.10 Td (number ) Tj ET Q q 0 0 0 rg BT 199.97 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.26 584.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 256.10 584.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 282.78 584.10 Td (including ) Tj ET Q q 0 0 0 rg BT 322.51 584.10 Td (exchange-traded ) Tj ET Q q 0 0 0 rg BT 390.53 584.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 417.21 584.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 443.05 584.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 467.22 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.62 584.10 Td (private ) Tj ET Q q 0 0 0 rg BT 513.34 584.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 540.29 584.10 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (increases, ) Tj ET Q q 0 0 0 rg BT 90.52 572.10 Td (it ) Tj ET Q q 0 0 0 rg BT 97.95 572.10 Td (is ) Tj ET Q q 0 0 0 rg BT 106.50 572.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 141.15 572.10 Td (that ) Tj ET Q q 0 0 0 rg BT 158.02 572.10 Td (it ) Tj ET Q q 0 0 0 rg BT 165.45 572.10 Td (will ) Tj ET Q q 0 0 0 rg BT 182.88 572.10 Td (become ) Tj ET Q q 0 0 0 rg BT 215.85 572.10 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 266.60 572.10 Td (dif) Tj ET Q q 0 0 0 rg BT 277.53 572.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 300.51 572.10 Td (for ) Tj ET Q q 0 0 0 rg BT 314.04 572.10 Td (us ) Tj ET Q q 0 0 0 rg BT 324.81 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 334.46 572.10 Td (attract ) Tj ET Q q 0 0 0 rg BT 361.32 572.10 Td (new ) Tj ET Q q 0 0 0 rg BT 379.85 572.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 405.06 572.10 Td (under ) Tj ET Q q 0 0 0 rg BT 429.70 572.10 Td (management ) Tj ET Q q 0 0 0 rg BT 482.66 572.10 Td (or ) Tj ET Q q 0 0 0 rg BT 492.87 572.10 Td (price ) Tj ET Q q 0 0 0 rg BT 514.73 572.10 Td (competition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 560.10 Td (mean ) Tj ET Q q 0 0 0 rg BT 93.37 560.10 Td (that ) Tj ET Q q 0 0 0 rg BT 110.87 560.10 Td (we ) Tj ET Q q 0 0 0 rg BT 125.03 560.10 Td (are ) Tj ET Q q 0 0 0 rg BT 139.73 560.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 168.89 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.17 560.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 216.66 560.10 Td (our ) Tj ET Q q 0 0 0 rg BT 232.49 560.10 Td (current ) Tj ET Q q 0 0 0 rg BT 263.30 560.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 278.01 560.10 Td (structures.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (An ) Tj ET Q q 0 0 0 rg BT 64.23 536.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 100.62 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.90 536.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 141.73 536.10 Td (divest ) Tj ET Q q 0 0 0 rg BT 167.55 536.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 200.06 536.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 239.24 536.10 Td (may ) Tj ET Q q 0 0 0 rg BT 258.96 536.10 Td (result ) Tj ET Q q 0 0 0 rg BT 284.80 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 295.64 536.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 335.36 536.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 361.76 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 372.03 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 388.99 536.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 512.10 Td (imely ) Tj ET Q q 0 0 0 rg BT 81.49 512.10 Td (divestiture ) Tj ET Q q 0 0 0 rg BT 127.16 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.96 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.75 512.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 187.53 512.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 229.61 512.10 Td (including ) Tj ET Q q 0 0 0 rg BT 270.85 512.10 Td (equity) Tj ET Q q 0 0 0 rg BT 295.19 512.10 Td (, ) Tj ET Q q 0 0 0 rg BT 301.15 512.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 325.16 512.10 Td (income ) Tj ET Q q 0 0 0 rg BT 358.05 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.95 512.10 Td (other ) Tj ET Q q 0 0 0 rg BT 399.96 512.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 441.19 512.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 483.27 512.10 Td (can ) Tj ET Q q 0 0 0 rg BT 500.60 512.10 Td (be ) Tj ET Q q 0 0 0 rg BT 513.50 512.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 552.51 512.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 91.24 500.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 121.90 500.10 Td (volume, ) Tj ET Q q 0 0 0 rg BT 156.72 500.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 196.80 500.10 Td (price ) Tj ET Q q 0 0 0 rg BT 219.12 500.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 254.58 500.10 Td (, ) Tj ET Q q 0 0 0 rg BT 259.41 500.10 Td (rapid ) Tj ET Q q 0 0 0 rg BT 282.28 500.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 316.82 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.93 500.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 358.69 500.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 382.40 500.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 435.80 500.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 466.46 500.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 507.41 500.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 552.51 500.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.91 488.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 91.66 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.63 488.10 Td (divest ) Tj ET Q q 0 0 0 rg BT 127.71 488.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 166.02 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 175.99 488.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 203.74 488.10 Td (specialized ) Tj ET Q q 0 0 0 rg BT 250.36 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 260.88 488.10 Td (structured ) Tj ET Q q 0 0 0 rg BT 303.06 488.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 353.02 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 369.65 488.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 404.05 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.02 488.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 448.99 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 465.63 488.10 Td (government ) Tj ET Q q 0 0 0 rg BT 515.58 488.10 Td (regulations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (This ) Tj ET Q q 0 0 0 rg BT 70.02 476.10 Td (is ) Tj ET Q q 0 0 0 rg BT 79.42 476.10 Td (true ) Tj ET Q q 0 0 0 rg BT 97.71 476.10 Td (both ) Tj ET Q q 0 0 0 rg BT 118.22 476.10 Td (for ) Tj ET Q q 0 0 0 rg BT 132.62 476.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 172.01 476.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 222.51 476.10 Td (that ) Tj ET Q q 0 0 0 rg BT 240.24 476.10 Td (we ) Tj ET Q q 0 0 0 rg BT 254.64 476.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 292.35 476.10 Td (as ) Tj ET Q q 0 0 0 rg BT 303.42 476.10 Td (well ) Tj ET Q q 0 0 0 rg BT 323.37 476.10 Td (as ) Tj ET Q q 0 0 0 rg BT 334.44 476.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 381.60 476.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 412.66 476.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 451.52 476.10 Td (that ) Tj ET Q q 0 0 0 rg BT 469.25 476.10 Td (we ) Tj ET Q q 0 0 0 rg BT 483.65 476.10 Td (maintain. ) Tj ET Q q 0 0 0 rg BT 523.67 476.10 Td (While ) Tj ET Q q 0 0 0 rg BT 550.85 476.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 70.60 464.10 Td (a ) Tj ET Q q 0 0 0 rg BT 78.35 464.10 Td (security) Tj ET Q q 0 0 0 rg BT 109.36 464.10 Td (, ) Tj ET Q q 0 0 0 rg BT 115.17 464.10 Td (we ) Tj ET Q q 0 0 0 rg BT 130.15 464.10 Td (are ) Tj ET Q q 0 0 0 rg BT 145.67 464.10 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 191.19 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.29 464.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 242.82 464.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 293.35 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.10 464.10 Td (may ) Tj ET Q q 0 0 0 rg BT 331.64 464.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 378.25 464.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 416.55 464.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 443.76 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.85 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.39 464.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 498.14 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.67 464.10 Td (value ) Tj ET Q q 0 0 0 rg BT 538.64 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 464.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (security ) Tj ET Q q 0 0 0 rg BT 84.00 452.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 125.16 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.44 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 156.95 452.10 Td (are ) Tj ET Q q 0 0 0 rg BT 172.01 452.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 201.51 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 212.14 452.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 240.54 452.10 Td (divest ) Tj ET Q q 0 0 0 rg BT 267.27 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 278.45 452.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 305.18 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 321.35 452.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 352.53 452.10 Td (position ) Tj ET Q q 0 0 0 rg BT 387.60 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 398.23 452.10 Td (that ) Tj ET Q q 0 0 0 rg BT 416.07 452.10 Td (security) Tj ET Q q 0 0 0 rg BT 447.08 452.10 Td (. ) Tj ET Q q 0 0 0 rg BT 452.22 452.10 Td (The ) Tj ET Q q 0 0 0 rg BT 470.61 452.10 Td (value ) Tj ET Q q 0 0 0 rg BT 495.12 452.10 Td (may ) Tj ET Q q 0 0 0 rg BT 515.18 452.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 546.90 452.10 Td (as ) Tj ET Q q 0 0 0 rg BT 558.08 452.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (result ) Tj ET Q q 0 0 0 rg BT 74.84 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.30 440.10 Td (many ) Tj ET Q q 0 0 0 rg BT 111.65 440.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 144.48 440.10 Td (including ) Tj ET Q q 0 0 0 rg BT 185.38 440.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 208.51 440.10 Td (-specific, ) Tj ET Q q 0 0 0 rg BT 248.56 440.10 Td (market ) Tj ET Q q 0 0 0 rg BT 279.45 440.10 Td (or ) Tj ET Q q 0 0 0 rg BT 290.91 440.10 Td (geopolitical ) Tj ET Q q 0 0 0 rg BT 341.25 440.10 Td (events. ) Tj ET Q q 0 0 0 rg BT 372.42 440.10 Td (In ) Tj ET Q q 0 0 0 rg BT 383.88 440.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 422.28 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 433.18 440.10 Td (times ) Tj ET Q q 0 0 0 rg BT 457.98 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.43 440.10 Td (market ) Tj ET Q q 0 0 0 rg BT 500.33 440.10 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 544.66 440.10 Td (, ) Tj ET Q q 0 0 0 rg BT 550.28 440.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 84.66 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.26 428.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 126.62 428.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 166.77 428.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 204.71 428.10 Td (may ) Tj ET Q q 0 0 0 rg BT 223.76 428.10 Td (have ) Tj ET Q q 0 0 0 rg BT 244.46 428.10 Td (an ) Tj ET Q q 0 0 0 rg BT 255.72 428.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 284.76 428.10 Td (on ) Tj ET Q q 0 0 0 rg BT 296.58 428.10 Td (our ) Tj ET Q q 0 0 0 rg BT 311.74 428.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 347.46 428.10 Td (as ) Tj ET Q q 0 0 0 rg BT 357.61 428.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 390.55 428.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 422.36 428.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 461.39 428.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 492.09 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.35 428.10 Td (we ) Tj ET Q q 0 0 0 rg BT 521.83 428.10 Td (are ) Tj ET Q q 0 0 0 rg BT 535.87 428.10 Td (unable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.76 416.10 Td (pledge ) Tj ET Q q 0 0 0 rg BT 88.89 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.58 416.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 149.39 416.10 Td (security ) Tj ET Q q 0 0 0 rg BT 183.52 416.10 Td (as ) Tj ET Q q 0 0 0 rg BT 194.33 416.10 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 236.50 416.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 254.53 416.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 290.90 416.10 Td (may ) Tj ET Q q 0 0 0 rg BT 310.60 416.10 Td (also ) Tj ET Q q 0 0 0 rg BT 329.19 416.10 Td (be ) Tj ET Q q 0 0 0 rg BT 341.10 416.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 380.23 416.10 Td (if ) Tj ET Q q 0 0 0 rg BT 388.82 416.10 Td (we ) Tj ET Q q 0 0 0 rg BT 402.95 416.10 Td (choose ) Tj ET Q q 0 0 0 rg BT 433.20 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 443.46 416.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 480.91 416.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 517.28 416.10 Td (for ) Tj ET Q q 0 0 0 rg BT 531.42 416.10 Td (specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (products ) Tj ET Q q 0 0 0 rg BT 86.05 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.60 404.10 Td (voluntarily ) Tj ET Q q 0 0 0 rg BT 148.59 404.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 183.45 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 198.89 404.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 239.32 404.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 277.55 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 287.44 404.10 Td (order ) Tj ET Q q 0 0 0 rg BT 310.65 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.54 404.10 Td (do ) Tj ET Q q 0 0 0 rg BT 332.64 404.10 Td (so, ) Tj ET Q q 0 0 0 rg BT 346.15 404.10 Td (exposing ) Tj ET Q q 0 0 0 rg BT 384.36 404.10 Td (ourselves ) Tj ET Q q 0 0 0 rg BT 424.24 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 434.13 404.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 463.99 404.10 Td (market ) Tj ET Q q 0 0 0 rg BT 493.87 404.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 510.97 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 404.10 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 392.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 113.37 392.10 Td (from ) Tj ET Q q 0 0 0 rg BT 135.31 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.03 392.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 190.29 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 200.57 392.10 Td (value ) Tj ET Q q 0 0 0 rg BT 224.72 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.55 392.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 266.95 392.10 Td (positions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.28 368.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 100.00 368.10 Td (reliance ) Tj ET Q q 0 0 0 rg BT 135.09 368.10 Td (on ) Tj ET Q q 0 0 0 rg BT 148.53 368.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 187.52 368.10 Td (from ) Tj ET Q q 0 0 0 rg BT 210.40 368.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 237.73 368.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 263.40 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.28 368.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 308.61 368.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 330.38 368.10 Td (advisors, ) Tj ET Q q 0 0 0 rg BT 369.66 368.10 Td (which ) Tj ET Q q 0 0 0 rg BT 397.55 368.10 Td (are ) Tj ET Q q 0 0 0 rg BT 413.20 368.10 Td (less ) Tj ET Q q 0 0 0 rg BT 431.65 368.10 Td (regulated ) Tj ET Q q 0 0 0 rg BT 472.30 368.10 Td (than ) Tj ET Q q 0 0 0 rg BT 492.96 368.10 Td (many ) Tj ET Q q 0 0 0 rg BT 518.63 368.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (company ) Tj ET Q q 0 0 0 rg BT 88.36 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.00 356.10 Td (advisor ) Tj ET Q q 0 0 0 rg BT 136.64 356.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 167.44 356.10 Td (may ) Tj ET Q q 0 0 0 rg BT 186.86 356.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 216.83 356.10 Td (us ) Tj ET Q q 0 0 0 rg BT 227.92 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.90 356.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 267.86 356.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 285.06 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.59 356.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 332.77 356.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 350.53 356.10 Td (from ) Tj ET Q q 0 0 0 rg BT 372.17 356.10 Td (unsettled ) Tj ET Q q 0 0 0 rg BT 410.48 356.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 436.55 356.10 Td (than ) Tj ET Q q 0 0 0 rg BT 455.97 356.10 Td (is ) Tj ET Q q 0 0 0 rg BT 464.84 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.26 356.10 Td (case ) Tj ET Q q 0 0 0 rg BT 498.67 356.10 Td (with ) Tj ET Q q 0 0 0 rg BT 518.65 356.10 Td (other ) Tj ET Q q 0 0 0 rg BT 541.40 356.10 Td (types ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.82 344.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 109.59 344.10 Td (investors. ) Tj ET Q q 0 0 0 rg BT 150.19 344.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 208.84 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.16 344.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 236.15 344.10 Td (may ) Tj ET Q q 0 0 0 rg BT 255.36 344.10 Td (result ) Tj ET Q q 0 0 0 rg BT 279.57 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 289.34 344.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 315.22 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 324.99 344.10 Td (us ) Tj ET Q q 0 0 0 rg BT 335.88 344.10 Td (even ) Tj ET Q q 0 0 0 rg BT 356.75 344.10 Td (when ) Tj ET Q q 0 0 0 rg BT 380.40 344.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 421.26 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.69 344.10 Td (market ) Tj ET Q q 0 0 0 rg BT 467.45 344.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 511.11 344.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.31 344.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 89.75 332.10 Td (for ) Tj ET Q q 0 0 0 rg BT 103.91 332.10 Td (others ) Tj ET Q q 0 0 0 rg BT 130.85 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.13 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 156.96 332.10 Td (industry) Tj ET Q q 0 0 0 rg BT 189.09 332.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.26 308.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 118.19 308.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 169.61 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.25 308.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 225.23 308.10 Td (may ) Tj ET Q q 0 0 0 rg BT 245.54 308.10 Td (be ) Tj ET Q q 0 0 0 rg BT 258.06 308.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 299.46 308.10 Td (af) Tj ET Q q 0 0 0 rg BT 307.61 308.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 335.12 308.10 Td (by ) Tj ET Q q 0 0 0 rg BT 347.64 308.10 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 404.07 308.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.49 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.36 308.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 457.77 308.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 489.19 308.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 503.10 308.10 Td (or ) Tj ET Q q 0 0 0 rg BT 515.08 308.10 Td (defaults ) Tj ET Q q 0 0 0 rg BT 550.95 308.10 Td (by) Tj ET Q q 0 0 0 rg BT 560.01 308.10 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (third ) Tj ET Q q 0 0 0 rg BT 72.01 296.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 102.29 296.10 Td (who ) Tj ET Q q 0 0 0 rg BT 122.02 296.10 Td (owe ) Tj ET Q q 0 0 0 rg BT 140.63 296.10 Td (us ) Tj ET Q q 0 0 0 rg BT 152.58 296.10 Td (money) Tj ET Q q 0 0 0 rg BT 179.43 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 184.43 296.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 225.81 296.10 Td (or ) Tj ET Q q 0 0 0 rg BT 237.21 296.10 Td (other ) Tj ET Q q 0 0 0 rg BT 261.38 296.10 Td (assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.87 272.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 100.68 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.94 272.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 154.08 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.23 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 181.38 272.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 206.97 272.10 Td (exposures ) Tj ET Q q 0 0 0 rg BT 249.78 272.10 Td (has ) Tj ET Q q 0 0 0 rg BT 265.93 272.10 Td (been ) Tj ET Q q 0 0 0 rg BT 287.63 272.10 Td (volatile ) Tj ET Q q 0 0 0 rg BT 320.44 272.10 Td (over ) Tj ET Q q 0 0 0 rg BT 341.02 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.06 272.10 Td (past ) Tj ET Q q 0 0 0 rg BT 374.99 272.10 Td (several ) Tj ET Q q 0 0 0 rg BT 406.12 272.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 432.34 272.10 Td (This ) Tj ET Q q 0 0 0 rg BT 452.94 272.10 Td (exposes ) Tj ET Q q 0 0 0 rg BT 487.42 272.10 Td (us ) Tj ET Q q 0 0 0 rg BT 499.13 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 509.73 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.76 272.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.23 260.10 Td (that ) Tj ET Q q 0 0 0 rg BT 84.95 260.10 Td (third ) Tj ET Q q 0 0 0 rg BT 106.56 260.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 135.95 260.10 Td (who ) Tj ET Q q 0 0 0 rg BT 155.89 260.10 Td (owe ) Tj ET Q q 0 0 0 rg BT 175.28 260.10 Td (us ) Tj ET Q q 0 0 0 rg BT 186.90 260.10 Td (money) Tj ET Q q 0 0 0 rg BT 213.47 260.10 Td (, ) Tj ET Q q 0 0 0 rg BT 218.69 260.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 259.19 260.10 Td (or ) Tj ET Q q 0 0 0 rg BT 270.24 260.10 Td (other ) Tj ET Q q 0 0 0 rg BT 293.52 260.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 319.57 260.10 Td (will ) Tj ET Q q 0 0 0 rg BT 337.86 260.10 Td (not ) Tj ET Q q 0 0 0 rg BT 353.36 260.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 388.30 260.10 Td (their ) Tj ET Q q 0 0 0 rg BT 409.35 260.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 458.82 260.10 Td (These ) Tj ET Q q 0 0 0 rg BT 485.43 260.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 514.81 260.10 Td (may ) Tj ET Q q 0 0 0 rg BT 534.75 260.10 Td (default ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (on ) Tj ET Q q 0 0 0 rg BT 61.38 248.10 Td (their ) Tj ET Q q 0 0 0 rg BT 81.58 248.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 127.89 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.55 248.10 Td (us ) Tj ET Q q 0 0 0 rg BT 148.31 248.10 Td (due ) Tj ET Q q 0 0 0 rg BT 164.63 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.28 248.10 Td (bankruptcy) Tj ET Q q 0 0 0 rg BT 218.62 248.10 Td (, ) Tj ET Q q 0 0 0 rg BT 222.99 248.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 241.52 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.73 248.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 284.97 248.10 Td (, ) Tj ET Q q 0 0 0 rg BT 289.34 248.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 336.20 248.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 364.17 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 374.37 248.10 Td (other ) Tj ET Q q 0 0 0 rg BT 396.79 248.10 Td (reasons. ) Tj ET Q q 0 0 0 rg BT 431.16 248.10 Td (Deterioration ) Tj ET Q q 0 0 0 rg BT 486.35 248.10 Td (in ) Tj ET Q q 0 0 0 rg BT 496.00 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.09 248.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 534.73 248.10 Td (quality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.27 236.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 100.48 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 111.26 236.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 158.14 236.10 Td (we ) Tj ET Q q 0 0 0 rg BT 172.25 236.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 192.47 236.10 Td (could ) Tj ET Q q 0 0 0 rg BT 217.13 236.10 Td (result ) Tj ET Q q 0 0 0 rg BT 241.79 236.10 Td (in ) Tj ET Q q 0 0 0 rg BT 252.01 236.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 278.35 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.23 236.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 335.99 236.10 Td (af) Tj ET Q q 0 0 0 rg BT 343.58 236.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 361.01 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 376.78 236.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 404.78 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.00 236.10 Td (rehypothecate ) Tj ET Q q 0 0 0 rg BT 473.52 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 484.29 236.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 525.62 236.10 Td (use ) Tj ET Q q 0 0 0 rg BT 541.39 236.10 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.52 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 100.10 224.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 146.80 224.10 Td (for ) Tj ET Q q 0 0 0 rg BT 160.72 224.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 196.86 224.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 236.67 224.10 Td (A) Tj ET Q q 0 0 0 rg BT 243.34 224.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.60 224.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 290.06 224.10 Td (downgrade ) Tj ET Q q 0 0 0 rg BT 336.75 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.78 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.25 224.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 386.27 224.10 Td (ratings ) Tj ET Q q 0 0 0 rg BT 415.74 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.33 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.91 224.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 500.81 224.10 Td (could ) Tj ET Q q 0 0 0 rg BT 525.28 224.10 Td (also ) Tj ET Q q 0 0 0 rg BT 543.64 224.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.36 212.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 92.65 212.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 122.28 212.10 Td (on ) Tj ET Q q 0 0 0 rg BT 134.70 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 150.44 212.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 181.47 212.10 Td (Default ) Tj ET Q q 0 0 0 rg BT 213.88 212.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 237.67 212.10 Td (downgrades ) Tj ET Q q 0 0 0 rg BT 288.41 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.27 212.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 340.46 212.10 Td (with ) Tj ET Q q 0 0 0 rg BT 360.66 212.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 419.72 212.10 Td (as ) Tj ET Q q 0 0 0 rg BT 430.47 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 440.66 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 455.30 212.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 494.93 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.68 212.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 545.29 212.10 Td (tend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.36 200.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 94.20 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.06 200.10 Td (times ) Tj ET Q q 0 0 0 rg BT 127.80 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.21 200.10 Td (market ) Tj ET Q q 0 0 0 rg BT 168.06 200.10 Td (stress ) Tj ET Q q 0 0 0 rg BT 192.36 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.88 200.10 Td (illiquidity) Tj ET Q q 0 0 0 rg BT 247.68 200.10 Td (. ) Tj ET Q q 0 0 0 rg BT 251.80 200.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 291.66 200.10 Td (we ) Tj ET Q q 0 0 0 rg BT 305.40 200.10 Td (review ) Tj ET Q q 0 0 0 rg BT 334.69 200.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 359.54 200.10 Td (exposures ) Tj ET Q q 0 0 0 rg BT 401.61 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.47 200.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 444.65 200.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 472.83 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 489.35 200.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 548.07 200.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.27 188.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 94.35 188.10 Td (industries ) Tj ET Q q 0 0 0 rg BT 136.23 188.10 Td (that ) Tj ET Q q 0 0 0 rg BT 154.21 188.10 Td (we ) Tj ET Q q 0 0 0 rg BT 168.86 188.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 200.72 188.10 Td (may ) Tj ET Q q 0 0 0 rg BT 220.93 188.10 Td (present ) Tj ET Q q 0 0 0 rg BT 252.80 188.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 278.55 188.10 Td (concerns, ) Tj ET Q q 0 0 0 rg BT 319.58 188.10 Td (default ) Tj ET Q q 0 0 0 rg BT 350.33 188.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 368.32 188.10 Td (may ) Tj ET Q q 0 0 0 rg BT 388.53 188.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 410.39 188.10 Td (from ) Tj ET Q q 0 0 0 rg BT 432.82 188.10 Td (events ) Tj ET Q q 0 0 0 rg BT 461.36 188.10 Td (or ) Tj ET Q q 0 0 0 rg BT 472.68 188.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 532.31 188.10 Td (that ) Tj ET Q q 0 0 0 rg BT 550.29 188.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 176.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 84.33 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.91 176.10 Td (detect ) Tj ET Q q 0 0 0 rg BT 121.58 176.10 Td (or ) Tj ET Q q 0 0 0 rg BT 132.71 176.10 Td (foresee. ) Tj ET Q q 0 0 0 rg BT 166.26 176.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 190.45 176.10 Td (concerns ) Tj ET Q q 0 0 0 rg BT 228.78 176.10 Td (about, ) Tj ET Q q 0 0 0 rg BT 256.30 176.10 Td (or ) Tj ET Q q 0 0 0 rg BT 267.43 176.10 Td (a ) Tj ET Q q 0 0 0 rg BT 274.67 176.10 Td (default ) Tj ET Q q 0 0 0 rg BT 305.23 176.10 Td (by) Tj ET Q q 0 0 0 rg BT 314.58 176.10 Td (, ) Tj ET Q q 0 0 0 rg BT 319.88 176.10 Td (one ) Tj ET Q q 0 0 0 rg BT 337.12 176.10 Td (institution ) Tj ET Q q 0 0 0 rg BT 380.48 176.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 420.48 176.10 Td (leads ) Tj ET Q q 0 0 0 rg BT 443.83 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.40 176.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 483.60 176.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 528.61 176.10 Td (liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (problems, ) Tj ET Q q 0 0 0 rg BT 91.72 164.10 Td (or ) Tj ET Q q 0 0 0 rg BT 102.55 164.10 Td (defaults ) Tj ET Q q 0 0 0 rg BT 136.70 164.10 Td (by ) Tj ET Q q 0 0 0 rg BT 149.20 164.10 Td (other ) Tj ET Q q 0 0 0 rg BT 172.25 164.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 221.70 164.10 Td (which ) Tj ET Q q 0 0 0 rg BT 248.64 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 258.92 164.10 Td (turn ) Tj ET Q q 0 0 0 rg BT 277.53 164.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 318.34 164.10 Td (af) Tj ET Q q 0 0 0 rg BT 325.93 164.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 347.31 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 363.14 164.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (Particular ) Tj ET Q q 0 0 0 rg BT 90.78 140.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 129.28 140.10 Td (or ) Tj ET Q q 0 0 0 rg BT 140.02 140.10 Td (products ) Tj ET Q q 0 0 0 rg BT 176.86 140.10 Td (within ) Tj ET Q q 0 0 0 rg BT 204.83 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 220.56 140.10 Td (business ) Tj ET Q q 0 0 0 rg BT 256.86 140.10 Td (expose ) Tj ET Q q 0 0 0 rg BT 287.04 140.10 Td (us ) Tj ET Q q 0 0 0 rg BT 298.33 140.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.52 140.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 348.68 140.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 373.85 140.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 393.75 140.10 Td (including ) Tj ET Q q 0 0 0 rg BT 433.93 140.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 474.67 140.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 515.69 140.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.53 140.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 73.19 128.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 112.42 128.10 Td (with ) Tj ET Q q 0 0 0 rg BT 133.33 128.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 173.12 128.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 199.02 128.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 240.76 128.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 281.10 128.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 316.45 128.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 336.80 128.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 390.21 128.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 443.88 128.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 462.02 128.10 Td (with ) Tj ET Q q 0 0 0 rg BT 482.93 128.10 Td (two ) Tj ET Q q 0 0 0 rg BT 501.07 128.10 Td (major ) Tj ET Q q 0 0 0 rg BT 527.53 128.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 96.77 116.10 Td (related ) Tj ET Q q 0 0 0 rg BT 126.79 116.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.39 116.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 176.87 116.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 209.12 116.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 226.93 116.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 250.30 116.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 289.21 116.10 Td (without ) Tj ET Q q 0 0 0 rg BT 322.59 116.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 362.06 116.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 387.65 116.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 429.07 116.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 475.77 116.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 510.80 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.06 116.10 Td (advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 64.73 104.10 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 115.23 104.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 154.91 104.10 Td (mar) Tj ET Q q 0 0 0 rg BT 170.27 104.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 186.08 104.10 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 226.59 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.05 104.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 275.40 104.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 328.96 104.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 368.08 104.10 Td (related ) Tj ET Q q 0 0 0 rg BT 398.31 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 409.11 104.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 453.24 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.70 104.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 501.50 104.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 542.90 104.10 Td (W) Tj ET Q q 0 0 0 rg BT 551.94 104.10 Td (ith ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 80.99 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 91.95 92.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 124.56 92.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 142.72 92.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 166.45 92.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 205.72 92.10 Td (with ) Tj ET Q q 0 0 0 rg BT 226.68 92.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 266.51 92.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 292.46 92.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 334.23 92.10 Td (we ) Tj ET Q q 0 0 0 rg BT 349.07 92.10 Td (have ) Tj ET Q q 0 0 0 rg BT 371.12 92.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 397.07 92.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 436.34 92.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 92.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.97 92.10 Td ( ) Tj ET Q q 0 0 0 rg BT 472.15 92.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 531.96 92.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td ($28.3 ) Tj ET Q q 0 0 0 rg BT 74.50 80.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.40 80.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.90 80.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.62 80.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 174.21 80.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.21 80.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.72 80.10 Td (as ) Tj ET Q q 0 0 0 rg BT 207.55 80.10 Td (part ) Tj ET Q q 0 0 0 rg BT 225.60 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.44 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 252.27 80.10 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 311.98 80.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 343.92 80.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 361.41 80.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 384.47 80.10 Td (program. ) Tj ET Q q 0 0 0 rg BT 423.35 80.10 Td (In ) Tj ET Q q 0 0 0 rg BT 434.18 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.90 80.10 Td (event ) Tj ET Q q 0 0 0 rg BT 473.06 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.90 80.10 Td (a ) Tj ET Q q 0 0 0 rg BT 490.84 80.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 539.45 80.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 80.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (contract, ) Tj ET Q q 0 0 0 rg BT 87.50 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.01 68.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 156.84 68.10 Td (would ) Tj ET Q q 0 0 0 rg BT 185.14 68.10 Td (owe ) Tj ET Q q 0 0 0 rg BT 205.10 68.10 Td (us ) Tj ET Q q 0 0 0 rg BT 217.29 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.80 68.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 277.19 68.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 310.48 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.11 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.62 68.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 363.68 68.10 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 405.58 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.31 68.10 Td (we ) Tj ET Q q 0 0 0 rg BT 438.27 68.10 Td (would ) Tj ET Q q 0 0 0 rg BT 466.57 68.10 Td (owe ) Tj ET Q q 0 0 0 rg BT 486.53 68.10 Td (that ) Tj ET Q q 0 0 0 rg BT 504.82 68.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 538.11 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.19 68.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 84.86 56.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 134.74 56.10 Td (. ) Tj ET Q q 0 0 0 rg BT 140.38 56.10 Td (If ) Tj ET Q q 0 0 0 rg BT 150.19 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 166.66 56.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 220.33 56.10 Td (is ) Tj ET Q q 0 0 0 rg BT 230.14 56.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 259.94 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.86 56.10 Td (make ) Tj ET Q q 0 0 0 rg BT 295.66 56.10 Td (its ) Tj ET Q q 0 0 0 rg BT 308.25 56.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 345.83 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 356.75 56.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 371.28 56.10 Td (we ) Tj ET Q q 0 0 0 rg BT 386.08 56.10 Td (would ) Tj ET Q q 0 0 0 rg BT 414.22 56.10 Td (still ) Tj ET Q q 0 0 0 rg BT 432.37 56.10 Td (be ) Tj ET Q q 0 0 0 rg BT 444.95 56.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 485.31 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.23 56.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 513.81 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 530.28 56.10 Td (hedging ) 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 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 endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 99.38 740.10 Td (, ) Tj ET Q q 0 0 0 rg BT 104.55 740.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 142.21 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 152.66 740.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 178.09 740.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 207.15 740.10 Td (Non-performance ) Tj ET Q q 0 0 0 rg BT 280.90 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 293.56 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 309.56 740.10 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 371.37 740.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 400.14 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.25 740.10 Td (others, ) Tj ET Q q 0 0 0 rg BT 446.86 740.10 Td (including ) Tj ET Q q 0 0 0 rg BT 487.30 740.10 Td (with ) Tj ET Q q 0 0 0 rg BT 507.75 740.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 538.73 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.18 740.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 89.91 728.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 130.62 728.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 162.14 728.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 179.22 728.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 201.86 728.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 240.04 728.10 Td (with ) Tj ET Q q 0 0 0 rg BT 259.91 728.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 298.65 728.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 323.50 728.10 Td (exposures ) Tj ET Q q 0 0 0 rg BT 365.58 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.11 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 397.53 728.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 436.82 728.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 471.13 728.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 490.43 728.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 540.29 728.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (result ) Tj ET Q q 0 0 0 rg BT 74.22 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 84.50 716.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 113.39 716.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 158.66 716.10 Td (material, ) Tj ET Q q 0 0 0 rg BT 196.41 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.35 716.10 Td (thus ) Tj ET Q q 0 0 0 rg BT 232.52 716.10 Td (have ) Tj ET Q q 0 0 0 rg BT 253.90 716.10 Td (a ) Tj ET Q q 0 0 0 rg BT 260.84 716.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 305.55 716.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 338.59 716.10 Td (ef) Tj ET Q q 0 0 0 rg BT 346.17 716.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 363.66 716.10 Td (on ) Tj ET Q q 0 0 0 rg BT 376.16 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 391.99 716.10 Td (business ) Tj ET Q q 0 0 0 rg BT 428.38 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 445.32 716.10 Td (results ) Tj ET Q q 0 0 0 rg BT 473.93 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.76 716.10 Td (operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (An ) Tj ET Q q 0 0 0 rg BT 63.51 692.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 99.19 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.75 692.10 Td (access ) Tj ET Q q 0 0 0 rg BT 136.63 692.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 166.18 692.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 196.29 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 206.97 692.10 Td (on ) Tj ET Q q 0 0 0 rg BT 219.31 692.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 243.87 692.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 284.53 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.09 692.10 Td (us ) Tj ET Q q 0 0 0 rg BT 305.33 692.10 Td (could ) Tj ET Q q 0 0 0 rg BT 329.89 692.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 358.89 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 375.13 692.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 402.46 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 412.02 692.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 433.26 692.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 478.38 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 495.73 692.10 Td (could ) Tj ET Q q 0 0 0 rg BT 520.29 692.10 Td (jeopardize ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 66.45 680.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.18 680.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 147.58 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.64 680.10 Td (results ) Tj ET Q q 0 0 0 rg BT 195.37 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.20 680.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (Liquidity) Tj ET Q q 0 0 0 rg BT 86.07 656.10 Td (, ) Tj ET Q q 0 0 0 rg BT 91.44 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 102.63 656.10 Td (ready ) Tj ET Q q 0 0 0 rg BT 127.70 656.10 Td (access ) Tj ET Q q 0 0 0 rg BT 156.10 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.74 656.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 194.33 656.10 Td (is ) Tj ET Q q 0 0 0 rg BT 203.86 656.10 Td (essential ) Tj ET Q q 0 0 0 rg BT 241.16 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.80 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 268.00 656.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 307.25 656.10 Td (Several ) Tj ET Q q 0 0 0 rg BT 340.10 656.10 Td (lar) Tj ET Q q 0 0 0 rg BT 350.47 656.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 362.77 656.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 400.61 656.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 447.93 656.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 473.56 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 484.75 656.10 Td (mer) Tj ET Q q 0 0 0 rg BT 500.12 656.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 517.42 656.10 Td (with ) Tj ET Q q 0 0 0 rg BT 538.06 656.10 Td (others ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.47 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.54 644.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 119.17 644.10 Td (crisis ) Tj ET Q q 0 0 0 rg BT 143.13 644.10 Td (following ) Tj ET Q q 0 0 0 rg BT 184.88 644.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 229.95 644.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 265.57 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 276.21 644.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 298.51 644.10 Td (values ) Tj ET Q q 0 0 0 rg BT 326.91 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 337.55 644.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 378.17 644.10 Td (held ) Tj ET Q q 0 0 0 rg BT 398.25 644.10 Td (by ) Tj ET Q q 0 0 0 rg BT 411.11 644.10 Td (these ) Tj ET Q q 0 0 0 rg BT 434.51 644.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 484.32 644.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 504.12 644.10 Td (during ) Tj ET Q q 0 0 0 rg BT 533.09 644.10 Td (201) Tj ET Q q 0 0 0 rg BT 547.72 644.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 558.08 644.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.18 632.10 Td (institution ) Tj ET Q q 0 0 0 rg BT 130.44 632.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 155.91 632.10 Td (due ) Tj ET Q q 0 0 0 rg BT 173.04 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.52 632.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 220.12 632.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 246.71 632.10 Td (related ) Tj ET Q q 0 0 0 rg BT 276.61 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 287.09 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.00 632.10 Td (European ) Tj ET Q q 0 0 0 rg BT 343.02 632.10 Td (sovereign ) Tj ET Q q 0 0 0 rg BT 384.60 632.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 404.51 632.10 Td (crisis. ) Tj ET Q q 0 0 0 rg BT 430.63 632.10 Td (T) Tj ET Q q 0 0 0 rg BT 436.04 632.10 Td (o ) Tj ET Q q 0 0 0 rg BT 443.74 632.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 464.77 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 480.80 632.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 519.89 632.10 Td (we ) Tj ET Q q 0 0 0 rg BT 534.25 632.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 552.50 632.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 98.49 620.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 122.49 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.72 620.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 159.95 620.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 199.50 620.10 Td (as ) Tj ET Q q 0 0 0 rg BT 209.62 620.10 Td (well ) Tj ET Q q 0 0 0 rg BT 228.63 620.10 Td (as ) Tj ET Q q 0 0 0 rg BT 238.75 620.10 Td (other ) Tj ET Q q 0 0 0 rg BT 261.09 620.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 293.99 620.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 325.77 620.10 Td (such ) Tj ET Q q 0 0 0 rg BT 345.89 620.10 Td (as ) Tj ET Q q 0 0 0 rg BT 356.01 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.02 620.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 415.12 620.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 451.06 620.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 468.40 620.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 489.63 620.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 529.19 620.10 Td (includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 105.16 608.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 130.82 608.10 Td (lines, ) Tj ET Q q 0 0 0 rg BT 155.10 608.10 Td (which ) Tj ET Q q 0 0 0 rg BT 182.44 608.10 Td (could ) Tj ET Q q 0 0 0 rg BT 207.55 608.10 Td (become ) Tj ET Q q 0 0 0 rg BT 241.54 608.10 Td (unavailable ) Tj ET Q q 0 0 0 rg BT 290.52 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.19 608.10 Td (us ) Tj ET Q q 0 0 0 rg BT 312.98 608.10 Td (on ) Tj ET Q q 0 0 0 rg BT 325.87 608.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 366.53 608.10 Td (short ) Tj ET Q q 0 0 0 rg BT 389.42 608.10 Td (notice. ) Tj ET Q q 0 0 0 rg BT 419.25 608.10 Td (In ) Tj ET Q q 0 0 0 rg BT 430.47 608.10 Td (an ) Tj ET Q q 0 0 0 rg BT 442.81 608.10 Td (ef) Tj ET Q q 0 0 0 rg BT 450.39 608.10 Td (fort ) Tj ET Q q 0 0 0 rg BT 467.73 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.40 608.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 514.06 608.10 Td (this ) Tj ET Q q 0 0 0 rg BT 531.41 608.10 Td (funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 69.58 596.10 Td (we ) Tj ET Q q 0 0 0 rg BT 83.83 596.10 Td (renewed ) Tj ET Q q 0 0 0 rg BT 120.28 596.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.30 596.10 Td ($250 ) Tj ET Q q 0 0 0 rg BT 149.88 596.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.77 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.36 596.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 206.70 596.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 237.61 596.10 Td (for ) Tj ET Q q 0 0 0 rg BT 251.85 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.65 596.10 Td (sixth ) Tj ET Q q 0 0 0 rg BT 288.68 596.10 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 338.46 596.10 Td (year ) Tj ET Q q 0 0 0 rg BT 358.25 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 368.62 596.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 393.70 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.72 596.10 Td (also ) Tj ET Q q 0 0 0 rg BT 429.41 596.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.00 596.10 Td ($125 ) Tj ET Q q 0 0 0 rg BT 479.58 596.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.47 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 511.05 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.97 596.10 Td (unsecured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 84.34 584.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 101.97 584.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 125.71 584.10 Td (at ) Tj ET Q q 0 0 0 rg BT 135.57 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.43 584.10 Td (end ) Tj ET Q q 0 0 0 rg BT 167.50 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.47 584.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 203.61 584.10 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 251.78 584.10 Td (a ) Tj ET Q q 0 0 0 rg BT 258.86 584.10 Td (three-year ) Tj ET Q q 0 0 0 rg BT 302.02 584.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 335.20 584.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 360.60 584.10 Td (facility) Tj ET Q q 0 0 0 rg BT 388.27 584.10 Td (. ) Tj ET Q q 0 0 0 rg BT 393.22 584.10 Td (The ) Tj ET Q q 0 0 0 rg BT 411.41 584.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 435.15 584.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 465.57 584.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.54 584.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.54 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.18 584.10 Td (classes, ) Tj ET Q q 0 0 0 rg BT 527.09 584.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.50 584.10 Td ($75 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.97 572.10 Td (maturing ) Tj ET Q q 0 0 0 rg BT 119.65 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 130.00 572.10 Td (November ) Tj ET Q q 0 0 0 rg BT 174.78 572.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 197.36 572.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.37 572.10 Td ($50 ) Tj ET Q q 0 0 0 rg BT 231.95 572.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.84 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 263.42 572.10 Td (maturing ) Tj ET Q q 0 0 0 rg BT 302.10 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.45 572.10 Td (May ) Tj ET Q q 0 0 0 rg BT 333.35 572.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 358.43 572.10 Td (In ) Tj ET Q q 0 0 0 rg BT 369.34 572.10 Td (order ) Tj ET Q q 0 0 0 rg BT 393.01 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 403.36 572.10 Td (further ) Tj ET Q q 0 0 0 rg BT 433.15 572.10 Td (diversify ) Tj ET Q q 0 0 0 rg BT 471.27 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 487.18 572.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 531.41 572.10 Td (funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (needs, ) Tj ET Q q 0 0 0 rg BT 77.73 560.10 Td (we ) Tj ET Q q 0 0 0 rg BT 92.34 560.10 Td (also ) Tj ET Q q 0 0 0 rg BT 111.41 560.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 148.80 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.53 560.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 197.48 560.10 Td (three ) Tj ET Q q 0 0 0 rg BT 220.42 560.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 270.57 560.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 295.74 560.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 336.46 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 347.20 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.37 560.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 399.21 560.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 560.10 Td ($300 ) Tj ET Q q 0 0 0 rg BT 433.46 560.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.35 560.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.81 560.10 Td ($150 ) Tj ET Q q 0 0 0 rg BT 490.76 560.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.65 560.10 Td (, ) Tj ET Q q 0 0 0 rg BT 525.11 560.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.51 560.10 Td ($125 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 548.10 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 67.50 524.10 Td (access ) Tj ET Q q 0 0 0 rg BT 95.48 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.70 524.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 139.25 524.10 Td (sources, ) Tj ET Q q 0 0 0 rg BT 174.19 524.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 222.72 524.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 277.93 524.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 311.48 524.10 Td (sources, ) Tj ET Q q 0 0 0 rg BT 346.42 524.10 Td (could ) Tj ET Q q 0 0 0 rg BT 371.08 524.10 Td (be ) Tj ET Q q 0 0 0 rg BT 382.96 524.10 Td (hindered ) Tj ET Q q 0 0 0 rg BT 420.39 524.10 Td (by ) Tj ET Q q 0 0 0 rg BT 432.83 524.10 Td (many ) Tj ET Q q 0 0 0 rg BT 457.49 524.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 489.64 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.53 524.10 Td (many ) Tj ET Q q 0 0 0 rg BT 531.19 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.96 524.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 79.30 512.10 Td (we ) Tj ET Q q 0 0 0 rg BT 93.56 512.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 122.82 512.10 Td (control, ) Tj ET Q q 0 0 0 rg BT 156.24 512.10 Td (such ) Tj ET Q q 0 0 0 rg BT 177.17 512.10 Td (as ) Tj ET Q q 0 0 0 rg BT 188.09 512.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 229.56 512.10 Td (downturns, ) Tj ET Q q 0 0 0 rg BT 276.88 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.70 512.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 334.85 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.78 512.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.36 512.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 420.11 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.92 512.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 463.62 512.10 Td (or ) Tj ET Q q 0 0 0 rg BT 474.54 512.10 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 531.02 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.95 512.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.44 500.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 135.36 500.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 171.19 500.10 Td (news ) Tj ET Q q 0 0 0 rg BT 193.71 500.10 Td (about ) Tj ET Q q 0 0 0 rg BT 217.89 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.07 500.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 269.01 500.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 303.75 500.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 342.92 500.10 Td (or ) Tj ET Q q 0 0 0 rg BT 353.21 500.10 Td (us ) Tj ET Q q 0 0 0 rg BT 364.07 500.10 Td (specifically) Tj ET Q q 0 0 0 rg BT 409.50 500.10 Td (. ) Tj ET Q q 0 0 0 rg BT 413.83 500.10 Td (W) Tj ET Q q 0 0 0 rg BT 422.46 500.10 Td (e ) Tj ET Q q 0 0 0 rg BT 428.86 500.10 Td (could ) Tj ET Q q 0 0 0 rg BT 453.04 500.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 498.31 500.10 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 544.72 500.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.54 488.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 91.01 488.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 128.15 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 138.64 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.56 488.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 182.65 488.10 Td (including ) Tj ET Q q 0 0 0 rg BT 223.13 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.06 488.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 256.33 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.37 488.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 303.97 488.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 336.67 488.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 364.92 488.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 405.38 488.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 449.75 488.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 474.96 488.10 Td (if ) Tj ET Q q 0 0 0 rg BT 483.78 488.10 Td (lenders ) Tj ET Q q 0 0 0 rg BT 515.37 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 526.41 488.10 Td (investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 83.47 476.10 Td (a ) Tj ET Q q 0 0 0 rg BT 90.23 476.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 126.42 476.10 Td (perception ) Tj ET Q q 0 0 0 rg BT 170.94 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.58 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 197.23 476.10 Td (short- ) Tj ET Q q 0 0 0 rg BT 222.88 476.10 Td (or ) Tj ET Q q 0 0 0 rg BT 233.52 476.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 275.27 476.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 312.57 476.10 Td (prospects, ) Tj ET Q q 0 0 0 rg BT 355.16 476.10 Td (which ) Tj ET Q q 0 0 0 rg BT 381.91 476.10 Td (could ) Tj ET Q q 0 0 0 rg BT 406.45 476.10 Td (result ) Tj ET Q q 0 0 0 rg BT 430.98 476.10 Td (from ) Tj ET Q q 0 0 0 rg BT 452.73 476.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 494.47 476.10 Td (business ) Tj ET Q q 0 0 0 rg BT 530.67 476.10 Td (activity) Tj ET Q q 0 0 0 rg BT 560.02 476.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.22 464.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 103.27 464.10 Td (also ) Tj ET Q q 0 0 0 rg BT 121.55 464.10 Td (could ) Tj ET Q q 0 0 0 rg BT 145.93 464.10 Td (be ) Tj ET Q q 0 0 0 rg BT 157.53 464.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 196.34 464.10 Td (by ) Tj ET Q q 0 0 0 rg BT 208.51 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.89 464.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 261.15 464.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 298.31 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 308.26 464.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 364.84 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.33 464.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 395.00 464.10 Td (including ) Tj ET Q q 0 0 0 rg BT 434.94 464.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 481.53 464.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 519.79 464.10 Td (from ) Tj ET Q q 0 0 0 rg BT 541.39 464.10 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (term ) Tj ET Q q 0 0 0 rg BT 70.86 452.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 121.67 452.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 150.25 452.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 201.05 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.87 452.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 245.99 452.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 280.68 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 292.05 452.10 Td (products ) Tj ET Q q 0 0 0 rg BT 329.52 452.10 Td (without ) Tj ET Q q 0 0 0 rg BT 363.11 452.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 396.35 452.10 Td (. ) Tj ET Q q 0 0 0 rg BT 401.88 452.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 420.47 452.10 Td (access ) Tj ET Q q 0 0 0 rg BT 449.04 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 459.85 452.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 485.11 452.10 Td (may ) Tj ET Q q 0 0 0 rg BT 505.36 452.10 Td (be ) Tj ET Q q 0 0 0 rg BT 517.83 452.10 Td (impaired ) Tj ET Q q 0 0 0 rg BT 556.41 452.10 Td (if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 94.28 440.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 140.18 440.10 Td (take ) Tj ET Q q 0 0 0 rg BT 160.53 440.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 206.43 440.10 Td (action ) Tj ET Q q 0 0 0 rg BT 234.55 440.10 Td (against ) Tj ET Q q 0 0 0 rg BT 266.57 440.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 281.65 440.10 Td (or ) Tj ET Q q 0 0 0 rg BT 293.67 440.10 Td (if ) Tj ET Q q 0 0 0 rg BT 303.46 440.10 Td (we ) Tj ET Q q 0 0 0 rg BT 318.81 440.10 Td (discover ) Tj ET Q q 0 0 0 rg BT 356.38 440.10 Td (that ) Tj ET Q q 0 0 0 rg BT 375.06 440.10 Td (one ) Tj ET Q q 0 0 0 rg BT 393.19 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.21 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 422.23 440.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 468.68 440.10 Td (has ) Tj ET Q q 0 0 0 rg BT 485.70 440.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 522.70 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 534.17 440.10 Td (serious ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 104.20 428.10 Td (or ) Tj ET Q q 0 0 0 rg BT 115.03 428.10 Td (illegal ) Tj ET Q q 0 0 0 rg BT 142.52 428.10 Td (activity) Tj ET Q q 0 0 0 rg BT 171.86 428.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.51 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.40 404.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 104.46 404.10 Td (we ) Tj ET Q q 0 0 0 rg BT 118.80 404.10 Td (may ) Tj ET Q q 0 0 0 rg BT 138.69 404.10 Td (need ) Tj ET Q q 0 0 0 rg BT 160.25 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.70 404.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 193.93 404.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 213.82 404.10 Td (or ) Tj ET Q q 0 0 0 rg BT 224.83 404.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 247.51 404.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 275.18 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 285.64 404.10 Td (order ) Tj ET Q q 0 0 0 rg BT 309.42 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.87 404.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 340.88 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.89 404.10 Td (working ) Tj ET Q q 0 0 0 rg BT 392.90 404.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 422.23 404.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 479.61 404.10 Td (as ) Tj ET Q q 0 0 0 rg BT 490.62 404.10 Td (well ) Tj ET Q q 0 0 0 rg BT 510.51 404.10 Td (as ) Tj ET Q q 0 0 0 rg BT 521.52 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.98 404.10 Td (execute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 66.58 392.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 98.66 392.10 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 141.85 392.10 Td (that ) Tj ET Q q 0 0 0 rg BT 160.59 392.10 Td (may ) Tj ET Q q 0 0 0 rg BT 181.56 392.10 Td (include ) Tj ET Q q 0 0 0 rg BT 214.74 392.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 266.27 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.46 392.10 Td (other ) Tj ET Q q 0 0 0 rg BT 308.75 392.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 362.78 392.10 Td (Similarly) Tj ET Q q 0 0 0 rg BT 399.35 392.10 Td (, ) Tj ET Q q 0 0 0 rg BT 405.60 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 422.68 392.10 Td (access ) Tj ET Q q 0 0 0 rg BT 451.97 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.49 392.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 498.35 392.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 532.09 392.10 Td (may ) Tj ET Q q 0 0 0 rg BT 553.06 392.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 94.76 380.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 117.80 380.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 143.06 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.54 380.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 205.25 380.10 Td (that ) Tj ET Q q 0 0 0 rg BT 223.29 380.10 Td (may ) Tj ET Q q 0 0 0 rg BT 243.55 380.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 265.48 380.10 Td (or ) Tj ET Q q 0 0 0 rg BT 276.86 380.10 Td (restrict ) Tj ET Q q 0 0 0 rg BT 307.66 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 324.04 380.10 Td (business ) Tj ET Q q 0 0 0 rg BT 360.97 380.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 400.11 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.60 380.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 448.97 380.10 Td (initiatives. ) Tj ET Q q 0 0 0 rg BT 493.95 380.10 Td (For ) Tj ET Q q 0 0 0 rg BT 510.89 380.10 Td (example, ) 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 49.50 368.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 84.24 368.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 101.77 368.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 125.42 368.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 166.29 368.10 Td (above ) Tj ET Q q 0 0 0 rg BT 192.71 368.10 Td (include ) Tj ET Q q 0 0 0 rg BT 224.68 368.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 267.21 368.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 287.24 368.10 Td (among ) Tj ET Q q 0 0 0 rg BT 317.00 368.10 Td (other ) Tj ET Q q 0 0 0 rg BT 340.09 368.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 369.57 368.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 391.01 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 406.88 368.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 443.28 368.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 464.15 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.13 368.10 Td (require ) Tj ET Q q 0 0 0 rg BT 511.98 368.10 Td (maintenance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 356.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 90.03 356.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 115.86 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 126.69 356.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 161.40 356.10 Td (net ) Tj ET Q q 0 0 0 rg BT 176.12 356.10 Td (worth, ) Tj ET Q q 0 0 0 rg BT 204.45 356.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 248.04 356.10 Td (net ) Tj ET Q q 0 0 0 rg BT 262.76 356.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 294.41 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.35 356.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 351.61 356.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 371.88 356.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 392.71 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.99 356.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 426.03 356.10 Td (char) Tj ET Q q 0 0 0 rg BT 443.06 356.10 Td (ges.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (Lastly) Tj ET Q q 0 0 0 rg BT 73.85 332.10 Td (, ) Tj ET Q q 0 0 0 rg BT 78.66 332.10 Td (we ) Tj ET Q q 0 0 0 rg BT 92.64 332.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 131.05 332.10 Td (do ) Tj ET Q q 0 0 0 rg BT 143.36 332.10 Td (not ) Tj ET Q q 0 0 0 rg BT 158.46 332.10 Td (have ) Tj ET Q q 0 0 0 rg BT 179.65 332.10 Td (a ) Tj ET Q q 0 0 0 rg BT 186.40 332.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 211.48 332.10 Td (rating, ) Tj ET Q q 0 0 0 rg BT 239.63 332.10 Td (which ) Tj ET Q q 0 0 0 rg BT 266.38 332.10 Td (could ) Tj ET Q q 0 0 0 rg BT 290.91 332.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 331.54 332.10 Td (af) Tj ET Q q 0 0 0 rg BT 339.13 332.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 356.43 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 372.08 332.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 408.29 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.04 332.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 474.56 332.10 Td (position ) Tj ET Q q 0 0 0 rg BT 509.11 332.10 Td (by ) Tj ET Q q 0 0 0 rg BT 521.42 332.10 Td (increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 320.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 109.49 320.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 131.99 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.93 320.10 Td (limiting ) Tj ET Q q 0 0 0 rg BT 183.10 320.10 Td (access ) Tj ET Q q 0 0 0 rg BT 211.14 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.41 320.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 253.90 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.73 320.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 301.13 320.10 Td (that ) Tj ET Q q 0 0 0 rg BT 318.62 320.10 Td (require ) Tj ET Q q 0 0 0 rg BT 349.44 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 356.38 320.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 381.64 320.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 407.46 320.10 Td (as ) Tj ET Q q 0 0 0 rg BT 418.29 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 425.23 320.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 465.51 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.78 320.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 517.17 320.10 Td (funds.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 111.46 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.29 296.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 140.35 296.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 181.18 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.46 296.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 235.07 296.10 Td (for ) Tj ET Q q 0 0 0 rg BT 249.79 296.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 296.19 296.10 Td (losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 108.56 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.29 272.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 136.70 272.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 175.75 272.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.38 272.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 227.78 272.10 Td (for ) Tj ET Q q 0 0 0 rg BT 241.84 272.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 286.46 272.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 312.76 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 322.95 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 338.68 272.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 360.53 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 377.38 272.10 Td (trading, ) Tj ET Q q 0 0 0 rg BT 410.61 272.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 457.44 272.10 Td (trading, ) Tj ET Q q 0 0 0 rg BT 490.67 272.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 530.28 272.10 Td (banking ) 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 66.47 260.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 120.65 260.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 167.72 260.10 Td (W) Tj ET Q q 0 0 0 rg BT 176.36 260.10 Td (e ) Tj ET Q q 0 0 0 rg BT 183.33 260.10 Td (have ) Tj ET Q q 0 0 0 rg BT 204.73 260.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 250.03 260.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 279.21 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 289.52 260.10 Td (these ) Tj ET Q q 0 0 0 rg BT 312.59 260.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 359.84 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 376.81 260.10 Td (we ) Tj ET Q q 0 0 0 rg BT 391.00 260.10 Td (may ) Tj ET Q q 0 0 0 rg BT 410.75 260.10 Td (take ) Tj ET Q q 0 0 0 rg BT 429.93 260.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 475.24 260.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 513.88 260.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.19 260.10 Td (particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (types ) Tj ET Q q 0 0 0 rg BT 72.04 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 81.81 248.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 121.01 248.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 147.99 248.10 Td (issuers. ) Tj ET Q q 0 0 0 rg BT 179.04 248.10 Td (This ) Tj ET Q q 0 0 0 rg BT 198.26 248.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 254.11 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.88 248.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 280.31 248.10 Td (may ) Tj ET Q q 0 0 0 rg BT 298.97 248.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 322.61 248.10 Td (us ) Tj ET Q q 0 0 0 rg BT 332.94 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.15 248.10 Td (suf) Tj ET Q q 0 0 0 rg BT 354.19 248.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 366.73 248.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 392.05 248.10 Td (even ) Tj ET Q q 0 0 0 rg BT 412.37 248.10 Td (when ) Tj ET Q q 0 0 0 rg BT 435.46 248.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 475.77 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 491.64 248.10 Td (market ) Tj ET Q q 0 0 0 rg BT 520.84 248.10 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.82 236.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 105.13 236.10 Td (favorable ) Tj ET Q q 0 0 0 rg BT 145.99 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 160.76 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 177.20 236.10 Td (competitors. ) Tj ET Q q 0 0 0 rg BT 230.02 236.10 Td (Further) Tj ET Q q 0 0 0 rg BT 259.06 236.10 Td (, ) Tj ET Q q 0 0 0 rg BT 264.67 236.10 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 312.23 236.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.11 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.44 236.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 364.31 236.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 399.08 236.10 Td (can ) Tj ET Q q 0 0 0 rg BT 416.06 236.10 Td (make ) Tj ET Q q 0 0 0 rg BT 440.83 236.10 Td (it ) Tj ET Q q 0 0 0 rg BT 449.50 236.10 Td (dif) Tj ET Q q 0 0 0 rg BT 460.42 236.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 484.64 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.52 236.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 522.51 236.10 Td (exposures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 224.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 94.57 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.51 224.10 Td (economically) Tj ET Q q 0 0 0 rg BT 164.72 224.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 200.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.99 200.10 Td (may ) Tj ET Q q 0 0 0 rg BT 85.10 200.10 Td (make ) Tj ET Q q 0 0 0 rg BT 110.22 200.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 148.11 200.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 200.47 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.93 200.10 Td (minority ) Tj ET Q q 0 0 0 rg BT 256.84 200.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 310.57 200.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 342.91 200.10 Td (in ) Tj ET Q q 0 0 0 rg BT 354.15 200.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 375.94 200.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 413.84 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 425.63 200.10 Td (divest ) Tj ET Q q 0 0 0 rg BT 451.86 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 463.65 200.10 Td (exit ) Tj ET Q q 0 0 0 rg BT 481.54 200.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 516.67 200.10 Td (businesses, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.86 188.10 Td (could ) Tj ET Q q 0 0 0 rg BT 101.99 188.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 127.68 188.10 Td (us ) Tj ET Q q 0 0 0 rg BT 139.48 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.61 188.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 174.20 188.10 Td (unforeseen ) Tj ET Q q 0 0 0 rg BT 222.66 188.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 261.67 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 279.59 188.10 Td (have ) Tj ET Q q 0 0 0 rg BT 301.38 188.10 Td (disruptive ) Tj ET Q q 0 0 0 rg BT 344.29 188.10 Td (ef) Tj ET Q q 0 0 0 rg BT 351.88 188.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 373.11 188.10 Td (on ) Tj ET Q q 0 0 0 rg BT 386.02 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 402.83 188.10 Td (business ) Tj ET Q q 0 0 0 rg BT 440.19 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.11 188.10 Td (may ) Tj ET Q q 0 0 0 rg BT 477.68 188.10 Td (not ) Tj ET Q q 0 0 0 rg BT 493.37 188.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 515.16 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.29 188.10 Td (benefits ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.11 176.10 Td (expect.) 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 64.07 152.10 Td (may ) Tj ET Q q 0 0 0 rg BT 82.77 152.10 Td (grow ) Tj ET Q q 0 0 0 rg BT 104.82 152.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.09 152.10 Td (part ) Tj ET Q q 0 0 0 rg BT 131.12 152.10 Td (through ) Tj ET Q q 0 0 0 rg BT 163.72 152.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 202.97 152.10 Td (development ) Tj ET Q q 0 0 0 rg BT 256.11 152.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 293.70 152.10 Td (that ) Tj ET Q q 0 0 0 rg BT 310.18 152.10 Td (may ) Tj ET Q q 0 0 0 rg BT 328.89 152.10 Td (include ) Tj ET Q q 0 0 0 rg BT 359.82 152.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 411.58 152.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 431.41 152.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 466.77 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.70 152.10 Td (minority ) Tj ET Q q 0 0 0 rg BT 518.64 152.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (stakes. ) Tj ET Q q 0 0 0 rg BT 78.54 140.10 Td (For ) Tj ET Q q 0 0 0 rg BT 94.54 140.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 133.02 140.10 Td (we ) Tj ET Q q 0 0 0 rg BT 146.78 140.10 Td (expanded ) Tj ET Q q 0 0 0 rg BT 187.20 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 202.63 140.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 236.40 140.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 257.95 140.10 Td (management ) Tj ET Q q 0 0 0 rg BT 311.14 140.10 Td (business ) Tj ET Q q 0 0 0 rg BT 347.14 140.10 Td (in ) Tj ET Q q 0 0 0 rg BT 357.02 140.10 Td (March ) Tj ET Q q 0 0 0 rg BT 385.22 140.10 Td (2010 ) Tj ET Q q 0 0 0 rg BT 407.33 140.10 Td (with ) Tj ET Q q 0 0 0 rg BT 427.21 140.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.53 140.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 487.52 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.49 140.10 Td (ARI, ) Tj ET Q q 0 0 0 rg BT 519.31 140.10 Td (a ) Tj ET Q q 0 0 0 rg BT 525.86 140.10 Td (Chicago-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (based ) Tj ET Q q 0 0 0 rg BT 75.49 128.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 98.15 128.10 Td (management ) Tj ET Q q 0 0 0 rg BT 152.46 128.10 Td (firm, ) Tj ET Q q 0 0 0 rg BT 175.40 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.06 128.10 Td (we ) Tj ET Q q 0 0 0 rg BT 207.95 128.10 Td (added ) Tj ET Q q 0 0 0 rg BT 235.05 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 246.05 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.60 128.10 Td (public ) Tj ET Q q 0 0 0 rg BT 290.82 128.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 323.46 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.13 128.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 364.90 128.10 Td (income ) Tj ET Q q 0 0 0 rg BT 397.55 128.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 420.21 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.87 128.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 469.42 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.08 128.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 528.06 128.10 Td (advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 93.98 116.10 Td (with ) Tj ET Q q 0 0 0 rg BT 114.01 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 129.59 116.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 179.62 116.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.20 116.10 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 264.66 116.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 306.34 116.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 356.92 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 373.61 116.10 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 415.85 116.10 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 453.37 116.10 Td (L.P) Tj ET Q q 0 0 0 rg BT 466.44 116.10 Td (. ) Tj ET Q q 0 0 0 rg BT 471.19 116.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.22 116.10 Td (July ) Tj ET Q q 0 0 0 rg BT 500.14 116.10 Td (2013. ) Tj ET Q q 0 0 0 rg BT 524.73 116.10 Td (There ) Tj ET Q q 0 0 0 rg BT 550.30 116.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.90 104.10 Td (number ) Tj ET Q q 0 0 0 rg BT 92.40 104.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.69 104.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 127.54 104.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 172.59 104.10 Td (with ) Tj ET Q q 0 0 0 rg BT 194.32 104.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 236.03 104.10 Td (development ) Tj ET Q q 0 0 0 rg BT 291.64 104.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 334.20 104.10 Td (Costs ) Tj ET Q q 0 0 0 rg BT 360.38 104.10 Td (or ) Tj ET Q q 0 0 0 rg BT 372.67 104.10 Td (dif) Tj ET Q q 0 0 0 rg BT 383.60 104.10 Td (ficulties ) Tj ET Q q 0 0 0 rg BT 419.77 104.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 454.27 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 466.00 104.10 Td (a ) Tj ET Q q 0 0 0 rg BT 474.40 104.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 524.73 104.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (integration ) Tj ET Q q 0 0 0 rg BT 94.86 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.22 92.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 144.20 92.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 191.50 92.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 237.97 92.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 274.17 92.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 320.08 92.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 353.79 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.26 92.10 Td (management ) Tj ET Q q 0 0 0 rg BT 423.39 92.10 Td (controls, ) Tj ET Q q 0 0 0 rg BT 460.14 92.10 Td (may ) Tj ET Q q 0 0 0 rg BT 479.39 92.10 Td (be ) Tj ET Q q 0 0 0 rg BT 490.87 92.10 Td (dif) Tj ET Q q 0 0 0 rg BT 501.79 92.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 524.93 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.75 92.10 Td (predict ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 92.23 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.31 80.10 Td (be ) Tj ET Q q 0 0 0 rg BT 119.40 80.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 148.80 80.10 Td (than ) Tj ET Q q 0 0 0 rg BT 167.67 80.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 204.85 80.10 Td (causing ) Tj ET Q q 0 0 0 rg BT 237.04 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 252.02 80.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 290.88 80.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.31 80.10 Td (dif) Tj ET Q q 0 0 0 rg BT 311.23 80.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 323.98 80.10 Td (from ) Tj ET Q q 0 0 0 rg BT 345.07 80.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 370.59 80.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 400.72 80.10 Td (W) Tj ET Q q 0 0 0 rg BT 409.36 80.10 Td (e ) Tj ET Q q 0 0 0 rg BT 415.45 80.10 Td (may ) Tj ET Q q 0 0 0 rg BT 434.31 80.10 Td (be ) Tj ET Q q 0 0 0 rg BT 445.40 80.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 473.70 80.10 Td (to ) Tj ET Q q 0 0 0 rg BT 483.13 80.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 507.54 80.10 Td (key ) Tj ET Q q 0 0 0 rg BT 523.63 80.10 Td (personnel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (after ) Tj ET Q q 0 0 0 rg BT 69.89 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.18 68.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 132.62 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.13 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.42 68.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 209.37 68.10 Td (may ) Tj ET Q q 0 0 0 rg BT 228.66 68.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 256.83 68.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 310.01 68.10 Td (with ) Tj ET Q q 0 0 0 rg BT 329.86 68.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 372.48 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.99 68.10 Td (business ) Tj ET Q q 0 0 0 rg BT 424.96 68.10 Td (partners. ) Tj ET Q q 0 0 0 rg BT 461.59 68.10 Td (W) Tj ET Q q 0 0 0 rg BT 470.22 68.10 Td (e ) Tj ET Q q 0 0 0 rg BT 476.74 68.10 Td (may ) Tj ET Q q 0 0 0 rg BT 496.02 68.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 518.64 68.10 Td (unforeseen ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 89.46 56.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.53 56.10 Td (an ) Tj ET Q q 0 0 0 rg BT 112.71 56.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 149.88 56.10 Td (company ) Tj ET Q q 0 0 0 rg BT 189.27 56.10 Td (that ) Tj ET Q q 0 0 0 rg BT 207.01 56.10 Td (could ) Tj ET Q q 0 0 0 rg BT 231.97 56.10 Td (impose ) Tj ET Q q 0 0 0 rg BT 263.60 56.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 308.55 56.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.73 56.10 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 382.34 56.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 404.51 56.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 427.26 56.10 Td (on ) Tj ET Q q 0 0 0 rg BT 440.00 56.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 453.53 56.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 477.66 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 493.73 56.10 Td (share ) Tj ET Q q 0 0 0 rg BT 517.57 56.10 Td (price ) Tj ET Q q 0 0 0 rg BT 540.30 56.10 Td (could ) 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 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 endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 81.59 740.10 Td (after ) Tj ET Q q 0 0 0 rg BT 103.12 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 117.99 740.10 Td (announce ) Tj ET Q q 0 0 0 rg BT 159.52 740.10 Td (or ) Tj ET Q q 0 0 0 rg BT 171.06 740.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 210.93 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 218.58 740.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 265.67 740.10 Td (if ) Tj ET Q q 0 0 0 rg BT 274.99 740.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 314.31 740.10 Td (view ) Tj ET Q q 0 0 0 rg BT 336.97 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.40 740.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 399.48 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 411.03 740.10 Td (too ) Tj ET Q q 0 0 0 rg BT 427.02 740.10 Td (costly ) Tj ET Q q 0 0 0 rg BT 454.12 740.10 Td (or ) Tj ET Q q 0 0 0 rg BT 465.67 740.10 Td (unlikely ) Tj ET Q q 0 0 0 rg BT 501.66 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 512.65 740.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 549.19 740.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 99.58 728.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 137.18 728.10 Td (Longer) Tj ET Q q 0 0 0 rg BT 165.86 728.10 Td (-term, ) Tj ET Q q 0 0 0 rg BT 192.89 728.10 Td (these ) Tj ET Q q 0 0 0 rg BT 216.31 728.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 255.28 728.10 Td (may ) Tj ET Q q 0 0 0 rg BT 275.37 728.10 Td (require ) Tj ET Q q 0 0 0 rg BT 306.56 728.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 347.19 728.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 370.06 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.71 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.80 728.10 Td (form ) Tj ET Q q 0 0 0 rg BT 418.11 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.32 728.10 Td (management ) Tj ET Q q 0 0 0 rg BT 483.28 728.10 Td (personnel, ) Tj ET Q q 0 0 0 rg BT 527.53 728.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.64 716.10 Td (management ) Tj ET Q q 0 0 0 rg BT 118.44 716.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 151.81 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.95 716.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 201.87 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.02 716.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 256.65 716.10 Td (which, ) Tj ET Q q 0 0 0 rg BT 285.29 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 294.77 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.69 716.10 Td (absence ) Tj ET Q q 0 0 0 rg BT 342.04 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.08 716.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 393.22 716.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 426.57 716.10 Td (growth, ) Tj ET Q q 0 0 0 rg BT 459.10 716.10 Td (would ) Tj ET Q q 0 0 0 rg BT 485.80 716.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 509.71 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 524.75 716.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 704.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 83.82 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.89 704.10 Td (decline. ) Tj ET Q q 0 0 0 rg BT 127.55 704.10 Td (More ) Tj ET Q q 0 0 0 rg BT 151.50 704.10 Td (generally) Tj ET Q q 0 0 0 rg BT 188.05 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 192.84 704.10 Td (any ) Tj ET Q q 0 0 0 rg BT 209.56 704.10 Td (dif) Tj ET Q q 0 0 0 rg BT 220.49 704.10 Td (ficulties ) Tj ET Q q 0 0 0 rg BT 254.99 704.10 Td (that ) Tj ET Q q 0 0 0 rg BT 272.27 704.10 Td (we ) Tj ET Q q 0 0 0 rg BT 286.22 704.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 331.81 704.10 Td (could ) Tj ET Q q 0 0 0 rg BT 356.31 704.10 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 386.38 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 402.00 704.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 437.06 704.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 475.74 704.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 510.78 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 526.40 704.10 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.29 692.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 108.95 692.10 Td (af) Tj ET Q q 0 0 0 rg BT 116.54 692.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 134.87 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.55 692.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 192.66 692.10 Td (results ) Tj ET Q q 0 0 0 rg BT 222.11 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.90 692.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 278.23 692.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 321.60 692.10 Td (W) Tj ET Q q 0 0 0 rg BT 330.24 692.10 Td (e ) Tj ET Q q 0 0 0 rg BT 338.03 692.10 Td (also ) Tj ET Q q 0 0 0 rg BT 357.48 692.10 Td (may ) Tj ET Q q 0 0 0 rg BT 378.05 692.10 Td (be ) Tj ET Q q 0 0 0 rg BT 390.83 692.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 420.84 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 431.96 692.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 465.84 692.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 513.05 692.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 548.06 692.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (syner) Tj ET Q q 0 0 0 rg BT 70.98 680.10 Td (gies ) Tj ET Q q 0 0 0 rg BT 90.50 680.10 Td (from ) Tj ET Q q 0 0 0 rg BT 113.35 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.98 680.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 176.26 680.10 Td (as ) Tj ET Q q 0 0 0 rg BT 188.00 680.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 210.30 680.10 Td (as ) Tj ET Q q 0 0 0 rg BT 222.04 680.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 260.98 680.10 Td (or ) Tj ET Q q 0 0 0 rg BT 272.72 680.10 Td (within ) Tj ET Q q 0 0 0 rg BT 301.69 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.31 680.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 356.26 680.10 Td (time ) Tj ET Q q 0 0 0 rg BT 377.44 680.10 Td (frame. ) Tj ET Q q 0 0 0 rg BT 406.67 680.10 Td (Divestitures ) Tj ET Q q 0 0 0 rg BT 458.40 680.10 Td (or ) Tj ET Q q 0 0 0 rg BT 470.14 680.10 Td (elimination ) Tj ET Q q 0 0 0 rg BT 519.10 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.84 680.10 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 94.31 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 105.22 668.10 Td (products ) Tj ET Q q 0 0 0 rg BT 142.25 668.10 Td (could ) Tj ET Q q 0 0 0 rg BT 167.05 668.10 Td (have ) Tj ET Q q 0 0 0 rg BT 188.51 668.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 218.87 668.10 Td (ef) Tj ET Q q 0 0 0 rg BT 226.46 668.10 Td (fects. ) Tj ET Q q 0 0 0 rg BT 250.42 668.10 Td (For ) Tj ET Q q 0 0 0 rg BT 266.90 668.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 305.85 668.10 Td (we ) Tj ET Q q 0 0 0 rg BT 320.10 668.10 Td (shut ) Tj ET Q q 0 0 0 rg BT 339.36 668.10 Td (down ) Tj ET Q q 0 0 0 rg BT 364.16 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 380.08 668.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 404.89 668.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 429.69 668.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 458.93 668.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 493.17 668.10 Td (business ) Tj ET Q q 0 0 0 rg BT 529.65 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 540.01 668.10 Td (2012, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 656.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 100.58 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 107.52 656.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 138.33 656.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 156.39 656.10 Td (on ) Tj ET Q q 0 0 0 rg BT 168.89 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.61 656.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 229.99 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.27 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 256.10 656.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 280.82 656.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 305.54 656.10 Td (subsidiaries.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.21 632.10 Td (information ) Tj ET Q q 0 0 0 rg BT 119.69 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.29 632.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 184.31 632.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 219.95 632.10 Td (including ) Tj ET Q q 0 0 0 rg BT 261.44 632.10 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 309.03 632.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 344.67 632.10 Td (are ) Tj ET Q q 0 0 0 rg BT 360.03 632.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 390.94 632.10 Td (components ) Tj ET Q q 0 0 0 rg BT 442.42 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.78 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 469.26 632.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 517.13 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 534.72 632.10 Td (failure ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.01 620.10 Td (those ) Tj ET Q q 0 0 0 rg BT 83.87 620.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 117.16 620.10 Td (or ) Tj ET Q q 0 0 0 rg BT 128.24 620.10 Td (other ) Tj ET Q q 0 0 0 rg BT 152.09 620.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 183.71 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.23 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 210.86 620.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 256.39 620.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 316.37 620.10 Td (may ) Tj ET Q q 0 0 0 rg BT 335.77 620.10 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 366.85 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 383.49 620.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 423.19 620.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 448.70 620.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 488.11 620.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 505.86 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.60 620.10 Td (constrain ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 66.45 608.10 Td (growth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 584.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.86 584.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 102.14 584.10 Td (transact ) Tj ET Q q 0 0 0 rg BT 135.52 584.10 Td (thousands ) Tj ET Q q 0 0 0 rg BT 177.81 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.43 584.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 228.48 584.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 254.64 584.10 Td (on ) Tj ET Q q 0 0 0 rg BT 266.93 584.10 Td (a ) Tj ET Q q 0 0 0 rg BT 273.66 584.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 295.94 584.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 318.23 584.10 Td (across ) Tj ET Q q 0 0 0 rg BT 345.51 584.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 381.12 584.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 417.57 584.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 435.41 584.10 Td (data ) Tj ET Q q 0 0 0 rg BT 454.35 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.07 584.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 517.23 584.10 Td (processing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (custody) Tj ET Q q 0 0 0 rg BT 79.96 572.10 Td (, ) Tj ET Q q 0 0 0 rg BT 84.69 572.10 Td (financial, ) Tj ET Q q 0 0 0 rg BT 124.40 572.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 170.50 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.16 572.10 Td (other ) Tj ET Q q 0 0 0 rg BT 209.94 572.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 256.60 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.27 572.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 313.26 572.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 347.15 572.10 Td (are ) Tj ET Q q 0 0 0 rg BT 361.59 572.10 Td (essential ) Tj ET Q q 0 0 0 rg BT 398.25 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.26 572.10 Td (this ) Tj ET Q q 0 0 0 rg BT 424.93 572.10 Td (task. ) Tj ET Q q 0 0 0 rg BT 445.28 572.10 Td (A) Tj ET Q q 0 0 0 rg BT 451.95 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 454.18 572.10 Td (system ) Tj ET Q q 0 0 0 rg BT 484.18 572.10 Td (malfunction ) Tj ET Q q 0 0 0 rg BT 534.73 572.10 Td (\(due ) Tj ET Q q 0 0 0 rg BT 554.73 572.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (hardware ) Tj ET Q q 0 0 0 rg BT 87.95 560.10 Td (failure, ) Tj ET Q q 0 0 0 rg BT 117.79 560.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 152.36 560.10 Td (overload, ) Tj ET Q q 0 0 0 rg BT 191.09 560.10 Td (security ) Tj ET Q q 0 0 0 rg BT 224.00 560.10 Td (incident, ) Tj ET Q q 0 0 0 rg BT 259.96 560.10 Td (data ) Tj ET Q q 0 0 0 rg BT 277.87 560.10 Td (corruption, ) Tj ET Q q 0 0 0 rg BT 323.28 560.10 Td (etc.\) ) Tj ET Q q 0 0 0 rg BT 342.01 560.10 Td (or ) Tj ET Q q 0 0 0 rg BT 351.59 560.10 Td (mistake ) Tj ET Q q 0 0 0 rg BT 383.95 560.10 Td (made ) Tj ET Q q 0 0 0 rg BT 406.86 560.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 438.65 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.68 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.15 560.10 Td (processing ) Tj ET Q q 0 0 0 rg BT 505.17 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 514.75 560.10 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (could ) Tj ET Q q 0 0 0 rg BT 73.53 548.10 Td (result ) Tj ET Q q 0 0 0 rg BT 97.56 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 107.16 548.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.95 548.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 163.83 548.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 196.75 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 206.35 548.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 236.77 548.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 279.68 548.10 Td (intervention, ) Tj ET Q q 0 0 0 rg BT 332.31 548.10 Td (reputational ) Tj ET Q q 0 0 0 rg BT 381.89 548.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 414.80 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 431.05 548.10 Td (constraints ) Tj ET Q q 0 0 0 rg BT 476.19 548.10 Td (on ) Tj ET Q q 0 0 0 rg BT 488.01 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 503.15 548.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 530.52 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 540.11 548.10 Td (grow) Tj ET Q q 0 0 0 rg BT 560.01 548.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 536.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.33 536.10 Td (outsource ) Tj ET Q q 0 0 0 rg BT 108.97 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 117.16 536.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 163.69 536.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 196.34 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.43 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 225.51 536.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 257.03 536.10 Td (data ) Tj ET Q q 0 0 0 rg BT 277.44 536.10 Td (processing ) Tj ET Q q 0 0 0 rg BT 323.97 536.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 366.32 536.10 Td (including ) Tj ET Q q 0 0 0 rg BT 407.85 536.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 431.60 536.10 Td (processing ) Tj ET Q q 0 0 0 rg BT 478.12 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.32 536.10 Td (back ) Tj ET Q q 0 0 0 rg BT 518.95 536.10 Td (of) Tj ET Q q 0 0 0 rg BT 527.10 536.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 545.85 536.10 Td (data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (processing. ) Tj ET Q q 0 0 0 rg BT 97.99 524.10 Td (For ) Tj ET Q q 0 0 0 rg BT 115.10 524.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 154.69 524.10 Td (we ) Tj ET Q q 0 0 0 rg BT 169.57 524.10 Td (have ) Tj ET Q q 0 0 0 rg BT 191.67 524.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 224.31 524.10 Td (into ) Tj ET Q q 0 0 0 rg BT 243.09 524.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 282.41 524.10 Td (with ) Tj ET Q q 0 0 0 rg BT 303.40 524.10 Td (Broadridge ) Tj ET Q q 0 0 0 rg BT 351.61 524.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 392.04 524.10 Td (Solutions, ) Tj ET Q q 0 0 0 rg BT 435.55 524.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 454.04 524.10 Td (\("Broadridge"\) ) Tj ET Q q 0 0 0 rg BT 517.07 524.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 554.73 524.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.93 512.10 Td (Broadridge ) Tj ET Q q 0 0 0 rg BT 124.91 512.10 Td (handles ) Tj ET Q q 0 0 0 rg BT 158.45 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 174.78 512.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 197.76 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.19 512.10 Td (back ) Tj ET Q q 0 0 0 rg BT 237.06 512.10 Td (of) Tj ET Q q 0 0 0 rg BT 245.21 512.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 263.19 512.10 Td (processing, ) Tj ET Q q 0 0 0 rg BT 311.46 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.89 512.10 Td (Unisys ) Tj ET Q q 0 0 0 rg BT 359.67 512.10 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 410.99 512.10 Td (\("Unisys"\), ) Tj ET Q q 0 0 0 rg BT 459.09 512.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 496.52 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.30 512.10 Td (which ) Tj ET Q q 0 0 0 rg BT 534.73 512.10 Td (Unisys ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (supports ) Tj ET Q q 0 0 0 rg BT 84.98 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 99.90 500.10 Td (data ) Tj ET Q q 0 0 0 rg BT 118.15 500.10 Td (center ) Tj ET Q q 0 0 0 rg BT 144.16 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.19 500.10 Td (helpdesk ) Tj ET Q q 0 0 0 rg BT 197.33 500.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 224.08 500.10 Td (W) Tj ET Q q 0 0 0 rg BT 232.71 500.10 Td (e ) Tj ET Q q 0 0 0 rg BT 238.74 500.10 Td (also ) Tj ET Q q 0 0 0 rg BT 256.44 500.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 290.23 500.10 Td (with ) Tj ET Q q 0 0 0 rg BT 309.60 500.10 Td (third ) Tj ET Q q 0 0 0 rg BT 330.08 500.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 358.33 500.10 Td (for ) Tj ET Q q 0 0 0 rg BT 371.58 500.10 Td (market ) Tj ET Q q 0 0 0 rg BT 400.93 500.10 Td (data ) Tj ET Q q 0 0 0 rg BT 419.18 500.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 455.48 500.10 Td (which ) Tj ET Q q 0 0 0 rg BT 481.51 500.10 Td (constantly ) Tj ET Q q 0 0 0 rg BT 524.20 500.10 Td (broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (news, ) Tj ET Q q 0 0 0 rg BT 74.89 488.10 Td (quotes, ) Tj ET Q q 0 0 0 rg BT 105.84 488.10 Td (analytics ) Tj ET Q q 0 0 0 rg BT 143.72 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.49 488.10 Td (other ) Tj ET Q q 0 0 0 rg BT 183.38 488.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 217.92 488.10 Td (information ) Tj ET Q q 0 0 0 rg BT 267.47 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.58 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 293.25 488.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 340.68 488.10 Td (W) Tj ET Q q 0 0 0 rg BT 349.32 488.10 Td (e ) Tj ET Q q 0 0 0 rg BT 356.10 488.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 390.64 488.10 Td (with ) Tj ET Q q 0 0 0 rg BT 410.75 488.10 Td (other ) Tj ET Q q 0 0 0 rg BT 433.64 488.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 467.64 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.75 488.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 512.30 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.07 488.10 Td (mail ) Tj ET Q q 0 0 0 rg BT 549.19 488.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 88.19 476.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 132.43 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.91 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.72 476.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 191.30 476.10 Td (other ) Tj ET Q q 0 0 0 rg BT 213.88 476.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 250.62 476.10 Td (In ) Tj ET Q q 0 0 0 rg BT 260.98 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.23 476.10 Td (event ) Tj ET Q q 0 0 0 rg BT 298.92 476.10 Td (that ) Tj ET Q q 0 0 0 rg BT 315.95 476.10 Td (any ) Tj ET Q q 0 0 0 rg BT 332.42 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.79 476.10 Td (these ) Tj ET Q q 0 0 0 rg BT 365.37 476.10 Td (service ) Tj ET Q q 0 0 0 rg BT 395.72 476.10 Td (providers ) Tj ET Q q 0 0 0 rg BT 435.52 476.10 Td (fails ) Tj ET Q q 0 0 0 rg BT 454.77 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 464.58 476.10 Td (adequately ) Tj ET Q q 0 0 0 rg BT 509.93 476.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 544.17 476.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (services ) Tj ET Q q 0 0 0 rg BT 84.17 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 94.96 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.64 464.10 Td (relationship ) Tj ET Q q 0 0 0 rg BT 159.32 464.10 Td (between ) Tj ET Q q 0 0 0 rg BT 195.09 464.10 Td (that ) Tj ET Q q 0 0 0 rg BT 212.55 464.10 Td (service ) Tj ET Q q 0 0 0 rg BT 243.33 464.10 Td (provider ) Tj ET Q q 0 0 0 rg BT 279.67 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.57 464.10 Td (us ) Tj ET Q q 0 0 0 rg BT 307.92 464.10 Td (is ) Tj ET Q q 0 0 0 rg BT 317.06 464.10 Td (terminated, ) Tj ET Q q 0 0 0 rg BT 364.78 464.10 Td (we ) Tj ET Q q 0 0 0 rg BT 378.90 464.10 Td (may ) Tj ET Q q 0 0 0 rg BT 398.58 464.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 444.34 464.10 Td (a ) Tj ET Q q 0 0 0 rg BT 451.24 464.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 495.92 464.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 538.94 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.18 464.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 95.95 452.10 Td (including ) Tj ET Q q 0 0 0 rg BT 136.02 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.64 452.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 179.49 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.56 452.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 217.41 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.14 452.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 277.52 452.10 Td (process ) Tj ET Q q 0 0 0 rg BT 309.80 452.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 359.86 452.10 Td (or ) Tj ET Q q 0 0 0 rg BT 370.49 452.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 407.77 452.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 446.72 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.45 452.10 Td (accurate ) Tj ET Q q 0 0 0 rg BT 499.05 452.10 Td (records ) Tj ET Q q 0 0 0 rg BT 530.77 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.39 452.10 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (Adapting ) Tj ET Q q 0 0 0 rg BT 89.85 416.10 Td (or ) Tj ET Q q 0 0 0 rg BT 101.32 416.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 148.89 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 165.36 416.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 212.93 416.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 247.73 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 258.65 416.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 281.22 416.10 Td (new ) Tj ET Q q 0 0 0 rg BT 301.01 416.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 345.24 416.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 403.08 416.10 Td (client ) Tj ET Q q 0 0 0 rg BT 428.43 416.10 Td (needs, ) Tj ET Q q 0 0 0 rg BT 456.83 416.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 504.39 416.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 548.08 416.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 84.48 404.10 Td (demands ) Tj ET Q q 0 0 0 rg BT 122.23 404.10 Td (also ) Tj ET Q q 0 0 0 rg BT 140.55 404.10 Td (is ) Tj ET Q q 0 0 0 rg BT 149.42 404.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 179.39 404.10 Td (for ) Tj ET Q q 0 0 0 rg BT 193.25 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 208.78 404.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 247.38 404.10 Td (Introduction ) Tj ET Q q 0 0 0 rg BT 299.02 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 309.55 404.10 Td (new ) Tj ET Q q 0 0 0 rg BT 328.42 404.10 Td (technologies ) Tj ET Q q 0 0 0 rg BT 381.17 404.10 Td (present ) Tj ET Q q 0 0 0 rg BT 412.25 404.10 Td (new ) Tj ET Q q 0 0 0 rg BT 431.11 404.10 Td (challenges ) Tj ET Q q 0 0 0 rg BT 475.52 404.10 Td (on ) Tj ET Q q 0 0 0 rg BT 487.72 404.10 Td (a ) Tj ET Q q 0 0 0 rg BT 494.37 404.10 Td (regular ) Tj ET Q q 0 0 0 rg BT 524.89 404.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 549.43 404.10 Td (W) Tj ET Q q 0 0 0 rg BT 558.07 404.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.47 392.10 Td (an ) Tj ET Q q 0 0 0 rg BT 84.00 392.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 119.87 392.10 Td (need ) Tj ET Q q 0 0 0 rg BT 141.84 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 152.72 392.10 Td (upgrade ) Tj ET Q q 0 0 0 rg BT 188.02 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.55 392.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 241.97 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 258.39 392.10 Td (various ) Tj ET Q q 0 0 0 rg BT 290.92 392.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 338.45 392.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 375.71 392.10 Td (including ) Tj ET Q q 0 0 0 rg BT 416.58 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 433.00 392.10 Td (data ) Tj ET Q q 0 0 0 rg BT 452.75 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.28 392.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 517.25 392.10 Td (processing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (financial, ) Tj ET Q q 0 0 0 rg BT 89.78 380.10 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 138.95 380.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 156.75 380.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 213.13 380.10 Td (compliance, ) Tj ET Q q 0 0 0 rg BT 264.52 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.76 380.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 312.88 380.10 Td (systems. ) Tj ET Q q 0 0 0 rg BT 349.64 380.10 Td (This ) Tj ET Q q 0 0 0 rg BT 370.22 380.10 Td (need ) Tj ET Q q 0 0 0 rg BT 391.90 380.10 Td (could ) Tj ET Q q 0 0 0 rg BT 416.91 380.10 Td (present ) Tj ET Q q 0 0 0 rg BT 448.58 380.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 496.36 380.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 523.05 380.10 Td (or ) Tj ET Q q 0 0 0 rg BT 534.18 380.10 Td (require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.40 368.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 123.75 368.10 Td (spending. ) Tj ET Q q 0 0 0 rg BT 165.05 368.10 Td (It ) Tj ET Q q 0 0 0 rg BT 173.85 368.10 Td (also ) Tj ET Q q 0 0 0 rg BT 192.65 368.10 Td (may ) Tj ET Q q 0 0 0 rg BT 212.56 368.10 Td (require ) Tj ET Q q 0 0 0 rg BT 243.57 368.10 Td (us ) Tj ET Q q 0 0 0 rg BT 255.15 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.63 368.10 Td (make ) Tj ET Q q 0 0 0 rg BT 289.97 368.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 332.66 368.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 383.12 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.59 368.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 440.72 368.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 475.08 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.21 368.10 Td (may ) Tj ET Q q 0 0 0 rg BT 512.12 368.10 Td (require ) Tj ET Q q 0 0 0 rg BT 543.13 368.10 Td (us ) Tj ET Q q 0 0 0 rg BT 554.72 368.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (reevaluate ) Tj ET Q q 0 0 0 rg BT 92.90 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.44 356.10 Td (current ) Tj ET Q q 0 0 0 rg BT 138.08 356.10 Td (value ) Tj ET Q q 0 0 0 rg BT 162.05 356.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 189.92 356.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 227.78 356.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 254.54 356.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 275.75 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.40 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 302.05 356.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 348.80 356.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 385.30 356.10 Td (which ) Tj ET Q q 0 0 0 rg BT 412.06 356.10 Td (could ) Tj ET Q q 0 0 0 rg BT 436.59 356.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 480.57 356.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 510.10 356.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.75 356.10 Td (results ) Tj ET Q q 0 0 0 rg BT 554.18 356.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.81 320.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 98.68 320.10 Td (routinely ) Tj ET Q q 0 0 0 rg BT 138.55 320.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 172.86 320.10 Td (us ) Tj ET Q q 0 0 0 rg BT 185.51 320.10 Td (with ) Tj ET Q q 0 0 0 rg BT 207.05 320.10 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 245.81 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.01 320.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 315.53 320.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 369.01 320.10 Td (Secure ) Tj ET Q q 0 0 0 rg BT 399.98 320.10 Td (processing, ) Tj ET Q q 0 0 0 rg BT 449.01 320.10 Td (storage ) Tj ET Q q 0 0 0 rg BT 481.65 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 499.85 320.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 554.17 320.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 100.22 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.62 308.10 Td (other ) Tj ET Q q 0 0 0 rg BT 141.13 308.10 Td (information ) Tj ET Q q 0 0 0 rg BT 191.30 308.10 Td (in ) Tj ET Q q 0 0 0 rg BT 202.04 308.10 Td (our ) Tj ET Q q 0 0 0 rg BT 218.33 308.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 251.84 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.24 308.10 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 316.07 308.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 356.80 308.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 391.43 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.83 308.10 Td (networks ) Tj ET Q q 0 0 0 rg BT 448.45 308.10 Td (is ) Tj ET Q q 0 0 0 rg BT 458.08 308.10 Td (critically ) Tj ET Q q 0 0 0 rg BT 496.58 308.10 Td (important ) Tj ET Q q 0 0 0 rg BT 538.43 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.17 308.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 88.22 296.10 Td (W) Tj ET Q q 0 0 0 rg BT 96.86 296.10 Td (e ) Tj ET Q q 0 0 0 rg BT 103.80 296.10 Td (take ) Tj ET Q q 0 0 0 rg BT 122.96 296.10 Td (protective ) Tj ET Q q 0 0 0 rg BT 165.45 296.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 205.17 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.11 296.10 Td (endeavor ) Tj ET Q q 0 0 0 rg BT 261.26 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 271.55 296.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 302.94 296.10 Td (them ) Tj ET Q q 0 0 0 rg BT 325.45 296.10 Td (as ) Tj ET Q q 0 0 0 rg BT 336.28 296.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 395.43 296.10 Td (warrant. ) Tj ET Q q 0 0 0 rg BT 430.98 296.10 Td (However) Tj ET Q q 0 0 0 rg BT 467.23 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 472.23 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 488.07 296.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 528.34 296.10 Td (systems, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (software ) Tj ET Q q 0 0 0 rg BT 85.48 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 101.47 284.10 Td (networks, ) Tj ET Q q 0 0 0 rg BT 142.18 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.17 284.10 Td (those ) Tj ET Q q 0 0 0 rg BT 180.83 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.71 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 205.59 284.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 235.74 284.10 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 271.45 284.10 Td (service ) Tj ET Q q 0 0 0 rg BT 301.32 284.10 Td (providers, ) Tj ET Q q 0 0 0 rg BT 343.14 284.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 401.33 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.31 284.10 Td (other ) Tj ET Q q 0 0 0 rg BT 439.41 284.10 Td (third ) Tj ET Q q 0 0 0 rg BT 459.85 284.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 490.55 284.10 Td (may ) Tj ET Q q 0 0 0 rg BT 509.32 284.10 Td (be ) Tj ET Q q 0 0 0 rg BT 520.31 284.10 Td (vulnerable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 61.06 272.10 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 117.04 272.10 Td (access, ) Tj ET Q q 0 0 0 rg BT 148.86 272.10 Td (cyberattacks, ) Tj ET Q q 0 0 0 rg BT 205.11 272.10 Td (security ) Tj ET Q q 0 0 0 rg BT 240.54 272.10 Td (breaches, ) Tj ET Q q 0 0 0 rg BT 281.79 272.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 323.34 272.10 Td (viruses ) Tj ET Q q 0 0 0 rg BT 355.45 272.10 Td (or ) Tj ET Q q 0 0 0 rg BT 367.56 272.10 Td (other ) Tj ET Q q 0 0 0 rg BT 391.88 272.10 Td (malicious ) Tj ET Q q 0 0 0 rg BT 434.54 272.10 Td (code, ) Tj ET Q q 0 0 0 rg BT 459.70 272.10 Td (inadvertent, ) Tj ET Q q 0 0 0 rg BT 510.96 272.10 Td (erroneous ) Tj ET Q q 0 0 0 rg BT 554.17 272.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (intercepted ) Tj ET Q q 0 0 0 rg BT 96.75 260.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 150.15 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.31 260.10 Td (information ) Tj ET Q q 0 0 0 rg BT 211.36 260.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 255.30 260.10 Td (by ) Tj ET Q q 0 0 0 rg BT 268.14 260.10 Td (e-mail\), ) Tj ET Q q 0 0 0 rg BT 302.34 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.62 260.10 Td (other ) Tj ET Q q 0 0 0 rg BT 343.00 260.10 Td (events ) Tj ET Q q 0 0 0 rg BT 371.38 260.10 Td (that ) Tj ET Q q 0 0 0 rg BT 389.22 260.10 Td (could ) Tj ET Q q 0 0 0 rg BT 414.27 260.10 Td (have ) Tj ET Q q 0 0 0 rg BT 435.98 260.10 Td (an ) Tj ET Q q 0 0 0 rg BT 448.26 260.10 Td (information ) Tj ET Q q 0 0 0 rg BT 498.30 260.10 Td (security ) Tj ET Q q 0 0 0 rg BT 532.79 260.10 Td (impact. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 248.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.59 248.10 Td (work ) Tj ET Q q 0 0 0 rg BT 91.16 248.10 Td (with ) Tj ET Q q 0 0 0 rg BT 112.95 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 130.29 248.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 162.91 248.10 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 201.08 248.10 Td (service ) Tj ET Q q 0 0 0 rg BT 233.41 248.10 Td (providers, ) Tj ET Q q 0 0 0 rg BT 277.69 248.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 338.35 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.80 248.10 Td (other ) Tj ET Q q 0 0 0 rg BT 381.36 248.10 Td (third ) Tj ET Q q 0 0 0 rg BT 404.26 248.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 434.93 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 446.72 248.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 482.39 248.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 511.94 248.10 Td (transmission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 97.34 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.08 236.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 144.14 236.10 Td (against ) Tj ET Q q 0 0 0 rg BT 174.76 236.10 Td (these ) Tj ET Q q 0 0 0 rg BT 197.61 236.10 Td (events, ) Tj ET Q q 0 0 0 rg BT 227.96 236.10 Td (but ) Tj ET Q q 0 0 0 rg BT 243.04 236.10 Td (we ) Tj ET Q q 0 0 0 rg BT 257.00 236.10 Td (do ) Tj ET Q q 0 0 0 rg BT 269.29 236.10 Td (not ) Tj ET Q q 0 0 0 rg BT 284.37 236.10 Td (have, ) Tj ET Q q 0 0 0 rg BT 308.05 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.79 236.10 Td (may ) Tj ET Q q 0 0 0 rg BT 344.30 236.10 Td (be ) Tj ET Q q 0 0 0 rg BT 356.04 236.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 385.00 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 395.08 236.10 Td (put ) Tj ET Q q 0 0 0 rg BT 410.15 236.10 Td (in ) Tj ET Q q 0 0 0 rg BT 420.23 236.10 Td (place, ) Tj ET Q q 0 0 0 rg BT 446.13 236.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 473.96 236.10 Td (capabilities ) Tj ET Q q 0 0 0 rg BT 521.80 236.10 Td (with ) Tj ET Q q 0 0 0 rg BT 541.88 236.10 Td (all ) Tj ET Q q 0 0 0 rg BT 554.17 236.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (these ) Tj ET Q q 0 0 0 rg BT 73.52 224.10 Td (third ) Tj ET Q q 0 0 0 rg BT 95.89 224.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 126.02 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.94 224.10 Td (we ) Tj ET Q q 0 0 0 rg BT 159.08 224.10 Td (may ) Tj ET Q q 0 0 0 rg BT 179.77 224.10 Td (not ) Tj ET Q q 0 0 0 rg BT 196.03 224.10 Td (be ) Tj ET Q q 0 0 0 rg BT 208.95 224.10 Td (able ) Tj ET Q q 0 0 0 rg BT 229.08 224.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.33 224.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 269.91 224.10 Td (that ) Tj ET Q q 0 0 0 rg BT 288.38 224.10 Td (these ) Tj ET Q q 0 0 0 rg BT 312.41 224.10 Td (third ) Tj ET Q q 0 0 0 rg BT 334.77 224.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 364.91 224.10 Td (have ) Tj ET Q q 0 0 0 rg BT 387.26 224.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 436.27 224.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 471.97 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.22 224.10 Td (place ) Tj ET Q q 0 0 0 rg BT 507.80 224.10 Td (to ) Tj ET Q q 0 0 0 rg BT 519.05 224.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 550.29 224.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (confidentiality ) Tj ET Q q 0 0 0 rg BT 111.10 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.71 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.21 212.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 191.21 212.10 Td (If ) Tj ET Q q 0 0 0 rg BT 201.15 212.10 Td (one ) Tj ET Q q 0 0 0 rg BT 218.87 212.10 Td (or ) Tj ET Q q 0 0 0 rg BT 230.48 212.10 Td (more ) Tj ET Q q 0 0 0 rg BT 254.31 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.92 212.10 Td (such ) Tj ET Q q 0 0 0 rg BT 287.54 212.10 Td (events ) Tj ET Q q 0 0 0 rg BT 316.37 212.10 Td (occur) Tj ET Q q 0 0 0 rg BT 338.17 212.10 Td (, ) Tj ET Q q 0 0 0 rg BT 343.96 212.10 Td (this ) Tj ET Q q 0 0 0 rg BT 361.69 212.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 407.74 212.10 Td (could ) Tj ET Q q 0 0 0 rg BT 433.24 212.10 Td (jeopardize ) Tj ET Q q 0 0 0 rg BT 478.16 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 494.77 212.10 Td (or ) Tj ET Q q 0 0 0 rg BT 506.39 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 523.00 212.10 Td (clients' ) Tj ET Q q 0 0 0 rg BT 554.19 212.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 110.99 200.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 161.80 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 179.29 200.10 Td (other ) Tj ET Q q 0 0 0 rg BT 202.89 200.10 Td (information ) Tj ET Q q 0 0 0 rg BT 253.16 200.10 Td (processed ) Tj ET Q q 0 0 0 rg BT 295.64 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.13 200.10 Td (stored ) Tj ET Q q 0 0 0 rg BT 340.62 200.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 353.95 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.44 200.10 Td (transmitted ) Tj ET Q q 0 0 0 rg BT 419.48 200.10 Td (through, ) Tj ET Q q 0 0 0 rg BT 456.14 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 472.52 200.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 513.34 200.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 548.06 200.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (networks, ) Tj ET Q q 0 0 0 rg BT 90.82 188.10 Td (or ) Tj ET Q q 0 0 0 rg BT 101.31 188.10 Td (those ) Tj ET Q q 0 0 0 rg BT 124.58 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.07 188.10 Td (third ) Tj ET Q q 0 0 0 rg BT 156.12 188.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 187.43 188.10 Td (or ) Tj ET Q q 0 0 0 rg BT 197.93 188.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 238.96 188.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 263.33 188.10 Td (interruptions ) Tj ET Q q 0 0 0 rg BT 316.59 188.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.09 188.10 Td (malfunctions ) Tj ET Q q 0 0 0 rg BT 381.46 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.40 188.10 Td (our) Tj ET Q q 0 0 0 rg BT 404.33 188.10 Td (, ) Tj ET Q q 0 0 0 rg BT 408.99 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 424.48 188.10 Td (clients', ) Tj ET Q q 0 0 0 rg BT 457.04 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 472.53 188.10 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 533.14 188.10 Td (or ) Tj ET Q q 0 0 0 rg BT 543.63 188.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (parties' ) Tj ET Q q 0 0 0 rg BT 79.30 176.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 124.71 176.10 Td (W) Tj ET Q q 0 0 0 rg BT 133.34 176.10 Td (e ) Tj ET Q q 0 0 0 rg BT 139.13 176.10 Td (may ) Tj ET Q q 0 0 0 rg BT 157.69 176.10 Td (be ) Tj ET Q q 0 0 0 rg BT 168.47 176.10 Td (required ) Tj ET Q q 0 0 0 rg BT 203.13 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 212.26 176.10 Td (expend ) Tj ET Q q 0 0 0 rg BT 242.48 176.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 286.04 176.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 327.37 176.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 366.48 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 375.60 176.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 405.83 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 420.51 176.10 Td (protective ) Tj ET Q q 0 0 0 rg BT 461.83 176.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 500.38 176.10 Td (or ) Tj ET Q q 0 0 0 rg BT 510.06 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 519.18 176.10 Td (investigate ) 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 66.78 164.10 Td (remediate ) Tj ET Q q 0 0 0 rg BT 109.04 164.10 Td (vulnerabilities ) Tj ET Q q 0 0 0 rg BT 169.09 164.10 Td (or ) Tj ET Q q 0 0 0 rg BT 180.27 164.10 Td (other ) Tj ET Q q 0 0 0 rg BT 203.66 164.10 Td (exposures, ) Tj ET Q q 0 0 0 rg BT 248.99 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 266.27 164.10 Td (we ) Tj ET Q q 0 0 0 rg BT 280.78 164.10 Td (may ) Tj ET Q q 0 0 0 rg BT 300.84 164.10 Td (be ) Tj ET Q q 0 0 0 rg BT 313.12 164.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 344.29 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.91 164.10 Td (reputational ) Tj ET Q q 0 0 0 rg BT 405.51 164.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 428.90 164.10 Td (as ) Tj ET Q q 0 0 0 rg BT 440.07 164.10 Td (well ) Tj ET Q q 0 0 0 rg BT 460.13 164.10 Td (as ) Tj ET Q q 0 0 0 rg BT 471.31 164.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 510.26 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.54 164.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 75.89 152.10 Td (that ) Tj ET Q q 0 0 0 rg BT 93.39 152.10 Td (are ) Tj ET Q q 0 0 0 rg BT 108.09 152.10 Td (either ) Tj ET Q q 0 0 0 rg BT 133.36 152.10 Td (not ) Tj ET Q q 0 0 0 rg BT 148.64 152.10 Td (insured ) Tj ET Q q 0 0 0 rg BT 180.57 152.10 Td (against ) Tj ET Q q 0 0 0 rg BT 211.40 152.10 Td (or ) Tj ET Q q 0 0 0 rg BT 222.23 152.10 Td (not ) Tj ET Q q 0 0 0 rg BT 237.51 152.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 258.89 152.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 293.04 152.10 Td (through ) Tj ET Q q 0 0 0 rg BT 326.65 152.10 Td (any ) Tj ET Q q 0 0 0 rg BT 343.59 152.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 384.40 152.10 Td (maintained ) Tj ET Q q 0 0 0 rg BT 431.33 152.10 Td (by ) Tj ET Q q 0 0 0 rg BT 443.83 152.10 Td (us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 128.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.49 128.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 101.36 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.46 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.99 128.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 182.17 128.10 Td (that ) Tj ET Q q 0 0 0 rg BT 199.48 128.10 Td (supports ) Tj ET Q q 0 0 0 rg BT 235.69 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 251.34 128.10 Td (business ) Tj ET Q q 0 0 0 rg BT 287.54 128.10 Td (due ) Tj ET Q q 0 0 0 rg BT 304.30 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.40 128.10 Td (fire, ) Tj ET Q q 0 0 0 rg BT 333.09 128.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 363.17 128.10 Td (disaster) Tj ET Q q 0 0 0 rg BT 393.32 128.10 Td (, ) Tj ET Q q 0 0 0 rg BT 398.13 128.10 Td (health ) Tj ET Q q 0 0 0 rg BT 424.88 128.10 Td (emer) Tj ET Q q 0 0 0 rg BT 444.69 128.10 Td (gency ) Tj ET Q q 0 0 0 rg BT 470.88 128.10 Td (\(for ) Tj ET Q q 0 0 0 rg BT 488.19 128.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 526.88 128.10 Td (a ) Tj ET Q q 0 0 0 rg BT 533.63 128.10 Td (disease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (pandemic\), ) Tj ET Q q 0 0 0 rg BT 96.47 116.10 Td (power ) Tj ET Q q 0 0 0 rg BT 123.73 116.10 Td (or ) Tj ET Q q 0 0 0 rg BT 134.32 116.10 Td (communication ) Tj ET Q q 0 0 0 rg BT 198.80 116.10 Td (failure, ) Tj ET Q q 0 0 0 rg BT 229.66 116.10 Td (act ) Tj ET Q q 0 0 0 rg BT 243.58 116.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.18 116.10 Td (terrorism ) Tj ET Q q 0 0 0 rg BT 293.10 116.10 Td (or ) Tj ET Q q 0 0 0 rg BT 303.70 116.10 Td (war ) Tj ET Q q 0 0 0 rg BT 320.96 116.10 Td (may ) Tj ET Q q 0 0 0 rg BT 340.44 116.10 Td (af) Tj ET Q q 0 0 0 rg BT 348.03 116.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 365.28 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 380.88 116.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 408.70 116.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.74 116.10 Td (service ) Tj ET Q q 0 0 0 rg BT 449.32 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.03 116.10 Td (interact ) Tj ET Q q 0 0 0 rg BT 498.28 116.10 Td (with ) Tj ET Q q 0 0 0 rg BT 518.32 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 533.92 116.10 Td (clients. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (If ) Tj ET Q q 0 0 0 rg BT 58.66 104.10 Td (we ) Tj ET Q q 0 0 0 rg BT 72.82 104.10 Td (are ) Tj ET Q q 0 0 0 rg BT 87.53 104.10 Td (not ) Tj ET Q q 0 0 0 rg BT 102.81 104.10 Td (able ) Tj ET Q q 0 0 0 rg BT 121.96 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.24 104.10 Td (implement ) Tj ET Q q 0 0 0 rg BT 177.51 104.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 228.88 104.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 252.49 104.10 Td (ef) Tj ET Q q 0 0 0 rg BT 260.08 104.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 294.41 104.10 Td (, ) Tj ET Q q 0 0 0 rg BT 299.41 104.10 Td (any ) Tj ET Q q 0 0 0 rg BT 316.35 104.10 Td (such ) Tj ET Q q 0 0 0 rg BT 337.18 104.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 380.23 104.10 Td (could ) Tj ET Q q 0 0 0 rg BT 404.95 104.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 428.00 104.10 Td (our ) Tj ET Q q 0 0 0 rg BT 443.83 104.10 Td (results ) Tj ET Q q 0 0 0 rg BT 472.43 104.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.26 104.10 Td (operations. ) 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 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 endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (14) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Legislative ) Tj ET Q q 0 0 0 rg BT 96.43 740.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.49 740.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 159.77 740.25 Td (proposals ) Tj ET Q q 0 0 0 rg BT 201.72 740.25 Td (could ) Tj ET Q q 0 0 0 rg BT 227.00 740.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 280.61 740.25 Td (curtail ) Tj ET Q q 0 0 0 rg BT 310.34 740.25 Td (the ) Tj ET Q q 0 0 0 rg BT 325.62 740.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 360.89 740.25 Td (from ) Tj ET Q q 0 0 0 rg BT 383.39 740.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 414.77 740.25 Td (products ) Tj ET Q q 0 0 0 rg BT 452.83 740.25 Td (that ) Tj ET Q q 0 0 0 rg BT 471.45 740.25 Td (we ) Tj ET Q q 0 0 0 rg BT 485.06 740.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 525.34 740.25 Td (provide.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Proposed ) Tj ET Q q 0 0 0 rg BT 88.82 716.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 123.12 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 132.99 716.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 153.42 716.25 Td (or ) Tj ET Q q 0 0 0 rg BT 163.84 716.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 210.37 716.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 243.01 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 252.88 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 268.30 716.25 Td (business ) Tj ET Q q 0 0 0 rg BT 304.29 716.25 Td (could ) Tj ET Q q 0 0 0 rg BT 328.60 716.25 Td (decrease, ) Tj ET Q q 0 0 0 rg BT 367.61 716.25 Td (perhaps ) Tj ET Q q 0 0 0 rg BT 400.80 716.25 Td (significantly) Tj ET Q q 0 0 0 rg BT 450.14 716.25 Td (, ) Tj ET Q q 0 0 0 rg BT 454.74 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.05 716.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 502.79 716.25 Td (that ) Tj ET Q q 0 0 0 rg BT 519.88 716.25 Td (we ) Tj ET Q q 0 0 0 rg BT 533.64 716.25 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (from ) Tj ET Q q 0 0 0 rg BT 72.53 704.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 103.32 704.25 Td (products ) Tj ET Q q 0 0 0 rg BT 141.34 704.25 Td (or ) Tj ET Q q 0 0 0 rg BT 153.26 704.25 Td (services ) Tj ET Q q 0 0 0 rg BT 189.06 704.25 Td (that ) Tj ET Q q 0 0 0 rg BT 207.64 704.25 Td (we ) Tj ET Q q 0 0 0 rg BT 222.89 704.25 Td (provide. ) Tj ET Q q 0 0 0 rg BT 259.52 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 263.11 704.25 Td (For ) Tj ET Q q 0 0 0 rg BT 280.59 704.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 320.55 704.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 351.89 704.25 Td (law ) Tj ET Q q 0 0 0 rg BT 369.92 704.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 409.60 704.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 439.29 704.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 478.99 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 490.36 704.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 511.16 704.25 Td (issuances ) Tj ET Q q 0 0 0 rg BT 552.52 704.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (government ) Tj ET Q q 0 0 0 rg BT 99.18 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.54 692.25 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 158.01 692.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 188.81 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 198.51 692.25 Td (exclude ) Tj ET Q q 0 0 0 rg BT 231.53 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.66 692.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 267.58 692.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 298.94 692.25 Td (for ) Tj ET Q q 0 0 0 rg BT 312.52 692.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 342.19 692.25 Td (income ) Tj ET Q q 0 0 0 rg BT 373.55 692.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 387.68 692.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 427.66 692.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 464.57 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 474.27 692.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 498.96 692.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 530.31 692.25 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.63 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.31 680.25 Td (issuer ) Tj ET Q q 0 0 0 rg BT 104.10 680.25 Td (as ) Tj ET Q q 0 0 0 rg BT 114.90 680.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 156.79 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 167.03 680.25 Td (a ) Tj ET Q q 0 0 0 rg BT 173.94 680.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 205.28 680.25 Td (financing. ) Tj ET Q q 0 0 0 rg BT 248.01 680.25 Td (In ) Tj ET Q q 0 0 0 rg BT 258.80 680.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 285.69 680.25 Td (years, ) Tj ET Q q 0 0 0 rg BT 311.76 680.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 341.98 680.25 Td (lawmakers ) Tj ET Q q 0 0 0 rg BT 387.76 680.25 Td (have ) Tj ET Q q 0 0 0 rg BT 409.10 680.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 449.88 680.25 Td (various ) Tj ET Q q 0 0 0 rg BT 481.79 680.25 Td (proposals ) Tj ET Q q 0 0 0 rg BT 522.58 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 532.83 680.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 554.18 680.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (eliminate ) Tj ET Q q 0 0 0 rg BT 89.89 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 105.29 668.25 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 153.46 668.25 Td (status ) Tj ET Q q 0 0 0 rg BT 179.42 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.94 668.25 Td (this ) Tj ET Q q 0 0 0 rg BT 208.57 668.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 231.76 668.25 Td (interest, ) Tj ET Q q 0 0 0 rg BT 266.88 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 284.50 668.25 Td (further ) Tj ET Q q 0 0 0 rg BT 314.89 668.25 Td (negotiations ) Tj ET Q q 0 0 0 rg BT 366.96 668.25 Td (in ) Tj ET Q q 0 0 0 rg BT 377.92 668.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 401.11 668.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 442.61 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.01 668.25 Td (budget ) Tj ET Q q 0 0 0 rg BT 488.41 668.25 Td (deficit ) Tj ET Q q 0 0 0 rg BT 517.14 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 534.76 668.25 Td (federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (spending ) Tj ET Q q 0 0 0 rg BT 88.04 656.25 Td (cuts ) Tj ET Q q 0 0 0 rg BT 106.59 656.25 Td (may ) Tj ET Q q 0 0 0 rg BT 126.24 656.25 Td (also ) Tj ET Q q 0 0 0 rg BT 144.78 656.25 Td (include ) Tj ET Q q 0 0 0 rg BT 176.65 656.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 206.86 656.25 Td (proposals. ) Tj ET Q q 0 0 0 rg BT 250.13 656.25 Td ( ) Tj ET Q q 0 0 0 rg BT 252.56 656.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 270.55 656.25 Td (public ) Tj ET Q q 0 0 0 rg BT 297.98 656.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 329.84 656.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 376.16 656.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 410.81 656.25 Td (business ) Tj ET Q q 0 0 0 rg BT 447.14 656.25 Td (receives ) Tj ET Q q 0 0 0 rg BT 482.33 656.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 526.97 656.25 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.73 644.25 Td (a ) Tj ET Q q 0 0 0 rg BT 68.07 644.25 Td (result ) Tj ET Q q 0 0 0 rg BT 93.18 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 104.41 644.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 158.97 644.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 191.86 644.25 Td (in ) Tj ET Q q 0 0 0 rg BT 202.54 644.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 249.31 644.25 Td (with ) Tj ET Q q 0 0 0 rg BT 269.98 644.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 290.10 644.25 Td (issuances ) Tj ET Q q 0 0 0 rg BT 330.77 644.25 Td (by ) Tj ET Q q 0 0 0 rg BT 343.67 644.25 Td (government ) Tj ET Q q 0 0 0 rg BT 394.33 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 411.67 644.25 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 455.12 644.25 Td (clients, ) Tj ET Q q 0 0 0 rg BT 486.62 644.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 526.73 644.25 Td (on ) Tj ET Q q 0 0 0 rg BT 539.63 644.25 Td (a ) Tj ET Q q 0 0 0 rg BT 546.97 644.25 Td (tax-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (exempt ) Tj ET Q q 0 0 0 rg BT 82.24 632.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 107.31 632.25 Td (Also, ) Tj ET Q q 0 0 0 rg BT 132.00 632.25 Td (a ) Tj ET Q q 0 0 0 rg BT 139.74 632.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 185.26 632.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 231.86 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.49 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 260.13 632.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 301.19 632.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 342.82 632.25 Td ( ) Tj ET Q q 0 0 0 rg BT 356.12 632.25 Td (both ) Tj ET Q q 0 0 0 rg BT 377.20 632.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 416.62 632.25 Td (held ) Tj ET Q q 0 0 0 rg BT 437.14 632.25 Td (for ) Tj ET Q q 0 0 0 rg BT 452.10 632.25 Td (client ) Tj ET Q q 0 0 0 rg BT 477.62 632.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 510.91 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 528.65 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 545.28 632.25 Td (own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 96.71 620.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 127.82 620.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 166.72 620.25 Td ( ) Tj ET Q q 0 0 0 rg BT 179.51 620.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 210.07 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 221.19 620.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 263.97 620.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 306.40 620.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 326.41 620.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 366.96 620.25 Td (or ) Tj ET Q q 0 0 0 rg BT 378.07 620.25 Td (elimination ) Tj ET Q q 0 0 0 rg BT 426.40 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 437.52 620.25 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 485.29 620.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 508.07 620.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 540.29 620.25 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 93.14 608.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 122.34 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.55 608.25 Td (value ) Tj ET Q q 0 0 0 rg BT 160.20 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 170.52 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.73 608.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 226.71 608.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 266.46 608.25 Td (we ) Tj ET Q q 0 0 0 rg BT 280.12 608.25 Td (hold ) Tj ET Q q 0 0 0 rg BT 299.89 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 309.66 608.25 Td (our ) Tj ET Q q 0 0 0 rg BT 324.98 608.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 364.73 608.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 405.05 608.25 Td (as ) Tj ET Q q 0 0 0 rg BT 415.37 608.25 Td (well ) Tj ET Q q 0 0 0 rg BT 434.58 608.25 Td (as ) Tj ET Q q 0 0 0 rg BT 444.90 608.25 Td (our ) Tj ET Q q 0 0 0 rg BT 460.22 608.25 Td (public ) Tj ET Q q 0 0 0 rg BT 487.21 608.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 518.62 608.25 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 84.22 596.25 Td (business ) Tj ET Q q 0 0 0 rg BT 120.61 596.25 Td (more ) Tj ET Q q 0 0 0 rg BT 143.66 596.25 Td (generally) Tj ET Q q 0 0 0 rg BT 180.21 596.25 Td (, ) Tj ET Q q 0 0 0 rg BT 185.21 596.25 Td (which ) Tj ET Q q 0 0 0 rg BT 212.15 596.25 Td (would ) Tj ET Q q 0 0 0 rg BT 239.65 596.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 283.80 596.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 313.51 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 328.23 596.25 Td (results ) Tj ET Q q 0 0 0 rg BT 356.83 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 367.66 596.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 411.82 596.25 Td (for ) Tj ET Q q 0 0 0 rg BT 425.98 596.25 Td (these ) Tj ET Q q 0 0 0 rg BT 449.03 596.25 Td (businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td ( ) Tj ET Q q 0 0 0 rg BT 52.00 584.25 Td ( ) Tj ET Q q 0 0 0 rg BT 54.50 584.25 Td ( ) Tj ET Q q 0 0 0 rg BT 57.00 584.25 Td ( ) Tj ET Q q 0 0 0 rg BT 59.50 584.25 Td ( ) Tj ET Q q 0 0 0 rg BT 62.00 584.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.67 572.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 96.73 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 107.00 572.25 Td (attract, ) Tj ET Q q 0 0 0 rg BT 138.67 572.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 172.26 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.33 572.25 Td (retain ) Tj ET Q q 0 0 0 rg BT 217.27 572.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 245.89 572.25 Td (skilled ) Tj ET Q q 0 0 0 rg BT 275.06 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.12 572.25 Td (productive ) Tj ET Q q 0 0 0 rg BT 338.94 572.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 383.65 572.25 Td (is ) Tj ET Q q 0 0 0 rg BT 392.82 572.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 424.20 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 434.48 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 449.75 572.25 Td (success ) Tj ET Q q 0 0 0 rg BT 482.81 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.64 572.25 Td (our ) Tj ET Q q 0 0 0 rg BT 510.59 572.25 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (Historically) Tj ET Q q 0 0 0 rg BT 96.06 548.25 Td (, ) Tj ET Q q 0 0 0 rg BT 101.40 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 116.46 548.25 Td (market ) Tj ET Q q 0 0 0 rg BT 147.07 548.25 Td (for ) Tj ET Q q 0 0 0 rg BT 161.57 548.25 Td (qualified ) Tj ET Q q 0 0 0 rg BT 199.95 548.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 245.56 548.25 Td (within ) Tj ET Q q 0 0 0 rg BT 273.96 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 289.02 548.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 326.84 548.25 Td (services ) Tj ET Q q 0 0 0 rg BT 361.89 548.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 397.51 548.25 Td (has ) Tj ET Q q 0 0 0 rg BT 413.68 548.25 Td (been ) Tj ET Q q 0 0 0 rg BT 435.40 548.25 Td (marked ) Tj ET Q q 0 0 0 rg BT 468.23 548.25 Td (by ) Tj ET Q q 0 0 0 rg BT 481.07 548.25 Td (intense ) Tj ET Q q 0 0 0 rg BT 512.23 548.25 Td (competition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.03 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 80.33 536.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 132.94 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 143.36 536.25 Td (our ) Tj ET Q q 0 0 0 rg BT 158.77 536.25 Td (business ) Tj ET Q q 0 0 0 rg BT 194.75 536.25 Td (may ) Tj ET Q q 0 0 0 rg BT 214.06 536.25 Td (suf) Tj ET Q q 0 0 0 rg BT 226.10 536.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 239.29 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 249.15 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 263.46 536.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 289.98 536.25 Td (we ) Tj ET Q q 0 0 0 rg BT 303.72 536.25 Td (are ) Tj ET Q q 0 0 0 rg BT 318.02 536.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 346.76 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 356.63 536.25 Td (attract ) Tj ET Q q 0 0 0 rg BT 383.69 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 400.22 536.25 Td (retain ) Tj ET Q q 0 0 0 rg BT 425.07 536.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 469.92 536.25 Td (ef) Tj ET Q q 0 0 0 rg BT 477.51 536.25 Td (fectively) Tj ET Q q 0 0 0 rg BT 511.84 536.25 Td (, ) Tj ET Q q 0 0 0 rg BT 516.43 536.25 Td (particularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (given ) Tj ET Q q 0 0 0 rg BT 74.35 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 89.20 524.25 Td (relatively ) Tj ET Q q 0 0 0 rg BT 129.58 524.25 Td (small ) Tj ET Q q 0 0 0 rg BT 153.88 524.25 Td (size ) Tj ET Q q 0 0 0 rg BT 172.06 524.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.02 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 198.98 524.25 Td (company ) Tj ET Q q 0 0 0 rg BT 238.27 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 255.34 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 271.30 524.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 312.80 524.25 Td (base ) Tj ET Q q 0 0 0 rg BT 333.20 524.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 375.25 524.25 Td (to ) Tj ET Q q 0 0 0 rg BT 385.66 524.25 Td (some ) Tj ET Q q 0 0 0 rg BT 409.40 524.25 Td (of ) Tj ET Q q 0 0 0 rg BT 420.36 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 436.32 524.25 Td (competitors ) Tj ET Q q 0 0 0 rg BT 486.17 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 503.24 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.08 524.25 Td (geographic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (locations ) Tj ET Q q 0 0 0 rg BT 88.08 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 98.33 512.25 Td (which ) Tj ET Q q 0 0 0 rg BT 125.24 512.25 Td (we ) Tj ET Q q 0 0 0 rg BT 139.38 512.25 Td (operate. ) Tj ET Q q 0 0 0 rg BT 173.60 512.25 Td (The ) Tj ET Q q 0 0 0 rg BT 191.62 512.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 225.75 512.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 258.21 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.02 512.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 303.14 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 313.39 512.25 Td (each ) Tj ET Q q 0 0 0 rg BT 334.18 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.99 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 360.79 512.25 Td (business ) Tj ET Q q 0 0 0 rg BT 397.16 512.25 Td (lines ) Tj ET Q q 0 0 0 rg BT 418.52 512.25 Td (are ) Tj ET Q q 0 0 0 rg BT 433.20 512.25 Td (commissions ) Tj ET Q q 0 0 0 rg BT 487.90 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 504.81 512.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 523.39 512.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 552.51 512.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 86.50 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 103.50 500.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 157.72 500.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 208.05 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 225.05 500.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 264.27 500.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 301.82 500.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 340.48 500.25 Td (by ) Tj ET Q q 0 0 0 rg BT 353.04 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 368.93 500.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 416.76 500.25 Td (who ) Tj ET Q q 0 0 0 rg BT 436.55 500.25 Td (have ) Tj ET Q q 0 0 0 rg BT 457.99 500.25 Td (historically ) Tj ET Q q 0 0 0 rg BT 505.54 500.25 Td (been ) Tj ET Q q 0 0 0 rg BT 526.98 500.25 Td (recruited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (by ) Tj ET Q q 0 0 0 rg BT 61.89 488.25 Td (other ) Tj ET Q q 0 0 0 rg BT 84.82 488.25 Td (firms ) Tj ET Q q 0 0 0 rg BT 108.32 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.14 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 135.31 488.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 164.89 488.25 Td (cases ) Tj ET Q q 0 0 0 rg BT 188.38 488.25 Td (are ) Tj ET Q q 0 0 0 rg BT 202.97 488.25 Td (able ) Tj ET Q q 0 0 0 rg BT 222.02 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 232.18 488.25 Td (take ) Tj ET Q q 0 0 0 rg BT 251.22 488.25 Td (their ) Tj ET Q q 0 0 0 rg BT 271.93 488.25 Td (client ) Tj ET Q q 0 0 0 rg BT 296.53 488.25 Td (relationships ) Tj ET Q q 0 0 0 rg BT 350.02 488.25 Td (with ) Tj ET Q q 0 0 0 rg BT 370.19 488.25 Td (them ) Tj ET Q q 0 0 0 rg BT 392.57 488.25 Td (when ) Tj ET Q q 0 0 0 rg BT 416.62 488.25 Td (they ) Tj ET Q q 0 0 0 rg BT 436.22 488.25 Td (change ) Tj ET Q q 0 0 0 rg BT 466.92 488.25 Td (firms. ) Tj ET Q q 0 0 0 rg BT 492.92 488.25 Td (Some ) Tj ET Q q 0 0 0 rg BT 518.08 488.25 Td (specialized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (areas ) Tj ET Q q 0 0 0 rg BT 73.48 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 85.26 476.25 Td (our ) Tj ET Q q 0 0 0 rg BT 102.03 476.25 Td (business ) Tj ET Q q 0 0 0 rg BT 139.37 476.25 Td (are ) Tj ET Q q 0 0 0 rg BT 155.02 476.25 Td (operated ) Tj ET Q q 0 0 0 rg BT 192.89 476.25 Td (by ) Tj ET Q q 0 0 0 rg BT 206.33 476.25 Td (a ) Tj ET Q q 0 0 0 rg BT 214.22 476.25 Td (relatively ) Tj ET Q q 0 0 0 rg BT 255.42 476.25 Td (small ) Tj ET Q q 0 0 0 rg BT 280.53 476.25 Td (number ) Tj ET Q q 0 0 0 rg BT 314.52 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.30 476.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 375.01 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 390.67 476.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 409.67 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 421.45 476.25 Td (any ) Tj ET Q q 0 0 0 rg BT 439.33 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 451.11 476.25 Td (whom ) Tj ET Q q 0 0 0 rg BT 479.55 476.25 Td (could ) Tj ET Q q 0 0 0 rg BT 505.21 476.25 Td (jeopardize ) Tj ET Q q 0 0 0 rg BT 550.30 476.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (continuation ) Tj ET Q q 0 0 0 rg BT 101.99 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.82 464.25 Td (that ) Tj ET Q q 0 0 0 rg BT 130.32 464.25 Td (business ) Tj ET Q q 0 0 0 rg BT 166.71 464.25 Td (following ) Tj ET Q q 0 0 0 rg BT 208.09 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.81 464.25 Td (employee's ) Tj ET Q q 0 0 0 rg BT 269.88 464.25 Td (departure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (Further) Tj ET Q q 0 0 0 rg BT 78.54 440.25 Td (, ) Tj ET Q q 0 0 0 rg BT 84.00 440.25 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 125.84 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 143.24 440.25 Td (retention ) Tj ET Q q 0 0 0 rg BT 181.75 440.25 Td (success ) Tj ET Q q 0 0 0 rg BT 214.71 440.25 Td (often ) Tj ET Q q 0 0 0 rg BT 238.22 440.25 Td (depends ) Tj ET Q q 0 0 0 rg BT 273.95 440.25 Td (on ) Tj ET Q q 0 0 0 rg BT 286.92 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.10 440.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 330.62 440.25 Td (to ) Tj ET Q q 0 0 0 rg BT 341.36 440.25 Td (deliver ) Tj ET Q q 0 0 0 rg BT 372.09 440.25 Td (competitive ) Tj ET Q q 0 0 0 rg BT 422.26 440.25 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 483.27 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.67 440.25 Td (we ) Tj ET Q q 0 0 0 rg BT 515.30 440.25 Td (may ) Tj ET Q q 0 0 0 rg BT 535.48 440.25 Td (be ) Tj ET Q q 0 0 0 rg BT 547.89 440.25 Td (at ) Tj ET Q q 0 0 0 rg BT 558.07 440.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (disadvantage ) Tj ET Q q 0 0 0 rg BT 104.73 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 115.53 428.25 Td (some ) Tj ET Q q 0 0 0 rg BT 139.67 428.25 Td (competitors ) Tj ET Q q 0 0 0 rg BT 189.91 428.25 Td (given ) Tj ET Q q 0 0 0 rg BT 215.15 428.25 Td (our ) Tj ET Q q 0 0 0 rg BT 231.51 428.25 Td (size ) Tj ET Q q 0 0 0 rg BT 250.08 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 267.54 428.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 305.55 428.25 Td (resources. ) Tj ET Q q 0 0 0 rg BT 348.84 428.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 367.41 428.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 403.77 428.25 Td (or ) Tj ET Q q 0 0 0 rg BT 415.13 428.25 Td (unwillingness ) Tj ET Q q 0 0 0 rg BT 473.71 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 484.51 428.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 506.97 428.25 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (needs ) Tj ET Q q 0 0 0 rg BT 76.26 416.25 Td (or ) Tj ET Q q 0 0 0 rg BT 88.58 416.25 Td (demands ) Tj ET Q q 0 0 0 rg BT 128.11 416.25 Td (may ) Tj ET Q q 0 0 0 rg BT 149.32 416.25 Td (result ) Tj ET Q q 0 0 0 rg BT 175.52 416.25 Td (in ) Tj ET Q q 0 0 0 rg BT 187.29 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 203.50 416.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 223.05 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.36 416.25 Td (some ) Tj ET Q q 0 0 0 rg BT 260.46 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 272.78 416.25 Td (our ) Tj ET Q q 0 0 0 rg BT 290.10 416.25 Td (professionals ) Tj ET Q q 0 0 0 rg BT 346.86 416.25 Td (or ) Tj ET Q q 0 0 0 rg BT 359.18 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 375.38 416.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 412.70 416.25 Td (to ) Tj ET Q q 0 0 0 rg BT 424.47 416.25 Td (recruit ) Tj ET Q q 0 0 0 rg BT 454.55 416.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 498.53 416.25 Td (professionals ) Tj ET Q q 0 0 0 rg BT 555.29 416.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.51 404.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 133.31 404.25 Td (that ) Tj ET Q q 0 0 0 rg BT 150.78 404.25 Td (are ) Tj ET Q q 0 0 0 rg BT 165.46 404.25 Td (within ) Tj ET Q q 0 0 0 rg BT 193.49 404.25 Td (our ) Tj ET Q q 0 0 0 rg BT 209.29 404.25 Td (tar) Tj ET Q q 0 0 0 rg BT 219.66 404.25 Td (get ) Tj ET Q q 0 0 0 rg BT 234.34 404.25 Td (range ) Tj ET Q q 0 0 0 rg BT 259.02 404.25 Td (for ) Tj ET Q q 0 0 0 rg BT 273.16 404.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 331.17 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 348.08 404.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 382.21 404.25 Td (expense. ) Tj ET Q q 0 0 0 rg BT 419.39 404.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 437.41 404.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 465.44 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.69 404.25 Td (retain ) Tj ET Q q 0 0 0 rg BT 500.92 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 517.83 404.25 Td (recruit ) Tj ET Q q 0 0 0 rg BT 546.40 404.25 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 392.25 Td (be ) Tj ET Q q 0 0 0 rg BT 81.16 392.25 Td (hindered ) Tj ET Q q 0 0 0 rg BT 118.64 392.25 Td (if ) Tj ET Q q 0 0 0 rg BT 127.25 392.25 Td (we ) Tj ET Q q 0 0 0 rg BT 141.41 392.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 162.80 392.25 Td (our ) Tj ET Q q 0 0 0 rg BT 178.63 392.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 219.99 392.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 249.15 392.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 307.19 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 324.13 392.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 358.28 392.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 392.99 392.25 Td (as ) Tj ET Q q 0 0 0 rg BT 403.82 392.25 Td (a ) Tj ET Q q 0 0 0 rg BT 410.76 392.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 456.56 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 467.39 392.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 496.55 392.25 Td (net ) Tj ET Q q 0 0 0 rg BT 511.26 392.25 Td (revenues.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.67 368.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 108.40 368.25 Td (to ) Tj ET Q q 0 0 0 rg BT 118.67 368.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 141.17 368.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 174.78 368.25 Td (is ) Tj ET Q q 0 0 0 rg BT 183.95 368.25 Td (significant, ) Tj ET Q q 0 0 0 rg BT 232.84 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 250.91 368.25 Td (could ) Tj ET Q q 0 0 0 rg BT 276.18 368.25 Td (lead ) Tj ET Q q 0 0 0 rg BT 295.90 368.25 Td (to ) Tj ET Q q 0 0 0 rg BT 306.18 368.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 353.70 368.25 Td (damages.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 344.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.54 344.25 Td (face ) Tj ET Q q 0 0 0 rg BT 85.15 344.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 130.32 344.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 152.72 344.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 174.57 344.25 Td (in ) Tj ET Q q 0 0 0 rg BT 185.31 344.25 Td (our ) Tj ET Q q 0 0 0 rg BT 201.61 344.25 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 249.08 344.25 Td (These ) Tj ET Q q 0 0 0 rg BT 275.92 344.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 297.77 344.25 Td (include ) Tj ET Q q 0 0 0 rg BT 330.17 344.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 368.12 344.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 402.19 344.25 Td (under ) Tj ET Q q 0 0 0 rg BT 427.92 344.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 468.65 344.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 489.94 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 507.35 344.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 554.74 344.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 96.58 332.25 Td (with ) Tj ET Q q 0 0 0 rg BT 117.56 332.25 Td (our ) Tj ET Q q 0 0 0 rg BT 134.10 332.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 163.95 332.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 201.31 332.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 223.96 332.25 Td (management ) Tj ET Q q 0 0 0 rg BT 278.25 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 295.90 332.25 Td (other ) Tj ET Q q 0 0 0 rg BT 319.65 332.25 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 367.34 332.25 Td (The ) Tj ET Q q 0 0 0 rg BT 386.10 332.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 419.30 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 436.94 332.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 470.14 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 481.68 332.25 Td (damages ) Tj ET Q q 0 0 0 rg BT 519.87 332.25 Td (claimed ) Tj ET Q q 0 0 0 rg BT 554.73 332.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 91.52 320.25 Td (arbitrations, ) Tj ET Q q 0 0 0 rg BT 142.97 320.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 187.47 320.25 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 240.85 320.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 272.58 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 290.43 320.25 Td (other ) Tj ET Q q 0 0 0 rg BT 314.38 320.25 Td (adversarial ) Tj ET Q q 0 0 0 rg BT 361.65 320.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 413.38 320.25 Td (against ) Tj ET Q q 0 0 0 rg BT 445.11 320.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 483.50 320.25 Td (services ) Tj ET Q q 0 0 0 rg BT 519.11 320.25 Td (firms ) Tj ET Q q 0 0 0 rg BT 543.63 320.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 89.56 308.25 Td (in ) Tj ET Q q 0 0 0 rg BT 99.64 308.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 126.37 308.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 152.27 308.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 170.13 308.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 215.73 308.25 Td (has ) Tj ET Q q 0 0 0 rg BT 231.36 308.25 Td (been ) Tj ET Q q 0 0 0 rg BT 252.54 308.25 Td (that ) Tj ET Q q 0 0 0 rg BT 269.84 308.25 Td (adversarial ) Tj ET Q q 0 0 0 rg BT 316.01 308.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 366.63 308.25 Td (against ) Tj ET Q q 0 0 0 rg BT 397.26 308.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 434.54 308.25 Td (services ) Tj ET Q q 0 0 0 rg BT 469.05 308.25 Td (firms ) Tj ET Q q 0 0 0 rg BT 492.46 308.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 529.76 308.25 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (during ) Tj ET Q q 0 0 0 rg BT 77.27 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 93.37 296.25 Td (following ) Tj ET Q q 0 0 0 rg BT 133.92 296.25 Td (a ) Tj ET Q q 0 0 0 rg BT 140.02 296.25 Td (market ) Tj ET Q q 0 0 0 rg BT 169.44 296.25 Td (downturn. ) Tj ET Q q 0 0 0 rg BT 211.82 296.25 Td (W) Tj ET Q q 0 0 0 rg BT 220.45 296.25 Td (e ) Tj ET Q q 0 0 0 rg BT 226.55 296.25 Td (also ) Tj ET Q q 0 0 0 rg BT 244.32 296.25 Td (are ) Tj ET Q q 0 0 0 rg BT 258.19 296.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 288.18 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 297.62 296.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 325.38 296.25 Td (from ) Tj ET Q q 0 0 0 rg BT 346.48 296.25 Td (disputes ) Tj ET Q q 0 0 0 rg BT 380.92 296.25 Td (with ) Tj ET Q q 0 0 0 rg BT 400.36 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 415.36 296.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 459.78 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 475.88 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 490.87 296.25 Td (former ) Tj ET Q q 0 0 0 rg BT 519.74 296.25 Td (employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (under ) Tj ET Q q 0 0 0 rg BT 74.88 284.25 Td (various ) Tj ET Q q 0 0 0 rg BT 106.92 284.25 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 168.67 284.25 Td (Risks ) Tj ET Q q 0 0 0 rg BT 193.51 284.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 237.22 284.25 Td (with ) Tj ET Q q 0 0 0 rg BT 257.60 284.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 279.65 284.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 313.36 284.25 Td (often ) Tj ET Q q 0 0 0 rg BT 336.52 284.25 Td (are ) Tj ET Q q 0 0 0 rg BT 351.34 284.25 Td (dif) Tj ET Q q 0 0 0 rg BT 362.26 284.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 385.98 284.25 Td (to ) Tj ET Q q 0 0 0 rg BT 396.36 284.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 423.42 284.25 Td (or ) Tj ET Q q 0 0 0 rg BT 434.35 284.25 Td (quantify ) Tj ET Q q 0 0 0 rg BT 470.29 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.34 284.25 Td (their ) Tj ET Q q 0 0 0 rg BT 508.27 284.25 Td (existence ) Tj ET Q q 0 0 0 rg BT 548.08 284.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 93.56 272.25 Td (can ) Tj ET Q q 0 0 0 rg BT 109.29 272.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 138.90 272.25 Td (unknown ) Tj ET Q q 0 0 0 rg BT 177.97 272.25 Td (for ) Tj ET Q q 0 0 0 rg BT 191.48 272.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 235.54 272.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 266.82 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 277.00 272.25 Td (time, ) Tj ET Q q 0 0 0 rg BT 299.12 272.25 Td (making ) Tj ET Q q 0 0 0 rg BT 330.96 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 345.03 272.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 376.87 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.05 272.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 408.33 272.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 442.94 272.25 Td (related ) Tj ET Q q 0 0 0 rg BT 471.99 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 481.62 272.25 Td (these ) Tj ET Q q 0 0 0 rg BT 504.01 272.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 525.29 272.25 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 260.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 83.98 260.25 Td (to ) Tj ET Q q 0 0 0 rg BT 94.21 260.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 136.64 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.52 260.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 184.30 260.25 Td (to ) Tj ET Q q 0 0 0 rg BT 194.52 260.25 Td (future ) Tj ET Q q 0 0 0 rg BT 220.85 260.25 Td (revision. ) Tj ET Q q 0 0 0 rg BT 258.02 260.25 Td (Legal ) Tj ET Q q 0 0 0 rg BT 283.23 260.25 Td (or ) Tj ET Q q 0 0 0 rg BT 294.01 260.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 337.55 260.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 369.43 260.25 Td (involving ) Tj ET Q q 0 0 0 rg BT 410.22 260.25 Td (our ) Tj ET Q q 0 0 0 rg BT 425.99 260.25 Td (directors, ) Tj ET Q q 0 0 0 rg BT 465.93 260.25 Td (of) Tj ET Q q 0 0 0 rg BT 474.08 260.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 498.73 260.25 Td (or ) Tj ET Q q 0 0 0 rg BT 509.51 260.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 554.72 260.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (their ) Tj ET Q q 0 0 0 rg BT 70.19 248.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 113.10 248.25 Td (capacities ) Tj ET Q q 0 0 0 rg BT 154.89 248.25 Td (also ) Tj ET Q q 0 0 0 rg BT 173.36 248.25 Td (may ) Tj ET Q q 0 0 0 rg BT 192.94 248.25 Td (create ) Tj ET Q q 0 0 0 rg BT 219.16 248.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 257.63 248.25 Td (for ) Tj ET Q q 0 0 0 rg BT 271.65 248.25 Td (us ) Tj ET Q q 0 0 0 rg BT 282.90 248.25 Td (because ) Tj ET Q q 0 0 0 rg BT 316.91 248.25 Td (we ) Tj ET Q q 0 0 0 rg BT 330.94 248.25 Td (may ) Tj ET Q q 0 0 0 rg BT 350.52 248.25 Td (be ) Tj ET Q q 0 0 0 rg BT 362.32 248.25 Td (obligated ) Tj ET Q q 0 0 0 rg BT 401.89 248.25 Td (or ) Tj ET Q q 0 0 0 rg BT 412.59 248.25 Td (may ) Tj ET Q q 0 0 0 rg BT 432.17 248.25 Td (choose ) Tj ET Q q 0 0 0 rg BT 462.30 248.25 Td (to ) Tj ET Q q 0 0 0 rg BT 472.44 248.25 Td (indemnify ) Tj ET Q q 0 0 0 rg BT 515.91 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 530.49 248.25 Td (af) Tj ET Q q 0 0 0 rg BT 538.07 248.25 Td (fected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (individuals ) Tj ET Q q 0 0 0 rg BT 96.94 236.25 Td (against ) Tj ET Q q 0 0 0 rg BT 128.26 236.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 168.47 236.25 Td (and ) Tj ET Q q 0 0 0 rg BT 185.91 236.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 225.00 236.25 Td (they ) Tj ET Q q 0 0 0 rg BT 245.21 236.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 268.76 236.25 Td (in ) Tj ET Q q 0 0 0 rg BT 279.53 236.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 326.40 236.25 Td (with ) Tj ET Q q 0 0 0 rg BT 347.17 236.25 Td (such ) Tj ET Q q 0 0 0 rg BT 368.50 236.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 400.93 236.25 Td (to ) Tj ET Q q 0 0 0 rg BT 411.70 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.91 236.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 454.34 236.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 495.66 236.25 Td (under ) Tj ET Q q 0 0 0 rg BT 521.42 236.25 Td (applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (law) Tj ET Q q 0 0 0 rg BT 63.29 224.25 Td (. ) Tj ET Q q 0 0 0 rg BT 69.41 224.25 Td (In ) Tj ET Q q 0 0 0 rg BT 81.36 224.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 120.26 224.25 Td (like ) Tj ET Q q 0 0 0 rg BT 138.88 224.25 Td (other ) Tj ET Q q 0 0 0 rg BT 163.04 224.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.65 224.25 Td (services ) Tj ET Q q 0 0 0 rg BT 237.48 224.25 Td (companies, ) Tj ET Q q 0 0 0 rg BT 286.36 224.25 Td (we ) Tj ET Q q 0 0 0 rg BT 301.64 224.25 Td (may ) Tj ET Q q 0 0 0 rg BT 322.48 224.25 Td (face ) Tj ET Q q 0 0 0 rg BT 342.75 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 358.59 224.25 Td (possibility ) Tj ET Q q 0 0 0 rg BT 403.89 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 415.84 224.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 458.33 224.25 Td (fraud ) Tj ET Q q 0 0 0 rg BT 483.05 224.25 Td (or ) Tj ET Q q 0 0 0 rg BT 495.01 224.25 Td (misconduct. ) Tj ET Q q 0 0 0 rg BT 546.97 224.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (precautions ) Tj ET Q q 0 0 0 rg BT 97.93 212.25 Td (we ) Tj ET Q q 0 0 0 rg BT 111.93 212.25 Td (take ) Tj ET Q q 0 0 0 rg BT 130.93 212.25 Td (to ) Tj ET Q q 0 0 0 rg BT 141.05 212.25 Td (prevent ) Tj ET Q q 0 0 0 rg BT 173.37 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.15 212.25 Td (detect ) Tj ET Q q 0 0 0 rg BT 216.37 212.25 Td (this ) Tj ET Q q 0 0 0 rg BT 233.15 212.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 265.48 212.25 Td (may ) Tj ET Q q 0 0 0 rg BT 285.04 212.25 Td (not ) Tj ET Q q 0 0 0 rg BT 300.16 212.25 Td (be ) Tj ET Q q 0 0 0 rg BT 311.94 212.25 Td (ef) Tj ET Q q 0 0 0 rg BT 319.53 212.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 349.07 212.25 Td (in ) Tj ET Q q 0 0 0 rg BT 359.19 212.25 Td (all ) Tj ET Q q 0 0 0 rg BT 371.52 212.25 Td (cases ) Tj ET Q q 0 0 0 rg BT 394.96 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 411.74 212.25 Td (there ) Tj ET Q q 0 0 0 rg BT 434.07 212.25 Td (can ) Tj ET Q q 0 0 0 rg BT 450.28 212.25 Td (be ) Tj ET Q q 0 0 0 rg BT 462.06 212.25 Td (no ) Tj ET Q q 0 0 0 rg BT 474.40 212.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 515.61 212.25 Td (that ) Tj ET Q q 0 0 0 rg BT 532.95 212.25 Td (we ) Tj ET Q q 0 0 0 rg BT 546.95 212.25 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (be ) Tj ET Q q 0 0 0 rg BT 61.43 200.25 Td (able ) Tj ET Q q 0 0 0 rg BT 80.58 200.25 Td (to ) Tj ET Q q 0 0 0 rg BT 90.85 200.25 Td (deter ) Tj ET Q q 0 0 0 rg BT 113.33 200.25 Td (or ) Tj ET Q q 0 0 0 rg BT 124.15 200.25 Td (prevent ) Tj ET Q q 0 0 0 rg BT 156.63 200.25 Td (fraud ) Tj ET Q q 0 0 0 rg BT 180.22 200.25 Td (or ) Tj ET Q q 0 0 0 rg BT 191.04 200.25 Td (misconduct. ) Tj ET Q q 0 0 0 rg BT 242.14 200.25 Td (Exposures ) Tj ET Q q 0 0 0 rg BT 286.29 200.25 Td (from ) Tj ET Q q 0 0 0 rg BT 308.22 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 325.15 200.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 363.75 200.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 399.55 200.25 Td (related ) Tj ET Q q 0 0 0 rg BT 429.25 200.25 Td (to ) Tj ET Q q 0 0 0 rg BT 439.52 200.25 Td (any ) Tj ET Q q 0 0 0 rg BT 456.45 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 467.27 200.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.98 200.25 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 523.35 200.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 554.17 200.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 99.15 188.25 Td (could ) Tj ET Q q 0 0 0 rg BT 122.70 188.25 Td (have ) Tj ET Q q 0 0 0 rg BT 142.92 188.25 Td (a ) Tj ET Q q 0 0 0 rg BT 148.69 188.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 183.90 188.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 212.44 188.25 Td (on ) Tj ET Q q 0 0 0 rg BT 223.78 188.25 Td (our ) Tj ET Q q 0 0 0 rg BT 238.45 188.25 Td (results ) Tj ET Q q 0 0 0 rg BT 265.89 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 275.55 188.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 318.55 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 334.32 188.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 370.64 188.25 Td (condition. ) Tj ET Q q 0 0 0 rg BT 412.24 188.25 Td (In ) Tj ET Q q 0 0 0 rg BT 421.91 188.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 458.52 188.25 Td (future ) Tj ET Q q 0 0 0 rg BT 483.73 188.25 Td (results ) Tj ET Q q 0 0 0 rg BT 511.17 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 520.84 188.25 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (could ) Tj ET Q q 0 0 0 rg BT 73.42 176.25 Td (be ) Tj ET Q q 0 0 0 rg BT 84.55 176.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 124.57 176.25 Td (af) Tj ET Q q 0 0 0 rg BT 132.16 176.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 158.28 176.25 Td (if ) Tj ET Q q 0 0 0 rg BT 166.09 176.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 200.54 176.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 232.79 176.25 Td (to ) Tj ET Q q 0 0 0 rg BT 242.26 176.25 Td (these ) Tj ET Q q 0 0 0 rg BT 264.51 176.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 285.64 176.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 324.56 176.25 Td (are ) Tj ET Q q 0 0 0 rg BT 338.46 176.25 Td (required ) Tj ET Q q 0 0 0 rg BT 373.48 176.25 Td (to ) Tj ET Q q 0 0 0 rg BT 382.96 176.25 Td (be ) Tj ET Q q 0 0 0 rg BT 394.09 176.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 433.55 176.25 Td (or ) Tj ET Q q 0 0 0 rg BT 443.58 176.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 464.71 176.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 514.72 176.25 Td (are ) Tj ET Q q 0 0 0 rg BT 528.63 176.25 Td (resolved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 164.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 88.38 164.25 Td (of ) Tj ET Q q 0 0 0 rg BT 99.21 164.25 Td (established ) Tj ET Q q 0 0 0 rg BT 146.14 164.25 Td (reserves.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.80 140.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 105.33 140.25 Td (to ) Tj ET Q q 0 0 0 rg BT 115.73 140.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 149.47 140.25 Td (and ) Tj ET Q q 0 0 0 rg BT 167.66 140.25 Td (address ) Tj ET Q q 0 0 0 rg BT 201.40 140.25 Td (actual, ) Tj ET Q q 0 0 0 rg BT 232.09 140.25 Td (potential, ) Tj ET Q q 0 0 0 rg BT 273.33 140.25 Td (or ) Tj ET Q q 0 0 0 rg BT 284.85 140.25 Td (perceived ) Tj ET Q q 0 0 0 rg BT 326.34 140.25 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 363.97 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.92 140.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 408.11 140.25 Td (may ) Tj ET Q q 0 0 0 rg BT 427.96 140.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 472.24 140.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 502.64 140.25 Td (our ) Tj ET Q q 0 0 0 rg BT 519.72 140.25 Td (reputation ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.56 128.25 Td (have ) Tj ET Q q 0 0 0 rg BT 89.50 128.25 Td (a ) Tj ET Q q 0 0 0 rg BT 97.00 128.25 Td (material ) Tj ET Q q 0 0 0 rg BT 133.94 128.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 167.54 128.25 Td (ef) Tj ET Q q 0 0 0 rg BT 175.13 128.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 192.62 128.25 Td (on ) Tj ET Q q 0 0 0 rg BT 205.68 128.25 Td (our ) Tj ET Q q 0 0 0 rg BT 222.63 128.25 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 104.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.90 104.25 Td (regularly ) Tj ET Q q 0 0 0 rg BT 103.31 104.25 Td (address ) Tj ET Q q 0 0 0 rg BT 135.62 104.25 Td (actual, ) Tj ET Q q 0 0 0 rg BT 164.31 104.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 201.62 104.25 Td (or ) Tj ET Q q 0 0 0 rg BT 212.27 104.25 Td (perceived ) Tj ET Q q 0 0 0 rg BT 253.45 104.25 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 290.20 104.25 Td (of ) Tj ET Q q 0 0 0 rg BT 300.85 104.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 332.61 104.25 Td (in ) Tj ET Q q 0 0 0 rg BT 342.70 104.25 Td (our ) Tj ET Q q 0 0 0 rg BT 358.35 104.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 397.06 104.25 Td (including ) Tj ET Q q 0 0 0 rg BT 437.16 104.25 Td (situations ) Tj ET Q q 0 0 0 rg BT 477.81 104.25 Td (where ) Tj ET Q q 0 0 0 rg BT 504.56 104.25 Td (our ) Tj ET Q q 0 0 0 rg BT 520.21 104.25 Td (services ) 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 (a ) Tj ET Q q 0 0 0 rg BT 55.82 92.25 Td (particular ) Tj ET Q q 0 0 0 rg BT 96.02 92.25 Td (client ) Tj ET Q q 0 0 0 rg BT 120.12 92.25 Td (or ) Tj ET Q q 0 0 0 rg BT 130.33 92.25 Td (our ) Tj ET Q q 0 0 0 rg BT 145.54 92.25 Td (own ) Tj ET Q q 0 0 0 rg BT 164.65 92.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 214.31 92.25 Td (or ) Tj ET Q q 0 0 0 rg BT 224.52 92.25 Td (other ) Tj ET Q q 0 0 0 rg BT 246.96 92.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 282.17 92.25 Td (conflict, ) Tj ET Q q 0 0 0 rg BT 317.09 92.25 Td (or ) Tj ET Q q 0 0 0 rg BT 327.31 92.25 Td (are ) Tj ET Q q 0 0 0 rg BT 341.40 92.25 Td (perceived ) Tj ET Q q 0 0 0 rg BT 382.15 92.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.81 92.25 Td (conflict, ) Tj ET Q q 0 0 0 rg BT 426.74 92.25 Td (with ) Tj ET Q q 0 0 0 rg BT 446.40 92.25 Td (the ) Tj ET Q q 0 0 0 rg BT 460.50 92.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 495.71 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 505.93 92.25 Td (another ) Tj ET Q q 0 0 0 rg BT 537.80 92.25 Td (client. ) Tj ET Q q 0 0 0 rg BT 565.01 92.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (Appropriately ) Tj ET Q q 0 0 0 rg BT 108.88 80.25 Td (identifying ) Tj ET Q q 0 0 0 rg BT 156.06 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 173.78 80.25 Td (dealing ) Tj ET Q q 0 0 0 rg BT 206.51 80.25 Td (with ) Tj ET Q q 0 0 0 rg BT 227.58 80.25 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 265.30 80.25 Td (of ) Tj ET Q q 0 0 0 rg BT 276.92 80.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 309.64 80.25 Td (is ) Tj ET Q q 0 0 0 rg BT 319.60 80.25 Td (complex ) Tj ET Q q 0 0 0 rg BT 357.33 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 375.06 80.25 Td (dif) Tj ET Q q 0 0 0 rg BT 385.98 80.25 Td (ficult, ) Tj ET Q q 0 0 0 rg BT 412.88 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 430.61 80.25 Td (we ) Tj ET Q q 0 0 0 rg BT 445.56 80.25 Td (face ) Tj ET Q q 0 0 0 rg BT 465.49 80.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.00 80.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 499.29 80.25 Td (that ) Tj ET Q q 0 0 0 rg BT 517.57 80.25 Td (our ) Tj ET Q q 0 0 0 rg BT 534.19 80.25 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (policies, ) Tj ET Q q 0 0 0 rg BT 84.94 68.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 119.00 68.25 Td (and ) Tj ET Q q 0 0 0 rg BT 135.27 68.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 180.98 68.25 Td (do ) Tj ET Q q 0 0 0 rg BT 192.82 68.25 Td (not ) Tj ET Q q 0 0 0 rg BT 207.43 68.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 234.82 68.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 267.77 68.25 Td (or ) Tj ET Q q 0 0 0 rg BT 277.94 68.25 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 333.08 68.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 366.02 68.25 Td (such ) Tj ET Q q 0 0 0 rg BT 386.18 68.25 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 422.46 68.25 Td (of ) Tj ET Q q 0 0 0 rg BT 432.63 68.25 Td (interest. ) Tj ET Q q 0 0 0 rg BT 466.40 68.25 Td ( ) Tj ET Q q 0 0 0 rg BT 468.24 68.25 Td (It ) Tj ET Q q 0 0 0 rg BT 476.18 68.25 Td (is ) Tj ET Q q 0 0 0 rg BT 484.69 68.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 519.31 68.25 Td (that ) Tj ET Q q 0 0 0 rg BT 536.14 68.25 Td (actual, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 86.39 56.25 Td (or ) Tj ET Q q 0 0 0 rg BT 96.62 56.25 Td (perceived ) Tj ET Q q 0 0 0 rg BT 137.38 56.25 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 173.71 56.25 Td (could ) Tj ET Q q 0 0 0 rg BT 197.83 56.25 Td (give ) Tj ET Q q 0 0 0 rg BT 216.95 56.25 Td (rise ) Tj ET Q q 0 0 0 rg BT 233.28 56.25 Td (to ) Tj ET Q q 0 0 0 rg BT 242.96 56.25 Td (client ) Tj ET Q q 0 0 0 rg BT 267.07 56.25 Td (dissatisfaction, ) Tj ET Q q 0 0 0 rg BT 328.68 56.25 Td (litigation ) Tj ET Q q 0 0 0 rg BT 366.69 56.25 Td (or ) Tj ET Q q 0 0 0 rg BT 376.92 56.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 419.92 56.25 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 471.79 56.25 Td (actions. ) Tj ET Q q 0 0 0 rg BT 504.51 56.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 521.96 56.25 Td (reputation ) 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 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 endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (could ) Tj ET Q q 0 0 0 rg BT 73.22 740.10 Td (be ) Tj ET Q q 0 0 0 rg BT 84.16 740.10 Td (damaged ) Tj ET Q q 0 0 0 rg BT 121.75 740.10 Td (if ) Tj ET Q q 0 0 0 rg BT 129.36 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 142.52 740.10 Td (fail, ) Tj ET Q q 0 0 0 rg BT 159.85 740.10 Td (or ) Tj ET Q q 0 0 0 rg BT 169.68 740.10 Td (appear ) Tj ET Q q 0 0 0 rg BT 197.82 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.10 740.10 Td (fail, ) Tj ET Q q 0 0 0 rg BT 224.43 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.71 740.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 251.86 740.10 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 306.67 740.10 Td (with ) Tj ET Q q 0 0 0 rg BT 325.95 740.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 362.44 740.10 Td (or ) Tj ET Q q 0 0 0 rg BT 372.27 740.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 397.65 740.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 433.58 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.41 740.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 476.84 740.10 Td (Client ) Tj ET Q q 0 0 0 rg BT 502.79 740.10 Td (dissatisfaction, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 90.04 728.10 Td (or ) Tj ET Q q 0 0 0 rg BT 100.31 728.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 143.34 728.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 195.25 728.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 225.51 728.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 254.66 728.10 Td (from ) Tj ET Q q 0 0 0 rg BT 276.04 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 282.41 728.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 310.44 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.15 728.10 Td (adequately ) Tj ET Q q 0 0 0 rg BT 365.40 728.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 383.99 728.10 Td (with ) Tj ET Q q 0 0 0 rg BT 403.71 728.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 440.08 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.34 728.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 484.21 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.59 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.74 728.10 Td (reputational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 72.55 716.10 Td (suf) Tj ET Q q 0 0 0 rg BT 84.59 716.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 107.63 716.10 Td (as ) Tj ET Q q 0 0 0 rg BT 118.46 716.10 Td (a ) Tj ET Q q 0 0 0 rg BT 125.39 716.10 Td (consequence, ) Tj ET Q q 0 0 0 rg BT 181.48 716.10 Td (could ) Tj ET Q q 0 0 0 rg BT 206.19 716.10 Td (have ) Tj ET Q q 0 0 0 rg BT 227.57 716.10 Td (a ) Tj ET Q q 0 0 0 rg BT 234.51 716.10 Td (material ) Tj ET Q q 0 0 0 rg BT 269.77 716.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 302.81 716.10 Td (ef) Tj ET Q q 0 0 0 rg BT 310.39 716.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 327.88 716.10 Td (on ) Tj ET Q q 0 0 0 rg BT 340.38 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.21 716.10 Td (business.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.22 692.10 Td (business ) Tj ET Q q 0 0 0 rg BT 107.29 692.10 Td (is ) Tj ET Q q 0 0 0 rg BT 117.01 692.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 148.94 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.77 692.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 200.58 692.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 246.42 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 257.81 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.64 692.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 327.82 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.20 692.10 Td (which ) Tj ET Q q 0 0 0 rg BT 367.26 692.10 Td (we ) Tj ET Q q 0 0 0 rg BT 381.42 692.10 Td (operate, ) Tj ET Q q 0 0 0 rg BT 417.52 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.13 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 444.18 692.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 491.12 692.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 536.95 692.10 Td (action ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (against ) Tj ET Q q 0 0 0 rg BT 82.01 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 98.96 680.10 Td (company ) Tj ET Q q 0 0 0 rg BT 138.68 680.10 Td (may ) Tj ET Q q 0 0 0 rg BT 158.40 680.10 Td (have ) Tj ET Q q 0 0 0 rg BT 180.33 680.10 Td (a ) Tj ET Q q 0 0 0 rg BT 187.83 680.10 Td (material ) Tj ET Q q 0 0 0 rg BT 224.78 680.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 258.38 680.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 298.10 680.10 Td (ef) Tj ET Q q 0 0 0 rg BT 305.69 680.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 323.18 680.10 Td (or ) Tj ET Q q 0 0 0 rg BT 334.57 680.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 360.40 680.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 406.79 680.10 Td (reputational ) Tj ET Q q 0 0 0 rg BT 459.86 680.10 Td (harm ) Tj ET Q q 0 0 0 rg BT 484.59 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.87 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 511.82 680.10 Td (company) Tj ET Q q 0 0 0 rg BT 548.67 680.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.85 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 71.52 656.10 Td (participant ) Tj ET Q q 0 0 0 rg BT 117.51 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 128.52 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.97 656.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.18 656.10 Td (services ) Tj ET Q q 0 0 0 rg BT 217.62 656.10 Td (industry) Tj ET Q q 0 0 0 rg BT 249.75 656.10 Td (, ) Tj ET Q q 0 0 0 rg BT 255.48 656.10 Td (we ) Tj ET Q q 0 0 0 rg BT 270.37 656.10 Td (are ) Tj ET Q q 0 0 0 rg BT 285.81 656.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 317.37 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.38 656.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 366.05 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.72 656.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 424.71 656.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 468.49 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.05 656.10 Td (many ) Tj ET Q q 0 0 0 rg BT 505.50 656.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 537.61 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 656.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (business ) Tj ET Q q 0 0 0 rg BT 84.86 644.10 Td (by ) Tj ET Q q 0 0 0 rg BT 96.33 644.10 Td (U.S.federal ) Tj ET Q q 0 0 0 rg BT 145.84 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 161.75 644.10 Td (state ) Tj ET Q q 0 0 0 rg BT 181.54 644.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 224.10 644.10 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 262.50 644.10 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 322.83 644.10 Td (or) Tj ET Q q 0 0 0 rg BT 330.98 644.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 377.99 644.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 420.56 644.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 459.80 644.10 Td (exchanges\) ) Tj ET Q q 0 0 0 rg BT 506.24 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.15 644.10 Td (by ) Tj ET Q q 0 0 0 rg BT 533.62 644.10 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 106.76 632.10 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 145.97 632.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 189.35 632.10 Td (bodies ) Tj ET Q q 0 0 0 rg BT 217.74 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.46 632.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 274.50 632.10 Td (exchanges. ) Tj ET Q q 0 0 0 rg BT 320.93 632.10 Td (Specifically) Tj ET Q q 0 0 0 rg BT 368.04 632.10 Td (, ) Tj ET Q q 0 0 0 rg BT 372.83 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 388.44 632.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 428.48 632.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 477.98 632.10 Td (include ) Tj ET Q q 0 0 0 rg BT 509.70 632.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 538.08 632.10 Td (dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.98 620.10 Td (related ) Tj ET Q q 0 0 0 rg BT 95.23 620.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 135.03 620.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 165.96 620.10 Td (or) Tj ET Q q 0 0 0 rg BT 174.11 620.10 Td (ganized ) Tj ET Q q 0 0 0 rg BT 207.25 620.10 Td (in ) Tj ET Q q 0 0 0 rg BT 217.07 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.33 620.10 Td (United ) Tj ET Q q 0 0 0 rg BT 260.59 620.10 Td (States ) Tj ET Q q 0 0 0 rg BT 286.52 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.00 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.26 620.10 Td (United ) Tj ET Q q 0 0 0 rg BT 346.52 620.10 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 388.84 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.33 620.10 Td (we ) Tj ET Q q 0 0 0 rg BT 419.03 620.10 Td (have ) Tj ET Q q 0 0 0 rg BT 439.95 620.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 471.43 620.10 Td (for ) Tj ET Q q 0 0 0 rg BT 485.13 620.10 Td (a ) Tj ET Q q 0 0 0 rg BT 491.61 620.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 534.75 620.10 Td (license ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.40 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 61.52 608.10 Td (Hong ) Tj ET Q q 0 0 0 rg BT 85.86 608.10 Td (Kong ) Tj ET Q q 0 0 0 rg BT 110.21 608.10 Td (Special ) Tj ET Q q 0 0 0 rg BT 141.29 608.10 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 203.41 608.10 Td (Region ) Tj ET Q q 0 0 0 rg BT 234.42 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.87 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.21 608.10 Td (People's ) Tj ET Q q 0 0 0 rg BT 294.24 608.10 Td (Republic ) Tj ET Q q 0 0 0 rg BT 332.46 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.91 608.10 Td (China ) Tj ET Q q 0 0 0 rg BT 368.92 608.10 Td (\(PRC\) ) Tj ET Q q 0 0 0 rg BT 405.48 608.10 Td (as ) Tj ET Q q 0 0 0 rg BT 415.93 608.10 Td (we ) Tj ET Q q 0 0 0 rg BT 429.72 608.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 457.93 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.83 608.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 504.94 608.10 Td (a ) Tj ET Q q 0 0 0 rg BT 511.50 608.10 Td (more ) Tj ET Q q 0 0 0 rg BT 534.17 608.10 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (presence ) Tj ET Q q 0 0 0 rg BT 86.70 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.71 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.15 596.10 Td (region ) Tj ET Q q 0 0 0 rg BT 138.92 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 148.93 596.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 186.13 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 201.69 596.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 221.70 596.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 258.36 596.10 Td (business ) Tj ET Q q 0 0 0 rg BT 294.48 596.10 Td (following ) Tj ET Q q 0 0 0 rg BT 335.59 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.04 596.10 Td (cessation ) Tj ET Q q 0 0 0 rg BT 388.92 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.48 596.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 443.36 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.36 596.10 Td (2012. ) Tj ET Q q 0 0 0 rg BT 478.09 596.10 Td (Each ) Tj ET Q q 0 0 0 rg BT 500.30 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.86 596.10 Td (these ) Tj ET Q q 0 0 0 rg BT 533.63 596.10 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 584.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 101.59 584.10 Td (or ) Tj ET Q q 0 0 0 rg BT 112.92 584.10 Td (licensed ) Tj ET Q q 0 0 0 rg BT 148.68 584.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 163.34 584.10 Td (has ) Tj ET Q q 0 0 0 rg BT 179.67 584.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 212.10 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.87 584.10 Td (be ) Tj ET Q q 0 0 0 rg BT 235.31 584.10 Td (licensed\) ) Tj ET Q q 0 0 0 rg BT 274.40 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 295.18 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.39 584.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 354.48 584.10 Td (local ) Tj ET Q q 0 0 0 rg BT 376.91 584.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 417.67 584.10 Td (regulator ) Tj ET Q q 0 0 0 rg BT 456.77 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.20 584.10 Td (is ) Tj ET Q q 0 0 0 rg BT 483.87 584.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 515.19 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.97 584.10 Td (all ) Tj ET Q q 0 0 0 rg BT 538.96 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 584.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 92.60 572.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 114.05 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.50 572.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 176.94 572.10 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 229.50 572.10 Td (by ) Tj ET Q q 0 0 0 rg BT 241.51 572.10 Td (those ) Tj ET Q q 0 0 0 rg BT 264.63 572.10 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 311.35 572.10 Td (In ) Tj ET Q q 0 0 0 rg BT 321.69 572.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 358.97 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 374.31 572.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 395.76 572.10 Td (management ) Tj ET Q q 0 0 0 rg BT 448.86 572.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 500.15 572.10 Td (ARI, ) Tj ET Q q 0 0 0 rg BT 521.88 572.10 Td (PJIM, ) Tj ET Q q 0 0 0 rg BT 548.06 572.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (PJC ) Tj ET Q q 0 0 0 rg BT 68.33 560.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 99.93 560.10 Td (Partners ) Tj ET Q q 0 0 0 rg BT 135.41 560.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 157.01 560.10 Td (are ) Tj ET Q q 0 0 0 rg BT 171.92 560.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 214.06 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 225.10 560.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 271.69 560.10 Td (advisers ) Tj ET Q q 0 0 0 rg BT 307.17 560.10 Td (with ) Tj ET Q q 0 0 0 rg BT 327.66 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.59 560.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 363.64 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 380.79 560.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 411.83 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 422.32 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.25 560.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 480.50 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.65 560.10 Td (oversight ) Tj ET Q q 0 0 0 rg BT 537.58 560.10 Td (by ) Tj ET Q q 0 0 0 rg BT 550.29 560.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (SEC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 88.27 524.10 Td (, ) Tj ET Q q 0 0 0 rg BT 93.15 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.75 524.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 162.33 524.10 Td (imposed ) Tj ET Q q 0 0 0 rg BT 198.60 524.10 Td (by ) Tj ET Q q 0 0 0 rg BT 210.98 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 226.69 524.10 Td (regulators ) Tj ET Q q 0 0 0 rg BT 269.06 524.10 Td (are ) Tj ET Q q 0 0 0 rg BT 283.65 524.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 321.57 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.73 524.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 360.21 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.81 524.10 Td (integrity ) Tj ET Q q 0 0 0 rg BT 411.07 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.78 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.38 524.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 473.74 524.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 507.77 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.59 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.75 524.10 Td (protect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 91.92 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.23 512.10 Td (other ) Tj ET Q q 0 0 0 rg BT 130.64 512.10 Td (third ) Tj ET Q q 0 0 0 rg BT 151.40 512.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 179.92 512.10 Td (who ) Tj ET Q q 0 0 0 rg BT 199.02 512.10 Td (deal ) Tj ET Q q 0 0 0 rg BT 217.54 512.10 Td (with ) Tj ET Q q 0 0 0 rg BT 237.19 512.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 250.32 512.10 Td (These ) Tj ET Q q 0 0 0 rg BT 276.06 512.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 330.14 512.10 Td (are ) Tj ET Q q 0 0 0 rg BT 344.21 512.10 Td (not ) Tj ET Q q 0 0 0 rg BT 358.86 512.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 396.28 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.93 512.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 435.56 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 450.76 512.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 505.67 512.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 560.01 512.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 76.90 500.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 102.62 500.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 148.35 500.10 Td (often ) Tj ET Q q 0 0 0 rg BT 170.20 500.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 192.60 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.67 500.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 221.86 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 236.49 500.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 276.39 500.10 Td (through ) Tj ET Q q 0 0 0 rg BT 308.80 500.10 Td (net ) Tj ET Q q 0 0 0 rg BT 322.31 500.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 352.76 500.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 390.72 500.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 432.56 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.29 500.10 Td (market ) Tj ET Q q 0 0 0 rg BT 477.36 500.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 510.31 500.10 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.61 488.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 113.72 488.10 Td (on ) Tj ET Q q 0 0 0 rg BT 126.39 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.28 488.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 186.18 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.63 488.10 Td (which ) Tj ET Q q 0 0 0 rg BT 223.74 488.10 Td (we ) Tj ET Q q 0 0 0 rg BT 238.07 488.10 Td (may ) Tj ET Q q 0 0 0 rg BT 257.96 488.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 290.06 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 301.06 488.10 Td (invest. ) Tj ET Q q 0 0 0 rg BT 329.93 488.10 Td (W) Tj ET Q q 0 0 0 rg BT 338.57 488.10 Td (e ) Tj ET Q q 0 0 0 rg BT 345.68 488.10 Td (also ) Tj ET Q q 0 0 0 rg BT 364.46 488.10 Td (must ) Tj ET Q q 0 0 0 rg BT 386.58 488.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 419.25 488.10 Td (with ) Tj ET Q q 0 0 0 rg BT 439.70 488.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 461.82 488.10 Td (management ) Tj ET Q q 0 0 0 rg BT 515.58 488.10 Td (regulations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.92 476.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 144.77 476.10 Td (related ) Tj ET Q q 0 0 0 rg BT 174.62 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.04 476.10 Td (fiduciary ) Tj ET Q q 0 0 0 rg BT 223.78 476.10 Td (duties ) Tj ET Q q 0 0 0 rg BT 250.32 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.74 476.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 291.99 476.10 Td (recordkeeping ) Tj ET Q q 0 0 0 rg BT 351.83 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.91 476.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 408.22 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.30 476.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 464.60 476.10 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 514.19 476.10 Td (Compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (with ) Tj ET Q q 0 0 0 rg BT 68.97 464.10 Td (many ) Tj ET Q q 0 0 0 rg BT 92.87 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.89 464.10 Td (these ) Tj ET Q q 0 0 0 rg BT 125.12 464.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 171.24 464.10 Td (entails ) Tj ET Q q 0 0 0 rg BT 199.03 464.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.16 464.10 Td (number ) Tj ET Q q 0 0 0 rg BT 237.39 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 247.41 464.10 Td (risks, ) Tj ET Q q 0 0 0 rg BT 270.49 464.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 318.26 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.73 464.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 349.95 464.10 Td (where ) Tj ET Q q 0 0 0 rg BT 376.07 464.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 418.84 464.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 464.96 464.10 Td (may ) Tj ET Q q 0 0 0 rg BT 483.87 464.10 Td (be ) Tj ET Q q 0 0 0 rg BT 494.99 464.10 Td (newer ) Tj ET Q q 0 0 0 rg BT 521.11 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 531.13 464.10 Td (unclear) Tj ET Q q 0 0 0 rg BT 560.00 464.10 Td (. ) Tj ET Q q 0 0 0 rg BT 565.00 464.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.14 452.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 97.72 452.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 141.12 452.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 185.64 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.73 452.10 Td (all ) Tj ET Q q 0 0 0 rg BT 208.03 452.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 259.79 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.87 452.10 Td (which ) Tj ET Q q 0 0 0 rg BT 296.62 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 310.59 452.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 344.55 452.10 Td (business ) Tj ET Q q 0 0 0 rg BT 380.75 452.10 Td (may ) Tj ET Q q 0 0 0 rg BT 400.28 452.10 Td (intervene ) Tj ET Q q 0 0 0 rg BT 439.79 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.88 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.51 452.10 Td (business ) Tj ET Q q 0 0 0 rg BT 501.71 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.46 452.10 Td (we ) Tj ET Q q 0 0 0 rg BT 532.43 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 549.18 452.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 94.76 440.10 Td (could ) Tj ET Q q 0 0 0 rg BT 119.48 440.10 Td (be ) Tj ET Q q 0 0 0 rg BT 131.42 440.10 Td (fined ) Tj ET Q q 0 0 0 rg BT 154.47 440.10 Td (or ) Tj ET Q q 0 0 0 rg BT 165.30 440.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 206.67 440.10 Td (disciplined ) Tj ET Q q 0 0 0 rg BT 253.05 440.10 Td (for ) Tj ET Q q 0 0 0 rg BT 267.21 440.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 309.16 440.10 Td (or ) Tj ET Q q 0 0 0 rg BT 319.99 440.10 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 363.59 440.10 Td (from ) Tj ET Q q 0 0 0 rg BT 385.53 440.10 Td (engaging ) Tj ET Q q 0 0 0 rg BT 424.69 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 434.96 440.10 Td (some ) Tj ET Q q 0 0 0 rg BT 458.57 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.40 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 485.23 440.10 Td (business ) Tj ET Q q 0 0 0 rg BT 521.62 440.10 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.25 416.10 Td (business ) Tj ET Q q 0 0 0 rg BT 103.34 416.10 Td (also ) Tj ET Q q 0 0 0 rg BT 121.65 416.10 Td (subjects ) Tj ET Q q 0 0 0 rg BT 156.06 416.10 Td (us ) Tj ET Q q 0 0 0 rg BT 167.15 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.13 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.55 416.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 228.18 416.10 Td (income ) Tj ET Q q 0 0 0 rg BT 259.81 416.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 274.23 416.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 294.76 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.28 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.70 416.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 371.34 416.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.32 416.10 Td (which ) Tj ET Q q 0 0 0 rg BT 407.96 416.10 Td (we ) Tj ET Q q 0 0 0 rg BT 421.81 416.10 Td (have ) Tj ET Q q 0 0 0 rg BT 442.89 416.10 Td (business ) Tj ET Q q 0 0 0 rg BT 478.98 416.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 525.33 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.97 416.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.78 404.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 86.18 404.10 Td (may ) Tj ET Q q 0 0 0 rg BT 106.47 404.10 Td (be ) Tj ET Q q 0 0 0 rg BT 118.97 404.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 150.37 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 161.21 404.10 Td (dif) Tj ET Q q 0 0 0 rg BT 172.14 404.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 198.52 404.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 259.35 404.10 Td (by ) Tj ET Q q 0 0 0 rg BT 272.42 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.70 404.10 Td (taxpayer ) Tj ET Q q 0 0 0 rg BT 325.19 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.70 404.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.99 404.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 393.26 404.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 451.30 404.10 Td (taxing ) Tj ET Q q 0 0 0 rg BT 479.37 404.10 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 526.92 404.10 Td (W) Tj ET Q q 0 0 0 rg BT 535.56 404.10 Td (e ) Tj ET Q q 0 0 0 rg BT 543.07 404.10 Td (must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (make ) Tj ET Q q 0 0 0 rg BT 73.92 392.10 Td (judgments ) Tj ET Q q 0 0 0 rg BT 118.35 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.56 392.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 196.08 392.10 Td (about ) Tj ET Q q 0 0 0 rg BT 221.06 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.05 392.10 Td (application ) Tj ET Q q 0 0 0 rg BT 283.24 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.34 392.10 Td (these ) Tj ET Q q 0 0 0 rg BT 317.65 392.10 Td (inherently ) Tj ET Q q 0 0 0 rg BT 360.96 392.10 Td (complex ) Tj ET Q q 0 0 0 rg BT 398.16 392.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 413.14 392.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 434.24 392.10 Td (when ) Tj ET Q q 0 0 0 rg BT 458.67 392.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 509.75 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.73 392.10 Td (provision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.68 380.10 Td (income ) Tj ET Q q 0 0 0 rg BT 95.64 380.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 121.02 380.10 Td (W) Tj ET Q q 0 0 0 rg BT 129.66 380.10 Td (e ) Tj ET Q q 0 0 0 rg BT 136.62 380.10 Td (are ) Tj ET Q q 0 0 0 rg BT 151.35 380.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 182.19 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.49 380.10 Td (contingent ) Tj ET Q q 0 0 0 rg BT 237.22 380.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 251.96 380.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 269.48 380.10 Td (that ) Tj ET Q q 0 0 0 rg BT 287.00 380.10 Td (could ) Tj ET Q q 0 0 0 rg BT 311.74 380.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 352.57 380.10 Td (af) Tj ET Q q 0 0 0 rg BT 360.16 380.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 377.67 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 393.52 380.10 Td (results ) Tj ET Q q 0 0 0 rg BT 422.15 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.00 380.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 479.68 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 489.98 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.71 380.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 531.67 380.10 Td (that ) Tj ET Q q 0 0 0 rg BT 549.18 380.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 109.49 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.04 368.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 134.49 368.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 155.05 368.10 Td (are ) Tj ET Q q 0 0 0 rg BT 169.48 368.10 Td (disputed ) Tj ET Q q 0 0 0 rg BT 205.60 368.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 227.83 368.10 Td (examination ) Tj ET Q q 0 0 0 rg BT 279.48 368.10 Td (or ) Tj ET Q q 0 0 0 rg BT 290.04 368.10 Td (audit, ) Tj ET Q q 0 0 0 rg BT 314.76 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.43 368.10 Td (are ) Tj ET Q q 0 0 0 rg BT 345.87 368.10 Td (settled ) Tj ET Q q 0 0 0 rg BT 374.20 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.20 368.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 420.32 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 430.32 368.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 458.65 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.21 368.10 Td (established ) Tj ET Q q 0 0 0 rg BT 515.87 368.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 550.86 368.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (such ) Tj ET Q q 0 0 0 rg BT 70.33 356.10 Td (contingencies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.73 332.10 Td (ef) Tj ET Q q 0 0 0 rg BT 74.32 332.10 Td (fort ) Tj ET Q q 0 0 0 rg BT 90.44 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.90 332.10 Td (combat ) Tj ET Q q 0 0 0 rg BT 131.01 332.10 Td (money ) Tj ET Q q 0 0 0 rg BT 159.91 332.10 Td (laundering ) Tj ET Q q 0 0 0 rg BT 204.35 332.10 Td (also ) Tj ET Q q 0 0 0 rg BT 222.14 332.10 Td (has ) Tj ET Q q 0 0 0 rg BT 237.15 332.10 Td (become ) Tj ET Q q 0 0 0 rg BT 269.93 332.10 Td (a ) Tj ET Q q 0 0 0 rg BT 276.05 332.10 Td (high ) Tj ET Q q 0 0 0 rg BT 295.51 332.10 Td (priority ) Tj ET Q q 0 0 0 rg BT 327.18 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.64 332.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 393.30 332.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 419.98 332.10 Td (with ) Tj ET Q q 0 0 0 rg BT 439.44 332.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 469.44 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.90 332.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.56 332.10 Td (institutions. ) 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 66.46 320.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 108.42 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.16 320.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.55 320.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 202.91 320.10 Td (including ) Tj ET Q q 0 0 0 rg BT 242.10 320.10 Td (ourselves, ) Tj ET Q q 0 0 0 rg BT 283.78 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.96 320.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 325.48 320.10 Td (their ) Tj ET Q q 0 0 0 rg BT 345.21 320.10 Td (customers, ) Tj ET Q q 0 0 0 rg BT 389.67 320.10 Td (watch ) Tj ET Q q 0 0 0 rg BT 414.96 320.10 Td (for ) Tj ET Q q 0 0 0 rg BT 428.03 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.88 320.10 Td (report ) Tj ET Q q 0 0 0 rg BT 469.16 320.10 Td (suspicious ) Tj ET Q q 0 0 0 rg BT 512.24 320.10 Td (transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (respond ) Tj ET Q q 0 0 0 rg BT 84.40 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.41 308.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 131.42 308.10 Td (for ) Tj ET Q q 0 0 0 rg BT 146.31 308.10 Td (information ) Tj ET Q q 0 0 0 rg BT 196.76 308.10 Td (by ) Tj ET Q q 0 0 0 rg BT 210.00 308.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 254.33 308.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 299.78 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 317.45 308.10 Td (law ) Tj ET Q q 0 0 0 rg BT 335.13 308.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 388.33 308.10 Td (agencies, ) Tj ET Q q 0 0 0 rg BT 428.49 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.17 308.10 Td (share ) Tj ET Q q 0 0 0 rg BT 470.50 308.10 Td (information ) Tj ET Q q 0 0 0 rg BT 520.95 308.10 Td (with ) Tj ET Q q 0 0 0 rg BT 541.96 308.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.73 296.10 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 135.93 296.10 Td (has ) Tj ET Q q 0 0 0 rg BT 151.51 296.10 Td (required ) Tj ET Q q 0 0 0 rg BT 187.07 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.54 296.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 266.55 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.24 296.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 336.01 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.59 296.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 379.38 296.10 Td (practices, ) Tj ET Q q 0 0 0 rg BT 419.66 296.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 465.78 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 482.47 296.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 516.93 296.10 Td (which ) Tj ET Q q 0 0 0 rg BT 543.62 296.10 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (increased, ) Tj ET Q q 0 0 0 rg BT 91.82 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.33 284.10 Td (may ) Tj ET Q q 0 0 0 rg BT 127.62 284.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 164.12 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.97 284.10 Td (increase, ) Tj ET Q q 0 0 0 rg BT 211.30 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 226.70 284.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 250.81 284.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 270.10 284.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 298.27 284.10 Td (with ) Tj ET Q q 0 0 0 rg BT 318.12 284.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 348.50 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.35 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 373.75 284.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 413.59 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 423.44 284.10 Td (this ) Tj ET Q q 0 0 0 rg BT 439.96 284.10 Td (area ) Tj ET Q q 0 0 0 rg BT 458.67 284.10 Td (could ) Tj ET Q q 0 0 0 rg BT 482.96 284.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 513.35 284.10 Td (us ) Tj ET Q q 0 0 0 rg BT 524.32 284.10 Td (to ) 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 (regulatory ) Tj ET Q q 0 0 0 rg BT 94.08 272.10 Td (consequences, ) Tj ET Q q 0 0 0 rg BT 155.05 272.10 Td (including ) Tj ET Q q 0 0 0 rg BT 196.31 272.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 242.57 272.10 Td (fines, ) Tj ET Q q 0 0 0 rg BT 268.00 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.93 272.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 332.18 272.10 Td (other ) Tj ET Q q 0 0 0 rg BT 356.22 272.10 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 399.42 272.10 Td (In ) Tj ET Q q 0 0 0 rg BT 411.24 272.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 450.01 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 466.82 272.10 Td (international ) Tj ET Q q 0 0 0 rg BT 520.85 272.10 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (require ) Tj ET Q q 0 0 0 rg BT 79.77 260.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 127.82 260.10 Td (with ) Tj ET Q q 0 0 0 rg BT 147.56 260.10 Td (anti-bribery ) Tj ET Q q 0 0 0 rg BT 196.72 260.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 219.51 260.10 Td (including ) Tj ET Q q 0 0 0 rg BT 259.25 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.42 260.10 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 306.49 260.10 Td (Corrupt ) Tj ET Q q 0 0 0 rg BT 339.56 260.10 Td (Practices ) Tj ET Q q 0 0 0 rg BT 377.18 260.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 393.58 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.97 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.15 260.10 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 445.55 260.10 Td (Bribery ) Tj ET Q q 0 0 0 rg BT 477.63 260.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 494.02 260.10 Td (2010. ) Tj ET Q q 0 0 0 rg BT 518.34 260.10 Td (These ) Tj ET Q q 0 0 0 rg BT 544.18 260.10 Td (laws ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 89.71 248.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 124.39 248.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 170.16 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.61 248.10 Td (their ) Tj ET Q q 0 0 0 rg BT 208.95 248.10 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 269.15 248.10 Td (from ) Tj ET Q q 0 0 0 rg BT 291.60 248.10 Td (engaging ) Tj ET Q q 0 0 0 rg BT 331.27 248.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.06 248.10 Td (bribery ) Tj ET Q q 0 0 0 rg BT 373.94 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 385.28 248.10 Td (making ) Tj ET Q q 0 0 0 rg BT 418.29 248.10 Td (other ) Tj ET Q q 0 0 0 rg BT 441.85 248.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 481.51 248.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 522.85 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 533.64 248.10 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 236.10 Td (ficials ) Tj ET Q q 0 0 0 rg BT 85.29 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 100.16 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.58 236.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 150.45 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.99 236.10 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 202.97 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 214.50 236.10 Td (retaining ) Tj ET Q q 0 0 0 rg BT 253.25 236.10 Td (business ) Tj ET Q q 0 0 0 rg BT 290.35 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 301.89 236.10 Td (gaining ) Tj ET Q q 0 0 0 rg BT 335.09 236.10 Td (an ) Tj ET Q q 0 0 0 rg BT 347.74 236.10 Td (unfair ) Tj ET Q q 0 0 0 rg BT 374.82 236.10 Td (business ) Tj ET Q q 0 0 0 rg BT 411.92 236.10 Td (advantage. ) Tj ET Q q 0 0 0 rg BT 457.93 236.10 Td (While ) Tj ET Q q 0 0 0 rg BT 485.57 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 502.10 236.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 548.07 236.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (agents ) Tj ET Q q 0 0 0 rg BT 78.24 224.10 Td (are ) Tj ET Q q 0 0 0 rg BT 93.64 224.10 Td (required ) Tj ET Q q 0 0 0 rg BT 130.15 224.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.12 224.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 174.31 224.10 Td (with ) Tj ET Q q 0 0 0 rg BT 195.28 224.10 Td (these ) Tj ET Q q 0 0 0 rg BT 219.02 224.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 243.04 224.10 Td (we ) Tj ET Q q 0 0 0 rg BT 257.90 224.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 287.75 224.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 317.04 224.10 Td (that ) Tj ET Q q 0 0 0 rg BT 335.23 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 351.75 224.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 385.49 224.10 Td (control ) Tj ET Q q 0 0 0 rg BT 417.00 224.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 451.30 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.93 224.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 515.99 224.10 Td (will ) Tj ET Q q 0 0 0 rg BT 534.74 224.10 Td (always ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 78.98 212.10 Td (us ) Tj ET Q q 0 0 0 rg BT 89.59 212.10 Td (from ) Tj ET Q q 0 0 0 rg BT 110.74 212.10 Td (intentional, ) Tj ET Q q 0 0 0 rg BT 157.72 212.10 Td (reckless ) Tj ET Q q 0 0 0 rg BT 191.65 212.10 Td (or ) Tj ET Q q 0 0 0 rg BT 201.69 212.10 Td (negligent ) Tj ET Q q 0 0 0 rg BT 240.62 212.10 Td (acts ) Tj ET Q q 0 0 0 rg BT 257.88 212.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 302.36 212.10 Td (by ) Tj ET Q q 0 0 0 rg BT 314.08 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 329.13 212.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 373.60 212.10 Td (or ) Tj ET Q q 0 0 0 rg BT 383.65 212.10 Td (agents, ) Tj ET Q q 0 0 0 rg BT 413.41 212.10 Td (which ) Tj ET Q q 0 0 0 rg BT 439.57 212.10 Td (acts ) Tj ET Q q 0 0 0 rg BT 456.83 212.10 Td (could ) Tj ET Q q 0 0 0 rg BT 480.76 212.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 510.80 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.85 212.10 Td (company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 200.10 Td (fines ) Tj ET Q q 0 0 0 rg BT 81.72 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 92.55 200.10 Td (other ) Tj ET Q q 0 0 0 rg BT 115.59 200.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 159.19 200.10 Td (consequences.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 70.32 176.10 Td (management ) Tj ET Q q 0 0 0 rg BT 126.14 176.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 167.50 176.10 Td (may ) Tj ET Q q 0 0 0 rg BT 187.20 176.10 Td (not ) Tj ET Q q 0 0 0 rg BT 203.02 176.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 224.38 176.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 260.19 176.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 299.90 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.15 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.41 176.10 Td (various ) Tj ET Q q 0 0 0 rg BT 358.46 176.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 380.39 176.10 Td (that ) Tj ET Q q 0 0 0 rg BT 398.99 176.10 Td (we ) Tj ET Q q 0 0 0 rg BT 412.58 176.10 Td (face, ) Tj ET Q q 0 0 0 rg BT 434.76 176.10 Td (including ) Tj ET Q q 0 0 0 rg BT 476.70 176.10 Td (market ) Tj ET Q q 0 0 0 rg BT 508.07 176.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 528.61 176.10 Td (liquidity ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.56 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 85.62 164.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 111.45 164.10 Td (risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 140.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.19 140.10 Td (refine ) Tj ET Q q 0 0 0 rg BT 91.12 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 107.07 140.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 124.69 140.10 Td (management ) Tj ET Q q 0 0 0 rg BT 178.39 140.10 Td (techniques, ) Tj ET Q q 0 0 0 rg BT 226.27 140.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 266.65 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.71 140.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 330.76 140.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 367.26 140.10 Td (on ) Tj ET Q q 0 0 0 rg BT 379.88 140.10 Td (an ) Tj ET Q q 0 0 0 rg BT 391.93 140.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 427.33 140.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 452.45 140.10 Td (However) Tj ET Q q 0 0 0 rg BT 488.70 140.10 Td (, ) Tj ET Q q 0 0 0 rg BT 493.81 140.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 511.43 140.10 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 94.85 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 111.88 128.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 154.73 128.10 Td (both ) Tj ET Q q 0 0 0 rg BT 175.10 128.10 Td (ours ) Tj ET Q q 0 0 0 rg BT 194.91 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.93 128.10 Td (those ) Tj ET Q q 0 0 0 rg BT 235.63 128.10 Td (available ) Tj ET Q q 0 0 0 rg BT 274.30 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.67 128.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.48 128.10 Td (market ) Tj ET Q q 0 0 0 rg BT 329.83 128.10 Td (generally) Tj ET Q q 0 0 0 rg BT 366.38 128.10 Td (, ) Tj ET Q q 0 0 0 rg BT 371.47 128.10 Td (may ) Tj ET Q q 0 0 0 rg BT 391.27 128.10 Td (not ) Tj ET Q q 0 0 0 rg BT 406.64 128.10 Td (be ) Tj ET Q q 0 0 0 rg BT 418.67 128.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 440.14 128.10 Td (ef) Tj ET Q q 0 0 0 rg BT 447.73 128.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 477.52 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 487.88 128.10 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 531.58 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 547.50 128.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 88.90 116.10 Td (in ) Tj ET Q q 0 0 0 rg BT 99.97 116.10 Td (all ) Tj ET Q q 0 0 0 rg BT 113.26 116.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 155.43 116.10 Td (market ) Tj ET Q q 0 0 0 rg BT 186.49 116.10 Td (environments ) Tj ET Q q 0 0 0 rg BT 244.23 116.10 Td (or ) Tj ET Q q 0 0 0 rg BT 255.85 116.10 Td (against ) Tj ET Q q 0 0 0 rg BT 287.48 116.10 Td (all ) Tj ET Q q 0 0 0 rg BT 300.77 116.10 Td (types ) Tj ET Q q 0 0 0 rg BT 325.17 116.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.80 116.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 357.60 116.10 Td (For ) Tj ET Q q 0 0 0 rg BT 374.79 116.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 414.46 116.10 Td (we ) Tj ET Q q 0 0 0 rg BT 429.41 116.10 Td (may ) Tj ET Q q 0 0 0 rg BT 449.93 116.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 466.55 116.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.63 116.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 512.03 116.10 Td (or ) Tj ET Q q 0 0 0 rg BT 523.66 116.10 Td (anticipate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 89.36 104.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 109.80 104.10 Td (that ) Tj ET Q q 0 0 0 rg BT 126.35 104.10 Td (our ) Tj ET Q q 0 0 0 rg BT 141.22 104.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 174.44 104.10 Td (are ) Tj ET Q q 0 0 0 rg BT 188.20 104.10 Td (capable ) Tj ET Q q 0 0 0 rg BT 220.28 104.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.16 104.10 Td (identifying, ) Tj ET Q q 0 0 0 rg BT 278.09 104.10 Td (or ) Tj ET Q q 0 0 0 rg BT 287.97 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.74 104.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 334.96 104.10 Td (that ) Tj ET Q q 0 0 0 rg BT 351.50 104.10 Td (we ) Tj ET Q q 0 0 0 rg BT 364.71 104.10 Td (use, ) Tj ET Q q 0 0 0 rg BT 382.09 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.08 104.10 Td (that ) Tj ET Q q 0 0 0 rg BT 414.62 104.10 Td (are ) Tj ET Q q 0 0 0 rg BT 428.38 104.10 Td (used ) Tj ET Q q 0 0 0 rg BT 448.26 104.10 Td (within ) Tj ET Q q 0 0 0 rg BT 475.36 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.13 104.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 523.46 104.10 Td (generally) Tj ET Q q 0 0 0 rg BT 560.01 104.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (may ) Tj ET Q q 0 0 0 rg BT 70.10 92.10 Td (not ) Tj ET Q q 0 0 0 rg BT 86.26 92.10 Td (be ) Tj ET Q q 0 0 0 rg BT 99.08 92.10 Td (capable ) Tj ET Q q 0 0 0 rg BT 132.99 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.70 92.10 Td (identifying ) Tj ET Q q 0 0 0 rg BT 191.97 92.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 222.55 92.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 243.43 92.10 Td (or ) Tj ET Q q 0 0 0 rg BT 255.14 92.10 Td (every ) Tj ET Q q 0 0 0 rg BT 280.73 92.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 322.98 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.80 92.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 379.17 92.10 Td (outcome, ) Tj ET Q q 0 0 0 rg BT 419.48 92.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.19 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.79 92.10 Td (specifics ) Tj ET Q q 0 0 0 rg BT 485.16 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.98 92.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 532.47 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.18 92.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (outcomes. ) Tj ET Q q 0 0 0 rg BT 92.19 80.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.05 80.10 Td (In ) Tj ET Q q 0 0 0 rg BT 104.24 80.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 141.38 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 156.57 80.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 173.43 80.10 Td (management ) Tj ET Q q 0 0 0 rg BT 226.38 80.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 271.01 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.31 80.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 326.93 80.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 346.56 80.10 Td (to ) Tj ET Q q 0 0 0 rg BT 356.20 80.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 388.60 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 403.79 80.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 431.20 80.10 Td (to ) Tj ET Q q 0 0 0 rg BT 440.84 80.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 464.92 80.10 Td (from ) Tj ET Q q 0 0 0 rg BT 486.22 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 501.41 80.10 Td (market-making ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.38 68.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 105.48 68.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 144.03 68.10 Td (with ) Tj ET Q q 0 0 0 rg BT 164.25 68.10 Td (our ) Tj ET Q q 0 0 0 rg BT 180.01 68.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 218.55 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 228.76 68.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 266.19 68.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 295.02 68.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 320.23 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.00 68.10 Td (our ) Tj ET Q q 0 0 0 rg BT 346.77 68.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 386.97 68.10 Td (for ) Tj ET Q q 0 0 0 rg BT 401.06 68.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 442.93 68.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 460.37 68.10 Td (are ) Tj ET Q q 0 0 0 rg BT 475.01 68.10 Td (based ) Tj ET Q q 0 0 0 rg BT 500.22 68.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 522.65 68.10 Td (our ) Tj ET Q q 0 0 0 rg BT 538.42 68.10 Td (use ) Tj ET Q q 0 0 0 rg BT 554.19 68.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (observed ) Tj ET Q q 0 0 0 rg BT 88.05 56.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 127.71 56.10 Td (market ) Tj ET Q q 0 0 0 rg BT 157.92 56.10 Td (behavior) Tj ET Q q 0 0 0 rg BT 192.36 56.10 Td (. ) Tj ET Q q 0 0 0 rg BT 197.13 56.10 Td (W) Tj ET Q q 0 0 0 rg BT 205.77 56.10 Td (e ) Tj ET Q q 0 0 0 rg BT 212.66 56.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 237.32 56.10 Td (statistical ) Tj ET Q q 0 0 0 rg BT 277.54 56.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.43 56.10 Td (other ) Tj ET Q q 0 0 0 rg BT 317.43 56.10 Td (tools ) Tj ET Q q 0 0 0 rg BT 339.33 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.56 56.10 Td (these ) Tj ET Q q 0 0 0 rg BT 372.55 56.10 Td (observations ) Tj ET Q q 0 0 0 rg BT 425.55 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 435.78 56.10 Td (quantify ) Tj ET Q q 0 0 0 rg BT 471.55 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 487.33 56.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 504.78 56.10 Td (exposure. ) Tj ET Q q 0 0 0 rg BT 545.29 56.10 Td (Any ) 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 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 endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (failures ) Tj ET Q q 0 0 0 rg BT 81.35 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 90.99 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 106.18 740.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 123.04 740.10 Td (management ) Tj ET Q q 0 0 0 rg BT 176.00 740.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 220.62 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.92 740.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 276.55 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.19 740.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 329.13 740.10 Td (quantify ) Tj ET Q q 0 0 0 rg BT 364.32 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 379.51 740.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 396.38 740.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 434.34 740.10 Td (could ) Tj ET Q q 0 0 0 rg BT 458.42 740.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 479.17 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 494.37 740.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 521.78 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.42 740.10 Td (manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (risks. ) Tj ET Q q 0 0 0 rg BT 74.06 728.10 Td (In ) Tj ET Q q 0 0 0 rg BT 85.56 728.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 124.00 728.10 Td (any ) Tj ET Q q 0 0 0 rg BT 141.61 728.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 159.78 728.10 Td (management ) Tj ET Q q 0 0 0 rg BT 214.04 728.10 Td (failures ) Tj ET Q q 0 0 0 rg BT 247.19 728.10 Td (could ) Tj ET Q q 0 0 0 rg BT 272.58 728.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 297.95 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 314.45 728.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 341.51 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 352.46 728.10 Td (be ) Tj ET Q q 0 0 0 rg BT 365.07 728.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 418.23 728.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 449.15 728.10 Td (than ) Tj ET Q q 0 0 0 rg BT 469.53 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.92 728.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 525.30 728.10 Td (measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (indicate. ) Tj ET Q q 0 0 0 rg BT 86.24 716.10 Td (Further) Tj ET Q q 0 0 0 rg BT 115.28 716.10 Td (, ) Tj ET Q q 0 0 0 rg BT 120.37 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 136.29 716.10 Td (quantified ) Tj ET Q q 0 0 0 rg BT 179.42 716.10 Td (modeling ) Tj ET Q q 0 0 0 rg BT 219.78 716.10 Td (does ) Tj ET Q q 0 0 0 rg BT 240.70 716.10 Td (not ) Tj ET Q q 0 0 0 rg BT 256.07 716.10 Td (take ) Tj ET Q q 0 0 0 rg BT 275.31 716.10 Td (all ) Tj ET Q q 0 0 0 rg BT 287.90 716.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 309.38 716.10 Td (into ) Tj ET Q q 0 0 0 rg BT 327.52 716.10 Td (account. ) Tj ET Q q 0 0 0 rg BT 363.71 716.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 381.85 716.10 Td (more ) Tj ET Q q 0 0 0 rg BT 404.98 716.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 449.78 716.10 Td (approach ) Tj ET Q q 0 0 0 rg BT 489.02 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.38 716.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 541.41 716.10 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 70.89 704.10 Td (could ) Tj ET Q q 0 0 0 rg BT 95.61 704.10 Td (prove ) Tj ET Q q 0 0 0 rg BT 120.88 704.10 Td (insuf) Tj ET Q q 0 0 0 rg BT 140.70 704.10 Td (ficient, ) Tj ET Q q 0 0 0 rg BT 171.24 704.10 Td (exposing ) Tj ET Q q 0 0 0 rg BT 209.85 704.10 Td (us ) Tj ET Q q 0 0 0 rg BT 221.24 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.52 704.10 Td (material ) Tj ET Q q 0 0 0 rg BT 266.78 704.10 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 323.14 704.10 Td (losses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (Use ) Tj ET Q q 0 0 0 rg BT 67.82 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.92 680.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 121.67 680.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 173.35 680.10 Td (as ) Tj ET Q q 0 0 0 rg BT 185.02 680.10 Td (part ) Tj ET Q q 0 0 0 rg BT 204.46 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.56 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 232.78 680.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 251.11 680.10 Td (management ) Tj ET Q q 0 0 0 rg BT 307.21 680.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 354.43 680.10 Td (may ) Tj ET Q q 0 0 0 rg BT 374.42 680.10 Td (not ) Tj ET Q q 0 0 0 rg BT 390.53 680.10 Td (ef) Tj ET Q q 0 0 0 rg BT 398.12 680.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 434.75 680.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 461.95 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.50 680.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 499.73 680.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 544.71 680.10 Td (with ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 88.10 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.94 668.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 130.33 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.16 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 158.11 668.10 Td (businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 644.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.94 644.10 Td (use ) Tj ET Q q 0 0 0 rg BT 80.63 644.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 112.42 644.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 129.76 644.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 159.07 644.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 190.86 644.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 208.21 644.10 Td (locks, ) Tj ET Q q 0 0 0 rg BT 234.17 644.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 259.30 644.10 Td (default ) Tj ET Q q 0 0 0 rg BT 289.42 644.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 312.33 644.10 Td (index ) Tj ET Q q 0 0 0 rg BT 336.91 644.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 375.36 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.16 644.10 Td (option ) Tj ET Q q 0 0 0 rg BT 420.08 644.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 458.53 644.10 Td (as ) Tj ET Q q 0 0 0 rg BT 469.22 644.10 Td (a ) Tj ET Q q 0 0 0 rg BT 476.02 644.10 Td (means ) Tj ET Q q 0 0 0 rg BT 503.93 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 514.07 644.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 547.52 644.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.11 632.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 90.15 632.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 131.31 632.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 170.27 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.54 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.16 632.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 235.97 632.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 275.46 632.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 328.35 632.10 Td (W) Tj ET Q q 0 0 0 rg BT 337.39 632.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 350.78 632.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 381.94 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.55 632.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 410.39 632.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 466.81 632.10 Td (we ) Tj ET Q q 0 0 0 rg BT 481.31 632.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 504.13 632.10 Td (into ) Tj ET Q q 0 0 0 rg BT 522.52 632.10 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 88.51 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.20 620.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 125.99 620.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 158.34 620.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 176.24 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.59 620.10 Td (market ) Tj ET Q q 0 0 0 rg BT 224.27 620.10 Td (value ) Tj ET Q q 0 0 0 rg BT 248.84 620.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 270.64 620.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 314.65 620.10 Td (with ) Tj ET Q q 0 0 0 rg BT 335.34 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 351.59 620.10 Td (security ) Tj ET Q q 0 0 0 rg BT 386.16 620.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 427.69 620.10 Td (including ) Tj ET Q q 0 0 0 rg BT 468.38 620.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 491.84 620.10 Td (income ) Tj ET Q q 0 0 0 rg BT 524.19 620.10 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.47 608.10 Td (we ) Tj ET Q q 0 0 0 rg BT 102.98 608.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 123.61 608.10 Td (both ) Tj ET Q q 0 0 0 rg BT 144.24 608.10 Td (for ) Tj ET Q q 0 0 0 rg BT 158.75 608.10 Td (facilitating ) Tj ET Q q 0 0 0 rg BT 204.91 608.10 Td (client ) Tj ET Q q 0 0 0 rg BT 229.98 608.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 262.82 608.10 Td (as ) Tj ET Q q 0 0 0 rg BT 274.00 608.10 Td (well ) Tj ET Q q 0 0 0 rg BT 294.07 608.10 Td (as ) Tj ET Q q 0 0 0 rg BT 305.25 608.10 Td (for ) Tj ET Q q 0 0 0 rg BT 319.76 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 335.94 608.10 Td (own ) Tj ET Q q 0 0 0 rg BT 356.01 608.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 403.28 608.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 434.46 608.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 481.26 608.10 Td (The ) Tj ET Q q 0 0 0 rg BT 499.66 608.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 549.17 608.10 Td (use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.52 596.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 102.98 596.10 Td (based ) Tj ET Q q 0 0 0 rg BT 128.34 596.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 150.92 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.72 596.10 Td (Municipal ) Tj ET Q q 0 0 0 rg BT 209.41 596.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 240.87 596.10 Td (Data ) Tj ET Q q 0 0 0 rg BT 262.34 596.10 Td (\(MMD\), ) Tj ET Q q 0 0 0 rg BT 307.96 596.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 340.55 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 351.47 596.10 Td (SIFMA) Tj ET Q q 0 0 0 rg BT 381.48 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.07 596.10 Td (index. ) Tj ET Q q 0 0 0 rg BT 411.18 596.10 Td (W) Tj ET Q q 0 0 0 rg BT 419.82 596.10 Td (e ) Tj ET Q q 0 0 0 rg BT 426.84 596.10 Td (also ) Tj ET Q q 0 0 0 rg BT 445.54 596.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 468.11 596.10 Td (into ) Tj ET Q q 0 0 0 rg BT 486.25 596.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 511.60 596.10 Td (default ) Tj ET Q q 0 0 0 rg BT 541.95 596.10 Td (swap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (index ) Tj ET Q q 0 0 0 rg BT 73.86 584.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 112.09 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 122.01 584.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 148.03 584.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 169.06 584.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 212.29 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 232.21 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 247.68 584.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 278.69 584.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 301.38 584.10 Td (income ) Tj ET Q q 0 0 0 rg BT 332.95 584.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 375.36 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.94 584.10 Td (option ) Tj ET Q q 0 0 0 rg BT 419.63 584.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 457.87 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.79 584.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 493.80 584.10 Td (market ) Tj ET Q q 0 0 0 rg BT 523.71 584.10 Td (value ) Tj ET Q q 0 0 0 rg BT 547.50 584.10 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 92.11 572.10 Td (with ) Tj ET Q q 0 0 0 rg BT 111.41 572.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 157.91 572.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 197.19 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.14 572.10 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 265.74 572.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 307.53 572.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 346.30 572.10 Td (, ) Tj ET Q q 0 0 0 rg BT 350.32 572.10 Td (we ) Tj ET Q q 0 0 0 rg BT 363.50 572.10 Td (do ) Tj ET Q q 0 0 0 rg BT 375.01 572.10 Td (not ) Tj ET Q q 0 0 0 rg BT 389.31 572.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 414.70 572.10 Td (all ) Tj ET Q q 0 0 0 rg BT 426.22 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.06 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 450.91 572.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 481.86 572.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 498.37 572.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 517.38 572.10 Td (In ) Tj ET Q q 0 0 0 rg BT 527.23 572.10 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (these ) Tj ET Q q 0 0 0 rg BT 72.67 560.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 107.50 560.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 147.89 560.10 Td (may ) Tj ET Q q 0 0 0 rg BT 167.72 560.10 Td (not ) Tj ET Q q 0 0 0 rg BT 183.12 560.10 Td (work ) Tj ET Q q 0 0 0 rg BT 206.29 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 216.69 560.10 Td (all ) Tj ET Q q 0 0 0 rg BT 229.30 560.10 Td (market ) Tj ET Q q 0 0 0 rg BT 259.69 560.10 Td (environments ) Tj ET Q q 0 0 0 rg BT 316.74 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 333.80 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 344.75 560.10 Td (a ) Tj ET Q q 0 0 0 rg BT 351.81 560.10 Td (result ) Tj ET Q q 0 0 0 rg BT 376.64 560.10 Td (may ) Tj ET Q q 0 0 0 rg BT 396.48 560.10 Td (not ) Tj ET Q q 0 0 0 rg BT 411.88 560.10 Td (be ) Tj ET Q q 0 0 0 rg BT 423.94 560.10 Td (ef) Tj ET Q q 0 0 0 rg BT 431.52 560.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 461.35 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.74 560.10 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 515.47 560.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.52 560.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.28 548.10 Td (market ) Tj ET Q q 0 0 0 rg BT 98.39 548.10 Td (value ) Tj ET Q q 0 0 0 rg BT 123.38 548.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 144.23 548.10 Td (especially ) Tj ET Q q 0 0 0 rg BT 187.55 548.10 Td (when ) Tj ET Q q 0 0 0 rg BT 212.55 548.10 Td (market ) Tj ET Q q 0 0 0 rg BT 243.66 548.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 283.11 548.10 Td (reduces ) Tj ET Q q 0 0 0 rg BT 316.99 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.55 548.10 Td (correlation ) Tj ET Q q 0 0 0 rg BT 379.20 548.10 Td (between ) Tj ET Q q 0 0 0 rg BT 415.86 548.10 Td (a ) Tj ET Q q 0 0 0 rg BT 423.64 548.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 459.20 548.10 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 491.41 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.19 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.75 548.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 90.33 536.10 Td (being ) Tj ET Q q 0 0 0 rg BT 115.04 536.10 Td (hedged.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.54 512.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 72.20 512.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 103.61 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.49 512.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 154.25 512.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 207.61 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 224.04 512.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 247.69 512.10 Td (income ) Tj ET Q q 0 0 0 rg BT 280.22 512.10 Td (business ) Tj ET Q q 0 0 0 rg BT 317.21 512.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 354.75 512.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 382.30 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.84 512.10 Td (other ) Tj ET Q q 0 0 0 rg BT 423.48 512.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 456.02 512.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 474.10 512.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 517.19 512.10 Td (products ) Tj ET Q q 0 0 0 rg BT 554.72 512.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (public ) Tj ET Q q 0 0 0 rg BT 76.07 500.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 107.07 500.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 137.25 500.10 Td (which ) Tj ET Q q 0 0 0 rg BT 163.27 500.10 Td (we ) Tj ET Q q 0 0 0 rg BT 176.50 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 185.86 500.10 Td (turn ) Tj ET Q q 0 0 0 rg BT 203.54 500.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 228.99 500.10 Td (through ) Tj ET Q q 0 0 0 rg BT 261.68 500.10 Td (a ) Tj ET Q q 0 0 0 rg BT 267.69 500.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 317.58 500.10 Td (. ) Tj ET Q q 0 0 0 rg BT 321.54 500.10 Td (There ) Tj ET Q q 0 0 0 rg BT 346.43 500.10 Td (are ) Tj ET Q q 0 0 0 rg BT 360.21 500.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 380.68 500.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 415.02 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 424.38 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 439.28 500.10 Td (use ) Tj ET Q q 0 0 0 rg BT 454.19 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.09 500.10 Td (these ) Tj ET Q q 0 0 0 rg BT 486.22 500.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 524.73 500.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 102.73 488.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 141.52 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.65 488.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 181.35 488.10 Td (risk. ) Tj ET Q q 0 0 0 rg BT 201.54 488.10 Td (Counterparty ) Tj ET Q q 0 0 0 rg BT 257.00 488.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 295.79 488.10 Td (refers ) Tj ET Q q 0 0 0 rg BT 321.25 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.72 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.63 488.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 364.32 488.10 Td (that ) Tj ET Q q 0 0 0 rg BT 382.01 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.92 488.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 429.61 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.64 488.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 480.53 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.00 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 507.03 488.10 Td (possession ) Tj ET Q q 0 0 0 rg BT 552.50 488.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.22 476.10 Td (given ) Tj ET Q q 0 0 0 rg BT 90.72 476.10 Td (day ) Tj ET Q q 0 0 0 rg BT 107.45 476.10 Td (may ) Tj ET Q q 0 0 0 rg BT 126.95 476.10 Td (not ) Tj ET Q q 0 0 0 rg BT 142.01 476.10 Td (be ) Tj ET Q q 0 0 0 rg BT 153.73 476.10 Td (suf) Tj ET Q q 0 0 0 rg BT 165.77 476.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 193.60 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 203.66 476.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 224.83 476.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 249.32 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.83 476.10 Td (current ) Tj ET Q q 0 0 0 rg BT 294.42 476.10 Td (value ) Tj ET Q q 0 0 0 rg BT 318.36 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.98 476.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.48 476.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 370.21 476.10 Td (if ) Tj ET Q q 0 0 0 rg BT 378.60 476.10 Td (a ) Tj ET Q q 0 0 0 rg BT 385.32 476.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 438.14 476.10 Td (were ) Tj ET Q q 0 0 0 rg BT 459.85 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 469.91 476.10 Td (suddenly ) Tj ET Q q 0 0 0 rg BT 508.31 476.10 Td (default. ) Tj ET Q q 0 0 0 rg BT 540.85 476.10 Td (Basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 66.91 464.10 Td (refers ) Tj ET Q q 0 0 0 rg BT 92.08 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 102.26 464.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 123.56 464.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 167.07 464.10 Td (with ) Tj ET Q q 0 0 0 rg BT 187.25 464.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 214.10 464.10 Td (where ) Tj ET Q q 0 0 0 rg BT 240.94 464.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 275.56 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 285.75 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.37 464.10 Td (value ) Tj ET Q q 0 0 0 rg BT 324.43 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.17 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.80 464.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 376.65 464.10 Td (may ) Tj ET Q q 0 0 0 rg BT 396.28 464.10 Td (not ) Tj ET Q q 0 0 0 rg BT 411.46 464.10 Td (exactly ) Tj ET Q q 0 0 0 rg BT 442.74 464.10 Td (mirror ) Tj ET Q q 0 0 0 rg BT 470.70 464.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 505.32 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 515.50 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.13 464.10 Td (value ) Tj ET Q q 0 0 0 rg BT 554.19 464.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.04 452.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 84.14 452.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 108.69 452.10 Td (they ) Tj ET Q q 0 0 0 rg BT 128.24 452.10 Td (are ) Tj ET Q q 0 0 0 rg BT 142.77 452.10 Td (hedging. ) Tj ET Q q 0 0 0 rg BT 179.65 452.10 Td (W) Tj ET Q q 0 0 0 rg BT 188.29 452.10 Td (e ) Tj ET Q q 0 0 0 rg BT 195.05 452.10 Td (may ) Tj ET Q q 0 0 0 rg BT 214.60 452.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 237.47 452.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 263.69 452.10 Td (from ) Tj ET Q q 0 0 0 rg BT 285.46 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 301.12 452.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 339.54 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.65 452.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 391.96 452.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 423.72 452.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 441.03 452.10 Td (products ) Tj ET Q q 0 0 0 rg BT 477.80 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 494.57 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.11 452.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 549.19 452.10 Td (use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.55 440.10 Td (these ) Tj ET Q q 0 0 0 rg BT 83.81 440.10 Td (products ) Tj ET Q q 0 0 0 rg BT 120.96 440.10 Td (in ) Tj ET Q q 0 0 0 rg BT 131.46 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.39 440.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 175.49 440.10 Td (For ) Tj ET Q q 0 0 0 rg BT 192.09 440.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 231.18 440.10 Td (if ) Tj ET Q q 0 0 0 rg BT 240.01 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.94 440.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 297.64 440.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 347.02 440.10 Td (that ) Tj ET Q q 0 0 0 rg BT 364.73 440.10 Td (we ) Tj ET Q q 0 0 0 rg BT 379.11 440.10 Td (use ) Tj ET Q q 0 0 0 rg BT 395.15 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.65 440.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 432.24 440.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.17 440.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 468.78 440.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 512.59 440.10 Td (with ) Tj ET Q q 0 0 0 rg BT 533.09 440.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 67.13 428.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 90.33 428.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 129.07 428.10 Td (with ) Tj ET Q q 0 0 0 rg BT 149.50 428.10 Td (public ) Tj ET Q q 0 0 0 rg BT 177.14 428.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 209.21 428.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 237.96 428.10 Td (where ) Tj ET Q q 0 0 0 rg BT 265.03 428.10 Td (we ) Tj ET Q q 0 0 0 rg BT 279.34 428.10 Td (have ) Tj ET Q q 0 0 0 rg BT 300.86 428.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 335.71 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.57 428.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 375.98 428.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 393.63 428.10 Td (are ) Tj ET Q q 0 0 0 rg BT 408.48 428.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 453.89 428.10 Td (as ) Tj ET Q q 0 0 0 rg BT 464.87 428.10 Td (a ) Tj ET Q q 0 0 0 rg BT 471.95 428.10 Td (result ) Tj ET Q q 0 0 0 rg BT 496.81 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.79 428.10 Td (a ) Tj ET Q q 0 0 0 rg BT 514.88 428.10 Td (client ) Tj ET Q q 0 0 0 rg BT 539.73 428.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (event, ) Tj ET Q q 0 0 0 rg BT 76.16 416.10 Td (we ) Tj ET Q q 0 0 0 rg BT 90.32 416.10 Td (may ) Tj ET Q q 0 0 0 rg BT 110.03 416.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 133.08 416.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 159.47 416.10 Td (if ) Tj ET Q q 0 0 0 rg BT 168.08 416.10 Td (we ) Tj ET Q q 0 0 0 rg BT 182.24 416.10 Td (make ) Tj ET Q q 0 0 0 rg BT 206.39 416.10 Td (a ) Tj ET Q q 0 0 0 rg BT 213.33 416.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 250.27 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.54 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 276.38 416.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 311.09 416.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 364.12 416.10 Td (without ) Tj ET Q q 0 0 0 rg BT 397.18 416.10 Td (recovering ) Tj ET Q q 0 0 0 rg BT 442.43 416.10 Td (any ) Tj ET Q q 0 0 0 rg BT 459.37 416.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 495.76 416.10 Td (from ) Tj ET Q q 0 0 0 rg BT 517.70 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 533.53 416.10 Td (client.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.11 392.10 Td (use ) Tj ET Q q 0 0 0 rg BT 84.50 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.33 392.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 135.60 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.67 392.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 198.95 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 209.79 392.10 Td (measuring ) Tj ET Q q 0 0 0 rg BT 256.19 392.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 273.69 392.10 Td (value ) Tj ET Q q 0 0 0 rg BT 298.41 392.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 330.34 392.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 376.74 392.10 Td (estimation ) Tj ET Q q 0 0 0 rg BT 422.02 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.09 392.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 481.48 392.10 Td (by ) Tj ET Q q 0 0 0 rg BT 493.42 392.10 Td (management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 368.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.67 368.10 Td (make ) Tj ET Q q 0 0 0 rg BT 88.41 368.10 Td (various ) Tj ET Q q 0 0 0 rg BT 119.94 368.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 159.24 368.10 Td (that ) Tj ET Q q 0 0 0 rg BT 176.32 368.10 Td (af) Tj ET Q q 0 0 0 rg BT 183.91 368.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 200.98 368.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 236.39 368.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 272.36 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 288.89 368.10 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 337.92 368.10 Td (Broadly) Tj ET Q q 0 0 0 rg BT 369.49 368.10 Td (, ) Tj ET Q q 0 0 0 rg BT 374.07 368.10 Td (those ) Tj ET Q q 0 0 0 rg BT 397.27 368.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 436.57 368.10 Td (are ) Tj ET Q q 0 0 0 rg BT 450.87 368.10 Td (used ) Tj ET Q q 0 0 0 rg BT 471.29 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.15 368.10 Td (measuring ) Tj ET Q q 0 0 0 rg BT 524.90 368.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.86 368.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.96 356.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 91.30 356.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 129.41 356.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 181.71 356.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 228.72 356.10 Td (for ) Tj ET Q q 0 0 0 rg BT 243.51 356.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 282.20 356.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.78 356.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 342.90 356.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 371.86 356.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 422.77 356.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 467.57 356.10 Td (for ) Tj ET Q q 0 0 0 rg BT 482.37 356.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 520.49 356.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 547.52 356.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.90 344.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 91.96 344.10 Td (from ) Tj ET Q q 0 0 0 rg BT 114.58 344.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 156.38 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 174.00 344.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 218.27 344.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 269.77 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.40 344.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 302.80 344.10 Td (examinations. ) Tj ET Q q 0 0 0 rg BT 361.80 344.10 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 403.87 344.10 Td (are ) Tj ET Q q 0 0 0 rg BT 419.26 344.10 Td (based ) Tj ET Q q 0 0 0 rg BT 445.21 344.10 Td (on ) Tj ET Q q 0 0 0 rg BT 458.39 344.10 Td (available ) Tj ET Q q 0 0 0 rg BT 497.66 344.10 Td (information ) Tj ET Q q 0 0 0 rg BT 548.06 344.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 93.53 332.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 139.50 332.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 167.42 332.10 Td (results ) Tj ET Q q 0 0 0 rg BT 197.58 332.10 Td (could ) Tj ET Q q 0 0 0 rg BT 223.85 332.10 Td (dif) Tj ET Q q 0 0 0 rg BT 234.78 332.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 249.93 332.10 Td (from ) Tj ET Q q 0 0 0 rg BT 273.42 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 290.80 332.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 332.06 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.55 332.10 Td (that ) Tj ET Q q 0 0 0 rg BT 369.60 332.10 Td (dif) Tj ET Q q 0 0 0 rg BT 380.53 332.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 414.00 332.10 Td (could ) Tj ET Q q 0 0 0 rg BT 440.26 332.10 Td (have ) Tj ET Q q 0 0 0 rg BT 463.19 332.10 Td (a ) Tj ET Q q 0 0 0 rg BT 471.68 332.10 Td (material ) Tj ET Q q 0 0 0 rg BT 508.49 332.10 Td (ef) Tj ET Q q 0 0 0 rg BT 516.08 332.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 535.12 332.10 Td (on ) 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 (consolidated ) Tj ET Q q 0 0 0 rg BT 102.54 320.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.02 320.10 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 81.14 296.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 118.33 296.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 169.70 296.10 Td (including ) Tj ET Q q 0 0 0 rg BT 209.68 296.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 246.87 296.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 295.74 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.39 296.10 Td (other ) Tj ET Q q 0 0 0 rg BT 335.14 296.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 375.67 296.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 414.00 296.10 Td (owned, ) Tj ET Q q 0 0 0 rg BT 445.36 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.01 296.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 499.20 296.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 548.07 296.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.90 284.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 114.08 284.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 153.05 284.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 172.57 284.10 Td (but ) Tj ET Q q 0 0 0 rg BT 188.20 284.10 Td (not ) Tj ET Q q 0 0 0 rg BT 203.83 284.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 218.90 284.10 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 264.79 284.10 Td (are ) Tj ET Q q 0 0 0 rg BT 279.85 284.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 317.68 284.10 Td (at ) Tj ET Q q 0 0 0 rg BT 327.75 284.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 344.48 284.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 371.49 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.78 284.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 433.28 284.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 457.24 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.53 284.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 501.27 284.10 Td (related ) Tj ET Q q 0 0 0 rg BT 531.33 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.96 284.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.56 272.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 137.30 272.10 Td (are ) Tj ET Q q 0 0 0 rg BT 152.58 272.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 190.62 272.10 Td (on ) Tj ET Q q 0 0 0 rg BT 203.70 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 220.10 272.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 273.72 272.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 319.01 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.41 272.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 377.42 272.10 Td (The ) Tj ET Q q 0 0 0 rg BT 396.04 272.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 413.00 272.10 Td (value ) Tj ET Q q 0 0 0 rg BT 437.73 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.13 272.10 Td (a ) Tj ET Q q 0 0 0 rg BT 456.65 272.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 494.70 272.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 540.55 272.10 Td (is ) Tj ET Q q 0 0 0 rg BT 550.29 272.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 81.70 260.10 Td (at ) Tj ET Q q 0 0 0 rg BT 91.13 260.10 Td (which ) Tj ET Q q 0 0 0 rg BT 117.78 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.20 260.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 177.18 260.10 Td (could ) Tj ET Q q 0 0 0 rg BT 201.61 260.10 Td (be ) Tj ET Q q 0 0 0 rg BT 213.26 260.10 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 258.22 260.10 Td (in ) Tj ET Q q 0 0 0 rg BT 268.20 260.10 Td (a ) Tj ET Q q 0 0 0 rg BT 274.85 260.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 320.93 260.10 Td (between ) Tj ET Q q 0 0 0 rg BT 356.46 260.10 Td (market ) Tj ET Q q 0 0 0 rg BT 386.43 260.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 435.29 260.10 Td (at ) Tj ET Q q 0 0 0 rg BT 444.71 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.14 260.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 514.66 260.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 535.86 260.10 Td (Where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 89.55 248.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 104.89 248.10 Td (value ) Tj ET Q q 0 0 0 rg BT 128.01 248.10 Td (is ) Tj ET Q q 0 0 0 rg BT 136.14 248.10 Td (based ) Tj ET Q q 0 0 0 rg BT 160.37 248.10 Td (on ) Tj ET Q q 0 0 0 rg BT 171.83 248.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 216.61 248.10 Td (market ) Tj ET Q q 0 0 0 rg BT 245.84 248.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 271.18 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 280.97 248.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 326.29 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 336.09 248.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 367.53 248.10 Td (from ) Tj ET Q q 0 0 0 rg BT 388.44 248.10 Td (such ) Tj ET Q q 0 0 0 rg BT 408.23 248.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 433.57 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 443.36 248.10 Td (parameters. ) Tj ET Q q 0 0 0 rg BT 491.08 248.10 Td (Where ) Tj ET Q q 0 0 0 rg BT 519.19 248.10 Td (observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 75.98 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 86.92 236.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 113.97 236.10 Td (are ) Tj ET Q q 0 0 0 rg BT 128.78 236.10 Td (not ) Tj ET Q q 0 0 0 rg BT 144.17 236.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 185.36 236.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 225.18 236.10 Td (models ) Tj ET Q q 0 0 0 rg BT 256.67 236.10 Td (are ) Tj ET Q q 0 0 0 rg BT 271.48 236.10 Td (applied. ) Tj ET Q q 0 0 0 rg BT 305.83 236.10 Td (These ) Tj ET Q q 0 0 0 rg BT 332.31 236.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 372.13 236.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 417.50 236.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 450.10 236.10 Td (management ) Tj ET Q q 0 0 0 rg BT 503.79 236.10 Td (estimation ) Tj ET Q q 0 0 0 rg BT 548.06 236.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 91.43 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.30 224.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 133.60 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 143.59 224.10 Td (which ) Tj ET Q q 0 0 0 rg BT 169.68 224.10 Td (is ) Tj ET Q q 0 0 0 rg BT 178.01 224.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 220.75 224.10 Td (on ) Tj ET Q q 0 0 0 rg BT 232.41 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.28 224.10 Td (price ) Tj ET Q q 0 0 0 rg BT 267.92 224.10 Td (transparency ) Tj ET Q q 0 0 0 rg BT 320.66 224.10 Td (for ) Tj ET Q q 0 0 0 rg BT 333.98 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.85 224.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 396.17 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 406.16 224.10 Td (market ) Tj ET Q q 0 0 0 rg BT 435.57 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.67 224.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.54 224.10 Td (instruments' ) Tj ET Q q 0 0 0 rg BT 515.66 224.10 Td (complexity) Tj ET Q q 0 0 0 rg BT 560.00 224.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (Dif) Tj ET Q q 0 0 0 rg BT 62.65 212.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 86.04 212.10 Td (market ) Tj ET Q q 0 0 0 rg BT 116.10 212.10 Td (environments, ) Tj ET Q q 0 0 0 rg BT 175.32 212.10 Td (such ) Tj ET Q q 0 0 0 rg BT 195.95 212.10 Td (as ) Tj ET Q q 0 0 0 rg BT 206.57 212.10 Td (those ) Tj ET Q q 0 0 0 rg BT 229.97 212.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 280.56 212.10 Td (in ) Tj ET Q q 0 0 0 rg BT 290.63 212.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 315.42 212.10 Td (may ) Tj ET Q q 0 0 0 rg BT 334.93 212.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 359.43 212.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 396.70 212.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 445.66 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.73 212.10 Td (become ) Tj ET Q q 0 0 0 rg BT 489.11 212.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 541.96 212.10 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 80.61 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.27 200.10 Td (dif) Tj ET Q q 0 0 0 rg BT 108.20 200.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 131.53 200.10 Td (to ) Tj ET Q q 0 0 0 rg BT 141.53 200.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 167.90 200.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 211.22 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.66 200.10 Td (use ) Tj ET Q q 0 0 0 rg BT 241.21 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.76 200.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 291.19 200.10 Td (models. ) Tj ET Q q 0 0 0 rg BT 324.80 200.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 342.58 200.10 Td (future ) Tj ET Q q 0 0 0 rg BT 368.67 200.10 Td (results ) Tj ET Q q 0 0 0 rg BT 397.00 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.56 200.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 451.43 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.09 200.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 505.30 200.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 545.29 200.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.44 188.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 102.25 188.10 Td (af) Tj ET Q q 0 0 0 rg BT 109.84 188.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 136.77 188.10 Td (by ) Tj ET Q q 0 0 0 rg BT 149.27 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.98 188.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 203.69 188.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 253.97 188.10 Td (that ) Tj ET Q q 0 0 0 rg BT 271.46 188.10 Td (we ) Tj ET Q q 0 0 0 rg BT 285.62 188.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 310.34 188.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.62 188.10 Td (these ) Tj ET Q q 0 0 0 rg BT 343.67 188.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 381.15 188.10 Td (instruments.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 164.10 Td (e ) Tj ET Q q 0 0 0 rg BT 63.73 164.10 Td (have ) Tj ET Q q 0 0 0 rg BT 84.81 164.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 135.87 164.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 167.51 164.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 202.47 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.68 164.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 250.76 164.10 Td (pressures ) Tj ET Q q 0 0 0 rg BT 291.30 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 301.28 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 317.38 164.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 369.04 164.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 390.68 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.88 164.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 439.53 164.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 478.69 164.10 Td (which ) Tj ET Q q 0 0 0 rg BT 505.34 164.10 Td (may ) Tj ET Q q 0 0 0 rg BT 524.20 164.10 Td (adversely ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 79.77 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 96.73 152.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 135.89 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.95 152.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 201.91 152.10 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 60.13 128.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 86.86 128.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 112.77 128.10 Td (we ) Tj ET Q q 0 0 0 rg BT 126.73 128.10 Td (have ) Tj ET Q q 0 0 0 rg BT 147.91 128.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 198.52 128.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 230.82 128.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 265.89 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.63 128.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 313.26 128.10 Td (pressures ) Tj ET Q q 0 0 0 rg BT 352.78 128.10 Td (within ) Tj ET Q q 0 0 0 rg BT 380.64 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 396.27 128.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 446.36 128.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 468.10 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 484.84 128.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 515.47 128.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 554.17 128.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.31 116.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 85.46 116.10 Td (income ) Tj ET Q q 0 0 0 rg BT 116.49 116.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 148.35 116.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 191.04 116.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 244.84 116.10 Td (have ) Tj ET Q q 0 0 0 rg BT 265.31 116.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 298.56 116.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.94 116.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 337.29 116.10 Td (price ) Tj ET Q q 0 0 0 rg BT 358.87 116.10 Td (transparency) Tj ET Q q 0 0 0 rg BT 409.30 116.10 Td (, ) Tj ET Q q 0 0 0 rg BT 413.40 116.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 444.43 116.10 Td (to ) Tj ET Q q 0 0 0 rg BT 453.81 116.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 493.16 116.10 Td (price ) Tj ET Q q 0 0 0 rg BT 514.74 116.10 Td (competition ) 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 65.41 104.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 106.30 104.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 136.09 104.10 Td (mar) Tj ET Q q 0 0 0 rg BT 151.46 104.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 169.60 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 178.85 104.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 207.53 104.10 Td (instances. ) Tj ET Q q 0 0 0 rg BT 248.15 104.10 Td (In ) Tj ET Q q 0 0 0 rg BT 257.96 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.65 104.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 298.11 104.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 329.85 104.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 365.21 104.10 Td (have ) Tj ET Q q 0 0 0 rg BT 385.56 104.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 420.90 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.81 104.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 486.06 104.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 513.64 104.10 Td (increasingly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 71.01 92.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.85 92.10 Td (number ) Tj ET Q q 0 0 0 rg BT 119.01 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.96 92.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 160.90 92.10 Td (partners ) Tj ET Q q 0 0 0 rg BT 195.73 92.10 Td (with ) Tj ET Q q 0 0 0 rg BT 216.13 92.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 243.75 92.10 Td (they ) Tj ET Q q 0 0 0 rg BT 263.58 92.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 297.85 92.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 336.68 92.10 Td (The ) Tj ET Q q 0 0 0 rg BT 354.84 92.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 395.21 92.10 Td (use ) Tj ET Q q 0 0 0 rg BT 411.16 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.11 92.10 Td (electronic ) Tj ET Q q 0 0 0 rg BT 464.15 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 481.21 92.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 506.59 92.10 Td (market ) Tj ET Q q 0 0 0 rg BT 536.97 92.10 Td (access ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.41 80.10 Td (has ) Tj ET Q q 0 0 0 rg BT 96.33 80.10 Td (caused ) Tj ET Q q 0 0 0 rg BT 126.12 80.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 168.70 80.10 Td (downward ) Tj ET Q q 0 0 0 rg BT 213.50 80.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 263.29 80.10 Td (pressure ) Tj ET Q q 0 0 0 rg BT 299.20 80.10 Td (on ) Tj ET Q q 0 0 0 rg BT 311.79 80.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 342.70 80.10 Td (mar) Tj ET Q q 0 0 0 rg BT 358.07 80.10 Td (gins, ) Tj ET Q q 0 0 0 rg BT 379.82 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.85 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.65 80.10 Td (trend ) Tj ET Q q 0 0 0 rg BT 434.79 80.10 Td (toward ) Tj ET Q q 0 0 0 rg BT 465.14 80.10 Td (using ) Tj ET Q q 0 0 0 rg BT 489.40 80.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 534.18 80.10 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 83.12 68.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 123.39 68.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.12 68.10 Td (grow) Tj ET Q q 0 0 0 rg BT 153.02 68.10 Td (. ) Tj ET Q q 0 0 0 rg BT 157.33 68.10 Td (These ) Tj ET Q q 0 0 0 rg BT 183.15 68.10 Td (market ) Tj ET Q q 0 0 0 rg BT 212.87 68.10 Td (dynamics ) Tj ET Q q 0 0 0 rg BT 253.14 68.10 Td (may ) Tj ET Q q 0 0 0 rg BT 272.30 68.10 Td (result ) Tj ET Q q 0 0 0 rg BT 296.47 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.20 68.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 347.56 68.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 377.83 68.10 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 413.92 68.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 442.52 68.10 Td (our ) Tj ET Q q 0 0 0 rg BT 457.80 68.10 Td (participation ) Tj ET Q q 0 0 0 rg BT 510.28 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 520.01 68.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.17 68.10 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 83.13 56.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.55 56.10 Td (our ) Tj ET Q q 0 0 0 rg BT 114.86 56.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 142.39 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 152.15 56.10 Td (access ) Tj ET Q q 0 0 0 rg BT 179.67 56.10 Td (market ) Tj ET Q q 0 0 0 rg BT 209.41 56.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 261.10 56.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.52 56.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 296.15 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 305.91 56.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.10 56.10 Td (creation ) Tj ET Q q 0 0 0 rg BT 354.28 56.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.59 56.10 Td (new ) Tj ET Q q 0 0 0 rg BT 383.23 56.10 Td (and ) Tj ET Q q 0 0 0 rg BT 399.65 56.10 Td (stronger ) Tj ET Q q 0 0 0 rg BT 434.40 56.10 Td (competitors. ) Tj ET Q q 0 0 0 rg BT 486.09 56.10 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 536.40 56.10 Td (clients ) 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 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 endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (also ) Tj ET Q q 0 0 0 rg BT 68.29 740.10 Td (have ) Tj ET Q q 0 0 0 rg BT 89.85 740.10 Td (pressured ) Tj ET Q q 0 0 0 rg BT 130.85 740.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 168.52 740.10 Td (services ) Tj ET Q q 0 0 0 rg BT 203.41 740.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 227.20 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.66 740.10 Td (alter ) Tj ET Q q 0 0 0 rg BT 258.11 740.10 Td (soft ) Tj ET Q q 0 0 0 rg BT 280.23 740.10 Td (dollar ) Tj ET Q q 0 0 0 rg BT 310.68 740.10 Td (practices ) Tj ET Q q 0 0 0 rg BT 348.89 740.10 Td (under ) Tj ET Q q 0 0 0 rg BT 374.34 740.10 Td (which ) Tj ET Q q 0 0 0 rg BT 401.47 740.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 444.12 740.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 467.92 740.10 Td (bundle ) Tj ET Q q 0 0 0 rg BT 497.82 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.72 740.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 531.51 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 542.52 740.10 Td (trade ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (execution ) Tj ET Q q 0 0 0 rg BT 91.64 728.10 Td (with ) Tj ET Q q 0 0 0 rg BT 112.69 728.10 Td (research ) Tj ET Q q 0 0 0 rg BT 149.26 728.10 Td (products ) Tj ET Q q 0 0 0 rg BT 186.97 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.67 728.10 Td (services. ) Tj ET Q q 0 0 0 rg BT 242.65 728.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 268.69 728.10 Td (institutions ) Tj ET Q q 0 0 0 rg BT 316.42 728.10 Td (are ) Tj ET Q q 0 0 0 rg BT 331.89 728.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 367.92 728.10 Td (into ) Tj ET Q q 0 0 0 rg BT 386.75 728.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 443.88 728.10 Td (that ) Tj ET Q q 0 0 0 rg BT 462.14 728.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 498.16 728.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 513.09 728.10 Td (unbundle\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 89.84 716.10 Td (for ) Tj ET Q q 0 0 0 rg BT 103.52 716.10 Td (research ) Tj ET Q q 0 0 0 rg BT 138.85 716.10 Td (products ) Tj ET Q q 0 0 0 rg BT 175.30 716.10 Td (or ) Tj ET Q q 0 0 0 rg BT 185.65 716.10 Td (services ) Tj ET Q q 0 0 0 rg BT 219.88 716.10 Td (from ) Tj ET Q q 0 0 0 rg BT 241.33 716.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 262.79 716.10 Td (commissions. ) Tj ET Q q 0 0 0 rg BT 319.39 716.10 Td (These ) Tj ET Q q 0 0 0 rg BT 345.28 716.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 401.16 716.10 Td (have ) Tj ET Q q 0 0 0 rg BT 422.06 716.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 461.83 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.06 716.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 525.29 716.10 Td (pressures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.70 704.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 85.34 704.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 140.77 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.42 704.10 Td (have ) Tj ET Q q 0 0 0 rg BT 180.50 704.10 Td (af) Tj ET Q q 0 0 0 rg BT 188.08 704.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 215.71 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.13 704.10 Td (value ) Tj ET Q q 0 0 0 rg BT 255.99 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 272.52 704.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 301.83 704.10 Td (place ) Tj ET Q q 0 0 0 rg BT 326.13 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 339.33 704.10 Td (high-quality ) Tj ET Q q 0 0 0 rg BT 391.41 704.10 Td (research. ) Tj ET Q q 0 0 0 rg BT 429.72 704.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 475.69 704.10 Td (pressure ) Tj ET Q q 0 0 0 rg BT 512.22 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 525.42 704.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 548.06 704.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.68 692.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 115.18 692.10 Td (may ) Tj ET Q q 0 0 0 rg BT 135.25 692.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 164.20 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.27 692.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 229.89 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.08 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.26 692.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 296.51 692.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 335.53 692.10 Td (, ) Tj ET Q q 0 0 0 rg BT 340.89 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 357.07 692.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 393.25 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 403.88 692.10 Td (reach ) Tj ET Q q 0 0 0 rg BT 428.38 692.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 472.88 692.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 514.04 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.11 692.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 554.18 692.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (unbundling ) Tj ET Q q 0 0 0 rg BT 97.92 680.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 154.65 680.10 Td (with ) Tj ET Q q 0 0 0 rg BT 175.29 680.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 225.93 680.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 254.90 680.10 Td (who ) Tj ET Q q 0 0 0 rg BT 274.98 680.10 Td (are ) Tj ET Q q 0 0 0 rg BT 290.05 680.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 324.57 680.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 357.98 680.10 Td (such ) Tj ET Q q 0 0 0 rg BT 379.17 680.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 435.90 680.10 Td (could ) Tj ET Q q 0 0 0 rg BT 460.98 680.10 Td (result ) Tj ET Q q 0 0 0 rg BT 486.06 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 496.70 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.78 680.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 530.21 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.40 680.10 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 80.27 668.10 Td (which ) Tj ET Q q 0 0 0 rg BT 106.88 668.10 Td (would ) Tj ET Q q 0 0 0 rg BT 134.05 668.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 158.99 668.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 187.81 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 203.31 668.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 253.26 668.10 Td (commissions. ) Tj ET Q q 0 0 0 rg BT 309.99 668.10 Td (W) Tj ET Q q 0 0 0 rg BT 318.63 668.10 Td (e ) Tj ET Q q 0 0 0 rg BT 325.24 668.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 356.28 668.10 Td (that ) Tj ET Q q 0 0 0 rg BT 373.45 668.10 Td (price ) Tj ET Q q 0 0 0 rg BT 395.60 668.10 Td (competition ) Tj ET Q q 0 0 0 rg BT 445.54 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.15 668.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 492.64 668.10 Td (pressures ) Tj ET Q q 0 0 0 rg BT 532.02 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 541.97 668.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.73 656.10 Td (other ) Tj ET Q q 0 0 0 rg BT 88.06 656.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 110.38 656.10 Td (will ) Tj ET Q q 0 0 0 rg BT 127.73 656.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 163.95 656.10 Td (as ) Tj ET Q q 0 0 0 rg BT 174.07 656.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 223.63 656.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 261.53 656.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 297.75 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.31 656.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 335.75 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.75 656.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 385.42 656.10 Td (they ) Tj ET Q q 0 0 0 rg BT 404.43 656.10 Td (are ) Tj ET Q q 0 0 0 rg BT 418.42 656.10 Td (willing ) Tj ET Q q 0 0 0 rg BT 448.54 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 458.11 656.10 Td (pay) Tj ET Q q 0 0 0 rg BT 471.90 656.10 Td (, ) Tj ET Q q 0 0 0 rg BT 476.18 656.10 Td (including ) Tj ET Q q 0 0 0 rg BT 515.75 656.10 Td (by ) Tj ET Q q 0 0 0 rg BT 527.53 656.10 Td (reducing ) 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 64.12 644.10 Td (number ) Tj ET Q q 0 0 0 rg BT 97.08 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.82 644.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 150.20 644.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 173.71 644.10 Td (they ) Tj ET Q q 0 0 0 rg BT 193.34 644.10 Td (use, ) Tj ET Q q 0 0 0 rg BT 211.58 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.42 644.10 Td (some ) Tj ET Q q 0 0 0 rg BT 251.94 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.67 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 278.41 644.10 Td (competitors ) Tj ET Q q 0 0 0 rg BT 328.03 644.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 348.21 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.39 644.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 385.79 644.10 Td (market ) Tj ET Q q 0 0 0 rg BT 415.96 644.10 Td (share ) Tj ET Q q 0 0 0 rg BT 439.47 644.10 Td (by ) Tj ET Q q 0 0 0 rg BT 451.88 644.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 489.27 644.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 510.28 644.10 Td (commissions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 632.10 Td (mar) Tj ET Q q 0 0 0 rg BT 75.70 632.10 Td (gins. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.74 608.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 107.10 608.10 Td (services ) Tj ET Q q 0 0 0 rg BT 141.44 608.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 177.47 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.17 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.08 608.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 244.99 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.46 608.10 Td (which ) Tj ET Q q 0 0 0 rg BT 282.61 608.10 Td (we ) Tj ET Q q 0 0 0 rg BT 295.85 608.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 328.53 608.10 Td (are ) Tj ET Q q 0 0 0 rg BT 343.99 608.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 375.01 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 384.92 608.10 Td (systemic ) Tj ET Q q 0 0 0 rg BT 421.49 608.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 439.18 608.10 Td (that ) Tj ET Q q 0 0 0 rg BT 457.43 608.10 Td (could ) Tj ET Q q 0 0 0 rg BT 482.34 608.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 522.79 608.10 Td (af) Tj ET Q q 0 0 0 rg BT 530.94 608.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 548.06 608.10 Td (our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (business ) Tj ET Q q 0 0 0 rg BT 87.01 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.08 596.10 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (Participants ) Tj ET Q q 0 0 0 rg BT 98.42 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 107.90 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.82 572.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.51 572.10 Td (services ) Tj ET Q q 0 0 0 rg BT 192.42 572.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 226.91 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.05 572.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 276.41 572.10 Td (increasingly ) Tj ET Q q 0 0 0 rg BT 326.99 572.10 Td (are ) Tj ET Q q 0 0 0 rg BT 340.90 572.10 Td (closely ) Tj ET Q q 0 0 0 rg BT 370.93 572.10 Td (interrelated ) Tj ET Q q 0 0 0 rg BT 418.17 572.10 Td (as ) Tj ET Q q 0 0 0 rg BT 428.20 572.10 Td (a ) Tj ET Q q 0 0 0 rg BT 434.34 572.10 Td (result ) Tj ET Q q 0 0 0 rg BT 458.27 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.30 572.10 Td (credit, ) Tj ET Q q 0 0 0 rg BT 495.27 572.10 Td (trading, ) Tj ET Q q 0 0 0 rg BT 527.80 572.10 Td (clearing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 96.55 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 113.60 560.10 Td (other ) Tj ET Q q 0 0 0 rg BT 136.76 560.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 190.47 560.10 Td (between ) Tj ET Q q 0 0 0 rg BT 226.40 560.10 Td (them. ) Tj ET Q q 0 0 0 rg BT 250.93 560.10 Td (A) Tj ET Q q 0 0 0 rg BT 257.60 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 260.21 560.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 305.04 560.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 338.19 560.10 Td (development ) Tj ET Q q 0 0 0 rg BT 392.45 560.10 Td (with ) Tj ET Q q 0 0 0 rg BT 412.84 560.10 Td (one ) Tj ET Q q 0 0 0 rg BT 429.89 560.10 Td (participant ) Tj ET Q q 0 0 0 rg BT 475.26 560.10 Td (\(such ) Tj ET Q q 0 0 0 rg BT 499.53 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 510.48 560.10 Td (a ) Tj ET Q q 0 0 0 rg BT 517.53 560.10 Td (bankruptcy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.75 548.10 Td (default\) ) Tj ET Q q 0 0 0 rg BT 92.76 548.10 Td (may ) Tj ET Q q 0 0 0 rg BT 111.90 548.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 139.92 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.62 548.10 Td (others ) Tj ET Q q 0 0 0 rg BT 175.98 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 192.34 548.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 210.91 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.61 548.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 264.74 548.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 317.74 548.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.99 548.10 Td (market-wide ) Tj ET Q q 0 0 0 rg BT 380.45 548.10 Td (problems ) Tj ET Q q 0 0 0 rg BT 419.58 548.10 Td (\(such ) Tj ET Q q 0 0 0 rg BT 443.16 548.10 Td (as ) Tj ET Q q 0 0 0 rg BT 453.42 548.10 Td (defaults, ) Tj ET Q q 0 0 0 rg BT 489.49 548.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 525.30 548.10 Td (problems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.58 536.10 Td (losses\) ) Tj ET Q q 0 0 0 rg BT 90.54 536.10 Td (for ) Tj ET Q q 0 0 0 rg BT 104.95 536.10 Td (other ) Tj ET Q q 0 0 0 rg BT 128.25 536.10 Td (participants, ) Tj ET Q q 0 0 0 rg BT 180.14 536.10 Td (including ) Tj ET Q q 0 0 0 rg BT 220.66 536.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 234.60 536.10 Td (This ) Tj ET Q q 0 0 0 rg BT 255.13 536.10 Td (systemic ) Tj ET Q q 0 0 0 rg BT 292.87 536.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 310.62 536.10 Td (was ) Tj ET Q q 0 0 0 rg BT 328.91 536.10 Td (evident ) Tj ET Q q 0 0 0 rg BT 361.09 536.10 Td (during ) Tj ET Q q 0 0 0 rg BT 389.95 536.10 Td (2008 ) Tj ET Q q 0 0 0 rg BT 412.70 536.10 Td (following ) Tj ET Q q 0 0 0 rg BT 454.33 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.29 536.10 Td (demise ) Tj ET Q q 0 0 0 rg BT 500.36 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.44 536.10 Td (Bear ) Tj ET Q q 0 0 0 rg BT 533.06 536.10 Td (Stearns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.15 524.10 Td (Lehman ) Tj ET Q q 0 0 0 rg BT 103.12 524.10 Td (Brothers, ) Tj ET Q q 0 0 0 rg BT 143.27 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.92 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.34 524.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 214.55 524.10 Td (events ) Tj ET Q q 0 0 0 rg BT 243.30 524.10 Td (\(sometimes ) Tj ET Q q 0 0 0 rg BT 292.62 524.10 Td (described ) Tj ET Q q 0 0 0 rg BT 334.14 524.10 Td (as ) Tj ET Q q 0 0 0 rg BT 345.68 524.10 Td (contagion\) ) Tj ET Q q 0 0 0 rg BT 400.53 524.10 Td (had ) Tj ET Q q 0 0 0 rg BT 418.18 524.10 Td (a ) Tj ET Q q 0 0 0 rg BT 425.83 524.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 462.91 524.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 493.33 524.10 Td (on ) Tj ET Q q 0 0 0 rg BT 506.54 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 524.10 Td (remaining ) 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 85.22 512.10 Td (participants, ) Tj ET Q q 0 0 0 rg BT 137.30 512.10 Td (including ) Tj ET Q q 0 0 0 rg BT 178.01 512.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 192.34 512.10 Td (Further) Tj ET Q q 0 0 0 rg BT 221.38 512.10 Td (, ) Tj ET Q q 0 0 0 rg BT 226.82 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.97 512.10 Td (control ) Tj ET Q q 0 0 0 rg BT 273.23 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.61 512.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 308.55 512.10 Td (management ) Tj ET Q q 0 0 0 rg BT 362.57 512.10 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 419.37 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.64 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.79 512.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 480.38 512.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.10 512.10 Td (which ) Tj ET Q q 0 0 0 rg BT 518.47 512.10 Td (we ) Tj ET Q q 0 0 0 rg BT 533.07 512.10 Td (operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (often ) Tj ET Q q 0 0 0 rg BT 71.62 500.10 Td (is ) Tj ET Q q 0 0 0 rg BT 79.85 500.10 Td (outpaced ) Tj ET Q q 0 0 0 rg BT 117.52 500.10 Td (by ) Tj ET Q q 0 0 0 rg BT 129.09 500.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 165.64 500.10 Td (innovation ) Tj ET Q q 0 0 0 rg BT 209.98 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.98 500.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 255.88 500.10 Td (in ) Tj ET Q q 0 0 0 rg BT 265.23 500.10 Td (new ) Tj ET Q q 0 0 0 rg BT 283.46 500.10 Td (types ) Tj ET Q q 0 0 0 rg BT 306.14 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.04 500.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 357.87 500.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 407.20 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.21 500.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 458.93 500.10 Td (Systemic ) Tj ET Q q 0 0 0 rg BT 497.17 500.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 513.74 500.10 Td (is ) Tj ET Q q 0 0 0 rg BT 521.97 500.10 Td (inherently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 488.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 84.03 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.31 488.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 121.25 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.19 488.10 Td (quantify) Tj ET Q q 0 0 0 rg BT 170.87 488.10 Td (, ) Tj ET Q q 0 0 0 rg BT 175.87 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 192.81 488.10 Td (its ) Tj ET Q q 0 0 0 rg BT 204.75 488.10 Td (form ) Tj ET Q q 0 0 0 rg BT 226.69 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.63 488.10 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 288.34 488.10 Td (can ) Tj ET Q q 0 0 0 rg BT 304.72 488.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 334.98 488.10 Td (unknown ) Tj ET Q q 0 0 0 rg BT 374.71 488.10 Td (for ) Tj ET Q q 0 0 0 rg BT 388.87 488.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 433.58 488.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 465.52 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.35 488.10 Td (time.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 97.08 464.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 126.89 464.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 183.36 464.10 Td (may ) Tj ET Q q 0 0 0 rg BT 202.61 464.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 223.53 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 240.01 464.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 267.59 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.39 464.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 309.42 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 320.34 464.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 359.60 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 376.08 464.10 Td (present ) Tj ET Q q 0 0 0 rg BT 408.11 464.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 432.90 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.26 464.10 Td (business ) Tj ET Q q 0 0 0 rg BT 480.30 464.10 Td (or ) Tj ET Q q 0 0 0 rg BT 491.22 464.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 520.48 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 536.96 464.10 Td (ability ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 452.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 81.71 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 98.67 452.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 138.39 452.10 Td (obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 428.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.92 428.10 Td (are ) Tj ET Q q 0 0 0 rg BT 79.47 428.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 110.14 428.10 Td (to ) Tj ET Q q 0 0 0 rg BT 120.27 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.83 428.10 Td (SEC's ) Tj ET Q q 0 0 0 rg BT 161.21 428.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 195.77 428.10 Td (net ) Tj ET Q q 0 0 0 rg BT 210.33 428.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 239.33 428.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 257.22 428.10 Td (\(Rule15c3-1\) ) Tj ET Q q 0 0 0 rg BT 315.38 428.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.16 428.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.73 428.10 Td (net ) Tj ET Q q 0 0 0 rg BT 361.29 428.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 390.28 428.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 408.18 428.10 Td (of ) Tj ET Q q 0 0 0 rg BT 418.85 428.10 Td (FINRA, ) Tj ET Q q 0 0 0 rg BT 453.70 428.10 Td (which ) Tj ET Q q 0 0 0 rg BT 480.48 428.10 Td (may ) Tj ET Q q 0 0 0 rg BT 500.05 428.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 521.28 428.10 Td (our ) Tj ET Q q 0 0 0 rg BT 536.96 428.10 Td (ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.82 416.10 Td (make ) Tj ET Q q 0 0 0 rg BT 84.02 416.10 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 135.44 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.31 416.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 175.50 416.10 Td (from ) Tj ET Q q 0 0 0 rg BT 197.48 416.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 221.13 416.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 232.61 416.10 Td (fray& ) Tj ET Q q 0 0 0 rg BT 261.53 416.10 Td (Co., ) Tj ET Q q 0 0 0 rg BT 280.74 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 296.61 416.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 316.93 416.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 345.57 416.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 372.54 416.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 413.00 416.10 Td (. ) Tj ET Q q 0 0 0 rg BT 417.86 416.10 Td (The ) Tj ET Q q 0 0 0 rg BT 435.94 416.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 470.70 416.10 Td (net ) Tj ET Q q 0 0 0 rg BT 485.46 416.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 514.65 416.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 532.74 416.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 550.28 416.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 90.37 404.10 Td (level ) Tj ET Q q 0 0 0 rg BT 111.77 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.08 404.10 Td (net ) Tj ET Q q 0 0 0 rg BT 136.27 404.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 164.89 404.10 Td (a ) Tj ET Q q 0 0 0 rg BT 171.31 404.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 199.38 404.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 225.78 404.10 Td (must ) Tj ET Q q 0 0 0 rg BT 247.20 404.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 284.16 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.58 404.10 Td (also ) Tj ET Q q 0 0 0 rg BT 318.66 404.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 352.84 404.10 Td (that ) Tj ET Q q 0 0 0 rg BT 369.81 404.10 Td (a ) Tj ET Q q 0 0 0 rg BT 376.22 404.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 407.08 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.39 404.10 Td (its ) Tj ET Q q 0 0 0 rg BT 428.81 404.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 454.11 404.10 Td (be ) Tj ET Q q 0 0 0 rg BT 465.53 404.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 505.26 404.10 Td (liquid. ) Tj ET Q q 0 0 0 rg BT 533.07 404.10 Td (FINRA) Tj ET Q q 0 0 0 rg BT 562.52 404.10 Td ( ) 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 68.08 392.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 101.11 392.10 Td (a ) Tj ET Q q 0 0 0 rg BT 106.91 392.10 Td (member ) Tj ET Q q 0 0 0 rg BT 141.04 392.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 159.62 392.10 Td (from ) Tj ET Q q 0 0 0 rg BT 180.43 392.10 Td (expanding ) Tj ET Q q 0 0 0 rg BT 223.45 392.10 Td (its ) Tj ET Q q 0 0 0 rg BT 234.26 392.10 Td (business ) Tj ET Q q 0 0 0 rg BT 269.52 392.10 Td (or ) Tj ET Q q 0 0 0 rg BT 279.21 392.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 307.79 392.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 326.93 392.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 367.18 392.10 Td (if ) Tj ET Q q 0 0 0 rg BT 374.65 392.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 411.01 392.10 Td (net ) Tj ET Q q 0 0 0 rg BT 424.59 392.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 452.61 392.10 Td (falls ) Tj ET Q q 0 0 0 rg BT 471.19 392.10 Td (below ) Tj ET Q q 0 0 0 rg BT 496.99 392.10 Td (its ) Tj ET Q q 0 0 0 rg BT 507.81 392.10 Td (requirements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (Underwriting ) Tj ET Q q 0 0 0 rg BT 105.90 380.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 162.87 380.10 Td (require ) Tj ET Q q 0 0 0 rg BT 193.71 380.10 Td (a ) Tj ET Q q 0 0 0 rg BT 200.67 380.10 Td (char) Tj ET Q q 0 0 0 rg BT 217.70 380.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 229.66 380.10 Td (against ) Tj ET Q q 0 0 0 rg BT 260.51 380.10 Td (net ) Tj ET Q q 0 0 0 rg BT 275.26 380.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 304.43 380.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 323.90 380.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 370.45 380.10 Td (, ) Tj ET Q q 0 0 0 rg BT 375.48 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 391.33 380.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 419.41 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.71 380.10 Td (make ) Tj ET Q q 0 0 0 rg BT 453.90 380.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 508.08 380.10 Td (commitments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 368.10 Td (be ) Tj ET Q q 0 0 0 rg BT 81.16 368.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 111.99 368.10 Td (by ) Tj ET Q q 0 0 0 rg BT 124.49 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.20 368.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 190.01 368.10 Td (that ) Tj ET Q q 0 0 0 rg BT 207.51 368.10 Td (we ) Tj ET Q q 0 0 0 rg BT 221.67 368.10 Td (must ) Tj ET Q q 0 0 0 rg BT 243.62 368.10 Td (at ) Tj ET Q q 0 0 0 rg BT 253.33 368.10 Td (all ) Tj ET Q q 0 0 0 rg BT 265.83 368.10 Td (times ) Tj ET Q q 0 0 0 rg BT 289.99 368.10 Td (be ) Tj ET Q q 0 0 0 rg BT 301.93 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.21 368.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 360.80 368.10 Td (with ) Tj ET Q q 0 0 0 rg BT 381.08 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.79 368.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 439.38 368.10 Td (net ) Tj ET Q q 0 0 0 rg BT 454.10 368.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 483.25 368.10 Td (regulations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (As ) Tj ET Q q 0 0 0 rg BT 62.56 344.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 85.61 344.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 97.09 344.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 115.14 344.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 162.08 344.10 Td (is ) Tj ET Q q 0 0 0 rg BT 170.69 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.08 344.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 209.58 344.10 Td (company) Tj ET Q q 0 0 0 rg BT 245.59 344.10 Td (, ) Tj ET Q q 0 0 0 rg BT 250.03 344.10 Td (it ) Tj ET Q q 0 0 0 rg BT 257.53 344.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 292.25 344.10 Td (on ) Tj ET Q q 0 0 0 rg BT 304.19 344.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 347.53 344.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 399.48 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.86 344.10 Td (other ) Tj ET Q q 0 0 0 rg BT 438.35 344.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 478.63 344.10 Td (from ) Tj ET Q q 0 0 0 rg BT 500.01 344.10 Td (our ) Tj ET Q q 0 0 0 rg BT 515.29 344.10 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.07 332.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 79.19 332.10 Td (its ) Tj ET Q q 0 0 0 rg BT 90.42 332.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 139.15 332.10 Td (including ) Tj ET Q q 0 0 0 rg BT 178.72 332.10 Td (any ) Tj ET Q q 0 0 0 rg BT 194.94 332.10 Td (share ) Tj ET Q q 0 0 0 rg BT 217.83 332.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 266.82 332.10 Td (that ) Tj ET Q q 0 0 0 rg BT 283.60 332.10 Td (we ) Tj ET Q q 0 0 0 rg BT 297.05 332.10 Td (may ) Tj ET Q q 0 0 0 rg BT 316.05 332.10 Td (make. ) Tj ET Q q 0 0 0 rg BT 341.87 332.10 Td (The ) Tj ET Q q 0 0 0 rg BT 359.20 332.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 402.09 332.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 448.31 332.10 Td (described ) Tj ET Q q 0 0 0 rg BT 488.41 332.10 Td (above ) Tj ET Q q 0 0 0 rg BT 514.08 332.10 Td (may ) Tj ET Q q 0 0 0 rg BT 533.08 332.10 Td (impede ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (access ) Tj ET Q q 0 0 0 rg BT 77.54 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.82 320.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 112.54 320.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.37 320.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 161.42 320.10 Td (company ) Tj ET Q q 0 0 0 rg BT 200.58 320.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 225.85 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.13 320.10 Td (make ) Tj ET Q q 0 0 0 rg BT 260.28 320.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 301.11 320.10 Td (on ) Tj ET Q q 0 0 0 rg BT 313.61 320.10 Td (any ) Tj ET Q q 0 0 0 rg BT 330.54 320.10 Td (such ) Tj ET Q q 0 0 0 rg BT 351.38 320.10 Td (obligations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 296.10 Td (e ) Tj ET Q q 0 0 0 rg BT 63.95 296.10 Td (may ) Tj ET Q q 0 0 0 rg BT 83.03 296.10 Td (not ) Tj ET Q q 0 0 0 rg BT 98.24 296.10 Td (be ) Tj ET Q q 0 0 0 rg BT 109.54 296.10 Td (able ) Tj ET Q q 0 0 0 rg BT 128.62 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.26 296.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 174.00 296.10 Td (successfully ) Tj ET Q q 0 0 0 rg BT 225.30 296.10 Td (with ) Tj ET Q q 0 0 0 rg BT 244.96 296.10 Td (other ) Tj ET Q q 0 0 0 rg BT 268.49 296.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 314.24 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 324.44 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.09 296.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 378.18 296.10 Td (services ) Tj ET Q q 0 0 0 rg BT 412.25 296.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 448.01 296.10 Td (who ) Tj ET Q q 0 0 0 rg BT 467.11 296.10 Td (often ) Tj ET Q q 0 0 0 rg BT 490.08 296.10 Td (have ) Tj ET Q q 0 0 0 rg BT 511.39 296.10 Td (significantly ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 81.44 284.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 123.38 284.10 Td (than ) Tj ET Q q 0 0 0 rg BT 144.78 284.10 Td (we ) Tj ET Q q 0 0 0 rg BT 158.39 284.10 Td (do.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.69 260.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 105.31 260.10 Td (services ) Tj ET Q q 0 0 0 rg BT 140.16 260.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 175.58 260.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 209.87 260.10 Td (extremely ) Tj ET Q q 0 0 0 rg BT 252.49 260.10 Td (competitive, ) Tj ET Q q 0 0 0 rg BT 304.84 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.92 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.89 260.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 376.07 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.15 260.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 443.56 260.10 Td (will ) Tj ET Q q 0 0 0 rg BT 461.75 260.10 Td (suf) Tj ET Q q 0 0 0 rg BT 473.79 260.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 487.53 260.10 Td (if ) Tj ET Q q 0 0 0 rg BT 496.28 260.10 Td (we ) Tj ET Q q 0 0 0 rg BT 510.58 260.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.43 260.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 554.73 260.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 85.62 248.10 Td (ef) Tj ET Q q 0 0 0 rg BT 93.21 248.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 127.54 248.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.13 248.10 Td (W) Tj ET Q q 0 0 0 rg BT 140.77 248.10 Td (e ) Tj ET Q q 0 0 0 rg BT 147.46 248.10 Td (compete ) Tj ET Q q 0 0 0 rg BT 183.59 248.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 223.04 248.10 Td (on ) Tj ET Q q 0 0 0 rg BT 235.29 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.76 248.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 272.01 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.60 248.10 Td (such ) Tj ET Q q 0 0 0 rg BT 303.18 248.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 332.64 248.10 Td (as ) Tj ET Q q 0 0 0 rg BT 343.22 248.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 373.25 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.83 248.10 Td (advice ) Tj ET Q q 0 0 0 rg BT 412.18 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.87 248.10 Td (service, ) Tj ET Q q 0 0 0 rg BT 461.94 248.10 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 507.23 248.10 Td (price, ) Tj ET Q q 0 0 0 rg BT 531.97 248.10 Td (product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (selection, ) Tj ET Q q 0 0 0 rg BT 89.69 236.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 135.71 236.10 Td (execution ) Tj ET Q q 0 0 0 rg BT 176.74 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.32 236.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 230.45 236.10 Td (resources. ) Tj ET Q q 0 0 0 rg BT 272.86 236.10 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 303.90 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.49 236.10 Td (other ) Tj ET Q q 0 0 0 rg BT 343.19 236.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 392.54 236.10 Td (pressures ) Tj ET Q q 0 0 0 rg BT 431.90 236.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.83 236.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 487.86 236.10 Td (banking, ) Tj ET Q q 0 0 0 rg BT 524.73 236.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 75.61 224.10 Td (toward ) Tj ET Q q 0 0 0 rg BT 105.05 224.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 140.05 224.10 Td (book ) Tj ET Q q 0 0 0 rg BT 161.73 224.10 Td (runners, ) Tj ET Q q 0 0 0 rg BT 195.89 224.10 Td (co-managers, ) Tj ET Q q 0 0 0 rg BT 251.15 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.26 224.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 302.26 224.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 338.91 224.10 Td (advisors ) Tj ET Q q 0 0 0 rg BT 373.91 224.10 Td (handling ) Tj ET Q q 0 0 0 rg BT 410.58 224.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 462.52 224.10 Td (have ) Tj ET Q q 0 0 0 rg BT 483.07 224.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 524.17 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 540.28 224.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 90.56 212.10 Td (af) Tj ET Q q 0 0 0 rg BT 98.15 212.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 115.88 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 131.95 212.10 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 172.53 212.10 Td (The ) Tj ET Q q 0 0 0 rg BT 190.83 212.10 Td (trend ) Tj ET Q q 0 0 0 rg BT 214.12 212.10 Td (toward ) Tj ET Q q 0 0 0 rg BT 244.63 212.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 280.70 212.10 Td (book ) Tj ET Q q 0 0 0 rg BT 303.45 212.10 Td (runners ) Tj ET Q q 0 0 0 rg BT 336.18 212.10 Td (has ) Tj ET Q q 0 0 0 rg BT 352.26 212.10 Td (also ) Tj ET Q q 0 0 0 rg BT 371.11 212.10 Td (been ) Tj ET Q q 0 0 0 rg BT 392.73 212.10 Td (accompanied ) Tj ET Q q 0 0 0 rg BT 448.22 212.10 Td (by ) Tj ET Q q 0 0 0 rg BT 460.97 212.10 Td (an ) Tj ET Q q 0 0 0 rg BT 473.15 212.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 516.99 212.10 Td (disparity ) Tj ET Q q 0 0 0 rg BT 554.73 212.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.04 200.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 94.33 200.10 Td (economics ) Tj ET Q q 0 0 0 rg BT 138.42 200.10 Td (between ) Tj ET Q q 0 0 0 rg BT 173.05 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 182.70 200.10 Td (among ) Tj ET Q q 0 0 0 rg BT 211.23 200.10 Td (book ) Tj ET Q q 0 0 0 rg BT 232.55 200.10 Td (runners, ) Tj ET Q q 0 0 0 rg BT 266.36 200.10 Td (with ) Tj ET Q q 0 0 0 rg BT 285.46 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.99 200.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 324.75 200.10 Td (book ) Tj ET Q q 0 0 0 rg BT 346.07 200.10 Td (runner\(s\) ) Tj ET Q q 0 0 0 rg BT 384.04 200.10 Td (receiving ) Tj ET Q q 0 0 0 rg BT 422.56 200.10 Td (a ) Tj ET Q q 0 0 0 rg BT 428.31 200.10 Td (lar) Tj ET Q q 0 0 0 rg BT 438.68 200.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 449.44 200.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 494.06 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.70 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.24 200.10 Td (economics.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 176.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.51 176.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 96.20 176.10 Td (at ) Tj ET Q q 0 0 0 rg BT 106.35 176.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.72 176.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 163.86 176.10 Td (disadvantage ) Tj ET Q q 0 0 0 rg BT 219.00 176.10 Td (given ) Tj ET Q q 0 0 0 rg BT 244.15 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 260.41 176.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 301.10 176.10 Td (small ) Tj ET Q q 0 0 0 rg BT 325.70 176.10 Td (size ) Tj ET Q q 0 0 0 rg BT 344.18 176.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 386.53 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.24 176.10 Td (some ) Tj ET Q q 0 0 0 rg BT 421.28 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.54 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 448.81 176.10 Td (competitors. ) Tj ET Q q 0 0 0 rg BT 501.45 176.10 Td (Lar) Tj ET Q q 0 0 0 rg BT 515.15 176.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 527.52 176.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (services ) Tj ET Q q 0 0 0 rg BT 85.06 164.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 109.51 164.10 Td (have ) Tj ET Q q 0 0 0 rg BT 131.74 164.10 Td (a ) Tj ET Q q 0 0 0 rg BT 139.53 164.10 Td (lar) Tj ET Q q 0 0 0 rg BT 149.89 164.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 166.01 164.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 196.01 164.10 Td (base, ) Tj ET Q q 0 0 0 rg BT 219.63 164.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 250.73 164.10 Td (access ) Tj ET Q q 0 0 0 rg BT 279.61 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.74 164.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 320.74 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.53 164.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 369.63 164.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 410.74 164.10 Td (than ) Tj ET Q q 0 0 0 rg BT 431.30 164.10 Td (we ) Tj ET Q q 0 0 0 rg BT 446.31 164.10 Td (have, ) Tj ET Q q 0 0 0 rg BT 471.04 164.10 Td (af) Tj ET Q q 0 0 0 rg BT 478.62 164.10 Td (fording ) Tj ET Q q 0 0 0 rg BT 511.41 164.10 Td (them ) Tj ET Q q 0 0 0 rg BT 534.75 164.10 Td (greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 85.26 152.10 Td (for ) Tj ET Q q 0 0 0 rg BT 99.36 152.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 116.81 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.69 152.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 171.13 152.10 Td (for ) Tj ET Q q 0 0 0 rg BT 185.24 152.10 Td (innovation, ) Tj ET Q q 0 0 0 rg BT 232.96 152.10 Td (an ) Tj ET Q q 0 0 0 rg BT 244.84 152.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 283.38 152.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 330.25 152.10 Td (reach ) Tj ET Q q 0 0 0 rg BT 354.34 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.23 152.10 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 413.11 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.34 152.10 Td (of) Tj ET Q q 0 0 0 rg BT 431.49 152.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 445.03 152.10 Td (a ) Tj ET Q q 0 0 0 rg BT 451.92 152.10 Td (broader ) Tj ET Q q 0 0 0 rg BT 484.90 152.10 Td (set ) Tj ET Q q 0 0 0 rg BT 498.46 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.23 152.10 Td (products. ) Tj ET Q q 0 0 0 rg BT 548.62 152.10 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 88.17 140.10 Td (these ) Tj ET Q q 0 0 0 rg BT 111.01 140.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 134.41 140.10 Td (have ) Tj ET Q q 0 0 0 rg BT 155.58 140.10 Td (used ) Tj ET Q q 0 0 0 rg BT 176.20 140.10 Td (their ) Tj ET Q q 0 0 0 rg BT 196.82 140.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 236.88 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 253.61 140.10 Td (lar) Tj ET Q q 0 0 0 rg BT 263.97 140.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 279.04 140.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 307.98 140.10 Td (base ) Tj ET Q q 0 0 0 rg BT 328.04 140.10 Td (to ) Tj ET Q q 0 0 0 rg BT 338.12 140.10 Td (take ) Tj ET Q q 0 0 0 rg BT 357.07 140.10 Td (advantage ) Tj ET Q q 0 0 0 rg BT 399.89 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 410.52 140.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 441.14 140.10 Td (in ) Tj ET Q q 0 0 0 rg BT 451.21 140.10 Td (international ) Tj ET Q q 0 0 0 rg BT 504.04 140.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 537.99 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 554.72 140.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (support ) Tj ET Q q 0 0 0 rg BT 83.02 128.10 Td (their ) Tj ET Q q 0 0 0 rg BT 104.87 128.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 152.28 128.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 188.02 128.10 Td (business ) Tj ET Q q 0 0 0 rg BT 225.43 128.10 Td (by ) Tj ET Q q 0 0 0 rg BT 238.95 128.10 Td (of) Tj ET Q q 0 0 0 rg BT 247.10 128.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 274.50 128.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 300.79 128.10 Td (products ) Tj ET Q q 0 0 0 rg BT 338.75 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.05 128.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 391.33 128.10 Td (clients, ) Tj ET Q q 0 0 0 rg BT 423.46 128.10 Td (which ) Tj ET Q q 0 0 0 rg BT 451.42 128.10 Td (is ) Tj ET Q q 0 0 0 rg BT 461.61 128.10 Td (a ) Tj ET Q q 0 0 0 rg BT 469.57 128.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 515.31 128.10 Td (competitive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (advantage. ) Tj ET Q q 0 0 0 rg BT 95.20 116.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.24 116.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 117.67 116.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 148.87 116.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.52 116.10 Td (our ) Tj ET Q q 0 0 0 rg BT 175.73 116.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 199.15 116.10 Td (income ) Tj ET Q q 0 0 0 rg BT 231.47 116.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 282.12 116.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.44 116.10 Td (public ) Tj ET Q q 0 0 0 rg BT 327.31 116.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 359.61 116.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 406.37 116.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 441.46 116.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 489.06 116.10 Td (it ) Tj ET Q q 0 0 0 rg BT 497.50 116.10 Td (is ) Tj ET Q q 0 0 0 rg BT 507.04 116.10 Td (more ) Tj ET Q q 0 0 0 rg BT 530.47 116.10 Td (dif) Tj ET Q q 0 0 0 rg BT 541.40 116.10 Td (ficult ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.54 104.10 Td (us ) Tj ET Q q 0 0 0 rg BT 74.80 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 84.96 104.10 Td (diversify ) Tj ET Q q 0 0 0 rg BT 122.88 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.69 104.10 Td (dif) Tj ET Q q 0 0 0 rg BT 150.62 104.10 Td (ferentiate ) Tj ET Q q 0 0 0 rg BT 190.75 104.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.45 104.10 Td (product ) Tj ET Q q 0 0 0 rg BT 239.37 104.10 Td (set, ) Tj ET Q q 0 0 0 rg BT 255.36 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.17 104.10 Td (our ) Tj ET Q q 0 0 0 rg BT 287.88 104.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 310.80 104.10 Td (income ) Tj ET Q q 0 0 0 rg BT 342.61 104.10 Td (business ) Tj ET Q q 0 0 0 rg BT 378.88 104.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 396.81 104.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 435.28 104.10 Td (is ) Tj ET Q q 0 0 0 rg BT 444.32 104.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 497.78 104.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.93 104.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.52 104.10 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (market ) Tj ET Q q 0 0 0 rg BT 79.40 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 95.97 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.89 92.10 Td (a ) Tj ET Q q 0 0 0 rg BT 112.46 92.10 Td (lesser ) Tj ET Q q 0 0 0 rg BT 137.36 92.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 163.93 92.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 203.82 92.10 Td (credits ) Tj ET Q q 0 0 0 rg BT 232.61 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.19 92.10 Td (structured ) Tj ET Q q 0 0 0 rg BT 291.31 92.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 331.21 92.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 370.28 92.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 415.18 92.10 Td (with ) Tj ET Q q 0 0 0 rg BT 435.10 92.10 Td (less ) Tj ET Q q 0 0 0 rg BT 452.23 92.10 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 501.03 92.10 Td (for ) Tj ET Q q 0 0 0 rg BT 514.83 92.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 545.29 92.10 Td (than ) 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 73.19 80.10 Td (firms ) Tj ET Q q 0 0 0 rg BT 97.44 80.10 Td (which ) Tj ET Q q 0 0 0 rg BT 125.02 80.10 Td (have ) Tj ET Q q 0 0 0 rg BT 147.04 80.10 Td (grown ) Tj ET Q q 0 0 0 rg BT 175.73 80.10 Td (their ) Tj ET Q q 0 0 0 rg BT 197.19 80.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 220.88 80.10 Td (income ) Tj ET Q q 0 0 0 rg BT 253.46 80.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 298.82 80.10 Td (by ) Tj ET Q q 0 0 0 rg BT 311.96 80.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 351.77 80.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 365.19 80.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 412.76 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.34 80.10 Td (of) Tj ET Q q 0 0 0 rg BT 438.49 80.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 465.51 80.10 Td (non-traditional ) Tj ET Q q 0 0 0 rg BT 528.08 80.10 Td (products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 72.27 68.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 97.53 68.10 Td (default ) Tj ET Q q 0 0 0 rg BT 127.80 68.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 157.24 68.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 189.17 68.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 206.66 68.10 Td (products ) Tj ET Q q 0 0 0 rg BT 243.60 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.54 68.10 Td (currencies ) Tj ET Q q 0 0 0 rg BT 304.12 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.06 68.10 Td (commodities\).) 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 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 endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (18) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 728.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.11 728.25 Td (business ) Tj ET Q q 0 0 0 rg BT 105.62 728.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 151.46 728.25 Td (that ) Tj ET Q q 0 0 0 rg BT 170.08 728.25 Td (we ) Tj ET Q q 0 0 0 rg BT 183.69 728.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 218.97 728.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 250.92 728.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.75 728.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.02 728.25 Td (United ) Tj ET Q q 0 0 0 rg BT 307.30 728.25 Td (States ) Tj ET Q q 0 0 0 rg BT 334.25 728.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 365.64 728.25 Td (us ) Tj ET Q q 0 0 0 rg BT 377.59 728.25 Td (to ) Tj ET Q q 0 0 0 rg BT 387.87 728.25 Td (unique ) Tj ET Q q 0 0 0 rg BT 419.27 728.25 Td (risks.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 704.25 Td (o ) Tj ET Q q 0 0 0 rg BT 62.68 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.66 704.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 104.86 704.25 Td (we ) Tj ET Q q 0 0 0 rg BT 119.28 704.25 Td (conduct ) Tj ET Q q 0 0 0 rg BT 153.70 704.25 Td (business ) Tj ET Q q 0 0 0 rg BT 190.36 704.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 222.01 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.99 704.25 Td (United ) Tj ET Q q 0 0 0 rg BT 266.97 704.25 Td (States, ) Tj ET Q q 0 0 0 rg BT 296.13 704.25 Td (for ) Tj ET Q q 0 0 0 rg BT 310.55 704.25 Td (example ) Tj ET Q q 0 0 0 rg BT 347.19 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 357.12 704.25 Td (Asia ) Tj ET Q q 0 0 0 rg BT 378.22 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.42 704.25 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 429.56 704.25 Td (we ) Tj ET Q q 0 0 0 rg BT 443.99 704.25 Td (are ) Tj ET Q q 0 0 0 rg BT 458.96 704.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 490.05 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 500.59 704.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 522.25 704.25 Td (including, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (without ) Tj ET Q q 0 0 0 rg BT 82.61 692.25 Td (limitation, ) Tj ET Q q 0 0 0 rg BT 126.55 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 141.32 692.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 158.88 692.25 Td (that ) Tj ET Q q 0 0 0 rg BT 176.42 692.25 Td (we ) Tj ET Q q 0 0 0 rg BT 190.64 692.25 Td (will ) Tj ET Q q 0 0 0 rg BT 208.75 692.25 Td (be ) Tj ET Q q 0 0 0 rg BT 220.74 692.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 249.95 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 260.28 692.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 293.38 692.25 Td (ef) Tj ET Q q 0 0 0 rg BT 300.97 692.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 330.73 692.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 378.26 692.25 Td (support ) Tj ET Q q 0 0 0 rg BT 410.81 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 421.15 692.25 Td (these ) Tj ET Q q 0 0 0 rg BT 444.25 692.25 Td (business ) Tj ET Q q 0 0 0 rg BT 480.69 692.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 521.84 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.61 692.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 554.17 692.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (non-compliance ) Tj ET Q q 0 0 0 rg BT 115.46 680.25 Td (with ) Tj ET Q q 0 0 0 rg BT 134.78 680.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 165.20 680.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 185.08 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 201.06 680.25 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 249.53 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 265.52 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.28 680.25 Td (general ) Tj ET Q q 0 0 0 rg BT 310.24 680.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 350.66 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 366.64 680.25 Td (political ) Tj ET Q q 0 0 0 rg BT 400.95 680.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 444.16 680.25 Td (in ) Tj ET Q q 0 0 0 rg BT 453.48 680.25 Td (countries ) Tj ET Q q 0 0 0 rg BT 491.68 680.25 Td (where ) Tj ET Q q 0 0 0 rg BT 517.65 680.25 Td (we ) Tj ET Q q 0 0 0 rg BT 530.85 680.25 Td (conduct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 88.46 668.25 Td (which ) Tj ET Q q 0 0 0 rg BT 115.46 668.25 Td (may ) Tj ET Q q 0 0 0 rg BT 135.25 668.25 Td (dif) Tj ET Q q 0 0 0 rg BT 146.18 668.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 159.84 668.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 212.40 668.25 Td (from ) Tj ET Q q 0 0 0 rg BT 234.41 668.25 Td (those ) Tj ET Q q 0 0 0 rg BT 258.08 668.25 Td (in ) Tj ET Q q 0 0 0 rg BT 268.43 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 283.21 668.25 Td (United ) Tj ET Q q 0 0 0 rg BT 313.00 668.25 Td (States. ) Tj ET Q q 0 0 0 rg BT 341.95 668.25 Td (In ) Tj ET Q q 0 0 0 rg BT 352.85 668.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 377.92 668.25 Td (we ) Tj ET Q q 0 0 0 rg BT 392.14 668.25 Td (shut ) Tj ET Q q 0 0 0 rg BT 411.38 668.25 Td (down ) Tj ET Q q 0 0 0 rg BT 436.17 668.25 Td (our ) Tj ET Q q 0 0 0 rg BT 452.07 668.25 Td (Hong ) Tj ET Q q 0 0 0 rg BT 476.86 668.25 Td (Kong ) Tj ET Q q 0 0 0 rg BT 501.64 668.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 530.86 668.25 Td (markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (business ) Tj ET Q q 0 0 0 rg BT 85.03 656.25 Td (following ) Tj ET Q q 0 0 0 rg BT 125.56 656.25 Td (a ) Tj ET Q q 0 0 0 rg BT 131.64 656.25 Td (sustained ) Tj ET Q q 0 0 0 rg BT 170.50 656.25 Td (period ) Tj ET Q q 0 0 0 rg BT 197.69 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 207.66 656.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 247.07 656.25 Td (losses, ) Tj ET Q q 0 0 0 rg BT 275.10 656.25 Td (though ) Tj ET Q q 0 0 0 rg BT 304.52 656.25 Td (we ) Tj ET Q q 0 0 0 rg BT 317.83 656.25 Td (have ) Tj ET Q q 0 0 0 rg BT 338.34 656.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 369.42 656.25 Td (for ) Tj ET Q q 0 0 0 rg BT 382.72 656.25 Td (a ) Tj ET Q q 0 0 0 rg BT 388.80 656.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 431.54 656.25 Td (license ) Tj ET Q q 0 0 0 rg BT 460.94 656.25 Td (in ) Tj ET Q q 0 0 0 rg BT 470.36 656.25 Td (Hong ) Tj ET Q q 0 0 0 rg BT 494.23 656.25 Td (Kong ) Tj ET Q q 0 0 0 rg BT 518.09 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.51 656.25 Td (maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (a ) Tj ET Q q 0 0 0 rg BT 57.50 644.25 Td (presence ) Tj ET Q q 0 0 0 rg BT 96.04 644.25 Td (in ) Tj ET Q q 0 0 0 rg BT 107.39 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.17 644.25 Td (region ) Tj ET Q q 0 0 0 rg BT 152.28 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 163.62 644.25 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 202.16 644.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 223.51 644.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 261.51 644.25 Td (engagements. ) Tj ET Q q 0 0 0 rg BT 319.52 644.25 Td (W) Tj ET Q q 0 0 0 rg BT 328.56 644.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 342.68 644.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 374.56 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 385.90 644.25 Td (our ) Tj ET Q q 0 0 0 rg BT 402.01 644.25 Td (Asia-based ) Tj ET Q q 0 0 0 rg BT 450.00 644.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 480.22 644.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 515.44 644.25 Td (activity) Tj ET Q q 0 0 0 rg BT 544.78 644.25 Td (, ) Tj ET Q q 0 0 0 rg BT 550.84 644.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (facilitated ) Tj ET Q q 0 0 0 rg BT 92.51 632.25 Td (underwritten ) Tj ET Q q 0 0 0 rg BT 146.63 632.25 Td (capital-raising ) Tj ET Q q 0 0 0 rg BT 206.86 632.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 257.66 632.25 Td (for ) Tj ET Q q 0 0 0 rg BT 271.68 632.25 Td (Asia-based ) Tj ET Q q 0 0 0 rg BT 319.14 632.25 Td (issuers, ) Tj ET Q q 0 0 0 rg BT 351.90 632.25 Td (which ) Tj ET Q q 0 0 0 rg BT 379.37 632.25 Td (may ) Tj ET Q q 0 0 0 rg BT 399.62 632.25 Td (have ) Tj ET Q q 0 0 0 rg BT 421.53 632.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 457.33 632.25 Td (us ) Tj ET Q q 0 0 0 rg BT 469.25 632.25 Td (to ) Tj ET Q q 0 0 0 rg BT 480.06 632.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 510.85 632.25 Td (underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.00 620.25 Td (in ) Tj ET Q q 0 0 0 rg BT 77.28 620.25 Td (our ) Tj ET Q q 0 0 0 rg BT 93.11 620.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 122.26 620.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 156.41 620.25 Td (business ) Tj ET Q q 0 0 0 rg BT 192.81 620.25 Td (as ) Tj ET Q q 0 0 0 rg BT 203.64 620.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 245.56 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 255.84 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.55 620.25 Td (U.S., ) Tj ET Q q 0 0 0 rg BT 293.34 620.25 Td (as ) Tj ET Q q 0 0 0 rg BT 304.17 620.25 Td (noted ) Tj ET Q q 0 0 0 rg BT 328.88 620.25 Td (above.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 96.13 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 107.75 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 125.49 596.25 Td (certificate ) Tj ET Q q 0 0 0 rg BT 169.87 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 181.48 596.25 Td (incorporation ) Tj ET Q q 0 0 0 rg BT 241.45 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 260.30 596.25 Td (bylaws ) Tj ET Q q 0 0 0 rg BT 291.36 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.21 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.82 596.25 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 364.55 596.25 Td (law ) Tj ET Q q 0 0 0 rg BT 382.28 596.25 Td (may ) Tj ET Q q 0 0 0 rg BT 402.79 596.25 Td (prevent ) Tj ET Q q 0 0 0 rg BT 436.62 596.25 Td (or ) Tj ET Q q 0 0 0 rg BT 448.80 596.25 Td (delay ) Tj ET Q q 0 0 0 rg BT 473.74 596.25 Td (an ) Tj ET Q q 0 0 0 rg BT 487.59 596.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 536.44 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.05 596.25 Td (our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (company) Tj ET Q q 0 0 0 rg BT 86.35 584.25 Td (, ) Tj ET Q q 0 0 0 rg BT 91.35 584.25 Td (which ) Tj ET Q q 0 0 0 rg BT 118.86 584.25 Td (could ) Tj ET Q q 0 0 0 rg BT 144.13 584.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 182.17 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.45 584.25 Td (market ) Tj ET Q q 0 0 0 rg BT 228.84 584.25 Td (value ) Tj ET Q q 0 0 0 rg BT 253.55 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 264.38 584.25 Td (our ) Tj ET Q q 0 0 0 rg BT 281.34 584.25 Td (common ) Tj ET Q q 0 0 0 rg BT 319.39 584.25 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.96 560.25 Td (certificate ) Tj ET Q q 0 0 0 rg BT 108.83 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.07 560.25 Td (incorporation ) Tj ET Q q 0 0 0 rg BT 174.85 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 191.19 560.25 Td (bylaws ) Tj ET Q q 0 0 0 rg BT 221.43 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 237.77 560.25 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 277.99 560.25 Td (law ) Tj ET Q q 0 0 0 rg BT 294.33 560.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 325.67 560.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 369.25 560.25 Td (that ) Tj ET Q q 0 0 0 rg BT 386.15 560.25 Td (are ) Tj ET Q q 0 0 0 rg BT 400.26 560.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 436.60 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 446.29 560.25 Td (deter ) Tj ET Q q 0 0 0 rg BT 468.18 560.25 Td (abusive ) Tj ET Q q 0 0 0 rg BT 500.64 560.25 Td (takeover ) Tj ET Q q 0 0 0 rg BT 536.97 560.25 Td (tactics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (by ) Tj ET Q q 0 0 0 rg BT 61.01 548.25 Td (making ) Tj ET Q q 0 0 0 rg BT 92.52 548.25 Td (them ) Tj ET Q q 0 0 0 rg BT 114.03 548.25 Td (unacceptably ) Tj ET Q q 0 0 0 rg BT 168.29 548.25 Td (expensive ) Tj ET Q q 0 0 0 rg BT 209.79 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 219.08 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.81 548.25 Td (raider ) Tj ET Q q 0 0 0 rg BT 257.64 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.59 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 282.88 548.25 Td (encourage ) Tj ET Q q 0 0 0 rg BT 325.48 548.25 Td (prospective ) Tj ET Q q 0 0 0 rg BT 373.08 548.25 Td (acquirors ) Tj ET Q q 0 0 0 rg BT 411.80 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 421.09 548.25 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 459.26 548.25 Td (with ) Tj ET Q q 0 0 0 rg BT 478.55 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 493.39 548.25 Td (board ) Tj ET Q q 0 0 0 rg BT 517.67 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.51 548.25 Td (directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (rather ) Tj ET Q q 0 0 0 rg BT 74.93 536.25 Td (than ) Tj ET Q q 0 0 0 rg BT 94.25 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.14 536.25 Td (attempt ) Tj ET Q q 0 0 0 rg BT 136.24 536.25 Td (a ) Tj ET Q q 0 0 0 rg BT 142.79 536.25 Td (hostile ) Tj ET Q q 0 0 0 rg BT 171.57 536.25 Td (takeover) Tj ET Q q 0 0 0 rg BT 205.44 536.25 Td (. ) Tj ET Q q 0 0 0 rg BT 209.90 536.25 Td (These ) Tj ET Q q 0 0 0 rg BT 235.89 536.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 279.67 536.25 Td (include ) Tj ET Q q 0 0 0 rg BT 311.21 536.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 356.10 536.25 Td (on ) Tj ET Q q 0 0 0 rg BT 368.21 536.25 Td (our ) Tj ET Q q 0 0 0 rg BT 383.65 536.25 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 438.10 536.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 465.77 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.65 536.25 Td (act ) Tj ET Q q 0 0 0 rg BT 489.42 536.25 Td (by ) Tj ET Q q 0 0 0 rg BT 501.53 536.25 Td (written ) Tj ET Q q 0 0 0 rg BT 531.97 536.25 Td (consent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.57 524.25 Td (to ) Tj ET Q q 0 0 0 rg BT 76.98 524.25 Td (call ) Tj ET Q q 0 0 0 rg BT 94.04 524.25 Td (special ) Tj ET Q q 0 0 0 rg BT 124.44 524.25 Td (meetings. ) Tj ET Q q 0 0 0 rg BT 165.67 524.25 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 206.61 524.25 Td (law ) Tj ET Q q 0 0 0 rg BT 223.68 524.25 Td (also ) Tj ET Q q 0 0 0 rg BT 242.42 524.25 Td (imposes ) Tj ET Q q 0 0 0 rg BT 277.83 524.25 Td (some ) Tj ET Q q 0 0 0 rg BT 301.57 524.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 348.63 524.25 Td (on ) Tj ET Q q 0 0 0 rg BT 361.26 524.25 Td (mer) Tj ET Q q 0 0 0 rg BT 376.63 524.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 395.92 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.99 524.25 Td (other ) Tj ET Q q 0 0 0 rg BT 436.17 524.25 Td (business ) Tj ET Q q 0 0 0 rg BT 472.69 524.25 Td (combinations ) Tj ET Q q 0 0 0 rg BT 529.20 524.25 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (us ) Tj ET Q q 0 0 0 rg BT 60.92 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 77.88 512.25 Td (any ) Tj ET Q q 0 0 0 rg BT 94.85 512.25 Td (holder ) Tj ET Q q 0 0 0 rg BT 122.92 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 133.78 512.25 Td (15percent ) Tj ET Q q 0 0 0 rg BT 178.23 512.25 Td (or ) Tj ET Q q 0 0 0 rg BT 189.09 512.25 Td (more ) Tj ET Q q 0 0 0 rg BT 212.16 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 223.02 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 238.88 512.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 288.07 512.25 Td (common ) Tj ET Q q 0 0 0 rg BT 325.59 512.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 351.54 512.25 Td (W) Tj ET Q q 0 0 0 rg BT 360.18 512.25 Td (e ) Tj ET Q q 0 0 0 rg BT 367.14 512.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 398.54 512.25 Td (these ) Tj ET Q q 0 0 0 rg BT 421.62 512.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 465.81 512.25 Td (protect ) Tj ET Q q 0 0 0 rg BT 496.10 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 511.96 512.25 Td (shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (from ) Tj ET Q q 0 0 0 rg BT 71.24 500.25 Td (coercive ) Tj ET Q q 0 0 0 rg BT 107.41 500.25 Td (or ) Tj ET Q q 0 0 0 rg BT 118.04 500.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 159.22 500.25 Td (unfair ) Tj ET Q q 0 0 0 rg BT 185.40 500.25 Td (takeover ) Tj ET Q q 0 0 0 rg BT 222.12 500.25 Td (tactics ) Tj ET Q q 0 0 0 rg BT 249.97 500.25 Td (by ) Tj ET Q q 0 0 0 rg BT 262.27 500.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 301.23 500.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 338.52 500.25 Td (acquirors ) Tj ET Q q 0 0 0 rg BT 378.03 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 388.11 500.25 Td (negotiate ) Tj ET Q q 0 0 0 rg BT 427.06 500.25 Td (with ) Tj ET Q q 0 0 0 rg BT 447.14 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 462.77 500.25 Td (board ) Tj ET Q q 0 0 0 rg BT 487.84 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 498.48 500.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 535.76 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 552.51 500.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 91.28 488.25 Td (our ) Tj ET Q q 0 0 0 rg BT 107.50 488.25 Td (board ) Tj ET Q q 0 0 0 rg BT 133.16 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 144.39 488.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 182.27 488.25 Td (with ) Tj ET Q q 0 0 0 rg BT 202.94 488.25 Td (more ) Tj ET Q q 0 0 0 rg BT 226.38 488.25 Td (time ) Tj ET Q q 0 0 0 rg BT 247.04 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 257.72 488.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 285.05 488.25 Td (any ) Tj ET Q q 0 0 0 rg BT 302.38 488.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 349.16 488.25 Td (proposal, ) Tj ET Q q 0 0 0 rg BT 388.99 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 406.32 488.25 Td (are ) Tj ET Q q 0 0 0 rg BT 421.42 488.25 Td (not ) Tj ET Q q 0 0 0 rg BT 437.09 488.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 474.42 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 485.09 488.25 Td (make ) Tj ET Q q 0 0 0 rg BT 509.64 488.25 Td (our ) Tj ET Q q 0 0 0 rg BT 525.86 488.25 Td (company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (immune ) Tj ET Q q 0 0 0 rg BT 85.17 476.25 Td (from ) Tj ET Q q 0 0 0 rg BT 107.51 476.25 Td (takeovers. ) Tj ET Q q 0 0 0 rg BT 151.23 476.25 Td (However) Tj ET Q q 0 0 0 rg BT 187.48 476.25 Td (, ) Tj ET Q q 0 0 0 rg BT 192.88 476.25 Td (these ) Tj ET Q q 0 0 0 rg BT 216.33 476.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 260.90 476.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 286.01 476.25 Td (even ) Tj ET Q q 0 0 0 rg BT 307.79 476.25 Td (if ) Tj ET Q q 0 0 0 rg BT 316.80 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 331.92 476.25 Td (of) Tj ET Q q 0 0 0 rg BT 340.07 476.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 354.07 476.25 Td (may ) Tj ET Q q 0 0 0 rg BT 374.18 476.25 Td (be ) Tj ET Q q 0 0 0 rg BT 386.52 476.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 432.74 476.25 Td (beneficial ) Tj ET Q q 0 0 0 rg BT 475.06 476.25 Td (by ) Tj ET Q q 0 0 0 rg BT 487.96 476.25 Td (some ) Tj ET Q q 0 0 0 rg BT 511.97 476.25 Td (shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.10 464.25 Td (could ) Tj ET Q q 0 0 0 rg BT 90.49 464.25 Td (delay ) Tj ET Q q 0 0 0 rg BT 114.31 464.25 Td (or ) Tj ET Q q 0 0 0 rg BT 124.80 464.25 Td (prevent ) Tj ET Q q 0 0 0 rg BT 156.95 464.25 Td (an ) Tj ET Q q 0 0 0 rg BT 168.56 464.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 214.60 464.25 Td (that ) Tj ET Q q 0 0 0 rg BT 231.77 464.25 Td (our ) Tj ET Q q 0 0 0 rg BT 247.26 464.25 Td (board ) Tj ET Q q 0 0 0 rg BT 272.20 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 282.69 464.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 319.84 464.25 Td (determines ) Tj ET Q q 0 0 0 rg BT 365.88 464.25 Td (is ) Tj ET Q q 0 0 0 rg BT 374.71 464.25 Td (not ) Tj ET Q q 0 0 0 rg BT 389.66 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 399.60 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.98 464.25 Td (best ) Tj ET Q q 0 0 0 rg BT 432.26 464.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 467.75 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.25 464.25 Td (our ) Tj ET Q q 0 0 0 rg BT 493.74 464.25 Td (company ) Tj ET Q q 0 0 0 rg BT 532.56 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 549.17 464.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (shareholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (ITEM1B. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 100.34 428.25 Td (UNRESOL) Tj ET Q q 0 0 0 rg BT 146.64 428.25 Td (VED ) Tj ET Q q 0 0 0 rg BT 169.71 428.25 Td (ST) Tj ET Q q 0 0 0 rg BT 180.82 428.25 Td (AFF) Tj ET Q q 0 0 0 rg BT 200.65 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 203.15 428.25 Td (COMMENTS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (ITEM2. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 98.67 380.25 Td (PROPERTIES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (As ) Tj ET Q q 0 0 0 rg BT 62.85 356.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.41 356.25 Td (February18, ) Tj ET Q q 0 0 0 rg BT 126.75 356.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.75 356.25 Td (, ) Tj ET Q q 0 0 0 rg BT 151.48 356.25 Td (we ) Tj ET Q q 0 0 0 rg BT 165.38 356.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 208.71 356.25 Td (our ) Tj ET Q q 0 0 0 rg BT 224.27 356.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 268.16 356.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.51 356.25 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.51 356.25 Td ( ) Tj ET Q q 0 0 0 rg BT 313.74 356.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 351.52 356.25 Td (of) Tj ET Q q 0 0 0 rg BT 359.67 356.25 Td (fices ) Tj ET Q q 0 0 0 rg BT 380.78 356.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.80 356.25 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 356.25 Td ( ) Tj ET Q q 0 0 0 rg BT 403.03 356.25 Td (states, ) Tj ET Q q 0 0 0 rg BT 429.98 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 446.66 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.11 356.25 Td (District ) Tj ET Q q 0 0 0 rg BT 493.34 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 503.91 356.25 Td (Columbia, ) Tj ET Q q 0 0 0 rg BT 548.08 356.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.09 344.25 Td (London, ) Tj ET Q q 0 0 0 rg BT 96.52 344.25 Td (Hong ) Tj ET Q q 0 0 0 rg BT 121.56 344.25 Td (Kong ) Tj ET Q q 0 0 0 rg BT 146.60 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 163.85 344.25 Td (Zurich. ) Tj ET Q q 0 0 0 rg BT 195.20 344.25 Td (All ) Tj ET Q q 0 0 0 rg BT 210.80 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 221.94 344.25 Td (our ) Tj ET Q q 0 0 0 rg BT 238.09 344.25 Td (of) Tj ET Q q 0 0 0 rg BT 246.24 344.25 Td (fices ) Tj ET Q q 0 0 0 rg BT 267.93 344.25 Td (are ) Tj ET Q q 0 0 0 rg BT 282.95 344.25 Td (leased. ) Tj ET Q q 0 0 0 rg BT 313.26 344.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 331.62 344.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 369.98 344.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 411.11 344.25 Td (of) Tj ET Q q 0 0 0 rg BT 419.26 344.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 437.06 344.25 Td (is ) Tj ET Q q 0 0 0 rg BT 446.55 344.25 Td (located ) Tj ET Q q 0 0 0 rg BT 478.24 344.25 Td (at ) Tj ET Q q 0 0 0 rg BT 488.27 344.25 Td (800 ) Tj ET Q q 0 0 0 rg BT 506.09 344.25 Td (Nicollet ) Tj ET Q q 0 0 0 rg BT 541.11 344.25 Td (Mall, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (Suite ) Tj ET Q q 0 0 0 rg BT 72.73 332.25 Td (1000, ) Tj ET Q q 0 0 0 rg BT 97.91 332.25 Td (Minneapolis, ) Tj ET Q q 0 0 0 rg BT 153.09 332.25 Td (Minnesota ) Tj ET Q q 0 0 0 rg BT 197.98 332.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 217.60 332.25 Td (as ) Tj ET Q q 0 0 0 rg BT 228.61 332.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.61 332.25 Td (February18, ) Tj ET Q q 0 0 0 rg BT 293.39 332.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.39 332.25 Td (, ) Tj ET Q q 0 0 0 rg BT 318.57 332.25 Td (comprises ) Tj ET Q q 0 0 0 rg BT 361.79 332.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 422.23 332.25 Td (124,000 ) Tj ET Q q 0 0 0 rg BT 457.41 332.25 Td (square ) Tj ET Q q 0 0 0 rg BT 486.19 332.25 Td (feet ) Tj ET Q q 0 0 0 rg BT 503.85 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 514.86 332.25 Td (space ) Tj ET Q q 0 0 0 rg BT 539.74 332.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 320.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 78.92 320.25 Td (which ) Tj ET Q q 0 0 0 rg BT 105.86 320.25 Td (expires ) Tj ET Q q 0 0 0 rg BT 137.24 320.25 Td (November ) Tj ET Q q 0 0 0 rg BT 181.95 320.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 196.95 320.25 Td (2025, ) Tj ET Q q 0 0 0 rg BT 221.95 320.25 Td (with ) Tj ET Q q 0 0 0 rg BT 242.22 320.25 Td (an ) Tj ET Q q 0 0 0 rg BT 254.16 320.25 Td (early ) Tj ET Q q 0 0 0 rg BT 276.65 320.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 325.25 320.25 Td (option ) Tj ET Q q 0 0 0 rg BT 353.30 320.25 Td (ef) Tj ET Q q 0 0 0 rg BT 360.89 320.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 390.59 320.25 Td (January ) Tj ET Q q 0 0 0 rg BT 424.19 320.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 439.19 320.25 Td (2022.) 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 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 endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 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 138.86 680.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 180.13 680.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 216.42 680.25 Td (practices ) Tj ET Q q 0 0 0 rg BT 255.47 680.25 Td (by ) Tj ET Q q 0 0 0 rg BT 268.98 680.25 Td (governmental ) Tj ET Q q 0 0 0 rg BT 327.47 680.25 Td (agencies ) Tj ET Q q 0 0 0 rg BT 365.41 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 383.36 680.25 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 445.73 680.25 Td (or) Tj ET Q q 0 0 0 rg BT 453.88 680.25 Td (ganizations. ) Tj ET Q q 0 0 0 rg BT 505.18 680.25 Td (The ) Tj ET Q q 0 0 0 rg BT 524.24 680.25 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 668.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 85.17 668.25 Td (is ) Tj ET Q q 0 0 0 rg BT 94.23 668.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 122.18 668.25 Td (regulated, ) Tj ET Q q 0 0 0 rg BT 164.28 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 181.11 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.72 668.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 239.20 668.25 Td (scrutiny ) Tj ET Q q 0 0 0 rg BT 273.81 668.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 305.64 668.25 Td (to ) Tj ET Q q 0 0 0 rg BT 315.81 668.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 355.97 668.25 Td (firms ) Tj ET Q q 0 0 0 rg BT 379.47 668.25 Td (is ) Tj ET Q q 0 0 0 rg BT 388.53 668.25 Td (intense, ) Tj ET Q q 0 0 0 rg BT 421.75 668.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 459.14 668.25 Td (in ) Tj ET Q q 0 0 0 rg BT 469.31 668.25 Td (a ) Tj ET Q q 0 0 0 rg BT 476.14 668.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 520.74 668.25 Td (number ) Tj ET Q q 0 0 0 rg BT 553.68 668.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 93.59 656.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 151.65 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 168.58 656.25 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 221.05 656.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 251.88 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 268.82 656.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 316.30 656.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 357.11 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 371.83 656.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 397.10 656.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 434.04 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 444.87 656.25 Td (these ) Tj ET Q q 0 0 0 rg BT 467.92 656.25 Td (matters. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.25 Td (Litigation-related ) Tj ET Q q 0 0 0 rg BT 122.33 632.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 160.78 632.25 Td (include ) Tj ET Q q 0 0 0 rg BT 192.58 632.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 228.82 632.25 Td (we ) Tj ET Q q 0 0 0 rg BT 242.84 632.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 274.06 632.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 301.97 632.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 318.76 632.25 Td (out ) Tj ET Q q 0 0 0 rg BT 333.90 632.25 Td (as ) Tj ET Q q 0 0 0 rg BT 344.58 632.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 366.38 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 383.17 632.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 426.62 632.25 Td (settlements, ) Tj ET Q q 0 0 0 rg BT 476.47 632.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 507.15 632.25 Td (or ) Tj ET Q q 0 0 0 rg BT 517.84 632.25 Td (judgments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.39 620.25 Td (fines. ) Tj ET Q q 0 0 0 rg BT 92.27 620.25 Td (Parties ) Tj ET Q q 0 0 0 rg BT 122.43 620.25 Td (who ) Tj ET Q q 0 0 0 rg BT 142.60 620.25 Td (initiate ) Tj ET Q q 0 0 0 rg BT 173.32 620.25 Td (litigation ) Tj ET Q q 0 0 0 rg BT 212.37 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.76 620.25 Td (arbitration ) Tj ET Q q 0 0 0 rg BT 274.36 620.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 325.62 620.25 Td (against ) Tj ET Q q 0 0 0 rg BT 356.89 620.25 Td (us ) Tj ET Q q 0 0 0 rg BT 368.73 620.25 Td (may ) Tj ET Q q 0 0 0 rg BT 388.89 620.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 409.61 620.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 455.33 620.25 Td (or ) Tj ET Q q 0 0 0 rg BT 466.60 620.25 Td (indeterminate ) Tj ET Q q 0 0 0 rg BT 524.53 620.25 Td (damages, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.47 608.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 111.59 608.25 Td (investigations ) Tj ET Q q 0 0 0 rg BT 170.18 608.25 Td (can ) Tj ET Q q 0 0 0 rg BT 187.09 608.25 Td (result ) Tj ET Q q 0 0 0 rg BT 212.33 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 223.14 608.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 268.95 608.25 Td (fines ) Tj ET Q q 0 0 0 rg BT 291.42 608.25 Td (being ) Tj ET Q q 0 0 0 rg BT 316.67 608.25 Td (imposed ) Tj ET Q q 0 0 0 rg BT 353.58 608.25 Td (on ) Tj ET Q q 0 0 0 rg BT 366.62 608.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 380.82 608.25 Td (W) Tj ET Q q 0 0 0 rg BT 389.46 608.25 Td (e ) Tj ET Q q 0 0 0 rg BT 396.93 608.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 428.82 608.25 Td (for ) Tj ET Q q 0 0 0 rg BT 443.52 608.25 Td (contingencies ) Tj ET Q q 0 0 0 rg BT 501.53 608.25 Td (related ) Tj ET Q q 0 0 0 rg BT 531.76 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 542.57 608.25 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 99.81 596.25 Td (at ) Tj ET Q q 0 0 0 rg BT 108.53 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.25 596.25 Td (time ) Tj ET Q q 0 0 0 rg BT 141.52 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 157.46 596.25 Td (to ) Tj ET Q q 0 0 0 rg BT 166.73 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.45 596.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 206.38 596.25 Td (we ) Tj ET Q q 0 0 0 rg BT 219.54 596.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 261.02 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 274.74 596.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 306.23 596.25 Td (to ) Tj ET Q q 0 0 0 rg BT 315.51 596.25 Td (be ) Tj ET Q q 0 0 0 rg BT 326.45 596.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 362.93 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.87 596.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 423.68 596.25 Td (estimable. ) Tj ET Q q 0 0 0 rg BT 466.00 596.25 Td (However) Tj ET Q q 0 0 0 rg BT 502.25 596.25 Td (, ) Tj ET Q q 0 0 0 rg BT 506.25 596.25 Td (it ) Tj ET Q q 0 0 0 rg BT 513.31 596.25 Td (is ) Tj ET Q q 0 0 0 rg BT 521.47 596.25 Td (inherently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 584.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 84.49 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 94.72 584.25 Td (predict ) Tj ET Q q 0 0 0 rg BT 124.95 584.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 168.48 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.16 584.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 211.73 584.25 Td (and ) Tj ET Q q 0 0 0 rg BT 228.62 584.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 265.51 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 276.30 584.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 298.19 584.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 351.47 584.25 Td (including ) Tj ET Q q 0 0 0 rg BT 391.70 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 406.37 584.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 442.72 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 453.50 584.25 Td (any ) Tj ET Q q 0 0 0 rg BT 470.40 584.25 Td (settlements, ) Tj ET Q q 0 0 0 rg BT 520.35 584.25 Td (judgments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.21 572.25 Td (fines. ) Tj ET Q q 0 0 0 rg BT 83.90 572.25 Td (W) Tj ET Q q 0 0 0 rg BT 92.54 572.25 Td (e ) Tj ET Q q 0 0 0 rg BT 98.86 572.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 125.19 572.25 Td (each ) Tj ET Q q 0 0 0 rg BT 145.39 572.25 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 /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (ITEM4. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 98.67 428.25 Td (MINE SAFETY) Tj ET Q q 0 0 0 rg BT 165.26 428.25 Td ( DISCLOSURES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (Not ) Tj ET Q q 0 0 0 rg BT 67.00 404.25 Td (applicable.) 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 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 endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 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 COMMON EQUITY) Tj ET Q q 0 0 0 rg BT 250.83 716.25 Td (, RELA) Tj ET Q q 0 0 0 rg BT 281.40 716.25 Td (TED SHAREHOLDER MA) Tj ET Q q 0 0 0 rg BT 396.43 716.25 Td (TTERS ) Tj ET Q q 0 0 0 rg BT 429.68 716.25 Td (AND ISSUER PURCHASES ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 704.25 Td (OF) Tj ET Q q 0 0 0 rg BT 112.71 704.25 Td ( EQUITY) Tj ET Q q 0 0 0 rg BT 152.06 704.25 Td ( SECURITIES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.92 680.25 Td (common ) Tj ET Q q 0 0 0 rg BT 105.78 680.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 129.75 680.25 Td (is ) Tj ET Q q 0 0 0 rg BT 139.29 680.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 163.82 680.25 Td (on ) Tj ET Q q 0 0 0 rg BT 176.69 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.77 680.25 Td (New ) Tj ET Q q 0 0 0 rg BT 213.09 680.25 Td (Y) Tj ET Q q 0 0 0 rg BT 219.31 680.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 235.51 680.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 261.15 680.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 303.44 680.25 Td (under ) Tj ET Q q 0 0 0 rg BT 329.08 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.16 680.25 Td (symbol ) Tj ET Q q 0 0 0 rg BT 376.48 680.25 Td (PJC. ) Tj ET Q q 0 0 0 rg BT 406.64 680.25 Td (The ) Tj ET Q q 0 0 0 rg BT 425.05 680.25 Td (following ) Tj ET Q q 0 0 0 rg BT 466.80 680.25 Td (table ) Tj ET Q q 0 0 0 rg BT 489.10 680.25 Td (contains ) Tj ET Q q 0 0 0 rg BT 525.29 680.25 Td (historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 88.21 668.25 Td (price ) Tj ET Q q 0 0 0 rg BT 110.81 668.25 Td (information ) Tj ET Q q 0 0 0 rg BT 160.64 668.25 Td (for ) Tj ET Q q 0 0 0 rg BT 174.91 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.74 668.25 Td (years ) Tj ET Q q 0 0 0 rg BT 213.46 668.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.95 668.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 298.65 668.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 668.25 Td ( ) Tj ET Q q 0 0 0 rg BT 321.26 668.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.31 668.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.31 668.25 Td (. ) Tj ET Q q 0 0 0 rg BT 363.43 668.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.26 668.25 Td (February18, ) Tj ET Q q 0 0 0 rg BT 431.98 668.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.98 668.25 Td (, ) Tj ET Q q 0 0 0 rg BT 457.09 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 471.92 668.25 Td (last ) Tj ET Q q 0 0 0 rg BT 488.43 668.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 524.36 668.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 542.52 668.25 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 656.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.16 656.25 Td (common ) Tj ET Q q 0 0 0 rg BT 113.66 656.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 137.26 656.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.32 656.25 Td ($54.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.82 656.25 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 621.75 209.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 621.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 621.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 621.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 621.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 621.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 621.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 621.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 597.75 209.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 597.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 597.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 597.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 597.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 597.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 597.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 597.75 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 633.75 m 329 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 633.75 m 337 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 633.75 m 407 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 633.75 m 485 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 633.75 m 493 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 633.75 m 563 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 621.75 m 329 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 621.75 m 407 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 621.75 m 485 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 621.75 m 563 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 621.75 m 329 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 621.75 m 407 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 621.75 m 485 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 621.75 m 563 621.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.75 636.48 Td (2014 Fiscal Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.75 636.48 Td (2013 Fiscal Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.90 624.48 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.05 624.48 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.90 624.48 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.05 624.48 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 612.37 Td (First Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.50 612.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.65 612.48 Td (45.80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 612.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 612.48 Td (37.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 612.37 Td (41.97) 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 (32.95) 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 (51.77) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 600.48 Td (40.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 600.37 Td (36.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 600.37 Td (30.50) 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 (56.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 588.48 Td (50.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 588.37 Td (36.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 588.37 Td (30.99) 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 (59.35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 576.48 Td (46.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 576.37 Td (39.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 576.37 Td (32.33) 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 (16,093) 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 (32,888) 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 (2015) 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 (27) 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 (2014) 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 (\(October 1, 2014 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 323.01 Td (October 31, 2014\)) 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 (100) 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 (\(November 1, 2014 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 289.01 Td (November 30, 2014\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 221.25 288.21 Td (5,051) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 288.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 288.21 Td (57.54) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 288.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 288.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.00 288.21 Td (100) 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 (\(December 1, 2014 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 255.01 Td (December 31, 2014\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 232.50 254.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 254.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.50 254.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 254.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 254.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.00 254.21 Td (100) 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 221.25 234.21 Td (5,051) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.50 234.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 234.21 Td (57.54) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 234.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.50 234.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.00 234.21 Td (100) 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 97.48 217.65 Td (October ) Tj ET Q q 0 0 0 rg BT 125.70 217.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 133.70 217.65 Td (2014, ) Tj ET Q q 0 0 0 rg BT 153.70 217.65 Td (our ) Tj ET Q q 0 0 0 rg BT 166.81 217.65 Td (boar) Tj ET Q q 0 0 0 rg BT 181.63 217.65 Td (d ) Tj ET Q q 0 0 0 rg BT 187.63 217.65 Td (of ) Tj ET Q q 0 0 0 rg BT 195.85 217.65 Td (dir) Tj ET Q q 0 0 0 rg BT 204.89 217.65 Td (ectors ) Tj ET Q q 0 0 0 rg BT 226.44 217.65 Td (authorized ) Tj ET Q q 0 0 0 rg BT 262.66 217.65 Td (the ) Tj ET Q q 0 0 0 rg BT 274.43 217.65 Td (r) Tj ET Q q 0 0 0 rg BT 277.25 217.65 Td (epur) Tj ET Q q 0 0 0 rg BT 291.62 217.65 Td (chase ) Tj ET Q q 0 0 0 rg BT 311.83 217.65 Td (of ) Tj ET Q q 0 0 0 rg BT 320.05 217.65 Td (up ) Tj ET Q q 0 0 0 rg BT 330.05 217.65 Td (to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.28 217.65 Td ($100.0 ) Tj ET Q q 0 0 0 rg BT 362.28 217.65 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.95 217.65 Td ( ) Tj ET Q q 0 0 0 rg BT 386.95 217.65 Td (of ) Tj ET Q q 0 0 0 rg BT 395.17 217.65 Td (common ) Tj ET Q q 0 0 0 rg BT 424.27 217.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 442.71 217.65 Td (thr) Tj ET Q q 0 0 0 rg BT 451.75 217.65 Td (ough ) Tj ET Q q 0 0 0 rg BT 469.75 217.65 Td (September30, ) Tj ET Q q 0 0 0 rg BT 517.52 217.65 Td (2016.) 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 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 endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 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 (2009) 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 (2014) 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 (2009) 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 61.11 680.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 101.61 680.25 Td (were ) Tj ET Q q 0 0 0 rg BT 122.66 680.25 Td (reinvested ) Tj ET Q q 0 0 0 rg BT 165.37 680.25 Td (on ) Tj ET Q q 0 0 0 rg BT 176.98 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.81 680.25 Td (date ) Tj ET Q q 0 0 0 rg BT 209.08 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 219.03 680.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 255.08 680.25 Td (without ) Tj ET Q q 0 0 0 rg BT 287.25 680.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 323.30 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 333.24 680.25 Td (any ) Tj ET Q q 0 0 0 rg BT 349.30 680.25 Td (commissions. ) Tj ET Q q 0 0 0 rg BT 405.64 680.25 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 432.80 680.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 468.30 680.25 Td (in ) Tj ET Q q 0 0 0 rg BT 477.70 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 491.53 680.25 Td (graph ) Tj ET Q q 0 0 0 rg BT 515.91 680.25 Td (are ) Tj ET Q q 0 0 0 rg BT 529.73 680.25 Td (rounded ) 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 60.28 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.50 668.25 Td (nearest ) Tj ET Q q 0 0 0 rg BT 106.81 668.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 134.25 668.25 Td (dollar) Tj ET Q q 0 0 0 rg BT 157.02 668.25 Td (. ) Tj ET Q q 0 0 0 rg BT 162.31 668.25 Td (The ) Tj ET Q q 0 0 0 rg BT 180.86 668.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 234.38 668.25 Td (shown ) Tj ET Q q 0 0 0 rg BT 263.49 668.25 Td (in ) Tj ET Q q 0 0 0 rg BT 274.27 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 289.49 668.25 Td (graph ) Tj ET Q q 0 0 0 rg BT 315.26 668.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 358.79 668.25 Td (past ) Tj ET Q q 0 0 0 rg BT 377.90 668.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 431.43 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 448.87 668.25 Td (should ) Tj ET Q q 0 0 0 rg BT 478.54 668.25 Td (not ) Tj ET Q q 0 0 0 rg BT 494.31 668.25 Td (be ) Tj ET Q q 0 0 0 rg BT 506.75 668.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 553.07 668.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (indication ) Tj ET Q q 0 0 0 rg BT 91.99 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 102.82 656.25 Td (future ) Tj ET Q q 0 0 0 rg BT 129.20 656.25 Td (performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.75 632.25 Td (FIVE ) Tj ET Q q 0 0 0 rg BT 135.77 632.25 Td (YEAR ) Tj ET Q q 0 0 0 rg BT 166.42 632.25 Td (T) Tj ET Q q 0 0 0 rg BT 172.91 632.25 Td (OT) Tj ET Q q 0 0 0 rg BT 186.62 632.25 Td (AL) Tj ET Q q 0 0 0 rg BT 199.96 632.25 Td ( RETURN FOR PIPER JAFFRA) Tj ET Q q 0 0 0 rg BT 341.26 632.25 Td (Y) Tj ET Q q 0 0 0 rg BT 348.11 632.25 Td ( COMP) Tj ET Q q 0 0 0 rg BT 380.41 632.25 Td (ANIES COMMON ST) Tj ET Q q 0 0 0 rg BT 476.91 632.25 Td (OCK, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.05 620.25 Td (THE S&P) Tj ET Q q 0 0 0 rg BT 183.12 620.25 Td ( 500 INDEX ) Tj ET Q q 0 0 0 rg BT 237.29 620.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 261.28 620.25 Td (THE S&P) Tj ET Q q 0 0 0 rg BT 304.34 620.25 Td ( DIVERSIFIED FINANCIALS INDEX) Tj ET Q /GS0 gs q 555.00 0 0 365.00 28.50 250.25 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 49.5 220.75 m 190.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 220.75 m 252.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 220.75 m 313.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 220.75 m 375.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 220.75 m 437.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 220.75 m 499.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 220.75 m 561.5 220.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 223.48 Td (Company/Index) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.70 223.48 Td (12/31/2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.20 223.48 Td (12/31/2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.95 223.48 Td (12/31/2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.70 223.48 Td (12/31/2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.70 223.48 Td (12/31/2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.70 223.48 Td (12/31/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 211.37 Td (Piper Jaffray Companies) 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 275.10 211.37 Td (69.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 211.37 Td (39.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.10 211.37 Td (63.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.10 211.37 Td (78.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 211.37 Td (114.78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 199.37 Td (S&P 500 Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.65 199.37 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.10 199.37 Td (115.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.10 199.37 Td (117.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.10 199.37 Td (136.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.10 199.37 Td (180.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 199.37 Td (205.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 187.37 Td (S&P 500 Diversified Financials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.65 187.37 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.10 187.37 Td (105.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 187.37 Td (73.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.10 187.37 Td (103.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.10 187.37 Td (146.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 187.37 Td (171.25) 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 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 endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.35 87.60 Td (Continued on next page) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 63.60 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 50.00 633.75 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 633.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 633.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 633.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 633.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 633.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 633.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 633.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 633.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 633.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 609.75 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 609.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 609.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 609.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 609.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 609.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 609.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 609.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 609.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 609.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 585.75 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 585.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 585.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 585.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 585.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 585.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 585.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 585.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 585.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 585.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 561.75 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 561.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 561.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 561.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 561.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 561.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 561.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 561.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 561.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 561.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 537.75 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 537.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 537.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 537.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 537.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 537.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 537.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 537.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 537.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 537.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 513.75 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 513.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 513.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 513.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 513.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 513.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 513.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 513.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 513.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 513.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 489.75 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 489.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 489.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 489.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 489.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 489.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 489.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 489.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 489.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 489.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 465.75 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 465.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 465.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 465.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 465.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 465.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 465.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 465.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 465.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 465.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 441.75 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 441.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 441.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 441.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 441.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 441.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 441.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 441.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 441.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 441.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 417.75 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 417.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 417.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 417.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 417.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 417.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 417.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 417.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 417.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 417.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 393.75 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 393.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 393.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 393.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 393.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 393.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 393.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 393.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 393.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 393.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 359.75 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 359.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 359.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 359.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 359.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 359.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 359.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 359.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 359.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 359.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 335.75 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 335.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 335.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 335.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 335.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 335.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 335.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 335.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 335.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 335.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 311.75 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 311.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 311.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 311.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 311.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 311.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 311.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 311.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 311.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 311.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 287.75 201.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 287.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 287.75 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 287.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 287.75 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 287.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 287.75 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 287.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 287.75 12.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 287.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 253.75 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 253.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 253.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 253.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 253.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 253.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 253.75 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 253.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 253.75 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 253.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 229.75 201.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 229.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 229.75 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 229.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 229.75 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 229.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 229.75 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 229.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 229.75 12.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 229.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 195.75 201.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 195.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 195.75 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 195.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 195.75 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 195.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 195.75 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 195.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 195.75 12.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 195.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 161.75 201.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 161.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 161.75 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 161.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 161.75 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 161.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 161.75 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 161.75 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 161.75 12.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 161.75 54.00 -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 251 657.75 m 305 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 657.75 m 315 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 657.75 m 369 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 657.75 m 379 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 657.75 m 433 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 657.75 m 443 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 657.75 m 497 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 657.75 m 509 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 657.75 m 563 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 657.75 m 305 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 645.75 m 305 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 657.75 m 315 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 657.75 m 369 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 645.75 m 369 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 657.75 m 379 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 657.75 m 433 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 645.75 m 433 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 657.75 m 443 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 657.75 m 497 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 645.75 m 497 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 657.75 m 509 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 657.75 m 563 657.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 645.75 m 563 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 561.75 m 305 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 561.75 m 369 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 561.75 m 433 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 561.75 m 497 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 561.75 m 563 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 513.75 m 305 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 513.75 m 369 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 513.75 m 433 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 513.75 m 497 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 513.75 m 563 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 489.75 m 305 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 489.75 m 369 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 489.75 m 433 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 489.75 m 497 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 489.75 m 563 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 417.75 m 305 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 417.75 m 369 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 417.75 m 433 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 417.75 m 497 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 417.75 m 563 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 393.75 m 305 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 393.75 m 369 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 393.75 m 433 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 393.75 m 497 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 393.75 m 563 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 335.75 m 305 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 335.75 m 369 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 335.75 m 433 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 335.75 m 497 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 335.75 m 563 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 265.75 m 305 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 265.75 m 369 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 265.75 m 433 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 265.75 m 497 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 265.75 m 563 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 207.75 m 305 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 207.75 m 369 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 207.75 m 433 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 207.75 m 497 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 207.75 m 563 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 174.75 m 305 174.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 172.75 m 305 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 174.75 m 369 174.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 172.75 m 369 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 174.75 m 433 174.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 172.75 m 433 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 174.75 m 497 174.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 172.75 m 497 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 174.75 m 563 174.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 172.75 m 563 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 140.75 m 305 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 138.75 m 305 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 140.75 m 369 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 138.75 m 369 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 140.75 m 433 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 138.75 m 433 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 140.75 m 497 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 138.75 m 497 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 140.75 m 563 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 138.75 m 563 138.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.95 660.48 Td (For the year ended December 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 267.50 648.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.50 648.48 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.50 648.48 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.75 648.48 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.50 648.48 Td (2010) 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 253.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 612.37 Td (369,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 612.37 Td (248,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 612.37 Td (232,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 612.37 Td (202,513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 612.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 612.37 Td (239,630) 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 268.65 600.37 Td (156,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 600.37 Td (146,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 600.37 Td (166,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 600.37 Td (135,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 600.37 Td (161,698) 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 273.65 588.37 Td (85,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 588.37 Td (83,045) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 588.37 Td (65,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 588.37 Td (63,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 588.37 Td (55,948) 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 273.65 576.37 Td (48,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 576.37 Td (50,409) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 576.37 Td (37,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 576.37 Td (43,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 576.37 Td (40,474) 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 273.65 564.37 Td (12,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 564.37 Td (21,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 564.37 Td (4,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 564.37 Td (8,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 564.37 Td (5,371) 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 268.65 540.37 Td (673,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 540.37 Td (550,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 540.37 Td (508,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 540.37 Td (452,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 540.37 Td (503,121) 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 273.65 516.37 Td (25,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 516.37 Td (25,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 516.37 Td (19,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 516.37 Td (20,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 516.37 Td (23,187) 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 268.65 492.37 Td (648,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 492.37 Td (525,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 492.37 Td (488,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 492.37 Td (432,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 492.37 Td (479,934) 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 268.65 456.37 Td (394,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 456.37 Td (322,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 456.37 Td (296,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 456.37 Td (265,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 456.37 Td (280,047) 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 291.15 444.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.65 444.37 Td (4,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 444.37 Td (3,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 444.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 444.37 Td (10,699) 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 291.15 432.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.15 432.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 432.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 432.37 Td (120,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 432.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 420.37 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 420.37 Td (143,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 420.37 Td (122,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 420.37 Td (119,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 420.37 Td (126,959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 420.37 Td (135,371) 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 268.65 396.37 Td (537,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 396.37 Td (449,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 396.37 Td (419,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 396.37 Td (512,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 396.37 Td (426,117) 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 268.65 364.42 Td (110,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 364.42 Td (75,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 364.42 Td (69,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 364.47 Td (\(80,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 364.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 364.42 Td (53,817) 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 273.65 338.37 Td (35,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 338.37 Td (20,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 338.37 Td (19,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 338.37 Td (9,120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 338.37 Td (32,163) 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 273.65 314.37 Td (74,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 314.37 Td (55,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 314.37 Td (49,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 314.37 Td (\(89,309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 314.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 314.37 Td (21,654) 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 58.50 278.32 Td (Income/\(loss\) from discontinued operations,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 268.37 Td (net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.15 270.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.30 270.47 Td (\(4,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 270.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.30 270.47 Td (\(5,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 270.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 270.47 Td (\(11,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 270.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 270.42 Td (2,276) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 244.48 Td (Net income/\(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 244.37 Td (74,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 244.37 Td (50,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 244.37 Td (43,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 244.37 Td (\(100,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 244.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 244.37 Td (23,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 220.32 Td (Net income/\(loss\) applicable to noncontrolling) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 210.37 Td (interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 212.42 Td (11,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.65 212.42 Td (5,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 212.42 Td (2,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 212.42 Td (1,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 212.47 Td (\(432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 212.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 186.48 Td (Net income/\(loss\) applicable to Piper Jaffray) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 176.48 Td (Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 178.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 178.42 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 178.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 178.42 Td (45,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 178.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 178.42 Td (41,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.50 178.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 178.47 Td (\(102,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 178.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 178.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 178.42 Td (24,362) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 152.48 Td (Net income/\(loss\) applicable to Piper Jaffray) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 142.48 Td (Companies' common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 144.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 144.42 Td (58,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 144.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 144.42 Td (40,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 144.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 144.42 Td (35,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.50 144.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 144.47 Td (\(102,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 144.42 Td (\)) Tj ET Q BT /F1 4.55 Tf ET q 0 0 0 rg BT 499.50 147.37 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 144.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 144.42 Td (18,929) 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 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 endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 75.60 Td (23) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 733.5 m 305 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 733.5 m 315 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 733.5 m 369 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 733.5 m 379 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 733.5 m 433 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 733.5 m 443 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 733.5 m 497 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 733.5 m 509 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 733.5 m 563 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 733.5 m 305 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 721.5 m 305 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 733.5 m 315 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 733.5 m 369 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 721.5 m 369 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 733.5 m 379 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 733.5 m 433 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 721.5 m 433 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 733.5 m 443 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 733.5 m 497 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 721.5 m 497 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 733.5 m 509 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 733.5 m 563 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 721.5 m 563 721.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.95 736.23 Td (For the year ended December 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 267.50 724.23 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.50 724.23 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.50 724.23 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.75 724.23 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.50 724.23 Td (2010) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 709.50 201.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 709.50 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 709.50 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 709.50 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 709.50 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 709.50 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 709.50 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 709.50 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 709.50 12.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 709.50 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 675.50 201.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 675.50 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 675.50 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 675.50 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 675.50 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 675.50 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 675.50 10.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 675.50 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 675.50 12.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 675.50 54.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 631.50 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 631.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 631.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 631.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 631.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 631.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 631.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 631.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 631.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 631.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 607.50 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 607.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 607.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 607.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 607.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 607.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 607.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 607.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 607.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 607.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 583.50 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 583.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 583.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 583.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 583.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 583.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 583.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 583.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 583.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 583.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 559.50 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 559.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 559.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 559.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 559.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 559.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 559.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 559.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 559.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 559.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 535.50 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 535.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 535.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 535.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 535.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 535.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 535.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 535.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 535.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 535.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 511.50 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 511.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 511.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 511.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 511.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 511.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 511.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 511.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 511.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 511.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 487.50 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 487.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 487.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 487.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 487.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 487.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 487.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 487.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 487.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 487.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 463.50 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 463.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 463.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 463.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 463.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 463.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 463.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 463.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 463.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 463.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 439.50 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 439.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 439.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 439.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 439.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 439.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 439.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 439.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 439.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 439.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 415.50 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 415.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 415.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 415.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 415.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 415.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 415.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 415.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 415.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 415.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 391.50 201.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 391.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 391.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 391.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 391.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 391.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 391.50 10.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 391.50 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 391.50 12.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 391.50 54.00 -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 251 653.5 m 305 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 653.5 m 369 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 653.5 m 433 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 653.5 m 497 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 653.5 m 563 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 583.5 m 305 583.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 583.5 m 369 583.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 583.5 m 433 583.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 583.5 m 497 583.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 583.5 m 563 583.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251 523.5 m 305 523.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 523.5 m 369 523.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 523.5 m 433 523.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 523.5 m 497 523.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 523.5 m 563 523.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 523.5 m 497 523.5 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 253.50 678.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 678.12 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 678.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 678.12 Td (49,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 678.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 678.12 Td (47,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.50 678.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 678.12 Td (\(90,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 678.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 678.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 678.12 Td (22,086) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 666.07 Td (Net income/\(loss\) from discontinued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 656.12 Td (operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.15 658.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.30 658.22 Td (\(4,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 658.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.30 658.22 Td (\(5,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 658.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 658.22 Td (\(11,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 658.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 658.17 Td (2,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 644.07 Td (Net income/\(loss\) applicable to Piper Jaffray) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 634.12 Td (Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 636.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 636.17 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 636.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 636.17 Td (45,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 636.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 636.17 Td (41,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.50 636.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 636.22 Td (\(102,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 636.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 636.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 636.17 Td (24,362) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 610.23 Td (Earnings/\(loss\) per basic common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 598.12 Td (Income/\(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 598.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 598.12 Td (3.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 598.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 598.12 Td (2.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 598.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 598.12 Td (2.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.50 598.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 598.12 Td (\(5.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 598.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 598.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 598.12 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 586.12 Td (Income/\(loss\) from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.15 586.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.30 586.12 Td (\(0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 586.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.30 586.12 Td (\(0.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 586.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 586.12 Td (\(0.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 586.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 586.12 Td (0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 574.12 Td (Earnings/\(loss\) per basic common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 574.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 574.12 Td (3.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 574.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 574.12 Td (2.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 574.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 574.12 Td (2.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.50 574.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 574.12 Td (\(6.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 574.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 574.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 574.12 Td (1.23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 550.23 Td (Earnings/\(loss\) per diluted common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 538.12 Td (Income/\(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 538.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 538.12 Td (3.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 538.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 538.12 Td (2.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 538.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 538.12 Td (2.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.50 538.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 538.12 Td (\(5.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 538.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 538.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 538.12 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 526.12 Td (Income/\(loss\) from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.15 526.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.30 526.12 Td (\(0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 526.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.30 526.12 Td (\(0.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 526.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 526.12 Td (\(0.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 526.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 526.12 Td (0.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 514.12 Td (Earnings/\(loss\) per diluted common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 514.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 514.12 Td (3.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 514.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 514.12 Td (2.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 514.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 514.12 Td (2.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.50 514.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 514.12 Td (\(6.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 514.12 Td (\)) Tj ET Q BT /F1 4.55 Tf ET q 0 0 0 rg BT 499.50 519.12 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 514.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 514.12 Td (1.23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 490.23 Td (Weighted average number of common shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 478.12 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 478.12 Td (14,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 478.12 Td (15,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 478.12 Td (15,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 478.12 Td (15,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 478.12 Td (15,348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 466.12 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 466.12 Td (15,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 466.12 Td (15,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 466.12 Td (15,616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 466.12 Td (15,672) Tj ET Q BT /F1 4.55 Tf ET q 0 0 0 rg BT 499.50 471.12 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 466.12 Td (15,378) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 442.23 Td (Other data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 430.12 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 430.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.10 430.12 Td (2,623,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 430.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.10 430.12 Td (2,318,157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 430.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.10 430.12 Td (2,087,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.50 430.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.10 430.12 Td (1,655,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 430.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.10 430.12 Td (2,033,787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 418.12 Td (Long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 418.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 418.12 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 418.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 418.12 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 418.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 418.12 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.50 418.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 418.12 Td (115,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 418.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 418.12 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 406.12 Td (Total common shareholders' equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 406.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 406.12 Td (819,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 406.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 406.12 Td (734,676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 406.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 406.12 Td (733,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.50 406.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 406.12 Td (718,391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 406.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 406.12 Td (813,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 394.12 Td (Total shareholders' equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 394.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 394.12 Td (969,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.50 394.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 394.12 Td (882,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 394.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 394.12 Td (790,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.50 394.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 394.12 Td (750,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 394.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 394.12 Td (818,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 382.12 Td (T) Tj ET Q q 0 0 0 rg BT 63.91 382.12 Td (otal employees ) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 126.67 385.29 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 382.12 Td (1,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.65 382.12 Td (1,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 382.12 Td (907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 382.12 Td (919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 382.12 Td (922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.50 380.00 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 366.20 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 366.20 Td (No ) Tj ET Q q 0 0 0 rg BT 80.25 366.20 Td (allocation ) Tj ET Q q 0 0 0 rg BT 119.00 366.20 Td (of ) Tj ET Q q 0 0 0 rg BT 128.25 366.20 Td (income ) Tj ET Q q 0 0 0 rg BT 156.49 366.20 Td (was ) Tj ET Q q 0 0 0 rg BT 172.74 366.20 Td (made ) Tj ET Q q 0 0 0 rg BT 194.49 366.20 Td (due ) Tj ET Q q 0 0 0 rg BT 209.73 366.20 Td (to ) Tj ET Q q 0 0 0 rg BT 218.98 366.20 Td (loss ) Tj ET Q q 0 0 0 rg BT 235.24 366.20 Td (position.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 352.40 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 352.40 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 102.88 352.40 Td (per ) Tj ET Q q 0 0 0 rg BT 117.26 352.40 Td (diluted ) Tj ET Q q 0 0 0 rg BT 144.64 352.40 Td (common ) Tj ET Q q 0 0 0 rg BT 177.51 352.40 Td (shar) Tj ET Q q 0 0 0 rg BT 193.18 352.40 Td (e ) Tj ET Q q 0 0 0 rg BT 199.55 352.40 Td (is ) Tj ET Q q 0 0 0 rg BT 207.94 352.40 Td (calculated ) Tj ET Q q 0 0 0 rg BT 247.80 352.40 Td (using ) Tj ET Q q 0 0 0 rg BT 269.69 352.40 Td (the ) Tj ET Q q 0 0 0 rg BT 283.06 352.40 Td (basic ) Tj ET Q q 0 0 0 rg BT 304.44 352.40 Td (weighted ) Tj ET Q q 0 0 0 rg BT 339.31 352.40 Td (average ) Tj ET Q q 0 0 0 rg BT 370.68 352.40 Td (number ) Tj ET Q q 0 0 0 rg BT 400.55 352.40 Td (of ) Tj ET Q q 0 0 0 rg BT 409.93 352.40 Td (common ) Tj ET Q q 0 0 0 rg BT 442.81 352.40 Td (shar) Tj ET Q q 0 0 0 rg BT 458.48 352.40 Td (es ) Tj ET Q q 0 0 0 rg BT 468.36 352.40 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 513.24 352.40 Td (for ) Tj ET Q q 0 0 0 rg BT 526.12 352.40 Td (periods ) Tj ET Q q 0 0 0 rg BT 555.50 352.40 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 341.60 Td (which ) Tj ET Q q 0 0 0 rg BT 91.25 341.60 Td (a ) Tj ET Q q 0 0 0 rg BT 98.00 341.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 114.25 341.60 Td (is ) Tj ET Q q 0 0 0 rg BT 122.51 341.60 Td (incurr) Tj ET Q q 0 0 0 rg BT 144.67 341.60 Td (ed.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 327.80 Td (\(3\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 327.80 Td (Number ) Tj ET Q q 0 0 0 rg BT 98.75 327.80 Td (of ) Tj ET Q q 0 0 0 rg BT 108.00 327.80 Td (employees ) Tj ET Q q 0 0 0 rg BT 147.73 327.80 Td (r) Tj ET Q q 0 0 0 rg BT 150.90 327.80 Td (eflect ) Tj ET Q q 0 0 0 rg BT 172.63 327.80 Td (continuing ) Tj ET Q q 0 0 0 rg BT 213.38 327.80 Td (operations.) 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 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 endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (ITEM 7. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 98.67 740.25 Td (MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 244.45 740.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 267.69 740.25 Td (ANAL) Tj ET Q q 0 0 0 rg BT 293.99 740.25 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 331.33 740.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 388.47 740.25 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 449.77 740.25 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 505.43 740.25 Td (TS OF) Tj ET Q q 0 0 0 rg BT 533.31 740.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 728.25 Td (OPERA) Tj ET Q q 0 0 0 rg BT 131.79 728.25 Td (TIONS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.92 704.25 Td (following ) Tj ET Q q 0 0 0 rg BT 109.69 704.25 Td (information ) Tj ET Q q 0 0 0 rg BT 159.77 704.25 Td (should ) Tj ET Q q 0 0 0 rg BT 189.32 704.25 Td (be ) Tj ET Q q 0 0 0 rg BT 201.63 704.25 Td (read ) Tj ET Q q 0 0 0 rg BT 221.72 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 232.37 704.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 282.46 704.25 Td (with ) Tj ET Q q 0 0 0 rg BT 303.11 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.21 704.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 379.39 704.25 Td (audited ) Tj ET Q q 0 0 0 rg BT 411.70 704.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 465.12 704.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 502.98 704.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 548.06 704.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (related ) Tj ET Q q 0 0 0 rg BT 79.04 692.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 102.50 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 119.28 692.25 Td (exhibits ) Tj ET Q q 0 0 0 rg BT 153.29 692.25 Td (included ) Tj ET Q q 0 0 0 rg BT 190.06 692.25 Td (elsewhere ) Tj ET Q q 0 0 0 rg BT 232.38 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 242.50 692.25 Td (this ) Tj ET Q q 0 0 0 rg BT 259.29 692.25 Td (report. ) Tj ET Q q 0 0 0 rg BT 288.01 692.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 319.79 692.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 364.34 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 374.46 692.25 Td (this ) Tj ET Q q 0 0 0 rg BT 391.25 692.25 Td (report ) Tj ET Q q 0 0 0 rg BT 417.47 692.25 Td (may ) Tj ET Q q 0 0 0 rg BT 437.03 692.25 Td (be ) Tj ET Q q 0 0 0 rg BT 448.82 692.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 494.47 692.25 Td (forward-looking. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 97.41 680.25 Td (that ) Tj ET Q q 0 0 0 rg BT 116.43 680.25 Td (are ) Tj ET Q q 0 0 0 rg BT 132.66 680.25 Td (not ) Tj ET Q q 0 0 0 rg BT 149.46 680.25 Td (historical ) Tj ET Q q 0 0 0 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 (2014) 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 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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 (2014) 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 88.51 452.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 116.13 452.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 153.47 452.25 Td (net ) Tj ET Q q 0 0 0 rg BT 169.70 452.25 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 211.75 452.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 249.09 452.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 290.87 452.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 333.49 452.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 370.83 452.25 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 403.16 452.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 444.94 452.25 Td (income ) Tj ET Q q 0 0 0 rg BT 478.39 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 496.85 452.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 534.19 452.25 Td (pre-tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.70 440.25 Td (mar) Tj ET Q q 0 0 0 rg BT 105.06 440.25 Td (gin. ) Tj ET Q q 0 0 0 rg BT 122.77 440.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 177.41 440.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 212.61 440.25 Td (that ) Tj ET Q q 0 0 0 rg BT 230.03 440.25 Td (presenting ) Tj ET Q q 0 0 0 rg BT 274.12 440.25 Td (these ) Tj ET Q q 0 0 0 rg BT 297.10 440.25 Td (results ) Tj ET Q q 0 0 0 rg BT 325.64 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 342.52 440.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 382.16 440.25 Td (on ) Tj ET Q q 0 0 0 rg BT 394.59 440.25 Td (an ) Tj ET Q q 0 0 0 rg BT 406.46 440.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 442.22 440.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 464.65 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 474.86 440.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 524.51 440.25 Td (with ) Tj ET Q q 0 0 0 rg BT 544.72 440.25 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.36 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 78.86 428.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 118.56 428.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 155.50 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 170.22 428.25 Td (most ) Tj ET Q q 0 0 0 rg BT 192.17 428.25 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 240.21 428.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 262.71 428.25 Td (for ) Tj ET Q q 0 0 0 rg BT 276.87 428.25 Td (comparison ) Tj ET Q q 0 0 0 rg BT 326.02 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 336.85 428.25 Td (its ) Tj ET Q q 0 0 0 rg BT 348.80 428.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 389.07 428.25 Td (results ) Tj ET Q q 0 0 0 rg BT 417.67 428.25 Td (across ) Tj ET Q q 0 0 0 rg BT 445.16 428.25 Td (periods. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (Executive Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.99 380.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 113.69 380.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 158.28 380.25 Td (are ) Tj ET Q q 0 0 0 rg BT 173.42 380.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 219.68 380.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 255.92 380.25 Td (in ) Tj ET Q q 0 0 0 rg BT 266.64 380.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 308.46 380.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 355.27 380.25 Td (banking, ) Tj ET Q q 0 0 0 rg BT 392.92 380.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 443.63 380.25 Td (brokerage, ) Tj ET Q q 0 0 0 rg BT 489.04 380.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.42 380.25 Td (management ) 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 66.43 368.25 Td (related ) Tj ET Q q 0 0 0 rg BT 96.11 368.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 133.58 368.25 Td (services ) Tj ET Q q 0 0 0 rg BT 168.28 368.25 Td (to ) Tj ET Q q 0 0 0 rg BT 178.54 368.25 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 233.51 368.25 Td (private ) Tj ET Q q 0 0 0 rg BT 263.76 368.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 291.25 368.25 Td (groups, ) Tj ET Q q 0 0 0 rg BT 323.45 368.25 Td (public ) Tj ET Q q 0 0 0 rg BT 350.94 368.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 384.80 368.25 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 427.84 368.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 459.21 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 476.13 368.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 526.40 368.25 Td (investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 356.25 Td (United ) Tj ET Q q 0 0 0 rg BT 104.21 356.25 Td (States ) Tj ET Q q 0 0 0 rg BT 130.60 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.54 356.25 Td (Europe. ) Tj ET Q q 0 0 0 rg BT 181.23 356.25 Td (W) Tj ET Q q 0 0 0 rg BT 189.87 356.25 Td (e ) Tj ET Q q 0 0 0 rg BT 196.81 356.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 228.73 356.25 Td (through ) Tj ET Q q 0 0 0 rg BT 262.34 356.25 Td (two ) Tj ET Q q 0 0 0 rg BT 279.84 356.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 322.87 356.25 Td (business ) Tj ET Q q 0 0 0 rg BT 359.27 356.25 Td (segments:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 82.85 332.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 120.63 332.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.63 332.25 Td ( ) Tj ET Q q 0 0 0 rg BT 127.19 332.25 Td (The ) Tj ET Q q 0 0 0 rg BT 144.41 332.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 174.97 332.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 209.42 332.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 244.43 332.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 280.55 332.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 330.00 332.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 353.62 332.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 383.63 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 399.74 332.25 Td (research ) Tj ET Q q 0 0 0 rg BT 434.73 332.25 Td (services ) Tj ET Q q 0 0 0 rg BT 468.62 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 484.73 332.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 530.30 332.25 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (services. ) Tj ET Q q 0 0 0 rg BT 85.91 320.25 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 135.94 320.25 Td (sales, ) Tj ET Q q 0 0 0 rg BT 159.58 320.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 189.61 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 205.75 320.25 Td (research ) Tj ET Q q 0 0 0 rg BT 240.75 320.25 Td (services ) Tj ET Q q 0 0 0 rg BT 274.66 320.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 298.03 320.25 Td (on ) Tj ET Q q 0 0 0 rg BT 309.73 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.65 320.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 353.67 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.70 320.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 390.40 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 406.54 320.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 428.79 320.25 Td (income ) Tj ET Q q 0 0 0 rg BT 459.92 320.25 Td (products ) Tj ET Q q 0 0 0 rg BT 496.06 320.25 Td (with ) Tj ET Q q 0 0 0 rg BT 515.54 320.25 Td (institutions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (government ) Tj ET Q q 0 0 0 rg BT 100.29 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.76 308.25 Td (non-profit ) Tj ET Q q 0 0 0 rg BT 161.33 308.25 Td (entities. ) Tj ET Q q 0 0 0 rg BT 195.74 308.25 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 237.64 308.25 Td (are ) Tj ET Q q 0 0 0 rg BT 252.88 308.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 294.77 308.25 Td (through ) Tj ET Q q 0 0 0 rg BT 328.90 308.25 Td (commissions ) Tj ET Q q 0 0 0 rg BT 384.16 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 401.62 308.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 424.09 308.25 Td (credits ) Tj ET Q q 0 0 0 rg BT 453.77 308.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 483.45 308.25 Td (on ) Tj ET Q q 0 0 0 rg BT 496.47 308.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 524.50 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 541.96 308.25 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (income ) Tj ET Q q 0 0 0 rg BT 80.75 296.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 130.34 296.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 151.60 296.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 192.01 296.25 Td (net ) Tj ET Q q 0 0 0 rg BT 206.04 296.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 237.29 296.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 274.64 296.25 Td (on ) Tj ET Q q 0 0 0 rg BT 286.46 296.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 316.60 296.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 356.18 296.25 Td (held ) Tj ET Q q 0 0 0 rg BT 375.21 296.25 Td (in ) Tj ET Q q 0 0 0 rg BT 384.81 296.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 422.48 296.25 Td (, ) Tj ET Q q 0 0 0 rg BT 426.80 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 443.05 296.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 470.97 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.23 296.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 512.94 296.25 Td (from ) Tj ET Q q 0 0 0 rg BT 534.19 296.25 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (these ) Tj ET Q q 0 0 0 rg BT 72.71 284.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 115.63 284.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 162.72 284.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 197.60 284.25 Td (services ) Tj ET Q q 0 0 0 rg BT 232.46 284.25 Td (include ) Tj ET Q q 0 0 0 rg BT 264.55 284.25 Td (management ) Tj ET Q q 0 0 0 rg BT 318.30 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.29 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 346.39 284.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 399.58 284.25 Td (in ) Tj ET Q q 0 0 0 rg BT 410.02 284.25 Td (underwritings, ) Tj ET Q q 0 0 0 rg BT 470.73 284.25 Td (mer) Tj ET Q q 0 0 0 rg BT 486.09 284.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 501.52 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.62 284.25 Td (acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (services ) Tj ET Q q 0 0 0 rg BT 83.53 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 99.79 272.25 Td (public ) Tj ET Q q 0 0 0 rg BT 126.60 272.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 157.85 272.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 198.27 272.25 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 238.97 272.25 Td (are ) Tj ET Q q 0 0 0 rg BT 253.00 272.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 293.68 272.25 Td (through ) Tj ET Q q 0 0 0 rg BT 326.61 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.65 272.25 Td (receipt ) Tj ET Q q 0 0 0 rg BT 369.67 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 379.82 272.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 416.08 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 432.34 272.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 471.93 272.25 Td (fees. ) Tj ET Q q 0 0 0 rg BT 491.94 272.25 Td (Also, ) Tj ET Q q 0 0 0 rg BT 515.16 272.25 Td (we ) Tj ET Q q 0 0 0 rg BT 528.64 272.25 Td (generate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 82.54 260.25 Td (through ) Tj ET Q q 0 0 0 rg BT 115.04 260.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 150.31 260.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 180.03 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 195.86 260.25 Td (investing ) Tj ET Q q 0 0 0 rg BT 233.92 260.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 273.91 260.25 Td (which ) Tj ET Q q 0 0 0 rg BT 299.74 260.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 322.80 260.25 Td (on ) Tj ET Q q 0 0 0 rg BT 334.19 260.25 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 380.01 260.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 429.18 260.25 Td (in ) Tj ET Q q 0 0 0 rg BT 438.35 260.25 Td (a ) Tj ET Q q 0 0 0 rg BT 444.18 260.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 473.34 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 483.06 260.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 524.72 260.25 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 92.44 248.25 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 121.78 248.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 194.14 248.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 237.36 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.75 248.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 282.69 248.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 323.41 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.80 248.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 380.95 248.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 416.12 248.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 455.17 248.25 Td (that ) Tj ET Q q 0 0 0 rg BT 473.11 248.25 Td (involve ) Tj ET Q q 0 0 0 rg BT 506.06 248.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 534.00 248.25 Td (or ) Tj ET Q q 0 0 0 rg BT 545.28 248.25 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 98.93 236.25 Td (in ) Tj ET Q q 0 0 0 rg BT 108.37 236.25 Td (late ) Tj ET Q q 0 0 0 rg BT 124.46 236.25 Td (stage ) Tj ET Q q 0 0 0 rg BT 146.67 236.25 Td (private ) Tj ET Q q 0 0 0 rg BT 176.09 236.25 Td (companies. ) Tj ET Q q 0 0 0 rg BT 222.65 236.25 Td (As ) Tj ET Q q 0 0 0 rg BT 235.42 236.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 264.28 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 274.27 236.25 Td (these ) Tj ET Q q 0 0 0 rg BT 296.48 236.25 Td (ef) Tj ET Q q 0 0 0 rg BT 304.07 236.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 324.05 236.25 Td (have ) Tj ET Q q 0 0 0 rg BT 344.59 236.25 Td (matured ) Tj ET Q q 0 0 0 rg BT 379.01 236.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.11 236.25 Td (an ) Tj ET Q q 0 0 0 rg BT 406.21 236.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 451.75 236.25 Td (process ) Tj ET Q q 0 0 0 rg BT 483.40 236.25 Td (has ) Tj ET Q q 0 0 0 rg BT 498.39 236.25 Td (been ) Tj ET Q q 0 0 0 rg BT 518.92 236.25 Td (developed, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (we ) Tj ET Q q 0 0 0 rg BT 63.65 224.25 Td (have ) Tj ET Q q 0 0 0 rg BT 85.02 224.25 Td (created ) Tj ET Q q 0 0 0 rg BT 116.38 224.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 161.07 224.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 183.00 224.25 Td (management ) Tj ET Q q 0 0 0 rg BT 236.58 224.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 261.29 224.25 Td (in ) Tj ET Q q 0 0 0 rg BT 271.57 224.25 Td (merchant ) Tj ET Q q 0 0 0 rg BT 311.26 224.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 345.97 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 362.90 224.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 405.38 224.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 445.64 224.25 Td (in ) Tj ET Q q 0 0 0 rg BT 455.91 224.25 Td (order ) Tj ET Q q 0 0 0 rg BT 479.50 224.25 Td (to ) Tj ET Q q 0 0 0 rg BT 489.77 224.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 516.15 224.25 Td (firm ) Tj ET Q q 0 0 0 rg BT 535.86 224.25 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 212.25 Td (well ) Tj ET Q q 0 0 0 rg BT 80.05 212.25 Td (as ) Tj ET Q q 0 0 0 rg BT 90.88 212.25 Td (to ) Tj ET Q q 0 0 0 rg BT 101.16 212.25 Td (seek ) Tj ET Q q 0 0 0 rg BT 121.42 212.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 150.57 212.25 Td (from ) Tj ET Q q 0 0 0 rg BT 172.51 212.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 203.90 212.25 Td (investors. ) Tj ET Q q 0 0 0 rg BT 244.83 212.25 Td (W) Tj ET Q q 0 0 0 rg BT 253.46 212.25 Td (e ) Tj ET Q q 0 0 0 rg BT 260.40 212.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 291.77 212.25 Td (management ) Tj ET Q q 0 0 0 rg BT 345.35 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 362.29 212.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 415.32 212.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 433.91 212.25 Td (for ) Tj ET Q q 0 0 0 rg BT 448.07 212.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 490.01 212.25 Td (these ) Tj ET Q q 0 0 0 rg BT 513.05 212.25 Td (funds.) 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 63.06 188.25 Td (part ) Tj ET Q q 0 0 0 rg BT 81.05 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 91.83 188.25 Td (our ) Tj ET Q q 0 0 0 rg BT 107.60 188.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 141.70 188.25 Td (to ) Tj ET Q q 0 0 0 rg BT 151.93 188.25 Td (grow ) Tj ET Q q 0 0 0 rg BT 174.92 188.25 Td (our ) Tj ET Q q 0 0 0 rg BT 190.70 188.25 Td (public ) Tj ET Q q 0 0 0 rg BT 218.14 188.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 250.01 188.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 288.84 188.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.29 188.25 Td (July12, ) Tj ET Q q 0 0 0 rg BT 335.41 188.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.41 188.25 Td (, ) Tj ET Q q 0 0 0 rg BT 360.35 188.25 Td (we ) Tj ET Q q 0 0 0 rg BT 374.46 188.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 418.55 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 433.21 188.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 479.54 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 490.32 188.25 Td (Seattle-Northwest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.21 176.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 141.81 176.25 Td (\("Seattle-Northwest"\), ) Tj ET Q q 0 0 0 rg BT 233.62 176.25 Td (a ) Tj ET Q q 0 0 0 rg BT 240.33 176.25 Td (Seattle-based ) Tj ET Q q 0 0 0 rg BT 295.92 176.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 342.08 176.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 363.80 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 380.52 176.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 408.89 176.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 435.59 176.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 468.97 176.25 Td (on ) Tj ET Q q 0 0 0 rg BT 481.25 176.25 Td (public ) Tj ET Q q 0 0 0 rg BT 508.52 176.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 540.22 176.25 Td (in ) Tj ET Q q 0 0 0 rg BT 550.28 176.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (Northwest ) Tj ET Q q 0 0 0 rg BT 93.66 164.25 Td (region ) Tj ET Q q 0 0 0 rg BT 121.71 164.25 Td (of ) Tj ET Q q 0 0 0 rg BT 132.54 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 147.25 164.25 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.37 140.25 Td (July16, ) Tj ET Q q 0 0 0 rg BT 96.69 140.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.69 140.25 Td (, ) Tj ET Q q 0 0 0 rg BT 120.84 140.25 Td (we ) Tj ET Q q 0 0 0 rg BT 134.14 140.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 177.44 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.31 140.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 228.49 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 238.47 140.25 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 280.10 140.25 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 317.02 140.25 Td (L.P) Tj ET Q q 0 0 0 rg BT 330.08 140.25 Td (. ) Tj ET Q q 0 0 0 rg BT 334.23 140.25 Td (\("Edgeview"\), ) Tj ET Q q 0 0 0 rg BT 393.19 140.25 Td (a ) Tj ET Q q 0 0 0 rg BT 399.27 140.25 Td (middle-market ) Tj ET Q q 0 0 0 rg BT 459.79 140.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 495.87 140.25 Td (firm ) Tj ET Q q 0 0 0 rg BT 514.74 140.25 Td (specializing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.70 128.25 Td (mer) Tj ET Q q 0 0 0 rg BT 75.07 128.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 94.15 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 111.01 128.25 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 163.53 128.25 Td (The ) Tj ET Q q 0 0 0 rg BT 181.50 128.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 227.80 128.25 Td (further ) Tj ET Q q 0 0 0 rg BT 257.43 128.25 Td (strengthened ) Tj ET Q q 0 0 0 rg BT 310.95 128.25 Td (our ) Tj ET Q q 0 0 0 rg BT 326.70 128.25 Td (mer) Tj ET Q q 0 0 0 rg BT 342.06 128.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 361.15 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.01 128.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 428.20 128.25 Td (position ) Tj ET Q q 0 0 0 rg BT 462.85 128.25 Td (in ) Tj ET Q q 0 0 0 rg BT 473.05 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.69 128.25 Td (middle ) Tj ET Q q 0 0 0 rg BT 517.88 128.25 Td (market ) Tj ET Q q 0 0 0 rg BT 548.07 128.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (added ) Tj ET Q q 0 0 0 rg BT 75.88 116.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 116.14 116.25 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 156.95 116.25 Td (to ) Tj ET Q q 0 0 0 rg BT 167.22 116.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.94 116.25 Td (private ) Tj ET Q q 0 0 0 rg BT 212.21 116.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 239.70 116.25 Td (community) Tj ET Q q 0 0 0 rg BT 284.60 116.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (For ) Tj ET Q q 0 0 0 rg BT 65.41 92.25 Td (more ) Tj ET Q q 0 0 0 rg BT 87.98 92.25 Td (information ) Tj ET Q q 0 0 0 rg BT 137.21 92.25 Td (on ) Tj ET Q q 0 0 0 rg BT 149.23 92.25 Td (our ) Tj ET Q q 0 0 0 rg BT 164.58 92.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 214.38 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 224.73 92.25 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 298.95 92.25 Td (and ) Tj ET Q q 0 0 0 rg BT 315.41 92.25 Td (Edgeview) Tj ET Q q 0 0 0 rg BT 354.75 92.25 Td (, ) Tj ET Q q 0 0 0 rg BT 359.27 92.25 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.05 92.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 395.51 92.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.51 92.25 Td ( ) Tj ET Q q 0 0 0 rg BT 402.53 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 412.88 92.25 Td (our ) Tj ET Q q 0 0 0 rg BT 428.24 92.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 480.80 92.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 517.80 92.25 Td (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 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 endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 74.83 740.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 133.48 740.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.48 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 140.86 740.25 Td (The ) Tj ET Q q 0 0 0 rg BT 158.40 740.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 183.17 740.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 237.93 740.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 273.81 740.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 310.81 740.25 Td (traditional ) Tj ET Q q 0 0 0 rg BT 354.46 740.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 376.46 740.25 Td (management ) Tj ET Q q 0 0 0 rg BT 430.10 740.25 Td (services ) Tj ET Q q 0 0 0 rg BT 464.86 740.25 Td (by ) Tj ET Q q 0 0 0 rg BT 477.42 740.25 Td (taking ) Tj ET Q q 0 0 0 rg BT 504.97 740.25 Td (a ) Tj ET Q q 0 0 0 rg BT 511.97 740.25 Td (value-driven ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.25 Td (approach ) Tj ET Q q 0 0 0 rg BT 88.47 728.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.57 728.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 140.33 728.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 165.98 728.25 Td (in ) Tj ET Q q 0 0 0 rg BT 176.09 728.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 214.51 728.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.28 728.25 Td (international ) Tj ET Q q 0 0 0 rg BT 284.14 728.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 311.46 728.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 347.42 728.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 397.33 728.25 Td (, ) Tj ET Q q 0 0 0 rg BT 402.15 728.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.69 728.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 438.45 728.25 Td (management ) Tj ET Q q 0 0 0 rg BT 491.87 728.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 527.52 728.25 Td (manages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.87 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 110.24 716.25 Td (master ) Tj ET Q q 0 0 0 rg BT 139.49 716.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 170.42 716.25 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 221.89 716.25 Td (\("MLPs"\) ) Tj ET Q q 0 0 0 rg BT 263.76 716.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 297.46 716.25 Td (on ) Tj ET Q q 0 0 0 rg BT 310.05 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 324.86 716.25 Td (ener) Tj ET Q q 0 0 0 rg BT 341.89 716.25 Td (gy ) Tj ET Q q 0 0 0 rg BT 354.49 716.25 Td (sector ) Tj ET Q q 0 0 0 rg BT 380.96 716.25 Td (for ) Tj ET Q q 0 0 0 rg BT 395.21 716.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 442.26 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.29 716.25 Td (individuals. ) Tj ET Q q 0 0 0 rg BT 508.83 716.25 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 550.31 716.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 90.59 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 100.60 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.05 704.25 Td (form ) Tj ET Q q 0 0 0 rg BT 136.72 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 147.28 704.25 Td (management ) Tj ET Q q 0 0 0 rg BT 200.60 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.27 704.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 270.02 704.25 Td (fees. ) Tj ET Q q 0 0 0 rg BT 290.85 704.25 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 331.96 704.25 Td (are ) Tj ET Q q 0 0 0 rg BT 346.39 704.25 Td (also ) Tj ET Q q 0 0 0 rg BT 364.73 704.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 405.83 704.25 Td (through ) Tj ET Q q 0 0 0 rg BT 439.16 704.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 489.17 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 499.18 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.62 704.25 Td (partnerships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 692.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 91.16 692.25 Td (that ) Tj ET Q q 0 0 0 rg BT 108.66 692.25 Td (we ) Tj ET Q q 0 0 0 rg BT 122.82 692.25 Td (manage.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (Discontinued ) Tj ET Q q 0 0 0 rg BT 107.47 668.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 157.09 668.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.93 668.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 181.32 668.25 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 234.27 668.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 277.77 668.25 Td (include ) Tj ET Q q 0 0 0 rg BT 309.04 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.10 668.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 362.71 668.25 Td (results ) Tj ET Q q 0 0 0 rg BT 390.66 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 400.83 668.25 Td (our ) Tj ET Q q 0 0 0 rg BT 416.00 668.25 Td (Hong ) Tj ET Q q 0 0 0 rg BT 440.07 668.25 Td (Kong ) Tj ET Q q 0 0 0 rg BT 464.13 668.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 492.62 668.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 526.12 668.25 Td (business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (which ) Tj ET Q q 0 0 0 rg BT 76.46 656.25 Td (ceased ) Tj ET Q q 0 0 0 rg BT 105.64 656.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 149.82 656.25 Td (in ) Tj ET Q q 0 0 0 rg BT 160.12 656.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 185.15 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 202.11 656.25 Td (Fiduciary ) Tj ET Q q 0 0 0 rg BT 242.40 656.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 267.15 656.25 Td (Management, ) Tj ET Q q 0 0 0 rg BT 324.38 656.25 Td (LLC ) Tj ET Q q 0 0 0 rg BT 345.79 656.25 Td (\("F) Tj ET Q q 0 0 0 rg BT 358.02 656.25 Td (AMCO"\), ) Tj ET Q q 0 0 0 rg BT 400.47 656.25 Td (an ) Tj ET Q q 0 0 0 rg BT 412.43 656.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 434.40 656.25 Td (management ) Tj ET Q q 0 0 0 rg BT 488.01 656.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 531.65 656.25 Td (we ) Tj ET Q q 0 0 0 rg BT 545.83 656.25 Td (sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.20 644.25 Td (2013. ) Tj ET Q q 0 0 0 rg BT 84.97 644.25 Td (As ) Tj ET Q q 0 0 0 rg BT 99.00 644.25 Td (a ) Tj ET Q q 0 0 0 rg BT 106.36 644.25 Td (result ) Tj ET Q q 0 0 0 rg BT 131.50 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 142.75 644.25 Td (discontinuing ) Tj ET Q q 0 0 0 rg BT 200.11 644.25 Td (our ) Tj ET Q q 0 0 0 rg BT 216.36 644.25 Td (Hong ) Tj ET Q q 0 0 0 rg BT 241.50 644.25 Td (Kong ) Tj ET Q q 0 0 0 rg BT 266.64 644.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 296.21 644.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 330.78 644.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 370.09 644.25 Td (we ) Tj ET Q q 0 0 0 rg BT 384.67 644.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 419.23 644.25 Td (net ) Tj ET Q q 0 0 0 rg BT 434.37 644.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 455.05 644.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 493.51 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.76 644.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td ($19.1 ) Tj ET Q q 0 0 0 rg BT 74.05 632.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 107.49 632.25 Td (due ) Tj ET Q q 0 0 0 rg BT 123.98 632.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 169.34 632.25 Td (to ) Tj ET Q q 0 0 0 rg BT 179.17 632.25 Td (a ) Tj ET Q q 0 0 0 rg BT 185.66 632.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 205.49 632.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 219.75 632.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 249.57 632.25 Td (for ) Tj ET Q q 0 0 0 rg BT 263.27 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.54 632.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 311.23 632.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 328.84 632.25 Td (on ) Tj ET Q q 0 0 0 rg BT 340.89 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.15 632.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 401.08 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 410.91 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 426.29 632.25 Td (Hong ) Tj ET Q q 0 0 0 rg BT 450.56 632.25 Td (Kong ) Tj ET Q q 0 0 0 rg BT 474.83 632.25 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 526.59 632.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.08 632.25 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 620.25 Td ( ) Tj ET Q q 0 0 0 rg BT 57.00 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 67.28 620.25 Td (our ) Tj ET Q q 0 0 0 rg BT 83.11 620.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 136.15 620.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 173.63 620.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 218.34 620.25 Td (for ) Tj ET Q q 0 0 0 rg BT 232.50 620.25 Td (further ) Tj ET Q q 0 0 0 rg BT 262.21 620.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 306.38 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 317.21 620.25 Td (our ) Tj ET Q q 0 0 0 rg BT 333.04 620.25 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 386.64 620.25 Td (operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (Results for the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 112.01 596.25 Td (year) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.78 596.25 Td ( ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 159.22 596.25 Td (December31, 2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 238.36 596.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 66.95 572.25 Td (income ) Tj ET Q q 0 0 0 rg BT 99.39 572.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 143.48 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 154.27 572.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 178.38 572.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 189.86 572.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 208.97 572.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 256.97 572.25 Td (from ) Tj ET Q q 0 0 0 rg BT 279.41 572.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 325.19 572.25 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.86 572.25 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.63 572.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.64 572.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.64 572.25 Td ( ) Tj ET Q q 0 0 0 rg BT 403.65 572.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.21 572.25 Td ($63.2 ) Tj ET Q q 0 0 0 rg BT 447.71 572.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.61 572.25 Td (, ) Tj ET Q q 0 0 0 rg BT 482.11 572.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.45 572.25 Td ($3.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.95 572.25 Td ( ) Tj ET Q q 0 0 0 rg BT 518.96 572.25 Td (per ) Tj ET Q q 0 0 0 rg BT 534.73 572.25 Td (diluted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (common ) Tj ET Q q 0 0 0 rg BT 85.87 560.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 110.85 560.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 151.66 560.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.81 560.25 Td ($49.8 ) Tj ET Q q 0 0 0 rg BT 194.69 560.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.58 560.25 Td (, ) Tj ET Q q 0 0 0 rg BT 227.46 560.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.17 560.25 Td ($2.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.67 560.25 Td ( ) Tj ET Q q 0 0 0 rg BT 261.05 560.25 Td (per ) Tj ET Q q 0 0 0 rg BT 275.20 560.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 304.35 560.25 Td (common ) Tj ET Q q 0 0 0 rg BT 340.73 560.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 365.71 560.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.86 560.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.86 560.25 Td (. ) Tj ET Q q 0 0 0 rg BT 398.64 560.25 Td (The ) Tj ET Q q 0 0 0 rg BT 415.57 560.25 Td (prior) Tj ET Q q 0 0 0 rg BT 434.81 560.25 Td (-year ) Tj ET Q q 0 0 0 rg BT 456.72 560.25 Td (period ) Tj ET Q q 0 0 0 rg BT 483.65 560.25 Td (results ) Tj ET Q q 0 0 0 rg BT 511.14 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 520.85 560.25 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (include ) Tj ET Q q 0 0 0 rg BT 81.92 548.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.34 548.25 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 109.82 548.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.71 548.25 Td (, ) Tj ET Q q 0 0 0 rg BT 144.19 548.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.51 548.25 Td ($0.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.01 548.25 Td ( ) Tj ET Q q 0 0 0 rg BT 180.99 548.25 Td (per ) Tj ET Q q 0 0 0 rg BT 196.74 548.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 227.50 548.25 Td (common ) Tj ET Q q 0 0 0 rg BT 265.47 548.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 292.05 548.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 307.25 548.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 338.00 548.25 Td (from ) Tj ET Q q 0 0 0 rg BT 360.42 548.25 Td (reversing ) Tj ET Q q 0 0 0 rg BT 400.61 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 415.81 548.25 Td (full ) Tj ET Q q 0 0 0 rg BT 432.68 548.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 465.66 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.97 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 493.28 548.25 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 515.71 548.25 Td (subsidiary's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 85.69 536.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 100.80 536.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 123.12 536.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 163.22 536.25 Td (allowance. ) Tj ET Q q 0 0 0 rg BT 209.14 536.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.36 536.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.36 536.25 Td (, ) Tj ET Q q 0 0 0 rg BT 245.75 536.25 Td (we ) Tj ET Q q 0 0 0 rg BT 260.29 536.25 Td (generated ) Tj ET Q q 0 0 0 rg BT 302.04 536.25 Td (a ) Tj ET Q q 0 0 0 rg BT 309.37 536.25 Td (return ) Tj ET Q q 0 0 0 rg BT 336.13 536.25 Td (on ) Tj ET Q q 0 0 0 rg BT 349.02 536.25 Td (average ) Tj ET Q q 0 0 0 rg BT 382.99 536.25 Td (common ) Tj ET Q q 0 0 0 rg BT 420.87 536.25 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 476.10 536.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 503.98 536.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.20 536.25 Td (8.1 ) Tj ET Q q 0 0 0 rg BT 530.59 536.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 536.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 91.03 524.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.91 524.25 Td (6.2 ) Tj ET Q q 0 0 0 rg BT 125.52 524.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.94 524.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.05 524.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.82 524.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.82 524.25 Td (. ) Tj ET Q q 0 0 0 rg BT 195.42 524.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 211.97 524.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 249.61 524.25 Td (from ) Tj ET Q q 0 0 0 rg BT 271.15 524.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 316.03 524.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 359.79 524.25 Td (for ) Tj ET Q q 0 0 0 rg BT 373.56 524.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.88 524.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.09 524.25 Td ( ) Tj ET Q q 0 0 0 rg BT 407.20 524.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.18 524.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 491.37 524.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.37 524.25 Td ( ) Tj ET Q q 0 0 0 rg BT 513.48 524.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.01 524.25 Td ($648.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 512.25 Td (, ) Tj ET Q q 0 0 0 rg BT 83.85 512.25 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.81 512.25 Td (23.4 ) Tj ET Q q 0 0 0 rg BT 117.27 512.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.69 512.25 Td ( ) Tj ET Q q 0 0 0 rg BT 149.65 512.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 512.25 Td ($525.2 ) Tj ET Q q 0 0 0 rg BT 202.50 512.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.39 512.25 Td ( ) Tj ET Q q 0 0 0 rg BT 234.35 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 245.09 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.26 512.25 Td (year) Tj ET Q q 0 0 0 rg BT 277.27 512.25 Td (-ago ) Tj ET Q q 0 0 0 rg BT 298.00 512.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 329.00 512.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 357.51 512.25 Td (by ) Tj ET Q q 0 0 0 rg BT 370.46 512.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 423.41 512.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 451.92 512.25 Td (advisory ) Tj ET Q q 0 0 0 rg BT 489.31 512.25 Td (services ) Tj ET Q q 0 0 0 rg BT 524.48 512.25 Td (revenues. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (For ) Tj ET Q q 0 0 0 rg BT 66.43 500.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.69 500.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.90 500.25 Td ( ) Tj ET Q q 0 0 0 rg BT 101.94 500.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.86 500.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 187.99 500.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.99 500.25 Td (, ) Tj ET Q q 0 0 0 rg BT 213.53 500.25 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 290.44 500.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 329.58 500.25 Td (from ) Tj ET Q q 0 0 0 rg BT 352.06 500.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 397.88 500.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 442.58 500.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.05 500.25 Td ($143.3 ) Tj ET Q q 0 0 0 rg BT 495.59 500.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.48 500.25 Td (, ) Tj ET Q q 0 0 0 rg BT 530.02 500.25 Td (up ) Tj ET Q q 0 0 0 rg BT 543.06 500.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td ($127.1 ) Tj ET Q q 0 0 0 rg BT 78.94 488.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.83 488.25 Td ( ) Tj ET Q q 0 0 0 rg BT 109.78 488.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.50 488.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.50 488.25 Td (. ) Tj ET Q q 0 0 0 rg BT 143.80 488.25 Td (The ) Tj ET Q q 0 0 0 rg BT 161.29 488.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 195.98 488.25 Td (was ) Tj ET Q q 0 0 0 rg BT 213.48 488.25 Td (due ) Tj ET Q q 0 0 0 rg BT 229.86 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 239.58 488.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 267.07 488.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 305.11 488.25 Td (from ) Tj ET Q q 0 0 0 rg BT 326.49 488.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 366.19 488.25 Td (business ) Tj ET Q q 0 0 0 rg BT 402.02 488.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 433.95 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 450.33 488.25 Td (incremental ) Tj ET Q q 0 0 0 rg BT 499.47 488.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 521.42 488.25 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (with ) Tj ET Q q 0 0 0 rg BT 70.01 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 84.96 476.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 135.47 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 146.53 476.25 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 221.47 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 238.64 476.25 Td (Edgeview) Tj ET Q q 0 0 0 rg BT 277.98 476.25 Td (. ) Tj ET Q q 0 0 0 rg BT 282.61 476.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 332.51 476.25 Td (, ) Tj ET Q q 0 0 0 rg BT 337.74 476.25 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 414.35 476.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 453.18 476.25 Td (from ) Tj ET Q q 0 0 0 rg BT 475.35 476.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 520.86 476.25 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (were ) Tj ET Q q 0 0 0 rg BT 71.43 464.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 105.57 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 115.85 464.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 138.35 464.25 Td (due ) Tj ET Q q 0 0 0 rg BT 155.29 464.25 Td (to ) Tj ET Q q 0 0 0 rg BT 165.57 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.29 464.25 Td (receipt ) Tj ET Q q 0 0 0 rg BT 209.99 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 220.82 464.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 261.63 464.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 299.67 464.25 Td (for ) Tj ET Q q 0 0 0 rg BT 313.83 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 328.55 464.25 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 391.03 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.86 464.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 423.80 464.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 445.73 464.25 Td (settlements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (For ) Tj ET Q q 0 0 0 rg BT 66.26 440.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.34 440.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.55 440.25 Td ( ) Tj ET Q q 0 0 0 rg BT 101.41 440.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.15 440.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 187.10 440.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.10 440.25 Td (, ) Tj ET Q q 0 0 0 rg BT 212.47 440.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 248.66 440.25 Td (net ) Tj ET Q q 0 0 0 rg BT 263.74 440.25 Td (income ) Tj ET Q q 0 0 0 rg BT 296.04 440.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 339.99 440.25 Td (to ) Tj ET Q q 0 0 0 rg BT 350.64 440.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 374.61 440.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 386.09 440.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 405.05 440.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 452.91 440.25 Td (from ) Tj ET Q q 0 0 0 rg BT 475.22 440.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 520.86 440.25 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.40 428.25 Td ($72.1 ) Tj ET Q q 0 0 0 rg BT 92.24 428.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 121.14 432.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.71 428.25 Td (, ) Tj ET Q q 0 0 0 rg BT 133.56 428.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.24 428.25 Td ($4.42) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 166.74 432.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.31 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 176.66 428.25 Td (per ) Tj ET Q q 0 0 0 rg BT 191.77 428.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 221.89 428.25 Td (common ) Tj ET Q q 0 0 0 rg BT 259.24 428.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 285.18 428.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 326.95 428.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.07 428.25 Td ($59.5 ) Tj ET Q q 0 0 0 rg BT 371.92 428.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 400.81 432.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.39 428.25 Td (, ) Tj ET Q q 0 0 0 rg BT 413.24 428.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.91 428.25 Td ($3.56) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 446.41 432.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.99 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 456.34 428.25 Td (per ) Tj ET Q q 0 0 0 rg BT 471.45 428.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 501.57 428.25 Td (common ) Tj ET Q q 0 0 0 rg BT 538.91 428.25 Td (share, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.42 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.90 416.25 Td (prior) Tj ET Q q 0 0 0 rg BT 97.14 416.25 Td (-year ) Tj ET Q q 0 0 0 rg BT 119.94 416.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 149.75 416.25 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 188.12 416.25 Td (net ) Tj ET Q q 0 0 0 rg BT 202.60 416.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 240.40 416.25 Td (for ) Tj ET Q q 0 0 0 rg BT 254.32 416.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.80 416.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.01 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 288.27 416.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.41 416.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 372.75 416.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.75 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 395.02 416.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.71 416.25 Td ($632.4 ) Tj ET Q q 0 0 0 rg BT 446.47 416.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 475.36 420.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.94 416.25 Td (, ) Tj ET Q q 0 0 0 rg BT 487.70 416.25 Td (an ) Tj ET Q q 0 0 0 rg BT 499.40 416.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 534.42 416.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.01 416.25 Td (22.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.92 404.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.87 404.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.25 404.25 Td ($516.4 ) Tj ET Q q 0 0 0 rg BT 131.69 404.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 160.58 408.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.16 404.25 Td ( ) Tj ET Q q 0 0 0 rg BT 170.10 404.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 205.36 404.25 Td (in ) Tj ET Q q 0 0 0 rg BT 215.08 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.24 404.25 Td (year) Tj ET Q q 0 0 0 rg BT 246.25 404.25 Td (-ago ) Tj ET Q q 0 0 0 rg BT 265.96 404.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 295.95 404.25 Td (For ) Tj ET Q q 0 0 0 rg BT 311.78 404.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.94 404.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.15 404.25 Td ( ) Tj ET Q q 0 0 0 rg BT 345.09 404.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.91 404.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 428.93 404.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.93 404.25 Td (, ) Tj ET Q q 0 0 0 rg BT 453.38 404.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 488.64 404.25 Td (non-compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 88.10 392.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.03 392.25 Td ($129.5 ) Tj ET Q q 0 0 0 rg BT 140.03 392.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 168.92 396.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.50 392.25 Td (, ) Tj ET Q q 0 0 0 rg BT 181.50 392.25 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 392.25 Td (16.6 ) Tj ET Q q 0 0 0 rg BT 214.00 392.25 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.42 392.25 Td ( ) Tj ET Q q 0 0 0 rg BT 245.92 392.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 287.84 392.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.12 392.25 Td ($1) Tj ET Q q 0 0 0 rg BT 307.75 392.25 Td (1) Tj ET Q q 0 0 0 rg BT 312.38 392.25 Td (1.0 ) Tj ET Q q 0 0 0 rg BT 327.38 392.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 356.27 396.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.85 392.25 Td ( ) Tj ET Q q 0 0 0 rg BT 366.35 392.25 Td (for ) Tj ET Q q 0 0 0 rg BT 380.51 392.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.23 392.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.43 392.25 Td ( ) Tj ET Q q 0 0 0 rg BT 414.93 392.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.31 392.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 499.89 392.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.89 392.25 Td (. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 373.05 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 373.05 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 373.05 Td (Reconciliation ) Tj ET Q q 0 0 0 rg BT 116.15 373.05 Td (of ) Tj ET Q q 0 0 0 rg BT 124.38 373.05 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 140.15 373.05 Td (GAAP) Tj ET Q q 0 0 0 rg BT 160.45 373.05 Td ( ) Tj ET Q q 0 0 0 rg BT 162.45 373.05 Td (to ) Tj ET Q q 0 0 0 rg BT 170.67 373.05 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 199.78 373.05 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 234.73 373.05 Td ( ) Tj ET Q q 0 0 0 rg BT 236.73 373.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.18 373.05 Td (information) Tj ET Q 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 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 172.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 172.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 172.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 172.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 152.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 152.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 152.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 152.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 132.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 132.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 132.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 132.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 112.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 112.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 112.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 112.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 92.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 92.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 92.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 92.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.00 72.55 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 72.55 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 72.55 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 72.55 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 414 352.54999999999995 m 484 352.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 352.54999999999995 m 492 352.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 352.54999999999995 m 562 352.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 352.54999999999995 m 484 352.54999999999995 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 484 352.54999999999995 m 492 352.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 352.54999999999995 m 562 352.54999999999995 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 414 302.54999999999995 m 484 302.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 293.54999999999995 m 484 293.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 291.54999999999995 m 484 291.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 302.54999999999995 m 562 302.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 293.54999999999995 m 562 293.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 291.54999999999995 m 562 291.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 222.54999999999995 m 484 222.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 222.54999999999995 m 562 222.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 222.54999999999995 m 484 222.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 213.54999999999995 m 484 213.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 211.54999999999995 m 484 211.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 222.54999999999995 m 562 222.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 213.54999999999995 m 562 213.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 211.54999999999995 m 562 211.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 142.54999999999995 m 484 142.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 142.54999999999995 m 562 142.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 142.54999999999995 m 484 142.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 133.54999999999995 m 484 133.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 131.54999999999995 m 484 131.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 142.54999999999995 m 562 142.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 133.54999999999995 m 562 133.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 131.54999999999995 m 562 131.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 62.549999999999955 m 484 62.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 53.549999999999955 m 484 53.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 51.549999999999955 m 484 51.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 62.549999999999955 m 562 62.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 53.549999999999955 m 562 53.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 51.549999999999955 m 562 51.549999999999955 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 444.80 354.68 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 69.50 344.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 440.50 344.68 Td (2014) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 518.50 344.68 Td (2013) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 334.68 Td ( Net revenues:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 324.55 Td (Net revenues U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 324.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 324.68 Td (648,138) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 324.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 324.55 Td (525,195) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 314.55 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 304.55 Td (Revenue related to noncontrolling interests) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.10 304.68 Td (\(15,699) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 304.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 304.55 Td (\(8,794) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 304.55 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 294.55 Td (Adjusted net revenues) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 294.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 294.68 Td (632,439) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 294.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 294.55 Td (516,401) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 274.68 Td (Non-compensation expenses:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 264.55 Td (Non-compensation expenses U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 264.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 264.68 Td (143,317) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 264.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 264.55 Td (127,118) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 254.55 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 244.55 Td (Non-compensation expenses related to noncontrolling interests) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.10 244.68 Td (\(4,546) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 244.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 244.55 Td (\(3,400) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 244.55 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 234.55 Td (Restructuring and integration costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.80 234.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 234.55 Td (\(4,689) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 234.55 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 224.55 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.10 224.68 Td (\(9,272) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.80 224.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.45 224.55 Td (\(7,993) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.15 224.55 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 214.55 Td (Adjusted non-compensation expenses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 214.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 214.68 Td (129,499) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 214.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.15 214.55 Td (111,036) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 194.68 Td (Net income from continuing operations applicable to Piper Jaffray Companies:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 184.55 Td (Net income from continuing operations applicable to Piper Jaffray Companies U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 184.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.80 184.68 Td (63,172) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 184.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.15 184.55 Td (49,829) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 174.55 Td ( Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 164.55 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.80 164.68 Td (3,195) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.15 164.55 Td (1,774) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 154.55 Td (Restructuring and integration costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.80 154.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.15 154.55 Td (2,865) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 144.55 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.80 144.68 Td (5,747) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.15 144.55 Td (5,079) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 134.55 Td (Adjusted net income from continuing operations applicable to Piper Jaffray Companies) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 134.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.80 134.68 Td (72,114) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 134.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.15 134.55 Td (59,547) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 69.50 114.68 Td (Earnings per diluted common share from continuing operations:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 104.55 Td ( Earnings per diluted common share from continuing operations U.S. GAAP basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 104.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 104.68 Td (3.87) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 104.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 104.55 Td (2.98) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 94.55 Td ( Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 84.55 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 84.68 Td (0.20) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 84.55 Td (0.11) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 74.55 Td (Restructuring and integration costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.80 74.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 74.55 Td (0.17) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 64.55 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 64.68 Td (0.35) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 64.55 Td (0.30) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.50 54.55 Td ( Adjusted earnings per diluted common share from continuing operations) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.50 54.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.80 54.68 Td (4.42) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 54.55 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.15 54.55 Td (3.56) 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 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 endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (26) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 728.25 Td (Market Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 704.25 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 704.25 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 704.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 167.81 704.25 Td (a ) Tj ET Q q 0 0 0 rg BT 174.74 704.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 214.46 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.29 704.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 259.99 704.25 Td (market ) Tj ET Q q 0 0 0 rg BT 290.26 704.25 Td (data ) Tj ET Q q 0 0 0 rg BT 309.41 704.25 Td (over ) Tj ET Q q 0 0 0 rg BT 329.68 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.40 704.25 Td (past ) Tj ET Q q 0 0 0 rg BT 363.01 704.25 Td (three ) Tj ET Q q 0 0 0 rg BT 385.49 704.25 Td (years.) 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1 rg /GS0 gs 339.00 621.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 621.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 621.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 621.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 621.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 621.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 621.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 597.75 223.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 597.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 597.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 597.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 597.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 597.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 597.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 597.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 597.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 597.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 597.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 573.75 223.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 573.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 573.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 573.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 573.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 573.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 573.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 573.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 573.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 573.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 573.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 549.75 223.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 549.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 549.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 549.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 549.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 549.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 549.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 549.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 549.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 549.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 549.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 525.75 223.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 525.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 525.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 525.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 525.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 525.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 525.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 525.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 525.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 525.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 525.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 501.75 223.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 501.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 501.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 501.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 501.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 501.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 501.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 501.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 501.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 501.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 501.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 477.75 223.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 477.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 477.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 477.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 477.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 477.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 477.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 477.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 477.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 477.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 477.75 50.00 -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 50 669.75 m 273 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 669.75 m 331 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 669.75 m 389 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 669.75 m 447 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 669.75 m 505 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 669.75 m 563 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 669.75 m 447 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 669.75 m 563 669.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.50 684.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.50 684.48 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 672.48 Td (Year Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.50 672.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.50 672.48 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.50 672.48 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.00 672.48 Td (v2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.00 672.48 Td (v2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 660.37 Td (Dow Jones Industrials ) Tj ET Q q 0 0 0 rg BT 143.33 660.37 Td (A) Tj ET Q q 0 0 0 rg BT 149.81 660.37 Td (verage ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 178.96 660.37 Td (\(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 660.48 Td (17,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.60 660.37 Td (16,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.60 660.37 Td (13,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.25 660.37 Td (7.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 660.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.25 660.37 Td (26.5) 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 (NASDAQ ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.67 648.37 Td (\(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 648.48 Td (4,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 648.37 Td (4,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 648.37 Td (3,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.25 648.37 Td (13.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 648.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.25 648.37 Td (38.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 648.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 636.37 Td (NYSE Average Daily Number of Shares Traded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 624.37 Td (\(millions of shares\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 624.48 Td (1,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 624.37 Td (1,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 624.37 Td (1,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.25 624.37 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 624.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 624.37 Td (\(9.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 624.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 612.37 Td (NASDAQ Average Daily Number of Shares Traded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 600.37 Td (\(millions of shares\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 600.48 Td (1,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 600.37 Td (1,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 600.37 Td (1,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.25 600.37 Td (11.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 600.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.25 600.37 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 600.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 588.37 Td (Mergers and Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 576.37 Td (\(number of transactions in U.S.\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.86 576.37 Td (\(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 576.48 Td (10,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 576.37 Td (9,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 576.37 Td (8,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.25 576.37 Td (12.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 576.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.25 576.37 Td (8.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 576.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 564.37 Td (Public Equity Offerings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 552.37 Td (\(number of transactions in U.S.\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.86 552.37 Td (\(c\) \(e\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 552.48 Td (1,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 552.37 Td (1,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 552.37 Td (748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.95 552.37 Td (\(1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 552.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.25 552.37 Td (50.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 552.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 540.37 Td (Initial Public Offerings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 528.37 Td (\(number of transactions in U.S.\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.86 528.37 Td (\(c\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.50 528.48 Td (282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 528.37 Td (221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 528.37 Td (139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.25 528.37 Td (27.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 528.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.25 528.37 Td (59.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 528.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 516.37 Td (Managed Municipal Underwritings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 504.37 Td (\(number of transactions in U.S.\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 189.86 504.37 Td (\(d\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 504.48 Td (10,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.60 504.37 Td (11,485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.60 504.37 Td (13,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.95 504.37 Td (\(5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 504.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 504.37 Td (\(12.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 504.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 492.37 Td (Managed Municipal Underwritings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 480.37 Td (\(value of transactions in billions in U.S.\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 223.75 480.37 Td (\(d\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.50 480.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 480.48 Td (334.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 480.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 480.37 Td (334.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.50 480.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 480.37 Td (379.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.25 480.37 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 480.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 480.37 Td (\(12.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 480.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 468.37 Td (10-Year Treasuries Average Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.00 468.48 Td (2.54) 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 (2.35) 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 (1.72) 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 480.25 468.37 Td (8.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 468.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.25 468.37 Td (36.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 468.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 456.37 Td (3-Month Treasuries Average Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.00 456.48 Td (0.03) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.50 456.48 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 456.37 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 456.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 456.37 Td (0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 456.37 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.95 456.37 Td (\(50.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 456.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 456.37 Td (\(14.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 456.37 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 441.65 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 441.65 Td (Data ) Tj ET Q q 0 0 0 rg BT 85.50 441.65 Td (pr) Tj ET Q q 0 0 0 rg BT 92.32 441.65 Td (ovided ) Tj ET Q q 0 0 0 rg BT 115.64 441.65 Td (is ) Tj ET Q q 0 0 0 rg BT 122.98 441.65 Td (at ) Tj ET Q q 0 0 0 rg BT 131.20 441.65 Td (period ) Tj ET Q q 0 0 0 rg BT 154.09 441.65 Td (end.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 429.05 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 429.05 Td (Sour) Tj ET Q q 0 0 0 rg BT 82.32 429.05 Td (ce: ) Tj ET Q q 0 0 0 rg BT 94.08 429.05 Td (Securities ) Tj ET Q q 0 0 0 rg BT 127.63 429.05 Td (Data ) Tj ET Q q 0 0 0 rg BT 145.63 429.05 Td (Corporation.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 416.45 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 416.45 Td (Sour) Tj ET Q q 0 0 0 rg BT 82.32 416.45 Td (ce: ) Tj ET Q q 0 0 0 rg BT 94.08 416.45 Td (Dealogic ) Tj ET Q q 0 0 0 rg BT 125.41 416.45 Td (\(offerings ) Tj ET Q q 0 0 0 rg BT 158.52 416.45 Td (with ) Tj ET Q q 0 0 0 rg BT 174.30 416.45 Td (r) Tj ET Q q 0 0 0 rg BT 177.11 416.45 Td (eported ) Tj ET Q q 0 0 0 rg BT 203.55 416.45 Td (market ) Tj ET Q q 0 0 0 rg BT 227.77 416.45 Td (value ) Tj ET Q q 0 0 0 rg BT 247.09 416.45 Td (gr) Tj ET Q q 0 0 0 rg BT 253.91 416.45 Td (eater ) Tj ET Q q 0 0 0 rg BT 272.34 416.45 Td (than ) Tj ET Q q 0 0 0 rg BT 288.57 416.45 Td ($20 ) Tj ET Q q 0 0 0 rg BT 302.57 416.45 Td (million\).) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 403.85 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 403.85 Td (Sour) Tj ET Q q 0 0 0 rg BT 82.32 403.85 Td (ce: ) Tj ET Q q 0 0 0 rg BT 94.08 403.85 Td (Thomson ) Tj ET Q q 0 0 0 rg BT 125.42 403.85 Td (Financial.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 391.25 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 391.25 Td (Number ) Tj ET Q q 0 0 0 rg BT 95.28 391.25 Td (of ) Tj ET Q q 0 0 0 rg BT 103.50 391.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 145.06 391.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 173.72 391.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 211.70 391.25 Td (offerings.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 367.25 Td (External Factors Impacting Our Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 102.04 343.25 Td (in ) Tj ET Q q 0 0 0 rg BT 111.27 343.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.94 343.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 161.38 343.25 Td (services ) Tj ET Q q 0 0 0 rg BT 195.04 343.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 229.27 343.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.50 343.25 Td (which ) Tj ET Q q 0 0 0 rg BT 264.39 343.25 Td (we ) Tj ET Q q 0 0 0 rg BT 277.51 343.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 308.39 343.25 Td (is ) Tj ET Q q 0 0 0 rg BT 316.51 343.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 343.52 343.25 Td (correlated ) Tj ET Q q 0 0 0 rg BT 384.95 343.25 Td (to ) Tj ET Q q 0 0 0 rg BT 394.18 343.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.85 343.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 437.07 343.25 Td (strength ) Tj ET Q q 0 0 0 rg BT 470.74 343.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.52 343.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 520.85 343.25 Td (conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.45 331.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 103.94 331.25 Td (market ) Tj ET Q q 0 0 0 rg BT 134.22 331.25 Td (activity) Tj ET Q q 0 0 0 rg BT 163.56 331.25 Td (. ) Tj ET Q q 0 0 0 rg BT 168.57 331.25 Td (Overall ) Tj ET Q q 0 0 0 rg BT 201.06 331.25 Td (market ) Tj ET Q q 0 0 0 rg BT 231.34 331.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 275.52 331.25 Td (are ) Tj ET Q q 0 0 0 rg BT 290.23 331.25 Td (a ) Tj ET Q q 0 0 0 rg BT 297.18 331.25 Td (product ) Tj ET Q q 0 0 0 rg BT 330.24 331.25 Td (of ) Tj ET Q q 0 0 0 rg BT 341.08 331.25 Td (many ) Tj ET Q q 0 0 0 rg BT 365.81 331.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 398.03 331.25 Td (which ) Tj ET Q q 0 0 0 rg BT 424.98 331.25 Td (are ) Tj ET Q q 0 0 0 rg BT 439.70 331.25 Td (beyond ) Tj ET Q q 0 0 0 rg BT 471.65 331.25 Td (our ) Tj ET Q q 0 0 0 rg BT 487.49 331.25 Td (control ) Tj ET Q q 0 0 0 rg BT 518.33 331.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.27 331.25 Td (mostly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.25 Td (unpredictable. ) Tj ET Q q 0 0 0 rg BT 109.50 319.25 Td (These ) Tj ET Q q 0 0 0 rg BT 136.69 319.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 167.21 319.25 Td (may ) Tj ET Q q 0 0 0 rg BT 187.75 319.25 Td (af) Tj ET Q q 0 0 0 rg BT 195.34 319.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 213.64 319.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.17 319.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 267.47 319.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 308.00 319.25 Td (made ) Tj ET Q q 0 0 0 rg BT 332.97 319.25 Td (by ) Tj ET Q q 0 0 0 rg BT 346.29 319.25 Td (investors, ) Tj ET Q q 0 0 0 rg BT 388.22 319.25 Td (including ) Tj ET Q q 0 0 0 rg BT 429.31 319.25 Td (their ) Tj ET Q q 0 0 0 rg BT 450.95 319.25 Td (level ) Tj ET Q q 0 0 0 rg BT 473.70 319.25 Td (of ) Tj ET Q q 0 0 0 rg BT 485.35 319.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 539.20 319.25 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 319.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.27 307.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 122.22 307.25 Td (In ) Tj ET Q q 0 0 0 rg BT 132.35 307.25 Td (turn, ) Tj ET Q q 0 0 0 rg BT 152.75 307.25 Td (these ) Tj ET Q q 0 0 0 rg BT 175.09 307.25 Td (decisions ) Tj ET Q q 0 0 0 rg BT 214.10 307.25 Td (may ) Tj ET Q q 0 0 0 rg BT 233.12 307.25 Td (af) Tj ET Q q 0 0 0 rg BT 240.70 307.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 257.48 307.25 Td (our ) Tj ET Q q 0 0 0 rg BT 272.61 307.25 Td (business ) Tj ET Q q 0 0 0 rg BT 308.29 307.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 338.57 307.25 Td (W) Tj ET Q q 0 0 0 rg BT 347.60 307.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 359.96 307.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 390.07 307.25 Td (to ) Tj ET Q q 0 0 0 rg BT 399.64 307.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 436.41 307.25 Td (market ) Tj ET Q q 0 0 0 rg BT 465.97 307.25 Td (activity) Tj ET Q q 0 0 0 rg BT 495.31 307.25 Td (, ) Tj ET Q q 0 0 0 rg BT 499.61 307.25 Td (our ) Tj ET Q q 0 0 0 rg BT 514.73 307.25 Td (profitability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.90 295.25 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 96.63 295.25 Td (to ) Tj ET Q q 0 0 0 rg BT 107.14 295.25 Td (a ) Tj ET Q q 0 0 0 rg BT 114.31 295.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 144.80 295.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.86 295.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 188.30 295.25 Td (including ) Tj ET Q q 0 0 0 rg BT 228.80 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.75 295.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 278.14 295.25 Td (for ) Tj ET Q q 0 0 0 rg BT 292.53 295.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 339.14 295.25 Td (banking ) Tj ET Q q 0 0 0 rg BT 374.09 295.25 Td (services ) Tj ET Q q 0 0 0 rg BT 409.03 295.25 Td (as ) Tj ET Q q 0 0 0 rg BT 420.09 295.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 457.79 295.25 Td (by ) Tj ET Q q 0 0 0 rg BT 470.52 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.47 295.25 Td (number ) Tj ET Q q 0 0 0 rg BT 518.75 295.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.92 295.25 Td (size ) Tj ET Q q 0 0 0 rg BT 554.19 295.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.66 283.25 Td (and ) Tj ET Q q 0 0 0 rg BT 93.25 283.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 112.63 283.25 Td (financings ) Tj ET Q q 0 0 0 rg BT 156.45 283.25 Td (and ) Tj ET Q q 0 0 0 rg BT 173.05 283.25 Td (mer) Tj ET Q q 0 0 0 rg BT 188.41 283.25 Td (ger ) Tj ET Q q 0 0 0 rg BT 203.34 283.25 Td (and ) Tj ET Q q 0 0 0 rg BT 219.94 283.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 265.98 283.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 318.41 283.25 Td (the ) Tj ET Q q 0 0 0 rg BT 332.79 283.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 371.06 283.25 Td (of ) Tj ET Q q 0 0 0 rg BT 381.55 283.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.92 283.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 423.08 283.25 Td (and ) Tj ET Q q 0 0 0 rg BT 439.68 283.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 462.39 283.25 Td (income ) Tj ET Q q 0 0 0 rg BT 493.98 283.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 530.30 283.25 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.47 271.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 91.09 271.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 112.15 271.25 Td (\(especially ) Tj ET Q q 0 0 0 rg BT 157.65 271.25 Td (rapid ) Tj ET Q q 0 0 0 rg BT 180.38 271.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.01 271.25 Td (extreme ) Tj ET Q q 0 0 0 rg BT 231.40 271.25 Td (changes\) ) Tj ET Q q 0 0 0 rg BT 269.12 271.25 Td (and ) Tj ET Q q 0 0 0 rg BT 285.75 271.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 310.70 271.25 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 345.38 271.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.78 271.25 Td (level ) Tj ET Q q 0 0 0 rg BT 381.40 271.25 Td (and ) Tj ET Q q 0 0 0 rg BT 398.03 271.25 Td (shape ) Tj ET Q q 0 0 0 rg BT 422.99 271.25 Td (of ) Tj ET Q q 0 0 0 rg BT 433.50 271.25 Td (various ) Tj ET Q q 0 0 0 rg BT 465.13 271.25 Td (yield ) Tj ET Q q 0 0 0 rg BT 487.31 271.25 Td (curves, ) Tj ET Q q 0 0 0 rg BT 518.10 271.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.50 271.25 Td (volume ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 259.25 Td (value ) Tj ET Q q 0 0 0 rg BT 90.59 259.25 Td (of ) Tj ET Q q 0 0 0 rg BT 101.42 259.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 132.25 259.25 Td (in ) Tj ET Q q 0 0 0 rg BT 142.53 259.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 185.29 259.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 215.55 259.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 243.05 259.25 Td (valuations, ) Tj ET Q q 0 0 0 rg BT 289.15 259.25 Td (and ) Tj ET Q q 0 0 0 rg BT 306.09 259.25 Td (the ) Tj ET Q q 0 0 0 rg BT 320.81 259.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 354.96 259.25 Td (for ) Tj ET Q q 0 0 0 rg BT 369.12 259.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 391.06 259.25 Td (management ) Tj ET Q q 0 0 0 rg BT 444.65 259.25 Td (services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 81.08 235.25 Td (that ) Tj ET Q q 0 0 0 rg BT 98.21 235.25 Td (dif) Tj ET Q q 0 0 0 rg BT 109.14 235.25 Td (ferentiate ) Tj ET Q q 0 0 0 rg BT 149.03 235.25 Td (our ) Tj ET Q q 0 0 0 rg BT 164.50 235.25 Td (business ) Tj ET Q q 0 0 0 rg BT 200.53 235.25 Td (within ) Tj ET Q q 0 0 0 rg BT 228.23 235.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.59 235.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 279.71 235.25 Td (services ) Tj ET Q q 0 0 0 rg BT 314.05 235.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 348.97 235.25 Td (may ) Tj ET Q q 0 0 0 rg BT 368.33 235.25 Td (also ) Tj ET Q q 0 0 0 rg BT 386.58 235.25 Td (af) Tj ET Q q 0 0 0 rg BT 394.17 235.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 411.29 235.25 Td (our ) Tj ET Q q 0 0 0 rg BT 426.76 235.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 463.88 235.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 494.63 235.25 Td (For ) Tj ET Q q 0 0 0 rg BT 510.66 235.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 549.17 235.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 79.29 223.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 114.09 223.25 Td (business ) Tj ET Q q 0 0 0 rg BT 151.12 223.25 Td (focuses ) Tj ET Q q 0 0 0 rg BT 184.26 223.25 Td (on ) Tj ET Q q 0 0 0 rg BT 197.40 223.25 Td (a ) Tj ET Q q 0 0 0 rg BT 204.98 223.25 Td (middle-market ) Tj ET Q q 0 0 0 rg BT 266.99 223.25 Td (clientele ) Tj ET Q q 0 0 0 rg BT 304.00 223.25 Td (in ) Tj ET Q q 0 0 0 rg BT 314.92 223.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 349.15 223.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 385.07 223.25 Td (sectors. ) Tj ET Q q 0 0 0 rg BT 418.48 223.25 Td (If ) Tj ET Q q 0 0 0 rg BT 428.29 223.25 Td (the ) Tj ET Q q 0 0 0 rg BT 443.65 223.25 Td (business ) Tj ET Q q 0 0 0 rg BT 480.68 223.25 Td (environment ) Tj ET Q q 0 0 0 rg BT 534.36 223.25 Td (for ) Tj ET Q q 0 0 0 rg BT 549.17 223.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 73.02 211.25 Td (sectors ) Tj ET Q q 0 0 0 rg BT 102.64 211.25 Td (is ) Tj ET Q q 0 0 0 rg BT 111.17 211.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 149.68 211.25 Td (disproportionately ) Tj ET Q q 0 0 0 rg BT 224.85 211.25 Td (as ) Tj ET Q q 0 0 0 rg BT 235.04 211.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 276.32 211.25 Td (to ) Tj ET Q q 0 0 0 rg BT 285.96 211.25 Td (the ) Tj ET Q q 0 0 0 rg BT 300.03 211.25 Td (economy ) Tj ET Q q 0 0 0 rg BT 338.54 211.25 Td (as ) Tj ET Q q 0 0 0 rg BT 348.73 211.25 Td (a ) Tj ET Q q 0 0 0 rg BT 355.03 211.25 Td (whole, ) Tj ET Q q 0 0 0 rg BT 383.82 211.25 Td (or ) Tj ET Q q 0 0 0 rg BT 394.01 211.25 Td (does ) Tj ET Q q 0 0 0 rg BT 414.19 211.25 Td (not ) Tj ET Q q 0 0 0 rg BT 428.83 211.25 Td (recover ) Tj ET Q q 0 0 0 rg BT 460.66 211.25 Td (on ) Tj ET Q q 0 0 0 rg BT 472.52 211.25 Td (pace ) Tj ET Q q 0 0 0 rg BT 492.69 211.25 Td (with ) Tj ET Q q 0 0 0 rg BT 512.33 211.25 Td (other ) Tj ET Q q 0 0 0 rg BT 534.73 211.25 Td (sectors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.77 199.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.93 199.25 Td (economy) Tj ET Q q 0 0 0 rg BT 111.94 199.25 Td (, ) Tj ET Q q 0 0 0 rg BT 117.38 199.25 Td (our ) Tj ET Q q 0 0 0 rg BT 133.66 199.25 Td (business ) Tj ET Q q 0 0 0 rg BT 170.49 199.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.87 199.25 Td (results ) Tj ET Q q 0 0 0 rg BT 216.92 199.25 Td (of ) Tj ET Q q 0 0 0 rg BT 228.20 199.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 272.80 199.25 Td (will ) Tj ET Q q 0 0 0 rg BT 291.30 199.25 Td (be ) Tj ET Q q 0 0 0 rg BT 303.68 199.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 348.27 199.25 Td (impacted. ) Tj ET Q q 0 0 0 rg BT 390.37 199.25 Td (In ) Tj ET Q q 0 0 0 rg BT 401.64 199.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 439.86 199.25 Td (our ) Tj ET Q q 0 0 0 rg BT 456.13 199.25 Td (business ) Tj ET Q q 0 0 0 rg BT 492.96 199.25 Td (could ) Tj ET Q q 0 0 0 rg BT 518.13 199.25 Td (be ) Tj ET Q q 0 0 0 rg BT 530.51 199.25 Td (af) Tj ET Q q 0 0 0 rg BT 538.09 199.25 Td (fected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 187.25 Td (ferently ) Tj ET Q q 0 0 0 rg BT 94.66 187.25 Td (than ) Tj ET Q q 0 0 0 rg BT 115.02 187.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 145.92 187.25 Td (market ) Tj ET Q q 0 0 0 rg BT 176.82 187.25 Td (trends. ) Tj ET Q q 0 0 0 rg BT 206.90 187.25 Td (Given ) Tj ET Q q 0 0 0 rg BT 234.47 187.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.83 187.25 Td (variability ) Tj ET Q q 0 0 0 rg BT 294.07 187.25 Td (of ) Tj ET Q q 0 0 0 rg BT 305.54 187.25 Td (the ) Tj ET Q q 0 0 0 rg BT 320.89 187.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 350.68 187.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 385.47 187.25 Td (and ) Tj ET Q q 0 0 0 rg BT 403.05 187.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 443.95 187.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 491.81 187.25 Td (our ) Tj ET Q q 0 0 0 rg BT 508.28 187.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 545.30 187.25 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.25 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 87.29 175.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 140.10 175.25 Td (from ) Tj ET Q q 0 0 0 rg BT 162.35 175.25 Td (period ) Tj ET Q q 0 0 0 rg BT 190.71 175.25 Td (to ) Tj ET Q q 0 0 0 rg BT 201.30 175.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 232.17 175.25 Td (and ) Tj ET Q q 0 0 0 rg BT 249.42 175.25 Td (results ) Tj ET Q q 0 0 0 rg BT 278.34 175.25 Td (for ) Tj ET Q q 0 0 0 rg BT 292.81 175.25 Td (any ) Tj ET Q q 0 0 0 rg BT 310.07 175.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 353.43 175.25 Td (period ) Tj ET Q q 0 0 0 rg BT 381.79 175.25 Td (should ) Tj ET Q q 0 0 0 rg BT 411.28 175.25 Td (not ) Tj ET Q q 0 0 0 rg BT 426.87 175.25 Td (be ) Tj ET Q q 0 0 0 rg BT 439.12 175.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 485.25 175.25 Td (indicative ) Tj ET Q q 0 0 0 rg BT 527.49 175.25 Td (of ) Tj ET Q q 0 0 0 rg BT 538.64 175.25 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.25 Td (results.) 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 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 endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (27) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Outlook for 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Economic ) Tj ET Q q 0 0 0 rg BT 92.88 716.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 124.04 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 134.65 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 149.70 716.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 170.32 716.25 Td (appears ) Tj ET Q q 0 0 0 rg BT 203.69 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 214.30 716.25 Td (be ) Tj ET Q q 0 0 0 rg BT 226.57 716.25 Td (strengthening ) Tj ET Q q 0 0 0 rg BT 283.84 716.25 Td (going ) Tj ET Q q 0 0 0 rg BT 309.45 716.25 Td (into ) Tj ET Q q 0 0 0 rg BT 327.84 716.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 353.17 716.25 Td (despite ) Tj ET Q q 0 0 0 rg BT 384.33 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.38 716.25 Td (moderating ) Tj ET Q q 0 0 0 rg BT 447.76 716.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 478.92 716.25 Td (we ) Tj ET Q q 0 0 0 rg BT 493.42 716.25 Td (saw ) Tj ET Q q 0 0 0 rg BT 511.80 716.25 Td (at ) Tj ET Q q 0 0 0 rg BT 521.85 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.90 716.25 Td (end ) Tj ET Q q 0 0 0 rg BT 554.17 716.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (2014. ) Tj ET Q q 0 0 0 rg BT 74.63 704.25 Td (If ) Tj ET Q q 0 0 0 rg BT 83.92 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 98.77 704.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 119.18 704.25 Td (economy ) Tj ET Q q 0 0 0 rg BT 158.46 704.25 Td (continues ) Tj ET Q q 0 0 0 rg BT 199.42 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 209.82 704.25 Td (strengthen, ) Tj ET Q q 0 0 0 rg BT 256.61 704.25 Td (we ) Tj ET Q q 0 0 0 rg BT 270.90 704.25 Td (would ) Tj ET Q q 0 0 0 rg BT 298.53 704.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 327.25 704.25 Td (that ) Tj ET Q q 0 0 0 rg BT 344.88 704.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 376.94 704.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 398.45 704.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 438.28 704.25 Td (will ) Tj ET Q q 0 0 0 rg BT 456.46 704.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 491.85 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 502.25 704.25 Td (response ) Tj ET Q q 0 0 0 rg BT 539.87 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 550.28 704.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 67.25 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 78.35 692.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 119.98 692.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 151.08 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 168.28 692.25 Td (inflation ) Tj ET Q q 0 0 0 rg BT 204.93 692.25 Td (expectations ) Tj ET Q q 0 0 0 rg BT 257.67 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 268.22 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 283.20 692.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 303.55 692.25 Td (W) Tj ET Q q 0 0 0 rg BT 312.19 692.25 Td (e ) Tj ET Q q 0 0 0 rg BT 319.39 692.25 Td (do ) Tj ET Q q 0 0 0 rg BT 332.15 692.25 Td (not ) Tj ET Q q 0 0 0 rg BT 347.70 692.25 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 389.33 692.25 Td (much ) Tj ET Q q 0 0 0 rg BT 414.31 692.25 Td (movement ) Tj ET Q q 0 0 0 rg BT 459.29 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 469.83 692.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 491.47 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 502.02 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 517.00 692.25 Td (first ) Tj ET Q q 0 0 0 rg BT 535.87 692.25 Td (half ) Tj ET Q q 0 0 0 rg BT 554.19 692.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.00 680.25 Td (year ) Tj ET Q q 0 0 0 rg BT 83.49 680.25 Td (based ) Tj ET Q q 0 0 0 rg BT 108.55 680.25 Td (on ) Tj ET Q q 0 0 0 rg BT 120.83 680.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 159.21 680.25 Td (from ) Tj ET Q q 0 0 0 rg BT 180.94 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.44 680.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 227.71 680.25 Td (Reserve, ) Tj ET Q q 0 0 0 rg BT 264.70 680.25 Td (however) Tj ET Q q 0 0 0 rg BT 298.73 680.25 Td (, ) Tj ET Q q 0 0 0 rg BT 303.51 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.02 680.25 Td (timing, ) Tj ET Q q 0 0 0 rg BT 348.91 680.25 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 393.41 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 410.13 680.25 Td (velocity ) Tj ET Q q 0 0 0 rg BT 444.63 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 455.25 680.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 472.52 680.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 511.45 680.25 Td (is ) Tj ET Q q 0 0 0 rg BT 520.40 680.25 Td (dif) Tj ET Q q 0 0 0 rg BT 531.33 680.25 Td (ficult ) Tj ET Q q 0 0 0 rg BT 554.72 680.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (predict. ) Tj ET Q q 0 0 0 rg BT 83.12 668.25 Td (Exogenous ) Tj ET Q q 0 0 0 rg BT 130.92 668.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 163.99 668.25 Td (like ) Tj ET Q q 0 0 0 rg BT 182.35 668.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 225.14 668.25 Td (weakening ) Tj ET Q q 0 0 0 rg BT 271.82 668.25 Td (in ) Tj ET Q q 0 0 0 rg BT 282.96 668.25 Td (major ) Tj ET Q q 0 0 0 rg BT 309.64 668.25 Td (economies ) Tj ET Q q 0 0 0 rg BT 355.77 668.25 Td (internationally ) Tj ET Q q 0 0 0 rg BT 417.44 668.25 Td (or ) Tj ET Q q 0 0 0 rg BT 429.14 668.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 474.71 668.25 Td (geopolitical ) Tj ET Q q 0 0 0 rg BT 525.28 668.25 Td (events ) Tj ET Q q 0 0 0 rg BT 554.18 668.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (conflicts, ) Tj ET Q q 0 0 0 rg BT 88.54 656.25 Td (could ) Tj ET Q q 0 0 0 rg BT 112.86 656.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 153.28 656.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 182.60 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 196.92 656.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 214.02 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 224.45 656.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 254.89 656.25 Td (in ) Tj ET Q q 0 0 0 rg BT 264.77 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.09 656.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 298.98 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 315.53 656.25 Td (possibly ) Tj ET Q q 0 0 0 rg BT 350.97 656.25 Td (inject ) Tj ET Q q 0 0 0 rg BT 375.29 656.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 413.51 656.25 Td (into ) Tj ET Q q 0 0 0 rg BT 431.17 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.49 656.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 465.38 656.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 492.48 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 509.03 656.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 528.35 656.25 Td (markets. ) Tj ET Q q 0 0 0 rg BT 565.00 656.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (Moreover) Tj ET Q q 0 0 0 rg BT 88.53 644.25 Td (, ) Tj ET Q q 0 0 0 rg BT 94.10 644.25 Td (external ) Tj ET Q q 0 0 0 rg BT 129.38 644.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 159.67 644.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 189.96 644.25 Td (internationally) Tj ET Q q 0 0 0 rg BT 247.63 644.25 Td (, ) Tj ET Q q 0 0 0 rg BT 253.20 644.25 Td (such ) Tj ET Q q 0 0 0 rg BT 274.61 644.25 Td (as ) Tj ET Q q 0 0 0 rg BT 286.01 644.25 Td (persistently ) Tj ET Q q 0 0 0 rg BT 335.19 644.25 Td (low ) Tj ET Q q 0 0 0 rg BT 353.27 644.25 Td (growth, ) Tj ET Q q 0 0 0 rg BT 387.18 644.25 Td (relatively ) Tj ET Q q 0 0 0 rg BT 428.01 644.25 Td (low ) Tj ET Q q 0 0 0 rg BT 446.09 644.25 Td (yields ) Tj ET Q q 0 0 0 rg BT 473.05 644.25 Td (or ) Tj ET Q q 0 0 0 rg BT 484.46 644.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 529.74 644.25 Td (political ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (conflicts, ) Tj ET Q q 0 0 0 rg BT 88.66 632.25 Td (could ) Tj ET Q q 0 0 0 rg BT 113.10 632.25 Td (trigger ) Tj ET Q q 0 0 0 rg BT 141.98 632.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 170.85 632.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 195.29 632.25 Td (into ) Tj ET Q q 0 0 0 rg BT 213.07 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.51 632.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 247.52 632.25 Td (which ) Tj ET Q q 0 0 0 rg BT 274.18 632.25 Td (would ) Tj ET Q q 0 0 0 rg BT 301.40 632.25 Td (overwhelm ) Tj ET Q q 0 0 0 rg BT 348.61 632.25 Td (ef) Tj ET Q q 0 0 0 rg BT 356.20 632.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 376.75 632.25 Td (by ) Tj ET Q q 0 0 0 rg BT 388.98 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 403.42 632.25 Td (Federal ) Tj ET Q q 0 0 0 rg BT 435.63 632.25 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 470.06 632.25 Td (to ) Tj ET Q q 0 0 0 rg BT 480.06 632.25 Td (gradually ) Tj ET Q q 0 0 0 rg BT 520.04 632.25 Td (raise ) Tj ET Q q 0 0 0 rg BT 541.14 632.25 Td (rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (possibly ) Tj ET Q q 0 0 0 rg BT 85.34 620.25 Td (leading ) Tj ET Q q 0 0 0 rg BT 117.27 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 127.55 620.25 Td (market ) Tj ET Q q 0 0 0 rg BT 157.82 620.25 Td (dislocations ) Tj ET Q q 0 0 0 rg BT 208.09 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 225.03 620.25 Td (abrupt ) Tj ET Q q 0 0 0 rg BT 253.07 620.25 Td (shifts ) Tj ET Q q 0 0 0 rg BT 277.24 620.25 Td (in ) Tj ET Q q 0 0 0 rg BT 287.52 620.25 Td (rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 596.25 Td ( ) Tj ET Q q 0 0 0 rg BT 59.83 596.25 Td (rising ) Tj ET Q q 0 0 0 rg BT 86.28 596.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 119.37 596.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 138.02 596.25 Td (environment ) Tj ET Q q 0 0 0 rg BT 192.23 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.67 596.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 227.33 596.25 Td (may ) Tj ET Q q 0 0 0 rg BT 248.21 596.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 285.74 596.25 Td (mixed ) Tj ET Q q 0 0 0 rg BT 314.40 596.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 353.04 596.25 Td (results ) Tj ET Q q 0 0 0 rg BT 382.81 596.25 Td (across ) Tj ET Q q 0 0 0 rg BT 411.47 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 428.46 596.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 449.34 596.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 490.77 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 508.87 596.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 533.08 596.25 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 100.04 584.25 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 142.77 584.25 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 190.06 584.25 Td (W) Tj ET Q q 0 0 0 rg BT 198.69 584.25 Td (e ) Tj ET Q q 0 0 0 rg BT 205.89 584.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 234.75 584.25 Td (that ) Tj ET Q q 0 0 0 rg BT 252.50 584.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 295.25 584.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 315.23 584.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 369.65 584.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 402.40 584.25 Td (in ) Tj ET Q q 0 0 0 rg BT 412.93 584.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 435.69 584.25 Td (will ) Tj ET Q q 0 0 0 rg BT 454.01 584.25 Td (be ) Tj ET Q q 0 0 0 rg BT 466.21 584.25 Td (flat ) Tj ET Q q 0 0 0 rg BT 482.30 584.25 Td (with ) Tj ET Q q 0 0 0 rg BT 502.83 584.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 525.59 584.25 Td (levels, ) Tj ET Q q 0 0 0 rg BT 554.18 584.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (new ) Tj ET Q q 0 0 0 rg BT 68.65 572.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 105.03 572.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 137.51 572.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 170.00 572.25 Td (continues ) Tj ET Q q 0 0 0 rg BT 210.82 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.09 572.25 Td (lag ) Tj ET Q q 0 0 0 rg BT 235.80 572.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 275.51 572.25 Td (levels. ) Tj ET Q q 0 0 0 rg BT 303.65 572.25 Td (The ) Tj ET Q q 0 0 0 rg BT 321.69 572.25 Td (strength ) Tj ET Q q 0 0 0 rg BT 356.40 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 367.22 572.25 Td (our ) Tj ET Q q 0 0 0 rg BT 383.05 572.25 Td (broader ) Tj ET Q q 0 0 0 rg BT 416.08 572.25 Td (product ) Tj ET Q q 0 0 0 rg BT 449.12 572.25 Td (of) Tj ET Q q 0 0 0 rg BT 457.27 572.25 Td (ferings ) Tj ET Q q 0 0 0 rg BT 487.53 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 504.46 572.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 554.73 572.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.91 560.25 Td (public ) Tj ET Q q 0 0 0 rg BT 93.98 560.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 126.47 560.25 Td (business ) Tj ET Q q 0 0 0 rg BT 163.44 560.25 Td (over ) Tj ET Q q 0 0 0 rg BT 184.29 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.58 560.25 Td (past ) Tj ET Q q 0 0 0 rg BT 218.76 560.25 Td (few ) Tj ET Q q 0 0 0 rg BT 236.83 560.25 Td (years ) Tj ET Q q 0 0 0 rg BT 261.00 560.25 Td (will ) Tj ET Q q 0 0 0 rg BT 279.63 560.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 310.47 560.25 Td (us ) Tj ET Q q 0 0 0 rg BT 322.44 560.25 Td (during ) Tj ET Q q 0 0 0 rg BT 351.62 560.25 Td (these ) Tj ET Q q 0 0 0 rg BT 375.24 560.25 Td (challenging ) Tj ET Q q 0 0 0 rg BT 424.97 560.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 472.21 560.25 Td (Low ) Tj ET Q q 0 0 0 rg BT 493.61 560.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 526.12 560.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 548.08 560.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 74.37 548.25 Td (spreads ) Tj ET Q q 0 0 0 rg BT 106.47 548.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 140.22 548.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 162.88 548.25 Td (income ) Tj ET Q q 0 0 0 rg BT 194.42 548.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 224.86 548.25 Td (volumes ) Tj ET Q q 0 0 0 rg BT 260.85 548.25 Td (during ) Tj ET Q q 0 0 0 rg BT 289.07 548.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 313.68 548.25 Td (which ) Tj ET Q q 0 0 0 rg BT 340.22 548.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 378.98 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 394.42 548.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 433.18 548.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 453.62 548.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 484.06 548.25 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 523.74 548.25 Td (A) Tj ET Q q 0 0 0 rg BT 530.41 548.25 Td ( ) Tj ET Q q 0 0 0 rg BT 532.51 548.25 Td (gradual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 85.29 536.25 Td (in ) Tj ET Q q 0 0 0 rg BT 96.11 536.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 128.58 536.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 150.50 536.25 Td (in ) Tj ET Q q 0 0 0 rg BT 161.32 536.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 184.36 536.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 224.60 536.25 Td (should ) Tj ET Q q 0 0 0 rg BT 254.31 536.25 Td (be ) Tj ET Q q 0 0 0 rg BT 266.79 536.25 Td (accommodative ) Tj ET Q q 0 0 0 rg BT 333.13 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 343.95 536.25 Td (our ) Tj ET Q q 0 0 0 rg BT 360.32 536.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 383.91 536.25 Td (income ) Tj ET Q q 0 0 0 rg BT 416.38 536.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 467.20 536.25 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 510.21 536.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 549.42 536.25 Td (W) Tj ET Q q 0 0 0 rg BT 558.06 536.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (intend ) Tj ET Q q 0 0 0 rg BT 77.42 524.25 Td (to ) Tj ET Q q 0 0 0 rg BT 88.12 524.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 126.03 524.25 Td (a ) Tj ET Q q 0 0 0 rg BT 133.39 524.25 Td (conservative ) Tj ET Q q 0 0 0 rg BT 186.84 524.25 Td (bias ) Tj ET Q q 0 0 0 rg BT 205.87 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 216.57 524.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 258.93 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 275.18 524.25 Td (inventories ) Tj ET Q q 0 0 0 rg BT 322.53 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 339.89 524.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 375.03 524.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 415.72 524.25 Td (to ) Tj ET Q q 0 0 0 rg BT 426.42 524.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 462.10 524.25 Td (market ) Tj ET Q q 0 0 0 rg BT 492.79 524.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 531.82 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 549.18 524.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 88.10 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.38 512.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 130.31 512.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 154.19 512.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (Favorable ) Tj ET Q q 0 0 0 rg BT 91.92 488.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 119.36 488.25 Td (market ) Tj ET Q q 0 0 0 rg BT 149.56 488.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 193.66 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.88 488.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 226.32 488.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 260.41 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 270.63 488.25 Td (strong ) Tj ET Q q 0 0 0 rg BT 298.06 488.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 335.48 488.25 Td (results ) Tj ET Q q 0 0 0 rg BT 364.03 488.25 Td (across ) Tj ET Q q 0 0 0 rg BT 391.46 488.25 Td (both ) Tj ET Q q 0 0 0 rg BT 411.67 488.25 Td (our ) Tj ET Q q 0 0 0 rg BT 427.44 488.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 454.87 488.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 483.96 488.25 Td (raising ) Tj ET Q q 0 0 0 rg BT 513.62 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 530.49 488.25 Td (mer) Tj ET Q q 0 0 0 rg BT 545.86 488.25 Td (gers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.89 476.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 117.61 476.25 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 165.29 476.25 Td (If ) Tj ET Q q 0 0 0 rg BT 174.90 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.06 476.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 210.80 476.25 Td (economy ) Tj ET Q q 0 0 0 rg BT 250.40 476.25 Td (continues ) Tj ET Q q 0 0 0 rg BT 291.68 476.25 Td (to ) Tj ET Q q 0 0 0 rg BT 302.41 476.25 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 347.01 476.25 Td (in ) Tj ET Q q 0 0 0 rg BT 357.74 476.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 383.19 476.25 Td (we ) Tj ET Q q 0 0 0 rg BT 397.81 476.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 426.85 476.25 Td (market ) Tj ET Q q 0 0 0 rg BT 457.56 476.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 502.18 476.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 542.33 476.25 Td (to ) Tj ET Q q 0 0 0 rg BT 553.06 476.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (accommodative ) Tj ET Q q 0 0 0 rg BT 115.93 464.25 Td (for ) Tj ET Q q 0 0 0 rg BT 130.71 464.25 Td (our ) Tj ET Q q 0 0 0 rg BT 147.17 464.25 Td (equity-related ) Tj ET Q q 0 0 0 rg BT 205.82 464.25 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 253.44 464.25 Td (W) Tj ET Q q 0 0 0 rg BT 262.48 464.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 276.16 464.25 Td (a ) Tj ET Q q 0 0 0 rg BT 283.72 464.25 Td (strengthening ) Tj ET Q q 0 0 0 rg BT 341.28 464.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 362.19 464.25 Td (economy) Tj ET Q q 0 0 0 rg BT 398.19 464.25 Td (, ) Tj ET Q q 0 0 0 rg BT 403.81 464.25 Td (we ) Tj ET Q q 0 0 0 rg BT 418.60 464.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 450.60 464.25 Td (that ) Tj ET Q q 0 0 0 rg BT 468.71 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 484.06 464.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 512.17 464.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 546.95 464.25 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 86.62 452.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.09 452.25 Td (appreciate ) Tj ET Q q 0 0 0 rg BT 140.86 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 151.33 452.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 176.52 452.25 Td (but ) Tj ET Q q 0 0 0 rg BT 191.98 452.25 Td (at ) Tj ET Q q 0 0 0 rg BT 201.89 452.25 Td (more ) Tj ET Q q 0 0 0 rg BT 225.13 452.25 Td (modest ) Tj ET Q q 0 0 0 rg BT 256.70 452.25 Td (levels. ) Tj ET Q q 0 0 0 rg BT 285.02 452.25 Td (While ) Tj ET Q q 0 0 0 rg BT 312.15 452.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 344.27 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 355.29 452.25 Td (heightened ) Tj ET Q q 0 0 0 rg BT 401.85 452.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 440.65 452.25 Td (during ) Tj ET Q q 0 0 0 rg BT 469.45 452.25 Td (this ) Tj ET Q q 0 0 0 rg BT 486.59 452.25 Td (time ) Tj ET Q q 0 0 0 rg BT 507.05 452.25 Td (would ) Tj ET Q q 0 0 0 rg BT 534.74 452.25 Td (benefit ) 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 65.33 440.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 92.83 440.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 114.76 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 131.70 440.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 162.53 440.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 201.42 440.25 Td (a ) Tj ET Q q 0 0 0 rg BT 208.36 440.25 Td (period ) Tj ET Q q 0 0 0 rg BT 236.40 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.23 440.25 Td (sustained ) Tj ET Q q 0 0 0 rg BT 286.95 440.25 Td (market ) Tj ET Q q 0 0 0 rg BT 317.21 440.25 Td (correction ) Tj ET Q q 0 0 0 rg BT 360.25 440.25 Td (may ) Tj ET Q q 0 0 0 rg BT 379.96 440.25 Td (be ) Tj ET Q q 0 0 0 rg BT 391.90 440.25 Td (disruptive ) Tj ET Q q 0 0 0 rg BT 434.40 440.25 Td (to ) Tj ET Q q 0 0 0 rg BT 444.68 440.25 Td (our ) Tj ET Q q 0 0 0 rg BT 460.51 440.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 489.66 440.25 Td (raising. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (An ) Tj ET Q q 0 0 0 rg BT 63.98 416.25 Td (improving ) Tj ET Q q 0 0 0 rg BT 107.90 416.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 127.94 416.25 Td (economy ) Tj ET Q q 0 0 0 rg BT 166.85 416.25 Td (also ) Tj ET Q q 0 0 0 rg BT 185.21 416.25 Td (is ) Tj ET Q q 0 0 0 rg BT 194.14 416.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 219.17 416.25 Td (to ) Tj ET Q q 0 0 0 rg BT 229.20 416.25 Td (be ) Tj ET Q q 0 0 0 rg BT 240.90 416.25 Td (accommodative ) Tj ET Q q 0 0 0 rg BT 306.46 416.25 Td (for ) Tj ET Q q 0 0 0 rg BT 320.37 416.25 Td (our ) Tj ET Q q 0 0 0 rg BT 335.96 416.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 357.65 416.25 Td (management ) Tj ET Q q 0 0 0 rg BT 411.00 416.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 449.15 416.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 473.63 416.25 Td (management ) Tj ET Q q 0 0 0 rg BT 526.97 416.25 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (will ) Tj ET Q q 0 0 0 rg BT 67.87 404.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 105.12 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 115.71 404.25 Td (be ) Tj ET Q q 0 0 0 rg BT 127.96 404.25 Td (dependent ) Tj ET Q q 0 0 0 rg BT 171.87 404.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 194.68 404.25 Td (valuations ) Tj ET Q q 0 0 0 rg BT 238.60 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 255.85 404.25 Td (our ) Tj ET Q q 0 0 0 rg BT 272.00 404.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 318.69 404.25 Td (performance, ) Tj ET Q q 0 0 0 rg BT 374.53 404.25 Td (which ) Tj ET Q q 0 0 0 rg BT 401.78 404.25 Td (can ) Tj ET Q q 0 0 0 rg BT 418.47 404.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 448.50 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 463.53 404.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 496.34 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 507.48 404.25 Td (client ) Tj ET Q q 0 0 0 rg BT 532.51 404.25 Td (inflows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.72 392.25 Td (outflows ) Tj ET Q q 0 0 0 rg BT 102.51 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.62 392.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 137.74 392.25 Td (under ) Tj ET Q q 0 0 0 rg BT 162.29 392.25 Td (management.Our ) Tj ET Q q 0 0 0 rg BT 235.72 392.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 273.60 392.25 Td (to ) Tj ET Q q 0 0 0 rg BT 283.16 392.25 Td (ener) Tj ET Q q 0 0 0 rg BT 300.19 392.25 Td (gy ) Tj ET Q q 0 0 0 rg BT 311.97 392.25 Td (through ) Tj ET Q q 0 0 0 rg BT 344.87 392.25 Td (a ) Tj ET Q q 0 0 0 rg BT 351.09 392.25 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 391.18 392.25 Td (ener) Tj ET Q q 0 0 0 rg BT 408.21 392.25 Td (gy ) Tj ET Q q 0 0 0 rg BT 420.00 392.25 Td (fund, ) Tj ET Q q 0 0 0 rg BT 442.61 392.25 Td (our ) Tj ET Q q 0 0 0 rg BT 457.73 392.25 Td (MLP) Tj ET Q q 0 0 0 rg BT 477.92 392.25 Td ( ) Tj ET Q q 0 0 0 rg BT 479.70 392.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 519.25 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 535.47 392.25 Td (ener) Tj ET Q q 0 0 0 rg BT 552.50 392.25 Td (gy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 86.51 380.25 Td (in ) Tj ET Q q 0 0 0 rg BT 96.85 380.25 Td (our ) Tj ET Q q 0 0 0 rg BT 112.74 380.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 151.41 380.25 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 194.24 380.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 235.11 380.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 274.33 380.25 Td (our ) Tj ET Q q 0 0 0 rg BT 290.22 380.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 312.22 380.25 Td (management ) Tj ET Q q 0 0 0 rg BT 365.87 380.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 403.97 380.25 Td (in ) Tj ET Q q 0 0 0 rg BT 414.31 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.09 380.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 456.09 380.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 486.97 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 497.86 380.25 Td (2014. ) Tj ET Q q 0 0 0 rg BT 522.74 380.25 Td (The ) Tj ET Q q 0 0 0 rg BT 540.85 380.25 Td (sharp ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (drop ) Tj ET Q q 0 0 0 rg BT 70.33 368.25 Td (in ) Tj ET Q q 0 0 0 rg BT 80.61 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 95.33 368.25 Td (price ) Tj ET Q q 0 0 0 rg BT 117.81 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 128.64 368.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 141.70 368.25 Td (at ) Tj ET Q q 0 0 0 rg BT 151.41 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 166.13 368.25 Td (end ) Tj ET Q q 0 0 0 rg BT 183.07 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 193.90 368.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 216.40 368.25 Td (may ) Tj ET Q q 0 0 0 rg BT 236.12 368.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 271.37 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 286.09 368.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 324.70 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 335.53 368.25 Td (ener) Tj ET Q q 0 0 0 rg BT 352.55 368.25 Td (gy-related ) Tj ET Q q 0 0 0 rg BT 395.58 368.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 423.08 368.25 Td (holdings ) Tj ET Q q 0 0 0 rg BT 460.03 368.25 Td (in ) Tj ET Q q 0 0 0 rg BT 470.31 368.25 Td (2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 320.25 Td (o ) Tj ET Q q 0 0 0 rg BT 62.77 320.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 96.17 320.25 Td (comparative ) Tj ET Q q 0 0 0 rg BT 148.45 320.25 Td (information ) Tj ET Q q 0 0 0 rg BT 198.51 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 209.70 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 225.89 320.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 266.51 320.25 Td (results ) Tj ET Q q 0 0 0 rg BT 295.47 320.25 Td (for ) Tj ET Q q 0 0 0 rg BT 309.99 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 325.06 320.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 357.36 320.25 Td (presented, ) Tj ET Q q 0 0 0 rg BT 401.03 320.25 Td (a ) Tj ET Q q 0 0 0 rg BT 408.32 320.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 452.85 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 464.04 320.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 500.22 320.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 536.40 320.25 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (follows ) Tj ET Q q 0 0 0 rg BT 82.63 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 97.98 308.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 142.78 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 154.24 308.25 Td (our ) Tj ET Q q 0 0 0 rg BT 170.70 308.25 Td (total ) Tj ET Q q 0 0 0 rg BT 191.60 308.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 245.27 308.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 266.18 308.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 293.04 308.25 Td ( ) Tj ET Q q 0 0 0 rg BT 296.17 308.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 327.91 308.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 346.59 308.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 383.04 308.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 419.50 308.25 Td (results ) Tj ET Q q 0 0 0 rg BT 448.74 308.25 Td (exclude ) Tj ET Q q 0 0 0 rg BT 482.96 308.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 513.29 308.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 548.07 308.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 89.18 296.25 Td (required ) Tj ET Q q 0 0 0 rg BT 126.08 296.25 Td (under ) Tj ET Q q 0 0 0 rg BT 152.43 296.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 173.79 296.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 199.91 296.25 Td (. ) Tj ET Q q 0 0 0 rg BT 205.99 296.25 Td (See ) Tj ET Q q 0 0 0 rg BT 224.01 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.81 296.25 Td (sections ) Tj ET Q q 0 0 0 rg BT 275.61 296.25 Td (titled ) Tj ET Q q 0 0 0 rg BT 299.74 296.25 Td ("Explanation ) Tj ET Q q 0 0 0 rg BT 355.73 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 367.64 296.25 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 415.04 296.25 Td ( ) Tj ET Q q 0 0 0 rg BT 418.63 296.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 459.42 296.25 Td (Measures" ) Tj ET Q q 0 0 0 rg BT 505.40 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.42 296.25 Td ("Segment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 104.41 284.25 Td (from ) Tj ET Q q 0 0 0 rg BT 127.68 284.25 Td (Continuing ) Tj ET Q q 0 0 0 rg BT 176.51 284.25 Td (Operations" ) Tj ET Q q 0 0 0 rg BT 228.30 284.25 Td (in ) Tj ET Q q 0 0 0 rg BT 239.91 284.25 Td (Management's ) Tj ET Q q 0 0 0 rg BT 301.63 284.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 349.35 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 366.77 284.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 405.60 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 417.76 284.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 458.80 284.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 502.63 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 520.90 284.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 554.17 284.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 95.88 272.25 Td (for ) Tj ET Q q 0 0 0 rg BT 110.04 272.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 152.53 272.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 196.70 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 213.64 272.25 Td (reconciliations.) 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 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 endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 17.10 Td (28) 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 45.50 587.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 587.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 587.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 587.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 587.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 587.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 587.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 587.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 587.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 587.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 587.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 587.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 587.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 587.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 587.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 587.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 563.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 563.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 563.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 563.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 563.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 563.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 563.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 563.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 563.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 563.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 563.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 563.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 563.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 563.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 563.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 563.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 539.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 539.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 539.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 539.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 539.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 539.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 539.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 539.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 539.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 539.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 539.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 539.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 539.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 539.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 539.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 539.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 515.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 515.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 515.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 515.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 515.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 515.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 515.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 515.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 515.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 515.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 515.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 515.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 515.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 515.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 515.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 515.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 491.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 491.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 491.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 491.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 491.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 491.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 491.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 491.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 491.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 491.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 491.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 491.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 491.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 491.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 491.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 491.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 467.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 467.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 467.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 467.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 467.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 467.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 467.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 467.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 467.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 467.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 467.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 467.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 467.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 467.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 467.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 467.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 443.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 443.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 443.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 443.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 443.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 443.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 443.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 443.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 443.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 443.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 443.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 443.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 443.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 443.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 443.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 443.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 419.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 419.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 419.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 419.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 419.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 419.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 419.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 419.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 419.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 419.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 419.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 419.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 419.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 419.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 419.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 419.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 385.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 385.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 385.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 385.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 385.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 385.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 385.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 385.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 385.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 385.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 385.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 385.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 385.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 385.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 385.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 385.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 361.25 145.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 361.25 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 361.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 361.25 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 361.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 361.25 47.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 361.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 361.25 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 361.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 361.25 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 361.25 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 361.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 361.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 361.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 361.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 361.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 327.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 327.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 327.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 327.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 327.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 327.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 327.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 327.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 327.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 327.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 327.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 327.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 327.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 327.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 327.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 327.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 303.25 145.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 303.25 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 303.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 303.25 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 303.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 303.25 47.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 303.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 303.25 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 303.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 303.25 44.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 303.25 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 303.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 303.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 303.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 303.25 4.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 303.25 40.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 269.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 269.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 269.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 269.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 269.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 269.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 269.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 269.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 269.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 269.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 269.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 269.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 269.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 269.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 269.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 269.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 245.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 245.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 245.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 245.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 245.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 245.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 245.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 245.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 245.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 245.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 245.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 245.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 245.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 245.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 245.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 245.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 221.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 221.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 221.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 221.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 221.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 221.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 221.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 221.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 221.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 221.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 221.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 221.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 221.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 221.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 221.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 221.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 187.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 187.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 187.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 187.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 187.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 187.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 187.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 187.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 187.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 187.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 187.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 187.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 187.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 187.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 187.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 187.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 163.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 163.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 163.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 163.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 163.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 163.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 163.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 163.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 163.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 163.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 163.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 163.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 163.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 163.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 163.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 163.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 129.25 145.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 129.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 129.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.50 129.25 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 129.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 129.25 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 129.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 129.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 129.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 129.25 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 129.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 129.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 129.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 129.25 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 129.25 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 129.25 40.00 -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 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 (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.00 626.65 Td (2013) 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 (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.50 614.65 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.50 614.65 Td (2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.75 614.65 Td (v2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.75 614.65 Td (v2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.00 614.65 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.00 614.65 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.00 614.65 Td (2012) 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 ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.75 590.65 Td (369,811) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.00 590.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 590.51 Td (248,563) 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 (232,958) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 590.51 Td (48.8) 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 412.25 590.51 Td (6.7) 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 (57.1) 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 (47.3) 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 (47.6) 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 (156,809) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 578.51 Td (146,648) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 578.51 Td (166,642) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.25 578.51 Td (6.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.75 578.51 Td (\(12.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.50 578.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.25 578.65 Td (24.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 578.51 Td (27.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 578.51 Td (34.1) 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 (85,062) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 566.51 Td (83,045) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 566.51 Td (65,699) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.25 566.51 Td (2.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 566.51 Td (26.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.25 566.65 Td (13.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 566.51 Td (15.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 566.51 Td (13.4) 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 (48,716) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 554.51 Td (50,409) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 554.51 Td (37,845) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.25 554.51 Td (\(3.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 554.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 554.51 Td (33.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 554.65 Td (7.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 554.51 Td (9.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 554.51 Td (7.7) 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 (12,813) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 542.51 Td (21,566) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 542.51 Td (4,903) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 542.51 Td (\(40.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 542.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.25 542.51 Td (339.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 542.65 Td (2.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 542.51 Td (4.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 542.51 Td (1.0) 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 (673,211) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 530.51 Td (550,231) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 530.51 Td (508,047) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 530.51 Td (22.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 530.51 Td (8.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.75 530.65 Td (103.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.25 530.51 Td (104.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 530.51 Td (103.9) 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 (25,073) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 506.51 Td (25,036) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 506.51 Td (19,095) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.25 506.51 Td (0.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 506.51 Td (31.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 506.65 Td (3.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 506.51 Td (4.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 506.51 Td (3.9) 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 (648,138) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 482.51 Td (525,195) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 482.51 Td (488,952) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 482.51 Td (23.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 482.51 Td (7.4) 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 (394,510) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 446.51 Td (322,464) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 446.51 Td (296,882) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 446.51 Td (22.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 446.51 Td (8.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.25 446.65 Td (60.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 446.51 Td (61.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 446.51 Td (60.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 434.51 Td (Occupancy and equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 434.65 Td (28,231) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 434.51 Td (25,493) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 434.51 Td (26,454) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 434.51 Td (10.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 409.25 434.51 Td (\(3.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.50 434.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 434.65 Td (4.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 434.51 Td (4.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 434.51 Td (5.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 422.51 Td (Communications) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 422.65 Td (22,732) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 422.51 Td (21,431) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 422.51 Td (20,543) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 364.25 422.51 Td (6.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 422.51 Td (4.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 422.65 Td (3.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 422.51 Td (4.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 422.51 Td (4.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 410.51 Td (Floor brokerage and clearance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.75 410.65 Td (7,621) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.75 410.51 Td (8,270) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 410.51 Td (8,054) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.25 410.51 Td (\(7.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 410.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 410.51 Td (2.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 410.65 Td (1.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 410.51 Td (1.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 410.51 Td (1.6) 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 (27,260) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 389.71 Td (21,603) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 389.71 Td (19,908) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 389.71 Td (26.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 389.71 Td (8.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 389.70 Td (4.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 389.71 Td (4.1) 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 (Outside services) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 376.65 Td (37,055) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 376.51 Td (32,982) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 376.51 Td (27,998) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 376.51 Td (12.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 376.51 Td (17.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 376.65 Td (5.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 376.51 Td (6.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 376.51 Td (5.7) 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 223.00 364.65 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.75 364.51 Td (4,689) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 364.51 Td (3,642) 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 407.75 364.51 Td (28.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.00 364.65 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 364.51 Td (0.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 364.51 Td (0.7) 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 (9,272) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.75 343.71 Td (7,993) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 343.71 Td (6,944) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 343.71 Td (16.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 343.71 Td (15.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 343.70 Td (1.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 343.71 Td (1.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 343.71 Td (1.4) 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 (11,146) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.75 330.51 Td (4,657) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 330.51 Td (9,516) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.25 330.51 Td (139.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.75 330.51 Td (\(51.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.50 330.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 330.65 Td (1.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 330.51 Td (0.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 330.51 Td (1.9) 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 (537,827) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 251.75 318.51 Td (449,582) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 318.51 Td (419,941) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 318.51 Td (19.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 318.51 Td (7.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.25 318.65 Td (83.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 318.51 Td (85.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 318.51 Td (85.9) 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 202.75 285.70 Td (110,311) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 285.71 Td (75,613) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 285.71 Td (69,011) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 285.71 Td (45.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 285.71 Td (9.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.25 285.70 Td (17.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 285.71 Td (14.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 285.71 Td (14.1) 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 (35,986) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 260.51 Td (20,390) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 260.51 Td (19,470) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 260.51 Td (76.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 260.51 Td (4.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 260.65 Td (5.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 260.51 Td (3.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 260.51 Td (4.0) 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 (74,325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 236.51 Td (55,223) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 236.51 Td (49,541) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 236.51 Td (34.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 236.51 Td (11.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.25 236.65 Td (11.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.75 236.51 Td (10.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 543.75 236.51 Td (10.1) 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 257.75 191.71 Td (\(4,739) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 281.00 191.71 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.75 191.71 Td (\(5,807) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 191.71 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.95 191.71 Td (N/M) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.75 191.71 Td (\(18.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 423.50 191.71 Td (\)) 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 501.25 191.71 Td (\(0.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 515.50 191.71 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.25 191.71 Td (\(1.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 191.71 Td (\)) 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 (74,325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 166.51 Td (50,484) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 307.25 166.51 Td (43,734) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 166.51 Td (47.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.75 166.51 Td (15.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.25 166.65 Td (11.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 166.51 Td (9.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 166.51 Td (8.9) 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 207.25 133.70 Td (11,153) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 260.75 133.71 Td (5,394) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 311.75 133.71 Td (2,466) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.25 133.71 Td (106.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.25 133.71 Td (118.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.75 133.70 Td (1.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.25 133.71 Td (1.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 548.25 133.71 Td (0.5) 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 ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 207.25 99.70 Td (63,172) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.00 99.71 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 256.25 99.71 Td (45,090) 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 (41,268) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.75 99.71 Td (40.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.50 99.71 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 99.71 Td (9.3) 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 (9.7) 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 (8.6) 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 (8.4) 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 BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 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 endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 17.10 Td (29) 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 (2014) 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 ($63.2 ) 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 66.66 705.60 Td (continuing ) Tj ET Q q 0 0 0 rg BT 111.65 705.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 155.52 705.60 Td (for ) Tj ET Q q 0 0 0 rg BT 169.40 705.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.84 705.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.05 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 203.27 705.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.36 705.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 287.67 705.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.67 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 309.89 705.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.53 705.60 Td ($648.1 ) Tj ET Q q 0 0 0 rg BT 361.25 705.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.14 705.60 Td (, ) Tj ET Q q 0 0 0 rg BT 394.86 705.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.52 705.60 Td (23.4 ) Tj ET Q q 0 0 0 rg BT 421.24 705.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.66 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 452.88 705.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 487.86 705.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 529.50 705.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 705.60 Td ($525.2 ) 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 (2014) 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 (48.8 ) 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 ($369.8 ) 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 ($248.6 ) 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 77.31 681.60 Td (in ) Tj ET Q q 0 0 0 rg BT 88.50 681.60 Td (the ) Tj ET Q q 0 0 0 rg BT 104.13 681.60 Td (prior) Tj ET Q q 0 0 0 rg BT 123.37 681.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 147.32 681.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 178.79 681.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 207.75 681.60 Td (by ) Tj ET Q q 0 0 0 rg BT 221.16 681.60 Td (robust ) Tj ET Q q 0 0 0 rg BT 249.58 681.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 287.43 681.60 Td (services ) Tj ET Q q 0 0 0 rg BT 323.06 681.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 362.01 681.60 Td (as ) Tj ET Q q 0 0 0 rg BT 373.75 681.60 Td (we ) Tj ET Q q 0 0 0 rg BT 388.83 681.60 Td (were ) Tj ET Q q 0 0 0 rg BT 411.67 681.60 Td (able ) Tj ET Q q 0 0 0 rg BT 431.75 681.60 Td (to ) Tj ET Q q 0 0 0 rg BT 442.94 681.60 Td (capitalize ) Tj ET Q q 0 0 0 rg BT 484.66 681.60 Td (on ) Tj ET Q q 0 0 0 rg BT 498.08 681.60 Td (favorable ) Tj ET Q q 0 0 0 rg BT 539.25 681.60 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 669.60 Td (conditions ) Tj ET Q q 0 0 0 rg BT 89.55 669.60 Td (and ) Tj ET Q q 0 0 0 rg BT 106.88 669.60 Td (the ) Tj ET Q q 0 0 0 rg BT 121.98 669.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 172.64 669.60 Td (we ) Tj ET Q q 0 0 0 rg BT 187.18 669.60 Td (have ) Tj ET Q q 0 0 0 rg BT 208.95 669.60 Td (made ) Tj ET Q q 0 0 0 rg BT 233.49 669.60 Td (to ) Tj ET Q q 0 0 0 rg BT 244.15 669.60 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 288.69 669.60 Td (our ) Tj ET Q q 0 0 0 rg BT 304.91 669.60 Td (mer) Tj ET Q q 0 0 0 rg BT 320.27 669.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 339.82 669.60 Td (and ) Tj ET Q q 0 0 0 rg BT 357.14 669.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 407.80 669.60 Td (resources ) Tj ET Q q 0 0 0 rg BT 448.45 669.60 Td (in ) Tj ET Q q 0 0 0 rg BT 459.11 669.60 Td (the ) Tj ET Q q 0 0 0 rg BT 474.21 669.60 Td (middle ) Tj ET Q q 0 0 0 rg BT 504.87 669.60 Td (market. ) Tj ET Q q 0 0 0 rg BT 538.02 669.60 Td (For ) Tj ET Q q 0 0 0 rg BT 554.80 669.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 657.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.21 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 64.86 657.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.39 657.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 150.12 657.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.12 657.60 Td (, ) Tj ET Q q 0 0 0 rg BT 175.27 657.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 225.70 657.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 268.33 657.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 306.52 657.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.60 657.60 Td ($156.8 ) Tj ET Q q 0 0 0 rg BT 358.75 657.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.64 657.60 Td (, ) Tj ET Q q 0 0 0 rg BT 392.79 657.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 434.87 657.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 657.60 Td ($146.6 ) Tj ET Q q 0 0 0 rg BT 485.45 657.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.34 657.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.99 657.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.77 657.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.42 657.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.42 657.60 Td (, ) Tj ET Q q 0 0 0 rg BT 552.57 657.60 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 645.60 Td (to ) Tj ET Q q 0 0 0 rg BT 56.24 645.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 85.26 645.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 109.27 645.60 Td (income ) Tj ET Q q 0 0 0 rg BT 142.17 645.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 193.41 645.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 236.85 645.60 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 278.36 645.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 315.14 645.60 Td (of) Tj ET Q q 0 0 0 rg BT 323.29 645.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 341.20 645.60 Td (by ) Tj ET Q q 0 0 0 rg BT 354.66 645.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 380.90 645.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 409.36 645.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 460.60 645.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 504.04 645.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 544.78 645.60 Td (Asset ) 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 99.08 633.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 118.17 633.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.59 633.60 Td ($85.1 ) Tj ET Q q 0 0 0 rg BT 166.08 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.98 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 197.97 633.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.74 633.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.74 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 234.23 633.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 276.65 633.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.42 633.60 Td ($83.0 ) Tj ET Q q 0 0 0 rg BT 322.91 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.80 633.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.79 633.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.57 633.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.56 633.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.56 633.60 Td (. ) Tj ET Q q 0 0 0 rg BT 391.06 633.60 Td (For ) Tj ET Q q 0 0 0 rg BT 407.94 633.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 633.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.36 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 443.35 633.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.22 633.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 529.29 633.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.29 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 554.79 633.60 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 621.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 77.19 621.60 Td (income ) Tj ET Q q 0 0 0 rg BT 109.38 621.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 151.55 621.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.08 621.60 Td ($23.6 ) Tj ET Q q 0 0 0 rg BT 187.34 621.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.23 621.60 Td (, ) Tj ET Q q 0 0 0 rg BT 221.48 621.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 263.66 621.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.20 621.60 Td ($25.4 ) Tj ET Q q 0 0 0 rg BT 309.45 621.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.34 621.60 Td ( ) Tj ET Q q 0 0 0 rg BT 341.10 621.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.63 621.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.63 621.60 Td (. ) Tj ET Q q 0 0 0 rg BT 376.89 621.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.97 621.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.97 621.60 Td (, ) Tj ET Q q 0 0 0 rg BT 413.23 621.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 459.87 621.60 Td (income ) Tj ET Q q 0 0 0 rg BT 492.05 621.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.36 621.60 Td ($12.8 ) Tj ET Q q 0 0 0 rg BT 535.62 621.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.51 621.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 609.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 86.85 609.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.06 609.60 Td ($21.6 ) Tj ET Q q 0 0 0 rg BT 131.99 609.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.89 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 163.32 609.60 Td (in ) Tj ET Q q 0 0 0 rg BT 173.53 609.60 Td (the ) Tj ET Q q 0 0 0 rg BT 188.17 609.60 Td (prior) Tj ET Q q 0 0 0 rg BT 207.41 609.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 230.38 609.60 Td (period ) Tj ET Q q 0 0 0 rg BT 258.36 609.60 Td (as ) Tj ET Q q 0 0 0 rg BT 269.12 609.60 Td (we ) Tj ET Q q 0 0 0 rg BT 283.21 609.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 320.61 609.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 345.81 609.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 392.13 609.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 415.67 609.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 459.19 609.60 Td (with ) Tj ET Q q 0 0 0 rg BT 479.40 609.60 Td (our ) Tj ET Q q 0 0 0 rg BT 495.16 609.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 534.79 609.60 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 597.60 Td (and ) Tj ET Q q 0 0 0 rg BT 61.25 597.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 80.28 597.60 Td (investments, ) Tj ET Q q 0 0 0 rg BT 132.36 597.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 167.49 597.60 Td (of) Tj ET Q q 0 0 0 rg BT 175.64 597.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 191.89 597.60 Td (by ) Tj ET Q q 0 0 0 rg BT 203.70 597.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 231.06 597.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 253.98 597.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 296.88 597.60 Td (with ) Tj ET Q q 0 0 0 rg BT 316.47 597.60 Td (our ) Tj ET Q q 0 0 0 rg BT 331.61 597.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 377.30 597.60 Td (and ) Tj ET Q q 0 0 0 rg BT 393.55 597.60 Td (the ) Tj ET Q q 0 0 0 rg BT 407.58 597.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 468.27 597.60 Td (interests ) Tj ET Q q 0 0 0 rg BT 503.41 597.60 Td (in ) Tj ET Q q 0 0 0 rg BT 513.00 597.60 Td (the ) Tj ET Q q 0 0 0 rg BT 527.02 597.60 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 585.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 67.15 585.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 87.64 585.60 Td (that ) Tj ET Q q 0 0 0 rg BT 104.79 585.60 Td (we ) Tj ET Q q 0 0 0 rg BT 118.60 585.60 Td (manage. ) Tj ET Q q 0 0 0 rg BT 154.35 585.60 Td (Non-interest ) Tj ET Q q 0 0 0 rg BT 206.48 585.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 244.74 585.60 Td (from ) Tj ET Q q 0 0 0 rg BT 266.33 585.60 Td (continuing ) Tj ET Q q 0 0 0 rg BT 311.25 585.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 355.06 585.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 585.60 Td ($537.8 ) Tj ET Q q 0 0 0 rg BT 406.30 585.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.19 585.60 Td ( ) Tj ET Q q 0 0 0 rg BT 437.34 585.60 Td (for ) Tj ET Q q 0 0 0 rg BT 451.16 585.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.53 585.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.73 585.60 Td ( ) Tj ET Q q 0 0 0 rg BT 484.89 585.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.92 585.60 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 573.60 Td (2014) 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 69.13 573.60 Td (an ) Tj ET Q q 0 0 0 rg BT 80.19 573.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 114.57 573.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.53 573.60 Td (19.6 ) Tj ET Q q 0 0 0 rg BT 143.65 573.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.08 573.60 Td ( ) Tj ET Q q 0 0 0 rg BT 174.70 573.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 215.75 573.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.16 573.60 Td ($449.6 ) Tj ET Q q 0 0 0 rg BT 254.28 573.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.17 573.60 Td ( ) Tj ET Q q 0 0 0 rg BT 284.80 573.60 Td (in ) Tj ET Q q 0 0 0 rg BT 294.20 573.60 Td (the ) Tj ET Q q 0 0 0 rg BT 308.05 573.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 329.11 573.60 Td (year) Tj ET Q q 0 0 0 rg BT 345.92 573.60 Td (, ) Tj ET Q q 0 0 0 rg BT 350.04 573.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 388.88 573.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 425.50 573.60 Td (from ) Tj ET Q q 0 0 0 rg BT 446.57 573.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 473.74 573.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 530.91 573.60 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 561.60 Td (due ) Tj ET Q q 0 0 0 rg BT 62.21 561.60 Td (to ) Tj ET Q q 0 0 0 rg BT 72.77 561.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 113.30 561.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 151.61 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 168.82 561.60 Td (improved ) Tj ET Q q 0 0 0 rg BT 209.92 561.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 250.46 561.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 303.76 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 320.97 561.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 349.29 561.60 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 425.94 561.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 464.81 561.60 Td (due ) Tj ET Q q 0 0 0 rg BT 482.03 561.60 Td (to ) Tj ET Q q 0 0 0 rg BT 492.58 561.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 533.11 561.60 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 549.60 Td (activity ) Tj ET Q q 0 0 0 rg BT 77.49 549.60 Td (and ) Tj ET Q q 0 0 0 rg BT 94.43 549.60 Td (incremental ) Tj ET Q q 0 0 0 rg BT 144.13 549.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 166.63 549.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 210.22 549.60 Td (with ) Tj ET Q q 0 0 0 rg BT 230.50 549.60 Td (the ) Tj ET Q q 0 0 0 rg BT 245.21 549.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 295.49 549.60 Td (of ) Tj ET Q q 0 0 0 rg BT 306.32 549.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 381.02 549.60 Td (and ) Tj ET Q q 0 0 0 rg BT 397.96 549.60 Td (Edgeview) Tj ET Q q 0 0 0 rg BT 437.29 549.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 525.60 Td (For ) Tj ET Q q 0 0 0 rg BT 61.71 525.60 Td (the ) Tj ET Q q 0 0 0 rg BT 76.75 525.60 Td (year ) Tj ET Q q 0 0 0 rg BT 96.77 525.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.47 525.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 182.37 525.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.37 525.60 Td (, ) Tj ET Q q 0 0 0 rg BT 207.69 525.60 Td (we ) Tj ET Q q 0 0 0 rg BT 222.17 525.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 259.96 525.60 Td (net ) Tj ET Q q 0 0 0 rg BT 275.00 525.60 Td (income ) Tj ET Q q 0 0 0 rg BT 307.25 525.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 351.16 525.60 Td (to ) Tj ET Q q 0 0 0 rg BT 361.76 525.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 385.68 525.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 397.16 525.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 416.08 525.60 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 466.39 525.60 Td (including ) Tj ET Q q 0 0 0 rg BT 506.99 525.60 Td (continuing ) Tj ET Q q 0 0 0 rg BT 552.58 525.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 513.60 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 98.70 513.60 Td (operations, ) Tj ET Q q 0 0 0 rg BT 145.44 513.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.37 513.60 Td ($45.1 ) Tj ET Q q 0 0 0 rg BT 181.46 513.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.35 513.60 Td (. ) Tj ET Q q 0 0 0 rg BT 215.26 513.60 Td (The ) Tj ET Q q 0 0 0 rg BT 233.40 513.60 Td (results ) Tj ET Q q 0 0 0 rg BT 262.10 513.60 Td (of ) Tj ET Q q 0 0 0 rg BT 273.02 513.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 317.27 513.60 Td (for ) Tj ET Q q 0 0 0 rg BT 331.52 513.60 Td (the ) Tj ET Q q 0 0 0 rg BT 346.33 513.60 Td (year ) Tj ET Q q 0 0 0 rg BT 366.13 513.60 Td (ended ) Tj ET Q q 0 0 0 rg BT 392.60 513.60 Td (December ) Tj ET Q q 0 0 0 rg BT 436.28 513.60 Td (31, ) Tj ET Q q 0 0 0 rg BT 451.37 513.60 Td (2013 ) Tj ET Q q 0 0 0 rg BT 473.96 513.60 Td (included ) Tj ET Q q 0 0 0 rg BT 510.99 513.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.02 513.60 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 538.11 513.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.00 513.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 501.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 60.93 501.60 Td (benefit ) Tj ET Q q 0 0 0 rg BT 92.40 501.60 Td (from ) Tj ET Q q 0 0 0 rg BT 115.54 501.60 Td (reversing ) Tj ET Q q 0 0 0 rg BT 156.46 501.60 Td (the ) Tj ET Q q 0 0 0 rg BT 172.39 501.60 Td (full ) Tj ET Q q 0 0 0 rg BT 189.98 501.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 223.68 501.60 Td (of ) Tj ET Q q 0 0 0 rg BT 235.72 501.60 Td (our ) Tj ET Q q 0 0 0 rg BT 252.76 501.60 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 275.91 501.60 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 326.42 501.60 Td (deferred ) Tj ET Q q 0 0 0 rg BT 363.44 501.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 379.36 501.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 402.51 501.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 443.43 501.60 Td (allowance. ) Tj ET Q q 0 0 0 rg BT 490.17 501.60 Td (Net ) Tj ET Q q 0 0 0 rg BT 508.32 501.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 547.56 501.60 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 489.60 Td (continuing ) Tj ET Q q 0 0 0 rg BT 89.75 489.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 133.37 489.60 Td (for ) Tj ET Q q 0 0 0 rg BT 147.01 489.60 Td (the ) Tj ET Q q 0 0 0 rg BT 161.20 489.60 Td (year ) Tj ET Q q 0 0 0 rg BT 180.38 489.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.23 489.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 264.28 489.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.28 489.60 Td ( ) Tj ET Q q 0 0 0 rg BT 286.25 489.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.66 489.60 Td ($525.2 ) Tj ET Q q 0 0 0 rg BT 337.13 489.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.02 489.60 Td (, ) Tj ET Q q 0 0 0 rg BT 370.49 489.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.90 489.60 Td (7.4 ) Tj ET Q q 0 0 0 rg BT 391.38 489.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.80 489.60 Td ( ) Tj ET Q q 0 0 0 rg BT 422.77 489.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 457.50 489.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 498.90 489.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.65 489.60 Td ($489.0 ) Tj ET Q q 0 0 0 rg BT 538.12 489.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.01 489.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 477.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.40 477.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.40 477.60 Td (. ) Tj ET Q q 0 0 0 rg BT 80.52 477.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.47 477.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.47 477.60 Td (, ) Tj ET Q q 0 0 0 rg BT 116.60 477.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 163.10 477.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 197.94 477.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 236.10 477.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.15 477.60 Td ($248.6 ) Tj ET Q q 0 0 0 rg BT 288.27 477.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.16 477.60 Td (, ) Tj ET Q q 0 0 0 rg BT 322.29 477.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 364.33 477.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.73 477.60 Td ($233.0 ) Tj ET Q q 0 0 0 rg BT 414.85 477.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.75 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 446.37 477.60 Td (in ) Tj ET Q q 0 0 0 rg BT 456.77 477.60 Td (the ) Tj ET Q q 0 0 0 rg BT 471.61 477.60 Td (prior) Tj ET Q q 0 0 0 rg BT 490.84 477.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 514.00 477.60 Td (period ) Tj ET Q q 0 0 0 rg BT 542.17 477.60 Td (due ) Tj ET Q q 0 0 0 rg BT 559.23 477.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 465.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 72.18 465.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 98.81 465.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 138.20 465.60 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 177.87 465.60 Td (of) Tj ET Q q 0 0 0 rg BT 186.02 465.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 202.09 465.60 Td (in ) Tj ET Q q 0 0 0 rg BT 211.50 465.60 Td (part ) Tj ET Q q 0 0 0 rg BT 228.68 465.60 Td (by ) Tj ET Q q 0 0 0 rg BT 240.31 465.60 Td (a ) Tj ET Q q 0 0 0 rg BT 246.39 465.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 276.89 465.60 Td (in ) Tj ET Q q 0 0 0 rg BT 286.30 465.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 322.37 465.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 362.04 465.60 Td ( ) Tj ET Q q 0 0 0 rg BT 363.67 465.60 Td (For ) Tj ET Q q 0 0 0 rg BT 379.20 465.60 Td (the ) Tj ET Q q 0 0 0 rg BT 393.05 465.60 Td (year ) Tj ET Q q 0 0 0 rg BT 411.89 465.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.39 465.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 495.11 465.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.11 465.60 Td (, ) Tj ET Q q 0 0 0 rg BT 519.24 465.60 Td (institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 453.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 87.99 453.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 126.55 453.60 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.98 453.60 Td (12.0 ) Tj ET Q q 0 0 0 rg BT 189.50 453.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.92 453.60 Td ( ) Tj ET Q q 0 0 0 rg BT 221.94 453.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.73 453.60 Td ($146.6 ) Tj ET Q q 0 0 0 rg BT 263.25 453.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.14 453.60 Td (, ) Tj ET Q q 0 0 0 rg BT 297.66 453.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 340.10 453.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.90 453.60 Td ($166.6 ) Tj ET Q q 0 0 0 rg BT 391.42 453.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.31 453.60 Td ( ) Tj ET Q q 0 0 0 rg BT 423.33 453.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.12 453.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.12 453.60 Td (. ) Tj ET Q q 0 0 0 rg BT 459.42 453.60 Td (The ) Tj ET Q q 0 0 0 rg BT 477.98 453.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 509.87 453.60 Td (was ) Tj ET Q q 0 0 0 rg BT 528.44 453.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 557.01 453.60 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 441.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 69.21 441.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 91.20 441.60 Td (income ) Tj ET Q q 0 0 0 rg BT 122.08 441.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 157.40 441.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 187.17 441.60 Td (results ) Tj ET Q q 0 0 0 rg BT 214.72 441.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.94 441.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.94 441.60 Td (. ) Tj ET Q q 0 0 0 rg BT 247.89 441.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.66 441.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.66 441.60 Td (, ) Tj ET Q q 0 0 0 rg BT 281.61 441.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 302.49 441.60 Td (management ) Tj ET Q q 0 0 0 rg BT 355.02 441.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 372.57 441.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.76 441.60 Td (26.4 ) Tj ET Q q 0 0 0 rg BT 430.71 441.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.13 441.60 Td ( ) Tj ET Q q 0 0 0 rg BT 461.58 441.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 441.60 Td ($83.0 ) Tj ET Q q 0 0 0 rg BT 494.74 441.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.63 441.60 Td (, ) Tj ET Q q 0 0 0 rg BT 527.58 441.60 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 429.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.37 429.60 Td ($65.7 ) Tj ET Q q 0 0 0 rg BT 90.46 429.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.35 429.60 Td ( ) Tj ET Q q 0 0 0 rg BT 121.94 429.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.31 429.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.31 429.60 Td (, ) Tj ET Q q 0 0 0 rg BT 157.40 429.60 Td (due ) Tj ET Q q 0 0 0 rg BT 174.43 429.60 Td (to ) Tj ET Q q 0 0 0 rg BT 184.80 429.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 212.93 429.60 Td (management ) Tj ET Q q 0 0 0 rg BT 266.61 429.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 285.30 429.60 Td (from ) Tj ET Q q 0 0 0 rg BT 307.33 429.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 347.68 429.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 373.60 429.60 Td (under ) Tj ET Q q 0 0 0 rg BT 398.96 429.60 Td (management ) Tj ET Q q 0 0 0 rg BT 452.63 429.60 Td (and ) Tj ET Q q 0 0 0 rg BT 469.66 429.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 497.80 429.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 550.91 429.60 Td (fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 417.60 Td (earned ) Tj ET Q q 0 0 0 rg BT 74.84 417.60 Td (in ) Tj ET Q q 0 0 0 rg BT 85.81 417.60 Td (the ) Tj ET Q q 0 0 0 rg BT 101.21 417.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 128.84 417.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 160.35 417.60 Td (of ) Tj ET Q q 0 0 0 rg BT 171.87 417.60 Td (2013. ) Tj ET Q q 0 0 0 rg BT 197.56 417.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.08 417.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.08 417.60 Td (, ) Tj ET Q q 0 0 0 rg BT 234.77 417.60 Td (net ) Tj ET Q q 0 0 0 rg BT 250.18 417.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 282.81 417.60 Td (income ) Tj ET Q q 0 0 0 rg BT 315.43 417.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.37 417.60 Td (35.3 ) Tj ET Q q 0 0 0 rg BT 377.07 417.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.49 417.60 Td ( ) Tj ET Q q 0 0 0 rg BT 409.68 417.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 417.60 Td ($25.4 ) Tj ET Q q 0 0 0 rg BT 446.34 417.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.23 417.60 Td (, ) Tj ET Q q 0 0 0 rg BT 480.92 417.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 523.54 417.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.51 417.60 Td ($18.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 405.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.89 405.60 Td ( ) Tj ET Q q 0 0 0 rg BT 76.10 405.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.09 405.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.09 405.60 Td (. ) Tj ET Q q 0 0 0 rg BT 110.81 405.60 Td ( ) Tj ET Q q 0 0 0 rg BT 112.86 405.60 Td (The ) Tj ET Q q 0 0 0 rg BT 130.62 405.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 165.58 405.60 Td (was ) Tj ET Q q 0 0 0 rg BT 183.35 405.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 222.77 405.60 Td (the ) Tj ET Q q 0 0 0 rg BT 237.20 405.60 Td (result ) Tj ET Q q 0 0 0 rg BT 261.63 405.60 Td (of ) Tj ET Q q 0 0 0 rg BT 272.17 405.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 299.93 405.60 Td (net ) Tj ET Q q 0 0 0 rg BT 314.36 405.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 346.00 405.60 Td (income ) Tj ET Q q 0 0 0 rg BT 377.65 405.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 425.40 405.60 Td (to ) Tj ET Q q 0 0 0 rg BT 435.39 405.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 496.48 405.60 Td (interests ) Tj ET Q q 0 0 0 rg BT 532.02 405.60 Td (from ) Tj ET Q q 0 0 0 rg BT 553.67 405.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 393.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 89.10 393.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 113.22 393.60 Td (fund, ) Tj ET Q q 0 0 0 rg BT 138.16 393.60 Td (as ) Tj ET Q q 0 0 0 rg BT 150.61 393.60 Td (well ) Tj ET Q q 0 0 0 rg BT 171.94 393.60 Td (as ) Tj ET Q q 0 0 0 rg BT 184.38 393.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 214.04 393.60 Td (inventory ) Tj ET Q q 0 0 0 rg BT 256.48 393.60 Td (balances ) Tj ET Q q 0 0 0 rg BT 295.02 393.60 Td (in ) Tj ET Q q 0 0 0 rg BT 306.91 393.60 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 380.43 393.60 Td (and ) Tj ET Q q 0 0 0 rg BT 398.98 393.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 443.09 393.60 Td (securities. ) Tj ET Q q 0 0 0 rg BT 487.47 393.60 Td (For ) Tj ET Q q 0 0 0 rg BT 505.47 393.60 Td (the ) Tj ET Q q 0 0 0 rg BT 521.80 393.60 Td (year ) Tj ET Q q 0 0 0 rg BT 543.12 393.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 381.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 102.82 381.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.82 381.60 Td (, ) Tj ET Q q 0 0 0 rg BT 127.06 381.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 172.67 381.60 Td (income ) Tj ET Q q 0 0 0 rg BT 203.84 381.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.13 381.60 Td ($21.6 ) Tj ET Q q 0 0 0 rg BT 245.37 381.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.26 381.60 Td (, ) Tj ET Q q 0 0 0 rg BT 278.49 381.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 319.65 381.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.17 381.60 Td ($4.9 ) Tj ET Q q 0 0 0 rg BT 358.40 381.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.29 381.60 Td ( ) Tj ET Q q 0 0 0 rg BT 389.03 381.60 Td (in ) Tj ET Q q 0 0 0 rg BT 398.54 381.60 Td (the ) Tj ET Q q 0 0 0 rg BT 412.50 381.60 Td (prior) Tj ET Q q 0 0 0 rg BT 431.74 381.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 454.01 381.60 Td (period ) Tj ET Q q 0 0 0 rg BT 481.29 381.60 Td (as ) Tj ET Q q 0 0 0 rg BT 491.36 381.60 Td (we ) Tj ET Q q 0 0 0 rg BT 504.75 381.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 541.46 381.60 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 369.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 92.65 369.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 117.53 369.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 162.40 369.60 Td (with ) Tj ET Q q 0 0 0 rg BT 183.94 369.60 Td (our ) Tj ET Q q 0 0 0 rg BT 201.04 369.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 242.02 369.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 278.00 369.60 Td (and ) Tj ET Q q 0 0 0 rg BT 296.21 369.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 317.20 369.60 Td (investments. ) Tj ET Q q 0 0 0 rg BT 371.25 369.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.35 369.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.35 369.60 Td (, ) Tj ET Q q 0 0 0 rg BT 409.62 369.60 Td (non-interest ) Tj ET Q q 0 0 0 rg BT 461.15 369.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 501.02 369.60 Td (from ) Tj ET Q q 0 0 0 rg BT 524.23 369.60 Td (continuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 357.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 89.91 357.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.59 357.60 Td ($449.6 ) Tj ET Q q 0 0 0 rg BT 143.34 357.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.23 357.60 Td (, ) Tj ET Q q 0 0 0 rg BT 177.98 357.60 Td (an ) Tj ET Q q 0 0 0 rg BT 190.67 357.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 226.67 357.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.25 357.60 Td (7.1 ) Tj ET Q q 0 0 0 rg BT 254.01 357.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.43 357.60 Td ( ) Tj ET Q q 0 0 0 rg BT 286.68 357.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 329.36 357.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.38 357.60 Td ($419.9 ) Tj ET Q q 0 0 0 rg BT 371.14 357.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.03 357.60 Td ( ) Tj ET Q q 0 0 0 rg BT 403.28 357.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.31 357.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.31 357.60 Td (, ) Tj ET Q q 0 0 0 rg BT 440.06 357.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 480.52 357.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 518.77 357.60 Td (from ) Tj ET Q q 0 0 0 rg BT 541.46 357.60 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 345.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 103.04 345.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 141.64 345.60 Td (due ) Tj ET Q q 0 0 0 rg BT 158.58 345.60 Td (to ) Tj ET Q q 0 0 0 rg BT 168.86 345.60 Td (an ) Tj ET Q q 0 0 0 rg BT 180.80 345.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 221.05 345.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 255.20 345.60 Td (base.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 45.00 321.60 Td (Consolidated Non-Interest Expenses from Continuing Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 297.60 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 104.40 297.60 Td (and ) Tj ET Q q 0 0 0 rg BT 121.03 297.60 Td (Benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.24 297.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.86 297.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.86 297.60 Td ( ) Tj ET Q q 0 0 0 rg BT 161.48 297.60 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 220.88 297.60 Td (and ) Tj ET Q q 0 0 0 rg BT 236.94 297.60 Td (benefits ) Tj ET Q q 0 0 0 rg BT 270.22 297.60 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 310.44 297.60 Td (which ) Tj ET Q q 0 0 0 rg BT 336.51 297.60 Td (are ) Tj ET Q q 0 0 0 rg BT 350.34 297.60 Td (the ) Tj ET Q q 0 0 0 rg BT 364.18 297.60 Td (lar) Tj ET Q q 0 0 0 rg BT 374.54 297.60 Td (gest ) Tj ET Q q 0 0 0 rg BT 392.28 297.60 Td (component ) Tj ET Q q 0 0 0 rg BT 438.33 297.60 Td (of ) Tj ET Q q 0 0 0 rg BT 448.29 297.60 Td (our ) Tj ET Q q 0 0 0 rg BT 463.24 297.60 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 503.46 297.60 Td (include ) Tj ET Q q 0 0 0 rg BT 534.52 297.60 Td (salaries, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 285.60 Td (incentive ) Tj ET Q q 0 0 0 rg BT 85.02 285.60 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 146.44 285.60 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 183.96 285.60 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 234.54 285.60 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 295.95 285.60 Td (employment ) Tj ET Q q 0 0 0 rg BT 349.32 285.60 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 375.73 285.60 Td (income ) Tj ET Q q 0 0 0 rg BT 408.54 285.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 453.01 285.60 Td (with ) Tj ET Q q 0 0 0 rg BT 474.16 285.60 Td (the ) Tj ET Q q 0 0 0 rg BT 489.74 285.60 Td (forfeiture ) Tj ET Q q 0 0 0 rg BT 530.87 285.60 Td (of ) Tj ET Q q 0 0 0 rg BT 542.57 285.60 Td (stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 273.60 Td (based ) Tj ET Q q 0 0 0 rg BT 69.91 273.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 127.60 273.60 Td (and ) Tj ET Q q 0 0 0 rg BT 144.18 273.60 Td (other ) Tj ET Q q 0 0 0 rg BT 166.87 273.60 Td (employee ) Tj ET Q q 0 0 0 rg BT 207.89 273.60 Td (costs. ) Tj ET Q q 0 0 0 rg BT 232.06 273.60 Td (A) Tj ET Q q 0 0 0 rg BT 238.73 273.60 Td ( ) Tj ET Q q 0 0 0 rg BT 240.87 273.60 Td (portion ) Tj ET Q q 0 0 0 rg BT 271.90 273.60 Td (of ) Tj ET Q q 0 0 0 rg BT 282.37 273.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 340.06 273.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 374.41 273.60 Td (is ) Tj ET Q q 0 0 0 rg BT 383.22 273.60 Td (comprised ) Tj ET Q q 0 0 0 rg BT 427.02 273.60 Td (of ) Tj ET Q q 0 0 0 rg BT 437.50 273.60 Td (variable ) Tj ET Q q 0 0 0 rg BT 471.84 273.60 Td (incentive ) Tj ET Q q 0 0 0 rg BT 510.64 273.60 Td (arrangements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 261.60 Td (including ) Tj ET Q q 0 0 0 rg BT 86.52 261.60 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 142.48 261.60 Td (incentive ) Tj ET Q q 0 0 0 rg BT 182.88 261.60 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 244.67 261.60 Td (the ) Tj ET Q q 0 0 0 rg BT 260.63 261.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 294.38 261.60 Td (of ) Tj ET Q q 0 0 0 rg BT 306.46 261.60 Td (which ) Tj ET Q q 0 0 0 rg BT 334.65 261.60 Td (fluctuates ) Tj ET Q q 0 0 0 rg BT 377.27 261.60 Td (in ) Tj ET Q q 0 0 0 rg BT 388.80 261.60 Td (proportion ) Tj ET Q q 0 0 0 rg BT 434.77 261.60 Td (to ) Tj ET Q q 0 0 0 rg BT 446.29 261.60 Td (the ) Tj ET Q q 0 0 0 rg BT 462.26 261.60 Td (level ) Tj ET Q q 0 0 0 rg BT 485.44 261.60 Td (of ) Tj ET Q q 0 0 0 rg BT 497.52 261.60 Td (business ) Tj ET Q q 0 0 0 rg BT 535.17 261.60 Td (activity) Tj ET Q q 0 0 0 rg BT 564.51 261.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 249.60 Td (increasing ) Tj ET Q q 0 0 0 rg BT 88.07 249.60 Td (with ) Tj ET Q q 0 0 0 rg BT 107.82 249.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 135.34 249.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 172.86 249.60 Td (and ) Tj ET Q q 0 0 0 rg BT 189.27 249.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 229.01 249.60 Td (profits. ) Tj ET Q q 0 0 0 rg BT 259.59 249.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 284.34 249.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 341.85 249.60 Td (costs, ) Tj ET Q q 0 0 0 rg BT 366.33 249.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 405.52 249.60 Td (base ) Tj ET Q q 0 0 0 rg BT 425.26 249.60 Td (salaries ) Tj ET Q q 0 0 0 rg BT 457.22 249.60 Td (and ) Tj ET Q q 0 0 0 rg BT 473.63 249.60 Td (benefits, ) Tj ET Q q 0 0 0 rg BT 509.76 249.60 Td (are ) Tj ET Q q 0 0 0 rg BT 523.95 249.60 Td (more ) Tj ET Q q 0 0 0 rg BT 546.47 249.60 Td (fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 237.60 Td (in ) Tj ET Q q 0 0 0 rg BT 55.97 237.60 Td (nature. ) Tj ET Q q 0 0 0 rg BT 86.41 237.60 Td (The ) Tj ET Q q 0 0 0 rg BT 105.14 237.60 Td (timing ) Tj ET Q q 0 0 0 rg BT 134.44 237.60 Td (of ) Tj ET Q q 0 0 0 rg BT 145.96 237.60 Td (incentive ) Tj ET Q q 0 0 0 rg BT 185.80 237.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 244.53 237.60 Td (payments, ) Tj ET Q q 0 0 0 rg BT 288.54 237.60 Td (which ) Tj ET Q q 0 0 0 rg BT 316.17 237.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 356.56 237.60 Td (occur ) Tj ET Q q 0 0 0 rg BT 381.95 237.60 Td (in ) Tj ET Q q 0 0 0 rg BT 392.92 237.60 Td (February) Tj ET Q q 0 0 0 rg BT 428.37 237.60 Td (, ) Tj ET Q q 0 0 0 rg BT 434.05 237.60 Td (has ) Tj ET Q q 0 0 0 rg BT 450.57 237.60 Td (a ) Tj ET Q q 0 0 0 rg BT 458.20 237.60 Td (greater ) Tj ET Q q 0 0 0 rg BT 489.14 237.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 519.54 237.60 Td (on ) Tj ET Q q 0 0 0 rg BT 532.73 237.60 Td (our ) Tj ET Q q 0 0 0 rg BT 549.24 237.60 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 225.60 Td (position ) Tj ET Q q 0 0 0 rg BT 79.73 225.60 Td (and ) Tj ET Q q 0 0 0 rg BT 96.67 225.60 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 133.06 225.60 Td (than ) Tj ET Q q 0 0 0 rg BT 152.77 225.60 Td (is ) Tj ET Q q 0 0 0 rg BT 161.94 225.60 Td (reflected ) Tj ET Q q 0 0 0 rg BT 199.41 225.60 Td (on ) Tj ET Q q 0 0 0 rg BT 211.91 225.60 Td (our ) Tj ET Q q 0 0 0 rg BT 227.74 225.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 280.79 225.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 325.50 225.60 Td (of ) Tj ET Q q 0 0 0 rg BT 336.33 225.60 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 201.60 Td (For ) Tj ET Q q 0 0 0 rg BT 61.40 201.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.13 201.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.34 201.60 Td ( ) Tj ET Q q 0 0 0 rg BT 95.85 201.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.24 201.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 180.84 201.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.84 201.60 Td (, ) Tj ET Q q 0 0 0 rg BT 205.85 201.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 263.90 201.60 Td (and ) Tj ET Q q 0 0 0 rg BT 280.85 201.60 Td (benefits ) Tj ET Q q 0 0 0 rg BT 315.02 201.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 353.63 201.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.90 201.60 Td (22.3 ) Tj ET Q q 0 0 0 rg BT 413.91 201.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.33 201.60 Td ( ) Tj ET Q q 0 0 0 rg BT 445.85 201.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.14 201.60 Td ($394.5 ) Tj ET Q q 0 0 0 rg BT 486.15 201.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.04 201.60 Td ( ) Tj ET Q q 0 0 0 rg BT 517.55 201.60 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 201.60 Td ($322.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 189.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.89 189.60 Td ( ) Tj ET Q q 0 0 0 rg BT 76.84 189.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.57 189.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.57 189.60 Td ( ) Tj ET Q q 0 0 0 rg BT 110.52 189.60 Td (due ) Tj ET Q q 0 0 0 rg BT 127.91 189.60 Td (to ) Tj ET Q q 0 0 0 rg BT 138.63 189.60 Td (improved ) Tj ET Q q 0 0 0 rg BT 179.91 189.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 217.84 189.60 Td (results. ) Tj ET Q q 0 0 0 rg BT 249.39 189.60 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 310.12 189.60 Td (and ) Tj ET Q q 0 0 0 rg BT 327.50 189.60 Td (benefits ) Tj ET Q q 0 0 0 rg BT 362.11 189.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 401.16 189.60 Td (as ) Tj ET Q q 0 0 0 rg BT 412.44 189.60 Td (a ) Tj ET Q q 0 0 0 rg BT 419.82 189.60 Td (percentage ) Tj ET Q q 0 0 0 rg BT 466.07 189.60 Td (of ) Tj ET Q q 0 0 0 rg BT 477.35 189.60 Td (net ) Tj ET Q q 0 0 0 rg BT 492.52 189.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 531.01 189.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.51 189.60 Td (60.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 177.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.42 177.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.76 177.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.54 177.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.88 177.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.88 177.60 Td (, ) Tj ET Q q 0 0 0 rg BT 111.72 177.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 153.49 177.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.61 177.60 Td (61.4 ) Tj ET Q q 0 0 0 rg BT 193.45 177.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.87 177.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.21 177.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.99 177.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.33 177.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.33 177.60 Td (. ) Tj ET Q q 0 0 0 rg BT 260.00 177.60 Td (The ) Tj ET Q q 0 0 0 rg BT 277.89 177.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 303.00 177.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 360.88 177.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 395.43 177.60 Td (ratio ) Tj ET Q q 0 0 0 rg BT 416.09 177.60 Td (was ) Tj ET Q q 0 0 0 rg BT 433.98 177.60 Td (due ) Tj ET Q q 0 0 0 rg BT 450.76 177.60 Td (to ) Tj ET Q q 0 0 0 rg BT 460.88 177.60 Td (an ) Tj ET Q q 0 0 0 rg BT 472.66 177.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 512.75 177.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 546.74 177.60 Td (base. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 153.60 Td (For ) Tj ET Q q 0 0 0 rg BT 61.70 153.60 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 153.60 Td (year ) Tj ET Q q 0 0 0 rg BT 96.74 153.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.42 153.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 182.31 153.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.31 153.60 Td (, ) Tj ET Q q 0 0 0 rg BT 207.62 153.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 265.96 153.60 Td (and ) Tj ET Q q 0 0 0 rg BT 283.21 153.60 Td (benefits ) Tj ET Q q 0 0 0 rg BT 317.67 153.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 356.58 153.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.14 153.60 Td (8.6 ) Tj ET Q q 0 0 0 rg BT 412.44 153.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.87 153.60 Td ( ) Tj ET Q q 0 0 0 rg BT 444.67 153.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.26 153.60 Td ($322.5 ) Tj ET Q q 0 0 0 rg BT 485.57 153.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.46 153.60 Td ( ) Tj ET Q q 0 0 0 rg BT 517.26 153.60 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.51 153.60 Td ($296.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 141.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.89 141.60 Td ( ) Tj ET Q q 0 0 0 rg BT 76.57 141.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.02 141.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.02 141.60 Td (. ) Tj ET Q q 0 0 0 rg BT 112.20 141.60 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 172.65 141.60 Td (and ) Tj ET Q q 0 0 0 rg BT 189.77 141.60 Td (benefits ) Tj ET Q q 0 0 0 rg BT 224.10 141.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 262.88 141.60 Td (as ) Tj ET Q q 0 0 0 rg BT 273.88 141.60 Td (a ) Tj ET Q q 0 0 0 rg BT 281.00 141.60 Td (percentage ) Tj ET Q q 0 0 0 rg BT 326.98 141.60 Td (of ) Tj ET Q q 0 0 0 rg BT 337.98 141.60 Td (net ) Tj ET Q q 0 0 0 rg BT 352.88 141.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 391.09 141.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 431.52 141.60 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.64 141.60 Td (60.7 ) Tj ET Q q 0 0 0 rg BT 473.82 141.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.24 141.60 Td ( ) Tj ET Q q 0 0 0 rg BT 505.92 141.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.37 141.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.37 141.60 Td ( ) Tj ET Q q 0 0 0 rg BT 539.05 141.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.51 141.60 Td (61.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 129.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.42 129.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.73 129.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.51 129.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.82 129.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.82 129.60 Td (, ) Tj ET Q q 0 0 0 rg BT 111.62 129.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 151.14 129.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 198.99 129.60 Td (to ) Tj ET Q q 0 0 0 rg BT 209.07 129.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 243.59 129.60 Td (in ) Tj ET Q q 0 0 0 rg BT 253.67 129.60 Td (our ) Tj ET Q q 0 0 0 rg BT 269.31 129.60 Td (mix ) Tj ET Q q 0 0 0 rg BT 287.17 129.60 Td (of ) Tj ET Q q 0 0 0 rg BT 297.81 129.60 Td (business, ) Tj ET Q q 0 0 0 rg BT 336.51 129.60 Td (as ) Tj ET Q q 0 0 0 rg BT 347.15 129.60 Td (we ) Tj ET Q q 0 0 0 rg BT 361.11 129.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 398.40 129.60 Td (significantly ) Tj ET Q q 0 0 0 rg BT 450.69 129.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 478.55 129.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 501.40 129.60 Td (income ) Tj ET Q q 0 0 0 rg BT 533.14 129.60 Td (strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 117.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 75.83 117.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 113.86 117.60 Td (in ) Tj ET Q q 0 0 0 rg BT 124.14 117.60 Td (2012, ) Tj ET Q q 0 0 0 rg BT 149.14 117.60 Td (which ) Tj ET Q q 0 0 0 rg BT 176.08 117.60 Td (have ) Tj ET Q q 0 0 0 rg BT 197.46 117.60 Td (a ) Tj ET Q q 0 0 0 rg BT 204.39 117.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 229.66 117.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 287.71 117.60 Td (payout. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 93.60 Td (Occupancy ) Tj ET Q q 0 0 0 rg BT 92.33 93.60 Td (and ) Tj ET Q q 0 0 0 rg BT 109.68 93.60 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 155.35 93.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.35 93.60 Td ( ) Tj ET Q q 0 0 0 rg BT 162.71 93.60 Td (For ) Tj ET Q q 0 0 0 rg BT 178.95 93.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.52 93.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.72 93.60 Td ( ) Tj ET Q q 0 0 0 rg BT 213.07 93.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.30 93.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 297.74 93.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.74 93.60 Td (, ) Tj ET Q q 0 0 0 rg BT 322.59 93.60 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 367.69 93.60 Td (and ) Tj ET Q q 0 0 0 rg BT 384.48 93.60 Td (equipment ) Tj ET Q q 0 0 0 rg BT 429.05 93.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 467.50 93.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.60 93.60 Td (10.7 ) Tj ET Q q 0 0 0 rg BT 527.45 93.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.88 93.60 Td ( ) Tj ET Q q 0 0 0 rg BT 559.23 93.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 81.60 Td ($28.2 ) Tj ET Q q 0 0 0 rg BT 69.34 81.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.24 81.60 Td (, ) Tj ET Q q 0 0 0 rg BT 102.58 81.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 143.85 81.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.47 81.60 Td ($25.5 ) Tj ET Q q 0 0 0 rg BT 187.82 81.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.71 81.60 Td ( ) Tj ET Q q 0 0 0 rg BT 218.55 81.60 Td (in ) Tj ET Q q 0 0 0 rg BT 228.18 81.60 Td (the ) Tj ET Q q 0 0 0 rg BT 242.24 81.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 301.29 81.60 Td (period ) Tj ET Q q 0 0 0 rg BT 328.68 81.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.86 81.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.86 81.60 Td (. ) Tj ET Q q 0 0 0 rg BT 363.07 81.60 Td (The ) Tj ET Q q 0 0 0 rg BT 380.46 81.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 415.06 81.60 Td (was ) Tj ET Q q 0 0 0 rg BT 432.45 81.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 471.51 81.60 Td (the ) Tj ET Q q 0 0 0 rg BT 485.57 81.60 Td (result ) Tj ET Q q 0 0 0 rg BT 509.63 81.60 Td (of ) Tj ET Q q 0 0 0 rg BT 519.81 81.60 Td (incremental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 69.60 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 91.21 69.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 130.75 69.60 Td (from ) Tj ET Q q 0 0 0 rg BT 153.64 69.60 Td (our ) Tj ET Q q 0 0 0 rg BT 170.43 69.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 221.65 69.60 Td (of ) Tj ET Q q 0 0 0 rg BT 233.43 69.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 309.08 69.60 Td (and ) Tj ET Q q 0 0 0 rg BT 326.97 69.60 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 370.41 69.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 415.51 69.60 Td (during ) Tj ET Q q 0 0 0 rg BT 445.07 69.60 Td (the ) Tj ET Q q 0 0 0 rg BT 460.74 69.60 Td (third ) Tj ET Q q 0 0 0 rg BT 483.08 69.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 514.84 69.60 Td (of ) Tj ET Q q 0 0 0 rg BT 526.63 69.60 Td (2013, ) Tj ET Q q 0 0 0 rg BT 552.58 69.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 57.60 Td (incremental ) Tj ET Q q 0 0 0 rg BT 94.70 57.60 Td (one-time ) Tj ET Q q 0 0 0 rg BT 132.74 57.60 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 177.99 57.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 200.49 57.60 Td (related ) Tj ET Q q 0 0 0 rg BT 230.20 57.60 Td (to ) Tj ET Q q 0 0 0 rg BT 240.47 57.60 Td (our ) Tj ET Q q 0 0 0 rg BT 256.30 57.60 Td (of) Tj ET Q q 0 0 0 rg BT 264.45 57.60 Td (fice ) Tj ET Q q 0 0 0 rg BT 281.94 57.60 Td (space ) Tj ET Q q 0 0 0 rg BT 306.65 57.60 Td (in ) Tj ET Q q 0 0 0 rg BT 316.92 57.60 Td (New ) Tj ET Q q 0 0 0 rg BT 337.93 57.60 Td (Y) Tj ET Q q 0 0 0 rg BT 344.16 57.60 Td (ork ) Tj ET Q q 0 0 0 rg BT 359.99 57.60 Td (City) Tj ET Q q 0 0 0 rg BT 376.56 57.60 Td (.) 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 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 endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 17.10 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 61.27 717.60 Td (the ) Tj ET Q q 0 0 0 rg BT 75.87 717.60 Td (year ) Tj ET Q q 0 0 0 rg BT 95.46 717.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.72 717.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 180.19 717.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.19 717.60 Td (, ) Tj ET Q q 0 0 0 rg BT 205.07 717.60 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 250.21 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 267.03 717.60 Td (equipment ) Tj ET Q q 0 0 0 rg BT 311.63 717.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 350.11 717.60 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.90 717.60 Td (3.6 ) Tj ET Q q 0 0 0 rg BT 406.79 717.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.21 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 438.59 717.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.75 717.60 Td ($25.5 ) Tj ET Q q 0 0 0 rg BT 473.64 717.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.53 717.60 Td (, ) Tj ET Q q 0 0 0 rg BT 507.41 717.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 549.22 717.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 705.60 Td ($26.5 ) Tj ET Q q 0 0 0 rg BT 70.87 705.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.76 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 103.13 705.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.28 705.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.28 705.60 Td (. ) Tj ET Q q 0 0 0 rg BT 139.91 705.60 Td (The ) Tj ET Q q 0 0 0 rg BT 158.83 705.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 196.62 705.60 Td (was ) Tj ET Q q 0 0 0 rg BT 215.54 705.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 256.12 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 271.71 705.60 Td (result ) Tj ET Q q 0 0 0 rg BT 297.30 705.60 Td (of ) Tj ET Q q 0 0 0 rg BT 309.00 705.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 331.81 705.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 382.96 705.60 Td (in ) Tj ET Q q 0 0 0 rg BT 394.11 705.60 Td (technology ) Tj ET Q q 0 0 0 rg BT 441.91 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 459.72 705.60 Td (equipment ) Tj ET Q q 0 0 0 rg BT 505.31 705.60 Td (becoming ) Tj ET Q q 0 0 0 rg BT 548.11 705.60 Td (fully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 693.60 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 92.65 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 108.67 693.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 133.01 693.60 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 177.34 693.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 198.91 693.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 241.58 693.60 Td (with ) Tj ET Q q 0 0 0 rg BT 260.94 693.60 Td (our ) Tj ET Q q 0 0 0 rg BT 275.84 693.60 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 328.50 693.60 Td (of) Tj ET Q q 0 0 0 rg BT 336.65 693.60 Td (fice ) Tj ET Q q 0 0 0 rg BT 353.21 693.60 Td (space, ) Tj ET Q q 0 0 0 rg BT 379.49 693.60 Td (of) Tj ET Q q 0 0 0 rg BT 387.64 693.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 403.65 693.60 Td (in ) Tj ET Q q 0 0 0 rg BT 413.01 693.60 Td (part ) Tj ET Q q 0 0 0 rg BT 430.13 693.60 Td (by ) Tj ET Q q 0 0 0 rg BT 441.70 693.60 Td (incremental ) Tj ET Q q 0 0 0 rg BT 490.47 693.60 Td (occupancy ) Tj ET Q q 0 0 0 rg BT 534.80 693.60 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 681.60 Td (from ) Tj ET Q q 0 0 0 rg BT 66.94 681.60 Td (our ) Tj ET Q q 0 0 0 rg BT 82.77 681.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 133.04 681.60 Td (of ) Tj ET Q q 0 0 0 rg BT 143.87 681.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 218.57 681.60 Td (and ) Tj ET Q q 0 0 0 rg BT 235.51 681.60 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 278.00 681.60 Td (during ) Tj ET Q q 0 0 0 rg BT 306.61 681.60 Td (the ) Tj ET Q q 0 0 0 rg BT 321.32 681.60 Td (third ) Tj ET Q q 0 0 0 rg BT 342.71 681.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 373.53 681.60 Td (of ) Tj ET Q q 0 0 0 rg BT 384.36 681.60 Td (2013. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 657.60 Td (Communications ) Tj ET Q q 0 0 0 rg BT 115.01 657.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.01 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 122.25 657.60 Td (Communication ) Tj ET Q q 0 0 0 rg BT 188.92 657.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 227.26 657.60 Td (include ) Tj ET Q q 0 0 0 rg BT 258.93 657.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 281.16 657.60 Td (for ) Tj ET Q q 0 0 0 rg BT 295.06 657.60 Td (telecommunication ) Tj ET Q q 0 0 0 rg BT 373.93 657.60 Td (and ) Tj ET Q q 0 0 0 rg BT 390.61 657.60 Td (data ) Tj ET Q q 0 0 0 rg BT 409.50 657.60 Td (communication, ) Tj ET Q q 0 0 0 rg BT 476.44 657.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 515.89 657.60 Td (consisting ) Tj ET Q q 0 0 0 rg BT 558.68 657.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 645.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 85.06 645.60 Td (for ) Tj ET Q q 0 0 0 rg BT 100.69 645.60 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 142.42 645.60 Td (third-party ) Tj ET Q q 0 0 0 rg BT 189.15 645.60 Td (market ) Tj ET Q q 0 0 0 rg BT 220.88 645.60 Td (data ) Tj ET Q q 0 0 0 rg BT 241.50 645.60 Td (information. ) Tj ET Q q 0 0 0 rg BT 295.17 645.60 Td (For ) Tj ET Q q 0 0 0 rg BT 313.03 645.60 Td (the ) Tj ET Q q 0 0 0 rg BT 329.21 645.60 Td (year ) Tj ET Q q 0 0 0 rg BT 350.38 645.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.22 645.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 438.27 645.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.27 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 464.73 645.60 Td (communication ) Tj ET Q q 0 0 0 rg BT 530.90 645.60 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 633.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.46 633.60 Td (6.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.96 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 100.67 633.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 132.80 633.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.29 633.60 Td ($22.7 ) Tj ET Q q 0 0 0 rg BT 168.50 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.39 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 202.60 633.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 244.73 633.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.22 633.60 Td ($21.4 ) Tj ET Q q 0 0 0 rg BT 290.43 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.32 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 322.03 633.60 Td (for ) Tj ET Q q 0 0 0 rg BT 336.40 633.60 Td (the ) Tj ET Q q 0 0 0 rg BT 351.33 633.60 Td (year ) Tj ET Q q 0 0 0 rg BT 371.24 633.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.83 633.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 456.62 633.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.62 633.60 Td (. ) Tj ET Q q 0 0 0 rg BT 481.63 633.60 Td (The ) Tj ET Q q 0 0 0 rg BT 499.89 633.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 535.35 633.60 Td (resulted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 621.60 Td (from ) Tj ET Q q 0 0 0 rg BT 66.94 621.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 94.99 621.60 Td (market ) Tj ET Q q 0 0 0 rg BT 125.25 621.60 Td (data ) Tj ET Q q 0 0 0 rg BT 144.40 621.60 Td (service ) Tj ET Q q 0 0 0 rg BT 175.22 621.60 Td (expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 597.60 Td (For ) Tj ET Q q 0 0 0 rg BT 60.54 597.60 Td (the ) Tj ET Q q 0 0 0 rg BT 74.40 597.60 Td (year ) Tj ET Q q 0 0 0 rg BT 93.25 597.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.77 597.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 176.50 597.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.50 597.60 Td (, ) Tj ET Q q 0 0 0 rg BT 200.65 597.60 Td (communication ) Tj ET Q q 0 0 0 rg BT 264.50 597.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 302.25 597.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 597.60 Td (4.3 ) Tj ET Q q 0 0 0 rg BT 355.79 597.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.21 597.60 Td ( ) Tj ET Q q 0 0 0 rg BT 386.86 597.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.28 597.60 Td ($21.4 ) Tj ET Q q 0 0 0 rg BT 420.43 597.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.32 597.60 Td (, ) Tj ET Q q 0 0 0 rg BT 453.47 597.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 494.54 597.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.96 597.60 Td ($20.5 ) Tj ET Q q 0 0 0 rg BT 538.11 597.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.00 597.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 585.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.28 585.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.28 585.60 Td (. ) Tj ET Q q 0 0 0 rg BT 80.10 585.60 Td (The ) Tj ET Q q 0 0 0 rg BT 98.14 585.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 133.40 585.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 167.55 585.60 Td (from ) Tj ET Q q 0 0 0 rg BT 189.49 585.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 217.54 585.60 Td (market ) Tj ET Q q 0 0 0 rg BT 247.80 585.60 Td (data ) Tj ET Q q 0 0 0 rg BT 266.96 585.60 Td (service ) Tj ET Q q 0 0 0 rg BT 297.77 585.60 Td (expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 561.60 Td (Floor ) Tj ET Q q 0 0 0 rg BT 69.66 561.60 Td (Br) Tj ET Q q 0 0 0 rg BT 79.29 561.60 Td (okerage ) Tj ET Q q 0 0 0 rg BT 113.39 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 130.27 561.60 Td (Clearance ) Tj ET Q q 0 0 0 rg BT 173.81 561.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.81 561.60 Td ( ) Tj ET Q q 0 0 0 rg BT 180.70 561.60 Td (For ) Tj ET Q q 0 0 0 rg BT 196.48 561.60 Td (the ) Tj ET Q q 0 0 0 rg BT 210.58 561.60 Td (year ) Tj ET Q q 0 0 0 rg BT 229.67 561.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.44 561.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 313.41 561.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.41 561.60 Td (, ) Tj ET Q q 0 0 0 rg BT 337.79 561.60 Td (floor ) Tj ET Q q 0 0 0 rg BT 359.12 561.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 400.98 561.60 Td (and ) Tj ET Q q 0 0 0 rg BT 417.31 561.60 Td (clearance ) Tj ET Q q 0 0 0 rg BT 456.93 561.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 494.92 561.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.23 561.60 Td ($7.6 ) Tj ET Q q 0 0 0 rg BT 535.62 561.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.51 561.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 549.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 86.92 549.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.20 549.60 Td ($8.3 ) Tj ET Q q 0 0 0 rg BT 127.20 549.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.09 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 158.59 549.60 Td (million ) Tj ET Q q 0 0 0 rg BT 189.99 549.60 Td (in ) Tj ET Q q 0 0 0 rg BT 200.26 549.60 Td (the ) Tj ET Q q 0 0 0 rg BT 214.98 549.60 Td (year ) Tj ET Q q 0 0 0 rg BT 234.69 549.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.06 549.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 319.65 549.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 549.60 Td (, ) Tj ET Q q 0 0 0 rg BT 344.65 549.60 Td (due ) Tj ET Q q 0 0 0 rg BT 361.59 549.60 Td (to ) Tj ET Q q 0 0 0 rg BT 371.87 549.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 397.13 549.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 427.96 549.60 Td (execution ) Tj ET Q q 0 0 0 rg BT 469.33 549.60 Td (expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 525.60 Td (For ) Tj ET Q q 0 0 0 rg BT 61.65 525.60 Td (the ) Tj ET Q q 0 0 0 rg BT 76.63 525.60 Td (year ) Tj ET Q q 0 0 0 rg BT 96.59 525.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.23 525.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 182.07 525.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.07 525.60 Td (, ) Tj ET Q q 0 0 0 rg BT 207.33 525.60 Td (floor ) Tj ET Q q 0 0 0 rg BT 229.53 525.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 272.26 525.60 Td (and ) Tj ET Q q 0 0 0 rg BT 289.46 525.60 Td (clearance ) Tj ET Q q 0 0 0 rg BT 329.96 525.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 368.81 525.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 409.33 525.60 Td (slightly ) Tj ET Q q 0 0 0 rg BT 442.09 525.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.63 525.60 Td ($8.3 ) Tj ET Q q 0 0 0 rg BT 472.89 525.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.78 525.60 Td (, ) Tj ET Q q 0 0 0 rg BT 507.04 525.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 549.22 525.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 513.60 Td ($8.1 ) Tj ET Q q 0 0 0 rg BT 65.00 513.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.89 513.60 Td ( ) Tj ET Q q 0 0 0 rg BT 96.39 513.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.67 513.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.67 513.60 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 489.60 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 90.28 489.60 Td (and ) Tj ET Q q 0 0 0 rg BT 108.91 489.60 Td (Business ) Tj ET Q q 0 0 0 rg BT 147.53 489.60 Td (Development ) Tj ET Q q 0 0 0 rg BT 203.91 489.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.91 489.60 Td ( ) Tj ET Q q 0 0 0 rg BT 212.54 489.60 Td (Marketing ) Tj ET Q q 0 0 0 rg BT 257.82 489.60 Td (and ) Tj ET Q q 0 0 0 rg BT 275.88 489.60 Td (business ) Tj ET Q q 0 0 0 rg BT 313.40 489.60 Td (development ) Tj ET Q q 0 0 0 rg BT 368.67 489.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 408.40 489.60 Td (include ) Tj ET Q q 0 0 0 rg BT 441.46 489.60 Td (travel ) Tj ET Q q 0 0 0 rg BT 467.85 489.60 Td (and ) Tj ET Q q 0 0 0 rg BT 485.91 489.60 Td (entertainment ) Tj ET Q q 0 0 0 rg BT 544.51 489.60 Td (costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 477.60 Td (advertising ) Tj ET Q q 0 0 0 rg BT 91.91 477.60 Td (and ) Tj ET Q q 0 0 0 rg BT 108.83 477.60 Td (third ) Tj ET Q q 0 0 0 rg BT 130.20 477.60 Td (party ) Tj ET Q q 0 0 0 rg BT 153.22 477.60 Td (marketing ) Tj ET Q q 0 0 0 rg BT 196.25 477.60 Td (fees. ) Tj ET Q q 0 0 0 rg BT 217.32 477.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.13 477.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.13 477.60 Td (, ) Tj ET Q q 0 0 0 rg BT 253.11 477.60 Td (marketing ) Tj ET Q q 0 0 0 rg BT 296.13 477.60 Td (and ) Tj ET Q q 0 0 0 rg BT 313.05 477.60 Td (business ) Tj ET Q q 0 0 0 rg BT 349.42 477.60 Td (development ) Tj ET Q q 0 0 0 rg BT 403.55 477.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 442.13 477.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.36 477.60 Td (26.2 ) Tj ET Q q 0 0 0 rg BT 502.34 477.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.77 477.60 Td ( ) Tj ET Q q 0 0 0 rg BT 534.25 477.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.50 477.60 Td ($27.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 465.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.89 465.60 Td (, ) Tj ET Q q 0 0 0 rg BT 78.48 465.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 119.99 465.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.85 465.60 Td ($21.6 ) Tj ET Q q 0 0 0 rg BT 164.44 465.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.33 465.60 Td ( ) Tj ET Q q 0 0 0 rg BT 195.42 465.60 Td (in ) Tj ET Q q 0 0 0 rg BT 205.28 465.60 Td (the ) Tj ET Q q 0 0 0 rg BT 219.59 465.60 Td (year ) Tj ET Q q 0 0 0 rg BT 238.88 465.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.84 465.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 323.01 465.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.01 465.60 Td (, ) Tj ET Q q 0 0 0 rg BT 347.60 465.60 Td (due ) Tj ET Q q 0 0 0 rg BT 364.12 465.60 Td (to ) Tj ET Q q 0 0 0 rg BT 373.99 465.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 401.62 465.60 Td (third ) Tj ET Q q 0 0 0 rg BT 422.60 465.60 Td (party ) Tj ET Q q 0 0 0 rg BT 445.23 465.60 Td (marketing ) Tj ET Q q 0 0 0 rg BT 487.86 465.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 506.04 465.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 549.22 465.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 453.60 Td (our ) Tj ET Q q 0 0 0 rg BT 60.83 453.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 82.77 453.60 Td (management ) Tj ET Q q 0 0 0 rg BT 136.36 453.60 Td (business, ) Tj ET Q q 0 0 0 rg BT 175.25 453.60 Td (as ) Tj ET Q q 0 0 0 rg BT 186.08 453.60 Td (well ) Tj ET Q q 0 0 0 rg BT 205.80 453.60 Td (as ) Tj ET Q q 0 0 0 rg BT 216.63 453.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 244.67 453.60 Td (travel ) Tj ET Q q 0 0 0 rg BT 269.94 453.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 308.54 453.60 Td (from ) Tj ET Q q 0 0 0 rg BT 330.47 453.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 370.73 453.60 Td (business ) Tj ET Q q 0 0 0 rg BT 407.12 453.60 Td (activity) Tj ET Q q 0 0 0 rg BT 436.46 453.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 429.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.81 429.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.81 429.60 Td (, ) Tj ET Q q 0 0 0 rg BT 80.79 429.60 Td (marketing ) Tj ET Q q 0 0 0 rg BT 123.81 429.60 Td (and ) Tj ET Q q 0 0 0 rg BT 140.73 429.60 Td (business ) Tj ET Q q 0 0 0 rg BT 177.10 429.60 Td (development ) Tj ET Q q 0 0 0 rg BT 231.23 429.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 269.81 429.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.04 429.60 Td (8.5 ) Tj ET Q q 0 0 0 rg BT 325.02 429.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.44 429.60 Td ( ) Tj ET Q q 0 0 0 rg BT 356.92 429.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.18 429.60 Td ($21.6 ) Tj ET Q q 0 0 0 rg BT 392.16 429.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.05 429.60 Td (, ) Tj ET Q q 0 0 0 rg BT 426.03 429.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 467.94 429.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.19 429.60 Td ($19.9 ) Tj ET Q q 0 0 0 rg BT 513.17 429.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.06 429.60 Td ( ) Tj ET Q q 0 0 0 rg BT 544.54 429.60 Td (in ) Tj ET Q q 0 0 0 rg BT 554.80 429.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 417.60 Td (year ) Tj ET Q q 0 0 0 rg BT 64.71 417.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.08 417.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 149.67 417.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.67 417.60 Td (, ) Tj ET Q q 0 0 0 rg BT 174.67 417.60 Td (due ) Tj ET Q q 0 0 0 rg BT 191.61 417.60 Td (to ) Tj ET Q q 0 0 0 rg BT 201.88 417.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 229.93 417.60 Td (travel ) Tj ET Q q 0 0 0 rg BT 255.20 417.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 293.79 417.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 331.29 417.60 Td (from ) Tj ET Q q 0 0 0 rg BT 353.23 417.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 393.48 417.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 439.86 417.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 474.58 417.60 Td (activity) Tj ET Q q 0 0 0 rg BT 503.92 417.60 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 393.60 Td (Outside ) Tj ET Q q 0 0 0 rg BT 78.13 393.60 Td (Services ) Tj ET Q q 0 0 0 rg BT 113.46 393.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.46 393.60 Td ( ) Tj ET Q q 0 0 0 rg BT 120.48 393.60 Td (Outside ) Tj ET Q q 0 0 0 rg BT 153.60 393.60 Td (services ) Tj ET Q q 0 0 0 rg BT 187.83 393.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 225.95 393.60 Td (include ) Tj ET Q q 0 0 0 rg BT 257.40 393.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 297.18 393.60 Td (processing ) Tj ET Q q 0 0 0 rg BT 341.97 393.60 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 382.58 393.60 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 428.48 393.60 Td (technology ) Tj ET Q q 0 0 0 rg BT 474.93 393.60 Td (functions, ) Tj ET Q q 0 0 0 rg BT 516.66 393.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 547.57 393.60 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 381.60 Td (fees, ) Tj ET Q q 0 0 0 rg BT 65.19 381.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 85.12 381.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 122.81 381.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 165.50 381.60 Td (with ) Tj ET Q q 0 0 0 rg BT 184.87 381.60 Td (our ) Tj ET Q q 0 0 0 rg BT 199.79 381.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 251.93 381.60 Td (alternative ) Tj ET Q q 0 0 0 rg BT 295.72 381.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 316.76 381.60 Td (management ) Tj ET Q q 0 0 0 rg BT 369.44 381.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 393.25 381.60 Td (and ) Tj ET Q q 0 0 0 rg BT 409.29 381.60 Td (other ) Tj ET Q q 0 0 0 rg BT 431.43 381.60 Td (professional ) Tj ET Q q 0 0 0 rg BT 481.90 381.60 Td (fees. ) Tj ET Q q 0 0 0 rg BT 502.09 381.60 Td (Outside ) Tj ET Q q 0 0 0 rg BT 534.79 381.60 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 369.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 82.60 369.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.85 369.60 Td (12.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.35 369.60 Td ( ) Tj ET Q q 0 0 0 rg BT 140.85 369.60 Td (percent ) Tj ET Q q 0 0 0 rg BT 171.78 369.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.06 369.60 Td ($37.1 ) Tj ET Q q 0 0 0 rg BT 205.06 369.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.95 369.60 Td ( ) Tj ET Q q 0 0 0 rg BT 235.45 369.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.73 369.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.73 369.60 Td (, ) Tj ET Q q 0 0 0 rg BT 268.73 369.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 309.65 369.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.93 369.60 Td ($33.0 ) Tj ET Q q 0 0 0 rg BT 352.93 369.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.82 369.60 Td ( ) Tj ET Q q 0 0 0 rg BT 383.32 369.60 Td (in ) Tj ET Q q 0 0 0 rg BT 392.60 369.60 Td (the ) Tj ET Q q 0 0 0 rg BT 406.32 369.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 465.03 369.60 Td (period ) Tj ET Q q 0 0 0 rg BT 492.08 369.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.91 369.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.91 369.60 Td (. ) Tj ET Q q 0 0 0 rg BT 525.91 369.60 Td (Excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 357.60 Td (the ) Tj ET Q q 0 0 0 rg BT 59.07 357.60 Td (portion ) Tj ET Q q 0 0 0 rg BT 89.81 357.60 Td (of ) Tj ET Q q 0 0 0 rg BT 99.99 357.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 137.94 357.60 Td (from ) Tj ET Q q 0 0 0 rg BT 159.24 357.60 Td (non-controlled ) Tj ET Q q 0 0 0 rg BT 219.96 357.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 246.81 357.60 Td (interests ) Tj ET Q q 0 0 0 rg BT 281.99 357.60 Td (in ) Tj ET Q q 0 0 0 rg BT 291.62 357.60 Td (our ) Tj ET Q q 0 0 0 rg BT 306.80 357.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 359.20 357.60 Td (alternative ) Tj ET Q q 0 0 0 rg BT 403.25 357.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 424.54 357.60 Td (management ) Tj ET Q q 0 0 0 rg BT 477.48 357.60 Td (funds, ) Tj ET Q q 0 0 0 rg BT 504.06 357.60 Td (outside ) Tj ET Q q 0 0 0 rg BT 534.79 357.60 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 345.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 83.60 345.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.85 345.60 Td (9.3 ) Tj ET Q q 0 0 0 rg BT 138.85 345.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.28 345.60 Td ( ) Tj ET Q q 0 0 0 rg BT 170.78 345.60 Td (due ) Tj ET Q q 0 0 0 rg BT 187.71 345.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 227.43 345.60 Td (to ) Tj ET Q q 0 0 0 rg BT 237.71 345.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 265.75 345.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 287.69 345.60 Td (and ) Tj ET Q q 0 0 0 rg BT 304.62 345.60 Td (other ) Tj ET Q q 0 0 0 rg BT 327.67 345.60 Td (professional ) Tj ET Q q 0 0 0 rg BT 379.05 345.60 Td (fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 321.60 Td (Outside ) Tj ET Q q 0 0 0 rg BT 78.17 321.60 Td (services ) Tj ET Q q 0 0 0 rg BT 112.44 321.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 150.60 321.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.42 321.60 Td (17.8 ) Tj ET Q q 0 0 0 rg BT 209.98 321.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.40 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 241.46 321.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.30 321.60 Td ($33.0 ) Tj ET Q q 0 0 0 rg BT 275.87 321.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.76 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 306.82 321.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.66 321.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.66 321.60 Td (, ) Tj ET Q q 0 0 0 rg BT 341.22 321.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 382.71 321.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.55 321.60 Td ($28.0 ) Tj ET Q q 0 0 0 rg BT 427.11 321.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 458.06 321.60 Td (in ) Tj ET Q q 0 0 0 rg BT 467.90 321.60 Td (the ) Tj ET Q q 0 0 0 rg BT 482.18 321.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 541.45 321.60 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 309.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.83 309.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 309.60 Td (, ) Tj ET Q q 0 0 0 rg BT 80.83 309.60 Td (due ) Tj ET Q q 0 0 0 rg BT 97.77 309.60 Td (to ) Tj ET Q q 0 0 0 rg BT 108.05 309.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 136.09 309.60 Td (computer ) Tj ET Q q 0 0 0 rg BT 176.36 309.60 Td (consulting ) Tj ET Q q 0 0 0 rg BT 220.52 309.60 Td (and ) Tj ET Q q 0 0 0 rg BT 237.46 309.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 258.29 309.60 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 299.39 309.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 285.60 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 102.75 285.60 Td (and ) Tj ET Q q 0 0 0 rg BT 120.51 285.60 Td (Integration ) Tj ET Q q 0 0 0 rg BT 168.26 285.60 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.49 285.60 Td ( ) Tj ET Q q 0 0 0 rg BT 193.24 285.60 Td ( ) Tj ET Q q 0 0 0 rg BT 201.00 285.60 Td (During ) Tj ET Q q 0 0 0 rg BT 232.08 285.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.06 285.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.26 285.60 Td ( ) Tj ET Q q 0 0 0 rg BT 267.02 285.60 Td (ended ) Tj ET Q q 0 0 0 rg BT 293.65 285.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 352.49 285.60 Td (2013, ) Tj ET Q q 0 0 0 rg BT 377.75 285.60 Td (we ) Tj ET Q q 0 0 0 rg BT 392.16 285.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 429.89 285.60 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 483.74 285.60 Td (and ) Tj ET Q q 0 0 0 rg BT 500.94 285.60 Td (integration ) Tj ET Q q 0 0 0 rg BT 547.01 285.60 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 273.60 Td (of ) Tj ET Q q 0 0 0 rg BT 55.60 273.60 Td ($4.7 ) Tj ET Q q 0 0 0 rg BT 75.37 273.60 Td (million ) Tj ET Q q 0 0 0 rg BT 106.53 273.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 146.01 273.60 Td (related ) Tj ET Q q 0 0 0 rg BT 175.48 273.60 Td (to ) Tj ET Q q 0 0 0 rg BT 185.53 273.60 Td (the ) Tj ET Q q 0 0 0 rg BT 200.02 273.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 250.06 273.60 Td (of ) Tj ET Q q 0 0 0 rg BT 260.66 273.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 335.13 273.60 Td (and ) Tj ET Q q 0 0 0 rg BT 351.84 273.60 Td (Edgeview) Tj ET Q q 0 0 0 rg BT 391.18 273.60 Td (. ) Tj ET Q q 0 0 0 rg BT 395.95 273.60 Td (For ) Tj ET Q q 0 0 0 rg BT 412.11 273.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.59 273.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 273.60 Td ( ) Tj ET Q q 0 0 0 rg BT 446.07 273.60 Td (ended ) Tj ET Q q 0 0 0 rg BT 472.22 273.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 530.57 273.60 Td (2012, ) Tj ET Q q 0 0 0 rg BT 555.34 273.60 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 261.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 82.67 261.60 Td (a ) Tj ET Q q 0 0 0 rg BT 89.81 261.60 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 143.60 261.60 Td (char) Tj ET Q q 0 0 0 rg BT 160.62 261.60 Td (ge ) Tj ET Q q 0 0 0 rg BT 172.76 261.60 Td (of ) Tj ET Q q 0 0 0 rg BT 183.79 261.60 Td ($3.6 ) Tj ET Q q 0 0 0 rg BT 203.98 261.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 238.07 261.60 Td (which ) Tj ET Q q 0 0 0 rg BT 265.21 261.60 Td (included ) Tj ET Q q 0 0 0 rg BT 302.34 261.60 Td ($2.4 ) Tj ET Q q 0 0 0 rg BT 322.53 261.60 Td (million ) Tj ET Q q 0 0 0 rg BT 354.12 261.60 Td (of ) Tj ET Q q 0 0 0 rg BT 365.15 261.60 Td (employee ) Tj ET Q q 0 0 0 rg BT 406.72 261.60 Td (severance ) Tj ET Q q 0 0 0 rg BT 448.83 261.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 471.53 261.60 Td (and ) Tj ET Q q 0 0 0 rg BT 488.66 261.60 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 508.86 261.60 Td (million ) Tj ET Q q 0 0 0 rg BT 540.45 261.60 Td (for ) Tj ET Q q 0 0 0 rg BT 554.80 261.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 249.60 Td (reduction ) Tj ET Q q 0 0 0 rg BT 85.26 249.60 Td (of ) Tj ET Q q 0 0 0 rg BT 96.09 249.60 Td (leased ) Tj ET Q q 0 0 0 rg BT 123.58 249.60 Td (of) Tj ET Q q 0 0 0 rg BT 131.73 249.60 Td (fice ) Tj ET Q q 0 0 0 rg BT 149.21 249.60 Td (space.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 225.60 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 88.00 225.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 111.00 225.60 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 165.26 225.60 Td (Expense ) Tj ET Q q 0 0 0 rg BT 200.62 225.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.62 225.60 Td ( ) Tj ET Q q 0 0 0 rg BT 207.66 225.60 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 250.24 225.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 271.72 225.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 324.30 225.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 358.54 225.60 Td (includes ) Tj ET Q q 0 0 0 rg BT 393.91 225.60 Td (the ) Tj ET Q q 0 0 0 rg BT 408.17 225.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 460.74 225.60 Td (of ) Tj ET Q q 0 0 0 rg BT 471.11 225.60 Td (definite-lived ) Tj ET Q q 0 0 0 rg BT 527.02 225.60 Td (intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 213.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 70.21 213.60 Td (consisting ) Tj ET Q q 0 0 0 rg BT 112.65 213.60 Td (of ) Tj ET Q q 0 0 0 rg BT 122.87 213.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 161.41 213.60 Td (relationships ) Tj ET Q q 0 0 0 rg BT 214.39 213.60 Td (and ) Tj ET Q q 0 0 0 rg BT 230.72 213.60 Td (non-competition ) Tj ET Q q 0 0 0 rg BT 298.70 213.60 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 348.62 213.60 Td (For ) Tj ET Q q 0 0 0 rg BT 364.39 213.60 Td (the ) Tj ET Q q 0 0 0 rg BT 378.49 213.60 Td (year ) Tj ET Q q 0 0 0 rg BT 397.58 213.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.34 213.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 481.31 213.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.31 213.60 Td (, ) Tj ET Q q 0 0 0 rg BT 505.69 213.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 547.57 213.60 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 201.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 97.73 201.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 132.14 201.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.89 201.60 Td ($9.3 ) Tj ET Q q 0 0 0 rg BT 169.58 201.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.48 201.60 Td (, ) Tj ET Q q 0 0 0 rg BT 203.17 201.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 244.79 201.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.77 201.60 Td ($8.0 ) Tj ET Q q 0 0 0 rg BT 284.47 201.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.36 201.60 Td ( ) Tj ET Q q 0 0 0 rg BT 315.56 201.60 Td (in ) Tj ET Q q 0 0 0 rg BT 325.53 201.60 Td (the ) Tj ET Q q 0 0 0 rg BT 339.95 201.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 399.35 201.60 Td (period ) Tj ET Q q 0 0 0 rg BT 427.09 201.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.62 201.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.62 201.60 Td (. ) Tj ET Q q 0 0 0 rg BT 462.16 201.60 Td (The ) Tj ET Q q 0 0 0 rg BT 479.90 201.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 514.86 201.60 Td (reflects ) Tj ET Q q 0 0 0 rg BT 546.48 201.60 Td (a ) Tj ET Q q 0 0 0 rg BT 553.11 201.60 Td (full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 189.60 Td (year ) Tj ET Q q 0 0 0 rg BT 64.71 189.60 Td (of ) Tj ET Q q 0 0 0 rg BT 75.54 189.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 118.03 189.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 139.97 189.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 193.00 189.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 227.71 189.60 Td (related ) Tj ET Q q 0 0 0 rg BT 257.41 189.60 Td (to ) Tj ET Q q 0 0 0 rg BT 267.69 189.60 Td (the ) Tj ET Q q 0 0 0 rg BT 282.41 189.60 Td (2013 ) Tj ET Q q 0 0 0 rg BT 304.91 189.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 355.18 189.60 Td (of ) Tj ET Q q 0 0 0 rg BT 366.01 189.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 440.71 189.60 Td (and ) Tj ET Q q 0 0 0 rg BT 457.65 189.60 Td (Edgeview) Tj ET Q q 0 0 0 rg BT 496.99 189.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 165.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.36 165.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.36 165.60 Td (, ) Tj ET Q q 0 0 0 rg BT 79.88 165.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 121.90 165.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 143.36 165.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 195.93 165.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 230.16 165.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 269.94 165.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.75 165.60 Td ($8.0 ) Tj ET Q q 0 0 0 rg BT 299.27 165.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.16 165.60 Td (, ) Tj ET Q q 0 0 0 rg BT 332.69 165.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 374.14 165.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.95 165.60 Td ($6.9 ) Tj ET Q q 0 0 0 rg BT 413.47 165.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.36 165.60 Td ( ) Tj ET Q q 0 0 0 rg BT 444.39 165.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.19 165.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.19 165.60 Td (, ) Tj ET Q q 0 0 0 rg BT 478.72 165.60 Td (due ) Tj ET Q q 0 0 0 rg BT 495.19 165.60 Td (to ) Tj ET Q q 0 0 0 rg BT 504.99 165.60 Td (the ) Tj ET Q q 0 0 0 rg BT 519.23 165.60 Td (acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 153.60 Td (of ) Tj ET Q q 0 0 0 rg BT 55.83 153.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 130.53 153.60 Td (and ) Tj ET Q q 0 0 0 rg BT 147.47 153.60 Td (Edgeview) Tj ET Q q 0 0 0 rg BT 186.81 153.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 129.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 70.55 129.60 Td (Operating ) Tj ET Q q 0 0 0 rg BT 113.88 129.60 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 153.30 129.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.30 129.60 Td ( ) Tj ET Q q 0 0 0 rg BT 160.52 129.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 185.51 129.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 225.49 129.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 263.81 129.60 Td (include ) Tj ET Q q 0 0 0 rg BT 295.46 129.60 Td (insurance ) Tj ET Q q 0 0 0 rg BT 336.00 129.60 Td (costs, ) Tj ET Q q 0 0 0 rg BT 360.72 129.60 Td (license ) Tj ET Q q 0 0 0 rg BT 390.70 129.60 Td (and ) Tj ET Q q 0 0 0 rg BT 407.36 129.60 Td (registration ) Tj ET Q q 0 0 0 rg BT 455.12 129.60 Td (fees, ) Tj ET Q q 0 0 0 rg BT 475.94 129.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 514.26 129.60 Td (related ) Tj ET Q q 0 0 0 rg BT 543.68 129.60 Td (to ) Tj ET Q q 0 0 0 rg BT 553.67 129.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 117.60 Td (charitable ) Tj ET Q q 0 0 0 rg BT 87.15 117.60 Td (giving ) Tj ET Q q 0 0 0 rg BT 115.43 117.60 Td (program ) Tj ET Q q 0 0 0 rg BT 152.04 117.60 Td (and ) Tj ET Q q 0 0 0 rg BT 169.21 117.60 Td (litigation-related ) Tj ET Q q 0 0 0 rg BT 238.57 117.60 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 279.90 117.60 Td (which ) Tj ET Q q 0 0 0 rg BT 307.07 117.60 Td (consist ) Tj ET Q q 0 0 0 rg BT 337.58 117.60 Td (of ) Tj ET Q q 0 0 0 rg BT 348.63 117.60 Td (the ) Tj ET Q q 0 0 0 rg BT 363.58 117.60 Td (amounts ) Tj ET Q q 0 0 0 rg BT 400.19 117.60 Td (we ) Tj ET Q q 0 0 0 rg BT 414.58 117.60 Td (reserve ) Tj ET Q q 0 0 0 rg BT 446.18 117.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 474.45 117.60 Td (pay ) Tj ET Q q 0 0 0 rg BT 491.62 117.60 Td (out ) Tj ET Q q 0 0 0 rg BT 507.13 117.60 Td (related ) Tj ET Q q 0 0 0 rg BT 537.06 117.60 Td (to ) Tj ET Q q 0 0 0 rg BT 547.57 117.60 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 105.60 Td (and ) Tj ET Q q 0 0 0 rg BT 62.09 105.60 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 105.84 105.60 Td (matters. ) Tj ET Q q 0 0 0 rg BT 140.43 105.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 165.86 105.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 206.27 105.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 245.03 105.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.44 105.60 Td (139.3 ) Tj ET Q q 0 0 0 rg BT 310.59 105.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.02 105.60 Td ( ) Tj ET Q q 0 0 0 rg BT 342.67 105.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.11 105.60 Td ($1) Tj ET Q q 0 0 0 rg BT 362.73 105.60 Td (1.1 ) Tj ET Q q 0 0 0 rg BT 377.89 105.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.78 105.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.44 105.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.21 105.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.87 105.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.87 105.60 Td (, ) Tj ET Q q 0 0 0 rg BT 445.03 105.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 487.10 105.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.54 105.60 Td ($4.7 ) Tj ET Q q 0 0 0 rg BT 527.69 105.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.58 105.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.24 105.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 567.02 105.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 93.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 93.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.92 93.60 Td (In) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.25 93.60 Td ( ) Tj ET Q q 0 0 0 rg BT 80.68 93.60 Td (2013, ) Tj ET Q q 0 0 0 rg BT 105.60 93.60 Td (we ) Tj ET Q q 0 0 0 rg BT 119.69 93.60 Td (received ) Tj ET Q q 0 0 0 rg BT 155.97 93.60 Td (insurance ) Tj ET Q q 0 0 0 rg BT 196.71 93.60 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 234.68 93.60 Td (for ) Tj ET Q q 0 0 0 rg BT 248.76 93.60 Td (the ) Tj ET Q q 0 0 0 rg BT 263.40 93.60 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 325.81 93.60 Td (of ) Tj ET Q q 0 0 0 rg BT 336.56 93.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 358.42 93.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 380.28 93.60 Td (settlements. ) Tj ET Q q 0 0 0 rg BT 429.66 93.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 479.56 93.60 Td (, ) Tj ET Q q 0 0 0 rg BT 484.49 93.60 Td (in ) Tj ET Q q 0 0 0 rg BT 494.69 93.60 Td (2014, ) Tj ET Q q 0 0 0 rg BT 519.61 93.60 Td (we ) Tj ET Q q 0 0 0 rg BT 533.70 93.60 Td (incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 81.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 73.05 81.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 111.65 81.60 Td (related ) Tj ET Q q 0 0 0 rg BT 141.35 81.60 Td (to ) Tj ET Q q 0 0 0 rg BT 151.63 81.60 Td (our ) Tj ET Q q 0 0 0 rg BT 167.46 81.60 Td (charitable ) Tj ET Q q 0 0 0 rg BT 209.38 81.60 Td (giving ) Tj ET Q q 0 0 0 rg BT 237.43 81.60 Td (program, ) Tj ET Q q 0 0 0 rg BT 276.31 81.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 304.36 81.60 Td (by ) Tj ET Q q 0 0 0 rg BT 316.86 81.60 Td (our ) Tj ET Q q 0 0 0 rg BT 332.69 81.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 372.94 81.60 Td (profitability) Tj ET Q q 0 0 0 rg BT 420.06 81.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 57.60 Td (Other ) Tj ET Q q 0 0 0 rg BT 69.99 57.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 109.97 57.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 148.29 57.60 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.92 57.60 Td (51.1 ) Tj ET Q q 0 0 0 rg BT 209.64 57.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.06 57.60 Td ( ) Tj ET Q q 0 0 0 rg BT 241.28 57.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.27 57.60 Td ($4.7 ) Tj ET Q q 0 0 0 rg BT 270.99 57.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.88 57.60 Td ( ) Tj ET Q q 0 0 0 rg BT 302.10 57.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.10 57.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.10 57.60 Td (, ) Tj ET Q q 0 0 0 rg BT 336.82 57.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 378.46 57.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.46 57.60 Td ($9.5 ) Tj ET Q q 0 0 0 rg BT 418.17 57.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.07 57.60 Td ( ) Tj ET Q q 0 0 0 rg BT 449.28 57.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.28 57.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.28 57.60 Td (. ) Tj ET Q q 0 0 0 rg BT 484.00 57.60 Td (In ) Tj ET Q q 0 0 0 rg BT 494.55 57.60 Td (2013, ) Tj ET Q q 0 0 0 rg BT 519.27 57.60 Td (we ) Tj ET Q q 0 0 0 rg BT 533.14 57.60 Td (received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 45.60 Td (insurance ) Tj ET Q q 0 0 0 rg BT 85.82 45.60 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 123.85 45.60 Td (for ) Tj ET Q q 0 0 0 rg BT 138.01 45.60 Td (the ) Tj ET Q q 0 0 0 rg BT 152.73 45.60 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 215.21 45.60 Td (of ) Tj ET Q q 0 0 0 rg BT 226.04 45.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 247.98 45.60 Td (legal ) Tj ET Q q 0 0 0 rg BT 269.91 45.60 Td (settlements.) 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 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 endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 17.10 Td (31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 705.60 Td (Income ) Tj ET Q q 0 0 0 rg BT 77.09 705.60 Td (T) Tj ET Q q 0 0 0 rg BT 81.73 705.60 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 705.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.17 705.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.17 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 109.83 705.60 Td (For ) Tj ET Q q 0 0 0 rg BT 126.38 705.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.26 705.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.47 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 161.13 705.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.67 705.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 246.42 705.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.42 705.60 Td (, ) Tj ET Q q 0 0 0 rg BT 271.58 705.60 Td (our ) Tj ET Q q 0 0 0 rg BT 287.57 705.60 Td (provision ) Tj ET Q q 0 0 0 rg BT 328.01 705.60 Td (for ) Tj ET Q q 0 0 0 rg BT 342.34 705.60 Td (income ) Tj ET Q q 0 0 0 rg BT 374.43 705.60 Td (taxes ) Tj ET Q q 0 0 0 rg BT 397.64 705.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.86 705.60 Td ($36.0 ) Tj ET Q q 0 0 0 rg BT 441.02 705.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.91 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 472.57 705.60 Td (equating ) Tj ET Q q 0 0 0 rg BT 509.67 705.60 Td (to ) Tj ET Q q 0 0 0 rg BT 520.11 705.60 Td (an ) Tj ET Q q 0 0 0 rg BT 532.21 705.60 Td (ef) Tj ET Q q 0 0 0 rg BT 539.80 705.60 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 693.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 59.72 693.60 Td (rate, ) Tj ET Q q 0 0 0 rg BT 79.70 693.60 Td (excluding ) Tj ET Q q 0 0 0 rg BT 121.64 693.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 183.02 693.60 Td (interests, ) Tj ET Q q 0 0 0 rg BT 221.34 693.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.17 693.60 Td (36.3 ) Tj ET Q q 0 0 0 rg BT 252.17 693.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.60 693.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 669.60 Td (For ) Tj ET Q q 0 0 0 rg BT 60.81 669.60 Td (the ) Tj ET Q q 0 0 0 rg BT 74.95 669.60 Td (year ) Tj ET Q q 0 0 0 rg BT 94.08 669.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.88 669.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 177.89 669.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.89 669.60 Td (, ) Tj ET Q q 0 0 0 rg BT 202.31 669.60 Td (our ) Tj ET Q q 0 0 0 rg BT 217.57 669.60 Td (provision ) Tj ET Q q 0 0 0 rg BT 257.27 669.60 Td (for ) Tj ET Q q 0 0 0 rg BT 270.85 669.60 Td (income ) Tj ET Q q 0 0 0 rg BT 302.21 669.60 Td (taxes ) Tj ET Q q 0 0 0 rg BT 324.68 669.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 669.60 Td ($20.4 ) Tj ET Q q 0 0 0 rg BT 366.57 669.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.47 669.60 Td (, ) Tj ET Q q 0 0 0 rg BT 399.89 669.60 Td (equating ) Tj ET Q q 0 0 0 rg BT 436.25 669.60 Td (to ) Tj ET Q q 0 0 0 rg BT 445.95 669.60 Td (an ) Tj ET Q q 0 0 0 rg BT 457.31 669.60 Td (ef) Tj ET Q q 0 0 0 rg BT 464.90 669.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 494.02 669.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 508.16 669.60 Td (rate, ) Tj ET Q q 0 0 0 rg BT 527.57 669.60 Td (excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 657.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 106.14 657.60 Td (interests, ) Tj ET Q q 0 0 0 rg BT 144.21 657.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.80 657.60 Td (29.0 ) Tj ET Q q 0 0 0 rg BT 174.55 657.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.97 657.60 Td (. ) Tj ET Q q 0 0 0 rg BT 208.73 657.60 Td (In ) Tj ET Q q 0 0 0 rg BT 219.31 657.60 Td (2013, ) Tj ET Q q 0 0 0 rg BT 244.06 657.60 Td (we ) Tj ET Q q 0 0 0 rg BT 257.98 657.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 295.21 657.60 Td (a ) Tj ET Q q 0 0 0 rg BT 301.90 657.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 316.37 657.60 Td (benefit ) Tj ET Q q 0 0 0 rg BT 346.39 657.60 Td (for ) Tj ET Q q 0 0 0 rg BT 360.30 657.60 Td (the ) Tj ET Q q 0 0 0 rg BT 374.77 657.60 Td (full ) Tj ET Q q 0 0 0 rg BT 390.91 657.60 Td (reversal ) Tj ET Q q 0 0 0 rg BT 424.81 657.60 Td (of ) Tj ET Q q 0 0 0 rg BT 435.39 657.60 Td (our ) Tj ET Q q 0 0 0 rg BT 450.98 657.60 Td (U.K ) Tj ET Q q 0 0 0 rg BT 470.17 657.60 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 519.23 657.60 Td (deferred ) Tj ET Q q 0 0 0 rg BT 554.79 657.60 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 645.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 66.94 645.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 106.65 645.60 Td (allowance ) Tj ET Q q 0 0 0 rg BT 149.68 645.60 Td (of ) Tj ET Q q 0 0 0 rg BT 160.51 645.60 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 180.51 645.60 Td (million ) Tj ET Q q 0 0 0 rg BT 211.90 645.60 Td (as ) Tj ET Q q 0 0 0 rg BT 222.73 645.60 Td (we ) Tj ET Q q 0 0 0 rg BT 236.89 645.60 Td (achieved ) Tj ET Q q 0 0 0 rg BT 274.93 645.60 Td (three ) Tj ET Q q 0 0 0 rg BT 297.41 645.60 Td (years ) Tj ET Q q 0 0 0 rg BT 321.01 645.60 Td (of ) Tj ET Q q 0 0 0 rg BT 331.84 645.60 Td (profitability ) Tj ET Q q 0 0 0 rg BT 382.11 645.60 Td (and ) Tj ET Q q 0 0 0 rg BT 399.05 645.60 Td (expect ) Tj ET Q q 0 0 0 rg BT 427.64 645.60 Td (future ) Tj ET Q q 0 0 0 rg BT 454.02 645.60 Td (taxable ) Tj ET Q q 0 0 0 rg BT 485.39 645.60 Td (profits.) 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 56.11 621.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.11 621.60 Td (, ) Tj ET Q q 0 0 0 rg BT 81.40 621.60 Td (our ) Tj ET Q q 0 0 0 rg BT 97.51 621.60 Td (provision ) Tj ET Q q 0 0 0 rg BT 138.07 621.60 Td (for ) Tj ET Q q 0 0 0 rg BT 152.51 621.60 Td (income ) Tj ET Q q 0 0 0 rg BT 184.73 621.60 Td (taxes ) Tj ET Q q 0 0 0 rg BT 208.06 621.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.40 621.60 Td ($19.5 ) Tj ET Q q 0 0 0 rg BT 251.68 621.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.57 621.60 Td ( ) Tj ET Q q 0 0 0 rg BT 283.35 621.60 Td (equating ) Tj ET Q q 0 0 0 rg BT 320.57 621.60 Td (to ) Tj ET Q q 0 0 0 rg BT 331.13 621.60 Td (an ) Tj ET Q q 0 0 0 rg BT 343.35 621.60 Td (ef) Tj ET Q q 0 0 0 rg BT 350.94 621.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 380.93 621.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 395.93 621.60 Td (rate, ) Tj ET Q q 0 0 0 rg BT 416.20 621.60 Td (excluding ) Tj ET Q q 0 0 0 rg BT 458.41 621.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 520.08 621.60 Td (interests, ) Tj ET Q q 0 0 0 rg BT 558.69 621.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 609.60 Td (29.3 ) Tj ET Q q 0 0 0 rg BT 65.09 609.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.52 609.60 Td (. ) Tj ET Q q 0 0 0 rg BT 99.61 609.60 Td (In ) Tj ET Q q 0 0 0 rg BT 110.53 609.60 Td (2012, ) Tj ET Q q 0 0 0 rg BT 135.62 609.60 Td (we ) Tj ET Q q 0 0 0 rg BT 149.87 609.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 187.44 609.60 Td (a ) Tj ET Q q 0 0 0 rg BT 194.47 609.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 209.28 609.60 Td (benefit ) Tj ET Q q 0 0 0 rg BT 239.63 609.60 Td (for ) Tj ET Q q 0 0 0 rg BT 253.89 609.60 Td (the ) Tj ET Q q 0 0 0 rg BT 268.70 609.60 Td (reversal ) Tj ET Q q 0 0 0 rg BT 302.93 609.60 Td (of ) Tj ET Q q 0 0 0 rg BT 313.85 609.60 Td (previously ) Tj ET Q q 0 0 0 rg BT 358.66 609.60 Td (accrued ) Tj ET Q q 0 0 0 rg BT 392.34 609.60 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 432.13 609.60 Td (state ) Tj ET Q q 0 0 0 rg BT 453.05 609.60 Td (income ) Tj ET Q q 0 0 0 rg BT 485.08 609.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 499.88 609.60 Td (positions ) Tj ET Q q 0 0 0 rg BT 538.59 609.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.52 609.60 Td ($7.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 597.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.89 597.60 Td (, ) Tj ET Q q 0 0 0 rg BT 78.97 597.60 Td (net ) Tj ET Q q 0 0 0 rg BT 93.76 597.60 Td (of ) Tj ET Q q 0 0 0 rg BT 104.67 597.60 Td (federal ) Tj ET Q q 0 0 0 rg BT 135.00 597.60 Td (tax, ) Tj ET Q q 0 0 0 rg BT 152.30 597.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 188.20 597.60 Td (of) Tj ET Q q 0 0 0 rg BT 196.35 597.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 213.36 597.60 Td (by ) Tj ET Q q 0 0 0 rg BT 225.94 597.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.96 597.60 Td ($4.6 ) Tj ET Q q 0 0 0 rg BT 253.04 597.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.93 597.60 Td ( ) Tj ET Q q 0 0 0 rg BT 284.51 597.60 Td (write-of) Tj ET Q q 0 0 0 rg BT 316.53 597.60 Td (f ) Tj ET Q q 0 0 0 rg BT 322.44 597.60 Td (of ) Tj ET Q q 0 0 0 rg BT 333.35 597.60 Td (deferred ) Tj ET Q q 0 0 0 rg BT 369.23 597.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 384.03 597.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 409.94 597.60 Td (related ) Tj ET Q q 0 0 0 rg BT 439.72 597.60 Td (to ) Tj ET Q q 0 0 0 rg BT 450.07 597.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 477.65 597.60 Td (grants ) Tj ET Q q 0 0 0 rg BT 504.66 597.60 Td (that ) Tj ET Q q 0 0 0 rg BT 522.24 597.60 Td (either ) Tj ET Q q 0 0 0 rg BT 547.58 597.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 585.60 Td (forfeited ) Tj ET Q q 0 0 0 rg BT 81.92 585.60 Td (or ) Tj ET Q q 0 0 0 rg BT 92.75 585.60 Td (vested ) Tj ET Q q 0 0 0 rg BT 120.80 585.60 Td (at ) Tj ET Q q 0 0 0 rg BT 130.52 585.60 Td (share ) Tj ET Q q 0 0 0 rg BT 154.12 585.60 Td (prices ) Tj ET Q q 0 0 0 rg BT 180.49 585.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 205.76 585.60 Td (than ) Tj ET Q q 0 0 0 rg BT 225.48 585.60 Td (the ) Tj ET Q q 0 0 0 rg BT 240.20 585.60 Td (grant ) Tj ET Q q 0 0 0 rg BT 263.24 585.60 Td (date ) Tj ET Q q 0 0 0 rg BT 282.40 585.60 Td (share ) Tj ET Q q 0 0 0 rg BT 306.00 585.60 Td (price.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 573.60 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 561.60 Td (Segment Performance from Continuing Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 537.60 Td (e ) Tj ET Q q 0 0 0 rg BT 64.34 537.60 Td (measure ) Tj ET Q q 0 0 0 rg BT 99.42 537.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 136.17 537.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 188.46 537.60 Td (by ) Tj ET Q q 0 0 0 rg BT 200.23 537.60 Td (business ) Tj ET Q q 0 0 0 rg BT 235.89 537.60 Td (segment. ) Tj ET Q q 0 0 0 rg BT 273.48 537.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 290.80 537.60 Td (two ) Tj ET Q q 0 0 0 rg BT 307.56 537.60 Td (reportable ) Tj ET Q q 0 0 0 rg BT 349.86 537.60 Td (segments ) Tj ET Q q 0 0 0 rg BT 388.84 537.60 Td (are ) Tj ET Q q 0 0 0 rg BT 402.82 537.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 433.47 537.60 Td (Markets ) Tj ET Q q 0 0 0 rg BT 468.00 537.60 Td (and ) Tj ET Q q 0 0 0 rg BT 483.82 537.60 Td (Asset ) Tj ET Q q 0 0 0 rg BT 507.81 537.60 Td (Management. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 525.60 Td (e ) Tj ET Q q 0 0 0 rg BT 66.41 525.60 Td (determined ) Tj ET Q q 0 0 0 rg BT 115.22 525.60 Td (these ) Tj ET Q q 0 0 0 rg BT 139.60 525.60 Td (segments ) Tj ET Q q 0 0 0 rg BT 180.64 525.60 Td (based ) Tj ET Q q 0 0 0 rg BT 207.24 525.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 231.08 525.60 Td (the ) Tj ET Q q 0 0 0 rg BT 247.12 525.60 Td (nature ) Tj ET Q q 0 0 0 rg BT 275.94 525.60 Td (of ) Tj ET Q q 0 0 0 rg BT 288.10 525.60 Td (the ) Tj ET Q q 0 0 0 rg BT 304.15 525.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 342.96 525.60 Td (products ) Tj ET Q q 0 0 0 rg BT 381.23 525.60 Td (and ) Tj ET Q q 0 0 0 rg BT 399.50 525.60 Td (services ) Tj ET Q q 0 0 0 rg BT 435.54 525.60 Td (provided ) Tj ET Q q 0 0 0 rg BT 474.92 525.60 Td (to ) Tj ET Q q 0 0 0 rg BT 486.52 525.60 Td (customers ) Tj ET Q q 0 0 0 rg BT 530.90 525.60 Td (and ) Tj ET Q q 0 0 0 rg BT 549.17 525.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (management ) Tj ET Q q 0 0 0 rg BT 103.99 513.60 Td (or) Tj ET Q q 0 0 0 rg BT 112.14 513.60 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 159.70 513.60 Td (Segment ) Tj ET Q q 0 0 0 rg BT 198.09 513.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 229.81 513.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 270.98 513.60 Td (income ) Tj ET Q q 0 0 0 rg BT 303.82 513.60 Td (and ) Tj ET Q q 0 0 0 rg BT 321.66 513.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 358.39 513.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 390.11 513.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 431.27 513.60 Td (mar) Tj ET Q q 0 0 0 rg BT 446.64 513.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 462.82 513.60 Td (are ) Tj ET Q q 0 0 0 rg BT 478.43 513.60 Td (used ) Tj ET Q q 0 0 0 rg BT 500.16 513.60 Td (to ) Tj ET Q q 0 0 0 rg BT 511.35 513.60 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 548.06 513.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (measure ) Tj ET Q q 0 0 0 rg BT 86.40 501.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 123.31 501.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 177.42 501.60 Td (by ) Tj ET Q q 0 0 0 rg BT 191.00 501.60 Td (our ) Tj ET Q q 0 0 0 rg BT 207.92 501.60 Td (chief ) Tj ET Q q 0 0 0 rg BT 231.49 501.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 272.84 501.60 Td (decision ) Tj ET Q q 0 0 0 rg BT 309.75 501.60 Td (maker ) Tj ET Q q 0 0 0 rg BT 338.32 501.60 Td (in ) Tj ET Q q 0 0 0 rg BT 349.69 501.60 Td (deciding ) Tj ET Q q 0 0 0 rg BT 387.70 501.60 Td (how ) Tj ET Q q 0 0 0 rg BT 408.51 501.60 Td (to ) Tj ET Q q 0 0 0 rg BT 419.88 501.60 Td (allocate ) Tj ET Q q 0 0 0 rg BT 454.55 501.60 Td (resources ) Tj ET Q q 0 0 0 rg BT 495.89 501.60 Td (and ) Tj ET Q q 0 0 0 rg BT 513.92 501.60 Td (in ) Tj ET Q q 0 0 0 rg BT 525.28 501.60 Td (assessing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.25 489.60 Td (in ) Tj ET Q q 0 0 0 rg BT 112.26 489.60 Td (relation ) Tj ET Q q 0 0 0 rg BT 145.04 489.60 Td (to ) Tj ET Q q 0 0 0 rg BT 155.05 489.60 Td (our ) Tj ET Q q 0 0 0 rg BT 170.61 489.60 Td (competitors. ) Tj ET Q q 0 0 0 rg BT 222.55 489.60 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 263.66 489.60 Td (and ) Tj ET Q q 0 0 0 rg BT 280.33 489.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 318.66 489.60 Td (directly ) Tj ET Q q 0 0 0 rg BT 351.43 489.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 394.76 489.60 Td (with ) Tj ET Q q 0 0 0 rg BT 414.77 489.60 Td (each ) Tj ET Q q 0 0 0 rg BT 435.32 489.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 478.08 489.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 513.64 489.60 Td (are ) Tj ET Q q 0 0 0 rg BT 528.07 489.60 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 477.60 Td (in ) Tj ET Q q 0 0 0 rg BT 60.55 477.60 Td (determining ) Tj ET Q q 0 0 0 rg BT 112.15 477.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 148.75 477.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 189.79 477.60 Td (results. ) Tj ET Q q 0 0 0 rg BT 221.67 477.60 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 263.83 477.60 Td (and ) Tj ET Q q 0 0 0 rg BT 281.54 477.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 320.91 477.60 Td (that ) Tj ET Q q 0 0 0 rg BT 339.18 477.60 Td (are ) Tj ET Q q 0 0 0 rg BT 354.67 477.60 Td (not ) Tj ET Q q 0 0 0 rg BT 370.72 477.60 Td (directly ) Tj ET Q q 0 0 0 rg BT 404.54 477.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 453.35 477.60 Td (to ) Tj ET Q q 0 0 0 rg BT 464.40 477.60 Td (a ) Tj ET Q q 0 0 0 rg BT 472.12 477.60 Td (particular ) Tj ET Q q 0 0 0 rg BT 513.70 477.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 550.30 477.60 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (allocated ) Tj ET Q q 0 0 0 rg BT 88.91 465.60 Td (based ) Tj ET Q q 0 0 0 rg BT 115.01 465.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 138.33 465.60 Td (our ) Tj ET Q q 0 0 0 rg BT 154.98 465.60 Td (allocation ) Tj ET Q q 0 0 0 rg BT 197.74 465.60 Td (methodologies, ) Tj ET Q q 0 0 0 rg BT 262.44 465.60 Td (generally ) Tj ET Q q 0 0 0 rg BT 302.97 465.60 Td (based ) Tj ET Q q 0 0 0 rg BT 329.06 465.60 Td (on ) Tj ET Q q 0 0 0 rg BT 342.39 465.60 Td (each ) Tj ET Q q 0 0 0 rg BT 364.03 465.60 Td (segment) Tj ET Q q 0 0 0 rg BT 400.13 465.60 Td (s ) Tj ET Q q 0 0 0 rg BT 407.35 465.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 451.20 465.60 Td (net ) Tj ET Q q 0 0 0 rg BT 466.74 465.60 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 508.10 465.60 Td (use ) Tj ET Q q 0 0 0 rg BT 524.76 465.60 Td (of ) Tj ET Q q 0 0 0 rg BT 536.41 465.60 Td (shared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.60 Td (resources, ) Tj ET Q q 0 0 0 rg BT 92.26 453.60 Td (headcount ) Tj ET Q q 0 0 0 rg BT 135.85 453.60 Td (or ) Tj ET Q q 0 0 0 rg BT 146.68 453.60 Td (other ) Tj ET Q q 0 0 0 rg BT 169.73 453.60 Td (relevant ) Tj ET Q q 0 0 0 rg BT 204.43 453.60 Td (measures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td (Throughout ) Tj ET Q q 0 0 0 rg BT 99.56 429.60 Td (this ) Tj ET Q q 0 0 0 rg BT 116.85 429.60 Td (section, ) Tj ET Q q 0 0 0 rg BT 150.51 429.60 Td (we ) Tj ET Q q 0 0 0 rg BT 165.01 429.60 Td (have ) Tj ET Q q 0 0 0 rg BT 186.73 429.60 Td (presented ) Tj ET Q q 0 0 0 rg BT 227.89 429.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 264.05 429.60 Td (results ) Tj ET Q q 0 0 0 rg BT 293.00 429.60 Td (on ) Tj ET Q q 0 0 0 rg BT 305.84 429.60 Td (both ) Tj ET Q q 0 0 0 rg BT 326.46 429.60 Td (a ) Tj ET Q q 0 0 0 rg BT 333.74 429.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 354.37 429.60 Td (GAAP) Tj ET Q q 0 0 0 rg BT 381.22 429.60 Td ( ) Tj ET Q q 0 0 0 rg BT 384.06 429.60 Td (and ) Tj ET Q q 0 0 0 rg BT 401.34 429.60 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 446.53 429.60 Td ( ) Tj ET Q q 0 0 0 rg BT 449.37 429.60 Td (basis. ) Tj ET Q q 0 0 0 rg BT 474.71 429.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 529.75 429.60 Td (believes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.60 Td (that ) Tj ET Q q 0 0 0 rg BT 66.61 417.60 Td (presenting ) Tj ET Q q 0 0 0 rg BT 110.39 417.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 145.83 417.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 181.27 417.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 211.71 417.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 251.59 417.60 Td (income ) Tj ET Q q 0 0 0 rg BT 283.14 417.60 Td (and ) Tj ET Q q 0 0 0 rg BT 299.70 417.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 335.14 417.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 370.58 417.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 401.02 417.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 440.90 417.60 Td (mar) Tj ET Q q 0 0 0 rg BT 456.27 417.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 471.16 417.60 Td (in ) Tj ET Q q 0 0 0 rg BT 481.06 417.60 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 530.39 417.60 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 417.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 70.27 405.60 Td (GAAP) Tj ET Q q 0 0 0 rg BT 97.12 405.60 Td ( ) Tj ET Q q 0 0 0 rg BT 100.11 405.60 Td (measures ) Tj ET Q q 0 0 0 rg BT 140.30 405.60 Td (provides ) Tj ET Q q 0 0 0 rg BT 177.72 405.60 Td (a ) Tj ET Q q 0 0 0 rg BT 185.14 405.60 Td (more ) Tj ET Q q 0 0 0 rg BT 208.67 405.60 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 257.20 405.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 280.18 405.60 Td (for ) Tj ET Q q 0 0 0 rg BT 294.82 405.60 Td (comparison ) Tj ET Q q 0 0 0 rg BT 344.46 405.60 Td (of ) Tj ET Q q 0 0 0 rg BT 355.77 405.60 Td (its ) Tj ET Q q 0 0 0 rg BT 368.21 405.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 408.95 405.60 Td (results ) Tj ET Q q 0 0 0 rg BT 438.04 405.60 Td (and ) Tj ET Q q 0 0 0 rg BT 455.47 405.60 Td (underlying ) Tj ET Q q 0 0 0 rg BT 501.78 405.60 Td (trends ) Tj ET Q q 0 0 0 rg BT 529.20 405.60 Td (between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.60 Td (periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.60 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 88.54 369.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 124.79 369.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 156.03 369.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 196.72 369.60 Td (income ) Tj ET Q q 0 0 0 rg BT 229.08 369.60 Td (and ) Tj ET Q q 0 0 0 rg BT 246.45 369.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 282.70 369.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 318.95 369.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 350.20 369.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 390.89 369.60 Td (mar) Tj ET Q q 0 0 0 rg BT 406.25 369.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 421.96 369.60 Td (exclude ) Tj ET Q q 0 0 0 rg BT 455.98 369.60 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 470.57 369.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 509.03 369.60 Td (and ) Tj ET Q q 0 0 0 rg BT 526.40 369.60 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.60 Td (related ) Tj ET Q q 0 0 0 rg BT 78.73 357.60 Td (to ) Tj ET Q q 0 0 0 rg BT 88.53 357.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 149.43 357.60 Td (interests, ) Tj ET Q q 0 0 0 rg BT 187.28 357.60 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 200.97 357.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 253.53 357.60 Td (of ) Tj ET Q q 0 0 0 rg BT 263.88 357.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 305.90 357.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 331.25 357.60 Td (related ) Tj ET Q q 0 0 0 rg BT 360.48 357.60 Td (to ) Tj ET Q q 0 0 0 rg BT 370.28 357.60 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 422.58 357.60 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 436.26 357.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 493.83 357.60 Td (from ) Tj ET Q q 0 0 0 rg BT 515.29 357.60 Td (acquisition-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.60 Td (related ) Tj ET Q q 0 0 0 rg BT 79.05 345.60 Td (agreements ) Tj ET Q q 0 0 0 rg BT 126.93 345.60 Td (and ) Tj ET Q q 0 0 0 rg BT 143.72 345.60 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 157.73 345.60 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 211.18 345.60 Td (and ) Tj ET Q q 0 0 0 rg BT 227.97 345.60 Td (integration ) Tj ET Q q 0 0 0 rg BT 273.64 345.60 Td (costs. ) Tj ET Q q 0 0 0 rg BT 298.49 345.60 Td (For ) Tj ET Q q 0 0 0 rg BT 314.73 345.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 334.86 345.60 Td (GAAP) Tj ET Q q 0 0 0 rg BT 361.72 345.60 Td ( ) Tj ET Q q 0 0 0 rg BT 364.07 345.60 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 404.47 345.60 Td (these ) Tj ET Q q 0 0 0 rg BT 427.37 345.60 Td (items ) Tj ET Q q 0 0 0 rg BT 451.38 345.60 Td (are ) Tj ET Q q 0 0 0 rg BT 465.94 345.60 Td (included ) Tj ET Q q 0 0 0 rg BT 502.72 345.60 Td (in ) Tj ET Q q 0 0 0 rg BT 512.85 345.60 Td (each ) Tj ET Q q 0 0 0 rg BT 533.52 345.60 Td (of ) Tj ET Q q 0 0 0 rg BT 544.20 345.60 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 92.53 333.60 Td (line ) Tj ET Q q 0 0 0 rg BT 110.03 333.60 Td (items ) Tj ET Q q 0 0 0 rg BT 134.19 333.60 Td (on ) Tj ET Q q 0 0 0 rg BT 146.69 333.60 Td (the ) Tj ET Q q 0 0 0 rg BT 161.41 333.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 214.45 333.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 259.16 333.60 Td (of ) Tj ET Q q 0 0 0 rg BT 269.99 333.60 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.60 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 89.49 309.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 126.69 309.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 158.89 309.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 200.53 309.60 Td (income ) Tj ET Q q 0 0 0 rg BT 233.84 309.60 Td (and ) Tj ET Q q 0 0 0 rg BT 252.16 309.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 289.37 309.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 326.57 309.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 358.77 309.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 400.41 309.60 Td (mar) Tj ET Q q 0 0 0 rg BT 415.77 309.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 432.43 309.60 Td (present ) Tj ET Q q 0 0 0 rg BT 465.19 309.60 Td (the ) Tj ET Q q 0 0 0 rg BT 481.28 309.60 Td (segments' ) Tj ET Q q 0 0 0 rg BT 524.18 309.60 Td (results ) Tj ET Q q 0 0 0 rg BT 554.17 309.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 93.07 297.60 Td (excluding ) Tj ET Q q 0 0 0 rg BT 134.42 297.60 Td (the ) Tj ET Q q 0 0 0 rg BT 148.54 297.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 177.67 297.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 214.58 297.60 Td (from ) Tj ET Q q 0 0 0 rg BT 235.93 297.60 Td (the ) Tj ET Q q 0 0 0 rg BT 250.06 297.60 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 305.85 297.60 Td (of ) Tj ET Q q 0 0 0 rg BT 316.10 297.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 376.89 297.60 Td (interests ) Tj ET Q q 0 0 0 rg BT 412.13 297.60 Td (in ) Tj ET Q q 0 0 0 rg BT 421.82 297.60 Td (alternative ) Tj ET Q q 0 0 0 rg BT 465.93 297.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 487.28 297.60 Td (management ) Tj ET Q q 0 0 0 rg BT 540.29 297.60 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.60 Td (and ) Tj ET Q q 0 0 0 rg BT 65.58 285.60 Td (private ) Tj ET Q q 0 0 0 rg BT 94.99 285.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 121.62 285.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 167.15 285.60 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 204.05 285.60 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 261.81 285.60 Td (of ) Tj ET Q q 0 0 0 rg BT 271.78 285.60 Td (these ) Tj ET Q q 0 0 0 rg BT 293.97 285.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 317.83 285.60 Td (results ) Tj ET Q q 0 0 0 rg BT 345.58 285.60 Td (in ) Tj ET Q q 0 0 0 rg BT 355.00 285.60 Td (the ) Tj ET Q q 0 0 0 rg BT 368.86 285.60 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 407.17 285.60 Td (of ) Tj ET Q q 0 0 0 rg BT 417.14 285.60 Td (the ) Tj ET Q q 0 0 0 rg BT 431.00 285.60 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 486.52 285.60 Td (share ) Tj ET Q q 0 0 0 rg BT 509.26 285.60 Td (of ) Tj ET Q q 0 0 0 rg BT 519.23 285.60 Td (the ) Tj ET Q q 0 0 0 rg BT 533.09 285.60 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.60 Td (or ) Tj ET Q q 0 0 0 rg BT 60.96 273.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 79.66 273.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 128.33 273.60 Td (to ) Tj ET Q q 0 0 0 rg BT 139.24 273.60 Td (the ) Tj ET Q q 0 0 0 rg BT 154.59 273.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 182.72 273.60 Td (interests ) Tj ET Q q 0 0 0 rg BT 219.18 273.60 Td (in ) Tj ET Q q 0 0 0 rg BT 230.09 273.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 283.77 273.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 309.12 273.60 Td (that ) Tj ET Q q 0 0 0 rg BT 327.25 273.60 Td (are ) Tj ET Q q 0 0 0 rg BT 342.59 273.60 Td (not ) Tj ET Q q 0 0 0 rg BT 358.51 273.60 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 409.68 273.60 Td (either ) Tj ET Q q 0 0 0 rg BT 435.57 273.60 Td (directly ) Tj ET Q q 0 0 0 rg BT 469.25 273.60 Td (or ) Tj ET Q q 0 0 0 rg BT 480.71 273.60 Td (indirectly) Tj ET Q q 0 0 0 rg BT 518.38 273.60 Td (, ) Tj ET Q q 0 0 0 rg BT 524.02 273.60 Td (to ) Tj ET Q q 0 0 0 rg BT 534.93 273.60 Td (us ) Tj ET Q q 0 0 0 rg BT 546.96 273.60 Td (\(i.e. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 111.40 261.60 Td (interests\). ) Tj ET Q q 0 0 0 rg BT 153.36 261.60 Td (This ) Tj ET Q q 0 0 0 rg BT 174.16 261.60 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 231.05 261.60 Td (share ) Tj ET Q q 0 0 0 rg BT 255.17 261.60 Td (is ) Tj ET Q q 0 0 0 rg BT 264.86 261.60 Td (reflected ) Tj ET Q q 0 0 0 rg BT 302.85 261.60 Td (in ) Tj ET Q q 0 0 0 rg BT 313.65 261.60 Td (net ) Tj ET Q q 0 0 0 rg BT 328.88 261.60 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 386.34 261.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 430.45 261.60 Td (to ) Tj ET Q q 0 0 0 rg BT 441.24 261.60 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 503.15 261.60 Td (interests ) Tj ET Q q 0 0 0 rg BT 539.49 261.60 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 261.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.60 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 110.46 249.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 163.65 249.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 208.51 249.60 Td (of ) Tj ET Q q 0 0 0 rg BT 219.49 249.60 Td (operations, ) Tj ET Q q 0 0 0 rg BT 266.29 249.60 Td (and ) Tj ET Q q 0 0 0 rg BT 283.38 249.60 Td (has ) Tj ET Q q 0 0 0 rg BT 299.36 249.60 Td (no ) Tj ET Q q 0 0 0 rg BT 312.01 249.60 Td (ef) Tj ET Q q 0 0 0 rg BT 319.60 249.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 337.23 249.60 Td (on ) Tj ET Q q 0 0 0 rg BT 349.88 249.60 Td (the ) Tj ET Q q 0 0 0 rg BT 364.75 249.60 Td (overall ) Tj ET Q q 0 0 0 rg BT 395.16 249.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 432.79 249.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 485.96 249.60 Td (of ) Tj ET Q q 0 0 0 rg BT 496.94 249.60 Td (the ) Tj ET Q q 0 0 0 rg BT 511.80 249.60 Td (segments, ) Tj ET Q q 0 0 0 rg BT 554.17 249.60 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.60 Td (ultimately) Tj ET Q q 0 0 0 rg BT 89.40 237.60 Td (, ) Tj ET Q q 0 0 0 rg BT 94.35 237.60 Td (this ) Tj ET Q q 0 0 0 rg BT 111.25 237.60 Td (income ) Tj ET Q q 0 0 0 rg BT 143.13 237.60 Td (or ) Tj ET Q q 0 0 0 rg BT 153.91 237.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 171.92 237.60 Td (is ) Tj ET Q q 0 0 0 rg BT 181.04 237.60 Td (not ) Tj ET Q q 0 0 0 rg BT 196.27 237.60 Td (income ) Tj ET Q q 0 0 0 rg BT 228.15 237.60 Td (or ) Tj ET Q q 0 0 0 rg BT 238.93 237.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 256.95 237.60 Td (for ) Tj ET Q q 0 0 0 rg BT 271.06 237.60 Td (the ) Tj ET Q q 0 0 0 rg BT 285.72 237.60 Td (segments ) Tj ET Q q 0 0 0 rg BT 325.39 237.60 Td (themselves. ) Tj ET Q q 0 0 0 rg BT 374.77 237.60 Td (Included ) Tj ET Q q 0 0 0 rg BT 412.21 237.60 Td (in ) Tj ET Q q 0 0 0 rg BT 422.44 237.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 458.21 237.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 493.99 237.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 524.75 237.60 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.60 Td (income ) Tj ET Q q 0 0 0 rg BT 81.24 225.60 Td (and ) Tj ET Q q 0 0 0 rg BT 97.98 225.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 133.62 225.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 169.25 225.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 199.87 225.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 239.94 225.60 Td (mar) Tj ET Q q 0 0 0 rg BT 255.30 225.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 270.39 225.60 Td (is ) Tj ET Q q 0 0 0 rg BT 279.37 225.60 Td (the ) Tj ET Q q 0 0 0 rg BT 293.89 225.60 Td (actual ) Tj ET Q q 0 0 0 rg BT 320.07 225.60 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 376.24 225.60 Td (share ) Tj ET Q q 0 0 0 rg BT 399.65 225.60 Td (of ) Tj ET Q q 0 0 0 rg BT 410.29 225.60 Td (the ) Tj ET Q q 0 0 0 rg BT 424.81 225.60 Td (income ) Tj ET Q q 0 0 0 rg BT 456.55 225.60 Td (or ) Tj ET Q q 0 0 0 rg BT 467.18 225.60 Td (loss ) Tj ET Q q 0 0 0 rg BT 485.05 225.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 532.90 225.60 Td (to ) Tj ET Q q 0 0 0 rg BT 542.98 225.60 Td (us ) Tj ET Q q 0 0 0 rg BT 554.18 225.60 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.60 Td (an ) Tj ET Q q 0 0 0 rg BT 60.91 213.60 Td (investor ) Tj ET Q q 0 0 0 rg BT 95.10 213.60 Td (in ) Tj ET Q q 0 0 0 rg BT 104.84 213.60 Td (such ) Tj ET Q q 0 0 0 rg BT 125.14 213.60 Td (funds. ) Tj ET Q q 0 0 0 rg BT 151.40 213.60 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 189.48 213.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 224.78 213.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 255.06 213.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 294.79 213.60 Td (income ) Tj ET Q q 0 0 0 rg BT 326.20 213.60 Td (and ) Tj ET Q q 0 0 0 rg BT 342.61 213.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 377.90 213.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 413.20 213.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 443.48 213.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 483.22 213.60 Td (mar) Tj ET Q q 0 0 0 rg BT 498.58 213.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 513.33 213.60 Td (also ) Tj ET Q q 0 0 0 rg BT 531.41 213.60 Td (exclude ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 102.96 201.60 Td (of ) Tj ET Q q 0 0 0 rg BT 114.21 201.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 157.12 201.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 183.37 201.60 Td (and ) Tj ET Q q 0 0 0 rg BT 200.73 201.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 259.19 201.60 Td (from ) Tj ET Q q 0 0 0 rg BT 281.55 201.60 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 358.88 201.60 Td (agreements ) Tj ET Q q 0 0 0 rg BT 407.33 201.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 445.25 201.60 Td (from ) Tj ET Q q 0 0 0 rg BT 467.61 201.60 Td (our ) Tj ET Q q 0 0 0 rg BT 483.21 201.60 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 523.35 201.60 Td (Research, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.60 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 69.83 189.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 144.59 189.60 Td (and ) Tj ET Q q 0 0 0 rg BT 161.59 189.60 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 204.13 189.60 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 256.78 189.60 Td (The ) Tj ET Q q 0 0 0 rg BT 274.89 189.60 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 328.54 189.60 Td (and ) Tj ET Q q 0 0 0 rg BT 345.54 189.60 Td (integration ) Tj ET Q q 0 0 0 rg BT 391.42 189.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 413.98 189.60 Td (excluded ) Tj ET Q q 0 0 0 rg BT 452.64 189.60 Td (from ) Tj ET Q q 0 0 0 rg BT 474.64 189.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 510.52 189.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 546.41 189.60 Td (pre-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 65.16 177.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 106.36 177.60 Td (income ) Tj ET Q q 0 0 0 rg BT 139.24 177.60 Td (and ) Tj ET Q q 0 0 0 rg BT 157.12 177.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 193.88 177.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 230.65 177.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 262.41 177.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 303.61 177.60 Td (mar) Tj ET Q q 0 0 0 rg BT 318.98 177.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 335.20 177.60 Td (represent ) Tj ET Q q 0 0 0 rg BT 375.29 177.60 Td (char) Tj ET Q q 0 0 0 rg BT 392.31 177.60 Td (ges ) Tj ET Q q 0 0 0 rg BT 409.08 177.60 Td (that ) Tj ET Q q 0 0 0 rg BT 427.52 177.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 462.62 177.60 Td (from ) Tj ET Q q 0 0 0 rg BT 485.50 177.60 Td (severance ) Tj ET Q q 0 0 0 rg BT 528.35 177.60 Td (benefits, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.60 Td (vacating ) Tj ET Q q 0 0 0 rg BT 85.87 165.60 Td (redundant ) Tj ET Q q 0 0 0 rg BT 128.36 165.60 Td (of) Tj ET Q q 0 0 0 rg BT 136.51 165.60 Td (fice ) Tj ET Q q 0 0 0 rg BT 153.99 165.60 Td (space ) Tj ET Q q 0 0 0 rg BT 178.70 165.60 Td (and ) Tj ET Q q 0 0 0 rg BT 195.64 165.60 Td (contract ) Tj ET Q q 0 0 0 rg BT 230.34 165.60 Td (termination ) Tj ET Q q 0 0 0 rg BT 278.94 165.60 Td (costs. ) 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 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 endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 17.10 Td (32) 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 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 599.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 599.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 599.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 599.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 599.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 599.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 599.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 599.10 11.00 -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 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 575.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 575.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 575.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 575.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 575.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 575.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 575.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 575.10 11.00 -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 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 551.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 551.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 551.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 551.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 551.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 551.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 551.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 551.10 11.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 551.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 551.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 551.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 551.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 551.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 551.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 551.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 519.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 519.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 519.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 519.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 519.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 519.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 519.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 519.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 519.10 11.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 519.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 519.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 519.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 519.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 519.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 519.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 519.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 487.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 487.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 487.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 487.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 487.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 487.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 487.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 487.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 487.10 11.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 487.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 487.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 487.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 487.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 487.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 487.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 487.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 463.10 80.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 463.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 463.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 463.10 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 463.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 463.10 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 463.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 463.10 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 463.10 11.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 463.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 463.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 463.10 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 463.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 463.10 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 463.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 463.10 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 431.10 80.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 431.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 431.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 431.10 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 431.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 431.10 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 431.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 431.10 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 431.10 11.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 431.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 431.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 431.10 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 431.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 431.10 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 431.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 431.10 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 399.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 399.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 399.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 399.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 399.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 399.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 399.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 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236.00 375.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 375.10 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 375.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 375.10 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 375.10 11.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 375.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 375.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 375.10 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 375.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 375.10 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 375.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 375.10 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 343.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 343.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 343.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 343.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 343.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 343.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 343.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 343.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 343.10 11.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 343.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 343.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 343.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 343.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 343.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 343.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 343.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 319.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 319.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 319.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 319.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 319.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 319.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 319.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 319.10 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 319.10 11.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 319.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 319.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 319.10 58.00 -12.00 re f /GS0 gs 0.8 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1 rg /GS0 gs 351.00 295.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 295.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 295.10 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 295.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 295.10 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 295.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 295.10 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 263.10 80.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 263.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 263.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 263.10 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 263.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 263.10 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 263.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 263.10 46.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 263.10 11.00 -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 129 647.1 m 174 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 647.1 m 178 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 647.1 m 236 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 647.1 m 240 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 647.1 m 290 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 647.1 m 294 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 647.1 m 340 647.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 647.1 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 129 635.1 m 174 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 635.1 m 178 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 635.1 m 236 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 635.1 m 240 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 635.1 m 290 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 635.1 m 294 635.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 635.1 m 340 635.1 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 178 623.1 m 236 623.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 623.1 m 240 623.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 623.1 m 290 623.1 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 129 599.1 m 174 599.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 599.1 m 236 599.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 599.1 m 290 599.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 599.1 m 340 599.1 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 129 539.1 m 174 539.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 539.1 m 236 539.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 539.1 m 290 539.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 539.1 m 340 539.1 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 129 463.1 m 174 463.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 463.1 m 236 463.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 463.1 m 290 463.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 463.1 m 340 463.1 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 129 355.1 m 174 355.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 355.1 m 236 355.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 355.1 m 290 355.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 355.1 m 340 355.1 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 129 307.1 m 174 307.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 307.1 m 236 307.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 307.1 m 290 307.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 307.1 m 340 307.1 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 129 276.1 m 174 276.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 129 274.1 m 174 274.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 276.1 m 236 276.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 274.1 m 236 274.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 276.1 m 290 276.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 274.1 m 290 274.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 276.1 m 340 276.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 274.1 m 340 274.1 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 300.70 651.18 Td (Year Ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.00 639.18 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 639.18 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 207.65 627.18 Td (Adjustments ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 253.21 630.81 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.65 627.18 Td (Adjustments ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 475.21 630.81 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.25 615.18 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 180.75 615.18 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.35 615.18 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.35 615.18 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 135.40 603.18 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 191.65 603.18 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.70 603.18 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.35 603.18 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 131.50 567.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 140.75 567.05 Td (116,684) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 180.50 567.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 567.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.50 567.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 567.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.50 567.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.75 567.05 Td (116,684) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 567.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 567.05 Td (100,224) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 567.05 Td ($) 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 (100,224) 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 144.75 555.05 Td (67,731) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 555.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 555.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.75 555.05 Td (67,731) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 555.05 Td (74,284) 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 (74,284) 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 140.75 543.05 Td (186,176) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 543.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 543.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.75 543.05 Td (186,176) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 543.05 Td (74,420) 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 532.75 543.05 Td (74,420) 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 140.75 523.35 Td (370,591) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 523.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 523.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.75 523.35 Td (370,591) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 523.35 Td (248,928) 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 (248,928) 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 144.75 479.05 Td (82,211) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 479.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 479.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.75 479.05 Td (82,211) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 479.05 Td (91,169) 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 (91,169) 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 144.75 467.05 Td (92,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 467.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 467.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.75 467.05 Td (92,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 467.05 Td (76,275) 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 (76,275) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 455.05 Td (Total institutional) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 447.05 Td (sales and trading) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 140.75 447.35 Td (174,411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 447.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 447.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.75 447.35 Td (174,411) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 447.35 Td (167,444) 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 (167,444) 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 148.75 415.35 Td (5,398) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 415.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 415.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.75 415.35 Td (5,398) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.75 415.35 Td (3,891) 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 (3,891) 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 148.75 391.05 Td (8,347) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.80 391.05 Td (15,699) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 391.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.75 391.05 Td (24,046) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 391.05 Td (21,610) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 391.05 Td (8,794) 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 (30,404) 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 146.10 359.35 Td (\(6,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 166.80 359.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 359.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 359.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.10 359.35 Td (\(6,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 359.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.10 359.35 Td (\(7,420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 359.35 Td (\)) 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 (\(7,420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 359.35 Td (\)) 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 140.75 335.05 Td (552,092) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.80 335.05 Td (15,699) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 335.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.75 335.05 Td (567,791) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 335.05 Td (434,453) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 335.05 Td (8,794) 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 (443,247) 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 140.75 311.05 Td (467,198) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 214.80 311.05 Td (4,546) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 268.75 311.05 Td (6,917) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.75 311.05 Td (478,661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 311.05 Td (382,157) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 311.05 Td (3,400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.75 311.05 Td (7,674) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 311.05 Td (393,231) 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 131.50 279.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.75 279.35 Td (84,894) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 180.50 279.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.80 279.35 Td (11,153) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.50 279.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.10 279.35 Td (\(6,917) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.80 279.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.50 279.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.75 279.35 Td (89,130) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 279.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 279.35 Td (52,296) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 279.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 279.35 Td (5,394) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.50 279.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.10 279.35 Td (\(7,674) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.80 279.35 Td (\)) 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 (50,016) 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 152.75 247.35 Td (15.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 166.80 247.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.75 247.35 Td (15.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 247.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 247.35 Td (12.0) 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 (11.3) 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 81.48 231.00 Td (following ) Tj ET Q q 0 0 0 rg BT 113.68 231.00 Td (is ) Tj ET Q q 0 0 0 rg BT 121.00 231.00 Td (a ) Tj ET Q q 0 0 0 rg BT 126.98 231.00 Td (summary ) Tj ET Q q 0 0 0 rg BT 158.29 231.00 Td (of ) Tj ET Q q 0 0 0 rg BT 166.49 231.00 Td (the ) Tj ET Q q 0 0 0 rg BT 178.24 231.00 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 218.44 231.00 Td (needed ) Tj ET Q q 0 0 0 rg BT 243.07 231.00 Td (to ) Tj ET Q q 0 0 0 rg BT 251.27 231.00 Td (r) Tj ET Q q 0 0 0 rg BT 254.09 231.00 Td (econcile ) Tj ET Q q 0 0 0 rg BT 282.72 231.00 Td (our ) Tj ET Q q 0 0 0 rg BT 295.81 231.00 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 338.67 231.00 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 354.43 231.00 Td (GAAP) Tj ET Q q 0 0 0 rg BT 374.72 231.00 Td ( ) Tj ET Q q 0 0 0 rg BT 376.70 231.00 Td (pr) Tj ET Q q 0 0 0 rg BT 383.51 231.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 401.48 231.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 434.57 231.00 Td (income ) Tj ET Q q 0 0 0 rg BT 459.65 231.00 Td (and ) Tj ET Q q 0 0 0 rg BT 473.63 231.00 Td (pr) Tj ET Q q 0 0 0 rg BT 480.44 231.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 498.41 231.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 531.50 231.00 Td (mar) Tj ET Q q 0 0 0 rg BT 544.09 231.00 Td (gin ) Tj ET Q q 0 0 0 rg BT 556.29 231.00 Td (to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 221.40 Td (the ) Tj ET Q q 0 0 0 rg BT 79.27 221.40 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 108.38 221.40 Td (segment ) Tj ET Q q 0 0 0 rg BT 136.60 221.40 Td (pr) Tj ET Q q 0 0 0 rg BT 143.41 221.40 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 161.40 221.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 194.51 221.40 Td (income ) Tj ET Q q 0 0 0 rg BT 219.61 221.40 Td (and ) Tj ET Q q 0 0 0 rg BT 233.61 221.40 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 262.72 221.40 Td (segment ) Tj ET Q q 0 0 0 rg BT 290.94 221.40 Td (pr) Tj ET Q q 0 0 0 rg BT 297.75 221.40 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 315.74 221.40 Td (operating ) Tj ET Q q 0 0 0 rg BT 348.85 221.40 Td (mar) Tj ET Q q 0 0 0 rg BT 361.45 221.40 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 (2014) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 148.63 Td (2013) 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 ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 138.50 Td (3,945) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 138.50 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 138.50 Td (1,620) 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 471.65 128.50 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 128.50 Td (4,705) 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 (2,972) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 118.50 Td (1,349) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.50 108.50 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 108.50 Td (6,917) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 108.50 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 108.50 Td (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 83.00 Td (Capital ) Tj ET Q q 0 0 0 rg BT 80.64 83.00 Td (Markets ) Tj ET Q q 0 0 0 rg BT 115.67 83.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 151.26 83.00 Td (net ) Tj ET Q q 0 0 0 rg BT 165.74 83.00 Td (revenues ) Tj ET Q q 0 0 0 rg BT 203.54 83.00 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.56 83.00 Td (27.1 ) Tj ET Q q 0 0 0 rg BT 263.32 83.00 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.74 83.00 Td ( ) Tj ET Q q 0 0 0 rg BT 295.00 83.00 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.05 83.00 Td ($552.1 ) Tj ET Q q 0 0 0 rg BT 334.81 83.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.70 83.00 Td ( ) Tj ET Q q 0 0 0 rg BT 365.96 83.00 Td (for ) Tj ET Q q 0 0 0 rg BT 379.88 83.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.36 83.00 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.57 83.00 Td ( ) Tj ET Q q 0 0 0 rg BT 413.83 83.00 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.97 83.00 Td (December31, ) Tj ET Q q 0 0 0 rg BT 498.32 83.00 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.32 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 ($434.5 ) 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 BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 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 endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 17.10 Td (33) 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 96.18 717.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 130.65 717.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 168.43 717.60 Td (comprise ) Tj ET Q q 0 0 0 rg BT 207.34 717.60 Td (all ) Tj ET Q q 0 0 0 rg BT 219.58 717.60 Td (of ) Tj ET Q q 0 0 0 rg BT 230.16 717.60 Td (the ) Tj ET Q q 0 0 0 rg BT 244.62 717.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 282.41 717.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 323.52 717.60 Td (through ) Tj ET Q q 0 0 0 rg BT 356.88 717.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 396.89 717.60 Td (and ) Tj ET Q q 0 0 0 rg BT 413.58 717.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 450.26 717.60 Td (services ) Tj ET Q q 0 0 0 rg BT 484.72 717.60 Td (activities. ) Tj ET Q q 0 0 0 rg BT 525.40 717.60 Td (T) Tj ET Q q 0 0 0 rg BT 530.81 717.60 Td (o ) Tj ET Q q 0 0 0 rg BT 538.06 717.60 Td (assess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.11 705.60 Td (profitability ) Tj ET Q q 0 0 0 rg BT 114.27 705.60 Td (of ) Tj ET Q q 0 0 0 rg BT 124.99 705.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 171.26 705.60 Td (banking, ) Tj ET Q q 0 0 0 rg BT 208.37 705.60 Td (we ) Tj ET Q q 0 0 0 rg BT 222.42 705.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 263.68 705.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 309.95 705.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 344.56 705.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 363.05 705.60 Td (with ) Tj ET Q q 0 0 0 rg BT 383.22 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 397.83 705.60 Td (net ) Tj ET Q q 0 0 0 rg BT 412.44 705.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 444.26 705.60 Td (income ) Tj ET Q q 0 0 0 rg BT 476.09 705.60 Td (or ) Tj ET Q q 0 0 0 rg BT 486.81 705.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 521.41 705.60 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 693.60 Td (these ) Tj ET Q q 0 0 0 rg BT 92.83 693.60 Td (activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.60 Td (In) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.83 669.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.65 669.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.65 669.60 Td (, ) Tj ET Q q 0 0 0 rg BT 83.97 669.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 129.67 669.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 163.70 669.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 201.06 669.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.63 669.60 Td (48.9 ) Tj ET Q q 0 0 0 rg BT 259.94 669.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.37 669.60 Td ( ) Tj ET Q q 0 0 0 rg BT 291.19 669.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.78 669.60 Td ($370.6 ) Tj ET Q q 0 0 0 rg BT 330.10 669.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.99 669.60 Td ( ) Tj ET Q q 0 0 0 rg BT 360.81 669.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 402.05 669.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 669.60 Td ($248.9 ) Tj ET Q q 0 0 0 rg BT 450.97 669.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.86 669.60 Td ( ) Tj ET Q q 0 0 0 rg BT 481.68 669.60 Td (in ) Tj ET Q q 0 0 0 rg BT 491.27 669.60 Td (the ) Tj ET Q q 0 0 0 rg BT 505.31 669.60 Td (corresponding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.60 Td (period ) Tj ET Q q 0 0 0 rg BT 77.82 657.60 Td (of ) Tj ET Q q 0 0 0 rg BT 88.93 657.60 Td (the ) Tj ET Q q 0 0 0 rg BT 103.92 657.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 126.14 657.60 Td (year) Tj ET Q q 0 0 0 rg BT 142.94 657.60 Td (, ) Tj ET Q q 0 0 0 rg BT 148.22 657.60 Td (due ) Tj ET Q q 0 0 0 rg BT 165.43 657.60 Td (to ) Tj ET Q q 0 0 0 rg BT 175.99 657.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 204.31 657.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 232.08 657.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 272.62 657.60 Td (and ) Tj ET Q q 0 0 0 rg BT 289.83 657.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 327.05 657.60 Td (services ) Tj ET Q q 0 0 0 rg BT 362.03 657.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 402.84 657.60 Td (For ) Tj ET Q q 0 0 0 rg BT 419.51 657.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.50 657.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.71 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 454.49 657.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.14 657.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 540.00 657.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 657.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.29 645.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 115.85 645.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 153.19 645.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.41 645.60 Td ($1) Tj ET Q q 0 0 0 rg BT 184.04 645.60 Td (16.7 ) Tj ET Q q 0 0 0 rg BT 203.34 645.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.23 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 236.53 645.60 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.32 645.60 Td (16.4 ) Tj ET Q q 0 0 0 rg BT 267.62 645.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.04 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 298.84 645.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 340.06 645.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.64 645.60 Td ($100.2 ) Tj ET Q q 0 0 0 rg BT 388.93 645.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.83 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 419.62 645.60 Td (in ) Tj ET Q q 0 0 0 rg BT 429.20 645.60 Td (the ) Tj ET Q q 0 0 0 rg BT 443.21 645.60 Td (prior) Tj ET Q q 0 0 0 rg BT 462.45 645.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 484.78 645.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 514.63 645.60 Td (as ) Tj ET Q q 0 0 0 rg BT 524.75 645.60 Td (favorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.63 633.60 Td (markets, ) Tj ET Q q 0 0 0 rg BT 112.92 633.60 Td (particularly ) Tj ET Q q 0 0 0 rg BT 161.15 633.60 Td (in ) Tj ET Q q 0 0 0 rg BT 171.06 633.60 Td (the ) Tj ET Q q 0 0 0 rg BT 185.42 633.60 Td (first ) Tj ET Q q 0 0 0 rg BT 203.66 633.60 Td (half ) Tj ET Q q 0 0 0 rg BT 221.34 633.60 Td (of ) Tj ET Q q 0 0 0 rg BT 231.81 633.60 Td (2014, ) Tj ET Q q 0 0 0 rg BT 256.45 633.60 Td (led ) Tj ET Q q 0 0 0 rg BT 270.80 633.60 Td (to ) Tj ET Q q 0 0 0 rg BT 280.71 633.60 Td (an ) Tj ET Q q 0 0 0 rg BT 292.29 633.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 327.18 633.60 Td (in ) Tj ET Q q 0 0 0 rg BT 337.09 633.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 365.88 633.60 Td (raising ) Tj ET Q q 0 0 0 rg BT 395.23 633.60 Td (in ) Tj ET Q q 0 0 0 rg BT 405.15 633.60 Td (our ) Tj ET Q q 0 0 0 rg BT 420.61 633.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 444.41 633.60 Td (sectors, ) Tj ET Q q 0 0 0 rg BT 476.81 633.60 Td (especially ) Tj ET Q q 0 0 0 rg BT 518.93 633.60 Td (healthcare, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.60 Td (our ) Tj ET Q q 0 0 0 rg BT 65.18 621.60 Td (strongest ) Tj ET Q q 0 0 0 rg BT 103.64 621.60 Td (sector) Tj ET Q q 0 0 0 rg BT 127.12 621.60 Td (, ) Tj ET Q q 0 0 0 rg BT 131.97 621.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 169.31 621.60 Td (in ) Tj ET Q q 0 0 0 rg BT 179.44 621.60 Td (more ) Tj ET Q q 0 0 0 rg BT 202.34 621.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 246.34 621.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 296.45 621.60 Td (and ) Tj ET Q q 0 0 0 rg BT 313.24 621.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 341.14 621.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 375.13 621.60 Td (per ) Tj ET Q q 0 0 0 rg BT 390.25 621.60 Td (transaction. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.97 621.60 Td (During) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.30 621.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 621.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 621.60 Td (, ) Tj ET Q q 0 0 0 rg BT 494.50 621.60 Td (we ) Tj ET Q q 0 0 0 rg BT 508.51 621.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.51 621.60 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.51 621.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.78 609.60 Td (financings, ) Tj ET Q q 0 0 0 rg BT 123.22 609.60 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.72 609.60 Td ($20.8 ) Tj ET Q q 0 0 0 rg BT 177.50 609.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.61 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 205.89 609.60 Td (for ) Tj ET Q q 0 0 0 rg BT 219.84 609.60 Td (our ) Tj ET Q q 0 0 0 rg BT 235.45 609.60 Td (clients, ) Tj ET Q q 0 0 0 rg BT 266.34 609.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 308.04 609.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.10 609.60 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.10 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 340.39 609.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 367.66 609.60 Td (financings, ) Tj ET Q q 0 0 0 rg BT 414.10 609.60 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.60 609.60 Td ($19.9 ) Tj ET Q q 0 0 0 rg BT 468.38 609.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 496.78 609.60 Td (for ) Tj ET Q q 0 0 0 rg BT 510.72 609.60 Td (our ) Tj ET Q q 0 0 0 rg BT 526.34 609.60 Td (clients ) Tj ET Q q 0 0 0 rg BT 554.72 609.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.63 597.60 Td (comparable ) Tj ET Q q 0 0 0 rg BT 114.18 597.60 Td (year) Tj ET Q q 0 0 0 rg BT 131.19 597.60 Td (-ago ) Tj ET Q q 0 0 0 rg BT 151.87 597.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 182.83 597.60 Td (Debt ) Tj ET Q q 0 0 0 rg BT 205.18 597.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 245.85 597.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 284.30 597.60 Td (for ) Tj ET Q q 0 0 0 rg BT 298.87 597.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 597.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.21 597.60 Td ( ) Tj ET Q q 0 0 0 rg BT 334.12 597.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.91 597.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 419.90 597.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.90 597.60 Td ( ) Tj ET Q q 0 0 0 rg BT 442.81 597.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.16 597.60 Td ($67.7 ) Tj ET Q q 0 0 0 rg BT 490.57 597.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.46 597.60 Td (, ) Tj ET Q q 0 0 0 rg BT 524.87 597.60 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.00 597.60 Td (8.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.92 585.60 Td ( ) Tj ET Q q 0 0 0 rg BT 81.06 585.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 122.61 585.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.52 585.60 Td ($74.3 ) Tj ET Q q 0 0 0 rg BT 167.16 585.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.05 585.60 Td ( ) Tj ET Q q 0 0 0 rg BT 198.18 585.60 Td (in ) Tj ET Q q 0 0 0 rg BT 208.09 585.60 Td (the ) Tj ET Q q 0 0 0 rg BT 222.44 585.60 Td (year) Tj ET Q q 0 0 0 rg BT 239.45 585.60 Td (-ago ) Tj ET Q q 0 0 0 rg BT 259.35 585.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 289.53 585.60 Td (due ) Tj ET Q q 0 0 0 rg BT 306.10 585.60 Td (to ) Tj ET Q q 0 0 0 rg BT 316.01 585.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 340.91 585.60 Td (public ) Tj ET Q q 0 0 0 rg BT 368.04 585.60 Td (finance ) Tj ET Q q 0 0 0 rg BT 399.60 585.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 437.27 585.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 474.40 585.60 Td (from ) Tj ET Q q 0 0 0 rg BT 495.97 585.60 Td (fewer ) Tj ET Q q 0 0 0 rg BT 520.86 585.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 99.46 573.60 Td (as ) Tj ET Q q 0 0 0 rg BT 109.98 573.60 Td (our ) Tj ET Q q 0 0 0 rg BT 125.51 573.60 Td (volume ) Tj ET Q q 0 0 0 rg BT 157.70 573.60 Td (of ) Tj ET Q q 0 0 0 rg BT 168.22 573.60 Td (new ) Tj ET Q q 0 0 0 rg BT 187.08 573.60 Td (market ) Tj ET Q q 0 0 0 rg BT 217.04 573.60 Td (issuances ) Tj ET Q q 0 0 0 rg BT 257.00 573.60 Td (declined, ) Tj ET Q q 0 0 0 rg BT 295.57 573.60 Td (and ) Tj ET Q q 0 0 0 rg BT 312.20 573.60 Td (reduced ) Tj ET Q q 0 0 0 rg BT 346.04 573.60 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 399.89 573.60 Td (spreads. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.58 573.60 Td (During) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.91 573.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.10 573.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.10 573.60 Td (, ) Tj ET Q q 0 0 0 rg BT 489.80 573.60 Td (we ) Tj ET Q q 0 0 0 rg BT 503.65 573.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.50 573.60 Td (351) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 573.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.60 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 93.64 561.60 Td (public ) Tj ET Q q 0 0 0 rg BT 121.13 561.60 Td (finance ) Tj ET Q q 0 0 0 rg BT 153.04 561.60 Td (issues ) Tj ET Q q 0 0 0 rg BT 179.42 561.60 Td (with ) Tj ET Q q 0 0 0 rg BT 199.69 561.60 Td (a ) Tj ET Q q 0 0 0 rg BT 206.62 561.60 Td (total ) Tj ET Q q 0 0 0 rg BT 226.88 561.60 Td (par ) Tj ET Q q 0 0 0 rg BT 242.14 561.60 Td (value ) Tj ET Q q 0 0 0 rg BT 266.29 561.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.11 561.60 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 297.10 561.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.21 561.60 Td (, ) Tj ET Q q 0 0 0 rg BT 328.20 561.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 370.12 561.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.38 561.60 Td (413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.38 561.60 Td ( ) Tj ET Q q 0 0 0 rg BT 407.87 561.60 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 452.01 561.60 Td (public ) Tj ET Q q 0 0 0 rg BT 479.50 561.60 Td (finance ) Tj ET Q q 0 0 0 rg BT 511.41 561.60 Td (issues ) Tj ET Q q 0 0 0 rg BT 537.80 561.60 Td (with ) Tj ET Q q 0 0 0 rg BT 558.06 561.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.60 Td (total ) Tj ET Q q 0 0 0 rg BT 70.32 549.60 Td (par ) Tj ET Q q 0 0 0 rg BT 86.13 549.60 Td (value ) Tj ET Q q 0 0 0 rg BT 110.82 549.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.20 549.60 Td ($7.9 ) Tj ET Q q 0 0 0 rg BT 142.74 549.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.85 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 171.89 549.60 Td (during ) Tj ET Q q 0 0 0 rg BT 201.04 549.60 Td (the ) Tj ET Q q 0 0 0 rg BT 216.30 549.60 Td (prior) Tj ET Q q 0 0 0 rg BT 235.54 549.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 259.12 549.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 290.21 549.60 Td (For ) Tj ET Q q 0 0 0 rg BT 307.14 549.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.40 549.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.61 549.60 Td ( ) Tj ET Q q 0 0 0 rg BT 342.65 549.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.57 549.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 428.69 549.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.69 549.60 Td (, ) Tj ET Q q 0 0 0 rg BT 454.24 549.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 491.72 549.60 Td (services ) Tj ET Q q 0 0 0 rg BT 526.97 549.60 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 89.20 537.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.93 537.60 Td ($186.2 ) Tj ET Q q 0 0 0 rg BT 128.37 537.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.27 537.60 Td (, ) Tj ET Q q 0 0 0 rg BT 161.71 537.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 203.08 537.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.81 537.60 Td ($74.4 ) Tj ET Q q 0 0 0 rg BT 247.26 537.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.15 537.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.10 537.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.87 537.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.82 537.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.82 537.60 Td (, ) Tj ET Q q 0 0 0 rg BT 312.27 537.60 Td (due ) Tj ET Q q 0 0 0 rg BT 328.65 537.60 Td (to ) Tj ET Q q 0 0 0 rg BT 338.38 537.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 365.87 537.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 385.60 537.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 412.55 537.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 448.93 537.60 Td (services ) Tj ET Q q 0 0 0 rg BT 483.09 537.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 520.57 537.60 Td (from ) Tj ET Q q 0 0 0 rg BT 541.96 537.60 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 93.67 525.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 143.95 525.60 Td (and ) Tj ET Q q 0 0 0 rg BT 160.90 525.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 188.96 525.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 223.13 525.60 Td (per ) Tj ET Q q 0 0 0 rg BT 238.41 525.60 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 287.30 525.60 Td (Low ) Tj ET Q q 0 0 0 rg BT 308.14 525.60 Td (volatility) Tj ET Q q 0 0 0 rg BT 343.60 525.60 Td (, ) Tj ET Q q 0 0 0 rg BT 348.62 525.60 Td (attractive ) Tj ET Q q 0 0 0 rg BT 388.33 525.60 Td (valuation ) Tj ET Q q 0 0 0 rg BT 428.06 525.60 Td (levels ) Tj ET Q q 0 0 0 rg BT 453.90 525.60 Td (and ) Tj ET Q q 0 0 0 rg BT 470.86 525.60 Td (readily ) Tj ET Q q 0 0 0 rg BT 501.14 525.60 Td (available ) Tj ET Q q 0 0 0 rg BT 539.74 525.60 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (created ) Tj ET Q q 0 0 0 rg BT 81.40 513.60 Td (a ) Tj ET Q q 0 0 0 rg BT 88.87 513.60 Td (robust ) Tj ET Q q 0 0 0 rg BT 116.90 513.60 Td (mer) Tj ET Q q 0 0 0 rg BT 132.27 513.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 151.96 513.60 Td (and ) Tj ET Q q 0 0 0 rg BT 169.43 513.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 220.24 513.60 Td (environment ) Tj ET Q q 0 0 0 rg BT 273.82 513.60 Td (in ) Tj ET Q q 0 0 0 rg BT 284.63 513.60 Td (2014. ) Tj ET Q q 0 0 0 rg BT 310.16 513.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 328.75 513.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 365.65 513.60 Td (focus ) Tj ET Q q 0 0 0 rg BT 390.35 513.60 Td (to ) Tj ET Q q 0 0 0 rg BT 401.16 513.60 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 445.85 513.60 Td (our ) Tj ET Q q 0 0 0 rg BT 462.21 513.60 Td (mer) Tj ET Q q 0 0 0 rg BT 477.58 513.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 497.27 513.60 Td (and ) Tj ET Q q 0 0 0 rg BT 514.74 513.60 Td (acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (resources ) Tj ET Q q 0 0 0 rg BT 90.47 501.60 Td (in ) Tj ET Q q 0 0 0 rg BT 101.46 501.60 Td (the ) Tj ET Q q 0 0 0 rg BT 116.89 501.60 Td (middle ) Tj ET Q q 0 0 0 rg BT 147.88 501.60 Td (market ) Tj ET Q q 0 0 0 rg BT 178.85 501.60 Td (enabled ) Tj ET Q q 0 0 0 rg BT 213.16 501.60 Td (us ) Tj ET Q q 0 0 0 rg BT 225.26 501.60 Td (to ) Tj ET Q q 0 0 0 rg BT 236.25 501.60 Td (capitalize ) Tj ET Q q 0 0 0 rg BT 277.77 501.60 Td (on ) Tj ET Q q 0 0 0 rg BT 290.98 501.60 Td (this ) Tj ET Q q 0 0 0 rg BT 308.64 501.60 Td (environment. ) Tj ET Q q 0 0 0 rg BT 364.66 501.60 Td (W) Tj ET Q q 0 0 0 rg BT 373.30 501.60 Td (e ) Tj ET Q q 0 0 0 rg BT 380.95 501.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.81 501.60 Td (77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.81 501.60 Td ( ) Tj ET Q q 0 0 0 rg BT 439.02 501.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 490.00 501.60 Td (with ) Tj ET Q q 0 0 0 rg BT 510.99 501.60 Td (an ) Tj ET Q q 0 0 0 rg BT 523.64 501.60 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.60 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 90.94 489.60 Td (value ) Tj ET Q q 0 0 0 rg BT 114.62 489.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.96 489.60 Td ($13.7 ) Tj ET Q q 0 0 0 rg BT 149.48 489.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.59 489.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.61 489.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.39 489.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.41 489.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.41 489.60 Td (, ) Tj ET Q q 0 0 0 rg BT 211.93 489.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 253.37 489.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.17 489.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.17 489.60 Td ( ) Tj ET Q q 0 0 0 rg BT 285.18 489.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 334.97 489.60 Td (with ) Tj ET Q q 0 0 0 rg BT 354.76 489.60 Td (an ) Tj ET Q q 0 0 0 rg BT 366.22 489.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 407.10 489.60 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 448.54 489.60 Td (value ) Tj ET Q q 0 0 0 rg BT 472.21 489.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.56 489.60 Td ($4.8 ) Tj ET Q q 0 0 0 rg BT 502.08 489.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.19 489.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.21 489.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.99 489.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.01 489.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 489.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 99.21 465.60 Td (sales ) Tj ET Q q 0 0 0 rg BT 120.03 465.60 Td (and ) Tj ET Q q 0 0 0 rg BT 135.85 465.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 165.55 465.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 202.47 465.60 Td (comprise ) Tj ET Q q 0 0 0 rg BT 240.50 465.60 Td (all ) Tj ET Q q 0 0 0 rg BT 251.88 465.60 Td (of ) Tj ET Q q 0 0 0 rg BT 261.58 465.60 Td (the ) Tj ET Q q 0 0 0 rg BT 275.18 465.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 312.10 465.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 352.34 465.60 Td (through ) Tj ET Q q 0 0 0 rg BT 384.83 465.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 414.53 465.60 Td (activities, ) Tj ET Q q 0 0 0 rg BT 454.51 465.60 Td (which ) Tj ET Q q 0 0 0 rg BT 480.33 465.60 Td (consist ) Tj ET Q q 0 0 0 rg BT 509.49 465.60 Td (of ) Tj ET Q q 0 0 0 rg BT 519.19 465.60 Td (facilitating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 88.09 453.60 Td (trades, ) Tj ET Q q 0 0 0 rg BT 116.39 453.60 Td (executing ) Tj ET Q q 0 0 0 rg BT 157.20 453.60 Td (competitive ) Tj ET Q q 0 0 0 rg BT 206.34 453.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 248.26 453.60 Td (underwritings ) Tj ET Q q 0 0 0 rg BT 305.74 453.60 Td (and ) Tj ET Q q 0 0 0 rg BT 322.10 453.60 Td (our ) Tj ET Q q 0 0 0 rg BT 337.37 453.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 373.17 453.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 403.43 453.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 441.46 453.60 Td (in ) Tj ET Q q 0 0 0 rg BT 451.17 453.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 493.09 453.60 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 521.41 453.60 Td (mortgage-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td (backed ) Tj ET Q q 0 0 0 rg BT 80.46 441.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 120.86 441.60 Td (and ) Tj ET Q q 0 0 0 rg BT 137.94 441.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 165.58 441.60 Td (securities. ) Tj ET Q q 0 0 0 rg BT 208.29 441.60 Td (T) Tj ET Q q 0 0 0 rg BT 213.70 441.60 Td (o ) Tj ET Q q 0 0 0 rg BT 221.34 441.60 Td (assess ) Tj ET Q q 0 0 0 rg BT 248.42 441.60 Td (the ) Tj ET Q q 0 0 0 rg BT 263.28 441.60 Td (profitability ) Tj ET Q q 0 0 0 rg BT 313.69 441.60 Td (of ) Tj ET Q q 0 0 0 rg BT 324.66 441.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 375.08 441.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 417.70 441.60 Td (activities, ) Tj ET Q q 0 0 0 rg BT 458.94 441.60 Td (we ) Tj ET Q q 0 0 0 rg BT 473.24 441.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 514.74 441.60 Td (institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 91.80 429.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 129.67 429.60 Td (with ) Tj ET Q q 0 0 0 rg BT 149.77 429.60 Td (the ) Tj ET Q q 0 0 0 rg BT 164.31 429.60 Td (net ) Tj ET Q q 0 0 0 rg BT 178.86 429.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 210.62 429.60 Td (income ) Tj ET Q q 0 0 0 rg BT 242.38 429.60 Td (or ) Tj ET Q q 0 0 0 rg BT 253.04 429.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 287.57 429.60 Td (associated ) Tj ET Q q 0 0 0 rg BT 330.99 429.60 Td (with ) Tj ET Q q 0 0 0 rg BT 351.09 429.60 Td (financing, ) Tj ET Q q 0 0 0 rg BT 393.68 429.60 Td (economically ) Tj ET Q q 0 0 0 rg BT 449.88 429.60 Td (hedging ) Tj ET Q q 0 0 0 rg BT 484.42 429.60 Td (and ) Tj ET Q q 0 0 0 rg BT 501.19 429.60 Td (holding ) Tj ET Q q 0 0 0 rg BT 534.07 429.60 Td (long ) Tj ET Q q 0 0 0 rg BT 554.18 429.60 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.60 Td (short ) Tj ET Q q 0 0 0 rg BT 71.67 417.60 Td (inventory ) Tj ET Q q 0 0 0 rg BT 112.16 417.60 Td (positions. ) Tj ET Q q 0 0 0 rg BT 152.95 417.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 170.67 417.60 Td (results ) Tj ET Q q 0 0 0 rg BT 198.94 417.60 Td (may ) Tj ET Q q 0 0 0 rg BT 218.33 417.60 Td (vary ) Tj ET Q q 0 0 0 rg BT 238.26 417.60 Td (from ) Tj ET Q q 0 0 0 rg BT 259.87 417.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 290.35 417.60 Td (to ) Tj ET Q q 0 0 0 rg BT 300.30 417.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 330.78 417.60 Td (as ) Tj ET Q q 0 0 0 rg BT 341.28 417.60 Td (a ) Tj ET Q q 0 0 0 rg BT 347.89 417.60 Td (result ) Tj ET Q q 0 0 0 rg BT 372.27 417.60 Td (of ) Tj ET Q q 0 0 0 rg BT 382.77 417.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 417.15 417.60 Td (in ) Tj ET Q q 0 0 0 rg BT 427.09 417.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 457.59 417.60 Td (mar) Tj ET Q q 0 0 0 rg BT 472.95 417.60 Td (gins, ) Tj ET Q q 0 0 0 rg BT 494.29 417.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 524.78 417.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 548.06 417.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.60 Td (losses, ) Tj ET Q q 0 0 0 rg BT 78.39 405.60 Td (net ) Tj ET Q q 0 0 0 rg BT 93.11 405.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 125.04 405.60 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 160.03 405.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 190.86 405.60 Td (volumes ) Tj ET Q q 0 0 0 rg BT 227.24 405.60 Td (and ) Tj ET Q q 0 0 0 rg BT 244.18 405.60 Td (the ) Tj ET Q q 0 0 0 rg BT 258.90 405.60 Td (timing ) Tj ET Q q 0 0 0 rg BT 287.51 405.60 Td (of ) Tj ET Q q 0 0 0 rg BT 298.34 405.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 348.61 405.60 Td (based ) Tj ET Q q 0 0 0 rg BT 373.88 405.60 Td (on ) Tj ET Q q 0 0 0 rg BT 386.38 405.60 Td (market ) Tj ET Q q 0 0 0 rg BT 416.64 405.60 Td (opportunities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.60 Td (For ) Tj ET Q q 0 0 0 rg BT 65.01 381.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.85 381.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.06 381.60 Td ( ) Tj ET Q q 0 0 0 rg BT 97.68 381.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.17 381.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 180.88 381.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.88 381.60 Td (, ) Tj ET Q q 0 0 0 rg BT 205.00 381.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 254.40 381.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 295.99 381.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 333.15 381.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 372.52 381.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.92 381.60 Td ($174.4 ) Tj ET Q q 0 0 0 rg BT 411.04 381.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.93 381.60 Td (, ) Tj ET Q q 0 0 0 rg BT 444.05 381.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 485.10 381.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.50 381.60 Td ($167.4 ) Tj ET Q q 0 0 0 rg BT 533.62 381.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.51 381.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.60 Td (in ) Tj ET Q q 0 0 0 rg BT 59.64 369.60 Td (the ) Tj ET Q q 0 0 0 rg BT 74.22 369.60 Td (prior) Tj ET Q q 0 0 0 rg BT 93.46 369.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 116.36 369.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 146.78 369.60 Td (due ) Tj ET Q q 0 0 0 rg BT 163.58 369.60 Td (to ) Tj ET Q q 0 0 0 rg BT 173.72 369.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 201.63 369.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 224.55 369.60 Td (income ) Tj ET Q q 0 0 0 rg BT 256.34 369.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 306.49 369.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 348.83 369.60 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 389.23 369.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 424.91 369.60 Td (of) Tj ET Q q 0 0 0 rg BT 433.06 369.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 449.87 369.60 Td (by ) Tj ET Q q 0 0 0 rg BT 462.23 369.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 487.37 369.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 514.73 369.60 Td (institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 91.98 357.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 132.53 357.60 Td (Equity ) Tj ET Q q 0 0 0 rg BT 161.70 357.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 211.98 357.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 254.46 357.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 292.51 357.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.44 357.60 Td ($82.2 ) Tj ET Q q 0 0 0 rg BT 339.45 357.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.34 357.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.85 357.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.62 357.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.13 357.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.13 357.60 Td (, ) Tj ET Q q 0 0 0 rg BT 406.14 357.60 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.87 357.60 Td (9.8 ) Tj ET Q q 0 0 0 rg BT 445.87 357.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.30 357.60 Td ( ) Tj ET Q q 0 0 0 rg BT 477.80 357.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 519.73 357.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.02 357.60 Td ($91.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 345.60 Td ( ) Tj ET Q q 0 0 0 rg BT 80.70 345.60 Td (in ) Tj ET Q q 0 0 0 rg BT 90.79 345.60 Td (the ) Tj ET Q q 0 0 0 rg BT 105.32 345.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 164.83 345.60 Td (period ) Tj ET Q q 0 0 0 rg BT 192.69 345.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.33 345.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.33 345.60 Td (, ) Tj ET Q q 0 0 0 rg BT 228.14 345.60 Td (due ) Tj ET Q q 0 0 0 rg BT 244.89 345.60 Td (to ) Tj ET Q q 0 0 0 rg BT 254.97 345.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 280.05 345.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 317.90 345.60 Td (from ) Tj ET Q q 0 0 0 rg BT 339.65 345.60 Td (block ) Tj ET Q q 0 0 0 rg BT 364.17 345.60 Td (trades ) Tj ET Q q 0 0 0 rg BT 390.36 345.60 Td (and ) Tj ET Q q 0 0 0 rg BT 407.11 345.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 433.31 345.60 Td (from ) Tj ET Q q 0 0 0 rg BT 455.06 345.60 Td (our ) Tj ET Q q 0 0 0 rg BT 470.70 345.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 498.00 345.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 534.18 345.60 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 88.48 333.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 130.78 333.60 Td (to ) Tj ET Q q 0 0 0 rg BT 141.43 333.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 172.64 333.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 196.62 333.60 Td (in ) Tj ET Q q 0 0 0 rg BT 207.28 333.60 Td (the ) Tj ET Q q 0 0 0 rg BT 222.37 333.60 Td (prior) Tj ET Q q 0 0 0 rg BT 241.61 333.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 265.02 333.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 295.95 333.60 Td (For ) Tj ET Q q 0 0 0 rg BT 312.72 333.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.81 333.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.02 333.60 Td ( ) Tj ET Q q 0 0 0 rg BT 347.90 333.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 333.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 433.61 333.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.61 333.60 Td (, ) Tj ET Q q 0 0 0 rg BT 458.99 333.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 482.41 333.60 Td (income ) Tj ET Q q 0 0 0 rg BT 514.73 333.60 Td (institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 91.34 321.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 128.75 321.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.05 321.60 Td ($92.2 ) Tj ET Q q 0 0 0 rg BT 174.42 321.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.31 321.60 Td (, ) Tj ET Q q 0 0 0 rg BT 207.68 321.60 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.55 321.60 Td (20.9 ) Tj ET Q q 0 0 0 rg BT 238.92 321.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.34 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 270.21 321.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 311.50 321.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.15 321.60 Td ($76.3 ) Tj ET Q q 0 0 0 rg BT 355.52 321.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.41 321.60 Td ( ) Tj ET Q q 0 0 0 rg BT 386.28 321.60 Td (in ) Tj ET Q q 0 0 0 rg BT 395.93 321.60 Td (the ) Tj ET Q q 0 0 0 rg BT 410.01 321.60 Td (prior) Tj ET Q q 0 0 0 rg BT 429.25 321.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 451.66 321.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 481.57 321.60 Td (Higher ) Tj ET Q q 0 0 0 rg BT 511.21 321.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 541.41 321.60 Td (gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.60 Td (and ) Tj ET Q q 0 0 0 rg BT 66.66 309.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 117.15 309.60 Td (made ) Tj ET Q q 0 0 0 rg BT 141.52 309.60 Td (in ) Tj ET Q q 0 0 0 rg BT 152.01 309.60 Td (our ) Tj ET Q q 0 0 0 rg BT 168.06 309.60 Td (middle ) Tj ET Q q 0 0 0 rg BT 198.55 309.60 Td (markets ) Tj ET Q q 0 0 0 rg BT 232.93 309.60 Td (team ) Tj ET Q q 0 0 0 rg BT 255.08 309.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 296.66 309.60 Td (incremental ) Tj ET Q q 0 0 0 rg BT 346.57 309.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 380.93 309.60 Td (to ) Tj ET Q q 0 0 0 rg BT 391.43 309.60 Td (of) Tj ET Q q 0 0 0 rg BT 399.58 309.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 416.73 309.60 Td (the ) Tj ET Q q 0 0 0 rg BT 431.67 309.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 461.60 309.60 Td (of ) Tj ET Q q 0 0 0 rg BT 472.64 309.60 Td (client ) Tj ET Q q 0 0 0 rg BT 497.57 309.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 528.62 309.60 Td (volumes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.60 Td (remaining ) Tj ET Q q 0 0 0 rg BT 92.20 297.60 Td (relatively ) Tj ET Q q 0 0 0 rg BT 132.12 297.60 Td (flat. ) Tj ET Q q 0 0 0 rg BT 150.10 297.60 Td (In ) Tj ET Q q 0 0 0 rg BT 160.59 297.60 Td (the ) Tj ET Q q 0 0 0 rg BT 174.96 297.60 Td (second ) Tj ET Q q 0 0 0 rg BT 204.89 297.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 235.36 297.60 Td (of ) Tj ET Q q 0 0 0 rg BT 245.85 297.60 Td (2013, ) Tj ET Q q 0 0 0 rg BT 270.51 297.60 Td (we ) Tj ET Q q 0 0 0 rg BT 284.33 297.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 321.46 297.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 351.95 297.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 378.00 297.60 Td (on ) Tj ET Q q 0 0 0 rg BT 390.15 297.60 Td (inventory ) Tj ET Q q 0 0 0 rg BT 430.64 297.60 Td (positions ) Tj ET Q q 0 0 0 rg BT 468.91 297.60 Td (due ) Tj ET Q q 0 0 0 rg BT 485.51 297.60 Td (to ) Tj ET Q q 0 0 0 rg BT 495.45 297.60 Td (a ) Tj ET Q q 0 0 0 rg BT 502.04 297.60 Td (volatile ) Tj ET Q q 0 0 0 rg BT 534.19 297.60 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.60 Td (environment ) Tj ET Q q 0 0 0 rg BT 102.54 285.60 Td (caused ) Tj ET Q q 0 0 0 rg BT 132.25 285.60 Td (by ) Tj ET Q q 0 0 0 rg BT 144.75 285.60 Td (a ) Tj ET Q q 0 0 0 rg BT 151.69 285.60 Td (rapid ) Tj ET Q q 0 0 0 rg BT 174.73 285.60 Td (rise ) Tj ET Q q 0 0 0 rg BT 191.67 285.60 Td (in ) Tj ET Q q 0 0 0 rg BT 201.95 285.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 233.88 285.60 Td (rates ) Tj ET Q q 0 0 0 rg BT 255.26 285.60 Td (and ) Tj ET Q q 0 0 0 rg BT 272.20 285.60 Td (widening ) Tj ET Q q 0 0 0 rg BT 311.92 285.60 Td (of ) Tj ET Q q 0 0 0 rg BT 322.75 285.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 348.01 285.60 Td (spreads ) Tj ET Q q 0 0 0 rg BT 380.50 285.60 Td (during ) Tj ET Q q 0 0 0 rg BT 409.11 285.60 Td (that ) Tj ET Q q 0 0 0 rg BT 426.60 285.60 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 103.84 261.60 Td (and ) Tj ET Q q 0 0 0 rg BT 120.42 261.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 173.08 261.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 191.31 261.60 Td (include ) Tj ET Q q 0 0 0 rg BT 222.88 261.60 Td (the ) Tj ET Q q 0 0 0 rg BT 237.24 261.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 255.47 261.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 296.47 261.60 Td (from ) Tj ET Q q 0 0 0 rg BT 318.05 261.60 Td (our ) Tj ET Q q 0 0 0 rg BT 333.52 261.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 375.65 261.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 397.78 261.60 Td (and ) Tj ET Q q 0 0 0 rg BT 414.36 261.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 453.70 261.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 488.05 261.60 Td (funds. ) Tj ET Q q 0 0 0 rg BT 514.91 261.60 Td (For ) Tj ET Q q 0 0 0 rg BT 530.94 261.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 261.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 261.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.30 249.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 135.30 249.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.30 249.60 Td (, ) Tj ET Q q 0 0 0 rg BT 160.72 249.60 Td (management ) Tj ET Q q 0 0 0 rg BT 214.73 249.60 Td (and ) Tj ET Q q 0 0 0 rg BT 232.09 249.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 285.53 249.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 304.55 249.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.90 249.60 Td ($5.4 ) Tj ET Q q 0 0 0 rg BT 347.32 249.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.21 249.60 Td (, ) Tj ET Q q 0 0 0 rg BT 381.63 249.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 423.97 249.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.67 249.60 Td ($3.9 ) Tj ET Q q 0 0 0 rg BT 465.09 249.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.98 249.60 Td ( ) Tj ET Q q 0 0 0 rg BT 496.90 249.60 Td (in ) Tj ET Q q 0 0 0 rg BT 507.60 249.60 Td (the ) Tj ET Q q 0 0 0 rg BT 522.74 249.60 Td (prior) Tj ET Q q 0 0 0 rg BT 541.98 249.60 Td (-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 80.05 237.60 Td (due ) Tj ET Q q 0 0 0 rg BT 96.99 237.60 Td (to ) Tj ET Q q 0 0 0 rg BT 107.26 237.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 147.52 237.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 200.54 237.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 219.14 237.60 Td (from ) Tj ET Q q 0 0 0 rg BT 241.08 237.60 Td (our ) Tj ET Q q 0 0 0 rg BT 256.91 237.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 299.40 237.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 321.90 237.60 Td (fund.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.60 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 88.21 213.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 134.70 213.60 Td (income ) Tj ET Q q 0 0 0 rg BT 166.73 213.60 Td (includes ) Tj ET Q q 0 0 0 rg BT 202.66 213.60 Td (realized ) Tj ET Q q 0 0 0 rg BT 236.90 213.60 Td (and ) Tj ET Q q 0 0 0 rg BT 253.94 213.60 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 298.19 213.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 321.90 213.60 Td (and ) Tj ET Q q 0 0 0 rg BT 338.94 213.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 365.43 213.60 Td (on ) Tj ET Q q 0 0 0 rg BT 378.04 213.60 Td (our ) Tj ET Q q 0 0 0 rg BT 393.97 213.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 444.34 213.60 Td (in ) Tj ET Q q 0 0 0 rg BT 454.72 213.60 Td (the ) Tj ET Q q 0 0 0 rg BT 469.54 213.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 509.35 213.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 544.17 213.60 Td (fund ) 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 65.60 201.60 Td (the ) Tj ET Q q 0 0 0 rg BT 79.47 201.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 121.12 201.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 142.78 201.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 162.76 201.60 Td (that ) Tj ET Q q 0 0 0 rg BT 179.42 201.60 Td (we ) Tj ET Q q 0 0 0 rg BT 192.73 201.60 Td (manage ) Tj ET Q q 0 0 0 rg BT 225.49 201.60 Td (for ) Tj ET Q q 0 0 0 rg BT 238.80 201.60 Td (third-party ) Tj ET Q q 0 0 0 rg BT 283.23 201.60 Td (investors, ) Tj ET Q q 0 0 0 rg BT 323.49 201.60 Td (and ) Tj ET Q q 0 0 0 rg BT 339.59 201.60 Td (other ) Tj ET Q q 0 0 0 rg BT 361.79 201.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 380.67 201.60 Td (investments. ) Tj ET Q q 0 0 0 rg BT 432.60 201.60 Td (For ) Tj ET Q q 0 0 0 rg BT 448.15 201.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.02 201.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.23 201.60 Td ( ) Tj ET Q q 0 0 0 rg BT 480.89 201.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.42 201.60 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 189.60 Td (, ) Tj ET Q q 0 0 0 rg BT 74.36 189.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 110.04 189.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 156.27 189.60 Td (income ) Tj ET Q q 0 0 0 rg BT 188.06 189.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.97 189.60 Td ($8.3 ) Tj ET Q q 0 0 0 rg BT 225.83 189.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.72 189.60 Td (, ) Tj ET Q q 0 0 0 rg BT 259.58 189.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 301.36 189.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.49 189.60 Td ($21.6 ) Tj ET Q q 0 0 0 rg BT 336.35 189.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.24 189.60 Td ( ) Tj ET Q q 0 0 0 rg BT 367.59 189.60 Td (in ) Tj ET Q q 0 0 0 rg BT 377.73 189.60 Td (the ) Tj ET Q q 0 0 0 rg BT 392.30 189.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 451.86 189.60 Td (period ) Tj ET Q q 0 0 0 rg BT 479.77 189.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.45 189.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.45 189.60 Td (. ) Tj ET Q q 0 0 0 rg BT 515.31 189.60 Td (In ) Tj ET Q q 0 0 0 rg BT 525.99 189.60 Td (2013, ) Tj ET Q q 0 0 0 rg BT 550.85 189.60 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 86.98 177.60 Td (lar) Tj ET Q q 0 0 0 rg BT 97.34 177.60 Td (ger ) Tj ET Q q 0 0 0 rg BT 112.62 177.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 136.23 177.60 Td (on ) Tj ET Q q 0 0 0 rg BT 148.73 177.60 Td (our ) Tj ET Q q 0 0 0 rg BT 164.56 177.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 204.27 177.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 238.98 177.60 Td (activities. ) Tj ET Q q 0 0 0 rg BT 280.09 177.60 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 320.90 177.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 355.62 177.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 405.90 177.60 Td (made ) Tj ET Q q 0 0 0 rg BT 430.06 177.60 Td (before ) Tj ET Q q 0 0 0 rg BT 458.10 177.60 Td (2010 ) Tj ET Q q 0 0 0 rg BT 480.60 177.60 Td (are ) Tj ET Q q 0 0 0 rg BT 495.31 177.60 Td (accounted ) Tj ET Q q 0 0 0 rg BT 538.34 177.60 Td (for ) Tj ET Q q 0 0 0 rg BT 552.51 177.60 Td (on ) Tj ET Q q 0 0 0 rg BT 565.01 177.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.60 Td (a ) Tj ET Q q 0 0 0 rg BT 57.35 165.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 76.87 165.60 Td (basis, ) Tj ET Q q 0 0 0 rg BT 102.78 165.60 Td (which ) Tj ET Q q 0 0 0 rg BT 130.62 165.60 Td (can ) Tj ET Q q 0 0 0 rg BT 147.91 165.60 Td (result, ) Tj ET Q q 0 0 0 rg BT 176.04 165.60 Td (and ) Tj ET Q q 0 0 0 rg BT 193.89 165.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.07 165.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.07 165.60 Td ( ) Tj ET Q q 0 0 0 rg BT 228.48 165.60 Td (did ) Tj ET Q q 0 0 0 rg BT 244.67 165.60 Td (result, ) Tj ET Q q 0 0 0 rg BT 272.80 165.60 Td (in ) Tj ET Q q 0 0 0 rg BT 283.99 165.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 329.61 165.60 Td (realized ) Tj ET Q q 0 0 0 rg BT 364.66 165.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 389.18 165.60 Td (in ) Tj ET Q q 0 0 0 rg BT 400.36 165.60 Td (the ) Tj ET Q q 0 0 0 rg BT 415.99 165.60 Td (period ) Tj ET Q q 0 0 0 rg BT 444.95 165.60 Td (of ) Tj ET Q q 0 0 0 rg BT 456.69 165.60 Td (a ) Tj ET Q q 0 0 0 rg BT 464.53 165.60 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 501.84 165.60 Td (event ) Tj ET Q q 0 0 0 rg BT 526.90 165.60 Td (for ) Tj ET Q q 0 0 0 rg BT 541.97 165.60 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 153.60 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.60 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 94.27 129.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 134.03 129.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 172.13 129.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 211.35 129.60 Td (represent ) Tj ET Q q 0 0 0 rg BT 249.99 129.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 281.43 129.60 Td (paid ) Tj ET Q q 0 0 0 rg BT 300.65 129.60 Td (on ) Tj ET Q q 0 0 0 rg BT 312.65 129.60 Td (our ) Tj ET Q q 0 0 0 rg BT 327.98 129.60 Td (variable ) Tj ET Q q 0 0 0 rg BT 362.19 129.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 379.17 129.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 405.61 129.60 Td (notes. ) Tj ET Q q 0 0 0 rg BT 431.22 129.60 Td (For ) Tj ET Q q 0 0 0 rg BT 447.12 129.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.34 129.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.54 129.60 Td ( ) Tj ET Q q 0 0 0 rg BT 480.54 129.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.42 129.60 Td (December31, ) 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1 rg /GS0 gs 240.00 418.00 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 418.00 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 418.00 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 418.00 11.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 418.00 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 418.00 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 418.00 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 418.00 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 418.00 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 418.00 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 418.00 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 396.00 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 396.00 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 374.00 80.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 374.00 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 374.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 374.00 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 374.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 374.00 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 374.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 374.00 46.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 374.00 11.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 374.00 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 374.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 374.00 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 374.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 374.00 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 374.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 374.00 46.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 343.00 80.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 343.00 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 343.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 343.00 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 343.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 343.00 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 343.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 343.00 46.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 343.00 11.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 343.00 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 343.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 343.00 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 343.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 343.00 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 343.00 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 343.00 46.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 129 713 m 174 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 713 m 178 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 713 m 236 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 713 m 240 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 713 m 290 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 713 m 294 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 713 m 340 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 713 m 351 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 713 m 396 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 713 m 400 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 713 m 458 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 713 m 462 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 713 m 512 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 713 m 516 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 713 m 562 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 129 713 m 174 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 129 702 m 174 702 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 713 m 178 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 702 m 178 702 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 713 m 236 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 702 m 236 702 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 713 m 240 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 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0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 713 m 512 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 702 m 512 702 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 713 m 516 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 702 m 516 702 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 713 m 562 713 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 702 m 562 702 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 691 m 236 691 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 691 m 240 691 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 691 m 290 691 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 691 m 458 691 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 691 m 462 691 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 691 m 512 691 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 129 669 m 174 669 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 669 m 236 669 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 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0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 533 m 236 533 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 533 m 290 533 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 533 m 340 533 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 533 m 396 533 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 533 m 458 533 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 533 m 512 533 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 533 m 562 533 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 129 428 m 174 428 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 428 m 236 428 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 428 m 290 428 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 428 m 340 428 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 428 m 396 428 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 428 m 458 428 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 428 m 512 428 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 428 m 562 428 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 129 384 m 174 384 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 384 m 236 384 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 384 m 290 384 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 384 m 340 384 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 384 m 396 384 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 384 m 458 384 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 384 m 512 384 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 384 m 562 384 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 129 354 m 174 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 129 352 m 174 352 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 354 m 236 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 352 m 236 352 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 354 m 290 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 352 m 290 352 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 354 m 340 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294 352 m 340 352 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 354 m 396 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 352 m 396 352 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 354 m 458 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 352 m 458 352 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 354 m 512 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 352 m 512 352 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 354 m 562 354 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 352 m 562 352 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.70 716.08 Td (Year Ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.00 705.08 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 705.08 Td (2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 207.65 694.08 Td (Adjustments ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 253.21 697.71 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.65 694.08 Td (Adjustments ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 475.21 697.71 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.25 683.08 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 180.75 683.08 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.35 683.08 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.35 683.08 Td (U.S.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.25 683.08 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.75 683.08 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.35 683.08 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.35 683.08 Td (U.S.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 671.95 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 135.40 672.08 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 191.65 672.08 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.70 672.08 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.35 672.08 Td (GAAP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.40 672.08 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.65 672.08 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.70 672.08 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.35 672.08 Td (GAAP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 660.95 Td (Investment banking) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 648.95 Td (Financing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 636.95 Td (Equities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 131.50 636.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 140.75 636.95 Td (100,224) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 180.50 636.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 636.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.50 636.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 636.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.50 636.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.75 636.95 Td (100,224) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 636.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 636.95 Td (73,180) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 636.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 636.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.50 636.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 636.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 636.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 636.95 Td (73,180) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 624.95 Td (Debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.75 624.95 Td (74,284) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 624.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 624.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.75 624.95 Td (74,284) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 624.95 Td (74,102) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 624.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 624.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 624.95 Td (74,102) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 612.95 Td (Advisory services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.75 612.95 Td (74,420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 612.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 612.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.75 612.95 Td (74,420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 612.95 Td (86,165) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 612.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 612.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 612.95 Td (86,165) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 600.95 Td (Total investment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 592.95 Td (banking) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 140.75 592.25 Td (248,928) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 592.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 592.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.75 592.25 Td (248,928) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 592.25 Td (233,447) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 592.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 592.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 592.25 Td (233,447) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 569.95 Td (Institutional sales and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 561.95 Td (trading) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 548.95 Td (Equities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.75 548.95 Td (91,169) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 548.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 548.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.75 548.95 Td (91,169) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 548.95 Td (75,723) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 548.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 548.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 548.95 Td (75,723) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 536.95 Td (Fixed income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.75 536.95 Td (76,275) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 536.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 536.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.75 536.95 Td (76,275) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 536.95 Td (111,492) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 536.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 536.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 536.95 Td (111,492) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 524.95 Td (Total institutional) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 516.95 Td (sales and trading) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 140.75 516.25 Td (167,444) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 516.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 516.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.75 516.25 Td (167,444) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 516.25 Td (187,215) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 516.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 516.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 516.25 Td (187,215) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 493.95 Td (Total management and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 485.95 Td (performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.75 485.25 Td (3,891) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 485.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 485.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.75 485.25 Td (3,891) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.75 485.25 Td (1,678) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 485.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 485.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 485.25 Td (1,678) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 462.95 Td (Investment income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.75 462.95 Td (21,610) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 214.80 462.95 Td (8,794) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 462.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.75 462.95 Td (30,404) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.75 462.95 Td (5,666) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 462.95 Td (4,174) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 462.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 462.95 Td (9,840) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 440.95 Td (Long-term financing) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 56.00 432.95 Td (expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 146.10 432.25 Td (\(7,420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 166.80 432.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.80 432.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 432.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.10 432.25 Td (\(7,420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 432.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.10 432.25 Td (\(7,982) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 432.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.80 432.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 432.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 432.25 Td (\(7,982) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 432.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 409.95 Td (Net revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 140.75 409.95 Td (434,453) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 214.80 409.95 Td (8,794) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.80 409.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.75 409.95 Td (443,247) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 409.95 Td (420,024) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 409.95 Td (4,174) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 409.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 409.95 Td (424,198) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 387.95 Td (Operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 140.75 387.95 Td (382,157) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 214.80 387.95 Td (3,400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 268.75 387.95 Td (7,674) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.75 387.95 Td (393,231) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 387.95 Td (366,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 387.95 Td (1,708) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.75 387.95 Td (3,512) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 387.95 Td (371,628) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 365.95 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 357.95 Td (operating income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 131.50 357.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.75 357.25 Td (52,296) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 180.50 357.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 214.80 357.25 Td (5,394) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.50 357.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.10 357.25 Td (\(7,674) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.80 357.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 296.50 357.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.75 357.25 Td (50,016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 357.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 357.25 Td (53,616) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 357.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 357.25 Td (2,466) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 464.50 357.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.10 357.25 Td (\(3,512) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.80 357.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.50 357.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 357.25 Td (52,570) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 334.95 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 326.95 Td (operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 152.75 326.25 Td (12.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 166.80 326.25 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.75 326.25 Td (11.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.80 326.25 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 326.25 Td (12.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.80 326.25 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 326.25 Td (12.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 326.25 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 309.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 309.90 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 309.90 Td (Other ) Tj ET Q q 0 0 0 rg BT 87.32 309.90 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 127.67 309.90 Td ( ) Tj ET Q q 0 0 0 rg BT 132.91 309.90 Td (The ) Tj ET Q q 0 0 0 rg BT 146.15 309.90 Td (following ) Tj ET Q q 0 0 0 rg BT 177.62 309.90 Td (table ) Tj ET Q q 0 0 0 rg BT 194.85 309.90 Td (sets ) Tj ET Q q 0 0 0 rg BT 208.09 309.90 Td (forth ) Tj ET Q q 0 0 0 rg BT 224.89 309.90 Td (the ) Tj ET Q q 0 0 0 rg BT 235.91 309.90 Td (items ) Tj ET Q q 0 0 0 rg BT 254.04 309.90 Td (not ) Tj ET Q q 0 0 0 rg BT 265.50 309.90 Td (included ) Tj ET Q q 0 0 0 rg BT 294.29 309.90 Td (in ) Tj ET Q q 0 0 0 rg BT 301.75 309.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 330.10 309.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 357.56 309.90 Td (pr) Tj ET Q q 0 0 0 rg BT 364.38 309.90 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 381.61 309.90 Td (operating ) Tj ET Q q 0 0 0 rg BT 413.96 309.90 Td (income ) Tj ET Q q 0 0 0 rg BT 438.30 309.90 Td (and ) Tj ET Q q 0 0 0 rg BT 451.54 309.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 479.89 309.90 Td (segment ) Tj ET Q q 0 0 0 rg BT 507.35 309.90 Td (pr) Tj ET Q q 0 0 0 rg BT 514.16 309.90 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 531.39 309.90 Td (operating ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 300.30 Td (mar) Tj ET Q q 0 0 0 rg BT 80.09 300.30 Td (gin ) Tj ET Q q 0 0 0 rg BT 92.32 300.30 Td (for ) Tj ET Q q 0 0 0 rg BT 103.65 300.30 Td (the ) Tj ET Q q 0 0 0 rg BT 115.43 300.30 Td (periods ) Tj ET Q q 0 0 0 rg BT 141.43 300.30 Td (pr) Tj ET Q q 0 0 0 rg BT 148.24 300.30 Td (esented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 269.80 344.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 269.80 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 269.80 11.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 269.80 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 249.80 344.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 249.80 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 249.80 11.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 249.80 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 412 279.79999999999995 m 482 279.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 279.79999999999995 m 493 279.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 279.79999999999995 m 563 279.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 279.79999999999995 m 482 279.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 269.79999999999995 m 482 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 279.79999999999995 m 563 279.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 269.79999999999995 m 563 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 269.79999999999995 m 482 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 269.79999999999995 m 563 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 239.79999999999995 m 482 239.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 239.79999999999995 m 563 239.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 239.79999999999995 m 482 239.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 230.79999999999995 m 482 230.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 228.79999999999995 m 482 228.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 239.79999999999995 m 563 239.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 230.79999999999995 m 563 230.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 228.79999999999995 m 563 228.79999999999995 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 444.30 281.93 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 271.80 Td (\(Dollars ) Tj ET Q q 0 0 0 rg BT 99.61 271.80 Td (in ) Tj ET Q q 0 0 0 rg BT 107.84 271.80 Td (thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 438.50 271.93 Td (2013) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 271.93 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 261.80 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 118.72 261.80 Td (fr) Tj ET Q q 0 0 0 rg BT 123.91 261.80 Td (om ) Tj ET Q q 0 0 0 rg BT 135.54 261.80 Td (acquisition-r) Tj ET Q q 0 0 0 rg BT 176.72 261.80 Td (elated ) Tj ET Q q 0 0 0 rg BT 198.12 261.80 Td (agr) Tj ET Q q 0 0 0 rg BT 209.09 261.80 Td (eements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.50 261.80 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 261.80 Td (1,620) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 261.80 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.65 261.80 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 251.80 Td (Restructuring ) Tj ET Q q 0 0 0 rg BT 116.50 251.80 Td (and ) Tj ET Q q 0 0 0 rg BT 130.50 251.80 Td (integration ) Tj ET Q q 0 0 0 rg BT 168.05 251.80 Td (costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 251.80 Td (4,705) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 251.80 Td (3,512) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 241.80 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 114.28 241.80 Td (of ) Tj ET Q q 0 0 0 rg BT 122.50 241.80 Td (intangible ) Tj ET Q q 0 0 0 rg BT 156.95 241.80 Td (assets ) Tj ET Q q 0 0 0 rg BT 178.06 241.80 Td (r) Tj ET Q q 0 0 0 rg BT 180.88 241.80 Td (elated ) Tj ET Q q 0 0 0 rg BT 202.42 241.80 Td (to ) Tj ET Q q 0 0 0 rg BT 210.64 241.80 Td (acquisitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 241.80 Td (1,349) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.65 241.80 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.50 231.80 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.80 231.80 Td (7,674) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 231.80 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 231.80 Td (3,512) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.70 Td (Capital ) Tj ET Q q 0 0 0 rg BT 80.94 208.70 Td (Markets ) Tj ET Q q 0 0 0 rg BT 116.26 208.70 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 152.14 208.70 Td (net ) Tj ET Q q 0 0 0 rg BT 166.92 208.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 205.01 208.70 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.32 208.70 Td (3.4 ) Tj ET Q q 0 0 0 rg BT 260.38 208.70 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.80 208.70 Td ( ) Tj ET Q q 0 0 0 rg BT 292.36 208.70 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.69 208.70 Td ($434.5 ) Tj ET Q q 0 0 0 rg BT 332.75 208.70 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.64 208.70 Td ( ) Tj ET Q q 0 0 0 rg BT 364.19 208.70 Td (for ) Tj ET Q q 0 0 0 rg BT 378.41 208.70 Td (the ) Tj ET Q q 0 0 0 rg BT 393.18 208.70 Td (year ) Tj ET Q q 0 0 0 rg BT 412.95 208.70 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.38 208.70 Td (December31, ) Tj ET Q q 0 0 0 rg BT 498.02 208.70 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.02 208.70 Td (, ) Tj ET Q q 0 0 0 rg BT 523.08 208.70 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.70 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.78 196.70 Td ($420.0 ) Tj ET Q q 0 0 0 rg BT 99.78 196.70 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.67 196.70 Td ( ) Tj ET Q q 0 0 0 rg BT 131.17 196.70 Td (for ) Tj ET Q q 0 0 0 rg BT 145.33 196.70 Td (the ) Tj ET Q q 0 0 0 rg BT 160.05 196.70 Td (year ) Tj ET Q q 0 0 0 rg BT 179.75 196.70 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.13 196.70 Td (December31, ) Tj ET Q q 0 0 0 rg BT 264.71 196.70 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.71 196.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.70 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.93 172.70 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.93 172.70 Td (, ) Tj ET Q q 0 0 0 rg BT 84.53 172.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 130.52 172.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 164.83 172.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 202.47 172.70 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.33 172.70 Td (6.6 ) Tj ET Q q 0 0 0 rg BT 256.93 172.70 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.35 172.70 Td ( ) Tj ET Q q 0 0 0 rg BT 288.45 172.70 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.33 172.70 Td ($248.9 ) Tj ET Q q 0 0 0 rg BT 327.93 172.70 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.82 172.70 Td ( ) Tj ET Q q 0 0 0 rg BT 358.93 172.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 400.45 172.70 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.33 172.70 Td ($233.4 ) Tj ET Q q 0 0 0 rg BT 449.93 172.70 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.82 172.70 Td ( ) Tj ET Q q 0 0 0 rg BT 480.92 172.70 Td (in ) Tj ET Q q 0 0 0 rg BT 490.80 172.70 Td (the ) Tj ET Q q 0 0 0 rg BT 505.12 172.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 526.66 172.70 Td (year) Tj ET Q q 0 0 0 rg BT 543.47 172.70 Td (, ) Tj ET Q q 0 0 0 rg BT 548.07 172.70 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.70 Td (to ) Tj ET Q q 0 0 0 rg BT 60.12 160.70 Td (higher ) Tj ET Q q 0 0 0 rg BT 88.50 160.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 116.34 160.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 156.94 160.70 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 197.81 160.70 Td (of) Tj ET Q q 0 0 0 rg BT 205.96 160.70 Td (fset ) Tj ET Q q 0 0 0 rg BT 223.24 160.70 Td (in ) Tj ET Q q 0 0 0 rg BT 233.86 160.70 Td (part ) Tj ET Q q 0 0 0 rg BT 252.24 160.70 Td (by ) Tj ET Q q 0 0 0 rg BT 265.08 160.70 Td (a ) Tj ET Q q 0 0 0 rg BT 272.36 160.70 Td (decline ) Tj ET Q q 0 0 0 rg BT 304.07 160.70 Td (in ) Tj ET Q q 0 0 0 rg BT 314.68 160.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 351.96 160.70 Td (services ) Tj ET Q q 0 0 0 rg BT 387.01 160.70 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 427.88 160.70 Td (For ) Tj ET Q q 0 0 0 rg BT 444.61 160.70 Td (the ) Tj ET Q q 0 0 0 rg BT 459.67 160.70 Td (year ) Tj ET Q q 0 0 0 rg BT 479.71 160.70 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.43 160.70 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.70 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 148.70 Td (, ) Tj ET Q q 0 0 0 rg BT 75.04 148.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 103.08 148.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 143.88 148.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 182.46 148.70 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.93 148.70 Td ($100.2 ) Tj ET Q q 0 0 0 rg BT 235.47 148.70 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.36 148.70 Td (, ) Tj ET Q q 0 0 0 rg BT 269.90 148.70 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.94 148.70 Td (37.0 ) Tj ET Q q 0 0 0 rg BT 303.49 148.70 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.91 148.70 Td ( ) Tj ET Q q 0 0 0 rg BT 335.95 148.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 378.42 148.70 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.23 148.70 Td ($73.2 ) Tj ET Q q 0 0 0 rg BT 424.78 148.70 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.67 148.70 Td ( ) Tj ET Q q 0 0 0 rg BT 456.71 148.70 Td (in ) Tj ET Q q 0 0 0 rg BT 467.53 148.70 Td (the ) Tj ET Q q 0 0 0 rg BT 482.79 148.70 Td (prior) Tj ET Q q 0 0 0 rg BT 502.02 148.70 Td (-year ) Tj ET Q q 0 0 0 rg BT 525.60 148.70 Td (period ) Tj ET Q q 0 0 0 rg BT 554.19 148.70 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.70 Td (strong ) Tj ET Q q 0 0 0 rg BT 76.89 136.70 Td (gains ) Tj ET Q q 0 0 0 rg BT 100.38 136.70 Td (in ) Tj ET Q q 0 0 0 rg BT 110.54 136.70 Td (the ) Tj ET Q q 0 0 0 rg BT 125.14 136.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 152.52 136.70 Td (markets ) Tj ET Q q 0 0 0 rg BT 186.57 136.70 Td (resulted ) Tj ET Q q 0 0 0 rg BT 220.61 136.70 Td (in ) Tj ET Q q 0 0 0 rg BT 230.77 136.70 Td (positive ) Tj ET Q q 0 0 0 rg BT 264.82 136.70 Td (conditions ) Tj ET Q q 0 0 0 rg BT 308.87 136.70 Td (for ) Tj ET Q q 0 0 0 rg BT 322.92 136.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 350.30 136.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 379.33 136.70 Td (raising. ) Tj ET Q q 0 0 0 rg BT 411.43 136.70 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 136.70 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 136.70 Td (, ) Tj ET Q q 0 0 0 rg BT 467.03 136.70 Td (we ) Tj ET Q q 0 0 0 rg BT 481.08 136.70 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.12 136.70 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.12 136.70 Td ( ) Tj ET Q q 0 0 0 rg BT 537.50 136.70 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.70 Td (financings, ) Tj ET Q q 0 0 0 rg BT 95.79 124.70 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.14 124.70 Td ($19.9 ) Tj ET Q q 0 0 0 rg BT 149.77 124.70 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.88 124.70 Td ( ) Tj ET Q q 0 0 0 rg BT 178.02 124.70 Td (for ) Tj ET Q q 0 0 0 rg BT 191.81 124.70 Td (our ) Tj ET Q q 0 0 0 rg BT 207.27 124.70 Td (clients, ) Tj ET Q q 0 0 0 rg BT 238.01 124.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 279.57 124.70 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.48 124.70 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.48 124.70 Td ( ) Tj ET Q q 0 0 0 rg BT 311.61 124.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 338.74 124.70 Td (financings, ) Tj ET Q q 0 0 0 rg BT 385.03 124.70 Td (raising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.38 124.70 Td ($9.1 ) Tj ET Q q 0 0 0 rg BT 434.01 124.70 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.12 124.70 Td ( ) Tj ET Q q 0 0 0 rg BT 462.25 124.70 Td (for ) Tj ET Q q 0 0 0 rg BT 476.05 124.70 Td (our ) Tj ET Q q 0 0 0 rg BT 491.51 124.70 Td (clients ) Tj ET Q q 0 0 0 rg BT 519.75 124.70 Td (\(excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.63 112.70 Td ($16.0 ) Tj ET Q q 0 0 0 rg BT 88.05 112.70 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.17 112.70 Td ( ) Tj ET Q q 0 0 0 rg BT 116.08 112.70 Td (of ) Tj ET Q q 0 0 0 rg BT 126.33 112.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 154.90 112.70 Td (raised ) Tj ET Q q 0 0 0 rg BT 180.70 112.70 Td (from ) Tj ET Q q 0 0 0 rg BT 202.05 112.70 Td (the ) Tj ET Q q 0 0 0 rg BT 216.19 112.70 Td (Facebook ) Tj ET Q q 0 0 0 rg BT 256.98 112.70 Td (initial ) Tj ET Q q 0 0 0 rg BT 282.23 112.70 Td (public ) Tj ET Q q 0 0 0 rg BT 309.14 112.70 Td (of) Tj ET Q q 0 0 0 rg BT 317.29 112.70 Td (fering, ) Tj ET Q q 0 0 0 rg BT 345.59 112.70 Td (on ) Tj ET Q q 0 0 0 rg BT 357.50 112.70 Td (which ) Tj ET Q q 0 0 0 rg BT 383.86 112.70 Td (we ) Tj ET Q q 0 0 0 rg BT 397.44 112.70 Td (had ) Tj ET Q q 0 0 0 rg BT 413.80 112.70 Td (a ) Tj ET Q q 0 0 0 rg BT 420.15 112.70 Td (small ) Tj ET Q q 0 0 0 rg BT 443.74 112.70 Td (co-manager ) Tj ET Q q 0 0 0 rg BT 492.85 112.70 Td (position\) ) Tj ET Q q 0 0 0 rg BT 530.32 112.70 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.02 112.70 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.02 112.70 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.70 Td (Debt ) Tj ET Q q 0 0 0 rg BT 71.91 100.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 112.65 100.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 151.16 100.70 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.91 100.70 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.91 100.70 Td ( ) Tj ET Q q 0 0 0 rg BT 184.88 100.70 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.28 100.70 Td ($74.3 ) Tj ET Q q 0 0 0 rg BT 232.75 100.70 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 100.70 Td (, ) Tj ET Q q 0 0 0 rg BT 267.12 100.70 Td (essentially ) Tj ET Q q 0 0 0 rg BT 312.30 100.70 Td (flat ) Tj ET Q q 0 0 0 rg BT 328.60 100.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 371.00 100.70 Td (with ) Tj ET Q q 0 0 0 rg BT 391.75 100.70 Td (the ) Tj ET Q q 0 0 0 rg BT 406.94 100.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 429.35 100.70 Td (year) Tj ET Q q 0 0 0 rg BT 446.00 100.70 Td (. ) Tj ET Q q 0 0 0 rg BT 451.48 100.70 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.78 100.70 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.78 100.70 Td (, ) Tj ET Q q 0 0 0 rg BT 488.25 100.70 Td (we ) Tj ET Q q 0 0 0 rg BT 502.89 100.70 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.51 100.70 Td (413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.51 100.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.70 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 93.64 88.70 Td (public ) Tj ET Q q 0 0 0 rg BT 121.13 88.70 Td (finance ) Tj ET Q q 0 0 0 rg BT 153.04 88.70 Td (issues ) Tj ET Q q 0 0 0 rg BT 179.42 88.70 Td (with ) Tj ET Q q 0 0 0 rg BT 199.69 88.70 Td (a ) Tj ET Q q 0 0 0 rg BT 206.62 88.70 Td (total ) Tj ET Q q 0 0 0 rg BT 226.88 88.70 Td (par ) Tj ET Q q 0 0 0 rg BT 242.14 88.70 Td (value ) Tj ET Q q 0 0 0 rg BT 266.29 88.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.11 88.70 Td ($7.9 ) Tj ET Q q 0 0 0 rg BT 297.10 88.70 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.21 88.70 Td (, ) Tj ET Q q 0 0 0 rg BT 328.20 88.70 Td (compared ) Tj ET Q q 0 0 0 rg BT 370.12 88.70 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.38 88.70 Td (444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.38 88.70 Td ( ) Tj ET Q q 0 0 0 rg BT 407.87 88.70 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 452.01 88.70 Td (public ) Tj ET Q q 0 0 0 rg BT 479.50 88.70 Td (finance ) Tj ET Q q 0 0 0 rg BT 511.41 88.70 Td (issues ) Tj ET Q q 0 0 0 rg BT 537.80 88.70 Td (with ) Tj ET Q q 0 0 0 rg BT 558.06 88.70 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.70 Td (total ) Tj ET Q q 0 0 0 rg BT 70.26 76.70 Td (par ) Tj ET Q q 0 0 0 rg BT 86.01 76.70 Td (value ) Tj ET Q q 0 0 0 rg BT 110.65 76.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.97 76.70 Td ($7.3 ) Tj ET Q q 0 0 0 rg BT 142.45 76.70 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.56 76.70 Td ( ) Tj ET Q q 0 0 0 rg BT 171.55 76.70 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.31 76.70 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.31 76.70 Td (. ) Tj ET Q q 0 0 0 rg BT 207.14 76.70 Td (A) Tj ET Q q 0 0 0 rg BT 213.81 76.70 Td ( ) Tj ET Q q 0 0 0 rg BT 216.79 76.70 Td (decrease ) Tj ET Q q 0 0 0 rg BT 254.19 76.70 Td (in ) Tj ET Q q 0 0 0 rg BT 264.96 76.70 Td (the ) Tj ET Q q 0 0 0 rg BT 280.16 76.70 Td (number ) Tj ET Q q 0 0 0 rg BT 313.69 76.70 Td (of ) Tj ET Q q 0 0 0 rg BT 325.00 76.70 Td (completed ) Tj ET Q q 0 0 0 rg BT 369.64 76.70 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 414.27 76.70 Td (public ) Tj ET Q q 0 0 0 rg BT 442.25 76.70 Td (finance ) Tj ET Q q 0 0 0 rg BT 474.66 76.70 Td (issues ) Tj ET Q q 0 0 0 rg BT 501.54 76.70 Td (from ) Tj ET Q q 0 0 0 rg BT 523.96 76.70 Td (2012 ) Tj ET Q q 0 0 0 rg BT 546.95 76.70 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.70 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 64.70 Td (fset ) Tj ET Q q 0 0 0 rg BT 74.20 64.70 Td (by ) Tj ET Q q 0 0 0 rg BT 86.31 64.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 126.17 64.70 Td (revenue ) Tj ET Q q 0 0 0 rg BT 159.92 64.70 Td (per ) Tj ET Q q 0 0 0 rg BT 174.80 64.70 Td (transaction ) Tj ET Q q 0 0 0 rg BT 220.78 64.70 Td (in ) Tj ET Q q 0 0 0 rg BT 230.67 64.70 Td (2013. ) Tj ET Q q 0 0 0 rg BT 254.82 64.70 Td (Additionally) Tj ET Q q 0 0 0 rg BT 304.72 64.70 Td (, ) Tj ET Q q 0 0 0 rg BT 309.33 64.70 Td (our ) Tj ET Q q 0 0 0 rg BT 324.77 64.70 Td (market ) Tj ET Q q 0 0 0 rg BT 354.64 64.70 Td (share ) Tj ET Q q 0 0 0 rg BT 377.85 64.70 Td (gains ) Tj ET Q q 0 0 0 rg BT 401.07 64.70 Td (and ) Tj ET Q q 0 0 0 rg BT 417.61 64.70 Td (industry ) Tj ET Q q 0 0 0 rg BT 452.50 64.70 Td (sector ) Tj ET Q q 0 0 0 rg BT 478.49 64.70 Td (strengths ) Tj ET Q q 0 0 0 rg BT 516.71 64.70 Td (of) Tj ET Q q 0 0 0 rg BT 524.85 64.70 Td (fset ) Tj ET Q q 0 0 0 rg BT 541.40 64.70 Td (weak ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 52.70 Td (refunding ) Tj ET Q q 0 0 0 rg BT 90.06 52.70 Td (activity ) Tj ET Q q 0 0 0 rg BT 121.74 52.70 Td (in ) Tj ET Q q 0 0 0 rg BT 131.21 52.70 Td (the ) Tj ET Q q 0 0 0 rg BT 145.11 52.70 Td (second ) Tj ET Q q 0 0 0 rg BT 174.57 52.70 Td (half ) Tj ET Q q 0 0 0 rg BT 191.80 52.70 Td (of ) Tj ET Q q 0 0 0 rg BT 201.82 52.70 Td (2013. ) Tj ET Q q 0 0 0 rg BT 226.00 52.70 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.02 52.70 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.02 52.70 Td (, ) Tj ET Q q 0 0 0 rg BT 260.21 52.70 Td (our ) Tj ET Q q 0 0 0 rg BT 275.23 52.70 Td (par ) Tj ET Q q 0 0 0 rg BT 289.68 52.70 Td (value ) Tj ET Q q 0 0 0 rg BT 313.02 52.70 Td (from ) Tj ET Q q 0 0 0 rg BT 334.15 52.70 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 377.49 52.70 Td (debt ) Tj ET Q q 0 0 0 rg BT 396.39 52.70 Td (issuances ) Tj ET Q q 0 0 0 rg BT 435.85 52.70 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.29 52.70 Td (7.9 ) Tj ET Q q 0 0 0 rg BT 489.47 52.70 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.90 52.70 Td (, ) Tj ET Q q 0 0 0 rg BT 523.08 52.70 Td (compared ) 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 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 endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 17.10 Td (35) 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 58.97 717.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.11 717.60 Td (17.1 ) Tj ET Q q 0 0 0 rg BT 84.30 717.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.72 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 115.42 717.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 145.98 717.60 Td (for ) Tj ET Q q 0 0 0 rg BT 159.34 717.60 Td (the ) Tj ET Q q 0 0 0 rg BT 173.25 717.60 Td (industry) Tj ET Q q 0 0 0 rg BT 205.38 717.60 Td (. ) Tj ET Q q 0 0 0 rg BT 209.57 717.60 Td (For ) Tj ET Q q 0 0 0 rg BT 225.16 717.60 Td (the ) Tj ET Q q 0 0 0 rg BT 239.07 717.60 Td (year ) Tj ET Q q 0 0 0 rg BT 257.97 717.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.54 717.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 341.32 717.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.32 717.60 Td (, ) Tj ET Q q 0 0 0 rg BT 365.52 717.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 401.65 717.60 Td (services ) Tj ET Q q 0 0 0 rg BT 435.55 717.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 472.78 717.60 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.89 717.60 Td (13.6 ) Tj ET Q q 0 0 0 rg BT 533.08 717.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.51 717.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.66 705.60 Td ($74.4 ) Tj ET Q q 0 0 0 rg BT 84.54 705.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.43 705.60 Td ( ) Tj ET Q q 0 0 0 rg BT 115.82 705.60 Td (due ) Tj ET Q q 0 0 0 rg BT 132.64 705.60 Td (to ) Tj ET Q q 0 0 0 rg BT 142.80 705.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 167.95 705.60 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 188.11 705.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 224.93 705.60 Td (services ) Tj ET Q q 0 0 0 rg BT 259.52 705.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 293.55 705.60 Td (from ) Tj ET Q q 0 0 0 rg BT 315.37 705.60 Td (fewer ) Tj ET Q q 0 0 0 rg BT 340.51 705.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 384.54 705.60 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 437.19 705.60 Td (In ) Tj ET Q q 0 0 0 rg BT 447.90 705.60 Td (2012, ) Tj ET Q q 0 0 0 rg BT 472.78 705.60 Td (sellers ) Tj ET Q q 0 0 0 rg BT 500.71 705.60 Td (were ) Tj ET Q q 0 0 0 rg BT 522.52 705.60 Td (motivated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (to ) Tj ET Q q 0 0 0 rg BT 59.11 693.60 Td (complete ) Tj ET Q q 0 0 0 rg BT 97.60 693.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 147.19 693.60 Td (due ) Tj ET Q q 0 0 0 rg BT 163.46 693.60 Td (to ) Tj ET Q q 0 0 0 rg BT 173.08 693.60 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 218.78 693.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 232.83 693.60 Td (increases ) Tj ET Q q 0 0 0 rg BT 271.31 693.60 Td (in ) Tj ET Q q 0 0 0 rg BT 280.92 693.60 Td (2013. ) Tj ET Q q 0 0 0 rg BT 304.85 693.60 Td (Although ) Tj ET Q q 0 0 0 rg BT 344.46 693.60 Td (this ) Tj ET Q q 0 0 0 rg BT 360.74 693.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 394.23 693.60 Td (in ) Tj ET Q q 0 0 0 rg BT 403.84 693.60 Td (reduced ) Tj ET Q q 0 0 0 rg BT 437.32 693.60 Td (activity ) Tj ET Q q 0 0 0 rg BT 469.14 693.60 Td (through ) Tj ET Q q 0 0 0 rg BT 502.09 693.60 Td (mid-year ) Tj ET Q q 0 0 0 rg BT 540.01 693.60 Td (2013, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.60 Td (as ) Tj ET Q q 0 0 0 rg BT 61.71 681.60 Td (we ) Tj ET Q q 0 0 0 rg BT 77.25 681.60 Td (rebuilt ) Tj ET Q q 0 0 0 rg BT 107.23 681.60 Td (our ) Tj ET Q q 0 0 0 rg BT 124.44 681.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 162.75 681.60 Td (pipeline, ) Tj ET Q q 0 0 0 rg BT 201.34 681.60 Td (we ) Tj ET Q q 0 0 0 rg BT 216.88 681.60 Td (experienced ) Tj ET Q q 0 0 0 rg BT 269.06 681.60 Td (increasing ) Tj ET Q q 0 0 0 rg BT 314.03 681.60 Td (demand ) Tj ET Q q 0 0 0 rg BT 349.56 681.60 Td (through ) Tj ET Q q 0 0 0 rg BT 384.55 681.60 Td (the ) Tj ET Q q 0 0 0 rg BT 400.64 681.60 Td (second ) Tj ET Q q 0 0 0 rg BT 432.29 681.60 Td (half ) Tj ET Q q 0 0 0 rg BT 451.72 681.60 Td (of ) Tj ET Q q 0 0 0 rg BT 463.92 681.60 Td (2013. ) Tj ET Q q 0 0 0 rg BT 490.02 681.60 Td (W) Tj ET Q q 0 0 0 rg BT 498.66 681.60 Td (e ) Tj ET Q q 0 0 0 rg BT 506.98 681.60 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.50 681.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 681.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 100.59 669.60 Td (with ) Tj ET Q q 0 0 0 rg BT 121.69 669.60 Td (an ) Tj ET Q q 0 0 0 rg BT 134.45 669.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 176.63 669.60 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 219.38 669.60 Td (value ) Tj ET Q q 0 0 0 rg BT 244.36 669.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.01 669.60 Td ($4.8 ) Tj ET Q q 0 0 0 rg BT 276.83 669.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.95 669.60 Td ( ) Tj ET Q q 0 0 0 rg BT 306.27 669.60 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.70 669.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.70 669.60 Td (, ) Tj ET Q q 0 0 0 rg BT 361.52 669.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 404.27 669.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.37 669.60 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.37 669.60 Td ( ) Tj ET Q q 0 0 0 rg BT 438.69 669.60 Td (transactions ) Tj ET Q q 0 0 0 rg BT 489.78 669.60 Td (with ) Tj ET Q q 0 0 0 rg BT 510.88 669.60 Td (an ) Tj ET Q q 0 0 0 rg BT 523.64 669.60 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 657.60 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 91.42 657.60 Td (value ) Tj ET Q q 0 0 0 rg BT 115.58 657.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.41 657.60 Td ($10.6 ) Tj ET Q q 0 0 0 rg BT 151.41 657.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.52 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 180.02 657.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.30 657.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.30 657.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.57 633.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.57 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 85.80 633.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 136.32 633.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 179.03 633.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 217.30 633.60 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.45 633.60 Td (10.6 ) Tj ET Q q 0 0 0 rg BT 279.69 633.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.11 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 311.85 633.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.36 633.60 Td ($167.4 ) Tj ET Q q 0 0 0 rg BT 352.60 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.49 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 386.72 633.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 428.88 633.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.40 633.60 Td ($187.2 ) Tj ET Q q 0 0 0 rg BT 479.63 633.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.52 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 511.26 633.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.77 633.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.77 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 547.01 633.60 Td (as ) Tj ET Q q 0 0 0 rg BT 558.08 633.60 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.60 Td (decline ) Tj ET Q q 0 0 0 rg BT 80.06 621.60 Td (in ) Tj ET Q q 0 0 0 rg BT 89.52 621.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 111.75 621.60 Td (income ) Tj ET Q q 0 0 0 rg BT 142.87 621.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 192.33 621.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 233.99 621.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 271.21 621.60 Td (was ) Tj ET Q q 0 0 0 rg BT 288.44 621.60 Td (of) Tj ET Q q 0 0 0 rg BT 296.59 621.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 312.71 621.60 Td (in ) Tj ET Q q 0 0 0 rg BT 322.18 621.60 Td (part ) Tj ET Q q 0 0 0 rg BT 339.41 621.60 Td (by ) Tj ET Q q 0 0 0 rg BT 351.09 621.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 378.32 621.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 405.00 621.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 454.46 621.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 496.12 621.60 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 535.84 621.60 Td (Equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 99.54 609.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 141.77 609.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 179.57 609.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.58 609.60 Td (20.4 ) Tj ET Q q 0 0 0 rg BT 239.34 609.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.77 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 271.03 609.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.07 609.60 Td ($91.2 ) Tj ET Q q 0 0 0 rg BT 305.83 609.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.72 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 336.98 609.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.01 609.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.01 609.60 Td (, ) Tj ET Q q 0 0 0 rg BT 371.77 609.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 413.46 609.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.50 609.60 Td ($75.7 ) Tj ET Q q 0 0 0 rg BT 458.26 609.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 609.60 Td ( ) Tj ET Q q 0 0 0 rg BT 489.41 609.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.45 609.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.45 609.60 Td (, ) Tj ET Q q 0 0 0 rg BT 524.21 609.60 Td (reflecting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.60 Td (favorable ) Tj ET Q q 0 0 0 rg BT 89.02 597.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 115.78 597.60 Td (markets ) Tj ET Q q 0 0 0 rg BT 149.20 597.60 Td (and ) Tj ET Q q 0 0 0 rg BT 165.40 597.60 Td (improved ) Tj ET Q q 0 0 0 rg BT 205.49 597.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 235.58 597.60 Td (performance. ) Tj ET Q q 0 0 0 rg BT 289.98 597.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 339.88 597.60 Td (, ) Tj ET Q q 0 0 0 rg BT 344.14 597.60 Td (we ) Tj ET Q q 0 0 0 rg BT 357.57 597.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 398.19 597.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 435.49 597.60 Td (from ) Tj ET Q q 0 0 0 rg BT 456.70 597.60 Td (our ) Tj ET Q q 0 0 0 rg BT 471.79 597.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 498.55 597.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 534.19 597.60 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td (activities, ) Tj ET Q q 0 0 0 rg BT 91.27 585.60 Td (which ) Tj ET Q q 0 0 0 rg BT 118.88 585.60 Td (we ) Tj ET Q q 0 0 0 rg BT 133.72 585.60 Td (began ) Tj ET Q q 0 0 0 rg BT 160.77 585.60 Td (in ) Tj ET Q q 0 0 0 rg BT 171.72 585.60 Td (the ) Tj ET Q q 0 0 0 rg BT 187.11 585.60 Td (second ) Tj ET Q q 0 0 0 rg BT 218.05 585.60 Td (half ) Tj ET Q q 0 0 0 rg BT 236.77 585.60 Td (of ) Tj ET Q q 0 0 0 rg BT 248.27 585.60 Td (2013 ) Tj ET Q q 0 0 0 rg BT 271.44 585.60 Td (to ) Tj ET Q q 0 0 0 rg BT 282.39 585.60 Td (leverage ) Tj ET Q q 0 0 0 rg BT 319.43 585.60 Td (our ) Tj ET Q q 0 0 0 rg BT 335.93 585.60 Td (intellectual ) Tj ET Q q 0 0 0 rg BT 383.53 585.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 413.35 585.60 Td (and ) Tj ET Q q 0 0 0 rg BT 430.96 585.60 Td (to ) Tj ET Q q 0 0 0 rg BT 441.92 585.60 Td (diversify ) Tj ET Q q 0 0 0 rg BT 480.63 585.60 Td (our ) Tj ET Q q 0 0 0 rg BT 497.14 585.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 534.18 585.60 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.60 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 573.60 Td (forts. ) Tj ET Q q 0 0 0 rg BT 80.11 573.60 Td (For ) Tj ET Q q 0 0 0 rg BT 96.19 573.60 Td (the ) Tj ET Q q 0 0 0 rg BT 110.59 573.60 Td (year ) Tj ET Q q 0 0 0 rg BT 129.99 573.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.06 573.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 214.33 573.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.33 573.60 Td (, ) Tj ET Q q 0 0 0 rg BT 239.02 573.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 261.75 573.60 Td (income ) Tj ET Q q 0 0 0 rg BT 293.38 573.60 Td (institutional ) Tj ET Q q 0 0 0 rg BT 343.34 573.60 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 385.51 573.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 423.23 573.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.85 573.60 Td ($76.3 ) Tj ET Q q 0 0 0 rg BT 469.54 573.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.43 573.60 Td (, ) Tj ET Q q 0 0 0 rg BT 503.12 573.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 544.73 573.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.60 Td ($1) Tj ET Q q 0 0 0 rg BT 59.13 561.60 Td (1) Tj ET Q q 0 0 0 rg BT 63.76 561.60 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 78.18 561.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.07 561.60 Td ( ) Tj ET Q q 0 0 0 rg BT 108.99 561.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.69 561.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.69 561.60 Td (. ) Tj ET Q q 0 0 0 rg BT 142.97 561.60 Td (The ) Tj ET Q q 0 0 0 rg BT 160.44 561.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 196.78 561.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 235.91 561.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 269.49 561.60 Td (from ) Tj ET Q q 0 0 0 rg BT 290.85 561.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 315.54 561.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 353.00 561.60 Td (from ) Tj ET Q q 0 0 0 rg BT 374.36 561.60 Td (our ) Tj ET Q q 0 0 0 rg BT 389.61 561.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 425.40 561.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 455.65 561.60 Td (activities, ) Tj ET Q q 0 0 0 rg BT 496.17 561.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 535.30 561.60 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 549.60 Td (to ) Tj ET Q q 0 0 0 rg BT 59.65 549.60 Td (non-agency ) Tj ET Q q 0 0 0 rg BT 108.67 549.60 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 180.46 549.60 Td (securities. ) Tj ET Q q 0 0 0 rg BT 223.10 549.60 Td (In ) Tj ET Q q 0 0 0 rg BT 233.80 549.60 Td (addition, ) Tj ET Q q 0 0 0 rg BT 271.45 549.60 Td (we ) Tj ET Q q 0 0 0 rg BT 285.49 549.60 Td (experienced ) Tj ET Q q 0 0 0 rg BT 336.17 549.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 366.87 549.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 393.13 549.60 Td (in ) Tj ET Q q 0 0 0 rg BT 403.29 549.60 Td (the ) Tj ET Q q 0 0 0 rg BT 417.88 549.60 Td (second ) Tj ET Q q 0 0 0 rg BT 448.02 549.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 478.71 549.60 Td (of ) Tj ET Q q 0 0 0 rg BT 489.42 549.60 Td (2013 ) Tj ET Q q 0 0 0 rg BT 511.79 549.60 Td (on ) Tj ET Q q 0 0 0 rg BT 524.17 549.60 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.12 537.60 Td (due ) Tj ET Q q 0 0 0 rg BT 105.06 537.60 Td (to ) Tj ET Q q 0 0 0 rg BT 115.33 537.60 Td (the ) Tj ET Q q 0 0 0 rg BT 130.05 537.60 Td (volatile ) Tj ET Q q 0 0 0 rg BT 162.54 537.60 Td (trading ) Tj ET Q q 0 0 0 rg BT 193.37 537.60 Td (environment ) Tj ET Q q 0 0 0 rg BT 246.41 537.60 Td (caused ) Tj ET Q q 0 0 0 rg BT 276.12 537.60 Td (by ) Tj ET Q q 0 0 0 rg BT 288.62 537.60 Td (the ) Tj ET Q q 0 0 0 rg BT 303.33 537.60 Td (rapid ) Tj ET Q q 0 0 0 rg BT 326.38 537.60 Td (rise ) Tj ET Q q 0 0 0 rg BT 343.32 537.60 Td (in ) Tj ET Q q 0 0 0 rg BT 353.60 537.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 385.53 537.60 Td (rates ) Tj ET Q q 0 0 0 rg BT 406.91 537.60 Td (and ) Tj ET Q q 0 0 0 rg BT 423.85 537.60 Td (widening ) Tj ET Q q 0 0 0 rg BT 463.56 537.60 Td (of ) Tj ET Q q 0 0 0 rg BT 474.39 537.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 499.66 537.60 Td (spreads.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (For ) Tj ET Q q 0 0 0 rg BT 65.79 513.60 Td (the ) Tj ET Q q 0 0 0 rg BT 80.41 513.60 Td (year ) Tj ET Q q 0 0 0 rg BT 100.01 513.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.29 513.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 184.77 513.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.77 513.60 Td (, ) Tj ET Q q 0 0 0 rg BT 209.67 513.60 Td (management ) Tj ET Q q 0 0 0 rg BT 263.16 513.60 Td (and ) Tj ET Q q 0 0 0 rg BT 280.00 513.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 332.92 513.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 351.41 513.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.24 513.60 Td ($3.9 ) Tj ET Q q 0 0 0 rg BT 393.14 513.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.03 513.60 Td (, ) Tj ET Q q 0 0 0 rg BT 426.93 513.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 468.75 513.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.93 513.60 Td ($1.7 ) Tj ET Q q 0 0 0 rg BT 508.83 513.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.72 513.60 Td ( ) Tj ET Q q 0 0 0 rg BT 540.12 513.60 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 513.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (prior) Tj ET Q q 0 0 0 rg BT 68.74 501.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 92.14 501.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 123.05 501.60 Td (due ) Tj ET Q q 0 0 0 rg BT 140.35 501.60 Td (to ) Tj ET Q q 0 0 0 rg BT 150.99 501.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 191.61 501.60 Td (management ) Tj ET Q q 0 0 0 rg BT 245.56 501.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 264.52 501.60 Td (from ) Tj ET Q q 0 0 0 rg BT 286.82 501.60 Td (our ) Tj ET Q q 0 0 0 rg BT 303.01 501.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 345.87 501.60 Td (bond ) Tj ET Q q 0 0 0 rg BT 368.73 501.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 389.92 501.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 418.33 501.60 Td (by ) Tj ET Q q 0 0 0 rg BT 431.20 501.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 459.60 501.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 485.80 501.60 Td (under ) Tj ET Q q 0 0 0 rg BT 511.43 501.60 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.60 Td (\("AUM"\) ) Tj ET Q q 0 0 0 rg BT 90.16 489.60 Td (from ) Tj ET Q q 0 0 0 rg BT 112.10 489.60 Td (net ) Tj ET Q q 0 0 0 rg BT 126.81 489.60 Td (client ) Tj ET Q q 0 0 0 rg BT 151.53 489.60 Td (inflows ) Tj ET Q q 0 0 0 rg BT 184.03 489.60 Td (and ) Tj ET Q q 0 0 0 rg BT 200.96 489.60 Td (a ) Tj ET Q q 0 0 0 rg BT 207.90 489.60 Td (full ) Tj ET Q q 0 0 0 rg BT 224.29 489.60 Td (year ) Tj ET Q q 0 0 0 rg BT 244.00 489.60 Td (of ) Tj ET Q q 0 0 0 rg BT 254.83 489.60 Td (management ) Tj ET Q q 0 0 0 rg BT 308.42 489.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 327.01 489.60 Td (generated ) Tj ET Q q 0 0 0 rg BT 368.38 489.60 Td (from ) Tj ET Q q 0 0 0 rg BT 390.32 489.60 Td (our ) Tj ET Q q 0 0 0 rg BT 406.15 489.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 445.85 489.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 480.56 489.60 Td (fund.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 465.60 Td (For ) Tj ET Q q 0 0 0 rg BT 66.28 465.60 Td (the ) Tj ET Q q 0 0 0 rg BT 81.38 465.60 Td (year ) Tj ET Q q 0 0 0 rg BT 101.47 465.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.24 465.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 187.21 465.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.21 465.60 Td (, ) Tj ET Q q 0 0 0 rg BT 212.59 465.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 248.80 465.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 295.57 465.60 Td (income ) Tj ET Q q 0 0 0 rg BT 327.89 465.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.33 465.60 Td ($21.6 ) Tj ET Q q 0 0 0 rg BT 371.71 465.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.60 465.60 Td (, ) Tj ET Q q 0 0 0 rg BT 405.99 465.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 448.30 465.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.96 465.60 Td ($5.7 ) Tj ET Q q 0 0 0 rg BT 479.35 465.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.24 465.60 Td ( ) Tj ET Q q 0 0 0 rg BT 511.13 465.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.79 465.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.79 465.60 Td (. ) Tj ET Q q 0 0 0 rg BT 546.97 465.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.33 453.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 129.71 453.60 Td (from ) Tj ET Q q 0 0 0 rg BT 151.77 453.60 Td (2012 ) Tj ET Q q 0 0 0 rg BT 174.39 453.60 Td (was ) Tj ET Q q 0 0 0 rg BT 192.56 453.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 220.73 453.60 Td (by ) Tj ET Q q 0 0 0 rg BT 233.35 453.60 Td (lar) Tj ET Q q 0 0 0 rg BT 243.72 453.60 Td (ger ) Tj ET Q q 0 0 0 rg BT 259.11 453.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 282.84 453.60 Td (on ) Tj ET Q q 0 0 0 rg BT 295.46 453.60 Td (our ) Tj ET Q q 0 0 0 rg BT 311.41 453.60 Td (merchant ) Tj ET Q q 0 0 0 rg BT 351.23 453.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 386.07 453.60 Td (investments. ) Tj ET Q q 0 0 0 rg BT 438.96 453.60 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 479.90 453.60 Td (banking ) Tj ET Q q 0 0 0 rg BT 514.74 453.60 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.60 Td (made ) Tj ET Q q 0 0 0 rg BT 73.91 441.60 Td (before ) Tj ET Q q 0 0 0 rg BT 102.21 441.60 Td (2010 ) Tj ET Q q 0 0 0 rg BT 124.97 441.60 Td (are ) Tj ET Q q 0 0 0 rg BT 139.93 441.60 Td (accounted ) Tj ET Q q 0 0 0 rg BT 183.23 441.60 Td (for ) Tj ET Q q 0 0 0 rg BT 197.64 441.60 Td (on ) Tj ET Q q 0 0 0 rg BT 210.40 441.60 Td (a ) Tj ET Q q 0 0 0 rg BT 217.60 441.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 236.47 441.60 Td (basis, ) Tj ET Q q 0 0 0 rg BT 261.73 441.60 Td (which ) Tj ET Q q 0 0 0 rg BT 288.92 441.60 Td (can ) Tj ET Q q 0 0 0 rg BT 305.56 441.60 Td (result, ) Tj ET Q q 0 0 0 rg BT 333.04 441.60 Td (and ) Tj ET Q q 0 0 0 rg BT 350.23 441.60 Td (in ) Tj ET Q q 0 0 0 rg BT 360.77 441.60 Td (this ) Tj ET Q q 0 0 0 rg BT 377.98 441.60 Td (case ) Tj ET Q q 0 0 0 rg BT 397.94 441.60 Td (did ) Tj ET Q q 0 0 0 rg BT 413.48 441.60 Td (result, ) Tj ET Q q 0 0 0 rg BT 440.96 441.60 Td (in ) Tj ET Q q 0 0 0 rg BT 451.49 441.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 496.46 441.60 Td (realized ) Tj ET Q q 0 0 0 rg BT 530.86 441.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 554.73 441.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.60 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 429.60 Td (period ) Tj ET Q q 0 0 0 rg BT 92.26 429.60 Td (of ) Tj ET Q q 0 0 0 rg BT 103.09 429.60 Td (a ) Tj ET Q q 0 0 0 rg BT 110.03 429.60 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 146.42 429.60 Td (event ) Tj ET Q q 0 0 0 rg BT 170.58 429.60 Td (for ) Tj ET Q q 0 0 0 rg BT 184.74 429.60 Td (these ) Tj ET Q q 0 0 0 rg BT 207.79 429.60 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.60 Td (For ) Tj ET Q q 0 0 0 rg BT 66.40 405.60 Td (the ) Tj ET Q q 0 0 0 rg BT 81.63 405.60 Td (year ) Tj ET Q q 0 0 0 rg BT 101.85 405.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.74 405.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 187.84 405.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.84 405.60 Td (, ) Tj ET Q q 0 0 0 rg BT 213.35 405.60 Td (long-term ) Tj ET Q q 0 0 0 rg BT 255.80 405.60 Td (financing ) Tj ET Q q 0 0 0 rg BT 296.58 405.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 335.69 405.60 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.11 405.60 Td (7.0 ) Tj ET Q q 0 0 0 rg BT 393.63 405.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.05 405.60 Td ( ) Tj ET Q q 0 0 0 rg BT 426.06 405.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.85 405.60 Td ($7.4 ) Tj ET Q q 0 0 0 rg BT 457.37 405.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.26 405.60 Td (, ) Tj ET Q q 0 0 0 rg BT 491.77 405.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 534.21 405.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 405.60 Td ($8.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 393.60 Td ( ) Tj ET Q q 0 0 0 rg BT 80.13 393.60 Td (in ) Tj ET Q q 0 0 0 rg BT 89.65 393.60 Td (the ) Tj ET Q q 0 0 0 rg BT 103.61 393.60 Td (prior) Tj ET Q q 0 0 0 rg BT 122.85 393.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 145.13 393.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 174.91 393.60 Td ( ) Tj ET Q q 0 0 0 rg BT 176.53 393.60 Td (The ) Tj ET Q q 0 0 0 rg BT 193.81 393.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 229.97 393.60 Td (was ) Tj ET Q q 0 0 0 rg BT 247.26 393.60 Td (due ) Tj ET Q q 0 0 0 rg BT 263.44 393.60 Td (to ) Tj ET Q q 0 0 0 rg BT 272.96 393.60 Td (additional ) Tj ET Q q 0 0 0 rg BT 314.69 393.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 336.43 393.60 Td (recognized ) Tj ET Q q 0 0 0 rg BT 382.04 393.60 Td (in ) Tj ET Q q 0 0 0 rg BT 391.55 393.60 Td (the ) Tj ET Q q 0 0 0 rg BT 405.51 393.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 431.69 393.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 461.75 393.60 Td (of ) Tj ET Q q 0 0 0 rg BT 471.82 393.60 Td (2012 ) Tj ET Q q 0 0 0 rg BT 493.56 393.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 515.30 393.60 Td (prepayment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 381.60 Td (the ) Tj ET Q q 0 0 0 rg BT 75.05 381.60 Td (syndicated ) Tj ET Q q 0 0 0 rg BT 120.31 381.60 Td (bank ) Tj ET Q q 0 0 0 rg BT 142.25 381.60 Td (facility) Tj ET Q q 0 0 0 rg BT 169.92 381.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 81.11 357.60 Td (Markets ) Tj ET Q q 0 0 0 rg BT 116.61 357.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 152.67 357.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 188.72 357.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 219.77 357.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 260.27 357.60 Td (mar) Tj ET Q q 0 0 0 rg BT 275.63 357.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 291.14 357.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.53 357.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.53 357.60 Td ( ) Tj ET Q q 0 0 0 rg BT 328.26 357.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 370.41 357.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.92 357.60 Td (12.0 ) Tj ET Q q 0 0 0 rg BT 401.15 357.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.57 357.60 Td (, ) Tj ET Q q 0 0 0 rg BT 435.80 357.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 477.96 357.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.47 357.60 Td (12.8 ) Tj ET Q q 0 0 0 rg BT 518.70 357.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.12 357.60 Td ( ) Tj ET Q q 0 0 0 rg BT 550.85 357.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 345.60 Td (. ) 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 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 endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 17.10 Td (36) 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 0 rg BT 514.72 693.60 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 49.00 605.10 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 605.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 605.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 605.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 605.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 605.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 605.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 605.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 605.10 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 605.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 605.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 605.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 605.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 605.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 605.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 605.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 585.10 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 585.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 585.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 585.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 585.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 585.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 585.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 585.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 585.10 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 585.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 585.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 585.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 585.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 585.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 585.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 585.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 564.10 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 564.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 564.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 564.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 564.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 564.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 564.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 564.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 564.10 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 564.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 564.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 564.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 564.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 564.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 564.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 564.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 544.10 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 544.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 544.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 544.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 544.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 544.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 544.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 544.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 544.10 5.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 544.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 544.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 544.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 544.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 544.10 50.00 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0.8 0.9333333333333333 1 rg /GS0 gs 400.00 524.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 524.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 524.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 524.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 524.10 46.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 504.10 86.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 504.10 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 504.10 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 504.10 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 504.10 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 504.10 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 504.10 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 504.10 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 504.10 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 504.10 45.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 504.10 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 504.10 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 504.10 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 504.10 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 504.10 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 504.10 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 475.10 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.00 475.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 475.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 475.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.00 475.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 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[] 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 (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 638.23 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.65 628.18 Td (Adjustments ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 259.21 631.81 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.65 628.18 Td (Adjustments ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 475.21 631.81 Td (\(1\)) 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 ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 587.10 Td (47,987) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 186.50 587.10 Td ($) 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 (47,987) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 587.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 587.10 Td (50,066) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.50 587.10 Td ($) 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 (50,066) 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 (30,785) 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 (30,785) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 577.10 Td (21,248) 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 (21,248) 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 (78,772) 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 (78,772) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 567.05 Td (71,314) 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 (71,314) 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 (684) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.75 536.10 Td (684) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.75 536.10 Td (7,620) 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 536.75 536.10 Td (7,620) 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 160.75 526.10 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.75 526.10 Td (208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 526.10 Td (220) 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 (220) 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 (892) 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 (892) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.75 516.10 Td (7,840) 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 536.75 516.10 Td (7,840) 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 (79,664) 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 (79,664) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 489.35 Td (79,154) 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 (79,154) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 467.10 Td (Investment income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 160.75 467.10 Td (683) 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 326.75 467.10 Td (683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.75 467.10 Td (2,794) 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 536.75 467.10 Td (2,794) 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 (80,347) 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 (80,347) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 447.10 Td (81,948) 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 (81,948) 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 (51,582) 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 (7,584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 427.10 Td (59,166) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 427.10 Td (48,439) 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 (7,912) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 427.10 Td (56,351) 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 ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.75 398.35 Td (28,765) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 186.50 398.35 Td ($) 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 (\(7,584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.80 398.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.50 398.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 398.35 Td (21,181) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 398.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 398.35 Td (33,509) 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 (\(7,912) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.80 398.35 Td (\)) 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 (25,597) 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 (35.8) 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 (26.4) 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 (40.9) 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 (31.2) 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 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 351.00 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 351.00 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 351.00 Td (Other ) Tj ET Q q 0 0 0 rg BT 87.32 351.00 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 127.67 351.00 Td ( ) Tj ET Q q 0 0 0 rg BT 132.91 351.00 Td (The ) Tj ET Q q 0 0 0 rg BT 146.15 351.00 Td (following ) Tj ET Q q 0 0 0 rg BT 177.62 351.00 Td (table ) Tj ET Q q 0 0 0 rg BT 194.85 351.00 Td (sets ) Tj ET Q q 0 0 0 rg BT 208.09 351.00 Td (forth ) Tj ET Q q 0 0 0 rg BT 224.89 351.00 Td (the ) Tj ET Q q 0 0 0 rg BT 235.91 351.00 Td (items ) Tj ET Q q 0 0 0 rg BT 254.04 351.00 Td (not ) Tj ET Q q 0 0 0 rg BT 265.50 351.00 Td (included ) Tj ET Q q 0 0 0 rg BT 294.29 351.00 Td (in ) Tj ET Q q 0 0 0 rg BT 301.75 351.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 330.10 351.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 357.56 351.00 Td (pr) Tj ET Q q 0 0 0 rg BT 364.38 351.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 381.61 351.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 413.96 351.00 Td (income ) Tj ET Q q 0 0 0 rg BT 438.30 351.00 Td (and ) Tj ET Q q 0 0 0 rg BT 451.54 351.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 479.89 351.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 507.35 351.00 Td (pr) Tj ET Q q 0 0 0 rg BT 514.16 351.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 531.39 351.00 Td (operating ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 341.40 Td (mar) Tj ET Q q 0 0 0 rg BT 80.09 341.40 Td (gin ) Tj ET Q q 0 0 0 rg BT 92.32 341.40 Td (for ) Tj ET Q q 0 0 0 rg BT 103.65 341.40 Td (the ) Tj ET Q q 0 0 0 rg BT 115.43 341.40 Td (periods ) Tj ET Q q 0 0 0 rg BT 141.43 341.40 Td (pr) Tj ET Q q 0 0 0 rg BT 148.24 341.40 Td (esented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 310.90 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 310.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 310.90 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 310.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 290.90 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 290.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 290.90 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 290.90 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 415 320.9 m 485 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 320.9 m 493 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 320.9 m 563 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 310.9 m 485 310.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 310.9 m 563 310.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 310.9 m 485 310.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 310.9 m 563 310.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 280.9 m 485 280.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 271.9 m 485 271.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 269.9 m 485 269.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 280.9 m 563 280.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 271.9 m 563 271.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 269.9 m 563 269.9 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 445.80 323.03 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 312.90 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.50 313.03 Td (2014) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 313.03 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 302.90 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.50 302.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.80 302.90 Td (1,284) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 302.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 302.90 Td (1,284) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 292.90 Td (Restructuring and integration costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.65 292.90 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.10 292.90 Td (\(16) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 559.80 292.90 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 282.90 Td (Amortization of intangible assets related to acquisitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.80 282.90 Td (6,300) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 282.90 Td (6,644) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.50 272.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.80 272.90 Td (7,584) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 272.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 272.90 Td (7,912) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.40 Td (Management ) Tj ET Q q 0 0 0 rg BT 102.96 247.40 Td (and ) Tj ET Q q 0 0 0 rg BT 118.67 247.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 170.45 247.40 Td (fee ) Tj ET Q q 0 0 0 rg BT 183.92 247.40 Td (revenues ) Tj ET Q q 0 0 0 rg BT 220.72 247.40 Td (comprise ) Tj ET Q q 0 0 0 rg BT 258.64 247.40 Td (the ) Tj ET Q q 0 0 0 rg BT 272.11 247.40 Td (revenues ) Tj ET Q q 0 0 0 rg BT 308.91 247.40 Td (generated ) Tj ET Q q 0 0 0 rg BT 349.04 247.40 Td (through ) Tj ET Q q 0 0 0 rg BT 381.41 247.40 Td (management ) Tj ET Q q 0 0 0 rg BT 433.76 247.40 Td (and ) Tj ET Q q 0 0 0 rg BT 449.46 247.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 494.60 247.40 Td (advisory ) Tj ET Q q 0 0 0 rg BT 530.31 247.40 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.40 Td (performed ) Tj ET Q q 0 0 0 rg BT 93.79 235.40 Td (for ) Tj ET Q q 0 0 0 rg BT 108.10 235.40 Td (separately ) Tj ET Q q 0 0 0 rg BT 151.28 235.40 Td (managed ) Tj ET Q q 0 0 0 rg BT 190.03 235.40 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 230.16 235.40 Td (registered ) Tj ET Q q 0 0 0 rg BT 272.23 235.40 Td (funds ) Tj ET Q q 0 0 0 rg BT 297.10 235.40 Td (and ) Tj ET Q q 0 0 0 rg BT 314.19 235.40 Td (partnerships. ) Tj ET Q q 0 0 0 rg BT 368.22 235.40 Td (Investment ) Tj ET Q q 0 0 0 rg BT 415.30 235.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 468.47 235.40 Td (and ) Tj ET Q q 0 0 0 rg BT 485.56 235.40 Td (client ) Tj ET Q q 0 0 0 rg BT 510.42 235.40 Td (asset ) Tj ET Q q 0 0 0 rg BT 532.51 235.40 Td (inflows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.40 Td (and ) Tj ET Q q 0 0 0 rg BT 65.86 223.40 Td (outflows ) Tj ET Q q 0 0 0 rg BT 102.78 223.40 Td (have ) Tj ET Q q 0 0 0 rg BT 123.58 223.40 Td (a ) Tj ET Q q 0 0 0 rg BT 129.94 223.40 Td (direct ) Tj ET Q q 0 0 0 rg BT 154.62 223.40 Td (ef) Tj ET Q q 0 0 0 rg BT 162.21 223.40 Td (fect ) Tj ET Q q 0 0 0 rg BT 179.11 223.40 Td (on ) Tj ET Q q 0 0 0 rg BT 191.03 223.40 Td (management ) Tj ET Q q 0 0 0 rg BT 244.04 223.40 Td (and ) Tj ET Q q 0 0 0 rg BT 260.40 223.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 312.84 223.40 Td (fee ) Tj ET Q q 0 0 0 rg BT 326.97 223.40 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 366.93 223.40 Td (Management ) Tj ET Q q 0 0 0 rg BT 421.05 223.40 Td (fees ) Tj ET Q q 0 0 0 rg BT 439.07 223.40 Td (are ) Tj ET Q q 0 0 0 rg BT 453.20 223.40 Td (generally ) Tj ET Q q 0 0 0 rg BT 492.32 223.40 Td (based ) Tj ET Q q 0 0 0 rg BT 517.01 223.40 Td (on ) Tj ET Q q 0 0 0 rg BT 528.93 223.40 Td (the ) Tj ET Q q 0 0 0 rg BT 543.07 223.40 Td (level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.40 Td (of ) Tj ET Q q 0 0 0 rg BT 59.33 211.40 Td (AUM ) Tj ET Q q 0 0 0 rg BT 84.58 211.40 Td (measured ) Tj ET Q q 0 0 0 rg BT 124.81 211.40 Td (monthly ) Tj ET Q q 0 0 0 rg BT 160.07 211.40 Td (or ) Tj ET Q q 0 0 0 rg BT 170.32 211.40 Td (quarterly) Tj ET Q q 0 0 0 rg BT 205.76 211.40 Td (, ) Tj ET Q q 0 0 0 rg BT 210.18 211.40 Td (and ) Tj ET Q q 0 0 0 rg BT 226.54 211.40 Td (an ) Tj ET Q q 0 0 0 rg BT 237.90 211.40 Td (increase ) Tj ET Q q 0 0 0 rg BT 272.57 211.40 Td (or ) Tj ET Q q 0 0 0 rg BT 282.82 211.40 Td (reduction ) Tj ET Q q 0 0 0 rg BT 322.50 211.40 Td (in ) Tj ET Q q 0 0 0 rg BT 332.20 211.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 357.45 211.40 Td (under ) Tj ET Q q 0 0 0 rg BT 382.13 211.40 Td (management, ) Tj ET Q q 0 0 0 rg BT 437.64 211.40 Td (due ) Tj ET Q q 0 0 0 rg BT 454.00 211.40 Td (to ) Tj ET Q q 0 0 0 rg BT 463.70 211.40 Td (market ) Tj ET Q q 0 0 0 rg BT 493.38 211.40 Td (price ) Tj ET Q q 0 0 0 rg BT 515.28 211.40 Td (fluctuations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.40 Td (or ) Tj ET Q q 0 0 0 rg BT 60.15 199.40 Td (net ) Tj ET Q q 0 0 0 rg BT 74.68 199.40 Td (client ) Tj ET Q q 0 0 0 rg BT 99.21 199.40 Td (asset ) Tj ET Q q 0 0 0 rg BT 120.96 199.40 Td (flows, ) Tj ET Q q 0 0 0 rg BT 148.00 199.40 Td (will ) Tj ET Q q 0 0 0 rg BT 165.87 199.40 Td (result ) Tj ET Q q 0 0 0 rg BT 190.40 199.40 Td (in ) Tj ET Q q 0 0 0 rg BT 200.50 199.40 Td (a ) Tj ET Q q 0 0 0 rg BT 207.25 199.40 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 266.78 199.40 Td (increase ) Tj ET Q q 0 0 0 rg BT 301.85 199.40 Td (or ) Tj ET Q q 0 0 0 rg BT 312.49 199.40 Td (decrease ) Tj ET Q q 0 0 0 rg BT 349.22 199.40 Td (in ) Tj ET Q q 0 0 0 rg BT 359.32 199.40 Td (management ) Tj ET Q q 0 0 0 rg BT 412.72 199.40 Td (fees. ) Tj ET Q q 0 0 0 rg BT 433.63 199.40 Td (Fees ) Tj ET Q q 0 0 0 rg BT 454.28 199.40 Td (vary ) Tj ET Q q 0 0 0 rg BT 474.37 199.40 Td (with ) Tj ET Q q 0 0 0 rg BT 494.46 199.40 Td (the ) Tj ET Q q 0 0 0 rg BT 508.99 199.40 Td (type ) Tj ET Q q 0 0 0 rg BT 528.52 199.40 Td (of ) Tj ET Q q 0 0 0 rg BT 539.17 199.40 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.40 Td (managed ) Tj ET Q q 0 0 0 rg BT 88.61 187.40 Td (and ) Tj ET Q q 0 0 0 rg BT 106.07 187.40 Td (the ) Tj ET Q q 0 0 0 rg BT 121.31 187.40 Td (vehicle ) Tj ET Q q 0 0 0 rg BT 153.20 187.40 Td (in ) Tj ET Q q 0 0 0 rg BT 164.00 187.40 Td (which ) Tj ET Q q 0 0 0 rg BT 191.46 187.40 Td (they ) Tj ET Q q 0 0 0 rg BT 211.69 187.40 Td (are ) Tj ET Q q 0 0 0 rg BT 226.92 187.40 Td (managed. ) Tj ET Q q 0 0 0 rg BT 268.54 187.40 Td (Performance ) Tj ET Q q 0 0 0 rg BT 322.64 187.40 Td (fees ) Tj ET Q q 0 0 0 rg BT 341.76 187.40 Td (are ) Tj ET Q q 0 0 0 rg BT 356.99 187.40 Td (earned ) Tj ET Q q 0 0 0 rg BT 386.65 187.40 Td (when ) Tj ET Q q 0 0 0 rg BT 411.33 187.40 Td (the ) Tj ET Q q 0 0 0 rg BT 426.57 187.40 Td (investment ) Tj ET Q q 0 0 0 rg BT 473.47 187.40 Td (return ) Tj ET Q q 0 0 0 rg BT 500.37 187.40 Td (on ) Tj ET Q q 0 0 0 rg BT 513.39 187.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 539.74 187.40 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.40 Td (management ) Tj ET Q q 0 0 0 rg BT 103.31 175.40 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 137.67 175.40 Td (certain ) Tj ET Q q 0 0 0 rg BT 167.60 175.40 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 214.74 175.40 Td (tar) Tj ET Q q 0 0 0 rg BT 225.11 175.40 Td (gets ) Tj ET Q q 0 0 0 rg BT 243.93 175.40 Td (or ) Tj ET Q q 0 0 0 rg BT 254.98 175.40 Td (other ) Tj ET Q q 0 0 0 rg BT 278.25 175.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 331.49 175.40 Td (tar) Tj ET Q q 0 0 0 rg BT 341.86 175.40 Td (gets ) Tj ET Q q 0 0 0 rg BT 360.69 175.40 Td (over ) Tj ET Q q 0 0 0 rg BT 381.17 175.40 Td (a ) Tj ET Q q 0 0 0 rg BT 388.33 175.40 Td (specified ) Tj ET Q q 0 0 0 rg BT 427.15 175.40 Td (measurement ) Tj ET Q q 0 0 0 rg BT 483.18 175.40 Td (period. ) Tj ET Q q 0 0 0 rg BT 513.75 175.40 Td (The ) Tj ET Q q 0 0 0 rg BT 532.01 175.40 Td (level ) Tj ET Q q 0 0 0 rg BT 554.17 175.40 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.39 163.40 Td (fees ) Tj ET Q q 0 0 0 rg BT 120.85 163.40 Td (earned ) Tj ET Q q 0 0 0 rg BT 149.86 163.40 Td (can ) Tj ET Q q 0 0 0 rg BT 166.10 163.40 Td (vary ) Tj ET Q q 0 0 0 rg BT 186.23 163.40 Td (significantly ) Tj ET Q q 0 0 0 rg BT 238.58 163.40 Td (from ) Tj ET Q q 0 0 0 rg BT 260.38 163.40 Td (period ) Tj ET Q q 0 0 0 rg BT 288.29 163.40 Td (to ) Tj ET Q q 0 0 0 rg BT 298.44 163.40 Td (period ) Tj ET Q q 0 0 0 rg BT 326.35 163.40 Td (and ) Tj ET Q q 0 0 0 rg BT 343.15 163.40 Td (these ) Tj ET Q q 0 0 0 rg BT 366.06 163.40 Td (fees ) Tj ET Q q 0 0 0 rg BT 384.52 163.40 Td (may ) Tj ET Q q 0 0 0 rg BT 404.10 163.40 Td (not ) Tj ET Q q 0 0 0 rg BT 419.24 163.40 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 466.03 163.40 Td (be ) Tj ET Q q 0 0 0 rg BT 477.83 163.40 Td (correlated ) Tj ET Q q 0 0 0 rg BT 520.16 163.40 Td (to ) Tj ET Q q 0 0 0 rg BT 530.31 163.40 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.40 Td (in ) Tj ET Q q 0 0 0 rg BT 59.68 151.40 Td (total ) Tj ET Q q 0 0 0 rg BT 79.86 151.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 105.60 151.40 Td (under ) Tj ET Q q 0 0 0 rg BT 130.78 151.40 Td (management. ) Tj ET Q q 0 0 0 rg BT 186.60 151.40 Td (The ) Tj ET Q q 0 0 0 rg BT 204.55 151.40 Td (majority ) Tj ET Q q 0 0 0 rg BT 240.84 151.40 Td (of ) Tj ET Q q 0 0 0 rg BT 251.57 151.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 304.50 151.40 Td (fees, ) Tj ET Q q 0 0 0 rg BT 325.51 151.40 Td (if ) Tj ET Q q 0 0 0 rg BT 334.02 151.40 Td (earned, ) Tj ET Q q 0 0 0 rg BT 365.57 151.40 Td (are ) Tj ET Q q 0 0 0 rg BT 380.19 151.40 Td (generally ) Tj ET Q q 0 0 0 rg BT 419.80 151.40 Td (recorded ) Tj ET Q q 0 0 0 rg BT 457.18 151.40 Td (in ) Tj ET Q q 0 0 0 rg BT 467.36 151.40 Td (the ) Tj ET Q q 0 0 0 rg BT 481.98 151.40 Td (fourth ) Tj ET Q q 0 0 0 rg BT 508.83 151.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 539.55 151.40 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 151.40 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.40 Td (applicable ) Tj ET Q q 0 0 0 rg BT 93.11 139.40 Td (year ) Tj ET Q q 0 0 0 rg BT 112.84 139.40 Td (or ) Tj ET Q q 0 0 0 rg BT 123.69 139.40 Td (upon ) Tj ET Q q 0 0 0 rg BT 146.21 139.40 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 193.72 139.40 Td (of ) Tj ET Q q 0 0 0 rg BT 204.57 139.40 Td (client ) Tj ET Q q 0 0 0 rg BT 229.31 139.40 Td (assets. ) Tj ET Q q 0 0 0 rg BT 257.10 139.40 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.62 139.40 Td (December31, ) Tj ET Q q 0 0 0 rg BT 328.23 139.40 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.23 139.40 Td (, ) Tj ET Q q 0 0 0 rg BT 353.25 139.40 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.53 139.40 Td (one ) Tj ET Q q 0 0 0 rg BT 430.49 139.40 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.92 139.40 Td ( ) Tj ET Q q 0 0 0 rg BT 462.44 139.40 Td (of ) Tj ET Q q 0 0 0 rg BT 473.29 139.40 Td (our ) Tj ET Q q 0 0 0 rg BT 488.59 139.40 Td (AUM ) Tj ET Q q 0 0 0 rg BT 514.44 139.40 Td (was ) Tj ET Q q 0 0 0 rg BT 532.52 139.40 Td (eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.40 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 127.40 Td (earn ) Tj ET Q q 0 0 0 rg BT 79.49 127.40 Td (performance ) Tj ET Q q 0 0 0 rg BT 132.51 127.40 Td (fees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.40 Td (For ) Tj ET Q q 0 0 0 rg BT 66.01 103.40 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.84 103.40 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.04 103.40 Td ( ) Tj ET Q q 0 0 0 rg BT 100.66 103.40 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.15 103.40 Td (December31, ) Tj ET Q q 0 0 0 rg BT 185.85 103.40 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.85 103.40 Td (, ) Tj ET Q q 0 0 0 rg BT 210.96 103.40 Td (management ) Tj ET Q q 0 0 0 rg BT 264.67 103.40 Td (fees ) Tj ET Q q 0 0 0 rg BT 283.38 103.40 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.43 103.40 Td ($78.8 ) Tj ET Q q 0 0 0 rg BT 330.54 103.40 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.43 103.40 Td (, ) Tj ET Q q 0 0 0 rg BT 364.55 103.40 Td (an ) Tj ET Q q 0 0 0 rg BT 376.60 103.40 Td (increase ) Tj ET Q q 0 0 0 rg BT 411.97 103.40 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.91 103.40 Td (10.5 ) Tj ET Q q 0 0 0 rg BT 443.03 103.40 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.45 103.40 Td (, ) Tj ET Q q 0 0 0 rg BT 477.57 103.40 Td (compared ) Tj ET Q q 0 0 0 rg BT 519.60 103.40 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 103.40 Td ($71.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.40 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 91.40 Td ( ) Tj ET Q q 0 0 0 rg BT 80.72 91.40 Td (in ) Tj ET Q q 0 0 0 rg BT 90.83 91.40 Td (the ) Tj ET Q q 0 0 0 rg BT 105.37 91.40 Td (prior) Tj ET Q q 0 0 0 rg BT 124.61 91.40 Td (-year ) Tj ET Q q 0 0 0 rg BT 147.47 91.40 Td (period, ) Tj ET Q q 0 0 0 rg BT 177.85 91.40 Td (due ) Tj ET Q q 0 0 0 rg BT 194.62 91.40 Td (to ) Tj ET Q q 0 0 0 rg BT 204.72 91.40 Td (increased ) Tj ET Q q 0 0 0 rg BT 244.80 91.40 Td (management ) Tj ET Q q 0 0 0 rg BT 298.22 91.40 Td (fees ) Tj ET Q q 0 0 0 rg BT 316.65 91.40 Td (from ) Tj ET Q q 0 0 0 rg BT 338.42 91.40 Td (our ) Tj ET Q q 0 0 0 rg BT 354.07 91.40 Td (MLP) Tj ET Q q 0 0 0 rg BT 374.26 91.40 Td ( ) Tj ET Q q 0 0 0 rg BT 376.59 91.40 Td (product ) Tj ET Q q 0 0 0 rg BT 409.47 91.40 Td (of) Tj ET Q q 0 0 0 rg BT 417.62 91.40 Td (ferings, ) Tj ET Q q 0 0 0 rg BT 450.21 91.40 Td (partially ) Tj ET Q q 0 0 0 rg BT 485.86 91.40 Td (of) Tj ET Q q 0 0 0 rg BT 494.01 91.40 Td (fset ) Tj ET Q q 0 0 0 rg BT 510.78 91.40 Td (by ) Tj ET Q q 0 0 0 rg BT 523.11 91.40 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.40 Td (management ) Tj ET Q q 0 0 0 rg BT 103.56 79.40 Td (fees ) Tj ET Q q 0 0 0 rg BT 122.63 79.40 Td (from ) Tj ET Q q 0 0 0 rg BT 145.04 79.40 Td (our ) Tj ET Q q 0 0 0 rg BT 161.34 79.40 Td (value ) Tj ET Q q 0 0 0 rg BT 185.96 79.40 Td (equity ) Tj ET Q q 0 0 0 rg BT 213.93 79.40 Td (strategies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.16 79.40 Td (In) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.49 79.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.46 79.40 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.46 79.40 Td (, ) Tj ET Q q 0 0 0 rg BT 293.93 79.40 Td (management ) Tj ET Q q 0 0 0 rg BT 347.99 79.40 Td (fees ) Tj ET Q q 0 0 0 rg BT 367.06 79.40 Td (related ) Tj ET Q q 0 0 0 rg BT 397.23 79.40 Td (to ) Tj ET Q q 0 0 0 rg BT 407.98 79.40 Td (our ) Tj ET Q q 0 0 0 rg BT 424.28 79.40 Td (value ) Tj ET Q q 0 0 0 rg BT 448.91 79.40 Td (equity ) Tj ET Q q 0 0 0 rg BT 476.87 79.40 Td (strategies ) Tj ET Q q 0 0 0 rg BT 517.61 79.40 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 79.40 Td ($48.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.40 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 67.40 Td (, ) Tj ET Q q 0 0 0 rg BT 82.47 67.40 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.27 67.40 Td (4.2 ) Tj ET Q q 0 0 0 rg BT 120.34 67.40 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.77 67.40 Td ( ) Tj ET Q q 0 0 0 rg BT 151.35 67.40 Td (compared ) Tj ET Q q 0 0 0 rg BT 192.35 67.40 Td (to ) Tj ET Q q 0 0 0 rg BT 201.70 67.40 Td (the ) Tj ET Q q 0 0 0 rg BT 215.50 67.40 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 274.28 67.40 Td (period ) Tj ET Q q 0 0 0 rg BT 301.40 67.40 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.31 67.40 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.31 67.40 Td (, ) Tj ET Q q 0 0 0 rg BT 335.39 67.40 Td (due ) Tj ET Q q 0 0 0 rg BT 351.40 67.40 Td (to ) Tj ET Q q 0 0 0 rg BT 360.76 67.40 Td (lower ) Tj ET Q q 0 0 0 rg BT 385.11 67.40 Td (average ) Tj ET Q q 0 0 0 rg BT 417.42 67.40 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 444.72 67.40 Td (The ) Tj ET Q q 0 0 0 rg BT 461.84 67.40 Td (average ) Tj ET Q q 0 0 0 rg BT 494.50 67.40 Td (ef) Tj ET Q q 0 0 0 rg BT 502.09 67.40 Td (fective ) Tj ET Q q 0 0 0 rg BT 530.87 67.40 Td (revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 55.40 Td (yield ) Tj ET Q q 0 0 0 rg BT 71.72 55.40 Td (\(total ) Tj ET Q q 0 0 0 rg BT 95.04 55.40 Td (management ) Tj ET Q q 0 0 0 rg BT 148.35 55.40 Td (fees ) Tj ET Q q 0 0 0 rg BT 166.67 55.40 Td (as ) Tj ET Q q 0 0 0 rg BT 177.22 55.40 Td (a ) Tj ET Q q 0 0 0 rg BT 183.88 55.40 Td (percentage ) Tj ET Q q 0 0 0 rg BT 229.41 55.40 Td (of ) Tj ET Q q 0 0 0 rg BT 239.96 55.40 Td (our ) Tj ET Q q 0 0 0 rg BT 255.51 55.40 Td (average ) Tj ET Q q 0 0 0 rg BT 288.82 55.40 Td (quarter) Tj ET Q q 0 0 0 rg BT 316.93 55.40 Td (-end ) Tj ET Q q 0 0 0 rg BT 336.43 55.40 Td (AUM\) ) Tj ET Q q 0 0 0 rg BT 365.32 55.40 Td (for ) Tj ET Q q 0 0 0 rg BT 379.20 55.40 Td (our ) Tj ET Q q 0 0 0 rg BT 394.75 55.40 Td (value ) Tj ET Q q 0 0 0 rg BT 418.63 55.40 Td (equity ) Tj ET Q q 0 0 0 rg BT 445.85 55.40 Td (strategies ) Tj ET Q q 0 0 0 rg BT 485.83 55.40 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.60 55.40 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.60 55.40 Td ( ) Tj ET Q q 0 0 0 rg BT 515.83 55.40 Td (basis ) Tj ET Q q 0 0 0 rg BT 538.05 55.40 Td (points ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 43.40 Td (for ) Tj ET Q q 0 0 0 rg BT 63.08 43.40 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.22 43.40 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.43 43.40 Td ( ) Tj ET Q q 0 0 0 rg BT 96.35 43.40 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.15 43.40 Td (December31, ) Tj ET Q q 0 0 0 rg BT 180.16 43.40 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.16 43.40 Td (, ) Tj ET Q q 0 0 0 rg BT 204.58 43.40 Td (compared ) Tj ET Q q 0 0 0 rg BT 245.93 43.40 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.63 43.40 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.63 43.40 Td ( ) Tj ET Q q 0 0 0 rg BT 267.55 43.40 Td (basis ) Tj ET Q q 0 0 0 rg BT 289.48 43.40 Td (points ) Tj ET Q q 0 0 0 rg BT 315.85 43.40 Td (for ) Tj ET Q q 0 0 0 rg BT 329.43 43.40 Td (the ) Tj ET Q q 0 0 0 rg BT 343.57 43.40 Td (year ) Tj ET Q q 0 0 0 rg BT 362.70 43.40 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 43.40 Td (December31, ) Tj ET Q q 0 0 0 rg BT 446.51 43.40 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.51 43.40 Td (. ) Tj ET Q q 0 0 0 rg BT 470.93 43.40 Td (Management ) Tj ET Q q 0 0 0 rg BT 525.05 43.40 Td (fees ) Tj ET Q q 0 0 0 rg BT 543.08 43.40 Td (from ) 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 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 endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 17.10 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 717.60 Td (our ) Tj ET Q q 0 0 0 rg BT 64.71 717.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 84.90 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 86.79 717.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 126.44 717.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.07 717.60 Td (44.9 ) Tj ET Q q 0 0 0 rg BT 185.46 717.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.88 717.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.76 717.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.54 717.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.43 717.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.43 717.60 Td ( ) Tj ET Q q 0 0 0 rg BT 248.31 717.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.97 717.60 Td ($30.8 ) Tj ET Q q 0 0 0 rg BT 282.36 717.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.25 717.60 Td (, ) Tj ET Q q 0 0 0 rg BT 315.63 717.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 356.94 717.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.60 717.60 Td ($21.2 ) Tj ET Q q 0 0 0 rg BT 400.99 717.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.88 717.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.76 717.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.54 717.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.42 717.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.42 717.60 Td (, ) Tj ET Q q 0 0 0 rg BT 465.81 717.60 Td (due ) Tj ET Q q 0 0 0 rg BT 482.13 717.60 Td (to ) Tj ET Q q 0 0 0 rg BT 491.79 717.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 531.43 717.60 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 74.87 705.60 Td (from ) Tj ET Q q 0 0 0 rg BT 96.34 705.60 Td (net ) Tj ET Q q 0 0 0 rg BT 110.58 705.60 Td (client ) Tj ET Q q 0 0 0 rg BT 134.83 705.60 Td (inflows ) Tj ET Q q 0 0 0 rg BT 166.86 705.60 Td (and ) Tj ET Q q 0 0 0 rg BT 183.33 705.60 Td (net ) Tj ET Q q 0 0 0 rg BT 197.58 705.60 Td (market ) Tj ET Q q 0 0 0 rg BT 227.37 705.60 Td (appreciation, ) Tj ET Q q 0 0 0 rg BT 281.32 705.60 Td (as ) Tj ET Q q 0 0 0 rg BT 291.68 705.60 Td (well ) Tj ET Q q 0 0 0 rg BT 310.93 705.60 Td (as ) Tj ET Q q 0 0 0 rg BT 321.29 705.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 348.87 705.60 Td (average ) Tj ET Q q 0 0 0 rg BT 381.99 705.60 Td (ef) Tj ET Q q 0 0 0 rg BT 389.57 705.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 418.81 705.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 452.48 705.60 Td (yield. ) Tj ET Q q 0 0 0 rg BT 477.01 705.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 494.59 705.60 Td (average ) Tj ET Q q 0 0 0 rg BT 527.71 705.60 Td (ef) Tj ET Q q 0 0 0 rg BT 535.30 705.60 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 83.60 693.60 Td (yield ) Tj ET Q q 0 0 0 rg BT 106.05 693.60 Td (for ) Tj ET Q q 0 0 0 rg BT 120.17 693.60 Td (our ) Tj ET Q q 0 0 0 rg BT 135.96 693.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 156.15 693.60 Td ( ) Tj ET Q q 0 0 0 rg BT 158.60 693.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 198.82 693.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.83 693.60 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.83 693.60 Td ( ) Tj ET Q q 0 0 0 rg BT 229.29 693.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 251.74 693.60 Td (points ) Tj ET Q q 0 0 0 rg BT 278.65 693.60 Td (for ) Tj ET Q q 0 0 0 rg BT 292.76 693.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.43 693.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.64 693.60 Td ( ) Tj ET Q q 0 0 0 rg BT 327.10 693.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.43 693.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 411.97 693.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.97 693.60 Td (, ) Tj ET Q q 0 0 0 rg BT 436.93 693.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 478.81 693.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.04 693.60 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.04 693.60 Td ( ) Tj ET Q q 0 0 0 rg BT 501.50 693.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 523.95 693.60 Td (points ) Tj ET Q q 0 0 0 rg BT 550.86 693.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.60 Td (the ) Tj ET Q q 0 0 0 rg BT 63.25 681.60 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 121.98 681.60 Td (period ) Tj ET Q q 0 0 0 rg BT 149.06 681.60 Td (in ) Tj ET Q q 0 0 0 rg BT 158.37 681.60 Td (the ) Tj ET Q q 0 0 0 rg BT 172.11 681.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 193.08 681.60 Td (year) Tj ET Q q 0 0 0 rg BT 209.74 681.60 Td (. ) Tj ET Q q 0 0 0 rg BT 213.66 681.60 Td (The ) Tj ET Q q 0 0 0 rg BT 230.73 681.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 265.02 681.60 Td (in ) Tj ET Q q 0 0 0 rg BT 274.33 681.60 Td (the ) Tj ET Q q 0 0 0 rg BT 288.07 681.60 Td (average ) Tj ET Q q 0 0 0 rg BT 320.69 681.60 Td (ef) Tj ET Q q 0 0 0 rg BT 328.27 681.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 357.01 681.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 390.18 681.60 Td (yield ) Tj ET Q q 0 0 0 rg BT 411.71 681.60 Td (was ) Tj ET Q q 0 0 0 rg BT 428.79 681.60 Td (due ) Tj ET Q q 0 0 0 rg BT 444.76 681.60 Td (to ) Tj ET Q q 0 0 0 rg BT 454.06 681.60 Td (more ) Tj ET Q q 0 0 0 rg BT 476.14 681.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 501.00 681.60 Td (from ) Tj ET Q q 0 0 0 rg BT 521.97 681.60 Td (individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 88.11 669.60 Td (in ) Tj ET Q q 0 0 0 rg BT 98.39 669.60 Td (open-ended ) Tj ET Q q 0 0 0 rg BT 147.53 669.60 Td (funds, ) Tj ET Q q 0 0 0 rg BT 174.75 669.60 Td (which ) Tj ET Q q 0 0 0 rg BT 201.69 669.60 Td (earned ) Tj ET Q q 0 0 0 rg BT 230.84 669.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 258.88 669.60 Td (fees.) 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 66.22 645.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.26 645.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.47 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 101.29 645.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.00 645.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 186.91 645.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.91 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 212.23 645.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 265.58 645.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 284.51 645.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.76 645.60 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 327.09 645.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.98 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 361.31 645.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 403.56 645.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.16 645.60 Td ($7.8 ) Tj ET Q q 0 0 0 rg BT 434.49 645.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.38 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 466.20 645.60 Td (in ) Tj ET Q q 0 0 0 rg BT 476.81 645.60 Td (the ) Tj ET Q q 0 0 0 rg BT 491.85 645.60 Td (prior) Tj ET Q q 0 0 0 rg BT 511.09 645.60 Td (-year ) Tj ET Q q 0 0 0 rg BT 534.45 645.60 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (The ) Tj ET Q q 0 0 0 rg BT 67.69 633.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 120.86 633.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 139.60 633.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 177.22 633.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.64 633.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.64 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 210.28 633.60 Td (were ) Tj ET Q q 0 0 0 rg BT 232.35 633.60 Td (the ) Tj ET Q q 0 0 0 rg BT 247.21 633.60 Td (result ) Tj ET Q q 0 0 0 rg BT 272.07 633.60 Td (of ) Tj ET Q q 0 0 0 rg BT 283.04 633.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 312.89 633.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 337.75 633.60 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 380.93 633.60 Td (their ) Tj ET Q q 0 0 0 rg BT 401.90 633.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 455.06 633.60 Td (tar) Tj ET Q q 0 0 0 rg BT 465.43 633.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 484.18 633.60 Td (at ) Tj ET Q q 0 0 0 rg BT 494.04 633.60 Td (the ) Tj ET Q q 0 0 0 rg BT 508.90 633.60 Td (time ) Tj ET Q q 0 0 0 rg BT 529.32 633.60 Td (of ) Tj ET Q q 0 0 0 rg BT 540.29 633.60 Td (client ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 71.65 621.60 Td (withdrawals. ) Tj ET Q q 0 0 0 rg BT 125.53 621.60 Td (The ) Tj ET Q q 0 0 0 rg BT 143.79 621.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 197.02 621.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 215.83 621.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 253.51 621.60 Td (in ) Tj ET Q q 0 0 0 rg BT 263.99 621.60 Td (2013 ) Tj ET Q q 0 0 0 rg BT 286.70 621.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 321.06 621.60 Td (from ) Tj ET Q q 0 0 0 rg BT 343.21 621.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 373.12 621.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 398.05 621.60 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 441.29 621.60 Td (their ) Tj ET Q q 0 0 0 rg BT 462.32 621.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 515.55 621.60 Td (tar) Tj ET Q q 0 0 0 rg BT 525.92 621.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 544.73 621.60 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.60 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 609.60 Td (specified ) Tj ET Q q 0 0 0 rg BT 95.03 609.60 Td (measurement ) Tj ET Q q 0 0 0 rg BT 150.84 609.60 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 96.61 585.60 Td (income ) Tj ET Q q 0 0 0 rg BT 128.71 585.60 Td (includes ) Tj ET Q q 0 0 0 rg BT 164.71 585.60 Td (gains ) Tj ET Q q 0 0 0 rg BT 188.49 585.60 Td (and ) Tj ET Q q 0 0 0 rg BT 205.61 585.60 Td (losses ) Tj ET Q q 0 0 0 rg BT 232.17 585.60 Td (from ) Tj ET Q q 0 0 0 rg BT 254.28 585.60 Td (our ) Tj ET Q q 0 0 0 rg BT 270.29 585.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 320.73 585.60 Td (in ) Tj ET Q q 0 0 0 rg BT 331.18 585.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 373.28 585.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 398.18 585.60 Td (and ) Tj ET Q q 0 0 0 rg BT 415.29 585.60 Td (private ) Tj ET Q q 0 0 0 rg BT 445.73 585.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 470.62 585.60 Td (or ) Tj ET Q q 0 0 0 rg BT 481.62 585.60 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 533.17 585.60 Td (that ) Tj ET Q q 0 0 0 rg BT 550.84 585.60 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.60 Td (manage. ) Tj ET Q q 0 0 0 rg BT 86.17 573.60 Td (Investment ) Tj ET Q q 0 0 0 rg BT 133.68 573.60 Td (income ) Tj ET Q q 0 0 0 rg BT 166.19 573.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.82 573.60 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 205.39 573.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.29 573.60 Td ( ) Tj ET Q q 0 0 0 rg BT 237.36 573.60 Td (for ) Tj ET Q q 0 0 0 rg BT 252.10 573.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.39 573.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.60 573.60 Td ( ) Tj ET Q q 0 0 0 rg BT 287.67 573.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.63 573.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 373.79 573.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.79 573.60 Td (, ) Tj ET Q q 0 0 0 rg BT 399.36 573.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 441.86 573.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.72 573.60 Td ($2.8 ) Tj ET Q q 0 0 0 rg BT 483.29 573.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.19 573.60 Td ( ) Tj ET Q q 0 0 0 rg BT 515.26 573.60 Td (for ) Tj ET Q q 0 0 0 rg BT 530.00 573.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.29 573.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 573.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 561.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 134.46 561.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.46 561.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 88.50 537.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 124.72 537.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 155.93 537.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 196.59 537.60 Td (mar) Tj ET Q q 0 0 0 rg BT 211.96 537.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 227.63 537.60 Td (for ) Tj ET Q q 0 0 0 rg BT 242.18 537.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.30 537.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.50 537.60 Td ( ) Tj ET Q q 0 0 0 rg BT 277.40 537.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.17 537.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 363.15 537.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 537.60 Td ( ) Tj ET Q q 0 0 0 rg BT 386.04 537.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.49 537.60 Td (35.8 ) Tj ET Q q 0 0 0 rg BT 424.88 537.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.31 537.60 Td (, ) Tj ET Q q 0 0 0 rg BT 459.70 537.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 502.02 537.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.69 537.60 Td (40.9 ) Tj ET Q q 0 0 0 rg BT 533.09 537.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.51 537.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 525.60 Td (for ) Tj ET Q q 0 0 0 rg BT 63.94 525.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.94 525.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.15 525.60 Td ( ) Tj ET Q q 0 0 0 rg BT 98.93 525.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.59 525.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 184.46 525.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.46 525.60 Td (. ) Tj ET Q q 0 0 0 rg BT 209.54 525.60 Td (The ) Tj ET Q q 0 0 0 rg BT 227.87 525.60 Td (decrease ) Tj ET Q q 0 0 0 rg BT 265.07 525.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 299.51 525.60 Td (from ) Tj ET Q q 0 0 0 rg BT 321.73 525.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 350.06 525.60 Td (non-compensation ) Tj ET Q q 0 0 0 rg BT 426.72 525.60 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 468.10 525.60 Td (particularly ) Tj ET Q q 0 0 0 rg BT 516.97 525.60 Td (attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 513.60 Td (third ) Tj ET Q q 0 0 0 rg BT 81.17 513.60 Td (party ) Tj ET Q q 0 0 0 rg BT 104.21 513.60 Td (marketing ) Tj ET Q q 0 0 0 rg BT 147.25 513.60 Td (fees. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 431.10 86.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 431.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 431.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 431.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 431.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 431.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 431.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 431.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 431.10 7.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 431.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 431.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 431.10 58.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 431.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 431.10 50.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 431.10 4.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 431.10 45.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 409.10 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 409.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 409.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 409.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 409.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 409.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 409.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 409.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 409.10 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 409.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 409.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 409.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 409.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 409.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 409.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 409.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 386.10 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 386.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 386.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 386.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 386.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 386.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 386.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 386.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 386.10 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 386.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 386.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 386.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 386.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 386.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 386.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 386.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 362.10 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 362.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 362.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 362.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 362.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 362.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 362.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 362.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 362.10 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 362.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 362.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 362.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 362.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 362.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 362.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 362.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 338.10 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 338.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 338.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 338.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 338.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 338.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 338.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 338.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 338.10 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 338.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 338.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 338.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 338.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 338.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 338.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 338.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 314.10 86.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 314.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 314.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 314.10 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 314.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 314.10 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 314.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 314.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 314.10 7.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 314.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 314.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 314.10 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 314.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 314.10 50.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 314.10 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 314.10 45.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 282.10 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 282.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 282.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 282.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 282.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 282.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 282.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 282.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 282.10 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 282.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 282.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 282.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 282.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 282.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 282.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 282.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 258.10 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 258.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 258.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 258.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 258.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 258.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 258.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 258.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 258.10 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 258.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 258.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 258.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 258.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 258.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 258.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 258.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 234.10 86.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 234.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 234.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 234.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 234.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 234.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 234.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 234.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 234.10 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 234.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 234.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 234.10 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 234.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 234.10 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 234.10 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 234.10 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 210.10 86.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 210.10 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 210.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 210.10 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 210.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 210.10 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 210.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 210.10 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 210.10 7.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 210.10 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 210.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 210.10 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 210.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 210.10 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 210.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 210.10 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 177.10 86.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 177.10 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.00 177.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 185.00 177.10 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.00 177.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 177.10 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 177.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 177.10 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 177.10 7.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 177.10 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 177.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 177.10 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 177.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 177.10 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.00 177.10 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 177.10 45.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 479.1 m 353 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 479.1 m 398 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 479.1 m 402 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 479.1 m 460 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 479.1 m 464 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 479.1 m 514 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514 479.1 m 518 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 479.1 m 563 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 479.1 m 181 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 467.1 m 181 467.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181 479.1 m 185 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181 467.1 m 185 467.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 479.1 m 243 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 467.1 m 243 467.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 479.1 m 247 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 467.1 m 247 467.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 479.1 m 297 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 467.1 m 297 467.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 479.1 m 301 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 467.1 m 301 467.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 479.1 m 346 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 467.1 m 346 467.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 479.1 m 353 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 479.1 m 398 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 467.1 m 398 467.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 479.1 m 402 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 467.1 m 402 467.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 479.1 m 460 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 467.1 m 460 467.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 479.1 m 464 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 467.1 m 464 467.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 479.1 m 514 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 467.1 m 514 467.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514 479.1 m 518 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514 467.1 m 518 467.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 479.1 m 563 479.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 467.1 m 563 467.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 455.1 m 243 455.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243 455.1 m 247 455.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 455.1 m 297 455.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 455.1 m 460 455.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 455.1 m 464 455.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 455.1 m 514 455.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 431.1 m 181 431.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 431.1 m 243 431.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 431.1 m 297 431.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 431.1 m 346 431.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 431.1 m 398 431.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 431.1 m 460 431.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 431.1 m 514 431.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 431.1 m 563 431.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 397.1 m 181 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 397.1 m 243 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 397.1 m 297 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 397.1 m 346 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 397.1 m 398 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 397.1 m 460 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 397.1 m 514 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 397.1 m 563 397.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 338.1 m 181 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 338.1 m 243 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 338.1 m 297 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 338.1 m 346 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 338.1 m 398 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 338.1 m 460 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 338.1 m 514 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 338.1 m 563 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 338.1 m 181 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 338.1 m 243 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 338.1 m 297 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 338.1 m 346 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 338.1 m 398 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 338.1 m 460 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 338.1 m 514 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 338.1 m 563 338.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 270.1 m 181 270.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 270.1 m 243 270.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 270.1 m 297 270.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 270.1 m 346 270.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 270.1 m 398 270.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 270.1 m 460 270.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 270.1 m 514 270.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 270.1 m 563 270.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 222.10000000000002 m 181 222.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 222.10000000000002 m 243 222.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 222.10000000000002 m 297 222.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 222.10000000000002 m 346 222.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 222.10000000000002 m 398 222.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 222.10000000000002 m 460 222.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 222.10000000000002 m 514 222.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 222.10000000000002 m 563 222.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 190.10000000000002 m 181 190.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136 188.10000000000002 m 181 188.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 190.10000000000002 m 243 190.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 185 188.10000000000002 m 243 188.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 190.10000000000002 m 297 190.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 188.10000000000002 m 297 188.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 190.10000000000002 m 346 190.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 188.10000000000002 m 346 188.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 190.10000000000002 m 398 190.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 188.10000000000002 m 398 188.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 190.10000000000002 m 460 190.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 188.10000000000002 m 460 188.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 190.10000000000002 m 514 190.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 188.10000000000002 m 514 188.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 190.10000000000002 m 563 190.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518 188.10000000000002 m 563 188.10000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.70 483.18 Td (Year Ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 232.50 471.18 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.50 471.18 Td (2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 214.65 459.18 Td (Adjustments ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 260.21 462.81 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.65 459.18 Td (Adjustments ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 477.21 462.81 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 149.25 447.18 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 187.75 447.18 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.35 447.18 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.85 447.18 Td (U.S.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.25 447.18 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.75 447.18 Td (Noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.35 447.18 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.85 447.18 Td (U.S.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 435.05 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.40 435.18 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.65 435.18 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.70 435.18 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.85 435.18 Td (GAAP) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.40 435.18 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.65 435.18 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.70 435.18 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.85 435.18 Td (GAAP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 423.10 Td (Management fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 413.05 Td (Value equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.50 413.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 413.05 Td (50,066) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.50 413.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 413.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.50 413.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 413.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.50 413.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 413.05 Td (50,066) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 413.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 413.05 Td (48,636) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.50 413.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 413.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.50 413.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 413.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.50 413.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 413.05 Td (48,636) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 401.05 Td (MLP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 401.05 Td (21,248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 401.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 401.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 401.05 Td (21,248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 401.05 Td (14,600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 401.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 401.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 401.05 Td (14,600) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 389.05 Td (Total management fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 389.05 Td (71,314) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 389.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 389.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 389.05 Td (71,314) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 389.05 Td (63,236) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 389.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 389.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 389.05 Td (63,236) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 366.05 Td (Performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 354.05 Td (Value equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.75 354.05 Td (7,620) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 354.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 354.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.75 354.05 Td (7,620) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 354.05 Td (785) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 354.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 354.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.75 354.05 Td (785) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 342.05 Td (MLP) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.75 342.05 Td (220) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 342.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 342.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.75 342.05 Td (220) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.80 342.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 342.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 342.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.80 342.05 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 330.05 Td (Total performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.75 330.05 Td (7,840) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 330.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 330.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.75 330.05 Td (7,840) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 330.05 Td (785) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 330.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 330.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.75 330.05 Td (785) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 306.05 Td (Total management and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 298.05 Td (performance fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 298.35 Td (79,154) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 298.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 298.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 298.35 Td (79,154) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 298.35 Td (64,021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 298.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 298.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 298.35 Td (64,021) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 274.05 Td (Investment income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.75 274.05 Td (2,794) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 274.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 274.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.75 274.05 Td (2,794) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 274.05 Td (733) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 274.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 274.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.75 274.05 Td (733) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 250.05 Td (Total net revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 250.05 Td (81,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 250.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.80 250.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 250.05 Td (81,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 250.05 Td (64,754) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 250.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.80 250.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 250.05 Td (64,754) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 226.05 Td (Operating expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 226.05 Td (48,439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 226.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.75 226.05 Td (7,912) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 226.05 Td (56,351) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 226.05 Td (39,955) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 226.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.75 226.05 Td (8,358) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 226.05 Td (48,313) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 202.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 194.05 Td (operating income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.50 193.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.75 193.35 Td (33,509) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.50 193.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.80 193.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.50 193.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.10 193.35 Td (\(7,912) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.80 193.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.50 193.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.75 193.35 Td (25,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 355.50 193.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 193.35 Td (24,799) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.50 193.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.80 193.35 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.50 193.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.10 193.35 Td (\(8,358) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.80 193.35 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.50 193.35 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.75 193.35 Td (16,441) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 169.05 Td (Segment pre-tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 161.05 Td (operating margin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.75 160.35 Td (40.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.80 160.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.75 160.35 Td (31.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 160.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 160.35 Td (38.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 160.35 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.75 160.35 Td (25.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.80 160.35 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 144.00 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.83 144.00 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 144.00 Td (Other ) Tj ET Q q 0 0 0 rg BT 87.32 144.00 Td (Adjustments ) Tj ET Q q 0 0 0 rg BT 127.67 144.00 Td ( ) Tj ET Q q 0 0 0 rg BT 132.91 144.00 Td (The ) Tj ET Q q 0 0 0 rg BT 146.15 144.00 Td (following ) Tj ET Q q 0 0 0 rg BT 177.62 144.00 Td (table ) Tj ET Q q 0 0 0 rg BT 194.85 144.00 Td (sets ) Tj ET Q q 0 0 0 rg BT 208.09 144.00 Td (forth ) Tj ET Q q 0 0 0 rg BT 224.89 144.00 Td (the ) Tj ET Q q 0 0 0 rg BT 235.91 144.00 Td (items ) Tj ET Q q 0 0 0 rg BT 254.04 144.00 Td (not ) Tj ET Q q 0 0 0 rg BT 265.50 144.00 Td (included ) Tj ET Q q 0 0 0 rg BT 294.29 144.00 Td (in ) Tj ET Q q 0 0 0 rg BT 301.75 144.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 330.10 144.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 357.56 144.00 Td (pr) Tj ET Q q 0 0 0 rg BT 364.38 144.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 381.61 144.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 413.96 144.00 Td (income ) Tj ET Q q 0 0 0 rg BT 438.30 144.00 Td (and ) Tj ET Q q 0 0 0 rg BT 451.54 144.00 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 479.89 144.00 Td (segment ) Tj ET Q q 0 0 0 rg BT 507.35 144.00 Td (pr) Tj ET Q q 0 0 0 rg BT 514.16 144.00 Td (e-tax ) Tj ET Q q 0 0 0 rg BT 531.39 144.00 Td (operating ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 134.40 Td (mar) Tj ET Q q 0 0 0 rg BT 80.09 134.40 Td (gin ) Tj ET Q q 0 0 0 rg BT 92.32 134.40 Td (for ) Tj ET Q q 0 0 0 rg BT 103.65 134.40 Td (the ) Tj ET Q q 0 0 0 rg BT 115.43 134.40 Td (periods ) Tj ET Q q 0 0 0 rg BT 141.43 134.40 Td (pr) Tj ET Q q 0 0 0 rg BT 148.24 134.40 Td (esented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 103.90 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 103.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 103.90 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 103.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 83.90 347.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 83.90 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 83.90 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 83.90 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 415 113.89999999999998 m 485 113.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 113.89999999999998 m 493 113.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 113.89999999999998 m 563 113.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 103.89999999999998 m 485 103.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 103.89999999999998 m 563 103.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 103.89999999999998 m 485 103.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 103.89999999999998 m 563 103.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 73.89999999999998 m 485 73.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 64.89999999999998 m 485 64.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 62.89999999999998 m 485 62.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 73.89999999999998 m 563 73.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 64.89999999999998 m 563 64.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 62.89999999999998 m 563 62.89999999999998 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 445.80 116.03 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 105.90 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.50 106.03 Td (2013) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 106.03 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 95.90 Td (Compensation from acquisition-related agreements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.50 95.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.80 95.90 Td (1,284) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 95.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 95.90 Td (1,284) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 85.90 Td (Restructuring and integration costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.10 85.90 Td (\(16) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 481.80 85.90 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.80 85.90 Td (130) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.50 75.90 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 75.90 Td (6,644) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 75.90 Td (6,944) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.50 65.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.80 65.90 Td (7,912) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.50 65.90 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.80 65.90 Td (8,358) 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 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 endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 17.10 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 705.60 Td (For ) Tj ET Q q 0 0 0 rg BT 66.01 705.60 Td (the ) Tj ET Q q 0 0 0 rg BT 80.84 705.60 Td (year ) Tj ET Q q 0 0 0 rg BT 100.66 705.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.15 705.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 185.85 705.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.85 705.60 Td (, ) Tj ET Q q 0 0 0 rg BT 210.96 705.60 Td (management ) Tj ET Q q 0 0 0 rg BT 264.67 705.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 283.38 705.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.43 705.60 Td ($71.3 ) Tj ET Q q 0 0 0 rg BT 330.54 705.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.43 705.60 Td (, ) Tj ET Q q 0 0 0 rg BT 364.55 705.60 Td (an ) Tj ET Q q 0 0 0 rg BT 376.60 705.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 411.97 705.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.91 705.60 Td (12.8 ) Tj ET Q q 0 0 0 rg BT 443.03 705.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.45 705.60 Td (, ) Tj ET Q q 0 0 0 rg BT 477.57 705.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 519.60 705.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 705.60 Td ($63.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 693.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 693.60 Td ( ) Tj ET Q q 0 0 0 rg BT 82.14 693.60 Td (in ) Tj ET Q q 0 0 0 rg BT 93.67 693.60 Td (the ) Tj ET Q q 0 0 0 rg BT 109.64 693.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 132.83 693.60 Td (year) Tj ET Q q 0 0 0 rg BT 149.64 693.60 Td (, ) Tj ET Q q 0 0 0 rg BT 155.89 693.60 Td (due ) Tj ET Q q 0 0 0 rg BT 174.08 693.60 Td (primarily ) Tj ET Q q 0 0 0 rg BT 215.05 693.60 Td (to ) Tj ET Q q 0 0 0 rg BT 226.58 693.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 267.26 693.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 294.35 693.60 Td (and ) Tj ET Q q 0 0 0 rg BT 312.54 693.60 Td (management ) Tj ET Q q 0 0 0 rg BT 367.38 693.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 387.23 693.60 Td (from ) Tj ET Q q 0 0 0 rg BT 410.42 693.60 Td (our ) Tj ET Q q 0 0 0 rg BT 427.50 693.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 447.69 693.60 Td ( ) Tj ET Q q 0 0 0 rg BT 451.45 693.60 Td (product ) Tj ET Q q 0 0 0 rg BT 485.74 693.60 Td (of) Tj ET Q q 0 0 0 rg BT 493.89 693.60 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 527.92 693.60 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 693.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 693.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.60 Td (management ) Tj ET Q q 0 0 0 rg BT 102.06 681.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 119.63 681.60 Td (related ) Tj ET Q q 0 0 0 rg BT 148.30 681.60 Td (to ) Tj ET Q q 0 0 0 rg BT 157.55 681.60 Td (our ) Tj ET Q q 0 0 0 rg BT 172.35 681.60 Td (value ) Tj ET Q q 0 0 0 rg BT 195.48 681.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 221.95 681.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 261.18 681.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.08 681.60 Td ($50.1 ) Tj ET Q q 0 0 0 rg BT 306.05 681.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.94 681.60 Td (, ) Tj ET Q q 0 0 0 rg BT 338.92 681.60 Td (up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.39 681.60 Td (2.9 ) Tj ET Q q 0 0 0 rg BT 364.36 681.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.78 681.60 Td ( ) Tj ET Q q 0 0 0 rg BT 395.25 681.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 436.15 681.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.40 681.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.40 681.60 Td (. ) Tj ET Q q 0 0 0 rg BT 469.26 681.60 Td (The ) Tj ET Q q 0 0 0 rg BT 486.28 681.60 Td (impact ) Tj ET Q q 0 0 0 rg BT 514.96 681.60 Td (of ) Tj ET Q q 0 0 0 rg BT 524.76 681.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 74.78 669.60 Td (in ) Tj ET Q q 0 0 0 rg BT 84.51 669.60 Td (2013 ) Tj ET Q q 0 0 0 rg BT 106.46 669.60 Td (from ) Tj ET Q q 0 0 0 rg BT 127.84 669.60 Td (market ) Tj ET Q q 0 0 0 rg BT 157.55 669.60 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 208.92 669.60 Td (was ) Tj ET Q q 0 0 0 rg BT 226.42 669.60 Td (of) Tj ET Q q 0 0 0 rg BT 234.57 669.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 250.95 669.60 Td (by ) Tj ET Q q 0 0 0 rg BT 262.90 669.60 Td (a ) Tj ET Q q 0 0 0 rg BT 269.29 669.60 Td (lower ) Tj ET Q q 0 0 0 rg BT 294.00 669.60 Td (average ) Tj ET Q q 0 0 0 rg BT 327.03 669.60 Td (ef) Tj ET Q q 0 0 0 rg BT 334.62 669.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 363.77 669.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 397.36 669.60 Td (yield. ) Tj ET Q q 0 0 0 rg BT 421.66 669.60 Td (The ) Tj ET Q q 0 0 0 rg BT 439.16 669.60 Td (average ) Tj ET Q q 0 0 0 rg BT 472.19 669.60 Td (ef) Tj ET Q q 0 0 0 rg BT 479.78 669.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 508.93 669.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 542.52 669.60 Td (yield ) 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 63.68 657.60 Td (our ) Tj ET Q q 0 0 0 rg BT 79.52 657.60 Td (value ) Tj ET Q q 0 0 0 rg BT 103.69 657.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 131.21 657.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 171.48 657.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.55 657.60 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.55 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 202.07 657.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 224.58 657.60 Td (points ) Tj ET Q q 0 0 0 rg BT 251.55 657.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.84 657.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.84 657.60 Td (, ) Tj ET Q q 0 0 0 rg BT 286.86 657.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 328.80 657.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.09 657.60 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.09 657.60 Td ( ) Tj ET Q q 0 0 0 rg BT 351.61 657.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 374.13 657.60 Td (points ) Tj ET Q q 0 0 0 rg BT 401.09 657.60 Td (in ) Tj ET Q q 0 0 0 rg BT 411.39 657.60 Td (the ) Tj ET Q q 0 0 0 rg BT 426.12 657.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 448.07 657.60 Td (year) Tj ET Q q 0 0 0 rg BT 464.73 657.60 Td (. ) Tj ET Q q 0 0 0 rg BT 469.74 657.60 Td (Management ) Tj ET Q q 0 0 0 rg BT 524.46 657.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 543.08 657.60 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 645.60 Td (our ) Tj ET Q q 0 0 0 rg BT 65.60 645.60 Td (our ) Tj ET Q q 0 0 0 rg BT 81.70 645.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 101.89 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 104.66 645.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 145.20 645.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.72 645.60 Td (45.5 ) Tj ET Q q 0 0 0 rg BT 205.99 645.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.42 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 238.19 645.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.74 645.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.74 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 271.51 645.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.06 645.60 Td ($21.2 ) Tj ET Q q 0 0 0 rg BT 307.33 645.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.22 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 341.49 645.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 383.69 645.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.24 645.60 Td ($14.6 ) Tj ET Q q 0 0 0 rg BT 429.51 645.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.40 645.60 Td ( ) Tj ET Q q 0 0 0 rg BT 461.17 645.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.72 645.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.72 645.60 Td (, ) Tj ET Q q 0 0 0 rg BT 496.99 645.60 Td (due ) Tj ET Q q 0 0 0 rg BT 514.20 645.60 Td (to ) Tj ET Q q 0 0 0 rg BT 524.75 645.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 633.60 Td (average ) Tj ET Q q 0 0 0 rg BT 82.02 633.60 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 109.56 633.60 Td (The ) Tj ET Q q 0 0 0 rg BT 126.95 633.60 Td (average ) Tj ET Q q 0 0 0 rg BT 159.88 633.60 Td (ef) Tj ET Q q 0 0 0 rg BT 167.47 633.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 196.51 633.60 Td (revenue ) Tj ET Q q 0 0 0 rg BT 230.00 633.60 Td (yield ) Tj ET Q q 0 0 0 rg BT 251.84 633.60 Td (for ) Tj ET Q q 0 0 0 rg BT 265.34 633.60 Td (our ) Tj ET Q q 0 0 0 rg BT 280.51 633.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 300.70 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 302.54 633.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 342.15 633.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.54 633.60 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.54 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 371.39 633.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 393.23 633.60 Td (points ) Tj ET Q q 0 0 0 rg BT 419.52 633.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.14 633.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.14 633.60 Td (, ) Tj ET Q q 0 0 0 rg BT 453.48 633.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 494.75 633.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.37 633.60 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.37 633.60 Td ( ) Tj ET Q q 0 0 0 rg BT 516.21 633.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 538.05 633.60 Td (points ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 621.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.78 621.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.78 621.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.60 Td (For ) Tj ET Q q 0 0 0 rg BT 65.75 597.60 Td (the ) Tj ET Q q 0 0 0 rg BT 80.33 597.60 Td (year ) Tj ET Q q 0 0 0 rg BT 99.90 597.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.14 597.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 184.59 597.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.59 597.60 Td (, ) Tj ET Q q 0 0 0 rg BT 209.45 597.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 262.33 597.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 280.80 597.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.59 597.60 Td ($7.8 ) Tj ET Q q 0 0 0 rg BT 322.45 597.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.34 597.60 Td (, ) Tj ET Q q 0 0 0 rg BT 356.20 597.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 397.99 597.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.13 597.60 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 427.99 597.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.88 597.60 Td ( ) Tj ET Q q 0 0 0 rg BT 459.25 597.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.39 597.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.39 597.60 Td (. ) Tj ET Q q 0 0 0 rg BT 494.08 597.60 Td (The ) Tj ET Q q 0 0 0 rg BT 511.99 597.60 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 585.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 68.11 585.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 105.60 585.60 Td (in ) Tj ET Q q 0 0 0 rg BT 115.90 585.60 Td (2013 ) Tj ET Q q 0 0 0 rg BT 138.41 585.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 172.58 585.60 Td (from ) Tj ET Q q 0 0 0 rg BT 194.53 585.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 224.25 585.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 248.99 585.60 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 292.03 585.60 Td (their ) Tj ET Q q 0 0 0 rg BT 312.87 585.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 365.91 585.60 Td (tar) Tj ET Q q 0 0 0 rg BT 376.28 585.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 394.90 585.60 Td (over ) Tj ET Q q 0 0 0 rg BT 415.18 585.60 Td (a ) Tj ET Q q 0 0 0 rg BT 422.14 585.60 Td (specified ) Tj ET Q q 0 0 0 rg BT 460.75 585.60 Td (measurement ) Tj ET Q q 0 0 0 rg BT 516.57 585.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 546.95 585.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 573.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.66 573.60 Td (fees ) Tj ET Q q 0 0 0 rg BT 121.39 573.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 159.00 573.60 Td (during ) Tj ET Q q 0 0 0 rg BT 187.75 573.60 Td (2012 ) Tj ET Q q 0 0 0 rg BT 210.38 573.60 Td (were ) Tj ET Q q 0 0 0 rg BT 232.45 573.60 Td (the ) Tj ET Q q 0 0 0 rg BT 247.30 573.60 Td (result ) Tj ET Q q 0 0 0 rg BT 272.15 573.60 Td (of ) Tj ET Q q 0 0 0 rg BT 283.12 573.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 312.96 573.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 337.81 573.60 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 380.98 573.60 Td (their ) Tj ET Q q 0 0 0 rg BT 401.94 573.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 455.10 573.60 Td (tar) Tj ET Q q 0 0 0 rg BT 465.47 573.60 Td (gets ) Tj ET Q q 0 0 0 rg BT 484.21 573.60 Td (at ) Tj ET Q q 0 0 0 rg BT 494.06 573.60 Td (the ) Tj ET Q q 0 0 0 rg BT 508.92 573.60 Td (time ) Tj ET Q q 0 0 0 rg BT 529.33 573.60 Td (of ) Tj ET Q q 0 0 0 rg BT 540.29 573.60 Td (client ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 561.60 Td (asset ) Tj ET Q q 0 0 0 rg BT 71.44 561.60 Td (withdrawals. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 537.60 Td (For ) Tj ET Q q 0 0 0 rg BT 65.89 537.60 Td (the ) Tj ET Q q 0 0 0 rg BT 80.61 537.60 Td (year ) Tj ET Q q 0 0 0 rg BT 100.32 537.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.69 537.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 185.28 537.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.28 537.60 Td (, ) Tj ET Q q 0 0 0 rg BT 210.28 537.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 256.66 537.60 Td (income ) Tj ET Q q 0 0 0 rg BT 288.59 537.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.64 537.60 Td ($2.8 ) Tj ET Q q 0 0 0 rg BT 326.64 537.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.54 537.60 Td ( ) Tj ET Q q 0 0 0 rg BT 358.04 537.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 399.96 537.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.24 537.60 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 440.24 537.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.13 537.60 Td ( ) Tj ET Q q 0 0 0 rg BT 471.63 537.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.79 537.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.79 537.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.60 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 88.09 513.60 Td (segment ) Tj ET Q q 0 0 0 rg BT 123.89 513.60 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 154.69 513.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 194.93 513.60 Td (mar) Tj ET Q q 0 0 0 rg BT 210.30 513.60 Td (gin ) Tj ET Q q 0 0 0 rg BT 225.56 513.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.70 513.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.70 513.60 Td ( ) Tj ET Q q 0 0 0 rg BT 262.18 513.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.21 513.60 Td (40.9 ) Tj ET Q q 0 0 0 rg BT 300.19 513.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.62 513.60 Td (, ) Tj ET Q q 0 0 0 rg BT 334.60 513.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 376.50 513.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.76 513.60 Td (38.3 ) Tj ET Q q 0 0 0 rg BT 406.74 513.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.17 513.60 Td ( ) Tj ET Q q 0 0 0 rg BT 438.65 513.60 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.79 513.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.79 513.60 Td (. ) Tj ET Q q 0 0 0 rg BT 477.59 513.60 Td (The ) Tj ET Q q 0 0 0 rg BT 495.61 513.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 530.85 513.60 Td (resulted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.60 Td (from ) Tj ET Q q 0 0 0 rg BT 71.44 501.60 Td (improved ) Tj ET Q q 0 0 0 rg BT 112.26 501.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 152.53 501.60 Td (results ) Tj ET Q q 0 0 0 rg BT 181.14 501.60 Td (driven ) Tj ET Q q 0 0 0 rg BT 209.18 501.60 Td (by ) Tj ET Q q 0 0 0 rg BT 221.68 501.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 249.73 501.60 Td (net ) Tj ET Q q 0 0 0 rg BT 264.45 501.60 Td (revenues.) 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 67.55 477.60 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 477.60 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 477.60 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 181.13 477.60 Td (the ) Tj ET Q q 0 0 0 rg BT 195.85 477.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 230.55 477.60 Td (in ) Tj ET Q q 0 0 0 rg BT 240.83 477.60 Td (our ) Tj ET Q q 0 0 0 rg BT 256.11 477.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 281.95 477.60 Td (for ) Tj ET Q q 0 0 0 rg BT 296.11 477.60 Td (the ) Tj ET Q q 0 0 0 rg BT 310.82 477.60 Td (periods ) Tj ET Q q 0 0 0 rg BT 342.76 477.60 Td (presented: ) Tj ET Q 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 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 323.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 323.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 323.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 323.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 323.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 323.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 299.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 299.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 299.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 299.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 299.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 299.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 275.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 275.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 275.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 275.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 275.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 275.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 251.10 257.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 251.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 251.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 251.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 251.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 251.10 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 306 443.1 m 386 443.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 443.1 m 394 443.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 443.1 m 474 443.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 443.1 m 482 443.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 443.1 m 562 443.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 431.1 m 386 431.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 431.1 m 474 431.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 431.1 m 562 431.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 383.1 m 386 383.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 383.1 m 474 383.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 383.1 m 562 383.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 372.1 m 386 372.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 370.1 m 386 370.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 372.1 m 474 372.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 370.1 m 474 370.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 383.1 m 562 383.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 372.1 m 562 372.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 370.1 m 562 370.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 311.1 m 562 311.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 311.1 m 386 311.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 300.1 m 386 300.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 298.1 m 386 298.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 311.1 m 474 311.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 300.1 m 474 300.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 298.1 m 474 298.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 311.1 m 562 311.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 300.1 m 562 300.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 298.1 m 562 298.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 239.10000000000002 m 562 239.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 239.10000000000002 m 386 239.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 228.10000000000002 m 386 228.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 226.10000000000002 m 386 226.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 239.10000000000002 m 474 239.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 228.10000000000002 m 474 228.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 226.10000000000002 m 474 226.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 239.10000000000002 m 562 239.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 228.10000000000002 m 562 228.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 226.10000000000002 m 562 226.10000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.80 457.83 Td (Twelve Months Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.40 445.83 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 435.05 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 433.83 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.50 433.83 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.50 433.83 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 421.83 Td (Value Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 409.83 Td (Beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 409.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 409.83 Td (6,683) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 409.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 409.83 Td (5,865) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 409.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 409.83 Td (5,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 397.72 Td (Net outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 397.72 Td (\(979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 397.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 397.72 Td (\(756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 397.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 397.72 Td (\(515) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 397.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 385.72 Td (Net market appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 385.72 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 385.72 Td (1,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 385.72 Td (575) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 373.83 Td (End of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 373.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 373.83 Td (5,758) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 373.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 373.83 Td (6,683) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 373.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 373.83 Td (5,865) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 349.83 Td (MLP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 337.83 Td (Beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 337.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 337.83 Td (4,549) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 337.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 337.83 Td (3,186) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 337.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 337.83 Td (2,751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 325.72 Td (Net inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 325.72 Td (719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 325.72 Td (498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 325.72 Td (338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 313.72 Td (Net market appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 313.72 Td (443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 313.72 Td (865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 313.72 Td (97) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 301.83 Td (End of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 301.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 301.83 Td (5,711) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 301.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 301.83 Td (4,549) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 301.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 301.83 Td (3,186) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 277.83 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 265.83 Td (Beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 265.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 265.83 Td (11,232) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 265.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 265.83 Td (9,051) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 265.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 265.83 Td (8,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 253.72 Td (Net outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 253.72 Td (\(260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 253.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 253.72 Td (\(258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 253.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 253.72 Td (\(177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 253.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 241.72 Td (Net market appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 241.72 Td (497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 241.72 Td (2,439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 241.72 Td (672) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 229.83 Td (End of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 229.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 229.83 Td (11,469) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 229.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 229.83 Td (11,232) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.50 229.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 229.83 Td (9,051) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.60 Td (For ) Tj ET Q q 0 0 0 rg BT 65.76 203.60 Td (the ) Tj ET Q q 0 0 0 rg BT 80.35 203.60 Td (year ) Tj ET Q q 0 0 0 rg BT 99.92 203.60 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.17 203.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 184.62 203.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.62 203.60 Td (, ) Tj ET Q q 0 0 0 rg BT 209.49 203.60 Td (total ) Tj ET Q q 0 0 0 rg BT 229.11 203.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 254.82 203.60 Td (increased ) Tj ET Q q 0 0 0 rg BT 294.94 203.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.09 203.60 Td ($1) Tj ET Q q 0 0 0 rg BT 314.72 203.60 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 329.59 203.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.70 203.60 Td ( ) Tj ET Q q 0 0 0 rg BT 358.07 203.60 Td (as ) Tj ET Q q 0 0 0 rg BT 368.77 203.60 Td (market ) Tj ET Q q 0 0 0 rg BT 398.90 203.60 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 450.69 203.60 Td (and ) Tj ET Q q 0 0 0 rg BT 467.50 203.60 Td (net ) Tj ET Q q 0 0 0 rg BT 482.09 203.60 Td (client ) Tj ET Q q 0 0 0 rg BT 506.67 203.60 Td (inflows ) Tj ET Q q 0 0 0 rg BT 539.04 203.60 Td (in ) Tj ET Q q 0 0 0 rg BT 549.19 203.60 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 69.69 191.60 Td ( ) Tj ET Q q 0 0 0 rg BT 72.87 191.60 Td (product ) Tj ET Q q 0 0 0 rg BT 106.59 191.60 Td (of) Tj ET Q q 0 0 0 rg BT 114.74 191.60 Td (ferings ) Tj ET Q q 0 0 0 rg BT 145.68 191.60 Td (were ) Tj ET Q q 0 0 0 rg BT 168.29 191.60 Td (partially ) Tj ET Q q 0 0 0 rg BT 204.79 191.60 Td (of) Tj ET Q q 0 0 0 rg BT 212.94 191.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 230.55 191.60 Td (by ) Tj ET Q q 0 0 0 rg BT 243.73 191.60 Td (net ) Tj ET Q q 0 0 0 rg BT 259.12 191.60 Td (client ) Tj ET Q q 0 0 0 rg BT 284.51 191.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 322.68 191.60 Td (in ) Tj ET Q q 0 0 0 rg BT 333.64 191.60 Td (our ) Tj ET Q q 0 0 0 rg BT 350.14 191.60 Td (value ) Tj ET Q q 0 0 0 rg BT 374.98 191.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 403.15 191.60 Td (strategies. ) Tj ET Q q 0 0 0 rg BT 446.36 191.60 Td (V) Tj ET Q q 0 0 0 rg BT 452.47 191.60 Td (alue ) Tj ET Q q 0 0 0 rg BT 472.30 191.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 499.77 191.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 526.28 191.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.01 191.60 Td ($5.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.61 179.60 Td ( ) Tj ET Q q 0 0 0 rg BT 78.42 179.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.45 179.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 147.35 179.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.35 179.60 Td (, ) Tj ET Q q 0 0 0 rg BT 172.66 179.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 214.90 179.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.49 179.60 Td ($6.7 ) Tj ET Q q 0 0 0 rg BT 245.80 179.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.91 179.60 Td ( ) Tj ET Q q 0 0 0 rg BT 274.72 179.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.75 179.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 343.65 179.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 179.60 Td ( ) Tj ET Q q 0 0 0 rg BT 366.46 179.60 Td (due ) Tj ET Q q 0 0 0 rg BT 383.71 179.60 Td (to ) Tj ET Q q 0 0 0 rg BT 394.30 179.60 Td (net ) Tj ET Q q 0 0 0 rg BT 409.33 179.60 Td (client ) Tj ET Q q 0 0 0 rg BT 434.35 179.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 472.16 179.60 Td (during ) Tj ET Q q 0 0 0 rg BT 501.08 179.60 Td (the ) Tj ET Q q 0 0 0 rg BT 516.11 179.60 Td (period. ) Tj ET Q q 0 0 0 rg BT 546.97 179.60 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.60 Td (performance ) Tj ET Q q 0 0 0 rg BT 101.53 167.60 Td (in ) Tj ET Q q 0 0 0 rg BT 110.81 167.60 Td (our ) Tj ET Q q 0 0 0 rg BT 125.65 167.60 Td (core ) Tj ET Q q 0 0 0 rg BT 144.36 167.60 Td (domestic ) Tj ET Q q 0 0 0 rg BT 181.97 167.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 221.24 167.60 Td (has ) Tj ET Q q 0 0 0 rg BT 236.07 167.60 Td (lagged ) Tj ET Q q 0 0 0 rg BT 264.23 167.60 Td (their ) Tj ET Q q 0 0 0 rg BT 284.06 167.60 Td (relative ) Tj ET Q q 0 0 0 rg BT 315.55 167.60 Td (benchmarks ) Tj ET Q q 0 0 0 rg BT 365.37 167.60 Td (which ) Tj ET Q q 0 0 0 rg BT 391.31 167.60 Td (has ) Tj ET Q q 0 0 0 rg BT 406.15 167.60 Td (hindered ) Tj ET Q q 0 0 0 rg BT 442.64 167.60 Td (our ) Tj ET Q q 0 0 0 rg BT 457.48 167.60 Td (ability ) Tj ET Q q 0 0 0 rg BT 484.53 167.60 Td (to ) Tj ET Q q 0 0 0 rg BT 493.82 167.60 Td (attract ) Tj ET Q q 0 0 0 rg BT 520.30 167.60 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.60 Td (net ) Tj ET Q q 0 0 0 rg BT 64.24 155.60 Td (new ) Tj ET Q q 0 0 0 rg BT 83.42 155.60 Td (value ) Tj ET Q q 0 0 0 rg BT 107.60 155.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 134.56 155.60 Td (AUM. ) Tj ET Q q 0 0 0 rg BT 162.92 155.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 183.11 155.60 Td ( ) Tj ET Q q 0 0 0 rg BT 185.08 155.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 210.94 155.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.21 155.60 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 271.24 155.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.35 155.60 Td ( ) Tj ET Q q 0 0 0 rg BT 299.88 155.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.18 155.60 Td ($5.7 ) Tj ET Q q 0 0 0 rg BT 330.20 155.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.31 155.60 Td ( ) Tj ET Q q 0 0 0 rg BT 358.84 155.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.58 155.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 427.18 155.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.18 155.60 Td ( ) Tj ET Q q 0 0 0 rg BT 449.71 155.60 Td (as ) Tj ET Q q 0 0 0 rg BT 460.56 155.60 Td (we ) Tj ET Q q 0 0 0 rg BT 474.75 155.60 Td (experienced ) Tj ET Q q 0 0 0 rg BT 525.57 155.60 Td (net ) Tj ET Q q 0 0 0 rg BT 540.31 155.60 Td (client ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.60 Td (inflows ) Tj ET Q q 0 0 0 rg BT 82.00 143.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.83 143.60 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 112.83 143.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.94 143.60 Td ( ) Tj ET Q q 0 0 0 rg BT 141.44 143.60 Td (and ) Tj ET Q q 0 0 0 rg BT 158.38 143.60 Td (net ) Tj ET Q q 0 0 0 rg BT 173.10 143.60 Td (market ) Tj ET Q q 0 0 0 rg BT 203.36 143.60 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 255.28 143.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.11 143.60 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 286.11 143.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.22 143.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.60 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 119.60 Td (otal ) Tj ET Q q 0 0 0 rg BT 72.42 119.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 98.99 119.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.98 119.60 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 160.71 119.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.82 119.60 Td ( ) Tj ET Q q 0 0 0 rg BT 190.05 119.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.06 119.60 Td ($1) Tj ET Q q 0 0 0 rg BT 210.69 119.60 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 226.42 119.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.53 119.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.77 119.60 Td (in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.54 119.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.78 119.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.78 119.60 Td ( ) Tj ET Q q 0 0 0 rg BT 290.01 119.60 Td (as ) Tj ET Q q 0 0 0 rg BT 301.57 119.60 Td (the ) Tj ET Q q 0 0 0 rg BT 317.02 119.60 Td (strong ) Tj ET Q q 0 0 0 rg BT 345.25 119.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 373.48 119.60 Td (markets ) Tj ET Q q 0 0 0 rg BT 408.36 119.60 Td (drove ) Tj ET Q q 0 0 0 rg BT 434.36 119.60 Td (net ) Tj ET Q q 0 0 0 rg BT 449.81 119.60 Td (market ) Tj ET Q q 0 0 0 rg BT 480.81 119.60 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 533.46 119.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.02 119.60 Td ($2.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.61 107.60 Td (. ) Tj ET Q q 0 0 0 rg BT 80.39 107.60 Td (V) Tj ET Q q 0 0 0 rg BT 86.50 107.60 Td (alue ) Tj ET Q q 0 0 0 rg BT 105.61 107.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 132.52 107.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 158.31 107.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.31 107.60 Td ($6.7 ) Tj ET Q q 0 0 0 rg BT 196.27 107.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.38 107.60 Td ( ) Tj ET Q q 0 0 0 rg BT 224.83 107.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 107.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 293.04 107.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.04 107.60 Td (, ) Tj ET Q q 0 0 0 rg BT 318.00 107.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 359.87 107.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.10 107.60 Td ($5.9 ) Tj ET Q q 0 0 0 rg BT 390.06 107.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.17 107.60 Td ( ) Tj ET Q q 0 0 0 rg BT 418.63 107.60 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.30 107.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 486.83 107.60 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.83 107.60 Td ( ) Tj ET Q q 0 0 0 rg BT 509.29 107.60 Td (as ) Tj ET Q q 0 0 0 rg BT 520.07 107.60 Td (net ) Tj ET Q q 0 0 0 rg BT 534.74 107.60 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.60 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 101.18 95.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.77 95.60 Td ($1.6 ) Tj ET Q q 0 0 0 rg BT 131.53 95.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.64 95.60 Td ( ) Tj ET Q q 0 0 0 rg BT 159.91 95.60 Td (was ) Tj ET Q q 0 0 0 rg BT 177.72 95.60 Td (of) Tj ET Q q 0 0 0 rg BT 185.87 95.60 Td (fset ) Tj ET Q q 0 0 0 rg BT 202.57 95.60 Td (by ) Tj ET Q q 0 0 0 rg BT 214.83 95.60 Td (net ) Tj ET Q q 0 0 0 rg BT 229.30 95.60 Td (client ) Tj ET Q q 0 0 0 rg BT 253.78 95.60 Td (outflows ) Tj ET Q q 0 0 0 rg BT 291.04 95.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.63 95.60 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 321.39 95.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 95.60 Td ( ) Tj ET Q q 0 0 0 rg BT 349.76 95.60 Td (during ) Tj ET Q q 0 0 0 rg BT 378.13 95.60 Td (the ) Tj ET Q q 0 0 0 rg BT 392.61 95.60 Td (period, ) Tj ET Q q 0 0 0 rg BT 422.92 95.60 Td (due ) Tj ET Q q 0 0 0 rg BT 439.62 95.60 Td (to ) Tj ET Q q 0 0 0 rg BT 449.66 95.60 Td (changes ) Tj ET Q q 0 0 0 rg BT 484.12 95.60 Td (in ) Tj ET Q q 0 0 0 rg BT 494.16 95.60 Td (client ) Tj ET Q q 0 0 0 rg BT 518.64 95.60 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.60 Td (strategies ) Tj ET Q q 0 0 0 rg BT 90.48 83.60 Td (away ) Tj ET Q q 0 0 0 rg BT 114.79 83.60 Td (from ) Tj ET Q q 0 0 0 rg BT 137.44 83.60 Td (the ) Tj ET Q q 0 0 0 rg BT 152.87 83.60 Td (value ) Tj ET Q q 0 0 0 rg BT 177.74 83.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 205.95 83.60 Td (platform. ) Tj ET Q q 0 0 0 rg BT 246.09 83.60 Td (In ) Tj ET Q q 0 0 0 rg BT 257.63 83.60 Td (2013, ) Tj ET Q q 0 0 0 rg BT 283.35 83.60 Td (the ) Tj ET Q q 0 0 0 rg BT 298.78 83.60 Td (value ) Tj ET Q q 0 0 0 rg BT 323.65 83.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 351.85 83.60 Td (strategy ) Tj ET Q q 0 0 0 rg BT 386.72 83.60 Td (did ) Tj ET Q q 0 0 0 rg BT 402.71 83.60 Td (not ) Tj ET Q q 0 0 0 rg BT 418.70 83.60 Td (attract ) Tj ET Q q 0 0 0 rg BT 446.90 83.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 492.32 83.60 Td (net ) Tj ET Q q 0 0 0 rg BT 507.75 83.60 Td (new ) Tj ET Q q 0 0 0 rg BT 527.63 83.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 554.17 83.60 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 88.26 71.60 Td (were ) Tj ET Q q 0 0 0 rg BT 110.35 71.60 Td (seeking ) Tj ET Q q 0 0 0 rg BT 143.55 71.60 Td (greater ) Tj ET Q q 0 0 0 rg BT 173.96 71.60 Td (upside ) Tj ET Q q 0 0 0 rg BT 202.72 71.60 Td (potential ) Tj ET Q q 0 0 0 rg BT 240.37 71.60 Td (in ) Tj ET Q q 0 0 0 rg BT 250.80 71.60 Td (the ) Tj ET Q q 0 0 0 rg BT 265.67 71.60 Td (strong ) Tj ET Q q 0 0 0 rg BT 293.33 71.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 320.98 71.60 Td (markets. ) Tj ET Q q 0 0 0 rg BT 357.79 71.60 Td (MLP) Tj ET Q q 0 0 0 rg BT 377.98 71.60 Td ( ) Tj ET Q q 0 0 0 rg BT 380.05 71.60 Td (AUM ) Tj ET Q q 0 0 0 rg BT 406.04 71.60 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.45 71.60 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 466.60 71.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.72 71.60 Td ( ) Tj ET Q q 0 0 0 rg BT 495.37 71.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.81 71.60 Td ($4.5 ) Tj ET Q q 0 0 0 rg BT 525.96 71.60 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.07 71.60 Td ( ) Tj ET Q q 0 0 0 rg BT 554.73 71.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 59.60 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 59.60 Td (as ) Tj ET Q q 0 0 0 rg BT 82.83 59.60 Td (we ) Tj ET Q q 0 0 0 rg BT 96.99 59.60 Td (experienced ) Tj ET Q q 0 0 0 rg BT 147.79 59.60 Td (both ) Tj ET Q q 0 0 0 rg BT 168.07 59.60 Td (net ) Tj ET Q q 0 0 0 rg BT 182.79 59.60 Td (market ) Tj ET Q q 0 0 0 rg BT 213.05 59.60 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 264.97 59.60 Td (and ) Tj ET Q q 0 0 0 rg BT 281.91 59.60 Td (net ) Tj ET Q q 0 0 0 rg BT 296.62 59.60 Td (client ) Tj ET Q q 0 0 0 rg BT 321.34 59.60 Td (inflows ) Tj ET Q q 0 0 0 rg BT 353.84 59.60 Td (during ) Tj ET Q q 0 0 0 rg BT 382.44 59.60 Td (this ) Tj ET Q q 0 0 0 rg BT 399.39 59.60 Td (period. ) 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 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 endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 17.10 Td (39) 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 106.02 693.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 150.88 693.75 Td (include ) Tj ET Q q 0 0 0 rg BT 183.51 693.75 Td (the ) Tj ET Q q 0 0 0 rg BT 198.93 693.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 239.89 693.75 Td (results ) Tj ET Q q 0 0 0 rg BT 269.20 693.75 Td (of ) Tj ET Q q 0 0 0 rg BT 280.73 693.75 Td (our ) Tj ET Q q 0 0 0 rg BT 297.26 693.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 322.68 693.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 348.10 693.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 377.95 693.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 412.81 693.75 Td (business, ) Tj ET Q q 0 0 0 rg BT 452.40 693.75 Td (which ) Tj ET Q q 0 0 0 rg BT 480.04 693.75 Td (ceased ) Tj ET Q q 0 0 0 rg BT 509.88 693.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 554.74 693.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.75 Td (2012, ) Tj ET Q q 0 0 0 rg BT 75.33 681.75 Td (and ) Tj ET Q q 0 0 0 rg BT 93.10 681.75 Td (F) Tj ET Q q 0 0 0 rg BT 97.92 681.75 Td (AMCO, ) Tj ET Q q 0 0 0 rg BT 133.76 681.75 Td (an ) Tj ET Q q 0 0 0 rg BT 146.53 681.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 169.30 681.75 Td (management ) Tj ET Q q 0 0 0 rg BT 223.72 681.75 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 268.16 681.75 Td (we ) Tj ET Q q 0 0 0 rg BT 283.15 681.75 Td (sold ) Tj ET Q q 0 0 0 rg BT 303.15 681.75 Td (in ) Tj ET Q q 0 0 0 rg BT 314.26 681.75 Td (2013. ) Tj ET Q q 0 0 0 rg BT 340.09 681.75 Td (For ) Tj ET Q q 0 0 0 rg BT 357.32 681.75 Td (the ) Tj ET Q q 0 0 0 rg BT 372.86 681.75 Td (years ) Tj ET Q q 0 0 0 rg BT 397.29 681.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 424.50 681.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 483.92 681.75 Td (2013 ) Tj ET Q q 0 0 0 rg BT 507.25 681.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.02 681.75 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.02 681.75 Td (, ) Tj ET Q q 0 0 0 rg BT 550.85 681.75 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 669.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 86.98 669.75 Td (a ) Tj ET Q q 0 0 0 rg BT 93.91 669.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 111.98 669.75 Td (from ) Tj ET Q q 0 0 0 rg BT 133.91 669.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 187.52 669.75 Td (operations, ) Tj ET Q q 0 0 0 rg BT 234.17 669.75 Td (net ) Tj ET Q q 0 0 0 rg BT 248.89 669.75 Td (of ) Tj ET Q q 0 0 0 rg BT 259.72 669.75 Td (tax, ) Tj ET Q q 0 0 0 rg BT 276.94 669.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.77 669.75 Td ($4.7 ) Tj ET Q q 0 0 0 rg BT 307.77 669.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.66 669.75 Td ( ) Tj ET Q q 0 0 0 rg BT 339.16 669.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.10 669.75 Td ($5.8 ) Tj ET Q q 0 0 0 rg BT 376.10 669.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.99 669.75 Td (, ) Tj ET Q q 0 0 0 rg BT 409.99 669.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 457.65 669.75 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 50.00 599.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 599.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 599.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 599.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 575.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 575.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 575.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 575.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 551.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 551.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 551.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 551.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 528.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 528.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 528.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 528.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 504.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 504.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 504.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 504.25 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 414 623.25 m 484 623.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 623.25 m 492 623.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 623.25 m 562 623.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 611.25 m 484 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 623.25 m 562 623.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 611.25 m 562 611.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 563.25 m 484 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 563.25 m 562 563.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 551.25 m 484 551.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 551.25 m 562 551.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 504.25 m 484 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 504.25 m 562 504.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 481.25 m 484 481.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 479.25 m 484 479.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 481.25 m 562 481.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 479.25 m 562 479.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.10 625.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 615.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 613.98 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 613.98 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 601.87 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 601.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 601.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 601.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 601.87 Td (6,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 577.87 Td (Restructuring expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 577.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 577.87 Td (11,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 565.87 Td (Other expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 565.87 Td (1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 565.87 Td (16,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 553.87 Td (Total non-interest expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 553.87 Td (1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 553.87 Td (28,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 529.87 Td (Loss from discontinued operations before income tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 529.87 Td (\(1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 529.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 529.87 Td (\(21,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 529.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 506.87 Td ( Income tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 506.87 Td (\(415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 506.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 506.87 Td (\(21,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 506.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 482.87 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 482.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 482.87 Td (\(782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 482.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 482.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 482.87 Td (\(381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 482.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 456.75 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 87.55 456.75 Td (million ) Tj ET Q q 0 0 0 rg BT 118.94 456.75 Td (of ) Tj ET Q q 0 0 0 rg BT 129.77 456.75 Td (other ) Tj ET Q q 0 0 0 rg BT 152.82 456.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 191.41 456.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 228.89 456.75 Td (in ) Tj ET Q q 0 0 0 rg BT 239.17 456.75 Td (2013 ) Tj ET Q q 0 0 0 rg BT 261.67 456.75 Td (consisted ) Tj ET Q q 0 0 0 rg BT 301.38 456.75 Td (of ) Tj ET Q q 0 0 0 rg BT 312.21 456.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 334.71 456.75 Td (to ) Tj ET Q q 0 0 0 rg BT 344.99 456.75 Td (dissolve ) Tj ET Q q 0 0 0 rg BT 380.27 456.75 Td (our ) Tj ET Q q 0 0 0 rg BT 396.10 456.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 420.82 456.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 445.54 456.75 Td (subsidiaries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.33 432.75 Td ($1) Tj ET Q q 0 0 0 rg BT 76.96 432.75 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 91.73 432.75 Td (million ) Tj ET Q q 0 0 0 rg BT 122.91 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 133.51 432.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 186.89 432.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 225.27 432.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 262.52 432.75 Td (in ) Tj ET Q q 0 0 0 rg BT 272.58 432.75 Td (2012 ) Tj ET Q q 0 0 0 rg BT 294.86 432.75 Td (consisted ) Tj ET Q q 0 0 0 rg BT 334.35 432.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 373.84 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 384.45 432.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 406.73 432.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 442.33 432.75 Td (for ) Tj ET Q q 0 0 0 rg BT 456.27 432.75 Td (early ) Tj ET Q q 0 0 0 rg BT 478.53 432.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 526.91 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 537.52 432.75 Td (leased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 420.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 75.13 420.75 Td (space ) Tj ET Q q 0 0 0 rg BT 99.83 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 116.76 420.75 Td (severance ) Tj ET Q q 0 0 0 rg BT 158.67 420.75 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 194.76 420.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 244.67 420.75 Td (, ) Tj ET Q q 0 0 0 rg BT 249.66 420.75 Td (we ) Tj ET Q q 0 0 0 rg BT 263.81 420.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 301.28 420.75 Td (a ) Tj ET Q q 0 0 0 rg BT 308.21 420.75 Td ($21.1 ) Tj ET Q q 0 0 0 rg BT 333.20 420.75 Td (million ) Tj ET Q q 0 0 0 rg BT 364.59 420.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 384.86 420.75 Td (tax ) Tj ET Q q 0 0 0 rg BT 399.57 420.75 Td (benefit ) Tj ET Q q 0 0 0 rg BT 429.83 420.75 Td (related ) Tj ET Q q 0 0 0 rg BT 459.52 420.75 Td (to ) Tj ET Q q 0 0 0 rg BT 469.79 420.75 Td (the ) Tj ET Q q 0 0 0 rg BT 484.50 420.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 518.64 420.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 536.69 420.75 Td (on ) Tj ET Q q 0 0 0 rg BT 549.18 420.75 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 73.11 408.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 84.59 408.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 102.63 408.75 Td (Asia ) Tj ET Q q 0 0 0 rg BT 123.46 408.75 Td (subsidiaries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 384.75 Td (results ) Tj ET Q q 0 0 0 rg BT 96.16 384.75 Td (of ) Tj ET Q q 0 0 0 rg BT 106.99 384.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 160.59 384.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 204.74 384.75 Td (for ) Tj ET Q q 0 0 0 rg BT 218.90 384.75 Td (F) Tj ET Q q 0 0 0 rg BT 223.72 384.75 Td (AMCO ) Tj ET Q q 0 0 0 rg BT 256.23 384.75 Td (were ) Tj ET Q q 0 0 0 rg BT 278.16 384.75 Td (as ) Tj ET Q q 0 0 0 rg BT 288.99 384.75 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 338.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 338.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 338.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 338.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 314.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 314.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 314.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 314.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 290.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 290.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 290.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 290.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 266.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 266.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 266.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 266.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 242.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 242.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 242.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 242.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 218.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 218.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 218.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 218.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 194.25 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 194.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 194.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 194.25 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 413.5 362.25 m 483.5 362.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 362.25 m 491.5 362.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 362.25 m 561.5 362.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 350.25 m 483.5 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 362.25 m 561.5 362.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 350.25 m 561.5 350.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 302.25 m 483.5 302.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 302.25 m 561.5 302.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 290.25 m 483.5 290.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 290.25 m 561.5 290.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 242.25 m 483.5 242.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 242.25 m 561.5 242.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 194.25 m 483.5 194.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 194.25 m 561.5 194.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 171.25 m 483.5 171.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 169.25 m 483.5 169.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 171.25 m 561.5 171.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 169.25 m 561.5 169.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.60 364.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 354.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 352.98 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 352.98 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 340.87 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 340.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 340.87 Td (1,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 340.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 340.87 Td (5,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 316.87 Td (Goodwill impairment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 316.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 316.87 Td (5,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 304.87 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 304.87 Td (5,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 304.87 Td (8,362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 292.87 Td (Total non-interest expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 292.87 Td (5,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 292.87 Td (13,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 268.87 Td (Loss from discontinued operations before income tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 268.87 Td (\(3,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 268.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 268.87 Td (\(8,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 268.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 244.87 Td (Income tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 244.87 Td (\(1,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 244.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 244.87 Td (\(2,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 244.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 220.87 Td (Loss from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 220.87 Td (\(2,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 220.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 220.87 Td (\(5,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 220.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 196.87 Td (Loss on sale, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 196.87 Td (\(1,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 196.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 196.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 172.87 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 172.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 172.87 Td (\(3,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 172.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 172.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 172.87 Td (\(5,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 172.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.74 146.75 Td (loss ) Tj ET Q q 0 0 0 rg BT 86.00 146.75 Td (from ) Tj ET Q q 0 0 0 rg BT 108.14 146.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 161.94 146.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 206.29 146.75 Td (for ) Tj ET Q q 0 0 0 rg BT 220.65 146.75 Td (the ) Tj ET Q q 0 0 0 rg BT 235.57 146.75 Td (year ) Tj ET Q q 0 0 0 rg BT 255.47 146.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 282.05 146.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 340.83 146.75 Td (2013 ) Tj ET Q q 0 0 0 rg BT 363.53 146.75 Td (primarily ) Tj ET Q q 0 0 0 rg BT 403.44 146.75 Td (related ) Tj ET Q q 0 0 0 rg BT 433.34 146.75 Td (to ) Tj ET Q q 0 0 0 rg BT 443.81 146.75 Td (an ) Tj ET Q q 0 0 0 rg BT 455.95 146.75 Td (indemnification ) Tj ET Q q 0 0 0 rg BT 521.96 146.75 Td (obligation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.75 Td (related ) Tj ET Q q 0 0 0 rg BT 79.20 134.75 Td (to ) Tj ET Q q 0 0 0 rg BT 89.48 134.75 Td (the ) Tj ET Q q 0 0 0 rg BT 104.20 134.75 Td (sale ) Tj ET Q q 0 0 0 rg BT 122.24 134.75 Td (of ) Tj ET Q q 0 0 0 rg BT 133.07 134.75 Td (F) Tj ET Q q 0 0 0 rg BT 137.89 134.75 Td (AMCO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.74 110.75 Td ($5.5 ) Tj ET Q q 0 0 0 rg BT 87.93 110.75 Td (million ) Tj ET Q q 0 0 0 rg BT 119.51 110.75 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 158.30 110.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 196.55 110.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 245.34 110.75 Td (char) Tj ET Q q 0 0 0 rg BT 262.37 110.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 274.50 110.75 Td (recorded ) Tj ET Q q 0 0 0 rg BT 312.17 110.75 Td (in ) Tj ET Q q 0 0 0 rg BT 322.64 110.75 Td (2012 ) Tj ET Q q 0 0 0 rg BT 345.33 110.75 Td (represented ) Tj ET Q q 0 0 0 rg BT 394.11 110.75 Td (the ) Tj ET Q q 0 0 0 rg BT 409.01 110.75 Td (residual ) Tj ET Q q 0 0 0 rg BT 443.36 110.75 Td (value ) Tj ET Q q 0 0 0 rg BT 467.71 110.75 Td (of ) Tj ET Q q 0 0 0 rg BT 478.73 110.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 516.98 110.75 Td (attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 98.75 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 98.75 Td (F) Tj ET Q q 0 0 0 rg BT 79.31 98.75 Td (AMCO ) Tj ET Q q 0 0 0 rg BT 111.82 98.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 150.97 98.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 169.03 98.75 Td (and ) Tj ET Q q 0 0 0 rg BT 185.97 98.75 Td (pertained ) Tj ET Q q 0 0 0 rg BT 225.67 98.75 Td (to ) Tj ET Q q 0 0 0 rg BT 235.95 98.75 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 274.01 98.75 Td (created ) Tj ET Q q 0 0 0 rg BT 305.37 98.75 Td (from ) Tj ET Q q 0 0 0 rg BT 327.31 98.75 Td (our ) Tj ET Q q 0 0 0 rg BT 343.14 98.75 Td (2007 ) Tj ET Q q 0 0 0 rg BT 365.64 98.75 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 412.02 98.75 Td (of ) Tj ET Q q 0 0 0 rg BT 422.85 98.75 Td (F) Tj ET Q q 0 0 0 rg BT 427.67 98.75 Td (AMCO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.75 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 74.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 88.38 74.75 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.38 74.75 Td ( ) Tj ET Q q 0 0 0 rg BT 95.88 74.75 Td (to ) Tj ET Q q 0 0 0 rg BT 106.16 74.75 Td (our ) Tj ET Q q 0 0 0 rg BT 121.99 74.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 175.03 74.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.51 74.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 257.22 74.75 Td (for ) Tj ET Q q 0 0 0 rg BT 271.38 74.75 Td (further ) Tj ET Q q 0 0 0 rg BT 301.09 74.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 345.26 74.75 Td (of ) Tj ET Q q 0 0 0 rg BT 356.09 74.75 Td (our ) Tj ET Q q 0 0 0 rg BT 371.92 74.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 425.52 74.75 Td (operations.) 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 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 endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 740.25 Td (Recent ) Tj ET Q q 0 0 0 rg BT 81.38 740.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 132.77 740.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 143.13 740.25 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 716.25 Td (Recent ) Tj ET Q q 0 0 0 rg BT 80.33 716.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 126.77 716.25 Td (pronouncements ) Tj ET Q q 0 0 0 rg BT 195.43 716.25 Td (are ) Tj ET Q q 0 0 0 rg BT 210.20 716.25 Td (set ) Tj ET Q q 0 0 0 rg BT 223.87 716.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 245.88 716.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.22 716.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 278.23 716.25 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.23 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 285.79 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.14 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 312.03 716.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 365.14 716.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 402.69 716.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 447.47 716.25 Td (included ) Tj ET Q q 0 0 0 rg BT 484.47 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 494.81 716.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 513.48 716.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 525.21 716.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 546.10 716.25 Td (8 ) Tj ET Q q 0 0 0 rg BT 553.67 716.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 704.25 Td (this ) Tj ET Q q 0 0 0 rg BT 66.95 704.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 91.12 704.25 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 116.67 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 133.61 704.25 Td (are ) Tj ET Q q 0 0 0 rg BT 148.32 704.25 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 201.35 704.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 228.83 704.25 Td (by ) Tj ET Q q 0 0 0 rg BT 241.33 704.25 Td (reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.21 680.25 Td (Accounting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.05 656.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 112.93 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 129.37 656.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 168.03 656.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 201.13 656.25 Td (comply ) Tj ET Q q 0 0 0 rg BT 233.13 656.25 Td (with ) Tj ET Q q 0 0 0 rg BT 252.91 656.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 279.76 656.25 Td ( ) Tj ET Q q 0 0 0 rg BT 281.77 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 298.21 656.25 Td (conform ) Tj ET Q q 0 0 0 rg BT 334.08 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 343.87 656.25 Td (practices ) Tj ET Q q 0 0 0 rg BT 381.40 656.25 Td (within ) Tj ET Q q 0 0 0 rg BT 408.96 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.18 656.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 462.94 656.25 Td (industry) Tj ET Q q 0 0 0 rg BT 495.07 656.25 Td (. ) Tj ET Q q 0 0 0 rg BT 499.43 656.25 Td (The ) Tj ET Q q 0 0 0 rg BT 516.98 656.25 Td (preparation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.91 644.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 96.97 644.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 141.26 644.25 Td (in ) Tj ET Q q 0 0 0 rg BT 151.11 644.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 199.28 644.25 Td (with ) Tj ET Q q 0 0 0 rg BT 219.13 644.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 245.99 644.25 Td ( ) Tj ET Q q 0 0 0 rg BT 248.07 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 264.58 644.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 299.44 644.25 Td (practices ) Tj ET Q q 0 0 0 rg BT 337.05 644.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 371.33 644.25 Td (us ) Tj ET Q q 0 0 0 rg BT 382.30 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 392.16 644.25 Td (make ) Tj ET Q q 0 0 0 rg BT 415.89 644.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 455.18 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.70 644.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 523.22 644.25 Td (that ) Tj ET Q q 0 0 0 rg BT 540.30 644.25 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 92.24 632.25 Td (af) Tj ET Q q 0 0 0 rg BT 99.83 632.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 117.02 632.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 153.12 632.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 188.64 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 198.63 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 214.16 632.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 266.91 632.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 304.10 632.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 351.02 632.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 383.22 632.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 429.29 632.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 462.61 632.25 Td (are ) Tj ET Q q 0 0 0 rg BT 477.02 632.25 Td (those ) Tj ET Q q 0 0 0 rg BT 500.33 632.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 533.65 632.25 Td (that ) Tj ET Q q 0 0 0 rg BT 550.85 632.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 81.07 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 91.54 620.25 Td (be ) Tj ET Q q 0 0 0 rg BT 103.67 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.58 620.25 Td (most ) Tj ET Q q 0 0 0 rg BT 140.73 620.25 Td (important ) Tj ET Q q 0 0 0 rg BT 182.30 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 192.77 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.69 620.25 Td (portrayal ) Tj ET Q q 0 0 0 rg BT 246.47 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.50 620.25 Td (our ) Tj ET Q q 0 0 0 rg BT 273.52 620.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 311.20 620.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 351.67 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.80 620.25 Td (results ) Tj ET Q q 0 0 0 rg BT 397.60 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 408.63 620.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 452.97 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 470.11 620.25 Td (that ) Tj ET Q q 0 0 0 rg BT 487.80 620.25 Td (require ) Tj ET Q q 0 0 0 rg BT 518.81 620.25 Td (us ) Tj ET Q q 0 0 0 rg BT 530.39 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 540.87 620.25 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.86 608.25 Td (that ) Tj ET Q q 0 0 0 rg BT 108.00 608.25 Td (are ) Tj ET Q q 0 0 0 rg BT 123.36 608.25 Td (dif) Tj ET Q q 0 0 0 rg BT 134.29 608.25 Td (ficult, ) Tj ET Q q 0 0 0 rg BT 161.04 608.25 Td (subjective ) Tj ET Q q 0 0 0 rg BT 204.73 608.25 Td (or ) Tj ET Q q 0 0 0 rg BT 216.21 608.25 Td (complex. ) Tj ET Q q 0 0 0 rg BT 256.29 608.25 Td (Most ) Tj ET Q q 0 0 0 rg BT 280.00 608.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 327.02 608.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 361.27 608.25 Td (are ) Tj ET Q q 0 0 0 rg BT 376.63 608.25 Td (not ) Tj ET Q q 0 0 0 rg BT 392.55 608.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 439.02 608.25 Td (by ) Tj ET Q q 0 0 0 rg BT 452.17 608.25 Td (us ) Tj ET Q q 0 0 0 rg BT 464.21 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.13 608.25 Td (be ) Tj ET Q q 0 0 0 rg BT 487.72 608.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 518.63 608.25 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (policies. ) Tj ET Q q 0 0 0 rg BT 86.40 596.25 Td (Several ) Tj ET Q q 0 0 0 rg BT 119.68 596.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 150.18 596.25 Td (are ) Tj ET Q q 0 0 0 rg BT 165.68 596.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 212.29 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 223.37 596.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 274.98 596.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 310.48 596.25 Td (or ) Tj ET Q q 0 0 0 rg BT 322.11 596.25 Td (not ) Tj ET Q q 0 0 0 rg BT 338.18 596.25 Td (a ) Tj ET Q q 0 0 0 rg BT 345.92 596.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 374.21 596.25 Td (is ) Tj ET Q q 0 0 0 rg BT 384.17 596.25 Td (critical, ) Tj ET Q q 0 0 0 rg BT 417.72 596.25 Td (including ) Tj ET Q q 0 0 0 rg BT 458.79 596.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 494.29 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.81 596.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 550.31 596.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.07 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.20 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.77 584.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 171.66 584.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 209.00 584.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 253.56 584.25 Td (taken ) Tj ET Q q 0 0 0 rg BT 277.57 584.25 Td (as ) Tj ET Q q 0 0 0 rg BT 288.25 584.25 Td (a ) Tj ET Q q 0 0 0 rg BT 295.05 584.25 Td (whole, ) Tj ET Q q 0 0 0 rg BT 324.34 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.91 584.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 366.25 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.93 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.50 584.25 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 433.57 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.14 584.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 476.04 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 486.17 584.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 516.29 584.25 Td (validate ) Tj ET Q q 0 0 0 rg BT 550.30 584.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.00 572.25 Td (with ) Tj ET Q q 0 0 0 rg BT 109.08 572.25 Td (other ) Tj ET Q q 0 0 0 rg BT 131.91 572.25 Td (information ) Tj ET Q q 0 0 0 rg BT 181.42 572.25 Td (\(e.g. ) Tj ET Q q 0 0 0 rg BT 201.48 572.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 246.54 572.25 Td (or ) Tj ET Q q 0 0 0 rg BT 257.16 572.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 308.32 572.25 Td (sources\), ) Tj ET Q q 0 0 0 rg BT 346.44 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 360.95 572.25 Td (sensitivity ) Tj ET Q q 0 0 0 rg BT 404.35 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 414.97 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.48 572.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 468.99 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.06 572.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 513.56 572.25 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 BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 152.21 236.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 212.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.91 212.25 Td (record ) Tj ET Q q 0 0 0 rg BT 92.78 212.25 Td (all ) Tj ET Q q 0 0 0 rg BT 105.11 212.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 130.77 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.55 212.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 187.10 212.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 223.86 212.25 Td (in ) Tj ET Q q 0 0 0 rg BT 233.97 212.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 271.84 212.25 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 324.45 212.25 Td (including ) Tj ET Q q 0 0 0 rg BT 364.55 212.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 402.44 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.22 212.25 Td (other ) Tj ET Q q 0 0 0 rg BT 442.10 212.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 484.42 212.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 512.59 212.25 Td (at ) Tj ET Q q 0 0 0 rg BT 522.14 212.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 538.35 212.25 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (Determining ) Tj ET Q q 0 0 0 rg BT 102.99 200.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.16 200.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 134.98 200.25 Td (value ) Tj ET Q q 0 0 0 rg BT 159.58 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 170.86 200.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 197.14 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.53 200.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 254.69 200.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 292.06 200.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 327.22 200.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 357.37 200.25 Td (management ) Tj ET Q q 0 0 0 rg BT 411.41 200.25 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 453.42 200.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.36 200.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 525.40 200.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.40 200.25 Td (, ) Tj ET Q q 0 0 0 rg BT 550.85 200.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (had ) Tj ET Q q 0 0 0 rg BT 66.19 188.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 104.00 188.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 188.25 Td ($21) Tj ET Q q 0 0 0 rg BT 129.21 188.25 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 143.96 188.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.85 188.25 Td (. ) Tj ET Q q 0 0 0 rg BT 177.44 188.25 Td (The ) Tj ET Q q 0 0 0 rg BT 195.24 188.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 233.04 188.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 265.83 188.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 299.75 188.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.33 188.25 Td ($15.0 ) Tj ET Q q 0 0 0 rg BT 335.08 188.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.97 188.25 Td ( ) Tj ET Q q 0 0 0 rg BT 366.22 188.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 403.45 188.25 Td (as ) Tj ET Q q 0 0 0 rg BT 414.03 188.25 Td (a ) Tj ET Q q 0 0 0 rg BT 420.72 188.25 Td (result ) Tj ET Q q 0 0 0 rg BT 445.19 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 455.77 188.25 Td (our ) Tj ET Q q 0 0 0 rg BT 471.35 188.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 521.37 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 531.95 188.25 Td (Seattle-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (Northwest ) Tj ET Q q 0 0 0 rg BT 93.81 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.90 176.25 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 153.54 176.25 Td (within ) Tj ET Q q 0 0 0 rg BT 181.75 176.25 Td (our ) Tj ET Q q 0 0 0 rg BT 197.73 176.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 227.04 176.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 261.35 176.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 297.32 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 314.42 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 329.29 176.25 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.48 176.25 Td ($196.8 ) Tj ET Q q 0 0 0 rg BT 402.63 176.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.52 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 434.18 176.25 Td (relates ) Tj ET Q q 0 0 0 rg BT 462.92 176.25 Td (to ) Tj ET Q q 0 0 0 rg BT 473.35 176.25 Td (our ) Tj ET Q q 0 0 0 rg BT 489.34 176.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 511.43 176.25 Td (management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (segment. ) Tj ET Q q 0 0 0 rg BT 87.50 164.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.28 164.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 159.15 164.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.15 164.25 Td (, ) Tj ET Q q 0 0 0 rg BT 184.43 164.25 Td (we ) Tj ET Q q 0 0 0 rg BT 198.88 164.25 Td (had ) Tj ET Q q 0 0 0 rg BT 216.10 164.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 258.88 164.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 284.99 164.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.11 164.25 Td ($30.7 ) Tj ET Q q 0 0 0 rg BT 321.39 164.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.28 164.25 Td (, ) Tj ET Q q 0 0 0 rg BT 355.57 164.25 Td (of ) Tj ET Q q 0 0 0 rg BT 366.68 164.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.90 164.25 Td ($2.3 ) Tj ET Q q 0 0 0 rg BT 414.19 164.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.08 164.25 Td ( ) Tj ET Q q 0 0 0 rg BT 445.87 164.25 Td (relates ) Tj ET Q q 0 0 0 rg BT 474.74 164.25 Td (to ) Tj ET Q q 0 0 0 rg BT 485.31 164.25 Td (our ) Tj ET Q q 0 0 0 rg BT 501.42 164.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 530.86 164.25 Td (markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 85.33 152.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.26 152.25 Td ($28.3 ) Tj ET Q q 0 0 0 rg BT 127.26 152.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.16 152.25 Td ( ) Tj ET Q q 0 0 0 rg BT 158.66 152.25 Td (relates ) Tj ET Q q 0 0 0 rg BT 187.25 152.25 Td (to ) Tj ET Q q 0 0 0 rg BT 197.53 152.25 Td (our ) Tj ET Q q 0 0 0 rg BT 213.36 152.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 235.30 152.25 Td (management ) Tj ET Q q 0 0 0 rg BT 288.88 152.25 Td (segment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 128.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.86 128.25 Td (are ) Tj ET Q q 0 0 0 rg BT 79.35 128.25 Td (required ) Tj ET Q q 0 0 0 rg BT 114.95 128.25 Td (to ) Tj ET Q q 0 0 0 rg BT 125.01 128.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 159.50 128.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 207.89 128.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 227.95 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 238.56 128.25 Td (our ) Tj ET Q q 0 0 0 rg BT 254.18 128.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 292.02 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 308.74 128.25 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 366.00 128.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 408.28 128.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 433.89 128.25 Td (annually ) Tj ET Q q 0 0 0 rg BT 470.61 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.33 128.25 Td (on ) Tj ET Q q 0 0 0 rg BT 499.62 128.25 Td (an ) Tj ET Q q 0 0 0 rg BT 511.34 128.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 542.50 128.25 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (when ) Tj ET Q q 0 0 0 rg BT 73.72 116.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 132.92 116.25 Td (exist ) Tj ET Q q 0 0 0 rg BT 154.37 116.25 Td (that ) Tj ET Q q 0 0 0 rg BT 171.92 116.25 Td (could ) Tj ET Q q 0 0 0 rg BT 196.70 116.25 Td (indicate ) Tj ET Q q 0 0 0 rg BT 230.91 116.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 266.25 116.25 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 317.22 116.25 Td (W) Tj ET Q q 0 0 0 rg BT 325.86 116.25 Td (e ) Tj ET Q q 0 0 0 rg BT 332.86 116.25 Td (have ) Tj ET Q q 0 0 0 rg BT 354.30 116.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 385.17 116.25 Td (to ) Tj ET Q q 0 0 0 rg BT 395.50 116.25 Td (test ) Tj ET Q q 0 0 0 rg BT 411.95 116.25 Td (for ) Tj ET Q q 0 0 0 rg BT 426.17 116.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 464.29 116.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 512.95 116.25 Td (in ) Tj ET Q q 0 0 0 rg BT 523.29 116.25 Td (the ) Tj ET Q q 0 0 0 rg BT 538.06 116.25 Td (fourth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.19 104.25 Td (of ) Tj ET Q q 0 0 0 rg BT 90.89 104.25 Td (each ) Tj ET Q q 0 0 0 rg BT 111.58 104.25 Td (calendar ) Tj ET Q q 0 0 0 rg BT 147.82 104.25 Td (year) Tj ET Q q 0 0 0 rg BT 164.48 104.25 Td (. ) Tj ET Q q 0 0 0 rg BT 169.18 104.25 Td (W) Tj ET Q q 0 0 0 rg BT 177.82 104.25 Td (e ) Tj ET Q q 0 0 0 rg BT 184.63 104.25 Td (have ) Tj ET Q q 0 0 0 rg BT 205.88 104.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.47 104.25 Td (option ) Tj ET Q q 0 0 0 rg BT 248.40 104.25 Td (to ) Tj ET Q q 0 0 0 rg BT 258.56 104.25 Td (first ) Tj ET Q q 0 0 0 rg BT 277.04 104.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 303.86 104.25 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 348.44 104.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 378.02 104.25 Td (to ) Tj ET Q q 0 0 0 rg BT 388.17 104.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 430.53 104.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 465.11 104.25 Td (it ) Tj ET Q q 0 0 0 rg BT 473.04 104.25 Td (is ) Tj ET Q q 0 0 0 rg BT 482.09 104.25 Td (more ) Tj ET Q q 0 0 0 rg BT 505.01 104.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 530.15 104.25 Td (than ) Tj ET Q q 0 0 0 rg BT 549.75 104.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (that ) Tj ET Q q 0 0 0 rg BT 66.70 92.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.12 92.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 97.20 92.25 Td (value ) Tj ET Q q 0 0 0 rg BT 121.06 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.59 92.25 Td (a ) Tj ET Q q 0 0 0 rg BT 138.23 92.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 177.09 92.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 194.85 92.25 Td (is ) Tj ET Q q 0 0 0 rg BT 203.73 92.25 Td (less ) Tj ET Q q 0 0 0 rg BT 220.93 92.25 Td (than ) Tj ET Q q 0 0 0 rg BT 240.35 92.25 Td (its ) Tj ET Q q 0 0 0 rg BT 252.00 92.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 287.52 92.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 322.22 92.25 Td (If, ) Tj ET Q q 0 0 0 rg BT 333.58 92.25 Td (after ) Tj ET Q q 0 0 0 rg BT 354.10 92.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 393.53 92.25 Td (an ) Tj ET Q q 0 0 0 rg BT 405.17 92.25 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 454.31 92.25 Td (we ) Tj ET Q q 0 0 0 rg BT 468.18 92.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 510.36 92.25 Td (it ) Tj ET Q q 0 0 0 rg BT 518.12 92.25 Td (is ) Tj ET Q q 0 0 0 rg BT 526.99 92.25 Td (not ) Tj ET Q q 0 0 0 rg BT 541.98 92.25 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 74.52 80.25 Td (than ) Tj ET Q q 0 0 0 rg BT 93.99 80.25 Td (not ) Tj ET Q q 0 0 0 rg BT 109.02 80.25 Td (that ) Tj ET Q q 0 0 0 rg BT 126.27 80.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.74 80.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 156.86 80.25 Td (value ) Tj ET Q q 0 0 0 rg BT 180.77 80.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.35 80.25 Td (a ) Tj ET Q q 0 0 0 rg BT 198.04 80.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 236.95 80.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 254.75 80.25 Td (is ) Tj ET Q q 0 0 0 rg BT 263.67 80.25 Td (less ) Tj ET Q q 0 0 0 rg BT 280.93 80.25 Td (than ) Tj ET Q q 0 0 0 rg BT 300.39 80.25 Td (its ) Tj ET Q q 0 0 0 rg BT 312.09 80.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 347.66 80.25 Td (amount, ) Tj ET Q q 0 0 0 rg BT 382.41 80.25 Td (then ) Tj ET Q q 0 0 0 rg BT 401.87 80.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 449.11 80.25 Td (the ) Tj ET Q q 0 0 0 rg BT 463.58 80.25 Td (two-step ) Tj ET Q q 0 0 0 rg BT 500.27 80.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 548.62 80.25 Td (test ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.47 68.25 Td (unnecessary) Tj ET Q q 0 0 0 rg BT 106.69 68.25 Td (. ) Tj ET Q q 0 0 0 rg BT 111.50 68.25 Td (However) Tj ET Q q 0 0 0 rg BT 147.75 68.25 Td (, ) Tj ET Q q 0 0 0 rg BT 152.55 68.25 Td (if ) Tj ET Q q 0 0 0 rg BT 160.96 68.25 Td (we ) Tj ET Q q 0 0 0 rg BT 174.92 68.25 Td (conclude ) Tj ET Q q 0 0 0 rg BT 213.32 68.25 Td (otherwise, ) Tj ET Q q 0 0 0 rg BT 257.00 68.25 Td (then ) Tj ET Q q 0 0 0 rg BT 276.52 68.25 Td (we ) Tj ET Q q 0 0 0 rg BT 290.49 68.25 Td (are ) Tj ET Q q 0 0 0 rg BT 305.00 68.25 Td (required ) Tj ET Q q 0 0 0 rg BT 340.62 68.25 Td (to ) Tj ET Q q 0 0 0 rg BT 350.70 68.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 385.21 68.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.73 68.25 Td (two-step ) Tj ET Q q 0 0 0 rg BT 436.47 68.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 484.88 68.25 Td (test, ) Tj ET Q q 0 0 0 rg BT 503.57 68.25 Td (which ) Tj ET Q q 0 0 0 rg BT 530.31 68.25 Td (requires ) 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 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 endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (management ) Tj ET Q q 0 0 0 rg BT 104.08 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.35 740.10 Td (make ) Tj ET Q q 0 0 0 rg BT 140.50 740.10 Td (judgments ) Tj ET Q q 0 0 0 rg BT 185.65 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.92 740.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 248.73 740.10 Td (what ) Tj ET Q q 0 0 0 rg BT 271.66 740.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 324.60 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 335.87 740.10 Td (use ) Tj ET Q q 0 0 0 rg BT 352.69 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 363.96 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.67 740.10 Td (calculation. ) Tj ET Q q 0 0 0 rg BT 429.53 740.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.46 740.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 470.39 740.10 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.39 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.88 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.15 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 511.97 740.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 728.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 131.69 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 145.85 728.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 188.34 728.10 Td (information ) Tj ET Q q 0 0 0 rg BT 238.05 728.10 Td (on ) Tj ET Q q 0 0 0 rg BT 250.55 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 266.38 728.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 304.44 728.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 353.04 728.10 Td (testing.) 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 65.94 704.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 97.62 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.76 704.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 144.33 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 152.13 704.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 197.70 704.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 245.51 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 256.65 704.10 Td (test ) Tj ET Q q 0 0 0 rg BT 273.90 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.48 704.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 328.40 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.54 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.24 704.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 386.25 704.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 421.27 704.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 461.29 704.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 480.21 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 495.24 704.10 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 546.96 704.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (following ) Tj ET Q q 0 0 0 rg BT 90.92 692.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 125.66 692.10 Td (events ) Tj ET Q q 0 0 0 rg BT 153.74 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 170.71 692.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 229.89 692.10 Td (were ) Tj ET Q q 0 0 0 rg BT 251.85 692.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 292.69 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 303.01 692.10 Td (concluding ) Tj ET Q q 0 0 0 rg BT 349.97 692.10 Td (that ) Tj ET Q q 0 0 0 rg BT 367.50 692.10 Td (it ) Tj ET Q q 0 0 0 rg BT 375.59 692.10 Td (was ) Tj ET Q q 0 0 0 rg BT 393.68 692.10 Td (not ) Tj ET Q q 0 0 0 rg BT 408.99 692.10 Td (more ) Tj ET Q q 0 0 0 rg BT 432.07 692.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 457.38 692.10 Td (than ) Tj ET Q q 0 0 0 rg BT 477.13 692.10 Td (not ) Tj ET Q q 0 0 0 rg BT 492.44 692.10 Td (that ) Tj ET Q q 0 0 0 rg BT 509.97 692.10 Td (this ) Tj ET Q q 0 0 0 rg BT 526.96 692.10 Td (goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (was ) Tj ET Q q 0 0 0 rg BT 66.85 680.10 Td (impaired: ) Tj ET Q q 0 0 0 rg BT 106.97 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.76 680.10 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 174.42 680.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 220.38 680.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 254.95 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.19 680.10 Td (market ) Tj ET Q q 0 0 0 rg BT 300.75 680.10 Td (considerations, ) Tj ET Q q 0 0 0 rg BT 362.81 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.05 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.06 680.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 422.62 680.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 459.40 680.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 511.72 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.84 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.86 680.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 83.66 668.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 122.81 668.10 Td (unit. ) 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 68.88 644.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 96.05 644.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 145.43 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.60 644.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 197.00 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.27 644.10 Td (other ) Tj ET Q q 0 0 0 rg BT 239.66 644.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 283.48 644.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 310.65 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.93 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.98 644.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 393.26 644.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 444.30 644.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 494.24 644.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 530.30 644.10 Td (requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (management ) Tj ET Q q 0 0 0 rg BT 103.81 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.82 632.10 Td (make ) Tj ET Q q 0 0 0 rg BT 139.69 632.10 Td (subjective ) Tj ET Q q 0 0 0 rg BT 183.46 632.10 Td (judgments ) Tj ET Q q 0 0 0 rg BT 228.35 632.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 276.00 632.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 316.43 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.99 632.10 Td (how ) Tj ET Q q 0 0 0 rg BT 348.43 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.88 632.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 401.52 632.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 428.08 632.10 Td (or ) Tj ET Q q 0 0 0 rg BT 439.63 632.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 485.08 632.10 Td (will ) Tj ET Q q 0 0 0 rg BT 503.86 632.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 539.29 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 632.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (future ) Tj ET Q q 0 0 0 rg BT 75.77 620.10 Td (using ) Tj ET Q q 0 0 0 rg BT 99.83 620.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 139.43 620.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 175.71 620.10 Td (including ) Tj ET Q q 0 0 0 rg BT 215.87 620.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 261.58 620.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 281.74 620.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 302.46 620.10 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 339.57 620.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 357.51 620.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 398.22 620.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 418.38 620.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 442.99 620.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 480.37 620.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 509.42 620.10 Td (for ) Tj ET Q q 0 0 0 rg BT 523.47 620.10 Td (five ) Tj ET Q q 0 0 0 rg BT 541.41 620.10 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 69.10 608.10 Td (by ) Tj ET Q q 0 0 0 rg BT 81.77 608.10 Td (their ) Tj ET Q q 0 0 0 rg BT 102.76 608.10 Td (nature, ) Tj ET Q q 0 0 0 rg BT 132.91 608.10 Td (are ) Tj ET Q q 0 0 0 rg BT 147.78 608.10 Td (dif) Tj ET Q q 0 0 0 rg BT 158.71 608.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 182.48 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.92 608.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 235.57 608.10 Td (over ) Tj ET Q q 0 0 0 rg BT 256.00 608.10 Td (an ) Tj ET Q q 0 0 0 rg BT 268.10 608.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 306.86 608.10 Td (time ) Tj ET Q q 0 0 0 rg BT 327.30 608.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 358.01 608.10 Td (Events ) Tj ET Q q 0 0 0 rg BT 387.89 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.00 608.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 434.87 608.10 Td (that ) Tj ET Q q 0 0 0 rg BT 452.53 608.10 Td (may ) Tj ET Q q 0 0 0 rg BT 472.41 608.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 525.07 608.10 Td (af) Tj ET Q q 0 0 0 rg BT 532.66 608.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 550.31 608.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.32 596.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 123.86 596.10 Td (among ) Tj ET Q q 0 0 0 rg BT 153.68 596.10 Td (others, ) Tj ET Q q 0 0 0 rg BT 183.22 596.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 233.03 596.10 Td (forces ) Tj ET Q q 0 0 0 rg BT 260.07 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.11 596.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 311.92 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 322.31 596.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 356.56 596.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 387.49 596.10 Td (trends, ) Tj ET Q q 0 0 0 rg BT 417.03 596.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 435.75 596.10 Td (structures, ) Tj ET Q q 0 0 0 rg BT 479.73 596.10 Td (technology) Tj ET Q q 0 0 0 rg BT 523.51 596.10 Td (, ) Tj ET Q q 0 0 0 rg BT 528.62 596.10 Td (discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 70.85 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 87.77 584.10 Td (market ) Tj ET Q q 0 0 0 rg BT 118.01 584.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 164.47 584.10 Td (T) Tj ET Q q 0 0 0 rg BT 169.88 584.10 Td (o ) Tj ET Q q 0 0 0 rg BT 177.35 584.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 204.27 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.96 584.10 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 281.42 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.22 584.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 312.47 584.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 333.27 584.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 372.96 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.87 584.10 Td (validate ) Tj ET Q q 0 0 0 rg BT 424.00 584.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 475.92 584.10 Td (used ) Tj ET Q q 0 0 0 rg BT 496.73 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 506.98 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 522.79 584.10 Td (estimates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.73 572.10 Td (review ) Tj ET Q q 0 0 0 rg BT 93.52 572.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 133.30 572.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 186.40 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.31 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.10 572.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 258.00 572.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 283.90 572.10 Td (or ) Tj ET Q q 0 0 0 rg BT 294.81 572.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 325.15 572.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 353.56 572.10 Td (In ) Tj ET Q q 0 0 0 rg BT 364.46 572.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 404.26 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.05 572.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 435.50 572.10 Td (value ) Tj ET Q q 0 0 0 rg BT 459.73 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.64 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 486.54 572.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 525.77 572.10 Td (units, ) Tj ET Q q 0 0 0 rg BT 550.30 572.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (volatile ) Tj ET Q q 0 0 0 rg BT 81.57 560.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 108.64 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.05 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.35 560.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 173.19 560.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 206.93 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.45 560.10 Td (our ) Tj ET Q q 0 0 0 rg BT 238.86 560.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 273.72 560.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 308.01 560.10 Td (us ) Tj ET Q q 0 0 0 rg BT 318.98 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.84 560.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 364.80 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.10 560.10 Td (business ) Tj ET Q q 0 0 0 rg BT 415.07 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 431.59 560.10 Td (market ) Tj ET Q q 0 0 0 rg BT 461.44 560.10 Td (cycle ) Tj ET Q q 0 0 0 rg BT 484.61 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.13 560.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 527.66 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.96 560.10 Td (stage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.04 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.47 548.10 Td (cycle ) Tj ET Q q 0 0 0 rg BT 97.78 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 107.77 548.10 Td (estimating ) Tj ET Q q 0 0 0 rg BT 151.65 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.08 548.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 194.40 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.05 548.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 237.70 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.25 548.10 Td (future ) Tj ET Q q 0 0 0 rg BT 274.34 548.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 294.32 548.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 321.25 548.10 Td (In ) Tj ET Q q 0 0 0 rg BT 331.80 548.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 366.78 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.77 548.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 422.31 548.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 442.29 548.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 469.23 548.10 Td (we ) Tj ET Q q 0 0 0 rg BT 483.10 548.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 519.19 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 534.74 548.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (capitalization, ) Tj ET Q q 0 0 0 rg BT 107.23 536.10 Td (public ) Tj ET Q q 0 0 0 rg BT 133.60 536.10 Td (company ) Tj ET Q q 0 0 0 rg BT 171.63 536.10 Td (comparables ) Tj ET Q q 0 0 0 rg BT 223.53 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 239.34 536.10 Td (multiples ) Tj ET Q q 0 0 0 rg BT 277.93 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.63 536.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 313.43 536.10 Td (mer) Tj ET Q q 0 0 0 rg BT 328.79 536.10 Td (gers ) Tj ET Q q 0 0 0 rg BT 346.83 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.63 536.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 411.78 536.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.48 536.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 450.63 536.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 494.22 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 503.37 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 518.07 536.10 Td (subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 97.63 524.10 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 134.24 524.10 Td (V) Tj ET Q q 0 0 0 rg BT 140.35 524.10 Td (aluation ) Tj ET Q q 0 0 0 rg BT 174.60 524.10 Td (multiples ) Tj ET Q q 0 0 0 rg BT 213.86 524.10 Td (may ) Tj ET Q q 0 0 0 rg BT 233.11 524.10 Td (be ) Tj ET Q q 0 0 0 rg BT 244.59 524.10 Td (based ) Tj ET Q q 0 0 0 rg BT 269.39 524.10 Td (on ) Tj ET Q q 0 0 0 rg BT 281.43 524.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 321.50 524.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 357.41 524.10 Td (before ) Tj ET Q q 0 0 0 rg BT 384.99 524.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 418.96 524.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 444.04 524.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 495.50 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.97 524.10 Td (amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (\(EBITDA\), ) Tj ET Q q 0 0 0 rg BT 98.81 512.10 Td (price-to-earnings ) Tj ET Q q 0 0 0 rg BT 170.59 512.10 Td (or ) Tj ET Q q 0 0 0 rg BT 182.41 512.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 203.66 512.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 229.37 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.18 512.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 291.31 512.10 Td (public ) Tj ET Q q 0 0 0 rg BT 319.79 512.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 366.04 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.96 512.10 Td (business ) Tj ET Q q 0 0 0 rg BT 421.34 512.10 Td (segments. ) Tj ET Q q 0 0 0 rg BT 464.29 512.10 Td (These ) Tj ET Q q 0 0 0 rg BT 491.65 512.10 Td (multiples ) Tj ET Q q 0 0 0 rg BT 532.36 512.10 Td (may ) Tj ET Q q 0 0 0 rg BT 553.06 512.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 85.33 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.60 500.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 131.98 500.10 Td (competitive ) Tj ET Q q 0 0 0 rg BT 181.69 500.10 Td (dif) Tj ET Q q 0 0 0 rg BT 192.62 500.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 228.42 500.10 Td (including ) Tj ET Q q 0 0 0 rg BT 268.69 500.10 Td (size, ) Tj ET Q q 0 0 0 rg BT 289.24 500.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 329.50 500.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 365.87 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.81 500.10 Td (other ) Tj ET Q q 0 0 0 rg BT 405.85 500.10 Td (factors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 476.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.51 476.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 108.09 476.10 Td (our ) Tj ET Q q 0 0 0 rg BT 123.35 476.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 151.94 476.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 189.42 476.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 237.45 476.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 271.60 476.10 Td (as ) Tj ET Q q 0 0 0 rg BT 281.86 476.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.12 476.10 Td (October31, ) Tj ET Q q 0 0 0 rg BT 341.26 476.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.26 476.10 Td (, ) Tj ET Q q 0 0 0 rg BT 365.69 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.06 476.10 Td (concluded ) Tj ET Q q 0 0 0 rg BT 425.09 476.10 Td (there ) Tj ET Q q 0 0 0 rg BT 447.00 476.10 Td (was ) Tj ET Q q 0 0 0 rg BT 464.49 476.10 Td (no ) Tj ET Q q 0 0 0 rg BT 476.42 476.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 513.91 476.10 Td (impairment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 452.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.08 452.10 Td (also ) Tj ET Q q 0 0 0 rg BT 83.68 452.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 124.50 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.21 452.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 181.70 452.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 207.53 452.10 Td (\(indefinite ) Tj ET Q q 0 0 0 rg BT 251.68 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 268.62 452.10 Td (definite-lived\) ) Tj ET Q q 0 0 0 rg BT 328.32 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.26 452.10 Td (concluded ) Tj ET Q q 0 0 0 rg BT 388.85 452.10 Td (there ) Tj ET Q q 0 0 0 rg BT 411.34 452.10 Td (was ) Tj ET Q q 0 0 0 rg BT 429.39 452.10 Td (no ) Tj ET Q q 0 0 0 rg BT 441.89 452.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 490.49 452.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.76 452.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.76 452.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (Compensation Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (Stock-Based Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (As ) Tj ET Q q 0 0 0 rg BT 62.35 380.10 Td (part ) Tj ET Q q 0 0 0 rg BT 79.63 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.70 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 104.77 380.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 162.05 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 171.56 380.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 216.07 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.24 380.10 Td (directors, ) Tj ET Q q 0 0 0 rg BT 271.46 380.10 Td (we ) Tj ET Q q 0 0 0 rg BT 284.86 380.10 Td (use ) Tj ET Q q 0 0 0 rg BT 299.93 380.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 348.87 380.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 408.65 380.10 Td (consisting ) Tj ET Q q 0 0 0 rg BT 450.95 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.01 380.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 499.95 380.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 525.30 380.10 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.15 368.10 Td (units ) Tj ET Q q 0 0 0 rg BT 95.14 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.12 368.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 135.78 368.10 Td (options. ) Tj ET Q q 0 0 0 rg BT 170.08 368.10 Td (W) Tj ET Q q 0 0 0 rg BT 178.72 368.10 Td (e ) Tj ET Q q 0 0 0 rg BT 185.70 368.10 Td (account ) Tj ET Q q 0 0 0 rg BT 219.34 368.10 Td (for ) Tj ET Q q 0 0 0 rg BT 233.54 368.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 261.08 368.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 291.94 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 302.26 368.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 349.77 368.10 Td (with ) Tj ET Q q 0 0 0 rg BT 370.09 368.10 Td (F) Tj ET Q q 0 0 0 rg BT 374.91 368.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 396.34 368.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 445.54 368.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 487.52 368.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 539.87 368.10 Td (T) Tj ET Q q 0 0 0 rg BT 545.28 368.10 Td (opic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (718, ) Tj ET Q q 0 0 0 rg BT 68.72 356.10 Td ("CompensationStock ) Tj ET Q q 0 0 0 rg BT 160.07 356.10 Td (Compensation," ) Tj ET Q q 0 0 0 rg BT 226.14 356.10 Td (\("ASC ) Tj ET Q q 0 0 0 rg BT 254.73 356.10 Td (718"\), ) Tj ET Q q 0 0 0 rg BT 281.36 356.10 Td (which ) Tj ET Q q 0 0 0 rg BT 307.51 356.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 341.44 356.10 Td (all ) Tj ET Q q 0 0 0 rg BT 353.15 356.10 Td (share-based ) Tj ET Q q 0 0 0 rg BT 402.06 356.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 442.11 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.60 356.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 498.58 356.10 Td (including ) Tj ET Q q 0 0 0 rg BT 538.08 356.10 Td (grants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.41 344.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 101.87 344.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 125.56 344.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 160.09 344.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.45 344.10 Td (be ) Tj ET Q q 0 0 0 rg BT 182.47 344.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 228.92 344.10 Td (on ) Tj ET Q q 0 0 0 rg BT 241.50 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.30 344.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 309.43 344.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 354.22 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.13 344.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 409.37 344.10 Td (at ) Tj ET Q q 0 0 0 rg BT 419.17 344.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 442.30 344.10 Td (date ) Tj ET Q q 0 0 0 rg BT 461.54 344.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 478.00 344.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 504.74 344.10 Td (Compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 84.93 332.10 Td (related ) Tj ET Q q 0 0 0 rg BT 115.36 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 126.37 332.10 Td (share-based ) Tj ET Q q 0 0 0 rg BT 176.79 332.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 208.34 332.10 Td (which ) Tj ET Q q 0 0 0 rg BT 236.00 332.10 Td (require ) Tj ET Q q 0 0 0 rg BT 267.54 332.10 Td (future ) Tj ET Q q 0 0 0 rg BT 294.65 332.10 Td (service ) Tj ET Q q 0 0 0 rg BT 326.19 332.10 Td (are ) Tj ET Q q 0 0 0 rg BT 341.62 332.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 384.83 332.10 Td (over ) Tj ET Q q 0 0 0 rg BT 405.83 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.27 332.10 Td (service ) Tj ET Q q 0 0 0 rg BT 452.81 332.10 Td (period ) Tj ET Q q 0 0 0 rg BT 481.58 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.14 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.58 332.10 Td (award, ) Tj ET Q q 0 0 0 rg BT 538.74 332.10 Td (net ) Tj ET Q q 0 0 0 rg BT 554.18 332.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 90.81 320.10 Td (forfeitures. ) Tj ET Q q 0 0 0 rg BT 137.95 320.10 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 189.81 320.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 221.12 320.10 Td (that ) Tj ET Q q 0 0 0 rg BT 239.11 320.10 Td (do ) Tj ET Q q 0 0 0 rg BT 252.10 320.10 Td (not ) Tj ET Q q 0 0 0 rg BT 267.87 320.10 Td (require ) Tj ET Q q 0 0 0 rg BT 299.18 320.10 Td (future ) Tj ET Q q 0 0 0 rg BT 326.05 320.10 Td (service ) Tj ET Q q 0 0 0 rg BT 357.36 320.10 Td (are ) Tj ET Q q 0 0 0 rg BT 372.56 320.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 419.41 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 430.18 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.39 320.10 Td (year ) Tj ET Q q 0 0 0 rg BT 465.59 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.36 320.10 Td (which ) Tj ET Q q 0 0 0 rg BT 503.79 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.00 320.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 550.31 320.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 83.09 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.37 308.10 Td (be ) Tj ET Q q 0 0 0 rg BT 105.31 308.10 Td (earned. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 77.63 284.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 90.13 284.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 154.30 284.10 Td (Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 260.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.93 260.10 Td (maintains ) Tj ET Q q 0 0 0 rg BT 150.32 260.10 Td (various ) Tj ET Q q 0 0 0 rg BT 182.25 260.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 218.06 260.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 276.10 260.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 332.46 260.10 Td (for ) Tj ET Q q 0 0 0 rg BT 346.62 260.10 Td (employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.46 236.10 Td (nonqualified, ) Tj ET Q q 0 0 0 rg BT 122.92 236.10 Td (unfunded ) Tj ET Q q 0 0 0 rg BT 163.11 236.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 198.83 236.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 256.79 236.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 276.42 236.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 304.94 236.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 334.56 236.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 362.53 236.10 Td (compensated ) Tj ET Q q 0 0 0 rg BT 417.15 236.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 464.83 236.10 Td (at ) Tj ET Q q 0 0 0 rg BT 474.46 236.10 Td (their ) Tj ET Q q 0 0 0 rg BT 495.21 236.10 Td (election, ) Tj ET Q q 0 0 0 rg BT 531.77 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.97 236.10 Td (defer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.81 224.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 102.98 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.18 224.10 Td (their ) Tj ET Q q 0 0 0 rg BT 135.37 224.10 Td (base ) Tj ET Q q 0 0 0 rg BT 156.01 224.10 Td (salary) Tj ET Q q 0 0 0 rg BT 179.23 224.10 Td (, ) Tj ET Q q 0 0 0 rg BT 184.60 224.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 239.70 224.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 268.11 224.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 288.75 224.10 Td (bonuses. ) Tj ET Q q 0 0 0 rg BT 326.13 224.10 Td (The ) Tj ET Q q 0 0 0 rg BT 344.55 224.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 381.30 224.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 417.48 224.10 Td (under ) Tj ET Q q 0 0 0 rg BT 443.12 224.10 Td (this ) Tj ET Q q 0 0 0 rg BT 460.43 224.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 480.52 224.10 Td (are ) Tj ET Q q 0 0 0 rg BT 495.59 224.10 Td (held ) Tj ET Q q 0 0 0 rg BT 515.68 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 526.33 224.10 Td (a ) Tj ET Q q 0 0 0 rg BT 533.63 224.10 Td (grantor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (trust, ) Tj ET Q q 0 0 0 rg BT 72.28 212.10 Td (which ) Tj ET Q q 0 0 0 rg BT 99.22 212.10 Td (is ) Tj ET Q q 0 0 0 rg BT 108.39 212.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 161.43 212.10 Td (on ) Tj ET Q q 0 0 0 rg BT 173.93 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 189.76 212.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 234.47 212.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.30 212.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 282.78 212.10 Td (condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.88 188.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 89.81 188.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 101.29 188.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 119.22 188.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 166.04 188.10 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 196.76 188.10 Td (Fund ) Tj ET Q q 0 0 0 rg BT 219.15 188.10 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 261.52 188.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 286.12 188.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 332.38 188.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 351.99 188.10 Td (is ) Tj ET Q q 0 0 0 rg BT 360.48 188.10 Td (a ) Tj ET Q q 0 0 0 rg BT 366.75 188.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 401.89 188.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 459.26 188.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 478.30 188.10 Td (which ) Tj ET Q q 0 0 0 rg BT 504.57 188.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 532.51 188.10 Td (eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 94.38 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 104.28 176.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 125.27 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.17 176.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 166.15 176.10 Td (a ) Tj ET Q q 0 0 0 rg BT 172.70 176.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 203.71 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.16 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.49 176.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 267.26 176.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 324.92 176.10 Td (they ) Tj ET Q q 0 0 0 rg BT 344.25 176.10 Td (would ) Tj ET Q q 0 0 0 rg BT 371.37 176.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 412.37 176.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 443.35 176.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.24 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.58 176.10 Td (form ) Tj ET Q q 0 0 0 rg BT 489.14 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 499.58 176.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 538.90 176.10 Td (stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (instead ) Tj ET Q q 0 0 0 rg BT 80.67 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.29 164.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 131.34 164.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 161.96 164.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 183.13 164.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 210.96 164.10 Td (\("MFRS ) Tj ET Q q 0 0 0 rg BT 247.28 164.10 Td (A) Tj ET Q q 0 0 0 rg BT 253.58 164.10 Td (wards"\) ) Tj ET Q q 0 0 0 rg BT 287.72 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.89 164.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 341.16 164.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 366.23 164.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 405.17 164.10 Td (by ) Tj ET Q q 0 0 0 rg BT 418.01 164.10 Td (our ) Tj ET Q q 0 0 0 rg BT 434.18 164.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 456.47 164.10 Td (management ) Tj ET Q q 0 0 0 rg BT 510.40 164.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 549.43 164.10 Td (W) Tj ET Q q 0 0 0 rg BT 558.07 164.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (have ) Tj ET Q q 0 0 0 rg BT 70.88 152.10 Td (also ) Tj ET Q q 0 0 0 rg BT 89.49 152.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 121.97 152.10 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 150.60 152.10 Td (A) Tj ET Q q 0 0 0 rg BT 156.91 152.10 Td (wards ) Tj ET Q q 0 0 0 rg BT 183.29 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.57 152.10 Td (new ) Tj ET Q q 0 0 0 rg BT 212.73 152.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 257.99 152.10 Td (as ) Tj ET Q q 0 0 0 rg BT 268.82 152.10 Td (a ) Tj ET Q q 0 0 0 rg BT 275.76 152.10 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 317.13 152.10 Td (tool. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.15 128.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 87.80 128.10 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.80 128.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.01 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.00 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 125.54 128.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 178.30 128.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 215.49 128.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 259.92 128.10 Td (for ) Tj ET Q q 0 0 0 rg BT 273.79 128.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 315.99 128.10 Td (information ) Tj ET Q q 0 0 0 rg BT 365.41 128.10 Td (about ) Tj ET Q q 0 0 0 rg BT 389.84 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 405.38 128.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 454.80 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.45 128.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 506.97 128.10 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (plans.) 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 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 endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (42) 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 64.38 620.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 108.70 620.25 Td (dif) Tj ET Q q 0 0 0 rg BT 119.63 620.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 156.15 620.25 Td (in ) Tj ET Q q 0 0 0 rg BT 167.15 620.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 207.03 620.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 237.45 620.25 Td (items, ) Tj ET Q q 0 0 0 rg BT 264.84 620.25 Td (principally) Tj ET Q q 0 0 0 rg BT 307.51 620.25 Td (, ) Tj ET Q q 0 0 0 rg BT 313.23 620.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 366.99 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 378.54 620.25 Td (share-based ) Tj ET Q q 0 0 0 rg BT 428.96 620.25 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 489.99 620.25 Td (The ) Tj ET Q q 0 0 0 rg BT 508.76 620.25 Td (realization ) Tj ET Q q 0 0 0 rg BT 554.18 620.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 85.12 608.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 99.65 608.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 125.29 608.25 Td (is ) Tj ET Q q 0 0 0 rg BT 134.27 608.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 170.46 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.21 608.25 Td (a ) Tj ET Q q 0 0 0 rg BT 193.97 608.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 233.49 608.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 276.33 608.25 Td (is ) Tj ET Q q 0 0 0 rg BT 285.32 608.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 331.49 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 341.58 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.11 608.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 382.85 608.25 Td (that ) Tj ET Q q 0 0 0 rg BT 400.16 608.25 Td (it ) Tj ET Q q 0 0 0 rg BT 408.03 608.25 Td (is ) Tj ET Q q 0 0 0 rg BT 417.01 608.25 Td (more ) Tj ET Q q 0 0 0 rg BT 439.87 608.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 464.96 608.25 Td (than ) Tj ET Q q 0 0 0 rg BT 484.49 608.25 Td (not ) Tj ET Q q 0 0 0 rg BT 499.58 608.25 Td (that ) Tj ET Q q 0 0 0 rg BT 516.88 608.25 Td (any ) Tj ET Q q 0 0 0 rg BT 533.63 608.25 Td (portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.08 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.56 596.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 110.12 596.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 124.59 596.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 146.28 596.25 Td (will ) Tj ET Q q 0 0 0 rg BT 164.09 596.25 Td (not ) Tj ET Q q 0 0 0 rg BT 179.13 596.25 Td (be ) Tj ET Q q 0 0 0 rg BT 190.82 596.25 Td (realized. ) Tj ET Q q 0 0 0 rg BT 227.05 596.25 Td (W) Tj ET Q q 0 0 0 rg BT 235.69 596.25 Td (e ) Tj ET Q q 0 0 0 rg BT 242.38 596.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 273.51 596.25 Td (that ) Tj ET Q q 0 0 0 rg BT 290.76 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 306.35 596.25 Td (future ) Tj ET Q q 0 0 0 rg BT 332.48 596.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 363.60 596.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 391.97 596.25 Td (will ) Tj ET Q q 0 0 0 rg BT 409.78 596.25 Td (be ) Tj ET Q q 0 0 0 rg BT 421.47 596.25 Td (suf) Tj ET Q q 0 0 0 rg BT 433.51 596.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 461.31 596.25 Td (to ) Tj ET Q q 0 0 0 rg BT 471.34 596.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 512.46 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 528.05 596.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 548.08 596.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 71.00 584.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 106.36 584.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 120.63 584.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 148.51 584.25 Td (However) Tj ET Q q 0 0 0 rg BT 184.76 584.25 Td (, ) Tj ET Q q 0 0 0 rg BT 189.32 584.25 Td (if ) Tj ET Q q 0 0 0 rg BT 197.48 584.25 Td (our ) Tj ET Q q 0 0 0 rg BT 212.87 584.25 Td (projections ) Tj ET Q q 0 0 0 rg BT 259.36 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.74 584.25 Td (future ) Tj ET Q q 0 0 0 rg BT 295.67 584.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 326.60 584.25 Td (profits ) Tj ET Q q 0 0 0 rg BT 354.76 584.25 Td (do ) Tj ET Q q 0 0 0 rg BT 366.82 584.25 Td (not ) Tj ET Q q 0 0 0 rg BT 381.65 584.25 Td (materialize, ) Tj ET Q q 0 0 0 rg BT 430.62 584.25 Td (we ) Tj ET Q q 0 0 0 rg BT 444.33 584.25 Td (may ) Tj ET Q q 0 0 0 rg BT 463.60 584.25 Td (conclude ) Tj ET Q q 0 0 0 rg BT 501.75 584.25 Td (that ) Tj ET Q q 0 0 0 rg BT 518.80 584.25 Td (a ) Tj ET Q q 0 0 0 rg BT 525.30 584.25 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 92.24 572.25 Td (is ) Tj ET Q q 0 0 0 rg BT 101.11 572.25 Td (necessary) Tj ET Q q 0 0 0 rg BT 139.33 572.25 Td (, ) Tj ET Q q 0 0 0 rg BT 144.04 572.25 Td (which ) Tj ET Q q 0 0 0 rg BT 170.68 572.25 Td (would ) Tj ET Q q 0 0 0 rg BT 197.89 572.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 227.31 572.25 Td (our ) Tj ET Q q 0 0 0 rg BT 242.84 572.25 Td (results ) Tj ET Q q 0 0 0 rg BT 271.16 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 281.69 572.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 325.55 572.25 Td (in ) Tj ET Q q 0 0 0 rg BT 335.54 572.25 Td (that ) Tj ET Q q 0 0 0 rg BT 352.74 572.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 382.99 572.25 Td (In ) Tj ET Q q 0 0 0 rg BT 393.53 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.95 572.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 434.60 572.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 465.12 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 475.65 572.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 500.36 572.25 Td (we ) Tj ET Q q 0 0 0 rg BT 514.23 572.25 Td (reversed ) Tj ET Q q 0 0 0 rg BT 550.30 572.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (full ) Tj ET Q q 0 0 0 rg BT 65.90 560.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 98.41 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 109.25 560.25 Td (our ) Tj ET Q q 0 0 0 rg BT 125.10 560.25 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 147.05 560.25 Td (subsidiary's ) Tj ET Q q 0 0 0 rg BT 196.37 560.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 232.19 560.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 246.92 560.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 268.87 560.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 308.60 560.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 351.64 560.25 Td (based ) Tj ET Q q 0 0 0 rg BT 376.92 560.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 399.44 560.25 Td (achieving ) Tj ET Q q 0 0 0 rg BT 440.82 560.25 Td (three ) Tj ET Q q 0 0 0 rg BT 463.32 560.25 Td (years ) Tj ET Q q 0 0 0 rg BT 486.94 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 497.78 560.25 Td (profitability ) 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 (projected ) Tj ET Q q 0 0 0 rg BT 89.20 548.25 Td (future ) Tj ET Q q 0 0 0 rg BT 115.58 548.25 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 154.28 548.25 Td (This ) Tj ET Q q 0 0 0 rg BT 174.55 548.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 208.71 548.25 Td (in ) Tj ET Q q 0 0 0 rg BT 218.99 548.25 Td (a ) Tj ET Q q 0 0 0 rg BT 225.93 548.25 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 245.93 548.25 Td (million ) Tj ET Q q 0 0 0 rg BT 277.32 548.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 292.03 548.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 322.30 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 332.58 548.25 Td (our ) Tj ET Q q 0 0 0 rg BT 348.41 548.25 Td (results ) Tj ET Q q 0 0 0 rg BT 377.01 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.84 548.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.52 524.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 107.08 524.25 Td (with ) Tj ET Q q 0 0 0 rg BT 127.54 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.45 524.25 Td (closure ) Tj ET Q q 0 0 0 rg BT 174.01 524.25 Td (of ) Tj ET Q q 0 0 0 rg BT 185.03 524.25 Td (our ) Tj ET Q q 0 0 0 rg BT 201.05 524.25 Td (Hong ) Tj ET Q q 0 0 0 rg BT 225.96 524.25 Td (Kong ) Tj ET Q q 0 0 0 rg BT 250.87 524.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 280.21 524.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 314.55 524.25 Td (business ) Tj ET Q q 0 0 0 rg BT 351.13 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 361.60 524.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 386.79 524.25 Td (we ) Tj ET Q q 0 0 0 rg BT 401.13 524.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 435.46 524.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.59 524.25 Td ($21.1 ) Tj ET Q q 0 0 0 rg BT 467.78 524.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.67 524.25 Td ( ) Tj ET Q q 0 0 0 rg BT 499.36 524.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 519.83 524.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 534.73 524.25 Td (benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (within ) Tj ET Q q 0 0 0 rg BT 77.88 512.25 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 131.80 512.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 176.27 512.25 Td (due ) Tj ET Q q 0 0 0 rg BT 193.53 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 204.13 512.25 Td (a ) Tj ET Q q 0 0 0 rg BT 211.38 512.25 Td (realized ) Tj ET Q q 0 0 0 rg BT 245.84 512.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 264.22 512.25 Td (on ) Tj ET Q q 0 0 0 rg BT 277.04 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.08 512.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 338.78 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 349.38 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 365.52 512.25 Td (Hong ) Tj ET Q q 0 0 0 rg BT 390.57 512.25 Td (Kong ) Tj ET Q q 0 0 0 rg BT 415.61 512.25 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 467.94 512.25 Td (The ) Tj ET Q q 0 0 0 rg BT 486.30 512.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 501.34 512.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 531.92 512.25 Td (was ) Tj ET Q q 0 0 0 rg BT 550.29 512.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 78.10 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.93 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.65 500.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 118.36 500.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 140.86 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 151.69 500.25 Td (our ) Tj ET Q q 0 0 0 rg BT 167.52 500.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 213.90 500.25 Td (in ) Tj ET Q q 0 0 0 rg BT 224.18 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.90 500.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 288.62 500.25 Td (over ) Tj ET Q q 0 0 0 rg BT 308.88 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.60 500.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 361.08 500.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 401.90 500.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 437.72 500.25 Td (amount. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 476.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.28 476.25 Td (record ) Tj ET Q q 0 0 0 rg BT 93.52 476.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 129.53 476.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 144.45 476.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 178.80 476.25 Td (for ) Tj ET Q q 0 0 0 rg BT 193.17 476.25 Td (future ) Tj ET Q q 0 0 0 rg BT 219.75 476.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 234.67 476.25 Td (deductions ) Tj ET Q q 0 0 0 rg BT 280.69 476.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 318.93 476.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 341.63 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.55 476.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 388.14 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 399.17 476.25 Td (share-based ) Tj ET Q q 0 0 0 rg BT 449.07 476.25 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 509.82 476.25 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 85.60 464.25 Td (on ) Tj ET Q q 0 0 0 rg BT 98.38 464.25 Td (our ) Tj ET Q q 0 0 0 rg BT 114.50 464.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 129.50 464.25 Td (return ) Tj ET Q q 0 0 0 rg BT 156.16 464.25 Td (for ) Tj ET Q q 0 0 0 rg BT 170.61 464.25 Td (share-based ) Tj ET Q q 0 0 0 rg BT 220.59 464.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 278.92 464.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 299.75 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.75 464.25 Td (value ) Tj ET Q q 0 0 0 rg BT 339.19 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 350.30 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.31 464.25 Td (share-based ) Tj ET Q q 0 0 0 rg BT 415.29 464.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 473.61 464.25 Td (at ) Tj ET Q q 0 0 0 rg BT 483.62 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 498.62 464.25 Td (time ) Tj ET Q q 0 0 0 rg BT 519.17 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.29 464.25 Td (vesting\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 78.84 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.64 452.25 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 138.66 452.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 156.36 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 166.27 452.25 Td (those ) Tj ET Q q 0 0 0 rg BT 188.97 452.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 237.22 452.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 282.67 452.25 Td (for ) Tj ET Q q 0 0 0 rg BT 295.92 452.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 332.48 452.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 370.73 452.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 390.36 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.16 452.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 426.30 452.25 Td (date ) Tj ET Q q 0 0 0 rg BT 444.54 452.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 460.00 452.25 Td (value ) Tj ET Q q 0 0 0 rg BT 483.25 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 493.16 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 506.97 452.25 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (computed ) Tj ET Q q 0 0 0 rg BT 91.44 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 101.73 440.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 149.21 440.25 Td (with ) Tj ET Q q 0 0 0 rg BT 168.94 440.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 190.91 440.25 Td (718\), ) Tj ET Q q 0 0 0 rg BT 214.25 440.25 Td (we ) Tj ET Q q 0 0 0 rg BT 228.42 440.25 Td (record ) Tj ET Q q 0 0 0 rg BT 256.47 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.20 440.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 299.81 440.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 314.53 440.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 344.81 440.25 Td (as ) Tj ET Q q 0 0 0 rg BT 355.65 440.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 398.15 440.25 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 428.99 440.25 Td (capital. ) Tj ET Q q 0 0 0 rg BT 460.65 440.25 Td (Conversely) Tj ET Q q 0 0 0 rg BT 505.55 440.25 Td (, ) Tj ET Q q 0 0 0 rg BT 510.56 440.25 Td (if ) Tj ET Q q 0 0 0 rg BT 519.18 440.25 Td (deductions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 85.99 428.25 Td (on ) Tj ET Q q 0 0 0 rg BT 99.16 428.25 Td (our ) Tj ET Q q 0 0 0 rg BT 115.66 428.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 131.04 428.25 Td (return ) Tj ET Q q 0 0 0 rg BT 158.09 428.25 Td (for ) Tj ET Q q 0 0 0 rg BT 172.92 428.25 Td (share-based ) Tj ET Q q 0 0 0 rg BT 223.29 428.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 282.00 428.25 Td (are ) Tj ET Q q 0 0 0 rg BT 297.38 428.25 Td (less ) Tj ET Q q 0 0 0 rg BT 315.55 428.25 Td (than ) Tj ET Q q 0 0 0 rg BT 335.94 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.32 428.25 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 398.92 428.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 418.20 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.70 428.25 Td (those ) Tj ET Q q 0 0 0 rg BT 453.98 428.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 503.82 428.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 550.85 428.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.11 416.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 128.90 416.25 Td (we ) Tj ET Q q 0 0 0 rg BT 143.20 416.25 Td (of) Tj ET Q q 0 0 0 rg BT 151.35 416.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 168.42 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.27 416.25 Td (deficiency ) Tj ET Q q 0 0 0 rg BT 227.54 416.25 Td (first ) Tj ET Q q 0 0 0 rg BT 246.28 416.25 Td (to ) Tj ET Q q 0 0 0 rg BT 256.69 416.25 Td (any ) Tj ET Q q 0 0 0 rg BT 273.77 416.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 318.62 416.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 365.11 416.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 393.84 416.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 408.69 416.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 442.98 416.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 480.59 416.25 Td (as ) Tj ET Q q 0 0 0 rg BT 491.55 416.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 534.18 416.25 Td (paid-in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 78.38 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 95.04 404.25 Td (any ) Tj ET Q q 0 0 0 rg BT 111.70 404.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 154.47 404.25 Td (deficiency ) Tj ET Q q 0 0 0 rg BT 198.34 404.25 Td (is ) Tj ET Q q 0 0 0 rg BT 207.23 404.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 244.43 404.25 Td (as ) Tj ET Q q 0 0 0 rg BT 254.99 404.25 Td (income ) Tj ET Q q 0 0 0 rg BT 286.65 404.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 301.09 404.25 Td (expense. ) Tj ET Q q 0 0 0 rg BT 337.53 404.25 Td (As ) Tj ET Q q 0 0 0 rg BT 350.87 404.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.43 404.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 419.74 404.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.74 404.25 Td (, ) Tj ET Q q 0 0 0 rg BT 444.46 404.25 Td (we ) Tj ET Q q 0 0 0 rg BT 458.35 404.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.01 404.25 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 494.74 404.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.63 404.25 Td ( ) Tj ET Q q 0 0 0 rg BT 525.86 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 536.41 404.25 Td (excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 63.99 392.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 97.92 392.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 135.17 392.25 Td (as ) Tj ET Q q 0 0 0 rg BT 145.78 392.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 188.04 392.25 Td (paid-in ) Tj ET Q q 0 0 0 rg BT 218.64 392.25 Td (capital. ) Tj ET Q q 0 0 0 rg BT 250.06 392.25 Td (In ) Tj ET Q q 0 0 0 rg BT 260.67 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 275.16 392.25 Td (first ) Tj ET Q q 0 0 0 rg BT 293.54 392.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 324.13 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 334.74 392.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 359.51 392.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.54 392.25 Td (15,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.04 392.25 Td ( ) Tj ET Q q 0 0 0 rg BT 449.32 392.25 Td (options ) Tj ET Q q 0 0 0 rg BT 481.04 392.25 Td (expired ) Tj ET Q q 0 0 0 rg BT 513.30 392.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.01 392.25 Td (464,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.51 392.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 76.99 380.25 Td (vested ) Tj ET Q q 0 0 0 rg BT 105.04 380.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 142.53 380.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.81 380.25 Td ($3.6 ) Tj ET Q q 0 0 0 rg BT 172.81 380.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.70 380.25 Td ( ) Tj ET Q q 0 0 0 rg BT 204.20 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.03 380.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 243.63 380.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 258.35 380.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 292.50 380.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 329.98 380.25 Td (as ) Tj ET Q q 0 0 0 rg BT 340.81 380.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 383.30 380.25 Td (paid-in-capital ) Tj ET Q q 0 0 0 rg BT 444.10 380.25 Td (in ) Tj ET Q q 0 0 0 rg BT 454.38 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.10 380.25 Td (first ) Tj ET Q q 0 0 0 rg BT 487.71 380.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 518.52 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 529.35 380.25 Td (2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 356.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.78 356.25 Td (establish ) Tj ET Q q 0 0 0 rg BT 101.97 356.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 136.93 356.25 Td (for ) Tj ET Q q 0 0 0 rg BT 150.79 356.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 190.19 356.25 Td (income ) Tj ET Q q 0 0 0 rg BT 221.82 356.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 236.24 356.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 274.56 356.25 Td (in ) Tj ET Q q 0 0 0 rg BT 284.54 356.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 331.70 356.25 Td (with ) Tj ET Q q 0 0 0 rg BT 351.68 356.25 Td (F) Tj ET Q q 0 0 0 rg BT 356.49 356.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 377.66 356.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 426.52 356.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 468.16 356.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 520.19 356.25 Td (T) Tj ET Q q 0 0 0 rg BT 525.60 356.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 545.01 356.25 Td (740, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td ("Income ) Tj ET Q q 0 0 0 rg BT 86.10 344.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.51 344.25 Td (axes," ) Tj ET Q q 0 0 0 rg BT 118.59 344.25 Td (when ) Tj ET Q q 0 0 0 rg BT 142.98 344.25 Td (it ) Tj ET Q q 0 0 0 rg BT 151.26 344.25 Td (is ) Tj ET Q q 0 0 0 rg BT 160.66 344.25 Td (not ) Tj ET Q q 0 0 0 rg BT 176.17 344.25 Td (more ) Tj ET Q q 0 0 0 rg BT 199.44 344.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 224.94 344.25 Td (than ) Tj ET Q q 0 0 0 rg BT 244.89 344.25 Td (not ) Tj ET Q q 0 0 0 rg BT 260.40 344.25 Td (that ) Tj ET Q q 0 0 0 rg BT 278.12 344.25 Td (a ) Tj ET Q q 0 0 0 rg BT 285.29 344.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 315.22 344.25 Td (position ) Tj ET Q q 0 0 0 rg BT 350.17 344.25 Td (or ) Tj ET Q q 0 0 0 rg BT 361.23 344.25 Td (component ) Tj ET Q q 0 0 0 rg BT 408.39 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.45 344.25 Td (a ) Tj ET Q q 0 0 0 rg BT 426.62 344.25 Td (position ) Tj ET Q q 0 0 0 rg BT 461.57 344.25 Td (will ) Tj ET Q q 0 0 0 rg BT 479.86 344.25 Td (be ) Tj ET Q q 0 0 0 rg BT 492.03 344.25 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 535.30 344.25 Td (upheld ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (by ) Tj ET Q q 0 0 0 rg BT 62.43 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.57 332.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 112.71 332.25 Td (taxing ) Tj ET Q q 0 0 0 rg BT 140.63 332.25 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 188.27 332.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 235.08 332.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 275.78 332.25 Td (is ) Tj ET Q q 0 0 0 rg BT 285.38 332.25 Td (required ) Tj ET Q q 0 0 0 rg BT 321.63 332.25 Td (in ) Tj ET Q q 0 0 0 rg BT 332.33 332.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 376.91 332.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 417.04 332.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 432.19 332.25 Td (positions. ) Tj ET Q q 0 0 0 rg BT 473.73 332.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 492.21 332.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 507.36 332.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 548.07 332.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (related ) Tj ET Q q 0 0 0 rg BT 80.68 320.25 Td (accruals ) Tj ET Q q 0 0 0 rg BT 117.40 320.25 Td (include ) Tj ET Q q 0 0 0 rg BT 150.81 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 167.00 320.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 198.19 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 210.49 320.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 251.68 320.25 Td (for ) Tj ET Q q 0 0 0 rg BT 267.31 320.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 308.49 320.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 324.68 320.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 364.77 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 383.18 320.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 419.36 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 431.11 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 447.30 320.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 484.04 320.25 Td (that ) Tj ET Q q 0 0 0 rg BT 503.00 320.25 Td (are ) Tj ET Q q 0 0 0 rg BT 519.18 320.25 Td (considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 99.70 308.25 Td (T) Tj ET Q q 0 0 0 rg BT 105.11 308.25 Td (o ) Tj ET Q q 0 0 0 rg BT 112.46 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 127.01 308.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 153.79 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.35 308.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 205.67 308.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 220.23 308.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 257.01 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.68 308.25 Td (these ) Tj ET Q q 0 0 0 rg BT 290.57 308.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 322.34 308.25 Td (changes, ) Tj ET Q q 0 0 0 rg BT 359.39 308.25 Td (such ) Tj ET Q q 0 0 0 rg BT 380.06 308.25 Td (change ) Tj ET Q q 0 0 0 rg BT 410.72 308.25 Td (in ) Tj ET Q q 0 0 0 rg BT 420.84 308.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 456.50 308.25 Td (will ) Tj ET Q q 0 0 0 rg BT 474.40 308.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 503.95 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.51 308.25 Td (income ) Tj ET Q q 0 0 0 rg BT 550.28 308.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 89.57 296.25 Td (in ) Tj ET Q q 0 0 0 rg BT 99.64 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.15 296.25 Td (period ) Tj ET Q q 0 0 0 rg BT 141.99 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 152.61 296.25 Td (change ) Tj ET Q q 0 0 0 rg BT 183.21 296.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 202.44 296.25 Td (in ) Tj ET Q q 0 0 0 rg BT 212.51 296.25 Td (turn, ) Tj ET Q q 0 0 0 rg BT 233.41 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 249.04 296.25 Td (results ) Tj ET Q q 0 0 0 rg BT 277.44 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 288.06 296.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 334.50 296.25 Td (In ) Tj ET Q q 0 0 0 rg BT 345.13 296.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 369.92 296.25 Td (we ) Tj ET Q q 0 0 0 rg BT 383.87 296.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 421.14 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.64 296.25 Td (reversal ) Tj ET Q q 0 0 0 rg BT 469.58 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.20 296.25 Td (a ) Tj ET Q q 0 0 0 rg BT 486.93 296.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 531.44 296.25 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 89.20 284.25 Td (state ) Tj ET Q q 0 0 0 rg BT 110.03 284.25 Td (income ) Tj ET Q q 0 0 0 rg BT 141.96 284.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 156.68 284.25 Td (position ) Tj ET Q q 0 0 0 rg BT 191.40 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.23 284.25 Td ($7.4 ) Tj ET Q q 0 0 0 rg BT 222.23 284.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 256.13 284.25 Td (net ) Tj ET Q q 0 0 0 rg BT 270.84 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 281.67 284.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 311.93 284.25 Td (income ) Tj ET Q q 0 0 0 rg BT 343.86 284.25 Td (tax.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (Liquidity) Tj ET Q q 0 0 0 rg BT 88.97 260.25 Td (, Funding and Capital Resour) Tj ET Q q 0 0 0 rg BT 215.76 260.25 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 88.53 236.25 Td (is ) Tj ET Q q 0 0 0 rg BT 97.00 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.14 236.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 136.70 236.25 Td (importance ) Tj ET Q q 0 0 0 rg BT 183.49 236.25 Td (to ) Tj ET Q q 0 0 0 rg BT 193.07 236.25 Td (us ) Tj ET Q q 0 0 0 rg BT 203.77 236.25 Td (given ) Tj ET Q q 0 0 0 rg BT 227.79 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 241.82 236.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 268.61 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 278.74 236.25 Td (our ) Tj ET Q q 0 0 0 rg BT 293.88 236.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 332.08 236.25 Td (Insuf) Tj ET Q q 0 0 0 rg BT 352.45 236.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 379.79 236.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 415.49 236.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 452.29 236.25 Td (from ) Tj ET Q q 0 0 0 rg BT 473.54 236.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 505.88 236.25 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (contributes ) Tj ET Q q 0 0 0 rg BT 96.19 224.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 108.73 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.43 224.25 Td (may ) Tj ET Q q 0 0 0 rg BT 144.91 224.25 Td (be ) Tj ET Q q 0 0 0 rg BT 156.60 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.08 224.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 195.55 224.25 Td (of, ) Tj ET Q q 0 0 0 rg BT 208.64 224.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 245.88 224.25 Td (institution ) Tj ET Q q 0 0 0 rg BT 288.70 224.25 Td (failure. ) Tj ET Q q 0 0 0 rg BT 319.05 224.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 368.39 224.25 Td (, ) Tj ET Q q 0 0 0 rg BT 373.15 224.25 Td (we ) Tj ET Q q 0 0 0 rg BT 387.07 224.25 Td (regularly ) Tj ET Q q 0 0 0 rg BT 425.42 224.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 459.35 224.25 Td (our ) Tj ET Q q 0 0 0 rg BT 474.94 224.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 511.09 224.25 Td (position, ) Tj ET Q q 0 0 0 rg BT 548.08 224.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 87.18 212.25 Td (a ) Tj ET Q q 0 0 0 rg BT 94.30 212.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 130.88 212.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 165.22 212.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 203.45 212.25 Td (to ) Tj ET Q q 0 0 0 rg BT 213.91 212.25 Td (enable ) Tj ET Q q 0 0 0 rg BT 242.69 212.25 Td (our ) Tj ET Q q 0 0 0 rg BT 258.71 212.25 Td (business ) Tj ET Q q 0 0 0 rg BT 295.29 212.25 Td (to ) Tj ET Q q 0 0 0 rg BT 305.75 212.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 342.87 212.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.33 212.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 385.44 212.25 Td (even ) Tj ET Q q 0 0 0 rg BT 407.00 212.25 Td (under ) Tj ET Q q 0 0 0 rg BT 432.46 212.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 465.68 212.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 527.51 212.25 Td (although ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (there ) Tj ET Q q 0 0 0 rg BT 71.99 200.25 Td (can ) Tj ET Q q 0 0 0 rg BT 88.36 200.25 Td (be ) Tj ET Q q 0 0 0 rg BT 100.30 200.25 Td (no ) Tj ET Q q 0 0 0 rg BT 112.80 200.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 154.17 200.25 Td (that ) Tj ET Q q 0 0 0 rg BT 171.66 200.25 Td (our ) Tj ET Q q 0 0 0 rg BT 187.49 200.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 221.65 200.25 Td (will ) Tj ET Q q 0 0 0 rg BT 239.71 200.25 Td (be ) Tj ET Q q 0 0 0 rg BT 251.64 200.25 Td (successful ) Tj ET Q q 0 0 0 rg BT 295.24 200.25 Td (under ) Tj ET Q q 0 0 0 rg BT 320.51 200.25 Td (all ) Tj ET Q q 0 0 0 rg BT 333.01 200.25 Td (circumstances.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.65 176.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 106.13 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.05 176.25 Td (our ) Tj ET Q q 0 0 0 rg BT 134.98 176.25 Td (tangible ) Tj ET Q q 0 0 0 rg BT 170.79 176.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 197.72 176.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 229.10 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.03 176.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 267.96 176.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 299.32 176.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 347.90 176.25 Td (into ) Tj ET Q q 0 0 0 rg BT 367.05 176.25 Td (cash. ) Tj ET Q q 0 0 0 rg BT 390.92 176.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 431.73 176.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 482.00 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.03 176.25 Td (other ) Tj ET Q q 0 0 0 rg BT 524.18 176.25 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 87.79 164.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 116.61 164.25 Td (are ) Tj ET Q q 0 0 0 rg BT 130.99 164.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 156.48 164.25 Td (at ) Tj ET Q q 0 0 0 rg BT 165.87 164.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 181.91 164.25 Td (value ) Tj ET Q q 0 0 0 rg BT 205.74 164.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.34 164.25 Td (are ) Tj ET Q q 0 0 0 rg BT 236.72 164.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 276.09 164.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 306.02 164.25 Td (marketable ) Tj ET Q q 0 0 0 rg BT 352.61 164.25 Td (in ) Tj ET Q q 0 0 0 rg BT 362.55 164.25 Td (most ) Tj ET Q q 0 0 0 rg BT 384.17 164.25 Td (market ) Tj ET Q q 0 0 0 rg BT 414.10 164.25 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 460.43 164.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 510.91 164.25 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 164.25 Td (payables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.87 152.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 104.96 152.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 135.87 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.90 152.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 187.70 152.25 Td (or) Tj ET Q q 0 0 0 rg BT 195.85 152.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 243.98 152.25 Td (usually ) Tj ET Q q 0 0 0 rg BT 275.46 152.25 Td (settle ) Tj ET Q q 0 0 0 rg BT 299.16 152.25 Td (within ) Tj ET Q q 0 0 0 rg BT 327.31 152.25 Td (a ) Tj ET Q q 0 0 0 rg BT 334.34 152.25 Td (few ) Tj ET Q q 0 0 0 rg BT 351.93 152.25 Td (days. ) Tj ET Q q 0 0 0 rg BT 374.78 152.25 Td (As ) Tj ET Q q 0 0 0 rg BT 388.49 152.25 Td (part ) Tj ET Q q 0 0 0 rg BT 406.63 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 417.55 152.25 Td (our ) Tj ET Q q 0 0 0 rg BT 433.48 152.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 469.96 152.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 500.97 152.25 Td (, ) Tj ET Q q 0 0 0 rg BT 506.06 152.25 Td (we ) Tj ET Q q 0 0 0 rg BT 520.32 152.25 Td (emphasize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (diversification ) Tj ET Q q 0 0 0 rg BT 110.39 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.86 140.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 156.10 140.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 189.22 140.25 Td (to ) Tj ET Q q 0 0 0 rg BT 200.13 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.49 140.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 243.05 140.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 278.96 140.25 Td (while ) Tj ET Q q 0 0 0 rg BT 304.32 140.25 Td (considering ) Tj ET Q q 0 0 0 rg BT 354.10 140.25 Td (tenor ) Tj ET Q q 0 0 0 rg BT 377.79 140.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.36 140.25 Td (cost. ) Tj ET Q q 0 0 0 rg BT 417.10 140.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 435.79 140.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 462.25 140.25 Td (are ) Tj ET Q q 0 0 0 rg BT 477.59 140.25 Td (financed ) Tj ET Q q 0 0 0 rg BT 515.15 140.25 Td (by ) Tj ET Q q 0 0 0 rg BT 528.28 140.25 Td (our ) Tj ET Q q 0 0 0 rg BT 544.75 140.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 74.19 128.25 Td (from ) Tj ET Q q 0 0 0 rg BT 96.09 128.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 142.72 128.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 170.18 128.25 Td (capital, ) Tj ET Q q 0 0 0 rg BT 201.80 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.70 128.25 Td (our ) Tj ET Q q 0 0 0 rg BT 234.50 128.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 268.08 128.25 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 326.73 128.25 Td (The ) Tj ET Q q 0 0 0 rg BT 344.74 128.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 394.42 128.25 Td (in ) Tj ET Q q 0 0 0 rg BT 404.67 128.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 424.90 128.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 449.59 128.25 Td (from ) Tj ET Q q 0 0 0 rg BT 471.50 128.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 511.73 128.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 550.29 128.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 82.46 116.25 Td (related ) Tj ET Q q 0 0 0 rg BT 112.08 116.25 Td (to ) Tj ET Q q 0 0 0 rg BT 122.28 116.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 144.69 116.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 184.87 116.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 223.39 116.25 Td (from ) Tj ET Q q 0 0 0 rg BT 245.25 116.25 Td (our ) Tj ET Q q 0 0 0 rg BT 261.00 116.25 Td (various ) Tj ET Q q 0 0 0 rg BT 292.85 116.25 Td (businesses.One ) Tj ET Q q 0 0 0 rg BT 359.15 116.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.90 116.25 Td (our ) Tj ET Q q 0 0 0 rg BT 385.65 116.25 Td (most ) Tj ET Q q 0 0 0 rg BT 407.52 116.25 Td (important ) Tj ET Q q 0 0 0 rg BT 448.82 116.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 466.24 116.25 Td (management ) Tj ET Q q 0 0 0 rg BT 519.74 116.25 Td (disciplines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.47 104.25 Td (our ) Tj ET Q q 0 0 0 rg BT 74.10 104.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 101.96 104.25 Td (to ) Tj ET Q q 0 0 0 rg BT 112.04 104.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 145.44 104.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.95 104.25 Td (size ) Tj ET Q q 0 0 0 rg BT 177.80 104.25 Td (and ) Tj ET Q q 0 0 0 rg BT 194.54 104.25 Td (composition ) Tj ET Q q 0 0 0 rg BT 246.29 104.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.92 104.25 Td (our ) Tj ET Q q 0 0 0 rg BT 272.55 104.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 305.39 104.25 Td (sheet. ) Tj ET Q q 0 0 0 rg BT 330.57 104.25 Td (While ) Tj ET Q q 0 0 0 rg BT 357.31 104.25 Td (our ) Tj ET Q q 0 0 0 rg BT 372.94 104.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 394.68 104.25 Td (base ) Tj ET Q q 0 0 0 rg BT 414.75 104.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 449.26 104.25 Td (due ) Tj ET Q q 0 0 0 rg BT 466.00 104.25 Td (to ) Tj ET Q q 0 0 0 rg BT 476.08 104.25 Td (client ) Tj ET Q q 0 0 0 rg BT 500.60 104.25 Td (activity) Tj ET Q q 0 0 0 rg BT 529.94 104.25 Td (, ) Tj ET Q q 0 0 0 rg BT 534.74 104.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 98.83 92.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.39 92.25 Td (business ) Tj ET Q q 0 0 0 rg BT 151.40 92.25 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 208.80 92.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.14 92.25 Td (size ) Tj ET Q q 0 0 0 rg BT 240.80 92.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.36 92.25 Td (composition ) Tj ET Q q 0 0 0 rg BT 308.93 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.38 92.25 Td (our ) Tj ET Q q 0 0 0 rg BT 334.83 92.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 367.48 92.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 390.15 92.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 417.80 92.25 Td (our ) Tj ET Q q 0 0 0 rg BT 433.25 92.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 463.14 92.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 480.26 92.25 Td (tolerance, ) Tj ET Q q 0 0 0 rg BT 521.52 92.25 Td (our ) Tj ET Q q 0 0 0 rg BT 536.97 92.25 Td (ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 80.25 Td (access ) Tj ET Q q 0 0 0 rg BT 87.82 80.25 Td (stable ) Tj ET Q q 0 0 0 rg BT 113.64 80.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 147.25 80.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 179.74 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 196.68 80.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.39 80.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 243.89 80.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.72 80.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 282.21 80.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 311.37 80.25 Td (we ) Tj ET Q q 0 0 0 rg BT 325.53 80.25 Td (hold.) 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 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 endstream endobj 87 0 obj <>] /Rotate 0 /Contents 88 0 R>> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 81.60 740.10 Td (market ) Tj ET Q q 0 0 0 rg BT 112.03 740.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 156.36 740.10 Td (can ) Tj ET Q q 0 0 0 rg BT 172.91 740.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 202.79 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.67 740.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 254.23 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.23 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 281.23 740.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 322.22 740.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 363.51 740.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 402.83 740.10 Td (us ) Tj ET Q q 0 0 0 rg BT 414.39 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.83 740.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 445.28 740.10 Td (lar) Tj ET Q q 0 0 0 rg BT 455.65 740.10 Td (ger ) Tj ET Q q 0 0 0 rg BT 471.08 740.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 512.07 740.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 550.86 740.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 77.55 728.10 Td (than ) Tj ET Q q 0 0 0 rg BT 97.26 728.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 135.30 728.10 Td (or ) Tj ET Q q 0 0 0 rg BT 146.13 728.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 185.28 728.10 Td (us ) Tj ET Q q 0 0 0 rg BT 196.67 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 206.95 728.10 Td (take ) Tj ET Q q 0 0 0 rg BT 226.11 728.10 Td (other ) Tj ET Q q 0 0 0 rg BT 249.15 728.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 279.98 728.10 Td (that ) Tj ET Q q 0 0 0 rg BT 297.47 728.10 Td (may ) Tj ET Q q 0 0 0 rg BT 317.19 728.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 358.01 728.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 387.72 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 403.55 728.10 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.80 704.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 103.65 704.10 Td (component ) Tj ET Q q 0 0 0 rg BT 150.72 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.68 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 177.64 704.10 Td (employees) Tj ET Q q 0 0 0 rg BT 222.99 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.63 704.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 283.80 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 293.11 704.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 312.96 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.37 704.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 352.66 704.10 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 407.49 704.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 446.77 704.10 Td (compensation. ) Tj ET Q q 0 0 0 rg BT 507.26 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 525.44 704.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 554.19 704.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (these ) Tj ET Q q 0 0 0 rg BT 72.45 692.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 111.50 692.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 169.45 692.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 212.68 692.10 Td (which ) Tj ET Q q 0 0 0 rg BT 239.52 692.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 279.13 692.10 Td (are ) Tj ET Q q 0 0 0 rg BT 293.74 692.10 Td (made ) Tj ET Q q 0 0 0 rg BT 317.80 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 327.98 692.10 Td (February) Tj ET Q q 0 0 0 rg BT 363.43 692.10 Td (, ) Tj ET Q q 0 0 0 rg BT 368.33 692.10 Td (has ) Tj ET Q q 0 0 0 rg BT 384.07 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 390.91 692.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 435.52 692.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 465.14 692.10 Td (on ) Tj ET Q q 0 0 0 rg BT 477.54 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 493.28 692.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 513.45 692.10 Td (position ) Tj ET Q q 0 0 0 rg BT 548.08 692.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 82.74 680.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 656.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.08 656.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 103.67 656.10 Td (do ) Tj ET Q q 0 0 0 rg BT 116.17 656.10 Td (not ) Tj ET Q q 0 0 0 rg BT 131.45 656.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 148.39 656.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 168.66 656.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 210.04 656.10 Td (on ) Tj ET Q q 0 0 0 rg BT 222.54 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 238.37 656.10 Td (common ) Tj ET Q q 0 0 0 rg BT 275.87 656.10 Td (stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.61 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.61 632.10 Td (third ) Tj ET Q q 0 0 0 rg BT 97.28 632.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 128.38 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.49 632.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 164.77 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 180.88 632.10 Td (board ) Tj ET Q q 0 0 0 rg BT 206.44 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.55 632.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 255.32 632.10 Td (approved ) Tj ET Q q 0 0 0 rg BT 295.30 632.10 Td (a ) Tj ET Q q 0 0 0 rg BT 302.53 632.10 Td (share ) Tj ET Q q 0 0 0 rg BT 326.41 632.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 372.49 632.10 Td (authorization ) Tj ET Q q 0 0 0 rg BT 428.04 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.15 632.10 Td (up ) Tj ET Q q 0 0 0 rg BT 451.93 632.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.49 632.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 485.27 632.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.16 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 516.95 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 527.51 632.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.35 620.10 Td (that ) Tj ET Q q 0 0 0 rg BT 95.20 620.10 Td (expired ) Tj ET Q q 0 0 0 rg BT 128.04 620.10 Td (September ) Tj ET Q q 0 0 0 rg BT 173.67 620.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 189.02 620.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 214.38 620.10 Td (with ) Tj ET Q q 0 0 0 rg BT 235.02 620.10 Td ($39.5 ) Tj ET Q q 0 0 0 rg BT 260.38 620.10 Td (million ) Tj ET Q q 0 0 0 rg BT 292.13 620.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 335.53 620.10 Td (under ) Tj ET Q q 0 0 0 rg BT 361.15 620.10 Td (this ) Tj ET Q q 0 0 0 rg BT 378.46 620.10 Td (authorization. ) Tj ET Q q 0 0 0 rg BT 436.57 620.10 Td (During ) Tj ET Q q 0 0 0 rg BT 467.76 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.84 620.10 Td (first ) Tj ET Q q 0 0 0 rg BT 501.80 620.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 521.88 620.10 Td (months ) Tj ET Q q 0 0 0 rg BT 554.18 620.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 74.18 608.10 Td (we ) Tj ET Q q 0 0 0 rg BT 88.01 608.10 Td (did ) Tj ET Q q 0 0 0 rg BT 102.96 608.10 Td (not ) Tj ET Q q 0 0 0 rg BT 117.92 608.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 163.40 608.10 Td (any ) Tj ET Q q 0 0 0 rg BT 180.01 608.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 207.18 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.68 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 233.19 608.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 282.03 608.10 Td (common ) Tj ET Q q 0 0 0 rg BT 319.20 608.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 342.48 608.10 Td (under ) Tj ET Q q 0 0 0 rg BT 367.43 608.10 Td (this ) Tj ET Q q 0 0 0 rg BT 384.05 608.10 Td (authorization. ) Tj ET Q q 0 0 0 rg BT 441.48 608.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 450.74 608.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 480.12 608.10 Td (October1, ) Tj ET Q q 0 0 0 rg BT 524.50 608.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 549.18 608.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (board ) Tj ET Q q 0 0 0 rg BT 75.27 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 86.60 596.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 124.59 596.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 169.79 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.01 596.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 231.31 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.64 596.10 Td (up ) Tj ET Q q 0 0 0 rg BT 255.64 596.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.42 596.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 289.42 596.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.31 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.31 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.09 596.10 Td (common ) Tj ET Q q 0 0 0 rg BT 370.09 596.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 398.08 596.10 Td (through ) Tj ET Q q 0 0 0 rg BT 432.19 596.10 Td (September ) Tj ET Q q 0 0 0 rg BT 477.95 596.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 493.45 596.10 Td (2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.95 596.10 Td (During) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.28 596.10 Td ( ) Tj ET Q q 0 0 0 rg BT 550.28 596.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 77.29 584.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 108.95 584.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.63 584.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.63 584.10 Td (, ) Tj ET Q q 0 0 0 rg BT 146.48 584.10 Td (we ) Tj ET Q q 0 0 0 rg BT 161.49 584.10 Td (did ) Tj ET Q q 0 0 0 rg BT 177.61 584.10 Td (not ) Tj ET Q q 0 0 0 rg BT 193.74 584.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 240.40 584.10 Td (any ) Tj ET Q q 0 0 0 rg BT 258.18 584.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 286.52 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.20 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 314.88 584.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 364.89 584.10 Td (common ) Tj ET Q q 0 0 0 rg BT 403.24 584.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 427.69 584.10 Td (under ) Tj ET Q q 0 0 0 rg BT 453.81 584.10 Td (this ) Tj ET Q q 0 0 0 rg BT 471.61 584.10 Td (authorization. ) Tj ET Q q 0 0 0 rg BT 529.97 584.10 Td (W) Tj ET Q q 0 0 0 rg BT 538.61 584.10 Td (e ) Tj ET Q q 0 0 0 rg BT 546.40 584.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 87.57 572.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 115.10 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.96 572.10 Td (common ) Tj ET Q q 0 0 0 rg BT 163.50 572.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 187.14 572.10 Td (from ) Tj ET Q q 0 0 0 rg BT 209.11 572.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 248.85 572.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 272.50 572.10 Td (award ) Tj ET Q q 0 0 0 rg BT 299.46 572.10 Td (recipients ) Tj ET Q q 0 0 0 rg BT 340.87 572.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 363.40 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.16 572.10 Td (award ) Tj ET Q q 0 0 0 rg BT 405.12 572.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 436.54 572.10 Td (as ) Tj ET Q q 0 0 0 rg BT 447.41 572.10 Td (recipients ) Tj ET Q q 0 0 0 rg BT 488.82 572.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 505.24 572.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 532.76 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 543.08 572.10 Td (meet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (their ) Tj ET Q q 0 0 0 rg BT 71.02 560.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 124.21 560.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 139.62 560.10 Td (obligations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.76 560.10 Td (During) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.09 560.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.29 560.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.29 560.10 Td (, ) Tj ET Q q 0 0 0 rg BT 246.99 560.10 Td (we ) Tj ET Q q 0 0 0 rg BT 261.85 560.10 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.58 560.10 Td (256,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.08 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.28 560.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 369.47 560.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.99 560.10 Td ($10.9 ) Tj ET Q q 0 0 0 rg BT 406.69 560.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.58 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.78 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.31 560.10 Td (our ) Tj ET Q q 0 0 0 rg BT 466.83 560.10 Td (common ) Tj ET Q q 0 0 0 rg BT 505.03 560.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 533.21 560.10 Td (for ) Tj ET Q q 0 0 0 rg BT 548.07 560.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (purpose. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (Cash Flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 71.94 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.81 500.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 109.01 500.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 156.99 500.10 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.84 500.10 Td ($107.8 ) Tj ET Q q 0 0 0 rg BT 228.78 500.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.67 500.10 Td ( ) Tj ET Q q 0 0 0 rg BT 260.10 500.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.32 500.10 Td ($15.9 ) Tj ET Q q 0 0 0 rg BT 295.25 500.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.14 500.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.58 500.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.23 500.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 394.75 500.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 500.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.19 500.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.06 500.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 497.58 500.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.58 500.10 Td (. ) Tj ET Q q 0 0 0 rg BT 522.52 500.10 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 88.81 488.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.34 488.10 Td ($50.1 ) Tj ET Q q 0 0 0 rg BT 136.05 488.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.94 488.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.15 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.69 488.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 200.66 488.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 241.08 488.10 Td (due ) Tj ET Q q 0 0 0 rg BT 258.73 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.71 488.10 Td (an ) Tj ET Q q 0 0 0 rg BT 282.36 488.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 318.32 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.30 488.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 370.27 488.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 399.31 488.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 448.61 488.10 Td (related ) Tj ET Q q 0 0 0 rg BT 479.02 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 490.00 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 506.54 488.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 548.07 488.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 81.67 476.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 128.27 476.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 179.60 476.10 Td (which ) Tj ET Q q 0 0 0 rg BT 207.34 476.10 Td (are ) Tj ET Q q 0 0 0 rg BT 222.85 476.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 269.47 476.10 Td (used ) Tj ET Q q 0 0 0 rg BT 291.10 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 302.18 476.10 Td (make ) Tj ET Q q 0 0 0 rg BT 327.13 476.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 363.20 476.10 Td (on ) Tj ET Q q 0 0 0 rg BT 376.50 476.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 417.56 476.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 437.53 476.10 Td (short. ) Tj ET Q q 0 0 0 rg BT 463.33 476.10 Td (Partially ) Tj ET Q q 0 0 0 rg BT 500.51 476.10 Td (of) Tj ET Q q 0 0 0 rg BT 508.66 476.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 541.96 476.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 88.79 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 99.21 464.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 139.61 464.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 165.58 464.10 Td (were ) Tj ET Q q 0 0 0 rg BT 187.65 464.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 208.06 464.10 Td (received ) Tj ET Q q 0 0 0 rg BT 244.56 464.10 Td (from ) Tj ET Q q 0 0 0 rg BT 266.64 464.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 303.16 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.24 464.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 360.63 464.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 418.81 464.10 Td (related ) Tj ET Q q 0 0 0 rg BT 448.66 464.10 Td (accruals. ) Tj ET Q q 0 0 0 rg BT 486.55 464.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 526.41 464.10 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.03 452.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.03 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.79 452.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.87 452.10 Td ($5.4 ) Tj ET Q q 0 0 0 rg BT 124.13 452.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.02 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.78 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.86 452.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 187.39 452.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 227.35 452.10 Td (related ) Tj ET Q q 0 0 0 rg BT 257.31 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.84 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.82 452.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 321.11 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 332.19 452.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 355.50 452.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 384.08 452.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 406.84 452.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.92 452.10 Td ($52.0 ) Tj ET Q q 0 0 0 rg BT 443.18 452.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.07 452.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.83 452.10 Td (was ) Tj ET Q q 0 0 0 rg BT 493.13 452.10 Td (used ) Tj ET Q q 0 0 0 rg BT 514.22 452.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.75 452.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 87.12 440.10 Td (as ) Tj ET Q q 0 0 0 rg BT 96.97 440.10 Td (we ) Tj ET Q q 0 0 0 rg BT 110.15 440.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 143.32 440.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 178.73 440.10 Td (due ) Tj ET Q q 0 0 0 rg BT 194.69 440.10 Td (under ) Tj ET Q q 0 0 0 rg BT 218.98 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 233.83 440.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 277.00 440.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 316.29 440.10 Td (related ) Tj ET Q q 0 0 0 rg BT 345.01 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.31 440.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 403.03 440.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 426.76 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 442.72 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 457.57 440.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 482.41 440.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 510.03 440.10 Td (arrangement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 428.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 73.50 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 82.70 428.10 Td (part ) Tj ET Q q 0 0 0 rg BT 99.66 428.10 Td (by ) Tj ET Q q 0 0 0 rg BT 111.07 428.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 149.13 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.33 428.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 203.05 428.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 252.18 428.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 302.08 428.10 Td (, ) Tj ET Q q 0 0 0 rg BT 306.00 428.10 Td (we ) Tj ET Q q 0 0 0 rg BT 319.08 428.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 368.79 428.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.64 428.10 Td ($9.0 ) Tj ET Q q 0 0 0 rg BT 393.56 428.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.45 428.10 Td ( ) Tj ET Q q 0 0 0 rg BT 423.87 428.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 459.70 428.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.89 428.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 529.19 428.10 Td (interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (due ) Tj ET Q q 0 0 0 rg BT 66.22 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 76.28 416.10 Td (net ) Tj ET Q q 0 0 0 rg BT 90.78 416.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 111.39 416.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 140.32 416.10 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 191.48 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.20 416.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.81 416.10 Td ($10.9 ) Tj ET Q q 0 0 0 rg BT 253.60 416.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.49 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.77 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.38 416.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 315.43 416.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.49 416.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 371.08 416.10 Td (common ) Tj ET Q q 0 0 0 rg BT 408.35 416.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 431.75 416.10 Td (from ) Tj ET Q q 0 0 0 rg BT 453.47 416.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 498.51 416.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 527.46 416.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 554.73 416.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 71.43 404.10 Td (their ) Tj ET Q q 0 0 0 rg BT 92.26 404.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 106.98 404.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 153.92 404.10 Td (related ) Tj ET Q q 0 0 0 rg BT 183.62 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.90 404.10 Td (award ) Tj ET Q q 0 0 0 rg BT 220.83 404.10 Td (vestings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.04 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.02 380.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 109.32 380.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 157.41 380.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.70 380.10 Td ($18.3 ) Tj ET Q q 0 0 0 rg BT 222.74 380.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.63 380.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.17 380.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.49 380.10 Td ($123.7 ) Tj ET Q q 0 0 0 rg BT 294.52 380.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.42 380.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.96 380.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.71 380.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 394.33 380.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.33 380.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.87 380.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.85 380.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 497.47 380.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.47 380.10 Td (. ) Tj ET Q q 0 0 0 rg BT 522.51 380.10 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 88.35 368.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 126.65 368.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 147.18 368.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.26 368.10 Td ($42.2 ) Tj ET Q q 0 0 0 rg BT 183.51 368.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.41 368.10 Td ( ) Tj ET Q q 0 0 0 rg BT 215.16 368.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 255.13 368.10 Td (due ) Tj ET Q q 0 0 0 rg BT 272.32 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.85 368.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 303.37 368.10 Td (received ) Tj ET Q q 0 0 0 rg BT 339.99 368.10 Td (from ) Tj ET Q q 0 0 0 rg BT 362.18 368.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 398.81 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.00 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.97 368.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 466.48 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 477.01 368.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 535.31 368.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (accruals. ) Tj ET Q q 0 0 0 rg BT 87.10 356.10 Td (These ) Tj ET Q q 0 0 0 rg BT 113.50 356.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 152.67 356.10 Td (were ) Tj ET Q q 0 0 0 rg BT 174.63 356.10 Td (of) Tj ET Q q 0 0 0 rg BT 182.78 356.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 199.74 356.10 Td (in ) Tj ET Q q 0 0 0 rg BT 210.05 356.10 Td (part ) Tj ET Q q 0 0 0 rg BT 228.12 356.10 Td (by ) Tj ET Q q 0 0 0 rg BT 240.65 356.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 260.95 356.10 Td (used ) Tj ET Q q 0 0 0 rg BT 281.80 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.11 356.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 312.96 356.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 344.36 356.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 390.19 356.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 438.25 356.10 Td (as ) Tj ET Q q 0 0 0 rg BT 449.11 356.10 Td (we ) Tj ET Q q 0 0 0 rg BT 463.29 356.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 503.58 356.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 538.32 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 356.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (inventories, ) Tj ET Q q 0 0 0 rg BT 98.62 344.10 Td (deployment ) Tj ET Q q 0 0 0 rg BT 148.01 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.52 344.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 187.35 344.10 Td (into ) Tj ET Q q 0 0 0 rg BT 205.09 344.10 Td (other ) Tj ET Q q 0 0 0 rg BT 227.82 344.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 247.22 344.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 297.17 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.79 344.10 Td (an ) Tj ET Q q 0 0 0 rg BT 325.41 344.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 360.35 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 370.31 344.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 388.59 344.10 Td (receivable. ) Tj ET Q q 0 0 0 rg BT 434.35 344.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 473.75 344.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 512.03 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 521.99 344.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 544.17 344.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td ($30.0 ) Tj ET Q q 0 0 0 rg BT 74.45 332.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.34 332.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.79 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 116.57 332.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 139.29 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.95 332.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 190.28 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.06 332.10 Td (which ) Tj ET Q q 0 0 0 rg BT 227.95 332.10 Td (related ) Tj ET Q q 0 0 0 rg BT 257.60 332.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.83 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 283.60 332.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 333.83 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.60 332.10 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 419.26 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.14 332.10 Td (Edgeview) Tj ET Q q 0 0 0 rg BT 475.48 332.10 Td (. ) Tj ET Q q 0 0 0 rg BT 480.43 332.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 502.88 332.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.66 332.10 Td ($5.8 ) Tj ET Q q 0 0 0 rg BT 533.60 332.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 332.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (was ) Tj ET Q q 0 0 0 rg BT 67.07 320.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 104.64 320.10 Td (through ) Tj ET Q q 0 0 0 rg BT 137.76 320.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 177.55 320.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 215.66 320.10 Td (as ) Tj ET Q q 0 0 0 rg BT 226.01 320.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 264.68 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 274.48 320.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 335.38 320.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 366.83 320.10 Td (were ) Tj ET Q q 0 0 0 rg BT 388.28 320.10 Td (of) Tj ET Q q 0 0 0 rg BT 396.43 320.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 412.88 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 422.68 320.10 Td (part ) Tj ET Q q 0 0 0 rg BT 440.25 320.10 Td (by ) Tj ET Q q 0 0 0 rg BT 452.27 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 458.72 320.10 Td (net ) Tj ET Q q 0 0 0 rg BT 472.96 320.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 509.39 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 519.19 320.10 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 97.53 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.47 308.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 158.63 308.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 198.89 308.10 Td (that ) Tj ET Q q 0 0 0 rg BT 216.38 308.10 Td (were ) Tj ET Q q 0 0 0 rg BT 238.31 308.10 Td (used ) Tj ET Q q 0 0 0 rg BT 259.14 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.42 308.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 290.25 308.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 331.08 308.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.02 308.10 Td ($71.5 ) Tj ET Q q 0 0 0 rg BT 373.02 308.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.91 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.41 308.10 Td (used ) Tj ET Q q 0 0 0 rg BT 425.24 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 435.52 308.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 481.32 308.10 Td (common ) Tj ET Q q 0 0 0 rg BT 518.82 308.10 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.06 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.06 284.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 109.39 284.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 157.50 284.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.82 284.10 Td ($20.3 ) Tj ET Q q 0 0 0 rg BT 222.88 284.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.77 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.33 284.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.67 284.10 Td ($105.4 ) Tj ET Q q 0 0 0 rg BT 294.74 284.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.63 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.19 284.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.97 284.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 394.62 284.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.62 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.18 284.10 Td (from ) Tj ET Q q 0 0 0 rg BT 439.18 284.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 497.83 284.10 Td (201) Tj ET Q q 0 0 0 rg BT 512.45 284.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 522.52 284.10 Td (Operating ) 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 88.36 272.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.45 272.10 Td ($21) Tj ET Q q 0 0 0 rg BT 124.08 272.10 Td (1.8 ) Tj ET Q q 0 0 0 rg BT 139.33 272.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.23 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.98 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.07 272.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 202.60 272.10 Td (due ) Tj ET Q q 0 0 0 rg BT 219.80 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.33 272.10 Td (an ) Tj ET Q q 0 0 0 rg BT 242.53 272.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 278.04 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.58 272.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 329.10 272.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 357.69 272.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 406.54 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 422.63 272.10 Td (net ) Tj ET Q q 0 0 0 rg BT 437.61 272.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 475.34 272.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 524.77 272.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.97 272.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 90.46 260.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 129.22 260.10 Td (owned. ) Tj ET Q q 0 0 0 rg BT 161.02 260.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 202.53 260.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 242.93 260.10 Td (related ) Tj ET Q q 0 0 0 rg BT 272.77 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.18 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.04 260.10 Td (expansion ) Tj ET Q q 0 0 0 rg BT 341.22 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.19 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 368.16 260.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 391.34 260.10 Td (income ) Tj ET Q q 0 0 0 rg BT 423.42 260.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 445.49 260.10 Td (and ) Tj ET Q q 0 0 0 rg BT 462.57 260.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 493.53 260.10 Td (ef) Tj ET Q q 0 0 0 rg BT 501.12 260.10 Td (forts ) Tj ET Q q 0 0 0 rg BT 522.09 260.10 Td (to ) Tj ET Q q 0 0 0 rg BT 532.50 260.10 Td (support ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 89.68 248.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 111.54 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.51 248.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 169.68 248.10 Td (related ) Tj ET Q q 0 0 0 rg BT 200.41 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 211.72 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 228.57 248.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 265.97 248.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 297.83 248.10 Td (portfolios. ) Tj ET Q q 0 0 0 rg BT 342.49 248.10 Td (The ) Tj ET Q q 0 0 0 rg BT 361.56 248.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 397.84 248.10 Td (was ) Tj ET Q q 0 0 0 rg BT 416.92 248.10 Td (also ) Tj ET Q q 0 0 0 rg BT 436.56 248.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 485.62 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.93 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.68 248.10 Td (low ) Tj ET Q q 0 0 0 rg BT 531.20 248.10 Td (level ) Tj ET Q q 0 0 0 rg BT 554.16 248.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 91.02 236.10 Td (we ) Tj ET Q q 0 0 0 rg BT 105.88 236.10 Td (maintained ) Tj ET Q q 0 0 0 rg BT 153.51 236.10 Td (at ) Tj ET Q q 0 0 0 rg BT 163.92 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.33 236.10 Td (end ) Tj ET Q q 0 0 0 rg BT 196.97 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.50 236.10 Td (201) Tj ET Q q 0 0 0 rg BT 223.13 236.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 231.32 236.10 Td (as ) Tj ET Q q 0 0 0 rg BT 242.85 236.10 Td (we ) Tj ET Q q 0 0 0 rg BT 257.71 236.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 297.00 236.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 315.20 236.10 Td (due ) Tj ET Q q 0 0 0 rg BT 332.83 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.81 236.10 Td (more ) Tj ET Q q 0 0 0 rg BT 367.55 236.10 Td (volatile ) Tj ET Q q 0 0 0 rg BT 400.74 236.10 Td (market ) Tj ET Q q 0 0 0 rg BT 431.70 236.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 476.56 236.10 Td (at ) Tj ET Q q 0 0 0 rg BT 486.98 236.10 Td (that ) Tj ET Q q 0 0 0 rg BT 505.17 236.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 528.64 236.10 Td (Partially ) 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 57.65 224.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 90.13 224.10 Td (these ) Tj ET Q q 0 0 0 rg BT 113.16 224.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 152.29 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 162.55 224.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 202.80 224.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 228.62 224.10 Td (were ) Tj ET Q q 0 0 0 rg BT 250.53 224.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 289.66 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 299.92 224.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 340.17 224.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 382.37 224.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 430.94 224.10 Td (related ) Tj ET Q q 0 0 0 rg BT 460.63 224.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.89 224.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 504.46 224.10 Td (compensation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 86.45 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.19 212.10 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 130.64 212.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 160.92 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 177.32 212.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 211.48 212.10 Td (or) Tj ET Q q 0 0 0 rg BT 219.63 212.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 267.13 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.54 212.10 Td (other ) Tj ET Q q 0 0 0 rg BT 306.04 212.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 345.22 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.62 212.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 394.67 212.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 435.23 212.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 474.41 212.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 512.47 212.10 Td (in ) Tj ET Q q 0 0 0 rg BT 522.21 212.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 544.17 212.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td ($2.1 ) Tj ET Q q 0 0 0 rg BT 69.40 200.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.29 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.69 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.43 200.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 131.60 200.10 Td (for ) Tj ET Q q 0 0 0 rg BT 145.66 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.28 200.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 198.21 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.95 200.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 231.89 200.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 260.13 200.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 282.53 200.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.26 200.10 Td ($234.3 ) Tj ET Q q 0 0 0 rg BT 323.16 200.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.05 200.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.45 200.10 Td (was ) Tj ET Q q 0 0 0 rg BT 372.41 200.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 410.35 200.10 Td (through ) Tj ET Q q 0 0 0 rg BT 443.86 200.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 484.03 200.10 Td (activities; ) Tj ET Q q 0 0 0 rg BT 525.31 200.10 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (an ) Tj ET Q q 0 0 0 rg BT 60.77 188.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 95.36 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.98 188.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 148.47 188.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 190.57 188.10 Td (of) Tj ET Q q 0 0 0 rg BT 198.72 188.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 214.99 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 224.61 188.10 Td (part ) Tj ET Q q 0 0 0 rg BT 241.99 188.10 Td (by ) Tj ET Q q 0 0 0 rg BT 253.83 188.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 293.97 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 303.58 188.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 348.72 188.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 398.19 188.10 Td (A) Tj ET Q q 0 0 0 rg BT 404.86 188.10 Td ( ) Tj ET Q q 0 0 0 rg BT 406.69 188.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 450.74 188.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 481.46 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 491.63 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 506.79 188.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 539.74 188.10 Td (needs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.20 176.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 92.24 176.10 Td (by ) Tj ET Q q 0 0 0 rg BT 104.73 176.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.44 176.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 145.25 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.08 176.10 Td (long ) Tj ET Q q 0 0 0 rg BT 176.35 176.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 217.16 176.10 Td (positions. ) Tj ET Q q 0 0 0 rg BT 257.72 176.10 Td (As ) Tj ET Q q 0 0 0 rg BT 271.33 176.10 Td (we ) Tj ET Q q 0 0 0 rg BT 285.48 176.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 325.73 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 341.55 176.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 367.36 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.19 176.10 Td (long ) Tj ET Q q 0 0 0 rg BT 398.46 176.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 439.27 176.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.54 176.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 474.53 176.10 Td (it ) Tj ET Q q 0 0 0 rg BT 482.58 176.10 Td (led ) Tj ET Q q 0 0 0 rg BT 497.29 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.56 176.10 Td (an ) Tj ET Q q 0 0 0 rg BT 519.49 176.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 554.74 176.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 82.73 164.10 Td (needs, ) Tj ET Q q 0 0 0 rg BT 110.12 164.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 158.33 164.10 Td (related ) Tj ET Q q 0 0 0 rg BT 187.65 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.55 164.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 241.33 164.10 Td (financing. ) Tj ET Q q 0 0 0 rg BT 283.24 164.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 333.14 164.10 Td (, ) Tj ET Q q 0 0 0 rg BT 337.76 164.10 Td (we ) Tj ET Q q 0 0 0 rg BT 351.54 164.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 383.09 164.10 Td (into ) Tj ET Q q 0 0 0 rg BT 400.77 164.10 Td (a ) Tj ET Q q 0 0 0 rg BT 407.33 164.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 428.88 164.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 466.64 164.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 513.18 164.10 Td (under ) Tj ET Q q 0 0 0 rg BT 538.07 164.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (we ) Tj ET Q q 0 0 0 rg BT 64.04 152.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 91.92 152.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 135.34 152.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 170.42 152.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 188.28 152.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 215.60 152.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 239.59 152.10 Td (in ) Tj ET Q q 0 0 0 rg BT 250.25 152.10 Td (late ) Tj ET Q q 0 0 0 rg BT 267.56 152.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 292.94 152.10 Td (which ) Tj ET Q q 0 0 0 rg BT 320.26 152.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 358.69 152.10 Td ($125.0 ) Tj ET Q q 0 0 0 rg BT 389.07 152.10 Td (million ) Tj ET Q q 0 0 0 rg BT 420.84 152.10 Td (in ) Tj ET Q q 0 0 0 rg BT 431.50 152.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 472.14 152.10 Td (that ) Tj ET Q q 0 0 0 rg BT 490.02 152.10 Td (was ) Tj ET Q q 0 0 0 rg BT 508.45 152.10 Td (used ) Tj ET Q q 0 0 0 rg BT 529.66 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 540.32 152.10 Td (repay ) Tj ET Q BT /F1 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 65.28 140.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 87.16 140.10 Td (syndicated ) Tj ET Q q 0 0 0 rg BT 132.37 140.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 157.58 140.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 201.66 140.10 Td (which ) Tj ET Q q 0 0 0 rg BT 228.55 140.10 Td (had ) Tj ET Q q 0 0 0 rg BT 245.43 140.10 Td ($1) Tj ET Q q 0 0 0 rg BT 255.06 140.10 Td (15.0 ) Tj ET Q q 0 0 0 rg BT 275.00 140.10 Td (million ) Tj ET Q q 0 0 0 rg BT 306.34 140.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 355.45 140.10 Td (as ) Tj ET Q q 0 0 0 rg BT 366.23 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.00 140.10 Td (December ) Tj ET Q q 0 0 0 rg BT 420.53 140.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 435.48 140.10 Td (201) Tj ET Q q 0 0 0 rg BT 450.11 140.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 460.05 140.10 Td (Of) Tj ET Q q 0 0 0 rg BT 470.42 140.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 502.86 140.10 Td (these ) Tj ET Q q 0 0 0 rg BT 525.86 140.10 Td (increases ) 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 59.78 128.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 100.04 128.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.09 128.10 Td ($47.2 ) Tj ET Q q 0 0 0 rg BT 143.09 128.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.99 128.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.49 128.10 Td (used ) Tj ET Q q 0 0 0 rg BT 195.32 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.59 128.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 251.40 128.10 Td (common ) Tj ET Q q 0 0 0 rg BT 288.89 128.10 Td (stock.) 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 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 endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (44) 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 (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 672.48 Td (2013) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 660.48 Td (2,623,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 660.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 660.37 Td (2,318,157) 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 (\(242,536) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 648.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 648.37 Td (\(250,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 648.37 Td (\)) 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 439.30 636.53 Td (\(308,910) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 636.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 636.37 Td (\(317,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 636.37 Td (\)) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 624.48 Td (2,072,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 624.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 624.37 Td (1,750,035) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 600.48 Td (969,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 600.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 600.37 Td (882,072) 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 (\(242,536) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 588.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 588.37 Td (\(250,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 588.37 Td (\)) 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 439.30 576.53 Td (\(149,548) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 576.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 576.37 Td (\(147,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 576.37 Td (\)) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 564.48 Td (577,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 564.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 564.37 Td (484,112) 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 (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 540.37 Td (2.6) 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 (3.6) 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 87.97 465.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 113.66 465.05 Td (and ) Tj ET Q q 0 0 0 rg BT 130.46 465.05 Td (tangible ) Tj ET Q q 0 0 0 rg BT 165.03 465.05 Td (common ) Tj ET Q q 0 0 0 rg BT 202.39 465.05 Td (shareholders) Tj ET Q q 0 0 0 rg BT 255.51 465.05 Td ( ) Tj ET Q q 0 0 0 rg BT 257.87 465.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 285.23 465.05 Td (are ) Tj ET Q q 0 0 0 rg BT 299.80 465.05 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 344.98 465.05 Td ( ) Tj ET Q q 0 0 0 rg BT 347.34 465.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 384.69 465.05 Td (measures. ) Tj ET Q q 0 0 0 rg BT 426.23 465.05 Td (A) Tj ET Q q 0 0 0 rg BT 432.90 465.05 Td ( ) Tj ET Q q 0 0 0 rg BT 435.26 465.05 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 480.45 465.05 Td ( ) Tj ET Q q 0 0 0 rg BT 482.81 465.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.15 465.05 Td (measure ) Tj ET Q q 0 0 0 rg BT 555.83 465.05 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 453.05 Td (a ) Tj ET Q q 0 0 0 rg BT 56.92 453.05 Td (numeric ) Tj ET Q q 0 0 0 rg BT 92.66 453.05 Td (measure ) Tj ET Q q 0 0 0 rg BT 128.95 453.05 Td (of ) Tj ET Q q 0 0 0 rg BT 140.26 453.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 178.22 453.05 Td (performance ) Tj ET Q q 0 0 0 rg BT 231.72 453.05 Td (that ) Tj ET Q q 0 0 0 rg BT 249.70 453.05 Td (includes ) Tj ET Q q 0 0 0 rg BT 286.00 453.05 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 336.75 453.05 Td (to ) Tj ET Q q 0 0 0 rg BT 347.51 453.05 Td (the ) Tj ET Q q 0 0 0 rg BT 362.70 453.05 Td (most ) Tj ET Q q 0 0 0 rg BT 385.13 453.05 Td (directly ) Tj ET Q q 0 0 0 rg BT 418.65 453.05 Td (comparable ) Tj ET Q q 0 0 0 rg BT 468.27 453.05 Td (measure ) Tj ET Q q 0 0 0 rg BT 504.56 453.05 Td (calculated ) Tj ET Q q 0 0 0 rg BT 548.07 453.05 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 441.05 Td (presented ) Tj ET Q q 0 0 0 rg BT 89.49 441.05 Td (in ) Tj ET Q q 0 0 0 rg BT 98.95 441.05 Td (accordance ) Tj ET Q q 0 0 0 rg BT 145.59 441.05 Td (with ) Tj ET Q q 0 0 0 rg BT 165.04 441.05 Td (GAAP) Tj ET Q q 0 0 0 rg BT 191.16 441.05 Td (, ) Tj ET Q q 0 0 0 rg BT 195.34 441.05 Td (or ) Tj ET Q q 0 0 0 rg BT 205.34 441.05 Td (for ) Tj ET Q q 0 0 0 rg BT 218.68 441.05 Td (which ) Tj ET Q q 0 0 0 rg BT 244.80 441.05 Td (there ) Tj ET Q q 0 0 0 rg BT 266.46 441.05 Td (is ) Tj ET Q q 0 0 0 rg BT 274.81 441.05 Td (no ) Tj ET Q q 0 0 0 rg BT 286.48 441.05 Td (specific ) Tj ET Q q 0 0 0 rg BT 319.26 441.05 Td (GAAP) Tj ET Q q 0 0 0 rg BT 346.11 441.05 Td ( ) Tj ET Q q 0 0 0 rg BT 347.79 441.05 Td (measure. ) Tj ET Q q 0 0 0 rg BT 385.28 441.05 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 424.74 441.05 Td (and ) Tj ET Q q 0 0 0 rg BT 440.85 441.05 Td (intangible ) Tj ET Q q 0 0 0 rg BT 482.52 441.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 507.53 441.05 Td (are ) Tj ET Q q 0 0 0 rg BT 521.41 441.05 Td (subtracted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.05 Td (from ) Tj ET Q q 0 0 0 rg BT 73.46 429.05 Td (total ) Tj ET Q q 0 0 0 rg BT 95.75 429.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 123.59 429.05 Td (and ) Tj ET Q q 0 0 0 rg BT 142.55 429.05 Td (total ) Tj ET Q q 0 0 0 rg BT 164.84 429.05 Td (shareholders) Tj ET Q q 0 0 0 rg BT 217.96 429.05 Td ( ) Tj ET Q q 0 0 0 rg BT 222.48 429.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 251.99 429.05 Td (in ) Tj ET Q q 0 0 0 rg BT 264.29 429.05 Td (determining ) Tj ET Q q 0 0 0 rg BT 317.13 429.05 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 354.97 429.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 382.82 429.05 Td (and ) Tj ET Q q 0 0 0 rg BT 401.77 429.05 Td (tangible ) Tj ET Q q 0 0 0 rg BT 438.50 429.05 Td (common ) Tj ET Q q 0 0 0 rg BT 478.01 429.05 Td (shareholders) Tj ET Q q 0 0 0 rg BT 531.14 429.05 Td ( ) Tj ET Q q 0 0 0 rg BT 535.65 429.05 Td (equity) Tj ET Q q 0 0 0 rg BT 560.00 429.05 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.05 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 417.05 Td (, ) Tj ET Q q 0 0 0 rg BT 101.81 417.05 Td (as ) Tj ET Q q 0 0 0 rg BT 112.29 417.05 Td (we ) Tj ET Q q 0 0 0 rg BT 126.10 417.05 Td (believe ) Tj ET Q q 0 0 0 rg BT 157.12 417.05 Td (that ) Tj ET Q q 0 0 0 rg BT 174.26 417.05 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 211.97 417.05 Td (and ) Tj ET Q q 0 0 0 rg BT 228.55 417.05 Td (intangible ) Tj ET Q q 0 0 0 rg BT 270.69 417.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 296.17 417.05 Td (do ) Tj ET Q q 0 0 0 rg BT 308.32 417.05 Td (not ) Tj ET Q q 0 0 0 rg BT 323.25 417.05 Td (constitute ) Tj ET Q q 0 0 0 rg BT 364.28 417.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 404.19 417.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 429.67 417.05 Td (which ) Tj ET Q q 0 0 0 rg BT 456.25 417.05 Td (can ) Tj ET Q q 0 0 0 rg BT 472.28 417.05 Td (be ) Tj ET Q q 0 0 0 rg BT 483.87 417.05 Td (deployed ) Tj ET Q q 0 0 0 rg BT 522.67 417.05 Td (in ) Tj ET Q q 0 0 0 rg BT 532.60 417.05 Td (a ) Tj ET Q q 0 0 0 rg BT 539.18 417.05 Td (liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.05 Td (manner) Tj ET Q q 0 0 0 rg BT 78.93 405.05 Td (. ) Tj ET Q q 0 0 0 rg BT 82.75 405.05 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 121.10 405.05 Td (attributed ) Tj ET Q q 0 0 0 rg BT 161.11 405.05 Td (to ) Tj ET Q q 0 0 0 rg BT 170.57 405.05 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 231.14 405.05 Td (interests ) Tj ET Q q 0 0 0 rg BT 266.15 405.05 Td (are ) Tj ET Q q 0 0 0 rg BT 280.05 405.05 Td (subtracted ) Tj ET Q q 0 0 0 rg BT 322.83 405.05 Td (from ) Tj ET Q q 0 0 0 rg BT 343.95 405.05 Td (total ) Tj ET Q q 0 0 0 rg BT 363.41 405.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 388.43 405.05 Td (and ) Tj ET Q q 0 0 0 rg BT 404.55 405.05 Td (total ) Tj ET Q q 0 0 0 rg BT 424.01 405.05 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 478.04 405.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 504.72 405.05 Td (in ) Tj ET Q q 0 0 0 rg BT 514.18 405.05 Td (determining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.05 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 84.57 393.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 109.65 393.05 Td (and ) Tj ET Q q 0 0 0 rg BT 125.84 393.05 Td (tangible ) Tj ET Q q 0 0 0 rg BT 159.80 393.05 Td (common ) Tj ET Q q 0 0 0 rg BT 196.54 393.05 Td (shareholders) Tj ET Q q 0 0 0 rg BT 249.67 393.05 Td ( ) Tj ET Q q 0 0 0 rg BT 251.41 393.05 Td (equity) Tj ET Q q 0 0 0 rg BT 275.76 393.05 Td (, ) Tj ET Q q 0 0 0 rg BT 280.01 393.05 Td (respectively) Tj ET Q q 0 0 0 rg BT 327.67 393.05 Td (, ) Tj ET Q q 0 0 0 rg BT 331.92 393.05 Td (as ) Tj ET Q q 0 0 0 rg BT 342.00 393.05 Td (they ) Tj ET Q q 0 0 0 rg BT 360.96 393.05 Td (represent ) Tj ET Q q 0 0 0 rg BT 399.35 393.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 424.43 393.05 Td (and ) Tj ET Q q 0 0 0 rg BT 440.62 393.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.36 393.05 Td (interests ) Tj ET Q q 0 0 0 rg BT 502.43 393.05 Td (in ) Tj ET Q q 0 0 0 rg BT 511.96 393.05 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.05 Td (entities ) Tj ET Q q 0 0 0 rg BT 80.27 381.05 Td (that ) Tj ET Q q 0 0 0 rg BT 97.14 381.05 Td (are ) Tj ET Q q 0 0 0 rg BT 111.24 381.05 Td (not ) Tj ET Q q 0 0 0 rg BT 125.90 381.05 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 175.82 381.05 Td (either ) Tj ET Q q 0 0 0 rg BT 200.47 381.05 Td (directly ) Tj ET Q q 0 0 0 rg BT 232.89 381.05 Td (or ) Tj ET Q q 0 0 0 rg BT 243.11 381.05 Td (indirectly) Tj ET Q q 0 0 0 rg BT 280.78 381.05 Td (, ) Tj ET Q q 0 0 0 rg BT 285.16 381.05 Td (to ) Tj ET Q q 0 0 0 rg BT 294.82 381.05 Td (Piper ) Tj ET Q q 0 0 0 rg BT 317.81 381.05 Td (Jaf) Tj ET Q q 0 0 0 rg BT 329.29 381.05 Td (fray ) Tj ET Q q 0 0 0 rg BT 347.28 381.05 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 396.52 381.05 Td (W) Tj ET Q q 0 0 0 rg BT 405.16 381.05 Td (e ) Tj ET Q q 0 0 0 rg BT 411.48 381.05 Td (view ) Tj ET Q q 0 0 0 rg BT 432.80 381.05 Td (the ) Tj ET Q q 0 0 0 rg BT 446.90 381.05 Td (resulting ) Tj ET Q q 0 0 0 rg BT 483.78 381.05 Td (measure ) Tj ET Q q 0 0 0 rg BT 518.98 381.05 Td (of ) Tj ET Q q 0 0 0 rg BT 529.19 381.05 Td (adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.05 Td (leverage, ) Tj ET Q q 0 0 0 rg BT 88.88 369.05 Td (also ) Tj ET Q q 0 0 0 rg BT 108.01 369.05 Td (a ) Tj ET Q q 0 0 0 rg BT 115.47 369.05 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 160.66 369.05 Td ( ) Tj ET Q q 0 0 0 rg BT 163.68 369.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.68 369.05 Td (measure, ) Tj ET Q q 0 0 0 rg BT 240.52 369.05 Td (as ) Tj ET Q q 0 0 0 rg BT 251.87 369.05 Td (a ) Tj ET Q q 0 0 0 rg BT 259.33 369.05 Td (more ) Tj ET Q q 0 0 0 rg BT 282.90 369.05 Td (relevant ) Tj ET Q q 0 0 0 rg BT 318.12 369.05 Td (measure ) Tj ET Q q 0 0 0 rg BT 354.46 369.05 Td (of ) Tj ET Q q 0 0 0 rg BT 365.81 369.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 403.81 369.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 421.83 369.05 Td (when ) Tj ET Q q 0 0 0 rg BT 446.52 369.05 Td (comparing ) Tj ET Q q 0 0 0 rg BT 492.30 369.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 530.30 369.05 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.05 Td (companies. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 333.05 Td (Funding and Capital Resources ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.05 Td (The ) Tj ET Q q 0 0 0 rg BT 67.72 309.05 Td (primary ) Tj ET Q q 0 0 0 rg BT 102.06 309.05 Td (goal ) Tj ET Q q 0 0 0 rg BT 121.95 309.05 Td (of ) Tj ET Q q 0 0 0 rg BT 132.96 309.05 Td (our ) Tj ET Q q 0 0 0 rg BT 148.97 309.05 Td (funding ) Tj ET Q q 0 0 0 rg BT 182.75 309.05 Td (activities ) Tj ET Q q 0 0 0 rg BT 221.53 309.05 Td (is ) Tj ET Q q 0 0 0 rg BT 230.87 309.05 Td (to ) Tj ET Q q 0 0 0 rg BT 241.33 309.05 Td (ensure ) Tj ET Q q 0 0 0 rg BT 270.11 309.05 Td (adequate ) Tj ET Q q 0 0 0 rg BT 308.31 309.05 Td (funding ) Tj ET Q q 0 0 0 rg BT 342.10 309.05 Td (over ) Tj ET Q q 0 0 0 rg BT 362.55 309.05 Td (a ) Tj ET Q q 0 0 0 rg BT 369.66 309.05 Td (wide ) Tj ET Q q 0 0 0 rg BT 391.78 309.05 Td (range ) Tj ET Q q 0 0 0 rg BT 416.66 309.05 Td (of ) Tj ET Q q 0 0 0 rg BT 427.67 309.05 Td (market ) Tj ET Q q 0 0 0 rg BT 458.11 309.05 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 504.95 309.05 Td (Given ) Tj ET Q q 0 0 0 rg BT 532.07 309.05 Td (the ) Tj ET Q q 0 0 0 rg BT 546.96 309.05 Td (mix ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.05 Td (of ) Tj ET Q q 0 0 0 rg BT 60.74 297.05 Td (our ) Tj ET Q q 0 0 0 rg BT 76.97 297.05 Td (business ) Tj ET Q q 0 0 0 rg BT 113.77 297.05 Td (activities, ) Tj ET Q q 0 0 0 rg BT 155.27 297.05 Td (funding ) Tj ET Q q 0 0 0 rg BT 189.29 297.05 Td (requirements ) Tj ET Q q 0 0 0 rg BT 244.39 297.05 Td (are ) Tj ET Q q 0 0 0 rg BT 259.50 297.05 Td (fulfilled ) Tj ET Q q 0 0 0 rg BT 294.62 297.05 Td (through ) Tj ET Q q 0 0 0 rg BT 328.64 297.05 Td (a ) Tj ET Q q 0 0 0 rg BT 335.98 297.05 Td (diversified ) Tj ET Q q 0 0 0 rg BT 381.65 297.05 Td (range ) Tj ET Q q 0 0 0 rg BT 406.76 297.05 Td (of ) Tj ET Q q 0 0 0 rg BT 418.00 297.05 Td (short-term ) Tj ET Q q 0 0 0 rg BT 462.56 297.05 Td (and ) Tj ET Q q 0 0 0 rg BT 479.90 297.05 Td (long-term ) Tj ET Q q 0 0 0 rg BT 522.24 297.05 Td (financing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.05 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 285.05 Td (e ) Tj ET Q q 0 0 0 rg BT 65.07 285.05 Td (attempt ) Tj ET Q q 0 0 0 rg BT 97.55 285.05 Td (to ) Tj ET Q q 0 0 0 rg BT 107.82 285.05 Td (ensure ) Tj ET Q q 0 0 0 rg BT 136.40 285.05 Td (that ) Tj ET Q q 0 0 0 rg BT 153.89 285.05 Td (the ) Tj ET Q q 0 0 0 rg BT 168.60 285.05 Td (tenor ) Tj ET Q q 0 0 0 rg BT 191.63 285.05 Td (of ) Tj ET Q q 0 0 0 rg BT 202.45 285.05 Td (our ) Tj ET Q q 0 0 0 rg BT 218.27 285.05 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 262.42 285.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 302.13 285.05 Td (equals ) Tj ET Q q 0 0 0 rg BT 330.17 285.05 Td (or ) Tj ET Q q 0 0 0 rg BT 340.99 285.05 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 375.13 285.05 Td (the ) Tj ET Q q 0 0 0 rg BT 389.83 285.05 Td (expected ) Tj ET Q q 0 0 0 rg BT 427.85 285.05 Td (holding ) Tj ET Q q 0 0 0 rg BT 460.90 285.05 Td (period ) Tj ET Q q 0 0 0 rg BT 488.94 285.05 Td (of ) Tj ET Q q 0 0 0 rg BT 499.76 285.05 Td (the ) Tj ET Q q 0 0 0 rg BT 514.47 285.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 540.29 285.05 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.05 Td (financed. ) Tj ET Q q 0 0 0 rg BT 88.54 273.05 Td (Our ) Tj ET Q q 0 0 0 rg BT 106.21 273.05 Td (ability ) Tj ET Q q 0 0 0 rg BT 133.87 273.05 Td (to ) Tj ET Q q 0 0 0 rg BT 143.77 273.05 Td (support ) Tj ET Q q 0 0 0 rg BT 175.88 273.05 Td (increases ) Tj ET Q q 0 0 0 rg BT 214.65 273.05 Td (in ) Tj ET Q q 0 0 0 rg BT 224.54 273.05 Td (total ) Tj ET Q q 0 0 0 rg BT 244.43 273.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 269.87 273.05 Td (is ) Tj ET Q q 0 0 0 rg BT 278.66 273.05 Td (lar) Tj ET Q q 0 0 0 rg BT 289.03 273.05 Td (gely ) Tj ET Q q 0 0 0 rg BT 308.36 273.05 Td (a ) Tj ET Q q 0 0 0 rg BT 314.91 273.05 Td (function ) Tj ET Q q 0 0 0 rg BT 350.35 273.05 Td (of ) Tj ET Q q 0 0 0 rg BT 360.80 273.05 Td (our ) Tj ET Q q 0 0 0 rg BT 376.25 273.05 Td (ability ) Tj ET Q q 0 0 0 rg BT 403.91 273.05 Td (to ) Tj ET Q q 0 0 0 rg BT 413.81 273.05 Td (obtain ) Tj ET Q q 0 0 0 rg BT 440.92 273.05 Td (funding ) Tj ET Q q 0 0 0 rg BT 474.14 273.05 Td (from ) Tj ET Q q 0 0 0 rg BT 495.70 273.05 Td (external ) Tj ET Q q 0 0 0 rg BT 530.01 273.05 Td (sources. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.05 Td (Access ) Tj ET Q q 0 0 0 rg BT 79.28 261.05 Td (to ) Tj ET Q q 0 0 0 rg BT 88.53 261.05 Td (these ) Tj ET Q q 0 0 0 rg BT 110.54 261.05 Td (external ) Tj ET Q q 0 0 0 rg BT 144.20 261.05 Td (sources, ) Tj ET Q q 0 0 0 rg BT 178.16 261.05 Td (as ) Tj ET Q q 0 0 0 rg BT 187.95 261.05 Td (well ) Tj ET Q q 0 0 0 rg BT 206.63 261.05 Td (as ) Tj ET Q q 0 0 0 rg BT 216.43 261.05 Td (the ) Tj ET Q q 0 0 0 rg BT 230.11 261.05 Td (cost ) Tj ET Q q 0 0 0 rg BT 247.68 261.05 Td (of ) Tj ET Q q 0 0 0 rg BT 257.47 261.05 Td (that ) Tj ET Q q 0 0 0 rg BT 273.93 261.05 Td (financing, ) Tj ET Q q 0 0 0 rg BT 315.66 261.05 Td (is ) Tj ET Q q 0 0 0 rg BT 323.79 261.05 Td (dependent ) Tj ET Q q 0 0 0 rg BT 366.35 261.05 Td (upon ) Tj ET Q q 0 0 0 rg BT 387.81 261.05 Td (various ) Tj ET Q q 0 0 0 rg BT 418.72 261.05 Td (factors, ) Tj ET Q q 0 0 0 rg BT 449.89 261.05 Td (including ) Tj ET Q q 0 0 0 rg BT 489.13 261.05 Td (market ) Tj ET Q q 0 0 0 rg BT 518.35 261.05 Td (conditions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.05 Td (the ) Tj ET Q q 0 0 0 rg BT 64.91 249.05 Td (general ) Tj ET Q q 0 0 0 rg BT 97.53 249.05 Td (availability ) Tj ET Q q 0 0 0 rg BT 145.71 249.05 Td (of ) Tj ET Q q 0 0 0 rg BT 157.23 249.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 183.19 249.05 Td (and ) Tj ET Q q 0 0 0 rg BT 200.82 249.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 226.78 249.05 Td (ratings. ) Tj ET Q q 0 0 0 rg BT 259.45 249.05 Td (W) Tj ET Q q 0 0 0 rg BT 268.09 249.05 Td (e ) Tj ET Q q 0 0 0 rg BT 275.72 249.05 Td (currently ) Tj ET Q q 0 0 0 rg BT 315.01 249.05 Td (do ) Tj ET Q q 0 0 0 rg BT 328.20 249.05 Td (not ) Tj ET Q q 0 0 0 rg BT 344.18 249.05 Td (have ) Tj ET Q q 0 0 0 rg BT 366.25 249.05 Td (a ) Tj ET Q q 0 0 0 rg BT 373.88 249.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 399.84 249.05 Td (rating, ) Tj ET Q q 0 0 0 rg BT 428.85 249.05 Td (which ) Tj ET Q q 0 0 0 rg BT 456.49 249.05 Td (could ) Tj ET Q q 0 0 0 rg BT 481.90 249.05 Td (adversely ) Tj ET Q q 0 0 0 rg BT 523.40 249.05 Td (af) Tj ET Q q 0 0 0 rg BT 530.99 249.05 Td (fect ) Tj ET Q q 0 0 0 rg BT 549.17 249.05 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.05 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 85.54 237.05 Td (and ) Tj ET Q q 0 0 0 rg BT 102.14 237.05 Td (competitive ) Tj ET Q q 0 0 0 rg BT 151.50 237.05 Td (position ) Tj ET Q q 0 0 0 rg BT 185.88 237.05 Td (by ) Tj ET Q q 0 0 0 rg BT 198.03 237.05 Td (increasing ) Tj ET Q q 0 0 0 rg BT 241.28 237.05 Td (our ) Tj ET Q q 0 0 0 rg BT 256.76 237.05 Td (financing ) Tj ET Q q 0 0 0 rg BT 296.68 237.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 318.83 237.05 Td (and ) Tj ET Q q 0 0 0 rg BT 335.42 237.05 Td (limiting ) Tj ET Q q 0 0 0 rg BT 369.25 237.05 Td (access ) Tj ET Q q 0 0 0 rg BT 396.94 237.05 Td (to ) Tj ET Q q 0 0 0 rg BT 406.87 237.05 Td (sources ) Tj ET Q q 0 0 0 rg BT 439.01 237.05 Td (of ) Tj ET Q q 0 0 0 rg BT 449.50 237.05 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 485.54 237.05 Td (that ) Tj ET Q q 0 0 0 rg BT 502.69 237.05 Td (require ) Tj ET Q q 0 0 0 rg BT 533.16 237.05 Td (a ) Tj ET Q q 0 0 0 rg BT 539.75 237.05 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.05 Td (rating ) Tj ET Q q 0 0 0 rg BT 75.33 225.05 Td (as ) Tj ET Q q 0 0 0 rg BT 86.16 225.05 Td (a ) Tj ET Q q 0 0 0 rg BT 93.09 225.05 Td (condition ) Tj ET Q q 0 0 0 rg BT 133.37 225.05 Td (to ) Tj ET Q q 0 0 0 rg BT 143.65 225.05 Td (providing ) Tj ET Q q 0 0 0 rg BT 185.03 225.05 Td (the ) Tj ET Q q 0 0 0 rg BT 199.75 225.05 Td (funds.) 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 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 endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (45) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (Short-term financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.19 716.10 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 112.65 716.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 145.90 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.48 716.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 198.52 716.10 Td (is ) Tj ET Q q 0 0 0 rg BT 207.33 716.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 243.91 716.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 283.26 716.10 Td (through ) Tj ET Q q 0 0 0 rg BT 316.51 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.87 716.10 Td (use ) Tj ET Q q 0 0 0 rg BT 346.34 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.82 716.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 406.16 716.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 430.51 716.10 Td (issuance, ) Tj ET Q q 0 0 0 rg BT 469.03 716.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 514.47 716.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 565.01 716.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 74.67 704.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 102.61 704.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 152.48 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.76 704.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 190.04 704.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 210.76 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.94 704.10 Td (credit, ) Tj ET Q q 0 0 0 rg BT 248.04 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 264.32 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 272.83 704.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 309.66 704.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 365.35 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 377.20 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 392.37 704.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 431.97 704.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 469.65 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 473.85 704.10 Td (These ) Tj ET Q q 0 0 0 rg BT 499.57 704.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 532.52 704.10 Td (sources ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (are ) Tj ET Q q 0 0 0 rg BT 63.75 692.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 93.56 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 103.39 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 118.76 692.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 146.36 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.19 692.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 187.66 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.15 692.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 223.97 692.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 261.65 692.10 Td (, ) Tj ET Q q 0 0 0 rg BT 266.19 692.10 Td (which ) Tj ET Q q 0 0 0 rg BT 292.68 692.10 Td (is ) Tj ET Q q 0 0 0 rg BT 301.40 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 307.88 692.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 348.80 692.10 Td (part ) Tj ET Q q 0 0 0 rg BT 366.39 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.77 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 392.15 692.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 441.97 692.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 484.00 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.48 692.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 542.52 692.10 Td (bond ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 74.29 680.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 121.40 680.10 Td (The ) Tj ET Q q 0 0 0 rg BT 139.52 680.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 175.98 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.88 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 202.78 680.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 243.68 680.10 Td (is ) Tj ET Q q 0 0 0 rg BT 252.92 680.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 278.83 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.84 680.10 Td (is ) Tj ET Q q 0 0 0 rg BT 305.08 680.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 343.74 680.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 374.08 680.10 Td (by ) Tj ET Q q 0 0 0 rg BT 386.65 680.10 Td (overnight ) Tj ET Q q 0 0 0 rg BT 427.55 680.10 Td (or ) Tj ET Q q 0 0 0 rg BT 438.45 680.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 482.68 680.10 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 522.18 680.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 554.18 680.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (these ) Tj ET Q q 0 0 0 rg BT 72.67 668.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 116.94 668.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 153.99 668.10 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 174.66 668.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 220.05 668.10 Td (line ) Tj ET Q q 0 0 0 rg BT 237.67 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 254.73 668.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 304.55 668.10 Td (paper\) ) Tj ET Q q 0 0 0 rg BT 332.70 668.10 Td (have ) Tj ET Q q 0 0 0 rg BT 354.20 668.10 Td (been ) Tj ET Q q 0 0 0 rg BT 375.70 668.10 Td (established ) Tj ET Q q 0 0 0 rg BT 422.75 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 433.15 668.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 468.54 668.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 503.37 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 513.77 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.61 668.10 Td (liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.92 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 75.33 656.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 115.75 656.10 Td (based ) Tj ET Q q 0 0 0 rg BT 140.60 656.10 Td (on ) Tj ET Q q 0 0 0 rg BT 152.69 656.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 191.43 656.10 Td (market ) Tj ET Q q 0 0 0 rg BT 221.28 656.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 267.54 656.10 Td (In ) Tj ET Q q 0 0 0 rg BT 277.95 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.26 656.10 Td (case ) Tj ET Q q 0 0 0 rg BT 311.55 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 321.97 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 337.39 656.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 382.24 656.10 Td (line, ) Tj ET Q q 0 0 0 rg BT 401.83 656.10 Td (it ) Tj ET Q q 0 0 0 rg BT 409.47 656.10 Td (is ) Tj ET Q q 0 0 0 rg BT 418.23 656.10 Td (available ) Tj ET Q q 0 0 0 rg BT 456.40 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 466.27 656.10 Td (us ) Tj ET Q q 0 0 0 rg BT 477.25 656.10 Td (regardless ) Tj ET Q q 0 0 0 rg BT 519.87 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.29 656.10 Td (changes ) 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 59.74 644.10 Td (market ) Tj ET Q q 0 0 0 rg BT 89.97 644.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 126.32 644.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 170.45 644.10 Td (through ) Tj ET Q q 0 0 0 rg BT 204.02 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.70 644.10 Td (end ) Tj ET Q q 0 0 0 rg BT 235.61 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.40 644.10 Td (its ) Tj ET Q q 0 0 0 rg BT 258.31 644.10 Td (term, ) Tj ET Q q 0 0 0 rg BT 281.60 644.10 Td (although ) Tj ET Q q 0 0 0 rg BT 319.06 644.10 Td (there ) Tj ET Q q 0 0 0 rg BT 341.51 644.10 Td (may ) Tj ET Q q 0 0 0 rg BT 361.19 644.10 Td (be ) Tj ET Q q 0 0 0 rg BT 373.09 644.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 418.33 644.10 Td (on ) Tj ET Q q 0 0 0 rg BT 430.79 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.47 644.10 Td (type ) Tj ET Q q 0 0 0 rg BT 465.15 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.95 644.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 516.17 644.10 Td (available ) Tj ET Q q 0 0 0 rg BT 554.73 644.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (pledge. ) Tj ET Q q 0 0 0 rg BT 81.03 632.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 98.95 632.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 148.52 632.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 173.09 632.10 Td (program ) Tj ET Q q 0 0 0 rg BT 209.34 632.10 Td (helps ) Tj ET Q q 0 0 0 rg BT 232.82 632.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 267.96 632.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 302.54 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.69 632.10 Td (market ) Tj ET Q q 0 0 0 rg BT 342.82 632.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 379.08 632.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 423.12 632.10 Td (given ) Tj ET Q q 0 0 0 rg BT 447.71 632.10 Td (it ) Tj ET Q q 0 0 0 rg BT 455.63 632.10 Td (is ) Tj ET Q q 0 0 0 rg BT 464.67 632.10 Td (not ) Tj ET Q q 0 0 0 rg BT 479.82 632.10 Td (an ) Tj ET Q q 0 0 0 rg BT 491.63 632.10 Td (overnight ) Tj ET Q q 0 0 0 rg BT 532.33 632.10 Td (facility) Tj ET Q q 0 0 0 rg BT 560.00 632.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (but ) Tj ET Q q 0 0 0 rg BT 65.23 620.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 102.62 620.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 136.67 620.10 Td (with ) Tj ET Q q 0 0 0 rg BT 157.40 620.10 Td (a ) Tj ET Q q 0 0 0 rg BT 164.79 620.10 Td (term ) Tj ET Q q 0 0 0 rg BT 186.06 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.34 620.10 Td (27 ) Tj ET Q q 0 0 0 rg BT 210.29 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.02 620.10 Td (270 ) Tj ET Q q 0 0 0 rg BT 238.97 620.10 Td (days. ) Tj ET Q q 0 0 0 rg BT 262.75 620.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 281.25 620.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 315.31 620.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 348.25 620.10 Td (are ) Tj ET Q q 0 0 0 rg BT 363.40 620.10 Td (also ) Tj ET Q q 0 0 0 rg BT 382.46 620.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 426.50 620.10 Td (on ) Tj ET Q q 0 0 0 rg BT 439.45 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.62 620.10 Td (types ) Tj ET Q q 0 0 0 rg BT 478.67 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 489.95 620.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 531.23 620.10 Td (that ) Tj ET Q q 0 0 0 rg BT 549.17 620.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 107.90 608.10 Td (are ) Tj ET Q q 0 0 0 rg BT 121.88 608.10 Td (willing ) Tj ET Q q 0 0 0 rg BT 151.98 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 161.52 608.10 Td (accept ) Tj ET Q q 0 0 0 rg BT 188.81 608.10 Td (as ) Tj ET Q q 0 0 0 rg BT 198.91 608.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 237.87 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 254.07 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.05 608.10 Td (number ) Tj ET Q q 0 0 0 rg BT 300.36 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 310.46 608.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 368.86 608.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 409.09 608.10 Td (W) Tj ET Q q 0 0 0 rg BT 417.73 608.10 Td (e ) Tj ET Q q 0 0 0 rg BT 423.93 608.10 Td (also ) Tj ET Q q 0 0 0 rg BT 441.80 608.10 Td (have ) Tj ET Q q 0 0 0 rg BT 462.44 608.10 Td (established ) Tj ET Q q 0 0 0 rg BT 508.64 608.10 Td (arrangements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.62 596.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 88.96 596.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 130.07 596.10 Td (by ) Tj ET Q q 0 0 0 rg BT 143.42 596.10 Td (another ) Tj ET Q q 0 0 0 rg BT 176.75 596.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 206.19 596.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 233.96 596.10 Td (at ) Tj ET Q q 0 0 0 rg BT 244.52 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.08 596.10 Td (end ) Tj ET Q q 0 0 0 rg BT 277.86 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 289.54 596.10 Td (each ) Tj ET Q q 0 0 0 rg BT 311.20 596.10 Td (business ) Tj ET Q q 0 0 0 rg BT 348.44 596.10 Td (day ) Tj ET Q q 0 0 0 rg BT 366.22 596.10 Td (related ) Tj ET Q q 0 0 0 rg BT 396.77 596.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 446.20 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 457.32 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 474.00 596.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 522.32 596.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 560.00 596.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (Funding ) Tj ET Q q 0 0 0 rg BT 85.34 584.10 Td (is ) Tj ET Q q 0 0 0 rg BT 94.51 584.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 134.21 584.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 171.15 584.10 Td (at ) Tj ET Q q 0 0 0 rg BT 180.86 584.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 202.24 584.10 Td (based ) Tj ET Q q 0 0 0 rg BT 227.51 584.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 250.01 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.72 584.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 294.98 584.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 319.70 584.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 337.19 584.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 365.23 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.95 584.10 Td (London ) Tj ET Q q 0 0 0 rg BT 413.56 584.10 Td (Interbank ) Tj ET Q q 0 0 0 rg BT 454.37 584.10 Td (Of) Tj ET Q q 0 0 0 rg BT 464.74 584.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 478.34 584.10 Td (Rate.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 558.7669921875 m 161.0849609375 558.7669921875 l s q 0 0 0 rg BT 49.50 560.10 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 101.40 560.10 Td (Paper ) Tj ET Q q 0 0 0 rg BT 126.65 560.10 Td (Program) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.08 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.56 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.03 560.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 189.06 560.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 209.32 560.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 237.89 560.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 264.79 560.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 305.25 560.10 Td (, ) Tj ET Q q 0 0 0 rg BT 310.22 560.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 333.81 560.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 345.29 560.10 Td (fray& ) Tj ET Q q 0 0 0 rg BT 374.14 560.10 Td (Co., ) Tj ET Q q 0 0 0 rg BT 393.28 560.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 419.65 560.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 452.66 560.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 502.33 560.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 527.01 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 537.27 560.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 558.07 560.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 80.52 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.98 548.10 Td (its ) Tj ET Q q 0 0 0 rg BT 102.56 548.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 142.46 548.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 180.14 548.10 Td (. ) Tj ET Q q 0 0 0 rg BT 184.61 548.10 Td (This ) Tj ET Q q 0 0 0 rg BT 204.53 548.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 253.86 548.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 278.20 548.10 Td (is ) Tj ET Q q 0 0 0 rg BT 287.00 548.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 314.13 548.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.03 548.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.02 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 361.15 548.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 396.04 548.10 Td (programs, ) Tj ET Q q 0 0 0 rg BT 438.44 548.10 Td (CP) Tj ET Q q 0 0 0 rg BT 450.30 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.43 548.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 478.53 548.10 Td (A, ) Tj ET Q q 0 0 0 rg BT 490.39 548.10 Td (CP) Tj ET Q q 0 0 0 rg BT 502.25 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 504.38 548.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 530.95 548.10 Td (II ) Tj ET Q q 0 0 0 rg BT 539.27 548.10 Td (A) Tj ET Q q 0 0 0 rg BT 545.94 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.08 548.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (CP) Tj ET Q q 0 0 0 rg BT 61.36 536.10 Td ( ) Tj ET Q q 0 0 0 rg BT 63.46 536.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 89.99 536.10 Td (III ) Tj ET Q q 0 0 0 rg BT 101.62 536.10 Td (A, ) Tj ET Q q 0 0 0 rg BT 113.44 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.97 536.10 Td (is ) Tj ET Q q 0 0 0 rg BT 138.74 536.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 171.37 536.10 Td (by ) Tj ET Q q 0 0 0 rg BT 183.47 536.10 Td (dif) Tj ET Q q 0 0 0 rg BT 194.40 536.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 219.81 536.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 260.23 536.10 Td (classes, ) Tj ET Q q 0 0 0 rg BT 292.60 536.10 Td (which ) Tj ET Q q 0 0 0 rg BT 319.13 536.10 Td (is ) Tj ET Q q 0 0 0 rg BT 327.90 536.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 364.97 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 374.85 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.16 536.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 420.69 536.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 437.77 536.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 457.09 536.10 Td (on ) Tj ET Q q 0 0 0 rg BT 469.18 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.50 536.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 526.13 536.10 Td (program. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.74 524.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 108.21 524.10 Td (can ) Tj ET Q q 0 0 0 rg BT 124.79 524.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 147.48 524.10 Td (with ) Tj ET Q q 0 0 0 rg BT 167.96 524.10 Td (maturities ) Tj ET Q q 0 0 0 rg BT 210.65 524.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.68 524.10 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.68 524.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.37 524.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.85 524.10 Td (270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.85 524.10 Td ( ) Tj ET Q q 0 0 0 rg BT 262.55 524.10 Td (days. ) Tj ET Q q 0 0 0 rg BT 286.07 524.10 Td (CP) Tj ET Q q 0 0 0 rg BT 297.94 524.10 Td ( ) Tj ET Q q 0 0 0 rg BT 300.63 524.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 327.77 524.10 Td (III ) Tj ET Q q 0 0 0 rg BT 339.86 524.10 Td (A) Tj ET Q q 0 0 0 rg BT 346.53 524.10 Td ( ) Tj ET Q q 0 0 0 rg BT 349.23 524.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 385.25 524.10 Td (a ) Tj ET Q q 0 0 0 rg BT 392.39 524.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 431.18 524.10 Td (that ) Tj ET Q q 0 0 0 rg BT 448.87 524.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 483.78 524.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 507.58 524.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 519.06 524.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 537.86 524.10 Td (& ) Tj ET Q q 0 0 0 rg BT 548.34 524.10 Td (Co. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.51 512.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 96.74 512.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 125.08 512.10 Td (net ) Tj ET Q q 0 0 0 rg BT 139.53 512.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 168.42 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.98 512.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 201.22 512.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 234.69 512.10 Td (The ) Tj ET Q q 0 0 0 rg BT 252.47 512.10 Td (following ) Tj ET Q q 0 0 0 rg BT 293.59 512.10 Td (table ) Tj ET Q q 0 0 0 rg BT 315.26 512.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 351.94 512.10 Td (information ) Tj ET Q q 0 0 0 rg BT 401.38 512.10 Td (about ) Tj ET Q q 0 0 0 rg BT 425.84 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.40 512.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 490.84 512.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 515.28 512.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 555.29 512.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.08 500.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 500.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 477.60 229.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 477.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 477.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 477.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 477.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 477.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 477.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 453.60 229.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 453.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 453.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 453.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 453.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 453.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 453.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 429.60 229.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 429.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 429.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 429.60 7.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 429.60 87.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 429.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 429.60 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 286 477.6 m 373 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 477.6 m 467 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 477.6 m 562 477.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 481.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.25 480.33 Td (CP Series A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.10 480.33 Td (CP Series II A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.15 480.33 Td (CP Series III A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 468.22 Td (Maximum amount that may be issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.50 468.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 468.22 Td (300.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.50 468.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 468.22 Td (150.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.50 468.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 468.22 Td (125.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 456.22 Td (Amount outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 456.22 Td (149.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 456.22 Td (6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 456.22 Td (82.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 432.22 Td (Weighted average maturity, in days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 432.22 Td (77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 432.22 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.50 432.22 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 420.22 Td (Weighted average maturity at issuance, in days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.50 420.22 Td (138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.50 420.22 Td (202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.50 420.22 Td (38) 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 49.5 392.7669921875 m 158.32958984375 392.7669921875 l s q 0 0 0 rg BT 49.50 394.10 Td (Prime ) Tj ET Q q 0 0 0 rg BT 75.87 394.10 Td (Broker ) Tj ET Q q 0 0 0 rg BT 105.58 394.10 Td (Arrangement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.33 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.81 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.12 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 176.76 394.10 Td (e ) Tj ET Q q 0 0 0 rg BT 183.68 394.10 Td (have ) Tj ET Q q 0 0 0 rg BT 205.04 394.10 Td (established ) Tj ET Q q 0 0 0 rg BT 251.96 394.10 Td (an ) Tj ET Q q 0 0 0 rg BT 263.88 394.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 316.34 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.60 394.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 354.08 394.10 Td (overnight ) Tj ET Q q 0 0 0 rg BT 394.89 394.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 435.14 394.10 Td (by ) Tj ET Q q 0 0 0 rg BT 447.62 394.10 Td (a ) Tj ET Q q 0 0 0 rg BT 454.54 394.10 Td (single ) Tj ET Q q 0 0 0 rg BT 480.91 394.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 506.72 394.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 535.31 394.10 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 58.87 382.10 Td (our ) Tj ET Q q 0 0 0 rg BT 73.79 382.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 117.58 382.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 138.61 382.10 Td (management ) Tj ET Q q 0 0 0 rg BT 191.29 382.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 215.11 382.10 Td (in ) Tj ET Q q 0 0 0 rg BT 224.48 382.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 266.06 382.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 307.91 382.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 349.50 382.10 Td (under ) Tj ET Q q 0 0 0 rg BT 373.86 382.10 Td (this ) Tj ET Q q 0 0 0 rg BT 389.90 382.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 441.46 382.10 Td (is ) Tj ET Q q 0 0 0 rg BT 449.72 382.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 481.85 382.10 Td (by ) Tj ET Q q 0 0 0 rg BT 493.45 382.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 522.24 382.10 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.70 370.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 132.68 370.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 175.94 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.36 370.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 233.55 370.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 279.32 370.10 Td (could ) Tj ET Q q 0 0 0 rg BT 304.52 370.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 334.16 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.37 370.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 382.35 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.67 370.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 427.77 370.10 Td (available ) Tj ET Q q 0 0 0 rg BT 466.85 370.10 Td (under ) Tj ET Q q 0 0 0 rg BT 492.61 370.10 Td (this ) Tj ET Q q 0 0 0 rg BT 510.04 370.10 Td (arrangement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.41 358.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 93.08 358.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 121.54 358.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 161.65 358.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 200.11 358.10 Td (are ) Tj ET Q q 0 0 0 rg BT 214.67 358.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 252.00 358.10 Td (net ) Tj ET Q q 0 0 0 rg BT 266.57 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.25 358.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 324.57 358.10 Td (from ) Tj ET Q q 0 0 0 rg BT 346.37 358.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 377.04 358.10 Td (activity) Tj ET Q q 0 0 0 rg BT 406.38 358.10 Td (. ) Tj ET Q q 0 0 0 rg BT 411.07 358.10 Td (This ) Tj ET Q q 0 0 0 rg BT 431.20 358.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 464.66 358.10 Td (is ) Tj ET Q q 0 0 0 rg BT 473.69 358.10 Td (at ) Tj ET Q q 0 0 0 rg BT 483.26 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.83 358.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 539.61 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 358.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 74.54 346.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 102.36 346.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.52 346.10 Td (could ) Tj ET Q q 0 0 0 rg BT 142.45 346.10 Td (be ) Tj ET Q q 0 0 0 rg BT 153.61 346.10 Td (denied ) Tj ET Q q 0 0 0 rg BT 181.98 346.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 212.02 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.52 346.10 Td (a ) Tj ET Q q 0 0 0 rg BT 227.67 346.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 253.83 346.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 283.21 346.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.93 346.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 352.73 346.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.73 346.10 Td (, ) Tj ET Q q 0 0 0 rg BT 376.95 346.10 Td (we ) Tj ET Q q 0 0 0 rg BT 390.33 346.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.48 346.10 Td ($127.8 ) Tj ET Q q 0 0 0 rg BT 435.70 346.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.59 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.31 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.36 346.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 515.84 346.10 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (under ) Tj ET Q q 0 0 0 rg BT 74.77 334.10 Td (this ) Tj ET Q q 0 0 0 rg BT 91.72 334.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 117.54 334.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 146.14 334.10 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 49.5 308.7669921875 m 119.275390625 308.7669921875 l s q 0 0 0 rg BT 49.50 310.10 Td (Committed ) Tj ET Q q 0 0 0 rg BT 97.06 310.10 Td (Lines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.28 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.83 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 129.39 310.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 147.50 310.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 192.83 310.10 Td (line ) Tj ET Q q 0 0 0 rg BT 210.38 310.10 Td (is ) Tj ET Q q 0 0 0 rg BT 219.61 310.10 Td (a ) Tj ET Q q 0 0 0 rg BT 226.61 310.10 Td (one-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.14 310.10 Td ($250 ) Tj ET Q q 0 0 0 rg BT 286.70 310.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.59 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.15 310.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 359.04 310.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 392.13 310.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 417.45 310.10 Td (facility) Tj ET Q q 0 0 0 rg BT 445.13 310.10 Td (. ) Tj ET Q q 0 0 0 rg BT 450.00 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 458.64 310.10 Td (e ) Tj ET Q q 0 0 0 rg BT 465.63 310.10 Td (use ) Tj ET Q q 0 0 0 rg BT 481.52 310.10 Td (this ) Tj ET Q q 0 0 0 rg BT 498.53 310.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 523.85 310.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 554.73 310.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.15 298.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 100.47 298.10 Td (course ) Tj ET Q q 0 0 0 rg BT 129.01 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.77 298.10 Td (business ) Tj ET Q q 0 0 0 rg BT 176.10 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.32 298.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 207.09 298.10 Td (a ) Tj ET Q q 0 0 0 rg BT 213.96 298.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 245.29 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 256.06 298.10 Td (our ) Tj ET Q q 0 0 0 rg BT 271.83 298.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 294.26 298.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 340.85 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.73 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.38 298.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 404.82 298.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 445.57 298.10 Td (under ) Tj ET Q q 0 0 0 rg BT 470.78 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.44 298.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 516.19 298.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 542.51 298.10 Td (daily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (based ) Tj ET Q q 0 0 0 rg BT 75.62 286.10 Td (on ) Tj ET Q q 0 0 0 rg BT 88.97 286.10 Td (our ) Tj ET Q q 0 0 0 rg BT 105.65 286.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 140.11 286.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 167.98 286.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 210.76 286.10 Td (under ) Tj ET Q q 0 0 0 rg BT 236.88 286.10 Td (this ) Tj ET Q q 0 0 0 rg BT 254.68 286.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 286.35 286.10 Td (are ) Tj ET Q q 0 0 0 rg BT 301.91 286.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 335.79 286.10 Td (by ) Tj ET Q q 0 0 0 rg BT 349.14 286.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 379.69 286.10 Td (marketable ) Tj ET Q q 0 0 0 rg BT 427.46 286.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 470.83 286.10 Td (The ) Tj ET Q q 0 0 0 rg BT 489.73 286.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 521.40 286.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 558.07 286.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 88.15 274.10 Td (that ) Tj ET Q q 0 0 0 rg BT 105.70 274.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 140.47 274.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 164.13 274.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 175.61 274.10 Td (fray& ) Tj ET Q q 0 0 0 rg BT 204.55 274.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 221.28 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.61 274.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 269.16 274.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 310.61 274.10 Td (net ) Tj ET Q q 0 0 0 rg BT 325.38 274.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 354.59 274.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.48 274.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 388.04 274.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.93 274.10 Td (, ) Tj ET Q q 0 0 0 rg BT 421.99 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.98 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.76 274.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 483.53 274.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 521.63 274.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 554.18 274.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (all ) Tj ET Q q 0 0 0 rg BT 61.53 262.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 100.21 262.10 Td (under ) Tj ET Q q 0 0 0 rg BT 125.01 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.26 262.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 169.61 262.10 Td (will ) Tj ET Q q 0 0 0 rg BT 187.21 262.10 Td (be ) Tj ET Q q 0 0 0 rg BT 198.68 262.10 Td (due ) Tj ET Q q 0 0 0 rg BT 215.15 262.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.18 262.10 Td (December18, ) Tj ET Q q 0 0 0 rg BT 285.30 262.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.30 262.10 Td (. ) Tj ET Q q 0 0 0 rg BT 309.69 262.10 Td (This ) Tj ET Q q 0 0 0 rg BT 329.50 262.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 354.30 262.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 384.65 262.10 Td (has ) Tj ET Q q 0 0 0 rg BT 400.01 262.10 Td (been ) Tj ET Q q 0 0 0 rg BT 420.93 262.10 Td (in ) Tj ET Q q 0 0 0 rg BT 430.74 262.10 Td (place ) Tj ET Q q 0 0 0 rg BT 453.86 262.10 Td (since ) Tj ET Q q 0 0 0 rg BT 476.45 262.10 Td (2008 ) Tj ET Q q 0 0 0 rg BT 498.48 262.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.95 262.10 Td (we ) Tj ET Q q 0 0 0 rg BT 528.65 262.10 Td (renewed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.36 250.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 95.32 250.10 Td (for ) Tj ET Q q 0 0 0 rg BT 109.61 250.10 Td (another ) Tj ET Q q 0 0 0 rg BT 142.24 250.10 Td (one-year ) Tj ET Q q 0 0 0 rg BT 179.85 250.10 Td (term ) Tj ET Q q 0 0 0 rg BT 200.82 250.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.24 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.09 250.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 253.17 250.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 284.12 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.09 250.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 319.65 250.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.29 250.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 391.01 250.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.01 250.10 Td (, ) Tj ET Q q 0 0 0 rg BT 416.15 250.10 Td (we ) Tj ET Q q 0 0 0 rg BT 430.45 250.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.53 250.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.53 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 460.17 250.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 499.45 250.10 Td (against ) Tj ET Q q 0 0 0 rg BT 530.42 250.10 Td (this ) Tj ET Q q 0 0 0 rg BT 547.50 250.10 Td (line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 238.10 Td (credit.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 212.76699218750002 m 129.1376953125 212.76699218750002 l s q 0 0 0 rg BT 49.50 214.10 Td (Uncommitted ) Tj ET Q q 0 0 0 rg BT 106.92 214.10 Td (Lines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.14 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.57 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.82 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 147.46 214.10 Td (e ) Tj ET Q q 0 0 0 rg BT 154.33 214.10 Td (use ) Tj ET Q q 0 0 0 rg BT 170.09 214.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 225.29 214.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 246.61 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.82 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.46 214.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 307.77 214.10 Td (course ) Tj ET Q q 0 0 0 rg BT 336.30 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.06 214.10 Td (business ) Tj ET Q q 0 0 0 rg BT 383.38 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.59 214.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 414.35 214.10 Td (a ) Tj ET Q q 0 0 0 rg BT 421.22 214.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 452.54 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.30 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 479.06 214.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 501.49 214.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 548.07 214.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.10 202.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 96.47 202.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 137.17 202.10 Td (under ) Tj ET Q q 0 0 0 rg BT 162.32 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 178.03 202.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 233.18 202.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 254.45 202.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 280.71 202.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 303.08 202.10 Td (based ) Tj ET Q q 0 0 0 rg BT 328.23 202.10 Td (on ) Tj ET Q q 0 0 0 rg BT 340.61 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 356.32 202.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 389.81 202.10 Td (needs. ) Tj ET Q q 0 0 0 rg BT 417.46 202.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 435.39 202.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 490.54 202.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 523.46 202.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 544.72 202.10 Td (total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td ($185 ) Tj ET Q q 0 0 0 rg BT 71.89 190.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.78 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.17 190.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.34 190.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.34 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.73 190.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 166.45 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.27 190.10 Td (are ) Tj ET Q q 0 0 0 rg BT 197.87 190.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 241.35 190.10 Td (on ) Tj ET Q q 0 0 0 rg BT 253.74 190.10 Td (having ) Tj ET Q q 0 0 0 rg BT 283.35 190.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 331.27 190.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 373.36 190.10 Td (as ) Tj ET Q q 0 0 0 rg BT 384.07 190.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 431.44 190.10 Td (by ) Tj ET Q q 0 0 0 rg BT 443.83 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.44 190.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 480.27 190.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 526.80 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.96 190.10 Td (secure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.32 178.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 96.46 178.10 Td (under ) Tj ET Q q 0 0 0 rg BT 121.61 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.21 178.10 Td (line. ) Tj ET Q q 0 0 0 rg BT 156.09 178.10 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 197.90 178.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 243.06 178.10 Td (could ) Tj ET Q q 0 0 0 rg BT 267.66 178.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 296.69 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.29 178.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 343.67 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.38 178.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 387.87 178.10 Td (available ) Tj ET Q q 0 0 0 rg BT 426.34 178.10 Td (under ) Tj ET Q q 0 0 0 rg BT 451.49 178.10 Td (these ) Tj ET Q q 0 0 0 rg BT 474.42 178.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 507.34 178.10 Td (lines. ) Tj ET Q q 0 0 0 rg BT 530.94 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 539.58 178.10 Td (e ) Tj ET Q q 0 0 0 rg BT 546.40 178.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.14 166.10 Td (an ) Tj ET Q q 0 0 0 rg BT 83.33 166.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 138.86 166.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 182.16 166.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 213.24 166.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.77 166.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.21 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.97 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.06 166.10 Td (these ) Tj ET Q q 0 0 0 rg BT 285.36 166.10 Td (banks. ) Tj ET Q q 0 0 0 rg BT 313.34 166.10 Td (All ) Tj ET Q q 0 0 0 rg BT 328.88 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.97 166.10 Td (these ) Tj ET Q q 0 0 0 rg BT 363.28 166.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 418.80 166.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 440.45 166.10 Td (are ) Tj ET Q q 0 0 0 rg BT 455.41 166.10 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 510.38 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.57 166.10 Td (are ) Tj ET Q q 0 0 0 rg BT 542.54 166.10 Td (not ) Tj ET Q q 0 0 0 rg BT 558.08 166.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 101.61 154.10 Td (by ) Tj ET Q q 0 0 0 rg BT 113.17 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.94 154.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 147.94 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.28 154.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 189.38 154.10 Td (an ) Tj ET Q q 0 0 0 rg BT 200.38 154.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 234.69 154.10 Td (under ) Tj ET Q q 0 0 0 rg BT 259.02 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.80 154.10 Td (line. ) Tj ET Q q 0 0 0 rg BT 291.85 154.10 Td (More ) Tj ET Q q 0 0 0 rg BT 315.07 154.10 Td (specifically) Tj ET Q q 0 0 0 rg BT 360.51 154.10 Td (, ) Tj ET Q q 0 0 0 rg BT 364.57 154.10 Td (these ) Tj ET Q q 0 0 0 rg BT 386.67 154.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 407.12 154.10 Td (are ) Tj ET Q q 0 0 0 rg BT 420.89 154.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 450.77 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 460.11 154.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 496.65 154.10 Td (by ) Tj ET Q q 0 0 0 rg BT 508.21 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.99 154.10 Td (respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 71.06 142.10 Td (each ) Tj ET Q q 0 0 0 rg BT 91.50 142.10 Td (time ) Tj ET Q q 0 0 0 rg BT 111.40 142.10 Td (an ) Tj ET Q q 0 0 0 rg BT 122.96 142.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 157.83 142.10 Td (is ) Tj ET Q q 0 0 0 rg BT 166.63 142.10 Td (requested ) Tj ET Q q 0 0 0 rg BT 207.07 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.63 142.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 262.40 142.10 Td (may ) Tj ET Q q 0 0 0 rg BT 281.74 142.10 Td (be ) Tj ET Q q 0 0 0 rg BT 293.30 142.10 Td (denied, ) Tj ET Q q 0 0 0 rg BT 324.58 142.10 Td (which ) Tj ET Q q 0 0 0 rg BT 351.14 142.10 Td (may ) Tj ET Q q 0 0 0 rg BT 370.48 142.10 Td (be ) Tj ET Q q 0 0 0 rg BT 382.04 142.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 430.25 142.10 Td (true ) Tj ET Q q 0 0 0 rg BT 447.92 142.10 Td (during ) Tj ET Q q 0 0 0 rg BT 476.15 142.10 Td (times ) Tj ET Q q 0 0 0 rg BT 499.94 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.39 142.10 Td (market ) Tj ET Q q 0 0 0 rg BT 540.28 142.10 Td (stress ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.27 130.10 Td (market ) Tj ET Q q 0 0 0 rg BT 90.47 130.10 Td (perceptions ) Tj ET Q q 0 0 0 rg BT 139.00 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.76 130.10 Td (our ) Tj ET Q q 0 0 0 rg BT 165.53 130.10 Td (exposures. ) Tj ET Q q 0 0 0 rg BT 210.28 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 218.92 130.10 Td (e ) Tj ET Q q 0 0 0 rg BT 225.79 130.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 259.32 130.10 Td (our ) Tj ET Q q 0 0 0 rg BT 275.09 130.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 328.63 130.10 Td (with ) Tj ET Q q 0 0 0 rg BT 348.85 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.50 130.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 389.27 130.10 Td (that ) Tj ET Q q 0 0 0 rg BT 406.70 130.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 439.68 130.10 Td (these ) Tj ET Q q 0 0 0 rg BT 462.66 130.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 517.87 130.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 554.73 130.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (order ) Tj ET Q q 0 0 0 rg BT 73.62 118.10 Td (to ) Tj ET Q q 0 0 0 rg BT 84.42 118.10 Td (have ) Tj ET Q q 0 0 0 rg BT 106.32 118.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 154.88 118.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 181.22 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.58 118.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 226.71 118.10 Td (for ) Tj ET Q q 0 0 0 rg BT 241.39 118.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.74 118.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 296.49 118.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.51 118.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 368.62 118.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.62 118.10 Td (, ) Tj ET Q q 0 0 0 rg BT 394.14 118.10 Td (we ) Tj ET Q q 0 0 0 rg BT 408.82 118.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.28 118.10 Td ($12.0 ) Tj ET Q q 0 0 0 rg BT 451.81 118.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.70 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.72 118.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.52 118.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 534.19 118.10 Td (against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (these ) Tj ET Q q 0 0 0 rg BT 72.55 106.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 93.93 106.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.76 106.10 Td (credit.) 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 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 endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (46) 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 67.29 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.42 740.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 133.99 740.10 Td (present ) Tj ET Q q 0 0 0 rg BT 165.11 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.57 740.10 Td (average ) Tj ET Q q 0 0 0 rg BT 212.90 740.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 249.57 740.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 298.47 740.10 Td (for ) Tj ET Q q 0 0 0 rg BT 312.38 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 327.95 740.10 Td (various ) Tj ET Q q 0 0 0 rg BT 359.63 740.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 403.53 740.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 436.89 740.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 469.12 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 481.36 740.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 511.92 740.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.83 740.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.83 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.07 740.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 728.10 Td (, ) Tj ET Q q 0 0 0 rg BT 74.50 728.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 122.16 728.10 Td (.) 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0.9333333333333333 1 rg /GS0 gs 404.00 669.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 669.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 669.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 645.60 189.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 645.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 645.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 645.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 645.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 645.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 645.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 645.60 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 238 705.6 m 313 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 705.6 m 321 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 705.6 m 396 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 705.6 m 404 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 705.6 m 479 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 705.6 m 487 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 705.6 m 562 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 705.6 m 313 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 693.6 m 313 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 705.6 m 321 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 705.6 m 396 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 693.6 m 396 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 705.6 m 404 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 705.6 m 479 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 693.6 m 479 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 705.6 m 487 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 705.6 m 562 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 693.6 m 562 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 633.6 m 313 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 633.6 m 396 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 633.6 m 479 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 633.6 m 562 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 622.6 m 313 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 620.6 m 313 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 622.6 m 396 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 620.6 m 396 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 633.6 m 479 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 622.6 m 479 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 620.6 m 479 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 622.6 m 562 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 620.6 m 562 620.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.80 708.33 Td (Average Balance for the Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 697.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.95 696.33 Td (Dec. 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.55 696.33 Td (Sept. 30, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.95 696.33 Td (June 30, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 696.33 Td (Mar. 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 684.33 Td (Funding source:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 672.22 Td (Repurchase agreements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.50 672.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.65 672.33 Td (54.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 672.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 672.22 Td (10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 672.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 672.22 Td (49.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 672.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 672.22 Td (38.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 660.22 Td (Commercial paper) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.65 660.33 Td (244.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 660.22 Td (262.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 660.22 Td (276.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 660.22 Td (280.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 648.22 Td (Prime broker arrangement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.65 648.33 Td (46.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 648.22 Td (64.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 648.22 Td (159.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 648.22 Td (216.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 636.22 Td (Short-term bank loans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.65 636.33 Td (19.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 636.22 Td (6.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 636.22 Td (18.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 636.22 Td (28.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 624.22 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.50 624.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.65 624.33 Td (364.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 624.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 624.22 Td (344.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 624.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 624.22 Td (504.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 624.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 624.22 Td (563.8) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 575.60 189.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 575.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 575.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 575.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 575.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 575.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 575.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 575.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 551.60 189.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 551.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 551.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 551.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 551.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 551.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 551.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 551.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 527.60 189.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 527.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.00 527.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.00 527.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 527.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 527.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 527.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 527.60 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 238 599.6 m 313 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 599.6 m 321 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 599.6 m 396 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 599.6 m 404 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 599.6 m 479 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 599.6 m 487 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 599.6 m 562 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 587.6 m 313 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 587.6 m 396 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 587.6 m 479 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 587.6 m 562 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 527.6 m 313 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 527.6 m 396 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 527.6 m 479 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 527.6 m 562 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 516.6 m 313 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 514.6 m 313 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 516.6 m 396 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 514.6 m 396 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 516.6 m 479 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 514.6 m 479 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 516.6 m 562 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 514.6 m 562 514.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.80 602.33 Td (Average Balance for the Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 591.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.95 590.33 Td (Dec. 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.55 590.33 Td (Sept. 30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.95 590.33 Td (June 30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 590.33 Td (Mar. 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 578.33 Td (Funding source:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 566.22 Td (Repurchase agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.50 566.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 566.22 Td (17.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 566.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 566.22 Td (11.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 566.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 566.22 Td (130.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 566.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 566.22 Td (66.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 554.22 Td (Commercial paper) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 554.22 Td (313.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 554.22 Td (351.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 554.22 Td (334.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 554.22 Td (308.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 542.22 Td (Prime broker arrangement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 542.22 Td (238.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 542.22 Td (145.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 542.22 Td (93.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 542.22 Td (105.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 530.22 Td (Short-term bank loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 530.22 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 530.22 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 530.22 Td (11.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 530.22 Td (5.1) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 518.22 Td (570.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 518.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 518.22 Td (510.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 518.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 518.22 Td (569.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 518.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 518.22 Td (485.4) 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 68.15 492.10 Td (average ) Tj ET Q q 0 0 0 rg BT 102.34 492.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 136.55 492.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.43 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.75 492.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 190.29 492.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 221.71 492.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.14 492.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.14 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.25 492.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 297.10 492.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.98 492.10 Td ($364.5 ) Tj ET Q q 0 0 0 rg BT 338.59 492.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.48 492.10 Td (, ) Tj ET Q q 0 0 0 rg BT 373.08 492.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 415.61 492.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.49 492.10 Td ($344.2 ) Tj ET Q q 0 0 0 rg BT 467.09 492.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.98 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 499.09 492.10 Td (during ) Tj ET Q q 0 0 0 rg BT 528.30 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 543.62 492.10 Td (third ) Tj ET Q q 0 0 0 rg BT 565.01 492.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 79.67 480.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.85 480.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.85 480.10 Td (, ) Tj ET Q q 0 0 0 rg BT 114.20 480.10 Td (due ) Tj ET Q q 0 0 0 rg BT 130.50 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 140.13 480.10 Td (an ) Tj ET Q q 0 0 0 rg BT 151.42 480.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 186.03 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.66 480.10 Td (average ) Tj ET Q q 0 0 0 rg BT 228.59 480.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 268.77 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.06 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 291.36 480.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 330.97 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.60 480.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 368.56 480.10 Td (cash. ) Tj ET Q q 0 0 0 rg BT 390.54 480.10 Td (The ) Tj ET Q q 0 0 0 rg BT 407.94 480.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 447.56 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.19 480.10 Td (average ) Tj ET Q q 0 0 0 rg BT 490.13 480.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 523.09 480.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.08 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.09 468.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 102.32 468.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 133.44 468.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.56 468.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.56 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 167.36 468.10 Td (was ) Tj ET Q q 0 0 0 rg BT 185.71 468.10 Td (due ) Tj ET Q q 0 0 0 rg BT 202.94 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.52 468.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 256.31 468.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 276.87 468.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 318.53 468.10 Td (through ) Tj ET Q q 0 0 0 rg BT 352.44 468.10 Td (earnings, ) Tj ET Q q 0 0 0 rg BT 391.61 468.10 Td (which ) Tj ET Q q 0 0 0 rg BT 418.85 468.10 Td (was ) Tj ET Q q 0 0 0 rg BT 437.19 468.10 Td (used ) Tj ET Q q 0 0 0 rg BT 458.32 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.90 468.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 498.34 468.10 Td (our ) Tj ET Q q 0 0 0 rg BT 514.47 468.10 Td (borrowings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.40 456.10 Td (, ) Tj ET Q q 0 0 0 rg BT 104.44 456.10 Td (more ) Tj ET Q q 0 0 0 rg BT 127.52 456.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 147.82 456.10 Td (was ) Tj ET Q q 0 0 0 rg BT 165.91 456.10 Td (used ) Tj ET Q q 0 0 0 rg BT 186.77 456.10 Td (in ) Tj ET Q q 0 0 0 rg BT 197.08 456.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 219.62 456.10 Td (for ) Tj ET Q q 0 0 0 rg BT 233.81 456.10 Td (share ) Tj ET Q q 0 0 0 rg BT 257.44 456.10 Td (repurchases, ) Tj ET Q q 0 0 0 rg BT 309.68 456.10 Td (which ) Tj ET Q q 0 0 0 rg BT 336.65 456.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 370.84 456.10 Td (in ) Tj ET Q q 0 0 0 rg BT 381.15 456.10 Td (an ) Tj ET Q q 0 0 0 rg BT 393.12 456.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 433.41 456.10 Td (need ) Tj ET Q q 0 0 0 rg BT 454.82 456.10 Td (for ) Tj ET Q q 0 0 0 rg BT 469.02 456.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 502.66 456.10 Td (in ) Tj ET Q q 0 0 0 rg BT 512.97 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.72 456.10 Td (year) Tj ET Q q 0 0 0 rg BT 544.73 456.10 Td (-ago ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 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 (tables ) Tj ET Q q 0 0 0 rg BT 134.76 420.10 Td (present ) 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 (2014) 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 (2013) 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 49.50 385.60 188.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 385.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 385.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 385.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 385.60 8.00 -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 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 397.6 m 312.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 397.6 m 320.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 397.6 m 395.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 397.6 m 403.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 397.6 m 478.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 397.6 m 486.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 397.6 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 237.5 397.6 m 312.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 385.6 m 312.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 397.6 m 320.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 397.6 m 395.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 385.6 m 395.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 397.6 m 403.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 397.6 m 478.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 385.6 m 478.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 397.6 m 486.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 397.6 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 486.5 385.6 m 561.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 385.6 m 312.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 385.6 m 395.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 385.6 m 478.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 385.6 m 561.5 385.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 401.55 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.75 400.33 Td (For the Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 389.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.45 388.33 Td (Dec. 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.05 388.33 Td (Sept. 30, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.45 388.33 Td (June 30, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 388.33 Td (Mar. 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 376.22 Td (Maximum amount of daily funding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.00 376.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.15 376.33 Td (644.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 376.22 Td (543.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 376.22 Td (766.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 376.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 376.22 Td (897.2) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 339.60 188.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 339.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 339.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 339.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 339.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 339.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 339.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 339.60 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 237.5 351.6 m 312.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 351.6 m 320.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 351.6 m 395.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 351.6 m 403.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 351.6 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 478.5 351.6 m 486.5 351.6 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 237.5 339.6 m 312.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 339.6 m 395.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 339.6 m 478.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 339.6 m 561.5 339.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 355.55 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.75 354.33 Td (For the Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 343.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.45 342.33 Td (Dec. 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.05 342.33 Td (Sept. 30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.45 342.33 Td (June 30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 342.33 Td (Mar. 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 330.22 Td (Maximum amount of daily funding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.00 330.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 330.22 Td (735.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 330.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 330.22 Td (799.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 330.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 330.22 Td (779.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 330.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 330.22 Td (677.1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (V) Tj ET Q q 0 0 0 rg BT 54.50 304.10 Td (ariable rate senior notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.41 280.10 Td (November30, ) Tj ET Q q 0 0 0 rg BT 124.31 280.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.31 280.10 Td (, ) Tj ET Q q 0 0 0 rg BT 149.51 280.10 Td (we ) Tj ET Q q 0 0 0 rg BT 163.86 280.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 195.98 280.10 Td (into ) Tj ET Q q 0 0 0 rg BT 214.23 280.10 Td (a ) Tj ET Q q 0 0 0 rg BT 221.36 280.10 Td (note ) Tj ET Q q 0 0 0 rg BT 241.27 280.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 279.50 280.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 323.83 280.10 Td (under ) Tj ET Q q 0 0 0 rg BT 349.29 280.10 Td (which ) Tj ET Q q 0 0 0 rg BT 376.42 280.10 Td (we ) Tj ET Q q 0 0 0 rg BT 390.78 280.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 418.47 280.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 461.70 280.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 496.59 280.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 514.27 280.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 541.40 280.10 Td (notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (\(Notes\) ) Tj ET Q q 0 0 0 rg BT 92.13 268.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.67 268.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.65 268.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 153.40 268.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.49 268.10 Td ($125 ) Tj ET Q q 0 0 0 rg BT 189.25 268.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.15 268.10 Td (. ) Tj ET Q q 0 0 0 rg BT 224.14 268.10 Td (The ) Tj ET Q q 0 0 0 rg BT 243.44 268.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 270.54 268.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 303.74 268.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.83 268.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.80 268.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 358.90 268.10 Td (are ) Tj ET Q q 0 0 0 rg BT 374.86 268.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 405.83 268.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 438.47 268.10 Td (advised ) Tj ET Q q 0 0 0 rg BT 472.78 268.10 Td (by ) Tj ET Q q 0 0 0 rg BT 486.54 268.10 Td (Pacific ) Tj ET Q q 0 0 0 rg BT 518.06 268.10 Td (Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 105.06 256.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 147.31 256.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 169.55 256.10 Td (\(PIMCO\). ) Tj ET Q q 0 0 0 rg BT 222.38 256.10 Td (The ) Tj ET Q q 0 0 0 rg BT 241.28 256.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 267.97 256.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 299.11 256.10 Td (of ) Tj ET Q q 0 0 0 rg BT 310.80 256.10 Td (two ) Tj ET Q q 0 0 0 rg BT 329.16 256.10 Td (classes, ) Tj ET Q q 0 0 0 rg BT 362.78 256.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 387.07 256.10 Td (A) Tj ET Q q 0 0 0 rg BT 393.74 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.10 256.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 423.79 256.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.58 256.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 466.61 256.10 Td (B ) Tj ET Q q 0 0 0 rg BT 476.64 256.10 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 505.83 256.10 Td (with ) Tj ET Q q 0 0 0 rg BT 526.96 256.10 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 85.89 244.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.72 244.10 Td ($50 ) Tj ET Q q 0 0 0 rg BT 114.22 244.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.11 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 145.61 244.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.55 244.10 Td ($75 ) Tj ET Q q 0 0 0 rg BT 180.05 244.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.94 244.10 Td (, ) Tj ET Q q 0 0 0 rg BT 213.94 244.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 261.60 244.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.59 220.10 Td (June2, ) Tj ET Q q 0 0 0 rg BT 93.80 220.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.80 220.10 Td (, ) Tj ET Q q 0 0 0 rg BT 118.17 220.10 Td (we ) Tj ET Q q 0 0 0 rg BT 131.70 220.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 163.00 220.10 Td (into ) Tj ET Q q 0 0 0 rg BT 180.43 220.10 Td (an ) Tj ET Q q 0 0 0 rg BT 191.74 220.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 229.71 220.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.02 220.10 Td (restated ) Tj ET Q q 0 0 0 rg BT 278.98 220.10 Td (note ) Tj ET Q q 0 0 0 rg BT 298.07 220.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 335.48 220.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 378.99 220.10 Td (\("Amended ) Tj ET Q q 0 0 0 rg BT 427.16 220.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 448.47 220.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 486.03 220.10 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 539.73 220.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.88 208.10 Td (we ) Tj ET Q q 0 0 0 rg BT 91.48 208.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.41 208.10 Td ($50 ) Tj ET Q q 0 0 0 rg BT 137.35 208.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.24 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.18 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.45 208.10 Td (new ) Tj ET Q q 0 0 0 rg BT 200.05 208.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 224.01 208.10 Td (A) Tj ET Q q 0 0 0 rg BT 230.68 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 233.62 208.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 259.89 208.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 282.82 208.10 Td (repayment ) Tj ET Q q 0 0 0 rg BT 327.97 208.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.68 208.10 Td (full ) Tj ET Q q 0 0 0 rg BT 355.51 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 366.78 208.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.93 208.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.93 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.87 208.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 428.83 208.10 Td (A) Tj ET Q q 0 0 0 rg BT 435.50 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.44 208.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 466.99 208.10 Td (The ) Tj ET Q q 0 0 0 rg BT 485.48 208.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 509.44 208.10 Td (A) Tj ET Q q 0 0 0 rg BT 516.11 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 519.05 208.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 545.32 208.10 Td (bear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 80.50 196.10 Td (at ) Tj ET Q q 0 0 0 rg BT 89.29 196.10 Td (a ) Tj ET Q q 0 0 0 rg BT 95.30 196.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 111.85 196.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 135.08 196.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.43 196.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.41 196.10 Td (-month ) Tj ET Q q 0 0 0 rg BT 194.87 196.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 226.44 196.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.68 196.10 Td (3.00 ) Tj ET Q q 0 0 0 rg BT 263.75 196.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.17 196.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.74 196.10 Td (and ) Tj ET Q q 0 0 0 rg BT 310.75 196.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 340.08 196.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 196.10 Td (May31, ) Tj ET Q q 0 0 0 rg BT 386.55 196.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.55 196.10 Td (. ) Tj ET Q q 0 0 0 rg BT 410.51 196.10 Td (The ) Tj ET Q q 0 0 0 rg BT 427.63 196.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 450.87 196.10 Td (B ) Tj ET Q q 0 0 0 rg BT 459.11 196.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 484.01 196.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 513.34 196.10 Td (outstanding, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 69.26 184.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 101.26 184.10 Td (at ) Tj ET Q q 0 0 0 rg BT 111.03 184.10 Td (a ) Tj ET Q q 0 0 0 rg BT 118.03 184.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 135.57 184.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 159.78 184.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.12 184.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.10 184.10 Td (-month ) Tj ET Q q 0 0 0 rg BT 221.55 184.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 254.11 184.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.33 184.10 Td (4.50 ) Tj ET Q q 0 0 0 rg BT 293.39 184.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.81 184.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.37 184.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.37 184.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 372.69 184.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.25 184.10 Td (November30, ) Tj ET Q q 0 0 0 rg BT 445.01 184.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.01 184.10 Td (. ) Tj ET Q q 0 0 0 rg BT 470.07 184.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 502.61 184.10 Td (on ) Tj ET Q q 0 0 0 rg BT 515.17 184.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.94 184.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 555.83 184.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (adjustable ) Tj ET Q q 0 0 0 rg BT 92.92 172.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.25 172.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 144.22 172.10 Td (quarterly) Tj ET Q q 0 0 0 rg BT 179.67 172.10 Td (. ) Tj ET Q q 0 0 0 rg BT 184.84 172.10 Td (The ) Tj ET Q q 0 0 0 rg BT 203.27 172.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 233.37 172.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 271.79 172.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 308.56 172.10 Td (are ) Tj ET Q q 0 0 0 rg BT 323.65 172.10 Td (due ) Tj ET Q q 0 0 0 rg BT 340.97 172.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.63 172.10 Td (full ) Tj ET Q q 0 0 0 rg BT 368.40 172.10 Td (on ) Tj ET Q q 0 0 0 rg BT 381.28 172.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.38 172.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 439.80 172.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 476.56 172.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 499.99 172.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.31 172.10 Td (may ) Tj ET Q q 0 0 0 rg BT 537.41 172.10 Td (not ) Tj ET Q q 0 0 0 rg BT 553.07 172.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 Td (prepaid. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.56 136.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 109.67 136.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 132.33 136.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 170.95 136.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 218.60 136.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 255.15 136.10 Td (customary ) Tj ET Q q 0 0 0 rg BT 300.03 136.10 Td (events ) Tj ET Q q 0 0 0 rg BT 328.81 136.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.37 136.10 Td (default, ) Tj ET Q q 0 0 0 rg BT 373.86 136.10 Td (including ) Tj ET Q q 0 0 0 rg BT 414.86 136.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 444.18 136.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.18 136.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 472.85 136.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 511.62 136.10 Td (when ) Tj ET Q q 0 0 0 rg BT 536.51 136.10 Td (due ) Tj ET Q q 0 0 0 rg BT 554.17 136.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 79.09 124.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.36 124.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 108.30 124.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 141.23 124.10 Td (within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.28 124.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.83 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.32 124.10 Td (business ) Tj ET Q q 0 0 0 rg BT 226.71 124.10 Td (days ) Tj ET Q q 0 0 0 rg BT 248.54 124.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.36 124.10 Td (when ) Tj ET Q q 0 0 0 rg BT 285.52 124.10 Td (due, ) Tj ET Q q 0 0 0 rg BT 305.96 124.10 Td (any ) Tj ET Q q 0 0 0 rg BT 323.89 124.10 Td (representation ) Tj ET Q q 0 0 0 rg BT 384.03 124.10 Td (or ) Tj ET Q q 0 0 0 rg BT 395.85 124.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 434.89 124.10 Td (in ) Tj ET Q q 0 0 0 rg BT 446.16 124.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.10 124.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 503.47 124.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 526.41 124.10 Td (Purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 96.42 112.10 Td (proving ) Tj ET Q q 0 0 0 rg BT 130.02 112.10 Td (untrue ) Tj ET Q q 0 0 0 rg BT 158.05 112.10 Td (in ) Tj ET Q q 0 0 0 rg BT 168.32 112.10 Td (any ) Tj ET Q q 0 0 0 rg BT 185.25 112.10 Td (material ) Tj ET Q q 0 0 0 rg BT 220.50 112.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 251.31 112.10 Td (when ) Tj ET Q q 0 0 0 rg BT 275.46 112.10 Td (made ) Tj ET Q q 0 0 0 rg BT 299.61 112.10 Td (by ) Tj ET Q q 0 0 0 rg BT 312.10 112.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 325.99 112.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 354.57 112.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.84 112.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 397.33 112.10 Td (with ) Tj ET Q q 0 0 0 rg BT 417.60 112.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.31 112.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 474.78 112.10 Td (in ) Tj ET Q q 0 0 0 rg BT 485.05 112.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.21 112.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 540.58 112.10 Td ( ) Tj ET Q q 0 0 0 rg BT 543.07 112.10 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 88.02 100.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 138.04 100.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 167.23 100.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.11 100.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 195.65 100.10 Td (or ) Tj ET Q q 0 0 0 rg BT 207.08 100.10 Td (another ) Tj ET Q q 0 0 0 rg BT 240.17 100.10 Td (event ) Tj ET Q q 0 0 0 rg BT 264.92 100.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.35 100.10 Td (default ) Tj ET Q q 0 0 0 rg BT 307.22 100.10 Td (under ) Tj ET Q q 0 0 0 rg BT 333.09 100.10 Td (other ) Tj ET Q q 0 0 0 rg BT 356.74 100.10 Td (material ) Tj ET Q q 0 0 0 rg BT 392.60 100.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 447.35 100.10 Td (in ) Tj ET Q q 0 0 0 rg BT 458.23 100.10 Td (an ) Tj ET Q q 0 0 0 rg BT 470.77 100.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 503.86 100.10 Td (exceeding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.50 100.10 Td ($10 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 88.10 Td (, ) Tj ET Q q 0 0 0 rg BT 83.23 88.10 Td (bankruptcy ) Tj ET Q q 0 0 0 rg BT 130.55 88.10 Td (or ) Tj ET Q q 0 0 0 rg BT 141.22 88.10 Td (insolvency ) Tj ET Q q 0 0 0 rg BT 186.89 88.10 Td (or ) Tj ET Q q 0 0 0 rg BT 197.56 88.10 Td (a ) Tj ET Q q 0 0 0 rg BT 204.33 88.10 Td (change ) Tj ET Q q 0 0 0 rg BT 234.99 88.10 Td (in ) Tj ET Q q 0 0 0 rg BT 245.11 88.10 Td (control. ) Tj ET Q q 0 0 0 rg BT 278.27 88.10 Td (If ) Tj ET Q q 0 0 0 rg BT 287.27 88.10 Td (there ) Tj ET Q q 0 0 0 rg BT 309.59 88.10 Td (is ) Tj ET Q q 0 0 0 rg BT 318.60 88.10 Td (any ) Tj ET Q q 0 0 0 rg BT 335.38 88.10 Td (event ) Tj ET Q q 0 0 0 rg BT 359.37 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.04 88.10 Td (default, ) Tj ET Q q 0 0 0 rg BT 402.64 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.20 88.10 Td (noteholders ) Tj ET Q q 0 0 0 rg BT 466.19 88.10 Td (may ) Tj ET Q q 0 0 0 rg BT 485.75 88.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 520.84 88.10 Td (customary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.10 Td (remedies, ) Tj ET Q q 0 0 0 rg BT 90.59 76.10 Td (including ) Tj ET Q q 0 0 0 rg BT 130.87 76.10 Td (declaring ) Tj ET Q q 0 0 0 rg BT 170.57 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.29 76.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 210.55 76.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 248.59 76.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.53 76.10 Td (any ) Tj ET Q q 0 0 0 rg BT 282.47 76.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 316.05 76.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 347.99 76.10 Td (on ) Tj ET Q q 0 0 0 rg BT 360.49 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.20 76.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 401.03 76.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.31 76.10 Td (be ) Tj ET Q q 0 0 0 rg BT 423.25 76.10 Td (due ) Tj ET Q q 0 0 0 rg BT 440.19 76.10 Td (and ) Tj ET Q q 0 0 0 rg BT 457.13 76.10 Td (payable.) 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 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 endstream endobj 95 0 obj <>] /Rotate 0 /Contents 96 0 R>> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (47) 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 68.54 740.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 111.91 740.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 135.83 740.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 175.42 740.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 224.33 740.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 262.14 740.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 306.62 740.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 328.60 740.10 Td (among ) Tj ET Q q 0 0 0 rg BT 360.30 740.10 Td (other ) Tj ET Q q 0 0 0 rg BT 385.33 740.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 416.77 740.10 Td (require ) Tj ET Q q 0 0 0 rg BT 449.57 740.10 Td (us ) Tj ET Q q 0 0 0 rg BT 462.94 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.21 740.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 514.69 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 523.61 740.10 Td (minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 101.68 728.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 135.54 728.10 Td (net ) Tj ET Q q 0 0 0 rg BT 149.40 728.10 Td (worth ) Tj ET Q q 0 0 0 rg BT 174.37 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.45 728.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 230.98 728.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 273.72 728.10 Td (net ) Tj ET Q q 0 0 0 rg BT 287.58 728.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 318.37 728.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 338.90 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 353.88 728.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 389.38 728.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 409.35 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.43 728.10 Td (require ) Tj ET Q q 0 0 0 rg BT 455.39 728.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 507.56 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 517.53 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 523.61 728.10 Td (minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 69.89 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.28 716.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 120.11 716.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 139.95 716.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 160.34 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.18 716.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 192.79 716.10 Td (char) Tj ET Q q 0 0 0 rg BT 209.82 716.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 227.57 716.10 Td (W) Tj ET Q q 0 0 0 rg BT 236.60 716.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 249.22 716.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 279.60 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 289.45 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.73 716.10 Td (net ) Tj ET Q q 0 0 0 rg BT 318.01 716.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 346.72 716.10 Td (covenant, ) Tj ET Q q 0 0 0 rg BT 387.38 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 402.78 716.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 422.63 716.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 450.79 716.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 477.28 716.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 520.45 716.10 Td (is ) Tj ET Q q 0 0 0 rg BT 529.18 716.10 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 704.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 97.27 704.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 138.66 704.10 Td (net ) Tj ET Q q 0 0 0 rg BT 153.38 704.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 182.53 704.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.36 704.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 215.86 704.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.75 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 249.20 704.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.70 704.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 320.28 704.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.28 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 345.28 704.10 Td (we ) Tj ET Q q 0 0 0 rg BT 359.44 704.10 Td (were ) Tj ET Q q 0 0 0 rg BT 381.37 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.65 704.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 440.24 704.10 Td (with ) Tj ET Q q 0 0 0 rg BT 460.52 704.10 Td (all ) Tj ET Q q 0 0 0 rg BT 473.01 704.10 Td (covenants.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (Thr) Tj ET Q q 0 0 0 rg BT 63.58 680.10 Td (ee-year bank syndicated cr) Tj ET Q q 0 0 0 rg BT 171.22 680.10 Td (edit agr) Tj ET Q q 0 0 0 rg BT 202.23 680.10 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.08 656.10 Td (December29, ) Tj ET Q q 0 0 0 rg BT 122.53 656.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 147.40 656.10 Td (we ) Tj ET Q q 0 0 0 rg BT 161.42 656.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 193.21 656.10 Td (into ) Tj ET Q q 0 0 0 rg BT 211.13 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 217.93 656.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 244.76 656.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 291.55 656.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 335.57 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.26 656.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.07 656.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 375.43 656.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.32 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 406.68 656.10 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 452.37 656.10 Td (term ) Tj ET Q q 0 0 0 rg BT 473.06 656.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 492.64 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 509.44 656.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.24 656.10 Td ($50 ) Tj ET Q q 0 0 0 rg BT 533.60 656.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.49 656.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 90.23 644.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 115.39 644.10 Td (facility) Tj ET Q q 0 0 0 rg BT 143.06 644.10 Td (. ) Tj ET Q q 0 0 0 rg BT 147.79 644.10 Td (The ) Tj ET Q q 0 0 0 rg BT 165.74 644.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 195.36 644.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 233.30 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.14 644.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 281.97 644.10 Td (on ) Tj ET Q q 0 0 0 rg BT 294.38 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.99 644.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 335.86 644.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 382.69 644.10 Td (was ) Tj ET Q q 0 0 0 rg BT 400.64 644.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 420.26 644.10 Td (of) Tj ET Q q 0 0 0 rg BT 428.41 644.10 Td (f ) Tj ET Q q 0 0 0 rg BT 434.14 644.10 Td (on ) Tj ET Q q 0 0 0 rg BT 446.54 644.10 Td (November ) Tj ET Q q 0 0 0 rg BT 491.15 644.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 506.05 644.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 528.45 644.10 Td (from ) Tj ET Q q 0 0 0 rg BT 550.29 644.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 87.54 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.37 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.08 632.10 Td (Notes.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (Contractual Obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.44 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.26 584.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 103.19 584.10 Td (course ) Tj ET Q q 0 0 0 rg BT 130.89 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.83 584.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 178.83 584.10 Td (we ) Tj ET Q q 0 0 0 rg BT 192.09 584.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 213.68 584.10 Td (into ) Tj ET Q q 0 0 0 rg BT 230.84 584.10 Td (various ) Tj ET Q q 0 0 0 rg BT 261.89 584.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 307.91 584.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 353.96 584.10 Td (that ) Tj ET Q q 0 0 0 rg BT 370.56 584.10 Td (may ) Tj ET Q q 0 0 0 rg BT 389.38 584.10 Td (require ) Tj ET Q q 0 0 0 rg BT 419.30 584.10 Td (future ) Tj ET Q q 0 0 0 rg BT 444.79 584.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 464.16 584.10 Td (payments. ) Tj ET Q q 0 0 0 rg BT 506.48 584.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.63 584.10 Td (following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (table ) Tj ET Q q 0 0 0 rg BT 71.28 572.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 121.38 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.94 572.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 182.70 572.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 218.93 572.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.49 572.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 286.92 572.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.92 572.10 Td (, ) Tj ET Q q 0 0 0 rg BT 311.76 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 321.88 572.10 Td (total ) Tj ET Q q 0 0 0 rg BT 342.00 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.78 572.10 Td (by ) Tj ET Q q 0 0 0 rg BT 371.12 572.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 414.01 572.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 447.24 572.10 Td (. ) Tj ET Q q 0 0 0 rg BT 452.08 572.10 Td (Excluded ) Tj ET Q q 0 0 0 rg BT 492.19 572.10 Td (from ) Tj ET Q q 0 0 0 rg BT 513.97 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.53 572.10 Td (table ) Tj ET Q q 0 0 0 rg BT 550.31 572.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.05 560.10 Td (number ) Tj ET Q q 0 0 0 rg BT 90.71 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.15 560.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 149.71 560.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 187.79 560.10 Td (on ) Tj ET Q q 0 0 0 rg BT 200.91 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.23 560.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 269.89 560.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 315.21 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.65 560.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 364.75 560.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 405.63 560.10 Td (that ) Tj ET Q q 0 0 0 rg BT 423.74 560.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 464.05 560.10 Td (are ) Tj ET Q q 0 0 0 rg BT 479.37 560.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 524.14 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 535.03 560.10 Td (nature, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.47 548.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 122.21 548.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 162.18 548.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 214.64 548.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 245.17 548.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 287.09 548.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 330.94 548.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 378.70 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.34 548.10 Td (other ) Tj ET Q q 0 0 0 rg BT 418.08 548.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 455.27 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.91 548.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 505.20 548.10 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 546.95 548.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 85.86 536.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 126.66 536.10 Td (in ) Tj ET Q q 0 0 0 rg BT 136.91 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.61 536.10 Td (table ) Tj ET Q q 0 0 0 rg BT 173.52 536.10 Td (below ) Tj ET Q q 0 0 0 rg BT 200.43 536.10 Td (may ) Tj ET Q q 0 0 0 rg BT 220.13 536.10 Td (not ) Tj ET Q q 0 0 0 rg BT 235.38 536.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 282.28 536.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 310.29 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 326.10 536.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 352.45 536.10 Td (future ) Tj ET Q q 0 0 0 rg BT 378.80 536.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 399.05 536.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 432.63 536.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 489.81 536.10 Td (because ) Tj ET Q q 0 0 0 rg BT 523.93 536.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.63 536.10 Td (actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 78.11 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.94 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.66 524.10 Td (future ) Tj ET Q q 0 0 0 rg BT 130.04 524.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 170.86 524.10 Td (made ) Tj ET Q q 0 0 0 rg BT 195.02 524.10 Td (may ) Tj ET Q q 0 0 0 rg BT 214.73 524.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 235.00 524.10 Td (from ) Tj ET Q q 0 0 0 rg BT 256.94 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.66 524.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 297.48 524.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 344.40 524.10 Td (obligation. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 477.60 159.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.00 477.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 477.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 477.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 477.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 477.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 477.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 477.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 477.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 477.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 453.60 159.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.00 453.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 453.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 453.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 453.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 453.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 453.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 453.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 453.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 453.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 429.60 159.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.00 429.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 429.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 429.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.00 429.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 429.60 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 429.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 429.60 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 429.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 429.60 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 209 477.6 m 269 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 477.6 m 338 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 477.6 m 407 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 477.6 m 475 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 477.6 m 544 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209 477.6 m 269 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 477.6 m 338 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 477.6 m 407 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 477.6 m 475 477.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.00 499.12 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.00 499.12 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 499.12 Td (2020 and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 481.55 Td (\(Dollars in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.50 487.12 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 487.12 Td (- 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.05 487.12 Td (- 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.30 487.12 Td (thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.05 487.12 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 468.22 Td (Operating lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.50 468.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 468.22 Td (12.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 468.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 468.22 Td (22.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 468.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 468.22 Td (18.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 468.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 468.22 Td (26.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.50 468.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 468.22 Td (79.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 456.22 Td (Purchase commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 456.22 Td (16.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 456.22 Td (15.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 456.22 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 456.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 456.22 Td (34.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 444.22 Td (Investment commitments \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 444.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 444.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 444.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 444.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 444.22 Td (37.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 432.22 Td (Loan commitments \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 432.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 432.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 432.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 432.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 432.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 420.22 Td (Variable rate senior notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.65 420.22 Td (75.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 420.22 Td (50.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 420.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 420.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 420.22 Td (125.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 408.22 Td (Unrecognized tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.65 408.22 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 408.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 408.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 408.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 408.22 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 392.30 Td (\(a\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 392.30 Td (The investment commitments have no specified call dates; however) Tj ET Q q 0 0 0 rg BT 307.94 392.30 Td (, the investment period for these funds is thr) Tj ET Q q 0 0 0 rg BT 465.84 392.30 Td (ough 2018. The timing of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 381.50 Td (capital calls is based on market conditions and investment opportunities. Investment commitments of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.95 381.50 Td ($26.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.95 381.50 Td ( r) Tj ET Q q 0 0 0 rg BT 486.37 381.50 Td (elate to a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 370.70 Td (commitment to an affiliated mer) Tj ET Q q 0 0 0 rg BT 182.65 370.70 Td (chant banking fund.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 356.90 Td (\(b\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 356.90 Td (W) Tj ET Q q 0 0 0 rg BT 74.17 356.90 Td (e may commit to mer) Tj ET Q q 0 0 0 rg BT 149.32 356.90 Td (chant banking financing for our clients or make commitments to underwrite debt. W) Tj ET Q q 0 0 0 rg BT 451.20 356.90 Td (e ar) Tj ET Q q 0 0 0 rg BT 465.11 356.90 Td (e unable to estimate the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 346.10 Td (timing on the funding of these commitments and have no commitments outstanding at this time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 87.68 322.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 144.20 322.10 Td (include ) Tj ET Q q 0 0 0 rg BT 175.72 322.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 223.33 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.19 322.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 270.81 322.10 Td (goods ) Tj ET Q q 0 0 0 rg BT 296.79 322.10 Td (or ) Tj ET Q q 0 0 0 rg BT 307.20 322.10 Td (services ) Tj ET Q q 0 0 0 rg BT 341.49 322.10 Td (that ) Tj ET Q q 0 0 0 rg BT 358.57 322.10 Td (are ) Tj ET Q q 0 0 0 rg BT 372.86 322.10 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 421.57 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.09 322.10 Td (legally ) Tj ET Q q 0 0 0 rg BT 467.39 322.10 Td (binding ) Tj ET Q q 0 0 0 rg BT 500.02 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.55 322.10 Td (that ) Tj ET Q q 0 0 0 rg BT 533.62 322.10 Td (specify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (all ) Tj ET Q q 0 0 0 rg BT 61.61 310.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 105.94 310.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 132.78 310.10 Td (including ) Tj ET Q q 0 0 0 rg BT 172.67 310.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 195.33 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 205.78 310.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 246.79 310.10 Td (quantities ) Tj ET Q q 0 0 0 rg BT 287.79 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 297.69 310.10 Td (be ) Tj ET Q q 0 0 0 rg BT 309.25 310.10 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 354.40 310.10 Td (fixed, ) Tj ET Q q 0 0 0 rg BT 379.57 310.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 420.58 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.02 310.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 465.34 310.10 Td (price ) Tj ET Q q 0 0 0 rg BT 487.45 310.10 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 533.74 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 310.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 101.87 298.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 130.37 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.09 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.70 298.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 204.46 298.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 242.95 298.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 299.78 298.10 Td (with ) Tj ET Q q 0 0 0 rg BT 319.95 298.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 354.54 298.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 385.26 298.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 429.32 298.10 Td (are ) Tj ET Q q 0 0 0 rg BT 443.91 298.10 Td (included ) Tj ET Q q 0 0 0 rg BT 480.74 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.91 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.51 298.10 Td (table ) Tj ET Q q 0 0 0 rg BT 527.34 298.10 Td (based ) Tj ET Q q 0 0 0 rg BT 552.50 298.10 Td (on ) 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 64.42 286.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 106.01 286.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 153.13 286.10 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 192.21 286.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 224.34 286.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 262.58 286.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 319.72 286.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 351.85 286.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 400.65 286.10 Td (or ) Tj ET Q q 0 0 0 rg BT 411.68 286.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 446.02 286.10 Td (provisions. ) Tj ET Q q 0 0 0 rg BT 492.70 286.10 Td (The ) Tj ET Q q 0 0 0 rg BT 510.94 286.10 Td (table ) Tj ET Q q 0 0 0 rg BT 533.08 286.10 Td (reflects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 274.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 105.61 274.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 152.53 274.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 188.91 274.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 214.19 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 224.47 274.10 Td (be ) Tj ET Q q 0 0 0 rg BT 236.40 274.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 256.12 274.10 Td (under ) Tj ET Q q 0 0 0 rg BT 281.39 274.10 Td (these ) Tj ET Q q 0 0 0 rg BT 304.44 274.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 352.47 274.10 Td (assuming ) Tj ET Q q 0 0 0 rg BT 392.75 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.46 274.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 446.06 274.10 Td (are ) Tj ET Q q 0 0 0 rg BT 460.76 274.10 Td (not ) Tj ET Q q 0 0 0 rg BT 476.04 274.10 Td (terminated.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (Capital Requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.16 226.10 Td (a ) Tj ET Q q 0 0 0 rg BT 70.14 226.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 112.11 226.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 140.76 226.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 167.73 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.71 226.10 Td (member ) Tj ET Q q 0 0 0 rg BT 220.02 226.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 239.78 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.66 226.10 Td (FINRA, ) Tj ET Q q 0 0 0 rg BT 285.71 226.10 Td (our ) Tj ET Q q 0 0 0 rg BT 301.58 226.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 321.91 226.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 350.55 226.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 377.52 226.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 421.18 226.10 Td (is ) Tj ET Q q 0 0 0 rg BT 430.39 226.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 461.26 226.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.59 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.35 226.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 521.11 226.10 Td (net ) Tj ET Q q 0 0 0 rg BT 535.87 226.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 67.92 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 79.13 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.22 214.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 115.43 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.75 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.84 214.10 Td (net ) Tj ET Q q 0 0 0 rg BT 162.93 214.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 192.46 214.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 210.88 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.08 214.10 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 257.25 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 265.89 214.10 Td (e ) Tj ET Q q 0 0 0 rg BT 273.21 214.10 Td (have ) Tj ET Q q 0 0 0 rg BT 294.96 214.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 326.14 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.80 214.10 Td (use ) Tj ET Q q 0 0 0 rg BT 353.00 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.09 214.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 413.17 214.10 Td (method ) Tj ET Q q 0 0 0 rg BT 446.04 214.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 487.23 214.10 Td (by ) Tj ET Q q 0 0 0 rg BT 500.11 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.20 214.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 550.29 214.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 78.97 202.10 Td (rule, ) Tj ET Q q 0 0 0 rg BT 99.84 202.10 Td (which ) Tj ET Q q 0 0 0 rg BT 127.11 202.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 162.14 202.10 Td (that ) Tj ET Q q 0 0 0 rg BT 179.96 202.10 Td (we ) Tj ET Q q 0 0 0 rg BT 194.44 202.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 232.25 202.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 273.97 202.10 Td (net ) Tj ET Q q 0 0 0 rg BT 289.01 202.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 318.48 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 329.64 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.68 202.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 375.26 202.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.41 202.10 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 406.73 202.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.63 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.45 202.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.60 202.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 457.43 202.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.85 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 489.67 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.83 202.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 542.51 202.10 Td (debit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 86.14 190.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 115.56 190.10 Td (from ) Tj ET Q q 0 0 0 rg BT 137.21 190.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 176.08 190.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 228.56 190.10 Td (as ) Tj ET Q q 0 0 0 rg BT 239.10 190.10 Td (this ) Tj ET Q q 0 0 0 rg BT 255.76 190.10 Td (is ) Tj ET Q q 0 0 0 rg BT 264.64 190.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 296.84 190.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.83 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.26 190.10 Td (rule. ) Tj ET Q q 0 0 0 rg BT 341.52 190.10 Td (FINRA) Tj ET Q q 0 0 0 rg BT 370.97 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 373.18 190.10 Td (may ) Tj ET Q q 0 0 0 rg BT 392.61 190.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 426.49 190.10 Td (a ) Tj ET Q q 0 0 0 rg BT 433.14 190.10 Td (member ) Tj ET Q q 0 0 0 rg BT 468.11 190.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 487.54 190.10 Td (from ) Tj ET Q q 0 0 0 rg BT 509.19 190.10 Td (expanding ) Tj ET Q q 0 0 0 rg BT 553.06 190.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (business ) Tj ET Q q 0 0 0 rg BT 85.16 178.10 Td (or ) Tj ET Q q 0 0 0 rg BT 95.26 178.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 124.25 178.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 164.91 178.10 Td (if ) Tj ET Q q 0 0 0 rg BT 172.78 178.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 209.55 178.10 Td (net ) Tj ET Q q 0 0 0 rg BT 223.54 178.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 251.96 178.10 Td (would ) Tj ET Q q 0 0 0 rg BT 278.73 178.10 Td (be ) Tj ET Q q 0 0 0 rg BT 289.93 178.10 Td (less ) Tj ET Q q 0 0 0 rg BT 306.70 178.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.69 178.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 332.46 178.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.89 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.66 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.76 178.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 414.39 178.10 Td (debit ) Tj ET Q q 0 0 0 rg BT 436.15 178.10 Td (balances. ) Tj ET Q q 0 0 0 rg BT 474.46 178.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 515.65 178.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.20 178.10 Td (af) Tj ET Q q 0 0 0 rg BT 532.79 178.10 Td (filiates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (repayment ) Tj ET Q q 0 0 0 rg BT 93.72 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.07 166.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 157.75 166.10 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 199.49 166.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 236.50 166.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 276.85 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 293.31 166.10 Td (other ) Tj ET Q q 0 0 0 rg BT 315.87 166.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 342.89 166.10 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 393.79 166.10 Td (are ) Tj ET Q q 0 0 0 rg BT 408.01 166.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 438.36 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.16 166.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 477.38 166.10 Td (notification ) Tj ET Q q 0 0 0 rg BT 525.50 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.96 166.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 93.71 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.58 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.33 154.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 154.09 154.10 Td (net ) Tj ET Q q 0 0 0 rg BT 168.84 154.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 198.03 154.10 Td (rules. ) Tj ET Q q 0 0 0 rg BT 222.32 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 230.96 154.10 Td (e ) Tj ET Q q 0 0 0 rg BT 237.94 154.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 266.57 154.10 Td (that ) Tj ET Q q 0 0 0 rg BT 284.10 154.10 Td (these ) Tj ET Q q 0 0 0 rg BT 307.19 154.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 351.39 154.10 Td (will ) Tj ET Q q 0 0 0 rg BT 369.49 154.10 Td (not ) Tj ET Q q 0 0 0 rg BT 384.81 154.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 414.56 154.10 Td (our ) Tj ET Q q 0 0 0 rg BT 430.42 154.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 458.51 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.83 154.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 490.80 154.10 Td (current ) Tj ET Q q 0 0 0 rg BT 521.66 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.63 154.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 98.88 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 107.52 142.10 Td (e ) Tj ET Q q 0 0 0 rg BT 114.58 142.10 Td (also ) Tj ET Q q 0 0 0 rg BT 133.31 142.10 Td (are ) Tj ET Q q 0 0 0 rg BT 148.14 142.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 179.09 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.50 142.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 219.32 142.10 Td (notification ) Tj ET Q q 0 0 0 rg BT 268.05 142.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 322.87 142.10 Td (related ) Tj ET Q q 0 0 0 rg BT 352.70 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 363.10 142.10 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 414.60 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.56 142.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 454.28 142.10 Td (net ) Tj ET Q q 0 0 0 rg BT 469.12 142.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 498.40 142.10 Td (from ) Tj ET Q q 0 0 0 rg BT 520.46 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 536.42 142.10 Td (broker ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 75.64 130.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 116.09 130.10 Td (. ) Tj ET Q q 0 0 0 rg BT 119.93 130.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.64 130.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 189.43 130.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.43 130.10 Td (, ) Tj ET Q q 0 0 0 rg BT 213.65 130.10 Td (our ) Tj ET Q q 0 0 0 rg BT 228.69 130.10 Td (net ) Tj ET Q q 0 0 0 rg BT 242.62 130.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 270.98 130.10 Td (under ) Tj ET Q q 0 0 0 rg BT 295.46 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.39 130.10 Td (SEC) Tj ET Q q 0 0 0 rg BT 330.50 130.10 Td (s ) Tj ET Q q 0 0 0 rg BT 336.11 130.10 Td (uniform ) Tj ET Q q 0 0 0 rg BT 370.04 130.10 Td (net ) Tj ET Q q 0 0 0 rg BT 383.96 130.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 412.33 130.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 429.58 130.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.85 130.10 Td ($165.3 ) Tj ET Q q 0 0 0 rg BT 476.06 130.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.95 130.10 Td (, ) Tj ET Q q 0 0 0 rg BT 509.16 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.31 130.10 Td (exceeded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 118.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 105.61 118.10 Td (net ) Tj ET Q q 0 0 0 rg BT 120.33 118.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 149.48 118.10 Td (required ) Tj ET Q q 0 0 0 rg BT 185.29 118.10 Td (under ) Tj ET Q q 0 0 0 rg BT 210.56 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.28 118.10 Td (SEC ) Tj ET Q q 0 0 0 rg BT 246.12 118.10 Td (rule ) Tj ET Q q 0 0 0 rg BT 264.16 118.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.66 118.10 Td ($164.3 ) Tj ET Q q 0 0 0 rg BT 306.66 118.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.55 118.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 89.75 94.10 Td (we ) Tj ET Q q 0 0 0 rg BT 103.89 94.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 135.79 94.10 Td (with ) Tj ET Q q 0 0 0 rg BT 156.04 94.10 Td (a ) Tj ET Q q 0 0 0 rg BT 162.95 94.10 Td (level ) Tj ET Q q 0 0 0 rg BT 184.86 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.67 94.10 Td (net ) Tj ET Q q 0 0 0 rg BT 210.36 94.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 239.48 94.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 292.51 94.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 322.74 94.10 Td (than ) Tj ET Q q 0 0 0 rg BT 342.43 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.12 94.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 398.49 94.10 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 442.07 94.10 Td (established ) Tj ET Q q 0 0 0 rg BT 488.98 94.10 Td (by ) Tj ET Q q 0 0 0 rg BT 501.45 94.10 Td (FINRA) Tj ET Q q 0 0 0 rg BT 530.90 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 533.38 94.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 94.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 72.84 82.10 Td (a ) Tj ET Q q 0 0 0 rg BT 79.78 82.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 125.05 82.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 165.32 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.15 82.10 Td (our ) Tj ET Q q 0 0 0 rg BT 191.98 82.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 221.13 82.10 Td (would ) Tj ET Q q 0 0 0 rg BT 248.63 82.10 Td (curtail ) Tj ET Q q 0 0 0 rg BT 276.67 82.10 Td (many ) Tj ET Q q 0 0 0 rg BT 301.38 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.21 82.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.04 82.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 359.43 82.10 Td (Markets ) Tj ET Q q 0 0 0 rg BT 394.70 82.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 428.84 82.10 Td (producing ) Tj ET Q q 0 0 0 rg BT 471.89 82.10 Td (activities.) 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 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 endstream endobj 97 0 obj <>] /Rotate 0 /Contents 98 0 R>> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.31 740.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 119.21 740.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.21 740.10 Td (, ) Tj ET Q q 0 0 0 rg BT 143.52 740.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 166.44 740.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 177.92 740.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 195.84 740.10 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 216.54 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 231.68 740.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 259.59 740.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 285.83 740.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 328.75 740.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 369.98 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 379.58 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.61 740.10 Td (United ) Tj ET Q q 0 0 0 rg BT 422.64 740.10 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 464.73 740.10 Td (was ) Tj ET Q q 0 0 0 rg BT 482.09 740.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 512.23 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 521.82 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.85 740.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 104.30 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.22 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.03 728.10 Td (Prudential ) Tj ET Q q 0 0 0 rg BT 173.73 728.10 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 219.63 728.10 Td (Authority ) Tj ET Q q 0 0 0 rg BT 261.11 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.15 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.96 728.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 332.76 728.10 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 368.67 728.10 Td (Authority ) Tj ET Q q 0 0 0 rg BT 410.15 728.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 447.19 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 457.56 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.37 728.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 512.18 728.10 Td (Services ) Tj ET Q q 0 0 0 rg BT 548.07 728.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 716.10 Td (2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 128.93 692.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.08 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.54 668.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 110.67 668.10 Td (course ) Tj ET Q q 0 0 0 rg BT 139.02 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.60 668.10 Td (business ) Tj ET Q q 0 0 0 rg BT 185.74 668.10 Td (we ) Tj ET Q q 0 0 0 rg BT 199.64 668.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 221.88 668.10 Td (into ) Tj ET Q q 0 0 0 rg BT 239.68 668.10 Td (various ) Tj ET Q q 0 0 0 rg BT 271.37 668.10 Td (types ) Tj ET Q q 0 0 0 rg BT 294.73 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.31 668.10 Td (of) Tj ET Q q 0 0 0 rg BT 313.46 668.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 352.90 668.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 375.69 668.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 434.14 668.10 Td (The ) Tj ET Q q 0 0 0 rg BT 451.94 668.10 Td (following ) Tj ET Q q 0 0 0 rg BT 493.07 668.10 Td (table ) Tj ET Q q 0 0 0 rg BT 514.75 668.10 Td (summarizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 656.10 Td (of) Tj ET Q q 0 0 0 rg BT 73.48 656.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 113.17 656.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 136.22 656.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 192.58 656.10 Td (for ) Tj ET Q q 0 0 0 rg BT 206.74 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.46 656.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 253.40 656.10 Td (presented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 612.60 88.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.00 612.60 46.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 612.60 6.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.00 612.60 43.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 612.60 6.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 612.60 43.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 612.60 6.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 612.60 43.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 612.60 6.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 612.60 43.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 612.60 6.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 612.60 45.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 612.60 6.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 612.60 60.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 612.60 6.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 612.60 60.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 562.60 88.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.00 562.60 46.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 562.60 6.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.00 562.60 43.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 562.60 6.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 562.60 43.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 562.60 6.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 562.60 43.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 562.60 6.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 562.60 43.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 562.60 6.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 562.60 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 562.60 6.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 562.60 60.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 562.60 6.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 562.60 60.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 518.60 88.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.00 518.60 46.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 518.60 6.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.00 518.60 43.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 518.60 6.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.00 518.60 43.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 518.60 6.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 518.60 43.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 518.60 6.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 518.60 43.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 518.60 6.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 518.60 45.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 518.60 6.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 518.60 60.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 518.60 6.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 518.60 60.00 -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 137 634.6 m 183 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 634.6 m 189 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189 634.6 m 232 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 634.6 m 238 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 634.6 m 281 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 634.6 m 287 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 634.6 m 330 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 634.6 m 336 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 634.6 m 379 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 634.6 m 385 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 634.6 m 430 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 634.6 m 496 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 634.6 m 502 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 634.6 m 562 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137 634.6 m 183 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 634.6 m 189 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189 634.6 m 232 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232 634.6 m 238 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 634.6 m 281 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 634.6 m 287 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 634.6 m 330 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 634.6 m 336 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 634.6 m 379 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 634.6 m 385 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 634.6 m 430 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 634.6 m 496 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 634.6 m 502 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 634.6 m 562 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137 612.6 m 183 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189 612.6 m 232 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 612.6 m 281 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 612.6 m 330 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 612.6 m 379 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 612.6 m 430 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 612.6 m 496 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 612.6 m 562 612.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 637.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 207.70 637.68 Td (Expiration Per Period at December 31, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.30 637.68 Td (TotalContractualAmount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.00 626.68 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.00 626.68 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.25 626.68 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.25 626.68 Td (December 31,) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 51.50 616.24 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 151.50 615.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.00 615.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.00 615.68 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.65 615.68 Td ( - 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.65 615.68 Td (- 2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.50 615.68 Td (Later) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.50 615.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.50 615.68 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 604.55 Td (Customer matched-book ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 596.55 Td (derivative ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 588.55 Td (contracts) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 86.88 592.18 Td (\(1\)\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 139.50 588.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 157.75 588.85 Td (65,700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.50 588.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.75 588.85 Td (64,077) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.50 588.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.75 588.85 Td (40,950) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.50 588.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.75 588.85 Td (81,450) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.50 588.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.75 588.85 Td (61,187) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.50 588.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.75 588.85 Td (4,546,938) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.50 588.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.75 588.83 Td (4,860,302) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.50 588.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 588.85 Td (5,310,929) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 574.85 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 574.85 Td (rading securities ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 566.85 Td (derivative contracts) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 120.86 570.48 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 153.75 566.85 Td (267,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.80 566.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 566.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.80 566.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.80 566.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.75 566.85 Td (29,750) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.80 566.83 Td (297,250) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 566.85 Td (198,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 552.85 Td (Credit default swap ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 544.85 Td (index contracts) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 106.65 548.48 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.80 544.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.80 544.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 544.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.75 544.85 Td (240,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.80 544.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.75 544.85 Td (27,796) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.80 544.83 Td (267,796) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 544.85 Td (299,333) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 530.85 Td (Equity derivative ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 522.85 Td (contracts) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 86.88 526.48 Td (\(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 157.75 522.85 Td (18,768) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 216.75 522.85 Td (612) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 522.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.80 522.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.80 522.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.80 522.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.80 522.83 Td (19,380) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 522.85 Td (17,090) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 508.85 Td (Private equity investment ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 500.85 Td (commitments) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 101.55 504.48 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.80 500.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.80 500.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 500.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.80 500.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.80 500.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.80 500.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.80 500.83 Td (37,264) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 500.85 Td (47,576) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 484.50 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 484.50 Td (Consists ) Tj ET Q q 0 0 0 rg BT 96.28 484.50 Td (of ) Tj ET Q q 0 0 0 rg BT 104.15 484.50 Td (inter) Tj ET Q q 0 0 0 rg BT 118.97 484.50 Td (est ) Tj ET Q q 0 0 0 rg BT 129.51 484.50 Td (rate ) Tj ET Q q 0 0 0 rg BT 144.05 484.50 Td (swaps. ) Tj ET Q q 0 0 0 rg BT 167.27 484.50 Td (W) Tj ET Q q 0 0 0 rg BT 173.20 484.50 Td (e ) Tj ET Q q 0 0 0 rg BT 178.40 484.50 Td (have ) Tj ET Q q 0 0 0 rg BT 195.16 484.50 Td (minimal ) Tj ET Q q 0 0 0 rg BT 223.04 484.50 Td (market ) Tj ET Q q 0 0 0 rg BT 246.91 484.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 260.56 484.50 Td (r) Tj ET Q q 0 0 0 rg BT 263.38 484.50 Td (elated ) Tj ET Q q 0 0 0 rg BT 284.58 484.50 Td (to ) Tj ET Q q 0 0 0 rg BT 292.46 484.50 Td (these ) Tj ET Q q 0 0 0 rg BT 310.55 484.50 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 357.53 484.50 Td (derivative ) Tj ET Q q 0 0 0 rg BT 391.17 484.50 Td (contracts; ) Tj ET Q q 0 0 0 rg BT 425.26 484.50 Td (however) Tj ET Q q 0 0 0 rg BT 451.47 484.50 Td (, ) Tj ET Q q 0 0 0 rg BT 455.13 484.50 Td (we ) Tj ET Q q 0 0 0 rg BT 465.67 484.50 Td (do ) Tj ET Q q 0 0 0 rg BT 475.33 484.50 Td (have ) Tj ET Q q 0 0 0 rg BT 492.08 484.50 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 535.06 484.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 548.72 484.50 Td (with ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 474.90 Td (two ) Tj ET Q q 0 0 0 rg BT 81.16 474.90 Td (major ) Tj ET Q q 0 0 0 rg BT 102.38 474.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 132.92 474.90 Td (institutions, ) Tj ET Q q 0 0 0 rg BT 172.59 474.90 Td (which ) Tj ET Q q 0 0 0 rg BT 193.80 474.90 Td (is ) Tj ET Q q 0 0 0 rg BT 201.24 474.90 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 233.56 474.90 Td (by ) Tj ET Q q 0 0 0 rg BT 243.21 474.90 Td (collateral ) Tj ET Q q 0 0 0 rg BT 276.42 474.90 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 306.74 474.90 Td (In ) Tj ET Q q 0 0 0 rg BT 315.51 474.90 Td (addition, ) Tj ET Q q 0 0 0 rg BT 346.28 474.90 Td (we ) Tj ET Q q 0 0 0 rg BT 357.27 474.90 Td (have ) Tj ET Q q 0 0 0 rg BT 374.47 474.90 Td (a ) Tj ET Q q 0 0 0 rg BT 380.58 474.90 Td (limited ) Tj ET Q q 0 0 0 rg BT 404.90 474.90 Td (number ) Tj ET Q q 0 0 0 rg BT 431.44 474.90 Td (of ) Tj ET Q q 0 0 0 rg BT 439.77 474.90 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 488.53 474.90 Td (\(contractual ) Tj ET Q q 0 0 0 rg BT 530.18 474.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 556.28 474.90 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 465.30 Td ($197.8 ) Tj ET Q q 0 0 0 rg BT 91.76 465.30 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 114.43 465.30 Td ( ) Tj ET Q q 0 0 0 rg BT 116.69 465.30 Td (at ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 125.17 465.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 172.30 465.30 Td (2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 188.30 465.30 Td (\) ) Tj ET Q q 0 0 0 rg BT 193.22 465.30 Td (who ) Tj ET Q q 0 0 0 rg BT 208.82 465.30 Td (ar) Tj ET Q q 0 0 0 rg BT 215.64 465.30 Td (e ) Tj ET Q q 0 0 0 rg BT 221.45 465.30 Td (not ) Tj ET Q q 0 0 0 rg BT 233.93 465.30 Td (r) Tj ET Q q 0 0 0 rg BT 236.75 465.30 Td (equir) Tj ET Q q 0 0 0 rg BT 253.34 465.30 Td (ed ) Tj ET Q q 0 0 0 rg BT 263.15 465.30 Td (to ) Tj ET Q q 0 0 0 rg BT 271.63 465.30 Td (post ) Tj ET Q q 0 0 0 rg BT 287.22 465.30 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 322.59 465.30 Td (The ) Tj ET Q q 0 0 0 rg BT 336.85 465.30 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 391.10 465.30 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 422.47 465.30 Td (r) Tj ET Q q 0 0 0 rg BT 425.29 465.30 Td (epr) Tj ET Q q 0 0 0 rg BT 435.66 465.30 Td (esenting ) Tj ET Q q 0 0 0 rg BT 464.58 465.30 Td (the ) Tj ET Q q 0 0 0 rg BT 476.61 465.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 490.43 465.30 Td (value ) Tj ET Q q 0 0 0 rg BT 510.01 465.30 Td (of ) Tj ET Q q 0 0 0 rg BT 518.50 465.30 Td (the ) Tj ET Q q 0 0 0 rg BT 530.53 465.30 Td (derivative ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 455.70 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 101.69 455.70 Td (expose ) Tj ET Q q 0 0 0 rg BT 125.88 455.70 Td (us ) Tj ET Q q 0 0 0 rg BT 135.42 455.70 Td (to ) Tj ET Q q 0 0 0 rg BT 144.06 455.70 Td (the ) Tj ET Q q 0 0 0 rg BT 156.25 455.70 Td (cr) Tj ET Q q 0 0 0 rg BT 162.62 455.70 Td (edit ) Tj ET Q q 0 0 0 rg BT 177.04 455.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 191.46 455.70 Td (of ) Tj ET Q q 0 0 0 rg BT 200.10 455.70 Td (these ) Tj ET Q q 0 0 0 rg BT 218.96 455.70 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 269.87 455.70 Td (At ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 279.40 455.70 Td (December31, ) Tj ET Q q 0 0 0 rg BT 326.69 455.70 Td (2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.69 455.70 Td (, ) Tj ET Q q 0 0 0 rg BT 347.11 455.70 Td (we ) Tj ET Q q 0 0 0 rg BT 358.42 455.70 Td (had ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.84 455.70 Td ($28.3 ) Tj ET Q q 0 0 0 rg BT 393.26 455.70 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 415.93 455.70 Td ( ) Tj ET Q q 0 0 0 rg BT 418.35 455.70 Td (of ) Tj ET Q q 0 0 0 rg BT 426.99 455.70 Td (cr) Tj ET Q q 0 0 0 rg BT 433.36 455.70 Td (edit ) Tj ET Q q 0 0 0 rg BT 447.78 455.70 Td (exposur) Tj ET Q q 0 0 0 rg BT 472.81 455.70 Td (e ) Tj ET Q q 0 0 0 rg BT 478.78 455.70 Td (with ) Tj ET Q q 0 0 0 rg BT 494.98 455.70 Td (these ) Tj ET Q q 0 0 0 rg BT 513.84 455.70 Td (counterparties, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 446.10 Td (including ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 99.72 446.10 Td ($16.5 ) Tj ET Q q 0 0 0 rg BT 119.72 446.10 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 142.39 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.39 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.61 446.10 Td (cr) Tj ET Q q 0 0 0 rg BT 158.98 446.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 172.97 446.10 Td (exposur) Tj ET Q q 0 0 0 rg BT 198.00 446.10 Td (e ) Tj ET Q q 0 0 0 rg BT 203.55 446.10 Td (with ) Tj ET Q q 0 0 0 rg BT 219.34 446.10 Td (one ) Tj ET Q q 0 0 0 rg BT 232.89 446.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 273.77 446.10 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 433.50 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 433.50 Td (W) Tj ET Q q 0 0 0 rg BT 73.43 433.50 Td (e ) Tj ET Q q 0 0 0 rg BT 79.40 433.50 Td (believe ) Tj ET Q q 0 0 0 rg BT 104.47 433.50 Td (the ) Tj ET Q q 0 0 0 rg BT 116.66 433.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 130.64 433.50 Td (value ) Tj ET Q q 0 0 0 rg BT 150.38 433.50 Td (of ) Tj ET Q q 0 0 0 rg BT 159.03 433.50 Td (these ) Tj ET Q q 0 0 0 rg BT 177.88 433.50 Td (derivative ) Tj ET Q q 0 0 0 rg BT 212.29 433.50 Td (contracts ) Tj ET Q q 0 0 0 rg BT 244.48 433.50 Td (is ) Tj ET Q q 0 0 0 rg BT 252.24 433.50 Td (a ) Tj ET Q q 0 0 0 rg BT 258.66 433.50 Td (mor) Tj ET Q q 0 0 0 rg BT 271.25 433.50 Td (e ) Tj ET Q q 0 0 0 rg BT 277.22 433.50 Td (r) Tj ET Q q 0 0 0 rg BT 280.04 433.50 Td (elevant ) Tj ET Q q 0 0 0 rg BT 305.56 433.50 Td (measur) Tj ET Q q 0 0 0 rg BT 328.81 433.50 Td (e ) Tj ET Q q 0 0 0 rg BT 334.79 433.50 Td (of ) Tj ET Q q 0 0 0 rg BT 343.43 433.50 Td (the ) Tj ET Q q 0 0 0 rg BT 355.62 433.50 Td (obligations ) Tj ET Q q 0 0 0 rg BT 394.04 433.50 Td (because ) Tj ET Q q 0 0 0 rg BT 422.23 433.50 Td (we ) Tj ET Q q 0 0 0 rg BT 433.54 433.50 Td (believe ) Tj ET Q q 0 0 0 rg BT 458.61 433.50 Td (the ) Tj ET Q q 0 0 0 rg BT 470.80 433.50 Td (notional ) Tj ET Q q 0 0 0 rg BT 499.89 433.50 Td (or ) Tj ET Q q 0 0 0 rg BT 509.42 433.50 Td (contract ) Tj ET Q q 0 0 0 rg BT 538.50 433.50 Td (amount ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 423.90 Td (overstates ) Tj ET Q q 0 0 0 rg BT 101.97 423.90 Td (the ) Tj ET Q q 0 0 0 rg BT 113.78 423.90 Td (expected ) Tj ET Q q 0 0 0 rg BT 143.79 423.90 Td (payout. ) Tj ET Q q 0 0 0 rg BT 169.45 423.90 Td (At ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 178.59 423.90 Td (December31, ) Tj ET Q q 0 0 0 rg BT 225.50 423.90 Td (2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.50 423.90 Td ( ) Tj ET Q q 0 0 0 rg BT 243.53 423.90 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 257.57 423.90 Td (December31, ) Tj ET Q q 0 0 0 rg BT 304.47 423.90 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 320.47 423.90 Td (, ) Tj ET Q q 0 0 0 rg BT 324.51 423.90 Td (the ) Tj ET Q q 0 0 0 rg BT 336.31 423.90 Td (net ) Tj ET Q q 0 0 0 rg BT 348.12 423.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 361.72 423.90 Td (value ) Tj ET Q q 0 0 0 rg BT 381.07 423.90 Td (of ) Tj ET Q q 0 0 0 rg BT 389.33 423.90 Td (these ) Tj ET Q q 0 0 0 rg BT 407.80 423.90 Td (derivative ) Tj ET Q q 0 0 0 rg BT 441.82 423.90 Td (contracts ) Tj ET Q q 0 0 0 rg BT 473.63 423.90 Td (appr) Tj ET Q q 0 0 0 rg BT 488.44 423.90 Td (oximated ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.80 423.90 Td ($37.0 ) Tj ET Q q 0 0 0 rg BT 539.84 423.90 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 562.51 423.90 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 414.30 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 414.30 Td ($30.4 ) Tj ET Q q 0 0 0 rg BT 101.50 414.30 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 124.17 414.30 Td (, ) Tj ET Q q 0 0 0 rg BT 128.17 414.30 Td (r) Tj ET Q q 0 0 0 rg BT 130.98 414.30 Td (espectively) Tj ET Q q 0 0 0 rg BT 165.63 414.30 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 401.70 Td (\(3\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 401.70 Td (The ) Tj ET Q q 0 0 0 rg BT 81.12 401.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 116.96 401.70 Td (commitments ) Tj ET Q q 0 0 0 rg BT 160.79 401.70 Td (have ) Tj ET Q q 0 0 0 rg BT 177.52 401.70 Td (no ) Tj ET Q q 0 0 0 rg BT 187.14 401.70 Td (specified ) Tj ET Q q 0 0 0 rg BT 217.19 401.70 Td (call ) Tj ET Q q 0 0 0 rg BT 230.81 401.70 Td (dates; ) Tj ET Q q 0 0 0 rg BT 251.98 401.70 Td (however) Tj ET Q q 0 0 0 rg BT 278.20 401.70 Td (, ) Tj ET Q q 0 0 0 rg BT 281.82 401.70 Td (the ) Tj ET Q q 0 0 0 rg BT 293.22 401.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 329.05 401.70 Td (period ) Tj ET Q q 0 0 0 rg BT 351.56 401.70 Td (for ) Tj ET Q q 0 0 0 rg BT 362.52 401.70 Td (these ) Tj ET Q q 0 0 0 rg BT 380.58 401.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 399.53 401.70 Td (is ) Tj ET Q q 0 0 0 rg BT 406.49 401.70 Td (thr) Tj ET Q q 0 0 0 rg BT 415.53 401.70 Td (ough ) Tj ET Q q 0 0 0 rg BT 433.15 401.70 Td (2018. ) Tj ET Q q 0 0 0 rg BT 452.78 401.70 Td (The ) Tj ET Q q 0 0 0 rg BT 466.40 401.70 Td (timing ) Tj ET Q q 0 0 0 rg BT 488.46 401.70 Td (of ) Tj ET Q q 0 0 0 rg BT 496.31 401.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 520.15 401.70 Td (calls ) Tj ET Q q 0 0 0 rg BT 536.88 401.70 Td (is ) Tj ET Q q 0 0 0 rg BT 543.84 401.70 Td (based ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 392.10 Td (on ) Tj ET Q q 0 0 0 rg BT 77.50 392.10 Td (market ) Tj ET Q q 0 0 0 rg BT 101.71 392.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 137.05 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.05 392.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 187.26 392.10 Td (opportunities. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (Derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (Derivatives) Tj ET Q q 0 0 0 rg BT 98.18 344.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.75 344.10 Td (notional ) Tj ET Q q 0 0 0 rg BT 138.08 344.10 Td (or ) Tj ET Q q 0 0 0 rg BT 149.98 344.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 185.74 344.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 223.19 344.10 Td (are ) Tj ET Q q 0 0 0 rg BT 238.96 344.10 Td (not ) Tj ET Q q 0 0 0 rg BT 255.30 344.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 293.84 344.10 Td (as ) Tj ET Q q 0 0 0 rg BT 305.73 344.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 332.63 344.10 Td (or ) Tj ET Q q 0 0 0 rg BT 344.52 344.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 385.30 344.10 Td (on ) Tj ET Q q 0 0 0 rg BT 398.86 344.10 Td (our ) Tj ET Q q 0 0 0 rg BT 415.76 344.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 469.86 344.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 515.64 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.53 344.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 92.50 332.10 Td (Rather) Tj ET Q q 0 0 0 rg BT 118.76 332.10 Td (, ) Tj ET Q q 0 0 0 rg BT 123.98 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.93 332.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 155.53 332.10 Td (value ) Tj ET Q q 0 0 0 rg BT 179.91 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.97 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.91 332.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 248.62 332.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 299.11 332.10 Td (are ) Tj ET Q q 0 0 0 rg BT 314.05 332.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 350.09 332.10 Td (on ) Tj ET Q q 0 0 0 rg BT 362.82 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.76 332.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 431.03 332.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 475.97 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.02 332.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.73 332.10 Td (condition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.23 320.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 85.97 320.10 Td (or ) Tj ET Q q 0 0 0 rg BT 96.70 320.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 136.33 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.51 320.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 183.89 320.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 232.96 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.81 320.10 Td (other ) Tj ET Q q 0 0 0 rg BT 272.76 320.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 313.49 320.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 352.01 320.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 381.08 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.92 320.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 435.31 320.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 484.38 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.22 320.10 Td (other ) Tj ET Q q 0 0 0 rg BT 524.17 320.10 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.03 308.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 109.62 308.10 Td (but ) Tj ET Q q 0 0 0 rg BT 124.81 308.10 Td (not ) Tj ET Q q 0 0 0 rg BT 140.01 308.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 154.64 308.10 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 200.09 308.10 Td (as ) Tj ET Q q 0 0 0 rg BT 210.84 308.10 Td (applicable. ) Tj ET Q q 0 0 0 rg BT 256.85 308.10 Td (For ) Tj ET Q q 0 0 0 rg BT 273.15 308.10 Td (a ) Tj ET Q q 0 0 0 rg BT 280.01 308.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 319.07 308.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 363.16 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.91 308.10 Td (our ) Tj ET Q q 0 0 0 rg BT 389.65 308.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 428.17 308.10 Td (related ) Tj ET Q q 0 0 0 rg BT 457.79 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.98 308.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 510.38 308.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 549.73 308.10 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 71.89 296.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.89 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 82.34 296.10 Td (") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.42 296.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 126.59 296.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 176.76 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.15 296.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 219.87 296.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 261.69 296.10 Td (Positions ) Tj ET Q q 0 0 0 rg BT 301.33 296.10 Td (Owned ) Tj ET Q q 0 0 0 rg BT 333.16 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.55 296.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 390.71 296.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 440.88 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.27 296.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 483.99 296.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 525.82 296.10 Td (Positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (Sold, ) Tj ET Q q 0 0 0 rg BT 72.84 284.10 Td (but ) Tj ET Q q 0 0 0 rg BT 88.12 284.10 Td (Not ) Tj ET Q q 0 0 0 rg BT 105.25 284.10 Td (Y) Tj ET Q q 0 0 0 rg BT 111.47 284.10 Td (et ) Tj ET Q q 0 0 0 rg BT 121.18 284.10 Td (Purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.28 284.10 Td (," ) Tj ET Q q 0 0 0 rg BT 171.37 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.64 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.36 284.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 219.97 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 230.25 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 246.08 284.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 299.12 284.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 336.60 284.10 Td (statements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (Loan Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 236.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.84 236.10 Td (may ) Tj ET Q q 0 0 0 rg BT 86.32 236.10 Td (commit ) Tj ET Q q 0 0 0 rg BT 120.14 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.18 236.10 Td (bridge ) Tj ET Q q 0 0 0 rg BT 159.99 236.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 180.47 236.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 221.50 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 236.42 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 253.02 236.10 Td (clients ) Tj ET Q q 0 0 0 rg BT 282.39 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 293.98 236.10 Td (make ) Tj ET Q q 0 0 0 rg BT 318.90 236.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 376.60 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 387.64 236.10 Td (underwrite ) Tj ET Q q 0 0 0 rg BT 434.22 236.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 475.24 236.10 Td (debt. ) Tj ET Q q 0 0 0 rg BT 497.99 236.10 Td (W) Tj ET Q q 0 0 0 rg BT 506.63 236.10 Td (e ) Tj ET Q q 0 0 0 rg BT 514.33 236.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.03 236.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.03 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 545.29 236.10 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 106.44 224.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 155.60 224.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.32 224.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 223.90 224.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.90 224.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (Private ) Tj ET Q q 0 0 0 rg BT 81.43 200.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 111.16 200.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.22 200.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 155.61 200.10 Td (Principal ) Tj ET Q q 0 0 0 rg BT 196.45 200.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 176.10 Td ( ) Tj ET Q q 0 0 0 rg BT 57.64 176.10 Td (component ) Tj ET Q q 0 0 0 rg BT 103.55 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.35 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.15 176.10 Td (private ) Tj ET Q q 0 0 0 rg BT 157.38 176.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 183.85 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.76 176.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 236.77 176.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 288.52 176.10 Td (including ) Tj ET Q q 0 0 0 rg BT 327.76 176.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 377.01 176.10 Td (made ) Tj ET Q q 0 0 0 rg BT 400.13 176.10 Td (as ) Tj ET Q q 0 0 0 rg BT 409.93 176.10 Td (part ) Tj ET Q q 0 0 0 rg BT 426.95 176.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.75 176.10 Td (our ) Tj ET Q q 0 0 0 rg BT 451.55 176.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 490.23 176.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 523.92 176.10 Td (activities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.65 164.10 Td (made ) Tj ET Q q 0 0 0 rg BT 89.24 164.10 Td (through ) Tj ET Q q 0 0 0 rg BT 123.29 164.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 174.00 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.71 164.10 Td (various ) Tj ET Q q 0 0 0 rg BT 217.09 164.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 239.46 164.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 273.78 164.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 311.71 164.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 363.53 164.10 Td (or ) Tj ET Q q 0 0 0 rg BT 374.80 164.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 406.07 164.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 440.11 164.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 488.31 164.10 Td (established ) Tj ET Q q 0 0 0 rg BT 535.69 164.10 Td (for ) Tj ET Q q 0 0 0 rg BT 550.29 164.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 83.76 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.69 152.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 133.96 152.10 Td (in ) Tj ET Q q 0 0 0 rg BT 144.34 152.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 184.71 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.64 152.10 Td (private ) Tj ET Q q 0 0 0 rg BT 226.00 152.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 271.37 152.10 Td (or ) Tj ET Q q 0 0 0 rg BT 282.30 152.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 324.89 152.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 344.71 152.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 394.07 152.10 Td (W) Tj ET Q q 0 0 0 rg BT 402.70 152.10 Td (e ) Tj ET Q q 0 0 0 rg BT 409.74 152.10 Td (commit ) Tj ET Q q 0 0 0 rg BT 442.90 152.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 472.15 152.10 Td (or ) Tj ET Q q 0 0 0 rg BT 483.08 152.10 Td (act ) Tj ET Q q 0 0 0 rg BT 497.34 152.10 Td (as ) Tj ET Q q 0 0 0 rg BT 508.27 152.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.09 152.10 Td (managing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 79.53 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.57 140.10 Td (these ) Tj ET Q q 0 0 0 rg BT 111.83 140.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 144.92 140.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 169.41 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.45 140.10 Td (these ) Tj ET Q q 0 0 0 rg BT 201.71 140.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 232.30 140.10 Td (are ) Tj ET Q q 0 0 0 rg BT 246.22 140.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 279.03 140.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.52 140.10 Td (be ) Tj ET Q q 0 0 0 rg BT 299.67 140.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 333.58 140.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 364.72 140.10 Td (entities. ) Tj ET Q q 0 0 0 rg BT 397.82 140.10 Td (For ) Tj ET Q q 0 0 0 rg BT 413.42 140.10 Td (a ) Tj ET Q q 0 0 0 rg BT 419.57 140.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 457.93 140.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 501.31 140.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.36 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 526.40 140.10 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (related ) Tj ET Q q 0 0 0 rg BT 79.20 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.48 128.10 Td (these ) Tj ET Q q 0 0 0 rg BT 112.53 128.10 Td (types ) Tj ET Q q 0 0 0 rg BT 136.14 128.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.97 128.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 180.85 128.10 Td (see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.12 128.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 218.05 128.10 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.05 128.10 Td (, ) Tj ET Q q 0 0 0 rg BT 228.05 128.10 Td (") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.14 128.10 Td (V) Tj ET Q q 0 0 0 rg BT 238.25 128.10 Td (ariable ) Tj ET Q q 0 0 0 rg BT 267.95 128.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 300.44 128.10 Td (Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.99 128.10 Td (," ) Tj ET Q q 0 0 0 rg BT 340.07 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.35 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 366.18 128.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 419.22 128.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 456.70 128.10 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 104.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.68 104.10 Td (have ) Tj ET Q q 0 0 0 rg BT 85.66 104.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 130.53 104.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 159.28 104.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.16 104.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 198.46 104.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 229.45 104.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.99 104.10 Td (these ) Tj ET Q q 0 0 0 rg BT 268.64 104.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 325.18 104.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 364.48 104.10 Td (have ) Tj ET Q q 0 0 0 rg BT 385.46 104.10 Td (no ) Tj ET Q q 0 0 0 rg BT 397.56 104.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 435.76 104.10 Td (call ) Tj ET Q q 0 0 0 rg BT 452.30 104.10 Td (dates. ) Tj ET Q q 0 0 0 rg BT 477.29 104.10 Td (W) Tj ET Q q 0 0 0 rg BT 485.93 104.10 Td (e ) Tj ET Q q 0 0 0 rg BT 492.47 104.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.01 104.10 Td ($37.3 ) Tj ET Q q 0 0 0 rg BT 533.61 104.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 104.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.97 92.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 118.54 92.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 168.34 92.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.70 92.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 237.92 92.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.92 92.10 Td (, ) Tj ET Q q 0 0 0 rg BT 263.55 92.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.02 92.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.59 92.10 Td ($26.1 ) Tj ET Q q 0 0 0 rg BT 328.23 92.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.12 92.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.26 92.10 Td (related ) Tj ET Q q 0 0 0 rg BT 390.60 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 401.51 92.10 Td (a ) Tj ET Q q 0 0 0 rg BT 409.08 92.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 462.77 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 473.68 92.10 Td (an ) Tj ET Q q 0 0 0 rg BT 486.26 92.10 Td (af) Tj ET Q q 0 0 0 rg BT 493.84 92.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 525.30 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 84.22 80.10 Td (fund.) 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 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 endstream endobj 99 0 obj <>] /Rotate 0 /Contents 100 0 R>> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (49) 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 69.97 716.25 Td (is ) Tj ET Q q 0 0 0 rg BT 78.28 716.25 Td (an ) Tj ET Q q 0 0 0 rg BT 89.35 716.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 123.75 716.25 Td (part ) Tj ET Q q 0 0 0 rg BT 140.93 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 150.90 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 165.86 716.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 203.89 716.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 234.40 716.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 253.54 716.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 289.06 716.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 308.20 716.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 332.59 716.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 351.73 716.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 398.34 716.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 417.48 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.55 716.25 Td (legal, ) Tj ET Q q 0 0 0 rg BT 457.12 716.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 499.85 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 515.92 716.25 Td (compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 704.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.89 704.25 Td (are ) Tj ET Q q 0 0 0 rg BT 82.99 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 98.10 704.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 136.54 704.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 158.32 704.25 Td (we ) Tj ET Q q 0 0 0 rg BT 172.88 704.25 Td (face ) Tj ET Q q 0 0 0 rg BT 192.41 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.09 704.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 243.74 704.25 Td (our ) Tj ET Q q 0 0 0 rg BT 259.97 704.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 299.04 704.25 Td (The ) Tj ET Q q 0 0 0 rg BT 317.48 704.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 344.81 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 355.48 704.25 Td (which ) Tj ET Q q 0 0 0 rg BT 382.81 704.25 Td (we ) Tj ET Q q 0 0 0 rg BT 397.36 704.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 434.13 704.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 468.13 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 485.46 704.25 Td (ef) Tj ET Q q 0 0 0 rg BT 493.05 704.25 Td (fectively ) Tj ET Q q 0 0 0 rg BT 530.92 704.25 Td (manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 692.25 Td (each ) Tj ET Q q 0 0 0 rg BT 71.01 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.04 692.25 Td (these ) Tj ET Q q 0 0 0 rg BT 105.28 692.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 126.87 692.25 Td (is ) Tj ET Q q 0 0 0 rg BT 136.23 692.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 166.68 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 177.16 692.25 Td (our ) Tj ET Q q 0 0 0 rg BT 193.18 692.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 230.86 692.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 271.33 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 288.46 692.25 Td (profitability) Tj ET Q q 0 0 0 rg BT 335.58 692.25 Td (. ) Tj ET Q q 0 0 0 rg BT 340.58 692.25 Td (W) Tj ET Q q 0 0 0 rg BT 349.22 692.25 Td (e ) Tj ET Q q 0 0 0 rg BT 356.35 692.25 Td (have ) Tj ET Q q 0 0 0 rg BT 377.93 692.25 Td (a ) Tj ET Q q 0 0 0 rg BT 385.06 692.25 Td (formal ) Tj ET Q q 0 0 0 rg BT 414.41 692.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 432.10 692.25 Td (management ) Tj ET Q q 0 0 0 rg BT 485.89 692.25 Td (process ) Tj ET Q q 0 0 0 rg BT 518.57 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 529.05 692.25 Td (identify) Tj ET Q q 0 0 0 rg BT 559.50 692.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 76.56 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 93.11 680.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 126.89 680.25 Td (each ) Tj ET Q q 0 0 0 rg BT 147.32 680.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 164.43 680.25 Td (in ) Tj ET Q q 0 0 0 rg BT 174.33 680.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 221.40 680.25 Td (with ) Tj ET Q q 0 0 0 rg BT 241.29 680.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 273.39 680.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 306.61 680.25 Td (and ) Tj ET Q q 0 0 0 rg BT 323.16 680.25 Td (procedures. ) Tj ET Q q 0 0 0 rg BT 371.49 680.25 Td (The ) Tj ET Q q 0 0 0 rg BT 389.15 680.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 406.27 680.25 Td (management ) Tj ET Q q 0 0 0 rg BT 459.47 680.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 498.80 680.25 Td (are ) Tj ET Q q 0 0 0 rg BT 513.12 680.25 Td (independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.71 668.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.42 668.25 Td (business ) Tj ET Q q 0 0 0 rg BT 112.69 668.25 Td (lines. ) Tj ET Q q 0 0 0 rg BT 136.45 668.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 154.38 668.25 Td (management ) Tj ET Q q 0 0 0 rg BT 207.85 668.25 Td (takes ) Tj ET Q q 0 0 0 rg BT 230.77 668.25 Td (an ) Tj ET Q q 0 0 0 rg BT 242.59 668.25 Td (active ) Tj ET Q q 0 0 0 rg BT 268.84 668.25 Td (role ) Tj ET Q q 0 0 0 rg BT 286.76 668.25 Td (in ) Tj ET Q q 0 0 0 rg BT 296.92 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.51 668.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 328.89 668.25 Td (management ) Tj ET Q q 0 0 0 rg BT 382.36 668.25 Td (process, ) Tj ET Q q 0 0 0 rg BT 417.23 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 434.04 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.64 668.25 Td (results ) Tj ET Q q 0 0 0 rg BT 477.12 668.25 Td (are ) Tj ET Q q 0 0 0 rg BT 491.71 668.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 527.40 668.25 Td (to ) Tj ET Q q 0 0 0 rg BT 537.56 668.25 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.59 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 120.53 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.24 656.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 157.74 656.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 202.45 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 213.28 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.99 656.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 254.93 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.76 656.25 Td (Directors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.25 Td (W) Tj ET Q q 0 0 0 rg BT 59.04 632.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 71.51 632.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 101.75 632.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.45 632.25 Td (market ) Tj ET Q q 0 0 0 rg BT 141.13 632.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 158.05 632.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.40 632.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 199.09 632.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 218.51 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.64 632.25 Td (cornerstone ) Tj ET Q q 0 0 0 rg BT 281.21 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 291.46 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 306.70 632.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 323.62 632.25 Td (management ) Tj ET Q q 0 0 0 rg BT 376.63 632.25 Td (process ) Tj ET Q q 0 0 0 rg BT 408.54 632.25 Td (is ) Tj ET Q q 0 0 0 rg BT 417.13 632.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 439.04 632.25 Td (communication ) Tj ET Q q 0 0 0 rg BT 503.17 632.25 Td (among ) Tj ET Q q 0 0 0 rg BT 532.30 632.25 Td (traders, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.60 620.25 Td (department ) Tj ET Q q 0 0 0 rg BT 127.86 620.25 Td (management ) Tj ET Q q 0 0 0 rg BT 181.22 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.93 620.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 224.65 620.25 Td (management ) Tj ET Q q 0 0 0 rg BT 278.01 620.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 324.71 620.25 Td (our ) Tj ET Q q 0 0 0 rg BT 340.32 620.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 380.92 620.25 Td (positions, ) Tj ET Q q 0 0 0 rg BT 421.81 620.25 Td (including ) Tj ET Q q 0 0 0 rg BT 461.86 620.25 Td (those ) Tj ET Q q 0 0 0 rg BT 485.24 620.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 528.61 620.25 Td (with ) Tj ET Q q 0 0 0 rg BT 548.67 620.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 86.76 608.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 117.96 608.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 159.45 608.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.77 608.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 207.41 608.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 225.30 608.25 Td (profile. ) Tj ET Q q 0 0 0 rg BT 257.34 608.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 275.77 608.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 293.65 608.25 Td (management ) Tj ET Q q 0 0 0 rg BT 347.63 608.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 387.73 608.25 Td (supplement ) Tj ET Q q 0 0 0 rg BT 436.71 608.25 Td (this ) Tj ET Q q 0 0 0 rg BT 454.05 608.25 Td (communication ) Tj ET Q q 0 0 0 rg BT 519.14 608.25 Td (process ) Tj ET Q q 0 0 0 rg BT 552.01 608.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 91.21 596.25 Td (their ) Tj ET Q q 0 0 0 rg BT 111.86 596.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 163.06 596.25 Td (perspectives ) Tj ET Q q 0 0 0 rg BT 214.80 596.25 Td (on ) Tj ET Q q 0 0 0 rg BT 227.13 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 242.78 596.25 Td (market ) Tj ET Q q 0 0 0 rg BT 272.87 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 289.63 596.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 314.72 596.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 332.05 596.25 Td (profile ) Tj ET Q q 0 0 0 rg BT 361.03 596.25 Td (on ) Tj ET Q q 0 0 0 rg BT 373.35 596.25 Td (a ) Tj ET Q q 0 0 0 rg BT 380.11 596.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 402.43 596.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 427.09 596.25 Td (The ) Tj ET Q q 0 0 0 rg BT 444.96 596.25 Td (broader ) Tj ET Q q 0 0 0 rg BT 477.82 596.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 520.69 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 531.34 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 547.00 596.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.99 584.25 Td (functions ) Tj ET Q q 0 0 0 rg BT 144.12 584.25 Td (are ) Tj ET Q q 0 0 0 rg BT 159.23 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 169.91 584.25 Td (understand ) Tj ET Q q 0 0 0 rg BT 216.69 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.82 584.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 249.72 584.25 Td (profile ) Tj ET Q q 0 0 0 rg BT 279.28 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.52 584.25 Td (each ) Tj ET Q q 0 0 0 rg BT 311.74 584.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 342.97 584.25 Td (area, ) Tj ET Q q 0 0 0 rg BT 365.02 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 375.70 584.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 424.15 584.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 442.06 584.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 489.40 584.25 Td (company-wide, ) Tj ET Q q 0 0 0 rg BT 554.23 584.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.25 Td (assist ) Tj ET Q q 0 0 0 rg BT 73.51 572.25 Td (in ) Tj ET Q q 0 0 0 rg BT 83.12 572.25 Td (implementing ) Tj ET Q q 0 0 0 rg BT 140.51 572.25 Td (ef) Tj ET Q q 0 0 0 rg BT 148.10 572.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 177.13 572.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 211.19 572.25 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 253.29 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 262.91 572.25 Td (articulate ) Tj ET Q q 0 0 0 rg BT 301.94 572.25 Td (lar) Tj ET Q q 0 0 0 rg BT 312.31 572.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 323.58 572.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 353.75 572.25 Td (or ) Tj ET Q q 0 0 0 rg BT 363.91 572.25 Td (position ) Tj ET Q q 0 0 0 rg BT 397.98 572.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 418.71 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.32 572.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 454.60 572.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 510.02 572.25 Td (and ) Tj ET Q q 0 0 0 rg BT 526.30 572.25 Td (to ) Tj ET Q q 0 0 0 rg BT 535.92 572.25 Td (ensure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (accurate ) Tj ET Q q 0 0 0 rg BT 85.80 560.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 102.18 560.25 Td (values ) Tj ET Q q 0 0 0 rg BT 130.22 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 141.05 560.25 Td (our ) Tj ET Q q 0 0 0 rg BT 156.88 560.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 194.37 560.25 Td (instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 71.39 536.25 Td (management ) Tj ET Q q 0 0 0 rg BT 125.52 536.25 Td (techniques, ) Tj ET Q q 0 0 0 rg BT 173.83 536.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 215.20 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.68 536.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 273.49 536.25 Td (may ) Tj ET Q q 0 0 0 rg BT 293.75 536.25 Td (not ) Tj ET Q q 0 0 0 rg BT 309.58 536.25 Td (be ) Tj ET Q q 0 0 0 rg BT 322.06 536.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 343.99 536.25 Td (ef) Tj ET Q q 0 0 0 rg BT 351.58 536.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 381.83 536.25 Td (in ) Tj ET Q q 0 0 0 rg BT 392.65 536.25 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 436.81 536.25 Td (our ) Tj ET Q q 0 0 0 rg BT 453.18 536.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 471.23 536.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 510.38 536.25 Td (in ) Tj ET Q q 0 0 0 rg BT 521.20 536.25 Td (all ) Tj ET Q q 0 0 0 rg BT 534.24 536.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.25 Td (environments ) Tj ET Q q 0 0 0 rg BT 106.93 524.25 Td (or ) Tj ET Q q 0 0 0 rg BT 117.76 524.25 Td (against ) Tj ET Q q 0 0 0 rg BT 148.59 524.25 Td (all ) Tj ET Q q 0 0 0 rg BT 161.08 524.25 Td (types ) Tj ET Q q 0 0 0 rg BT 184.69 524.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.52 524.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 215.52 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.46 524.25 Td (any ) Tj ET Q q 0 0 0 rg BT 249.40 524.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 266.90 524.25 Td (management ) Tj ET Q q 0 0 0 rg BT 320.49 524.25 Td (failures ) Tj ET Q q 0 0 0 rg BT 352.97 524.25 Td (could ) Tj ET Q q 0 0 0 rg BT 377.69 524.25 Td (expose ) Tj ET Q q 0 0 0 rg BT 407.96 524.25 Td (us ) Tj ET Q q 0 0 0 rg BT 419.35 524.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.63 524.25 Td (material ) Tj ET Q q 0 0 0 rg BT 464.89 524.25 Td (unanticipated ) Tj ET Q q 0 0 0 rg BT 521.25 524.25 Td (losses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 500.25 Td (Governance ) Tj ET Q q 0 0 0 rg BT 102.49 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 120.55 500.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 141.39 500.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 198.34 500.25 Td (Structure ) 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 68.29 476.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 91.03 476.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 135.98 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 147.06 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.02 476.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 189.20 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.27 476.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 240.22 476.25 Td (oversees ) Tj ET Q q 0 0 0 rg BT 277.40 476.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 295.14 476.25 Td (management ) Tj ET Q q 0 0 0 rg BT 348.97 476.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 382.82 476.25 Td (that ) Tj ET Q q 0 0 0 rg BT 400.56 476.25 Td (have ) Tj ET Q q 0 0 0 rg BT 422.18 476.25 Td (been ) Tj ET Q q 0 0 0 rg BT 443.80 476.25 Td (developed ) Tj ET Q q 0 0 0 rg BT 487.64 476.25 Td (by ) Tj ET Q q 0 0 0 rg BT 500.39 476.25 Td (management ) Tj ET Q q 0 0 0 rg BT 554.22 476.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 84.81 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 102.40 464.25 Td (control ) Tj ET Q q 0 0 0 rg BT 133.88 464.25 Td (our ) Tj ET Q q 0 0 0 rg BT 150.36 464.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 185.16 464.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 203.31 464.25 Td (exposures. ) Tj ET Q q 0 0 0 rg BT 248.95 464.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 267.65 464.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 293.02 464.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 336.15 464.25 Td (Of) Tj ET Q q 0 0 0 rg BT 346.52 464.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 367.98 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 385.57 464.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 410.94 464.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 451.30 464.25 Td (Of) Tj ET Q q 0 0 0 rg BT 461.67 464.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 483.13 464.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 505.72 464.25 Td (with ) Tj ET Q q 0 0 0 rg BT 526.65 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 542.01 464.25 Td (audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 94.71 452.25 Td (on ) Tj ET Q q 0 0 0 rg BT 107.21 452.25 Td (a ) Tj ET Q q 0 0 0 rg BT 114.15 452.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 152.74 452.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 175.24 452.25 Td (to ) Tj ET Q q 0 0 0 rg BT 185.52 452.25 Td (discuss ) Tj ET Q q 0 0 0 rg BT 216.91 452.25 Td (our ) Tj ET Q q 0 0 0 rg BT 232.74 452.25 Td (market, ) Tj ET Q q 0 0 0 rg BT 265.50 452.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 290.77 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 307.71 452.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 344.10 452.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 365.49 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 382.43 452.25 Td (other ) Tj ET Q q 0 0 0 rg BT 405.47 452.25 Td (risk-related ) Tj ET Q q 0 0 0 rg BT 453.51 452.25 Td (topics.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 428.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.15 428.25 Td (use ) Tj ET Q q 0 0 0 rg BT 80.55 428.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 113.16 428.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 161.33 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 171.18 428.25 Td (assist ) Tj ET Q q 0 0 0 rg BT 194.92 428.25 Td (in ) Tj ET Q q 0 0 0 rg BT 204.77 428.25 Td (governing ) Tj ET Q q 0 0 0 rg BT 247.38 428.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 264.45 428.25 Td (and ) Tj ET Q q 0 0 0 rg BT 280.96 428.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 309.13 428.25 Td (that ) Tj ET Q q 0 0 0 rg BT 326.20 428.25 Td (our ) Tj ET Q q 0 0 0 rg BT 341.60 428.25 Td (business ) Tj ET Q q 0 0 0 rg BT 377.56 428.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 415.73 428.25 Td (are ) Tj ET Q q 0 0 0 rg BT 430.00 428.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 465.95 428.25 Td (assessed, ) Tj ET Q q 0 0 0 rg BT 504.40 428.25 Td (monitored ) Tj ET Q q 0 0 0 rg BT 547.58 428.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.25 Td (managed. ) Tj ET Q q 0 0 0 rg BT 91.73 416.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 110.41 416.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 148.53 416.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 166.66 416.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 212.00 416.25 Td (oversees ) Tj ET Q q 0 0 0 rg BT 249.56 416.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 267.70 416.25 Td (management ) Tj ET Q q 0 0 0 rg BT 321.92 416.25 Td (practices, ) Tj ET Q q 0 0 0 rg BT 363.09 416.25 Td (including ) Tj ET Q q 0 0 0 rg BT 403.99 416.25 Td (defining ) Tj ET Q q 0 0 0 rg BT 440.45 416.25 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 485.77 416.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 503.91 416.25 Td (tolerances ) Tj ET Q q 0 0 0 rg BT 547.57 416.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.25 Td (approving ) Tj ET Q q 0 0 0 rg BT 92.97 404.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 110.40 404.25 Td (management ) Tj ET Q q 0 0 0 rg BT 163.91 404.25 Td (policies. ) Tj ET Q q 0 0 0 rg BT 199.94 404.25 Td (Membership ) Tj ET Q q 0 0 0 rg BT 252.92 404.25 Td (is ) Tj ET Q q 0 0 0 rg BT 262.01 404.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 306.09 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 316.85 404.25 Td (our ) Tj ET Q q 0 0 0 rg BT 332.60 404.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 357.25 404.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 399.65 404.25 Td (Of) Tj ET Q q 0 0 0 rg BT 410.02 404.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 427.94 404.25 Td (, ) Tj ET Q q 0 0 0 rg BT 432.86 404.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 457.51 404.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 497.14 404.25 Td (Of) Tj ET Q q 0 0 0 rg BT 507.52 404.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 525.43 404.25 Td (, ) Tj ET Q q 0 0 0 rg BT 530.36 404.25 Td (General ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.25 Td (Counsel, ) Tj ET Q q 0 0 0 rg BT 86.85 392.25 Td (T) Tj ET Q q 0 0 0 rg BT 92.61 392.25 Td (reasurer) Tj ET Q q 0 0 0 rg BT 124.40 392.25 Td (, ) Tj ET Q q 0 0 0 rg BT 128.60 392.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 151.39 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.41 392.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 191.98 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 208.11 392.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 234.80 392.25 Td (Risk, ) Tj ET Q q 0 0 0 rg BT 257.34 392.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 280.13 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.15 392.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 317.40 392.25 Td (Finance, ) Tj ET Q q 0 0 0 rg BT 353.25 392.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 376.04 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 386.06 392.25 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 410.54 392.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 442.22 392.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 477.79 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 493.92 392.25 Td (Head ) Tj ET Q q 0 0 0 rg BT 516.71 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 526.73 392.25 Td (Equities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 380.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.72 380.25 Td (also ) Tj ET Q q 0 0 0 rg BT 84.47 380.25 Td (have ) Tj ET Q q 0 0 0 rg BT 105.98 380.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 154.72 380.25 Td (which ) Tj ET Q q 0 0 0 rg BT 181.80 380.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 215.54 380.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 237.07 380.25 Td (related ) Tj ET Q q 0 0 0 rg BT 266.91 380.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.33 380.25 Td (our ) Tj ET Q q 0 0 0 rg BT 293.30 380.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 315.38 380.25 Td (management ) Tj ET Q q 0 0 0 rg BT 369.11 380.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 393.97 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 411.05 380.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 449.23 380.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 502.15 380.25 Td (Membership ) Tj ET Q q 0 0 0 rg BT 555.33 380.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 94.39 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.46 368.25 Td (various ) Tj ET Q q 0 0 0 rg BT 137.64 368.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 163.70 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 174.77 368.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 201.95 368.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 258.27 368.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 283.78 368.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 332.62 368.25 Td (that ) Tj ET Q q 0 0 0 rg BT 350.35 368.25 Td (help ) Tj ET Q q 0 0 0 rg BT 370.31 368.25 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 406.36 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 423.53 368.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 457.94 368.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 475.67 368.25 Td (include ) Tj ET Q q 0 0 0 rg BT 507.85 368.25 Td (underwriting, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.25 Td (leadership ) Tj ET Q q 0 0 0 rg BT 93.72 356.25 Td (team ) Tj ET Q q 0 0 0 rg BT 115.79 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.85 356.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 173.25 356.25 Td (committees. ) Tj ET Q q 0 0 0 rg BT 224.29 356.25 Td (These ) Tj ET Q q 0 0 0 rg BT 250.79 356.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 299.52 356.25 Td (help ) Tj ET Q q 0 0 0 rg BT 319.37 356.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 353.09 356.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 370.72 356.25 Td (by ) Tj ET Q q 0 0 0 rg BT 383.35 356.25 Td (ensuring ) Tj ET Q q 0 0 0 rg BT 420.42 356.25 Td (that ) Tj ET Q q 0 0 0 rg BT 438.04 356.25 Td (business ) Tj ET Q q 0 0 0 rg BT 474.56 356.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 513.29 356.25 Td (are ) Tj ET Q q 0 0 0 rg BT 528.13 356.25 Td (properly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 88.38 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 105.11 344.25 Td (within ) Tj ET Q q 0 0 0 rg BT 132.95 344.25 Td (a ) Tj ET Q q 0 0 0 rg BT 139.67 344.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 171.95 344.25 Td (scope ) Tj ET Q q 0 0 0 rg BT 197.00 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 207.62 344.25 Td (activity) Tj ET Q q 0 0 0 rg BT 236.96 344.25 Td (. ) Tj ET Q q 0 0 0 rg BT 241.75 344.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 259.58 344.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 299.08 344.25 Td (committee, ) Tj ET Q q 0 0 0 rg BT 346.08 344.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 390.02 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 400.63 344.25 Td (members ) Tj ET Q q 0 0 0 rg BT 439.58 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 450.19 344.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 476.92 344.25 Td (management ) Tj ET Q q 0 0 0 rg BT 530.29 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 547.02 344.25 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 106.35 332.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 139.65 332.25 Td (oversight ) Tj ET Q q 0 0 0 rg BT 179.63 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 196.82 332.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 227.34 332.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 284.54 332.25 Td (for ) Tj ET Q q 0 0 0 rg BT 298.96 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.94 332.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 347.24 332.25 Td (control ) Tj ET Q q 0 0 0 rg BT 378.32 332.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 419.40 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 436.59 332.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 483.22 332.25 Td (related ) Tj ET Q q 0 0 0 rg BT 513.18 332.25 Td (to ) Tj ET Q q 0 0 0 rg BT 523.72 332.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.35 332.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.25 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 111.16 320.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 161.06 320.25 Td (, ) Tj ET Q q 0 0 0 rg BT 165.43 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 180.62 320.25 Td (operational ) Tj ET Q q 0 0 0 rg BT 227.47 320.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 244.34 320.25 Td (committees ) Tj ET Q q 0 0 0 rg BT 292.30 320.25 Td (address ) Tj ET Q q 0 0 0 rg BT 324.16 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.46 320.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 374.00 320.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 390.86 320.25 Td (related ) Tj ET Q q 0 0 0 rg BT 419.93 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.58 320.25 Td (information ) Tj ET Q q 0 0 0 rg BT 478.65 320.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 512.19 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 528.50 320.25 Td (security) Tj ET Q q 0 0 0 rg BT 559.50 320.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 93.59 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.53 308.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 132.47 308.25 Td (matters, ) Tj ET Q q 0 0 0 rg BT 166.90 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 183.84 308.25 Td (third ) Tj ET Q q 0 0 0 rg BT 205.22 308.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 234.38 308.25 Td (such ) Tj ET Q q 0 0 0 rg BT 255.21 308.25 Td (as ) Tj ET Q q 0 0 0 rg BT 266.04 308.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 300.20 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 317.14 308.25 Td (service ) Tj ET Q q 0 0 0 rg BT 347.95 308.25 Td (providers. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 284.25 Td (Market Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 81.94 260.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 100.01 260.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 143.61 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.90 260.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 176.96 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 188.36 260.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.41 260.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 265.58 260.25 Td (that ) Tj ET Q q 0 0 0 rg BT 283.64 260.25 Td (may ) Tj ET Q q 0 0 0 rg BT 303.93 260.25 Td (result ) Tj ET Q q 0 0 0 rg BT 329.21 260.25 Td (from ) Tj ET Q q 0 0 0 rg BT 351.71 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 367.00 260.25 Td (change ) Tj ET Q q 0 0 0 rg BT 398.38 260.25 Td (in ) Tj ET Q q 0 0 0 rg BT 409.22 260.25 Td (value ) Tj ET Q q 0 0 0 rg BT 433.95 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 445.34 260.25 Td (a ) Tj ET Q q 0 0 0 rg BT 452.85 260.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 490.89 260.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 536.73 260.25 Td (due ) Tj ET Q q 0 0 0 rg BT 554.24 260.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 99.10 248.25 Td (in ) Tj ET Q q 0 0 0 rg BT 108.77 248.25 Td (its ) Tj ET Q q 0 0 0 rg BT 120.11 248.25 Td (market ) Tj ET Q q 0 0 0 rg BT 149.77 248.25 Td (price. ) Tj ET Q q 0 0 0 rg BT 174.15 248.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 191.59 248.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 229.58 248.25 Td (to ) Tj ET Q q 0 0 0 rg BT 239.25 248.25 Td (market ) Tj ET Q q 0 0 0 rg BT 268.91 248.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 285.80 248.25 Td (is ) Tj ET Q q 0 0 0 rg BT 294.36 248.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 326.80 248.25 Td (related ) Tj ET Q q 0 0 0 rg BT 355.89 248.25 Td (to ) Tj ET Q q 0 0 0 rg BT 365.56 248.25 Td (our ) Tj ET Q q 0 0 0 rg BT 380.78 248.25 Td (role ) Tj ET Q q 0 0 0 rg BT 398.22 248.25 Td (as ) Tj ET Q q 0 0 0 rg BT 408.44 248.25 Td (a ) Tj ET Q q 0 0 0 rg BT 414.78 248.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 451.65 248.25 Td (intermediary ) Tj ET Q q 0 0 0 rg BT 504.63 248.25 Td (for ) Tj ET Q q 0 0 0 rg BT 518.18 248.25 Td (our ) Tj ET Q q 0 0 0 rg BT 533.40 248.25 Td (clients, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.98 236.25 Td (our ) Tj ET Q q 0 0 0 rg BT 75.52 236.25 Td (market-making ) Tj ET Q q 0 0 0 rg BT 138.81 236.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 177.11 236.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.76 236.25 Td (our ) Tj ET Q q 0 0 0 rg BT 209.29 236.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 245.37 236.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 275.90 236.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 316.70 236.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 347.78 236.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 368.88 236.25 Td (are ) Tj ET Q q 0 0 0 rg BT 383.29 236.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 418.26 236.25 Td (to ) Tj ET Q q 0 0 0 rg BT 428.24 236.25 Td (both ) Tj ET Q q 0 0 0 rg BT 448.23 236.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 468.20 236.25 Td (and ) Tj ET Q q 0 0 0 rg BT 484.84 236.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 527.03 236.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 100.78 224.25 Td (The ) Tj ET Q q 0 0 0 rg BT 118.07 224.25 Td (scope ) Tj ET Q q 0 0 0 rg BT 142.59 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 152.66 224.25 Td (our ) Tj ET Q q 0 0 0 rg BT 167.74 224.25 Td (market ) Tj ET Q q 0 0 0 rg BT 197.25 224.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 213.99 224.25 Td (management ) Tj ET Q q 0 0 0 rg BT 266.82 224.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 299.67 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 315.85 224.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 361.47 224.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 396.54 224.25 Td (all ) Tj ET Q q 0 0 0 rg BT 408.28 224.25 Td (market-sensitive ) Tj ET Q q 0 0 0 rg BT 476.11 224.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 512.83 224.25 Td (instruments.) 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 68.05 200.25 Td (dif) Tj ET Q q 0 0 0 rg BT 78.98 200.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 104.79 200.25 Td (types ) Tj ET Q q 0 0 0 rg BT 128.40 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 139.23 200.25 Td (market ) Tj ET Q q 0 0 0 rg BT 169.50 200.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 187.00 200.25 Td (include:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 176.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.07 176.25 Td (est ) Tj ET Q q 0 0 0 rg BT 82.62 176.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 103.38 176.25 Td (Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.04 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 135.48 176.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 167.91 176.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 185.33 176.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 202.77 176.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 245.75 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.41 176.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 297.84 176.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 336.39 176.25 Td (from ) Tj ET Q q 0 0 0 rg BT 358.26 176.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 392.91 176.25 Td (in ) Tj ET Q q 0 0 0 rg BT 403.13 176.25 Td (market ) Tj ET Q q 0 0 0 rg BT 433.33 176.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 465.21 176.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 488.85 176.25 Td (W) Tj ET Q q 0 0 0 rg BT 497.49 176.25 Td (e ) Tj ET Q q 0 0 0 rg BT 504.37 176.25 Td (are ) Tj ET Q q 0 0 0 rg BT 519.01 176.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 554.22 176.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.81 164.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 99.16 164.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 116.54 164.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 146.12 164.25 Td (from ) Tj ET Q q 0 0 0 rg BT 167.93 164.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 202.51 164.25 Td (in ) Tj ET Q q 0 0 0 rg BT 212.66 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.25 164.25 Td (level ) Tj ET Q q 0 0 0 rg BT 249.06 164.25 Td (and ) Tj ET Q q 0 0 0 rg BT 265.87 164.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 304.35 164.25 Td (of ) Tj ET Q q 0 0 0 rg BT 315.05 164.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 346.86 164.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 370.61 164.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 405.19 164.25 Td (in ) Tj ET Q q 0 0 0 rg BT 415.34 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.92 164.25 Td (shape ) Tj ET Q q 0 0 0 rg BT 455.07 164.25 Td (of ) Tj ET Q q 0 0 0 rg BT 465.77 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.36 164.25 Td (yield ) Tj ET Q q 0 0 0 rg BT 502.72 164.25 Td (curve, ) Tj ET Q q 0 0 0 rg BT 529.80 164.25 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.25 Td (in ) Tj ET Q q 0 0 0 rg BT 61.52 152.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 88.02 152.25 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 124.25 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.43 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.39 152.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 177.11 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 189.18 152.25 Td (prepayments ) Tj ET Q q 0 0 0 rg BT 244.02 152.25 Td (on ) Tj ET Q q 0 0 0 rg BT 257.76 152.25 Td (our ) Tj ET Q q 0 0 0 rg BT 274.83 152.25 Td (interest-earning ) Tj ET Q q 0 0 0 rg BT 341.32 152.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 368.39 152.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 413.23 152.25 Td (client ) Tj ET Q q 0 0 0 rg BT 439.18 152.25 Td (mar) Tj ET Q q 0 0 0 rg BT 454.55 152.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 471.07 152.25 Td (balances, ) Tj ET Q q 0 0 0 rg BT 511.73 152.25 Td (investments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.25 Td (inventories, ) Tj ET Q q 0 0 0 rg BT 99.77 140.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.04 140.25 Td (resale ) Tj ET Q q 0 0 0 rg BT 143.18 140.25 Td (agreements\) ) Tj ET Q q 0 0 0 rg BT 194.88 140.25 Td (and ) Tj ET Q q 0 0 0 rg BT 212.15 140.25 Td (our ) Tj ET Q q 0 0 0 rg BT 228.31 140.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 262.25 140.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 295.07 140.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 339.01 140.25 Td (client ) Tj ET Q q 0 0 0 rg BT 364.05 140.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 384.65 140.25 Td (balances, ) Tj ET Q q 0 0 0 rg BT 424.41 140.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 468.90 140.25 Td (financing, ) Tj ET Q q 0 0 0 rg BT 511.99 140.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 547.03 140.25 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 76.23 128.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 99.12 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.35 128.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 160.44 128.25 Td (agreements\), ) Tj ET Q q 0 0 0 rg BT 213.59 128.25 Td (which ) Tj ET Q q 0 0 0 rg BT 239.81 128.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 271.03 128.25 Td (these ) Tj ET Q q 0 0 0 rg BT 293.36 128.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 320.98 128.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 352.75 128.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 369.52 128.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 386.31 128.25 Td (is ) Tj ET Q q 0 0 0 rg BT 394.77 128.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 432.65 128.25 Td (by ) Tj ET Q q 0 0 0 rg BT 444.43 128.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 472.89 128.25 Td (short ) Tj ET Q q 0 0 0 rg BT 494.67 128.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 514.24 128.25 Td (government ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 93.47 116.25 Td (agency ) Tj ET Q q 0 0 0 rg BT 124.98 116.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 168.45 116.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 209.41 116.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 229.82 116.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 270.79 116.25 Td (and ) Tj ET Q q 0 0 0 rg BT 288.43 116.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 331.61 116.25 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 373.41 116.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.05 116.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 413.69 116.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.69 116.25 Td ( ) Tj ET Q q 0 0 0 rg BT 421.89 116.25 Td (of ) Tj ET Q q 0 0 0 rg BT 433.42 116.25 Td (our ) Tj ET Q q 0 0 0 rg BT 449.96 116.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 511.47 116.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.67 104.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 132.58 104.25 Td (for ) Tj ET Q q 0 0 0 rg BT 146.93 104.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 189.61 104.25 Td (information ) Tj ET Q q 0 0 0 rg BT 239.52 104.25 Td (on ) Tj ET Q q 0 0 0 rg BT 252.21 104.25 Td (our ) Tj ET Q q 0 0 0 rg BT 268.23 104.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 310.91 104.25 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 352.19 104.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 370.44 104.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 402.57 104.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 420.24 104.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 455.15 104.25 Td (strategies ) Tj ET Q q 0 0 0 rg BT 495.61 104.25 Td (may ) Tj ET Q q 0 0 0 rg BT 515.52 104.25 Td (not ) Tj ET Q q 0 0 0 rg BT 530.99 104.25 Td (work ) Tj ET Q q 0 0 0 rg BT 554.24 104.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.25 Td (all ) Tj ET Q q 0 0 0 rg BT 62.50 92.25 Td (market ) Tj ET Q q 0 0 0 rg BT 92.76 92.25 Td (environments ) Tj ET Q q 0 0 0 rg BT 149.69 92.25 Td (and ) Tj ET Q q 0 0 0 rg BT 166.63 92.25 Td (as ) Tj ET Q q 0 0 0 rg BT 177.46 92.25 Td (a ) Tj ET Q q 0 0 0 rg BT 184.40 92.25 Td (result ) Tj ET Q q 0 0 0 rg BT 209.12 92.25 Td (may ) Tj ET Q q 0 0 0 rg BT 228.83 92.25 Td (not ) Tj ET Q q 0 0 0 rg BT 244.11 92.25 Td (be ) Tj ET Q q 0 0 0 rg BT 256.05 92.25 Td (ef) Tj ET Q q 0 0 0 rg BT 263.64 92.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 293.34 92.25 Td (in ) Tj ET Q q 0 0 0 rg BT 303.62 92.25 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 347.23 92.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 379.16 92.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 396.65 92.25 Td (risk.) 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 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 endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (50) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 740.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 79.08 740.10 Td (Price ) Tj ET Q q 0 0 0 rg BT 103.71 740.10 Td (Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.90 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.88 740.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 166.52 740.10 Td (price ) Tj ET Q q 0 0 0 rg BT 189.48 740.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 207.46 740.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 250.97 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.16 740.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 304.13 740.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 322.67 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 333.42 740.10 Td (value ) Tj ET Q q 0 0 0 rg BT 358.05 740.10 Td (due ) Tj ET Q q 0 0 0 rg BT 375.47 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 386.22 740.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 419.74 740.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 454.92 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 465.67 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.87 740.10 Td (level ) Tj ET Q q 0 0 0 rg BT 503.28 740.10 Td (or ) Tj ET Q q 0 0 0 rg BT 514.58 740.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 553.67 740.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 728.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 77.23 728.10 Td (prices. ) Tj ET Q q 0 0 0 rg BT 105.69 728.10 Td (W) Tj ET Q q 0 0 0 rg BT 114.33 728.10 Td (e ) Tj ET Q q 0 0 0 rg BT 121.00 728.10 Td (are ) Tj ET Q q 0 0 0 rg BT 135.45 728.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 170.46 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.47 728.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 207.71 728.10 Td (price ) Tj ET Q q 0 0 0 rg BT 229.93 728.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 247.17 728.10 Td (through ) Tj ET Q q 0 0 0 rg BT 280.52 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 296.09 728.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 326.65 728.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 364.99 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 375.00 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.46 728.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 409.48 728.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 441.98 728.10 Td (including ) Tj ET Q q 0 0 0 rg BT 482.00 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 497.57 728.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 533.68 728.10 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 716.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 88.28 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.25 716.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 125.43 716.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 167.88 716.10 Td (which ) Tj ET Q q 0 0 0 rg BT 194.50 716.10 Td (we ) Tj ET Q q 0 0 0 rg BT 208.34 716.10 Td (initiated ) Tj ET Q q 0 0 0 rg BT 243.30 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 253.26 716.10 Td (2013. ) Tj ET Q q 0 0 0 rg BT 277.79 716.10 Td (W) Tj ET Q q 0 0 0 rg BT 286.43 716.10 Td (e ) Tj ET Q q 0 0 0 rg BT 293.05 716.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 325.23 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 335.19 716.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 364.02 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.42 716.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 395.61 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.12 716.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 423.87 716.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 458.82 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.78 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 484.30 716.10 Td (market-making ) Tj ET Q q 0 0 0 rg BT 547.57 716.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.69 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 76.93 704.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 118.16 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.40 704.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 157.31 704.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 197.98 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 210.89 704.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 261.58 704.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 287.27 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 300.18 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.31 704.10 Td (notional ) Tj ET Q q 0 0 0 rg BT 350.99 704.10 Td (level ) Tj ET Q q 0 0 0 rg BT 373.33 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.58 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 400.82 704.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 442.05 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.40 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 472.31 704.10 Td (managing ) Tj ET Q q 0 0 0 rg BT 514.65 704.10 Td (net ) Tj ET Q q 0 0 0 rg BT 529.78 704.10 Td (position ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 75.83 692.10 Td (within ) Tj ET Q q 0 0 0 rg BT 103.88 692.10 Td (those ) Tj ET Q q 0 0 0 rg BT 127.49 692.10 Td (limits.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (V) Tj ET Q q 0 0 0 rg BT 55.56 668.10 Td (alue-at-Risk ) Tj ET Q q 0 0 0 rg BT 108.62 668.10 Td (\("V) Tj ET Q q 0 0 0 rg BT 123.06 668.10 Td (aR"\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 644.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.15 644.10 Td (use ) Tj ET Q q 0 0 0 rg BT 80.55 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.84 644.10 Td (statistical ) Tj ET Q q 0 0 0 rg BT 134.68 644.10 Td (technique ) Tj ET Q q 0 0 0 rg BT 175.62 644.10 Td (known ) Tj ET Q q 0 0 0 rg BT 204.92 644.10 Td (as ) Tj ET Q q 0 0 0 rg BT 215.17 644.10 Td (V) Tj ET Q q 0 0 0 rg BT 221.28 644.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 234.46 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.31 644.10 Td (measure, ) Tj ET Q q 0 0 0 rg BT 282.20 644.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 315.94 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 332.45 644.10 Td (review ) Tj ET Q q 0 0 0 rg BT 361.72 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.01 644.10 Td (market ) Tj ET Q q 0 0 0 rg BT 405.85 644.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 422.92 644.10 Td (exposures ) Tj ET Q q 0 0 0 rg BT 464.98 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 474.83 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 490.23 644.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 520.63 644.10 Td (portfolios. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.11 632.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 69.62 632.10 Td (is ) Tj ET Q q 0 0 0 rg BT 78.69 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.31 632.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 130.70 632.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 148.67 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.85 632.10 Td (value ) Tj ET Q q 0 0 0 rg BT 182.90 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.63 632.10 Td (our ) Tj ET Q q 0 0 0 rg BT 209.37 632.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 240.09 632.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 281.11 632.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 322.95 632.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 387.56 632.10 Td (interests, ) Tj ET Q q 0 0 0 rg BT 425.79 632.10 Td (due ) Tj ET Q q 0 0 0 rg BT 442.63 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.81 632.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 485.75 632.10 Td (market ) Tj ET Q q 0 0 0 rg BT 515.91 632.10 Td (movements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (over ) Tj ET Q q 0 0 0 rg BT 70.06 620.10 Td (a ) Tj ET Q q 0 0 0 rg BT 76.78 620.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 109.06 620.10 Td (time ) Tj ET Q q 0 0 0 rg BT 129.12 620.10 Td (horizon ) Tj ET Q q 0 0 0 rg BT 161.95 620.10 Td (with ) Tj ET Q q 0 0 0 rg BT 182.02 620.10 Td (a ) Tj ET Q q 0 0 0 rg BT 188.74 620.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 227.12 620.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 273.27 620.10 Td (level. ) Tj ET Q q 0 0 0 rg BT 297.33 620.10 Td (W) Tj ET Q q 0 0 0 rg BT 305.97 620.10 Td (e ) Tj ET Q q 0 0 0 rg BT 312.69 620.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 347.19 620.10 Td (a ) Tj ET Q q 0 0 0 rg BT 353.91 620.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 376.03 620.10 Td (V) Tj ET Q q 0 0 0 rg BT 382.14 620.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 395.54 620.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 430.04 620.10 Td (on ) Tj ET Q q 0 0 0 rg BT 442.33 620.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 495.17 620.10 Td (all ) Tj ET Q q 0 0 0 rg BT 507.45 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.07 620.10 Td (our ) Tj ET Q q 0 0 0 rg BT 533.69 620.10 Td (trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 90.83 608.10 Td (including ) Tj ET Q q 0 0 0 rg BT 130.81 608.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 153.56 608.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 187.71 608.10 Td (equities, ) Tj ET Q q 0 0 0 rg BT 223.52 608.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 270.71 608.10 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 299.31 608.10 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 352.60 608.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 392.57 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.22 608.10 Td (all ) Tj ET Q q 0 0 0 rg BT 421.42 608.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 464.72 608.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 505.81 608.10 Td (hedges. ) Tj ET Q q 0 0 0 rg BT 538.12 608.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.69 596.10 Td (encompass ) Tj ET Q q 0 0 0 rg BT 135.13 596.10 Td (both ) Tj ET Q q 0 0 0 rg BT 155.48 596.10 Td (customer) Tj ET Q q 0 0 0 rg BT 191.93 596.10 Td (-related ) Tj ET Q q 0 0 0 rg BT 225.03 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.04 596.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 278.48 596.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 309.37 596.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 350.53 596.10 Td (which ) Tj ET Q q 0 0 0 rg BT 377.54 596.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 401.77 596.10 Td (on ) Tj ET Q q 0 0 0 rg BT 414.33 596.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 461.33 596.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 511.67 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 522.01 596.10 Td (municipal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.10 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 78.42 584.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 149.85 584.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 189.64 584.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.10 584.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 233.12 584.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 274.96 584.10 Td (A) Tj ET Q q 0 0 0 rg BT 281.63 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.51 584.10 Td (V) Tj ET Q q 0 0 0 rg BT 289.62 584.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 302.75 584.10 Td (model ) Tj ET Q q 0 0 0 rg BT 329.77 584.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 366.23 584.10 Td (a ) Tj ET Q q 0 0 0 rg BT 372.70 584.10 Td (common ) Tj ET Q q 0 0 0 rg BT 409.71 584.10 Td (metric ) Tj ET Q q 0 0 0 rg BT 437.28 584.10 Td (for ) Tj ET Q q 0 0 0 rg BT 450.96 584.10 Td (assessing ) Tj ET Q q 0 0 0 rg BT 490.21 584.10 Td (market ) Tj ET Q q 0 0 0 rg BT 520.00 584.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 537.02 584.10 Td (across ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (business ) Tj ET Q q 0 0 0 rg BT 86.65 572.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 108.29 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.48 572.10 Td (products. ) Tj ET Q q 0 0 0 rg BT 165.18 572.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 202.37 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 212.71 572.10 Td (V) Tj ET Q q 0 0 0 rg BT 218.82 572.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 232.68 572.10 Td (between ) Tj ET Q q 0 0 0 rg BT 268.75 572.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 308.16 572.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 340.36 572.10 Td (are ) Tj ET Q q 0 0 0 rg BT 355.32 572.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 395.28 572.10 Td (due ) Tj ET Q q 0 0 0 rg BT 412.47 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.00 572.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 457.97 572.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.50 572.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 494.58 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.67 572.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 523.42 572.10 Td (exposure, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.10 Td (volatilities ) Tj ET Q q 0 0 0 rg BT 94.72 560.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 122.76 560.10 Td (correlations ) Tj ET Q q 0 0 0 rg BT 172.47 560.10 Td (among ) Tj ET Q q 0 0 0 rg BT 202.18 560.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 224.12 560.10 Td (classes ) Tj ET Q q 0 0 0 rg BT 254.39 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.33 560.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 314.38 560.10 Td (securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 536.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.46 536.10 Td (use ) Tj ET Q q 0 0 0 rg BT 83.17 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 90.99 536.10 Td (Monte ) Tj ET Q q 0 0 0 rg BT 120.48 536.10 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 146.08 536.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 191.69 536.10 Td (methodology ) Tj ET Q q 0 0 0 rg BT 247.84 536.10 Td (for ) Tj ET Q q 0 0 0 rg BT 262.64 536.10 Td (V) Tj ET Q q 0 0 0 rg BT 268.76 536.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 283.25 536.10 Td (calculations. ) Tj ET Q q 0 0 0 rg BT 336.64 536.10 Td (W) Tj ET Q q 0 0 0 rg BT 345.28 536.10 Td (e ) Tj ET Q q 0 0 0 rg BT 353.10 536.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 385.36 536.10 Td (this ) Tj ET Q q 0 0 0 rg BT 403.19 536.10 Td (methodology ) Tj ET Q q 0 0 0 rg BT 459.35 536.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 496.92 536.10 Td (V) Tj ET Q q 0 0 0 rg BT 503.04 536.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 517.53 536.10 Td (results ) Tj ET Q q 0 0 0 rg BT 547.02 536.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (properly ) Tj ET Q q 0 0 0 rg BT 85.30 524.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 112.25 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.89 524.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 142.32 524.10 Td (profile ) Tj ET Q q 0 0 0 rg BT 170.39 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.15 524.10 Td (all ) Tj ET Q q 0 0 0 rg BT 191.56 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.32 524.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 256.90 524.10 Td (including ) Tj ET Q q 0 0 0 rg BT 296.10 524.10 Td (those ) Tj ET Q q 0 0 0 rg BT 318.63 524.10 Td (that ) Tj ET Q q 0 0 0 rg BT 335.05 524.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 365.90 524.10 Td (optionality) Tj ET Q q 0 0 0 rg BT 408.58 524.10 Td (, ) Tj ET Q q 0 0 0 rg BT 412.51 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.37 524.10 Td (also ) Tj ET Q q 0 0 0 rg BT 445.90 524.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 488.40 524.10 Td (models ) Tj ET Q q 0 0 0 rg BT 518.71 524.10 Td (correlation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (movements ) Tj ET Q q 0 0 0 rg BT 98.08 512.10 Td (among ) Tj ET Q q 0 0 0 rg BT 127.28 512.10 Td (all ) Tj ET Q q 0 0 0 rg BT 139.26 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.57 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 164.88 512.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 186.29 512.10 Td (classes. ) Tj ET Q q 0 0 0 rg BT 218.54 512.10 Td (In ) Tj ET Q q 0 0 0 rg BT 228.85 512.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 266.11 512.10 Td (it ) Tj ET Q q 0 0 0 rg BT 273.64 512.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 310.06 512.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 350.37 512.10 Td (tail ) Tj ET Q q 0 0 0 rg BT 365.12 512.10 Td (results ) Tj ET Q q 0 0 0 rg BT 393.21 512.10 Td (as ) Tj ET Q q 0 0 0 rg BT 403.52 512.10 Td (there ) Tj ET Q q 0 0 0 rg BT 425.48 512.10 Td (are ) Tj ET Q q 0 0 0 rg BT 439.67 512.10 Td (no ) Tj ET Q q 0 0 0 rg BT 451.65 512.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 503.08 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.39 512.10 Td (distribution, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 500.10 Td (can ) Tj ET Q q 0 0 0 rg BT 83.32 500.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 116.36 500.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 158.85 500.10 Td (insight ) Tj ET Q q 0 0 0 rg BT 188.58 500.10 Td (for ) Tj ET Q q 0 0 0 rg BT 202.74 500.10 Td (scenario ) Tj ET Q q 0 0 0 rg BT 238.55 500.10 Td (shock ) Tj ET Q q 0 0 0 rg BT 264.38 500.10 Td (analysis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.10 Td (Model-based ) Tj ET Q q 0 0 0 rg BT 104.47 476.10 Td (V) Tj ET Q q 0 0 0 rg BT 110.58 476.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 124.13 476.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 156.55 476.10 Td (from ) Tj ET Q q 0 0 0 rg BT 178.42 476.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 223.08 476.10 Td (has ) Tj ET Q q 0 0 0 rg BT 238.85 476.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 274.05 476.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 319.26 476.10 Td (including: ) Tj ET Q q 0 0 0 rg BT 362.25 476.10 Td (reliance ) Tj ET Q q 0 0 0 rg BT 396.33 476.10 Td (on ) Tj ET Q q 0 0 0 rg BT 408.76 476.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 448.41 476.10 Td (data ) Tj ET Q q 0 0 0 rg BT 467.50 476.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.72 476.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 507.92 476.10 Td (future ) Tj ET Q q 0 0 0 rg BT 534.23 476.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.10 Td (risk; ) Tj ET Q q 0 0 0 rg BT 70.06 464.10 Td (V) Tj ET Q q 0 0 0 rg BT 76.18 464.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 89.75 464.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 132.74 464.10 Td (using ) Tj ET Q q 0 0 0 rg BT 156.88 464.10 Td (a ) Tj ET Q q 0 0 0 rg BT 163.78 464.10 Td (one-day ) Tj ET Q q 0 0 0 rg BT 198.45 464.10 Td (time ) Tj ET Q q 0 0 0 rg BT 218.69 464.10 Td (horizon ) Tj ET Q q 0 0 0 rg BT 251.70 464.10 Td (does ) Tj ET Q q 0 0 0 rg BT 272.50 464.10 Td (not ) Tj ET Q q 0 0 0 rg BT 287.74 464.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 309.09 464.10 Td (capture ) Tj ET Q q 0 0 0 rg BT 340.98 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.66 464.10 Td (market ) Tj ET Q q 0 0 0 rg BT 385.89 464.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 403.36 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.15 464.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 452.73 464.10 Td (that ) Tj ET Q q 0 0 0 rg BT 470.19 464.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 499.31 464.10 Td (be ) Tj ET Q q 0 0 0 rg BT 511.22 464.10 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 553.67 464.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 452.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 75.56 452.10 Td (with ) Tj ET Q q 0 0 0 rg BT 96.30 452.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 127.04 452.10 Td (within ) Tj ET Q q 0 0 0 rg BT 155.57 452.10 Td (one ) Tj ET Q q 0 0 0 rg BT 172.97 452.10 Td (day; ) Tj ET Q q 0 0 0 rg BT 193.16 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 210.57 452.10 Td (published ) Tj ET Q q 0 0 0 rg BT 252.21 452.10 Td (V) Tj ET Q q 0 0 0 rg BT 258.32 452.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 272.40 452.10 Td (results ) Tj ET Q q 0 0 0 rg BT 301.48 452.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 329.98 452.10 Td (past ) Tj ET Q q 0 0 0 rg BT 349.05 452.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 380.35 452.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 419.43 452.10 Td (while ) Tj ET Q q 0 0 0 rg BT 444.62 452.10 Td (future ) Tj ET Q q 0 0 0 rg BT 471.47 452.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 489.43 452.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 525.17 452.10 Td (on ) Tj ET Q q 0 0 0 rg BT 538.14 452.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (positions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.27 416.10 Td (modeling ) Tj ET Q q 0 0 0 rg BT 108.76 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.82 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.76 416.10 Td (market ) Tj ET Q q 0 0 0 rg BT 165.24 416.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 182.96 416.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 242.87 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.93 416.10 Td (our ) Tj ET Q q 0 0 0 rg BT 269.98 416.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 301.03 416.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 339.87 416.10 Td (involves ) Tj ET Q q 0 0 0 rg BT 376.47 416.10 Td (a ) Tj ET Q q 0 0 0 rg BT 383.64 416.10 Td (number ) Tj ET Q q 0 0 0 rg BT 416.90 416.10 Td (of ) Tj ET Q q 0 0 0 rg BT 427.96 416.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 480.13 416.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.29 416.10 Td (approximations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.10 Td (While ) Tj ET Q q 0 0 0 rg BT 77.67 404.10 Td (we ) Tj ET Q q 0 0 0 rg BT 92.58 404.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 124.69 404.10 Td (that ) Tj ET Q q 0 0 0 rg BT 142.93 404.10 Td (these ) Tj ET Q q 0 0 0 rg BT 166.71 404.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 219.40 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.08 404.10 Td (approximations ) Tj ET Q q 0 0 0 rg BT 302.54 404.10 Td (are ) Tj ET Q q 0 0 0 rg BT 317.98 404.10 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 366.48 404.10 Td (dif) Tj ET Q q 0 0 0 rg BT 377.41 404.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 403.96 404.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 456.65 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.33 404.10 Td (approximations ) Tj ET Q q 0 0 0 rg BT 539.79 404.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 84.11 392.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 126.54 392.10 Td (dif) Tj ET Q q 0 0 0 rg BT 137.47 392.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 162.55 392.10 Td (V) Tj ET Q q 0 0 0 rg BT 168.66 392.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 181.67 392.10 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 223.14 392.10 Td (When ) Tj ET Q q 0 0 0 rg BT 248.91 392.10 Td (comparing ) Tj ET Q q 0 0 0 rg BT 293.58 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 308.67 392.10 Td (V) Tj ET Q q 0 0 0 rg BT 314.78 392.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 327.79 392.10 Td (numbers ) Tj ET Q q 0 0 0 rg BT 364.12 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.80 392.10 Td (those ) Tj ET Q q 0 0 0 rg BT 396.81 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.04 392.10 Td (other ) Tj ET Q q 0 0 0 rg BT 429.48 392.10 Td (firms, ) Tj ET Q q 0 0 0 rg BT 454.99 392.10 Td (it ) Tj ET Q q 0 0 0 rg BT 462.44 392.10 Td (is ) Tj ET Q q 0 0 0 rg BT 471.01 392.10 Td (important ) Tj ET Q q 0 0 0 rg BT 511.79 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 521.47 392.10 Td (remember ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.50 380.10 Td (dif) Tj ET Q q 0 0 0 rg BT 78.42 380.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 104.24 380.10 Td (methodologies, ) Tj ET Q q 0 0 0 rg BT 168.12 380.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 220.07 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.01 380.10 Td (approximations ) Tj ET Q q 0 0 0 rg BT 301.72 380.10 Td (could ) Tj ET Q q 0 0 0 rg BT 326.44 380.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 361.14 380.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 413.63 380.10 Td (dif) Tj ET Q q 0 0 0 rg BT 424.56 380.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 450.38 380.10 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.51 356.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.36 356.10 Td (table ) Tj ET Q q 0 0 0 rg BT 129.76 356.10 Td (quantifies ) Tj ET Q q 0 0 0 rg BT 171.16 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.34 356.10 Td (model-based ) Tj ET Q q 0 0 0 rg BT 238.26 356.10 Td (V) Tj ET Q q 0 0 0 rg BT 244.37 356.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 257.44 356.10 Td (simulated ) Tj ET Q q 0 0 0 rg BT 298.29 356.10 Td (for ) Tj ET Q q 0 0 0 rg BT 311.91 356.10 Td (each ) Tj ET Q q 0 0 0 rg BT 332.19 356.10 Td (component ) Tj ET Q q 0 0 0 rg BT 378.59 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.88 356.10 Td (market ) Tj ET Q q 0 0 0 rg BT 418.61 356.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 435.58 356.10 Td (for ) Tj ET Q q 0 0 0 rg BT 449.20 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.38 356.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 494.79 356.10 Td (presented, ) Tj ET Q q 0 0 0 rg BT 537.56 356.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.89 344.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 107.00 344.10 Td (using ) Tj ET Q q 0 0 0 rg BT 131.35 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.25 344.10 Td (past ) Tj ET Q q 0 0 0 rg BT 165.04 344.10 Td (250 ) Tj ET Q q 0 0 0 rg BT 182.72 344.10 Td (days ) Tj ET Q q 0 0 0 rg BT 203.73 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.74 344.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 254.63 344.10 Td (data. ) Tj ET Q q 0 0 0 rg BT 276.28 344.10 Td (When ) Tj ET Q q 0 0 0 rg BT 302.83 344.10 Td (calculating ) Tj ET Q q 0 0 0 rg BT 349.19 344.10 Td (V) Tj ET Q q 0 0 0 rg BT 355.30 344.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 369.09 344.10 Td (we ) Tj ET Q q 0 0 0 rg BT 383.43 344.10 Td (use ) Tj ET Q q 0 0 0 rg BT 399.44 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 406.56 344.10 Td (95 ) Tj ET Q q 0 0 0 rg BT 419.24 344.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 451.35 344.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 497.89 344.10 Td (level ) Tj ET Q q 0 0 0 rg BT 520.00 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 537.12 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 544.24 344.10 Td (one-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (day ) Tj ET Q q 0 0 0 rg BT 66.31 332.10 Td (time ) Tj ET Q q 0 0 0 rg BT 85.95 332.10 Td (horizon. ) Tj ET Q q 0 0 0 rg BT 120.73 332.10 Td (This ) Tj ET Q q 0 0 0 rg BT 140.37 332.10 Td (means ) Tj ET Q q 0 0 0 rg BT 167.79 332.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 187.15 332.10 Td (over ) Tj ET Q q 0 0 0 rg BT 206.79 332.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 228.93 332.10 Td (there ) Tj ET Q q 0 0 0 rg BT 250.78 332.10 Td (is ) Tj ET Q q 0 0 0 rg BT 259.32 332.10 Td (a ) Tj ET Q q 0 0 0 rg BT 265.62 332.10 Td (one ) Tj ET Q q 0 0 0 rg BT 281.93 332.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.58 332.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 303.44 332.10 Td (chance ) Tj ET Q q 0 0 0 rg BT 333.07 332.10 Td (that ) Tj ET Q q 0 0 0 rg BT 349.93 332.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 371.79 332.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 401.98 332.10 Td (net ) Tj ET Q q 0 0 0 rg BT 416.07 332.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 453.47 332.10 Td (will ) Tj ET Q q 0 0 0 rg BT 470.90 332.10 Td (fall ) Tj ET Q q 0 0 0 rg BT 486.09 332.10 Td (below ) Tj ET Q q 0 0 0 rg BT 512.40 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.48 332.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 72.42 320.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 103.17 320.10 Td (net ) Tj ET Q q 0 0 0 rg BT 117.81 320.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 155.77 320.10 Td (by ) Tj ET Q q 0 0 0 rg BT 168.20 320.10 Td (an ) Tj ET Q q 0 0 0 rg BT 180.06 320.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 212.48 320.10 Td (at ) Tj ET Q q 0 0 0 rg BT 222.12 320.10 Td (least ) Tj ET Q q 0 0 0 rg BT 242.87 320.10 Td (as ) Tj ET Q q 0 0 0 rg BT 253.62 320.10 Td (lar) Tj ET Q q 0 0 0 rg BT 263.99 320.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 275.85 320.10 Td (as ) Tj ET Q q 0 0 0 rg BT 286.61 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.25 320.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 336.81 320.10 Td (V) Tj ET Q q 0 0 0 rg BT 342.93 320.10 Td (aR. ) Tj ET Q q 0 0 0 rg BT 358.96 320.10 Td (Shortfalls ) Tj ET Q q 0 0 0 rg BT 400.27 320.10 Td (on ) Tj ET Q q 0 0 0 rg BT 412.69 320.10 Td (a ) Tj ET Q q 0 0 0 rg BT 419.56 320.10 Td (single ) Tj ET Q q 0 0 0 rg BT 445.87 320.10 Td (day ) Tj ET Q q 0 0 0 rg BT 462.73 320.10 Td (can ) Tj ET Q q 0 0 0 rg BT 479.03 320.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 509.21 320.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 544.77 320.10 Td (V) Tj ET Q q 0 0 0 rg BT 550.89 320.10 Td (aR ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.32 308.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 106.85 308.10 Td (amounts. ) Tj ET Q q 0 0 0 rg BT 145.56 308.10 Td (Shortfalls ) Tj ET Q q 0 0 0 rg BT 186.77 308.10 Td (can ) Tj ET Q q 0 0 0 rg BT 202.97 308.10 Td (also ) Tj ET Q q 0 0 0 rg BT 221.40 308.10 Td (accumulate ) Tj ET Q q 0 0 0 rg BT 269.24 308.10 Td (over ) Tj ET Q q 0 0 0 rg BT 289.33 308.10 Td (a ) Tj ET Q q 0 0 0 rg BT 296.09 308.10 Td (longer ) Tj ET Q q 0 0 0 rg BT 323.96 308.10 Td (time ) Tj ET Q q 0 0 0 rg BT 344.05 308.10 Td (horizon, ) Tj ET Q q 0 0 0 rg BT 379.42 308.10 Td (such ) Tj ET Q q 0 0 0 rg BT 400.07 308.10 Td (as ) Tj ET Q q 0 0 0 rg BT 410.72 308.10 Td (a ) Tj ET Q q 0 0 0 rg BT 417.48 308.10 Td (number ) Tj ET Q q 0 0 0 rg BT 450.35 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.00 308.10 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 510.52 308.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 541.17 308.10 Td (days. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 94.12 296.10 Td (there ) Tj ET Q q 0 0 0 rg BT 116.31 296.10 Td (can ) Tj ET Q q 0 0 0 rg BT 132.40 296.10 Td (be ) Tj ET Q q 0 0 0 rg BT 144.04 296.10 Td (no ) Tj ET Q q 0 0 0 rg BT 156.25 296.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 197.32 296.10 Td (that ) Tj ET Q q 0 0 0 rg BT 214.53 296.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 240.61 296.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 266.70 296.10 Td (occurring ) Tj ET Q q 0 0 0 rg BT 307.23 296.10 Td (on ) Tj ET Q q 0 0 0 rg BT 319.43 296.10 Td (any ) Tj ET Q q 0 0 0 rg BT 336.08 296.10 Td (given ) Tj ET Q q 0 0 0 rg BT 360.50 296.10 Td (day ) Tj ET Q q 0 0 0 rg BT 377.15 296.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 406.57 296.10 Td (from ) Tj ET Q q 0 0 0 rg BT 428.22 296.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 462.63 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 472.62 296.10 Td (market ) Tj ET Q q 0 0 0 rg BT 502.59 296.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 546.46 296.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (not ) Tj ET Q q 0 0 0 rg BT 65.28 284.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 95.53 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.07 284.10 Td (V) Tj ET Q q 0 0 0 rg BT 116.18 284.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 129.79 284.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 166.18 284.10 Td (shown ) Tj ET Q q 0 0 0 rg BT 194.79 284.10 Td (below ) Tj ET Q q 0 0 0 rg BT 221.73 284.10 Td (or ) Tj ET Q q 0 0 0 rg BT 232.56 284.10 Td (that ) Tj ET Q q 0 0 0 rg BT 250.05 284.10 Td (such ) Tj ET Q q 0 0 0 rg BT 270.88 284.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 297.28 284.10 Td (will ) Tj ET Q q 0 0 0 rg BT 315.33 284.10 Td (not ) Tj ET Q q 0 0 0 rg BT 330.61 284.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 355.32 284.10 Td (more ) Tj ET Q q 0 0 0 rg BT 378.36 284.10 Td (than ) Tj ET Q q 0 0 0 rg BT 398.08 284.10 Td (once ) Tj ET Q q 0 0 0 rg BT 419.46 284.10 Td (in ) Tj ET Q q 0 0 0 rg BT 429.74 284.10 Td (a ) Tj ET Q q 0 0 0 rg BT 436.67 284.10 Td (20-day ) Tj ET Q q 0 0 0 rg BT 466.94 284.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 497.77 284.10 Td (period.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 249.60 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 249.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 249.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 249.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 225.60 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 225.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 225.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 225.60 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 413.5 249.60000000000002 m 483.5 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 249.60000000000002 m 561.5 249.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 213.60000000000002 m 483.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 213.60000000000002 m 561.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 213.60000000000002 m 483.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 202.60000000000002 m 483.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 200.60000000000002 m 483.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 213.60000000000002 m 561.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 202.60000000000002 m 561.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 200.60000000000002 m 561.5 200.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.90 264.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.90 264.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 253.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 252.33 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 252.33 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 240.22 Td (Interest Rate Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.00 240.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 240.33 Td (740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 240.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 240.22 Td (1,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 228.22 Td (Equity Price Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 228.33 Td (235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 228.22 Td (788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 216.22 Td (Diversification Effect \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.30 216.38 Td (\(129) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 216.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 216.22 Td (\(765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 216.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 204.22 Td (Total Value-at-Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.00 204.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 204.33 Td (846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 204.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 204.22 Td (1,816) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 189.50 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 189.50 Td (Equals ) Tj ET Q q 0 0 0 rg BT 92.40 189.50 Td (the ) Tj ET Q q 0 0 0 rg BT 104.36 189.50 Td (differ) Tj ET Q q 0 0 0 rg BT 121.39 189.50 Td (ence ) Tj ET Q q 0 0 0 rg BT 138.22 189.50 Td (between ) Tj ET Q q 0 0 0 rg BT 166.61 189.50 Td (total ) Tj ET Q q 0 0 0 rg BT 183.46 189.50 Td (V) Tj ET Q q 0 0 0 rg BT 187.46 189.50 Td (aR ) Tj ET Q q 0 0 0 rg BT 198.53 189.50 Td (and ) Tj ET Q q 0 0 0 rg BT 212.71 189.50 Td (the ) Tj ET Q q 0 0 0 rg BT 224.66 189.50 Td (sum ) Tj ET Q q 0 0 0 rg BT 239.73 189.50 Td (of ) Tj ET Q q 0 0 0 rg BT 248.13 189.50 Td (the ) Tj ET Q q 0 0 0 rg BT 260.09 189.50 Td (V) Tj ET Q q 0 0 0 rg BT 264.09 189.50 Td (aRs ) Tj ET Q q 0 0 0 rg BT 278.27 189.50 Td (for ) Tj ET Q q 0 0 0 rg BT 289.78 189.50 Td (the ) Tj ET Q q 0 0 0 rg BT 301.73 189.50 Td (two ) Tj ET Q q 0 0 0 rg BT 315.47 189.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 329.65 189.50 Td (categories. ) Tj ET Q q 0 0 0 rg BT 367.16 189.50 Td (This ) Tj ET Q q 0 0 0 rg BT 383.12 189.50 Td (effect ) Tj ET Q q 0 0 0 rg BT 402.62 189.50 Td (arises ) Tj ET Q q 0 0 0 rg BT 423.91 189.50 Td (because ) Tj ET Q q 0 0 0 rg BT 451.86 189.50 Td (the ) Tj ET Q q 0 0 0 rg BT 463.81 189.50 Td (two ) Tj ET Q q 0 0 0 rg BT 477.55 189.50 Td (market ) Tj ET Q q 0 0 0 rg BT 501.95 189.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 516.13 189.50 Td (categories ) Tj ET Q q 0 0 0 rg BT 551.63 189.50 Td (ar) Tj ET Q q 0 0 0 rg BT 558.45 189.50 Td (e ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 179.90 Td (not ) Tj ET Q q 0 0 0 rg BT 80.22 179.90 Td (perfectly ) Tj ET Q q 0 0 0 rg BT 110.21 179.90 Td (corr) Tj ET Q q 0 0 0 rg BT 123.69 179.90 Td (elated.) 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 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 endstream endobj 103 0 obj <>] /Rotate 0 /Contents 104 0 R>> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 740.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.47 740.10 Td (view ) Tj ET Q q 0 0 0 rg BT 87.30 740.10 Td (average ) Tj ET Q q 0 0 0 rg BT 120.61 740.10 Td (V) Tj ET Q q 0 0 0 rg BT 126.72 740.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 140.23 740.10 Td (over ) Tj ET Q q 0 0 0 rg BT 160.39 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 167.22 740.10 Td (period ) Tj ET Q q 0 0 0 rg BT 195.17 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.89 740.10 Td (time ) Tj ET Q q 0 0 0 rg BT 226.06 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 236.79 740.10 Td (more ) Tj ET Q q 0 0 0 rg BT 259.73 740.10 Td (representative ) Tj ET Q q 0 0 0 rg BT 318.20 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.93 740.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 355.76 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 365.93 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.54 740.10 Td (business ) Tj ET Q q 0 0 0 rg BT 416.83 740.10 Td (than ) Tj ET Q q 0 0 0 rg BT 436.27 740.10 Td (V) Tj ET Q q 0 0 0 rg BT 442.38 740.10 Td (aR ) Tj ET Q q 0 0 0 rg BT 455.89 740.10 Td (at ) Tj ET Q q 0 0 0 rg BT 465.50 740.10 Td (any ) Tj ET Q q 0 0 0 rg BT 482.33 740.10 Td (single ) Tj ET Q q 0 0 0 rg BT 508.61 740.10 Td (point ) Tj ET Q q 0 0 0 rg BT 531.57 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 541.74 740.10 Td (time. ) 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 67.96 728.10 Td (table ) Tj ET Q q 0 0 0 rg BT 89.80 728.10 Td (below ) Tj ET Q q 0 0 0 rg BT 116.65 728.10 Td (illustrates ) Tj ET Q q 0 0 0 rg BT 157.95 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.57 728.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 194.98 728.10 Td (high, ) Tj ET Q q 0 0 0 rg BT 217.67 728.10 Td (low ) Tj ET Q q 0 0 0 rg BT 235.08 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.93 728.10 Td (average ) Tj ET Q q 0 0 0 rg BT 285.42 728.10 Td (value-at-risk ) Tj ET Q q 0 0 0 rg BT 338.37 728.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 381.31 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 395.38 728.10 Td (each ) Tj ET Q q 0 0 0 rg BT 416.10 728.10 Td (component ) Tj ET Q q 0 0 0 rg BT 462.95 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 473.69 728.10 Td (market ) Tj ET Q q 0 0 0 rg BT 503.87 728.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 521.28 728.10 Td (during ) Tj ET Q q 0 0 0 rg BT 549.80 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 564.51 728.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 716.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.10 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 73.60 716.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.98 716.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 158.56 716.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.56 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.06 716.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 716.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.00 716.10 Td (, ) Tj ET Q q 0 0 0 rg BT 223.00 716.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 270.66 716.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 681.60 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 681.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 681.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 681.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 681.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 681.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 657.60 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 657.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 657.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 657.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 657.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 657.60 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 336.5 693.6 m 406.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 693.6 m 484.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 693.6 m 562.5 693.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 697.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.40 696.33 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.55 696.33 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.60 696.33 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 684.33 Td (For the Year Ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 672.22 Td (Interest Rate Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 672.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 672.22 Td (1,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 672.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 672.22 Td (291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 672.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 672.22 Td (797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 660.22 Td (Equity Price Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 660.22 Td (920) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 660.22 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 660.22 Td (265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 648.22 Td (Diversification Effect \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 648.22 Td (\(232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 648.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 636.22 Td (Total Value-at-Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 636.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 636.22 Td (1,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 636.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 636.22 Td (302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 636.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 636.22 Td (830) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 599.60 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 599.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 599.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 599.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 599.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 599.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 575.60 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 575.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 575.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 575.60 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 575.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 575.60 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 336.5 611.6 m 406.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 611.6 m 484.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 611.6 m 562.5 611.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 615.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.40 614.33 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.55 614.33 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.60 614.33 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 602.33 Td (For the Year Ended December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 590.22 Td (Interest Rate Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 590.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 590.22 Td (2,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 590.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 590.22 Td (578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 590.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 590.22 Td (1,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 578.22 Td (Equity Price Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 578.22 Td (2,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 578.22 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 578.22 Td (1,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 566.22 Td (Diversification Effect \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 566.22 Td (\(944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 566.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 554.22 Td (Total Value-at-Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 554.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 554.22 Td (2,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 554.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 554.22 Td (865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 554.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 554.22 Td (1,868) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 539.50 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 539.50 Td (Equals ) Tj ET Q q 0 0 0 rg BT 92.40 539.50 Td (the ) Tj ET Q q 0 0 0 rg BT 104.36 539.50 Td (differ) Tj ET Q q 0 0 0 rg BT 121.39 539.50 Td (ence ) Tj ET Q q 0 0 0 rg BT 138.22 539.50 Td (between ) Tj ET Q q 0 0 0 rg BT 166.61 539.50 Td (total ) Tj ET Q q 0 0 0 rg BT 183.46 539.50 Td (V) Tj ET Q q 0 0 0 rg BT 187.46 539.50 Td (aR ) Tj ET Q q 0 0 0 rg BT 198.53 539.50 Td (and ) Tj ET Q q 0 0 0 rg BT 212.71 539.50 Td (the ) Tj ET Q q 0 0 0 rg BT 224.66 539.50 Td (sum ) Tj ET Q q 0 0 0 rg BT 239.73 539.50 Td (of ) Tj ET Q q 0 0 0 rg BT 248.13 539.50 Td (the ) Tj ET Q q 0 0 0 rg BT 260.09 539.50 Td (V) Tj ET Q q 0 0 0 rg BT 264.09 539.50 Td (aRs ) Tj ET Q q 0 0 0 rg BT 278.27 539.50 Td (for ) Tj ET Q q 0 0 0 rg BT 289.78 539.50 Td (the ) Tj ET Q q 0 0 0 rg BT 301.73 539.50 Td (two ) Tj ET Q q 0 0 0 rg BT 315.47 539.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 329.65 539.50 Td (categories. ) Tj ET Q q 0 0 0 rg BT 367.16 539.50 Td (This ) Tj ET Q q 0 0 0 rg BT 383.12 539.50 Td (effect ) Tj ET Q q 0 0 0 rg BT 402.62 539.50 Td (arises ) Tj ET Q q 0 0 0 rg BT 423.91 539.50 Td (because ) Tj ET Q q 0 0 0 rg BT 451.86 539.50 Td (the ) Tj ET Q q 0 0 0 rg BT 463.81 539.50 Td (two ) Tj ET Q q 0 0 0 rg BT 477.55 539.50 Td (market ) Tj ET Q q 0 0 0 rg BT 501.95 539.50 Td (risk ) Tj ET Q q 0 0 0 rg BT 516.13 539.50 Td (categories ) Tj ET Q q 0 0 0 rg BT 551.63 539.50 Td (ar) Tj ET Q q 0 0 0 rg BT 558.45 539.50 Td (e ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 529.90 Td (not ) Tj ET Q q 0 0 0 rg BT 80.90 529.90 Td (perfectly ) Tj ET Q q 0 0 0 rg BT 111.57 529.90 Td (corr) Tj ET Q q 0 0 0 rg BT 125.05 529.90 Td (elated. ) Tj ET Q q 0 0 0 rg BT 149.27 529.90 Td (Because ) Tj ET Q q 0 0 0 rg BT 178.61 529.90 Td (high ) Tj ET Q q 0 0 0 rg BT 195.51 529.90 Td (and ) Tj ET Q q 0 0 0 rg BT 210.19 529.90 Td (low ) Tj ET Q q 0 0 0 rg BT 224.43 529.90 Td (V) Tj ET Q q 0 0 0 rg BT 228.43 529.90 Td (aR ) Tj ET Q q 0 0 0 rg BT 239.99 529.90 Td (numbers ) Tj ET Q q 0 0 0 rg BT 270.23 529.90 Td (for ) Tj ET Q q 0 0 0 rg BT 282.24 529.90 Td (these ) Tj ET Q q 0 0 0 rg BT 301.36 529.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 316.04 529.90 Td (categories ) Tj ET Q q 0 0 0 rg BT 352.04 529.90 Td (may ) Tj ET Q q 0 0 0 rg BT 368.05 529.90 Td (have ) Tj ET Q q 0 0 0 rg BT 385.83 529.90 Td (occurr) Tj ET Q q 0 0 0 rg BT 406.86 529.90 Td (ed ) Tj ET Q q 0 0 0 rg BT 417.09 529.90 Td (on ) Tj ET Q q 0 0 0 rg BT 427.77 529.90 Td (differ) Tj ET Q q 0 0 0 rg BT 444.81 529.90 Td (ent ) Tj ET Q q 0 0 0 rg BT 457.26 529.90 Td (days, ) Tj ET Q q 0 0 0 rg BT 476.61 529.90 Td (high ) Tj ET Q q 0 0 0 rg BT 493.51 529.90 Td (and ) Tj ET Q q 0 0 0 rg BT 508.19 529.90 Td (low ) Tj ET Q q 0 0 0 rg BT 522.43 529.90 Td (numbers ) Tj ET Q q 0 0 0 rg BT 552.66 529.90 Td (for ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 520.30 Td (diversification ) Tj ET Q q 0 0 0 rg BT 116.21 520.30 Td (benefit ) Tj ET Q q 0 0 0 rg BT 139.98 520.30 Td (would ) Tj ET Q q 0 0 0 rg BT 161.54 520.30 Td (not ) Tj ET Q q 0 0 0 rg BT 173.77 520.30 Td (be ) Tj ET Q q 0 0 0 rg BT 183.32 520.30 Td (meaningful.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.30 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 496.30 Td (rading ) Tj ET Q q 0 0 0 rg BT 83.80 496.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 110.20 496.30 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 149.89 496.30 Td (our ) Tj ET Q q 0 0 0 rg BT 165.72 496.30 Td (one-day ) Tj ET Q q 0 0 0 rg BT 200.24 496.30 Td (V) Tj ET Q q 0 0 0 rg BT 206.36 496.30 Td (aR ) Tj ET Q q 0 0 0 rg BT 219.97 496.30 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.47 496.30 Td (eight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.46 496.30 Td ( ) Tj ET Q q 0 0 0 rg BT 254.96 496.30 Td (occasions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.34 496.30 Td (during) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.45 496.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.95 496.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.95 496.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.30 Td (The ) Tj ET Q q 0 0 0 rg BT 67.71 472.30 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 108.57 472.30 Td (V) Tj ET Q q 0 0 0 rg BT 114.68 472.30 Td (aR ) Tj ET Q q 0 0 0 rg BT 127.95 472.30 Td (as ) Tj ET Q q 0 0 0 rg BT 138.44 472.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.93 472.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 207.17 472.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.17 472.30 Td ( ) Tj ET Q q 0 0 0 rg BT 229.33 472.30 Td (was ) Tj ET Q q 0 0 0 rg BT 247.04 472.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 271.96 472.30 Td (than ) Tj ET Q q 0 0 0 rg BT 291.34 472.30 Td (the ) Tj ET Q q 0 0 0 rg BT 305.71 472.30 Td (reported ) Tj ET Q q 0 0 0 rg BT 341.03 472.30 Td (V) Tj ET Q q 0 0 0 rg BT 347.14 472.30 Td (aR ) Tj ET Q q 0 0 0 rg BT 360.41 472.30 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.57 472.30 Td (December31, ) Tj ET Q q 0 0 0 rg BT 430.81 472.30 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.81 472.30 Td (. ) Tj ET Q q 0 0 0 rg BT 455.31 472.30 Td (The ) Tj ET Q q 0 0 0 rg BT 473.02 472.30 Td (decrease ) Tj ET Q q 0 0 0 rg BT 509.59 472.30 Td (in ) Tj ET Q q 0 0 0 rg BT 519.37 472.30 Td (V) Tj ET Q q 0 0 0 rg BT 525.49 472.30 Td (aR ) Tj ET Q q 0 0 0 rg BT 538.75 472.30 Td (is ) Tj ET Q q 0 0 0 rg BT 547.58 472.30 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.30 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 460.30 Td (lower ) Tj ET Q q 0 0 0 rg BT 85.55 460.30 Td (volatility ) Tj ET Q q 0 0 0 rg BT 124.16 460.30 Td (during ) Tj ET Q q 0 0 0 rg BT 152.76 460.30 Td (the ) Tj ET Q q 0 0 0 rg BT 167.48 460.30 Td (measurement ) Tj ET Q q 0 0 0 rg BT 223.29 460.30 Td (period ) Tj ET Q q 0 0 0 rg BT 251.34 460.30 Td (and ) Tj ET Q q 0 0 0 rg BT 268.28 460.30 Td (increased ) Tj ET Q q 0 0 0 rg BT 308.53 460.30 Td (hedging ) Tj ET Q q 0 0 0 rg BT 343.25 460.30 Td (of ) Tj ET Q q 0 0 0 rg BT 354.08 460.30 Td (our ) Tj ET Q q 0 0 0 rg BT 369.91 460.30 Td (fixed ) Tj ET Q q 0 0 0 rg BT 392.95 460.30 Td (income ) Tj ET Q q 0 0 0 rg BT 424.89 460.30 Td (inventories.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.30 Td (In ) Tj ET Q q 0 0 0 rg BT 60.03 436.30 Td (addition ) Tj ET Q q 0 0 0 rg BT 94.50 436.30 Td (to ) Tj ET Q q 0 0 0 rg BT 103.85 436.30 Td (V) Tj ET Q q 0 0 0 rg BT 109.96 436.30 Td (aR, ) Tj ET Q q 0 0 0 rg BT 125.27 436.30 Td (we ) Tj ET Q q 0 0 0 rg BT 138.63 436.30 Td (also ) Tj ET Q q 0 0 0 rg BT 156.43 436.30 Td (employ ) Tj ET Q q 0 0 0 rg BT 188.12 436.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 229.81 436.30 Td (measures ) Tj ET Q q 0 0 0 rg BT 268.71 436.30 Td (to ) Tj ET Q q 0 0 0 rg BT 278.19 436.30 Td (monitor ) Tj ET Q q 0 0 0 rg BT 311.55 436.30 Td (and ) Tj ET Q q 0 0 0 rg BT 327.69 436.30 Td (manage ) Tj ET Q q 0 0 0 rg BT 360.48 436.30 Td (market ) Tj ET Q q 0 0 0 rg BT 389.94 436.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 406.63 436.30 Td (exposure ) Tj ET Q q 0 0 0 rg BT 444.43 436.30 Td (including ) Tj ET Q q 0 0 0 rg BT 483.90 436.30 Td (net ) Tj ET Q q 0 0 0 rg BT 497.81 436.30 Td (market ) Tj ET Q q 0 0 0 rg BT 527.27 436.30 Td (position, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.30 Td (duration ) Tj ET Q q 0 0 0 rg BT 85.56 424.30 Td (exposure, ) Tj ET Q q 0 0 0 rg BT 126.39 424.30 Td (option ) Tj ET Q q 0 0 0 rg BT 154.17 424.30 Td (sensitivities, ) Tj ET Q q 0 0 0 rg BT 206.13 424.30 Td (and ) Tj ET Q q 0 0 0 rg BT 222.80 424.30 Td (inventory ) Tj ET Q q 0 0 0 rg BT 263.35 424.30 Td (turnover) Tj ET Q q 0 0 0 rg BT 296.68 424.30 Td (. ) Tj ET Q q 0 0 0 rg BT 300.92 424.30 Td (All ) Tj ET Q q 0 0 0 rg BT 315.93 424.30 Td (metrics ) Tj ET Q q 0 0 0 rg BT 347.59 424.30 Td (are ) Tj ET Q q 0 0 0 rg BT 362.03 424.30 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 408.13 424.30 Td (by ) Tj ET Q q 0 0 0 rg BT 420.36 424.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 442.03 424.30 Td (concentration ) Tj ET Q q 0 0 0 rg BT 498.68 424.30 Td (and ) Tj ET Q q 0 0 0 rg BT 515.35 424.30 Td (are ) Tj ET Q q 0 0 0 rg BT 529.79 424.30 Td (used ) Tj ET Q q 0 0 0 rg BT 550.35 424.30 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.30 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 96.67 412.30 Td (limits ) Tj ET Q q 0 0 0 rg BT 121.67 412.30 Td (and ) Tj ET Q q 0 0 0 rg BT 138.33 412.30 Td (exception ) Tj ET Q q 0 0 0 rg BT 179.42 412.30 Td (approvals. ) Tj ET Q q 0 0 0 rg BT 223.02 412.30 Td (In ) Tj ET Q q 0 0 0 rg BT 233.57 412.30 Td (times ) Tj ET Q q 0 0 0 rg BT 257.46 412.30 Td (of ) Tj ET Q q 0 0 0 rg BT 268.01 412.30 Td (market ) Tj ET Q q 0 0 0 rg BT 298.00 412.30 Td (volatility) Tj ET Q q 0 0 0 rg BT 333.46 412.30 Td (, ) Tj ET Q q 0 0 0 rg BT 338.18 412.30 Td (we ) Tj ET Q q 0 0 0 rg BT 352.06 412.30 Td (also ) Tj ET Q q 0 0 0 rg BT 370.39 412.30 Td (perform ) Tj ET Q q 0 0 0 rg BT 404.82 412.30 Td (ad ) Tj ET Q q 0 0 0 rg BT 416.48 412.30 Td (hoc ) Tj ET Q q 0 0 0 rg BT 433.14 412.30 Td (stress ) Tj ET Q q 0 0 0 rg BT 457.58 412.30 Td (tests ) Tj ET Q q 0 0 0 rg BT 477.58 412.30 Td (and ) Tj ET Q q 0 0 0 rg BT 494.24 412.30 Td (scenario ) Tj ET Q q 0 0 0 rg BT 529.78 412.30 Td (analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.30 Td (as ) Tj ET Q q 0 0 0 rg BT 61.10 400.30 Td (market ) Tj ET Q q 0 0 0 rg BT 91.63 400.30 Td (conditions ) Tj ET Q q 0 0 0 rg BT 136.06 400.30 Td (dictate. ) Tj ET Q q 0 0 0 rg BT 167.98 400.30 Td (Unlike ) Tj ET Q q 0 0 0 rg BT 197.97 400.30 Td (our ) Tj ET Q q 0 0 0 rg BT 213.87 400.30 Td (V) Tj ET Q q 0 0 0 rg BT 219.98 400.30 Td (aR, ) Tj ET Q q 0 0 0 rg BT 236.36 400.30 Td (which ) Tj ET Q q 0 0 0 rg BT 263.56 400.30 Td (measures ) Tj ET Q q 0 0 0 rg BT 303.54 400.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 341.30 400.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 367.96 400.30 Td (within ) Tj ET Q q 0 0 0 rg BT 396.28 400.30 Td (a ) Tj ET Q q 0 0 0 rg BT 403.49 400.30 Td (given ) Tj ET Q q 0 0 0 rg BT 428.48 400.30 Td (confidence ) Tj ET Q q 0 0 0 rg BT 475.11 400.30 Td (level, ) Tj ET Q q 0 0 0 rg BT 499.81 400.30 Td (stress ) Tj ET Q q 0 0 0 rg BT 524.80 400.30 Td (scenarios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.30 Td (do ) Tj ET Q q 0 0 0 rg BT 61.74 388.30 Td (not ) Tj ET Q q 0 0 0 rg BT 76.26 388.30 Td (have ) Tj ET Q q 0 0 0 rg BT 96.88 388.30 Td (an ) Tj ET Q q 0 0 0 rg BT 108.06 388.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 150.90 388.30 Td (implied ) Tj ET Q q 0 0 0 rg BT 183.19 388.30 Td (probability) Tj ET Q q 0 0 0 rg BT 226.42 388.30 Td (. ) Tj ET Q q 0 0 0 rg BT 230.67 388.30 Td (Rather) Tj ET Q q 0 0 0 rg BT 256.92 388.30 Td (, ) Tj ET Q q 0 0 0 rg BT 261.16 388.30 Td (stress ) Tj ET Q q 0 0 0 rg BT 285.13 388.30 Td (testing ) Tj ET Q q 0 0 0 rg BT 313.54 388.30 Td (is ) Tj ET Q q 0 0 0 rg BT 321.95 388.30 Td (used ) Tj ET Q q 0 0 0 rg BT 342.02 388.30 Td (to ) Tj ET Q q 0 0 0 rg BT 351.54 388.30 Td (estimate ) Tj ET Q q 0 0 0 rg BT 386.60 388.30 Td (the ) Tj ET Q q 0 0 0 rg BT 400.56 388.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 437.29 388.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 454.60 388.30 Td (from ) Tj ET Q q 0 0 0 rg BT 475.78 388.30 Td (market ) Tj ET Q q 0 0 0 rg BT 505.28 388.30 Td (moves ) Tj ET Q q 0 0 0 rg BT 533.13 388.30 Td (outside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.30 Td (our ) Tj ET Q q 0 0 0 rg BT 65.65 376.30 Td (V) Tj ET Q q 0 0 0 rg BT 71.76 376.30 Td (aR ) Tj ET Q q 0 0 0 rg BT 85.37 376.30 Td (confidence ) Tj ET Q q 0 0 0 rg BT 131.73 376.30 Td (levels.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 352.30 Td (Liquidity Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.30 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 328.30 Td (e ) Tj ET Q q 0 0 0 rg BT 65.23 328.30 Td (are ) Tj ET Q q 0 0 0 rg BT 79.59 328.30 Td (exposed ) Tj ET Q q 0 0 0 rg BT 114.52 328.30 Td (to ) Tj ET Q q 0 0 0 rg BT 124.45 328.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 160.50 328.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 177.65 328.30 Td (in ) Tj ET Q q 0 0 0 rg BT 187.58 328.30 Td (our ) Tj ET Q q 0 0 0 rg BT 203.07 328.30 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 248.54 328.30 Td (funding ) Tj ET Q q 0 0 0 rg BT 281.80 328.30 Td (activities, ) Tj ET Q q 0 0 0 rg BT 322.56 328.30 Td (by ) Tj ET Q q 0 0 0 rg BT 334.71 328.30 Td (holding ) Tj ET Q q 0 0 0 rg BT 367.42 328.30 Td (potentially ) Tj ET Q q 0 0 0 rg BT 412.34 328.30 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 443.39 328.30 Td (inventory ) Tj ET Q q 0 0 0 rg BT 483.87 328.30 Td (positions ) Tj ET Q q 0 0 0 rg BT 522.14 328.30 Td (and ) Tj ET Q q 0 0 0 rg BT 538.74 328.30 Td (in ) Tj ET Q q 0 0 0 rg BT 548.67 328.30 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.30 Td (role ) Tj ET Q q 0 0 0 rg BT 68.05 316.30 Td (as ) Tj ET Q q 0 0 0 rg BT 78.88 316.30 Td (a ) Tj ET Q q 0 0 0 rg BT 85.82 316.30 Td (remarketing ) Tj ET Q q 0 0 0 rg BT 136.63 316.30 Td (agent ) Tj ET Q q 0 0 0 rg BT 160.78 316.30 Td (for ) Tj ET Q q 0 0 0 rg BT 174.94 316.30 Td (variable ) Tj ET Q q 0 0 0 rg BT 209.64 316.30 Td (rate ) Tj ET Q q 0 0 0 rg BT 227.13 316.30 Td (demand ) Tj ET Q q 0 0 0 rg BT 261.28 316.30 Td (notes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.30 Td (See ) Tj ET Q q 0 0 0 rg BT 67.23 292.30 Td (the ) Tj ET Q q 0 0 0 rg BT 82.24 292.30 Td (section ) Tj ET Q q 0 0 0 rg BT 113.36 292.30 Td (entitled ) Tj ET Q q 0 0 0 rg BT 146.15 292.30 Td ("Liquidity) Tj ET Q q 0 0 0 rg BT 186.80 292.30 Td (, ) Tj ET Q q 0 0 0 rg BT 192.10 292.30 Td (Funding ) Tj ET Q q 0 0 0 rg BT 228.23 292.30 Td (and ) Tj ET Q q 0 0 0 rg BT 245.46 292.30 Td (Capital ) Tj ET Q q 0 0 0 rg BT 277.14 292.30 Td (Resources" ) Tj ET Q q 0 0 0 rg BT 325.12 292.30 Td (in ) Tj ET Q q 0 0 0 rg BT 335.69 292.30 Td (Part ) Tj ET Q q 0 0 0 rg BT 354.59 292.30 Td (II, ) Tj ET Q q 0 0 0 rg BT 366.55 292.30 Td (Item ) Tj ET Q q 0 0 0 rg BT 387.67 292.30 Td (7, ) Tj ET Q q 0 0 0 rg BT 397.96 292.30 Td ("Management) Tj ET Q q 0 0 0 rg BT 457.02 292.30 Td (s ) Tj ET Q q 0 0 0 rg BT 463.71 292.30 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 510.39 292.30 Td (and ) Tj ET Q q 0 0 0 rg BT 527.01 292.30 Td (Analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.30 Td (of ) Tj ET Q q 0 0 0 rg BT 60.46 280.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 99.81 280.30 Td (Condition ) Tj ET Q q 0 0 0 rg BT 141.95 280.30 Td (and ) Tj ET Q q 0 0 0 rg BT 158.52 280.30 Td (Results ) Tj ET Q q 0 0 0 rg BT 190.10 280.30 Td (of ) Tj ET Q q 0 0 0 rg BT 200.56 280.30 Td (Operations," ) Tj ET Q q 0 0 0 rg BT 253.15 280.30 Td (in ) Tj ET Q q 0 0 0 rg BT 263.06 280.30 Td (this ) Tj ET Q q 0 0 0 rg BT 279.64 280.30 Td (Form ) Tj ET Q q 0 0 0 rg BT 303.45 280.30 Td (10-K ) Tj ET Q q 0 0 0 rg BT 326.13 280.30 Td (for ) Tj ET Q q 0 0 0 rg BT 339.92 280.30 Td (information ) Tj ET Q q 0 0 0 rg BT 389.27 280.30 Td (regarding ) Tj ET Q q 0 0 0 rg BT 429.72 280.30 Td (our ) Tj ET Q q 0 0 0 rg BT 445.18 280.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 481.21 280.30 Td (and ) Tj ET Q q 0 0 0 rg BT 497.78 280.30 Td (how ) Tj ET Q q 0 0 0 rg BT 517.13 280.30 Td (we ) Tj ET Q q 0 0 0 rg BT 530.92 280.30 Td (manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.30 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 86.39 268.30 Td (risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.30 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.22 244.30 Td (inventory ) Tj ET Q q 0 0 0 rg BT 109.21 244.30 Td (positions, ) Tj ET Q q 0 0 0 rg BT 150.49 244.30 Td (including ) Tj ET Q q 0 0 0 rg BT 190.93 244.30 Td (those ) Tj ET Q q 0 0 0 rg BT 214.71 244.30 Td (associated ) Tj ET Q q 0 0 0 rg BT 258.47 244.30 Td (with ) Tj ET Q q 0 0 0 rg BT 278.91 244.30 Td (strategic ) Tj ET Q q 0 0 0 rg BT 315.45 244.30 Td (trading ) Tj ET Q q 0 0 0 rg BT 346.44 244.30 Td (activities, ) Tj ET Q q 0 0 0 rg BT 387.71 244.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 418.70 244.30 Td (us ) Tj ET Q q 0 0 0 rg BT 430.25 244.30 Td (to ) Tj ET Q q 0 0 0 rg BT 440.70 244.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 478.35 244.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 516.00 244.30 Td (losses ) Tj ET Q q 0 0 0 rg BT 542.56 244.30 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.30 Td (the ) Tj ET Q q 0 0 0 rg BT 64.33 232.30 Td (reduction ) Tj ET Q q 0 0 0 rg BT 104.21 232.30 Td (in ) Tj ET Q q 0 0 0 rg BT 114.11 232.30 Td (value ) Tj ET Q q 0 0 0 rg BT 137.88 232.30 Td (of ) Tj ET Q q 0 0 0 rg BT 148.32 232.30 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 179.33 232.30 Td (positions. ) Tj ET Q q 0 0 0 rg BT 220.06 232.30 Td (Market ) Tj ET Q q 0 0 0 rg BT 251.06 232.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 268.17 232.30 Td (can ) Tj ET Q q 0 0 0 rg BT 284.17 232.30 Td (be ) Tj ET Q q 0 0 0 rg BT 295.72 232.30 Td (exacerbated ) Tj ET Q q 0 0 0 rg BT 345.57 232.30 Td (in ) Tj ET Q q 0 0 0 rg BT 355.47 232.30 Td (times ) Tj ET Q q 0 0 0 rg BT 379.25 232.30 Td (of ) Tj ET Q q 0 0 0 rg BT 389.69 232.30 Td (trading ) Tj ET Q q 0 0 0 rg BT 420.14 232.30 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 461.70 232.30 Td (when ) Tj ET Q q 0 0 0 rg BT 485.48 232.30 Td (market ) Tj ET Q q 0 0 0 rg BT 515.35 232.30 Td (participants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.30 Td (refrain ) Tj ET Q q 0 0 0 rg BT 79.01 220.30 Td (from ) Tj ET Q q 0 0 0 rg BT 100.82 220.30 Td (transacting ) Tj ET Q q 0 0 0 rg BT 147.06 220.30 Td (in ) Tj ET Q q 0 0 0 rg BT 157.20 220.30 Td (normal ) Tj ET Q q 0 0 0 rg BT 187.90 220.30 Td (quantities ) Tj ET Q q 0 0 0 rg BT 229.14 220.30 Td (and/or ) Tj ET Q q 0 0 0 rg BT 257.06 220.30 Td (at ) Tj ET Q q 0 0 0 rg BT 266.64 220.30 Td (normal ) Tj ET Q q 0 0 0 rg BT 297.33 220.30 Td (bid-of) Tj ET Q q 0 0 0 rg BT 321.59 220.30 Td (fer ) Tj ET Q q 0 0 0 rg BT 335.06 220.30 Td (spreads. ) Tj ET Q q 0 0 0 rg BT 369.92 220.30 Td (Depending ) Tj ET Q q 0 0 0 rg BT 416.16 220.30 Td (on ) Tj ET Q q 0 0 0 rg BT 428.53 220.30 Td (the ) Tj ET Q q 0 0 0 rg BT 443.11 220.30 Td (specific ) Tj ET Q q 0 0 0 rg BT 476.57 220.30 Td (security) Tj ET Q q 0 0 0 rg BT 507.58 220.30 Td (, ) Tj ET Q q 0 0 0 rg BT 512.45 220.30 Td (the ) Tj ET Q q 0 0 0 rg BT 527.03 220.30 Td (structure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.30 Td (of ) Tj ET Q q 0 0 0 rg BT 61.13 208.30 Td (the ) Tj ET Q q 0 0 0 rg BT 76.15 208.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 113.94 208.30 Td (product, ) Tj ET Q q 0 0 0 rg BT 149.79 208.30 Td (and/or ) Tj ET Q q 0 0 0 rg BT 178.13 208.30 Td (overall ) Tj ET Q q 0 0 0 rg BT 208.70 208.30 Td (market ) Tj ET Q q 0 0 0 rg BT 239.27 208.30 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 286.24 208.30 Td (we ) Tj ET Q q 0 0 0 rg BT 300.70 208.30 Td (may ) Tj ET Q q 0 0 0 rg BT 320.72 208.30 Td (be ) Tj ET Q q 0 0 0 rg BT 332.96 208.30 Td (forced ) Tj ET Q q 0 0 0 rg BT 361.30 208.30 Td (to ) Tj ET Q q 0 0 0 rg BT 371.88 208.30 Td (hold ) Tj ET Q q 0 0 0 rg BT 392.46 208.30 Td (a ) Tj ET Q q 0 0 0 rg BT 399.70 208.30 Td (security ) Tj ET Q q 0 0 0 rg BT 434.16 208.30 Td (for ) Tj ET Q q 0 0 0 rg BT 448.62 208.30 Td (substantially ) Tj ET Q q 0 0 0 rg BT 501.98 208.30 Td (longer ) Tj ET Q q 0 0 0 rg BT 530.33 208.30 Td (than ) Tj ET Q q 0 0 0 rg BT 550.35 208.30 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.30 Td (had ) Tj ET Q q 0 0 0 rg BT 66.94 196.30 Td (planned. ) Tj ET Q q 0 0 0 rg BT 103.59 196.30 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 172.30 Td (Credit Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.30 Td (Credit ) Tj ET Q q 0 0 0 rg BT 77.21 148.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 94.43 148.30 Td (refers ) Tj ET Q q 0 0 0 rg BT 119.40 148.30 Td (to ) Tj ET Q q 0 0 0 rg BT 129.40 148.30 Td (the ) Tj ET Q q 0 0 0 rg BT 143.83 148.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 181.04 148.30 Td (for ) Tj ET Q q 0 0 0 rg BT 194.92 148.30 Td (loss ) Tj ET Q q 0 0 0 rg BT 212.70 148.30 Td (due ) Tj ET Q q 0 0 0 rg BT 229.35 148.30 Td (to ) Tj ET Q q 0 0 0 rg BT 239.35 148.30 Td (the ) Tj ET Q q 0 0 0 rg BT 253.78 148.30 Td (default ) Tj ET Q q 0 0 0 rg BT 283.76 148.30 Td (or ) Tj ET Q q 0 0 0 rg BT 294.31 148.30 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 347.61 148.30 Td (in ) Tj ET Q q 0 0 0 rg BT 357.61 148.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 382.59 148.30 Td (quality ) Tj ET Q q 0 0 0 rg BT 412.58 148.30 Td (of ) Tj ET Q q 0 0 0 rg BT 423.13 148.30 Td (a ) Tj ET Q q 0 0 0 rg BT 429.78 148.30 Td (counterparty) Tj ET Q q 0 0 0 rg BT 479.66 148.30 Td (, ) Tj ET Q q 0 0 0 rg BT 484.38 148.30 Td (customer) Tj ET Q q 0 0 0 rg BT 520.63 148.30 Td (, ) Tj ET Q q 0 0 0 rg BT 525.35 148.30 Td (borrower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.30 Td (or ) Tj ET Q q 0 0 0 rg BT 60.83 136.30 Td (issuer ) Tj ET Q q 0 0 0 rg BT 86.65 136.30 Td (of ) Tj ET Q q 0 0 0 rg BT 97.48 136.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 137.74 136.30 Td (we ) Tj ET Q q 0 0 0 rg BT 151.90 136.30 Td (hold ) Tj ET Q q 0 0 0 rg BT 172.17 136.30 Td (in ) Tj ET Q q 0 0 0 rg BT 182.45 136.30 Td (our ) Tj ET Q q 0 0 0 rg BT 198.27 136.30 Td (trading ) Tj ET Q q 0 0 0 rg BT 229.10 136.30 Td (inventory) Tj ET Q q 0 0 0 rg BT 266.77 136.30 Td (. ) Tj ET Q q 0 0 0 rg BT 271.77 136.30 Td ( ) Tj ET Q q 0 0 0 rg BT 274.08 136.30 Td (The ) Tj ET Q q 0 0 0 rg BT 292.13 136.30 Td (nature ) Tj ET Q q 0 0 0 rg BT 319.61 136.30 Td (and ) Tj ET Q q 0 0 0 rg BT 336.54 136.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 369.04 136.30 Td (of ) Tj ET Q q 0 0 0 rg BT 379.86 136.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 405.12 136.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 422.62 136.30 Td (depends ) Tj ET Q q 0 0 0 rg BT 457.88 136.30 Td (on ) Tj ET Q q 0 0 0 rg BT 470.38 136.30 Td (the ) Tj ET Q q 0 0 0 rg BT 485.09 136.30 Td (type ) Tj ET Q q 0 0 0 rg BT 504.81 136.30 Td (of ) Tj ET Q q 0 0 0 rg BT 515.63 136.30 Td (transaction, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.30 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 124.30 Td (structure ) Tj ET Q q 0 0 0 rg BT 102.20 124.30 Td (and ) Tj ET Q q 0 0 0 rg BT 119.14 124.30 Td (duration ) Tj ET Q q 0 0 0 rg BT 154.97 124.30 Td (of ) Tj ET Q q 0 0 0 rg BT 165.80 124.30 Td (that ) Tj ET Q q 0 0 0 rg BT 183.29 124.30 Td (transaction ) Tj ET Q q 0 0 0 rg BT 229.66 124.30 Td (and ) Tj ET Q q 0 0 0 rg BT 246.60 124.30 Td (the ) Tj ET Q q 0 0 0 rg BT 261.32 124.30 Td (parties ) Tj ET Q q 0 0 0 rg BT 290.47 124.30 Td (involved.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.30 Td (Credit ) Tj ET Q q 0 0 0 rg BT 77.76 100.30 Td (spread ) Tj ET Q q 0 0 0 rg BT 106.63 100.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 124.40 100.30 Td (arises ) Tj ET Q q 0 0 0 rg BT 149.94 100.30 Td (from ) Tj ET Q q 0 0 0 rg BT 172.14 100.30 Td (the ) Tj ET Q q 0 0 0 rg BT 187.13 100.30 Td (possibility ) Tj ET Q q 0 0 0 rg BT 231.57 100.30 Td (that ) Tj ET Q q 0 0 0 rg BT 249.34 100.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 284.31 100.30 Td (in ) Tj ET Q q 0 0 0 rg BT 294.86 100.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 320.39 100.30 Td (spreads ) Tj ET Q q 0 0 0 rg BT 353.15 100.30 Td (will ) Tj ET Q q 0 0 0 rg BT 371.47 100.30 Td (af) Tj ET Q q 0 0 0 rg BT 379.06 100.30 Td (fect ) Tj ET Q q 0 0 0 rg BT 396.82 100.30 Td (the ) Tj ET Q q 0 0 0 rg BT 411.80 100.30 Td (value ) Tj ET Q q 0 0 0 rg BT 436.23 100.30 Td (of ) Tj ET Q q 0 0 0 rg BT 447.32 100.30 Td (financial ) Tj ET Q q 0 0 0 rg BT 485.07 100.30 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 537.01 100.30 Td (Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.30 Td (spreads ) Tj ET Q q 0 0 0 rg BT 82.17 88.30 Td (represent ) Tj ET Q q 0 0 0 rg BT 120.99 88.30 Td (the ) Tj ET Q q 0 0 0 rg BT 135.38 88.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 160.32 88.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 177.50 88.30 Td (premiums ) Tj ET Q q 0 0 0 rg BT 219.67 88.30 Td (required ) Tj ET Q q 0 0 0 rg BT 255.16 88.30 Td (by ) Tj ET Q q 0 0 0 rg BT 267.34 88.30 Td (market ) Tj ET Q q 0 0 0 rg BT 297.28 88.30 Td (participants ) Tj ET Q q 0 0 0 rg BT 346.11 88.30 Td (for ) Tj ET Q q 0 0 0 rg BT 359.95 88.30 Td (a ) Tj ET Q q 0 0 0 rg BT 366.56 88.30 Td (given ) Tj ET Q q 0 0 0 rg BT 390.95 88.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 415.89 88.30 Td (quality ) Tj ET Q q 0 0 0 rg BT 445.84 88.30 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 468.29 88.30 Td (the ) Tj ET Q q 0 0 0 rg BT 482.68 88.30 Td (additional ) Tj ET Q q 0 0 0 rg BT 524.85 88.30 Td (yield ) Tj ET Q q 0 0 0 rg BT 547.02 88.30 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.30 Td (a ) Tj ET Q q 0 0 0 rg BT 57.38 76.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 77.54 76.30 Td (instrument ) Tj ET Q q 0 0 0 rg BT 123.25 76.30 Td (issued ) Tj ET Q q 0 0 0 rg BT 151.19 76.30 Td (by ) Tj ET Q q 0 0 0 rg BT 164.13 76.30 Td (a ) Tj ET Q q 0 0 0 rg BT 170.86 76.30 Td (AA-rated ) Tj ET Q q 0 0 0 rg BT 211.56 76.30 Td (entity ) Tj ET Q q 0 0 0 rg BT 237.28 76.30 Td (must ) Tj ET Q q 0 0 0 rg BT 259.67 76.30 Td (produce ) Tj ET Q q 0 0 0 rg BT 294.81 76.30 Td (over ) Tj ET Q q 0 0 0 rg BT 315.52 76.30 Td (a ) Tj ET Q q 0 0 0 rg BT 322.90 76.30 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 359.71 76.30 Td (alternative\). ) Tj ET Q q 0 0 0 rg BT 410.68 76.30 Td (Changes ) Tj ET Q q 0 0 0 rg BT 448.06 76.30 Td (in ) Tj ET Q q 0 0 0 rg BT 458.78 76.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 484.48 76.30 Td (spreads ) Tj ET Q q 0 0 0 rg BT 517.41 76.30 Td (result ) Tj ET Q q 0 0 0 rg BT 542.57 76.30 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.30 Td (potential ) Tj ET Q q 0 0 0 rg BT 87.29 64.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 121.80 64.30 Td (in ) Tj ET Q q 0 0 0 rg BT 131.88 64.30 Td (an ) Tj ET Q q 0 0 0 rg BT 143.62 64.30 Td (issuer) Tj ET Q q 0 0 0 rg BT 167.32 64.30 Td () Tj ET Q q 0 0 0 rg BT 170.10 64.30 Td (s ) Tj ET Q q 0 0 0 rg BT 176.29 64.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 201.36 64.30 Td (rating ) Tj ET Q q 0 0 0 rg BT 226.98 64.30 Td (or ) Tj ET Q q 0 0 0 rg BT 237.61 64.30 Td (the ) Tj ET Q q 0 0 0 rg BT 252.13 64.30 Td (market) Tj ET Q q 0 0 0 rg BT 282.67 64.30 Td (s ) Tj ET Q q 0 0 0 rg BT 288.87 64.30 Td (perception ) Tj ET Q q 0 0 0 rg BT 333.37 64.30 Td (of ) Tj ET Q q 0 0 0 rg BT 344.00 64.30 Td (the ) Tj ET Q q 0 0 0 rg BT 358.52 64.30 Td (issuer) Tj ET Q q 0 0 0 rg BT 382.22 64.30 Td () Tj ET Q q 0 0 0 rg BT 385.00 64.30 Td (s ) Tj ET Q q 0 0 0 rg BT 391.19 64.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 416.26 64.30 Td (worthiness. ) Tj ET Q q 0 0 0 rg BT 464.22 64.30 Td (W) Tj ET Q q 0 0 0 rg BT 472.86 64.30 Td (e ) Tj ET Q q 0 0 0 rg BT 479.60 64.30 Td (are ) Tj ET Q q 0 0 0 rg BT 494.11 64.30 Td (exposed ) Tj ET Q q 0 0 0 rg BT 529.18 64.30 Td (to ) Tj ET Q q 0 0 0 rg BT 539.26 64.30 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.30 Td (spread ) Tj ET Q q 0 0 0 rg BT 78.81 52.30 Td (risk ) Tj ET Q q 0 0 0 rg BT 96.53 52.30 Td (with ) Tj ET Q q 0 0 0 rg BT 117.02 52.30 Td (the ) Tj ET Q q 0 0 0 rg BT 131.95 52.30 Td (debt ) Tj ET Q q 0 0 0 rg BT 151.88 52.30 Td (instruments ) Tj ET Q q 0 0 0 rg BT 201.26 52.30 Td (held ) Tj ET Q q 0 0 0 rg BT 221.19 52.30 Td (in ) Tj ET Q q 0 0 0 rg BT 231.68 52.30 Td (our ) Tj ET Q q 0 0 0 rg BT 247.73 52.30 Td (trading ) Tj ET Q q 0 0 0 rg BT 278.76 52.30 Td (inventory) Tj ET Q q 0 0 0 rg BT 316.44 52.30 Td (, ) Tj ET Q q 0 0 0 rg BT 321.65 52.30 Td (including ) Tj ET Q q 0 0 0 rg BT 362.14 52.30 Td (those ) Tj ET Q q 0 0 0 rg BT 385.96 52.30 Td (held ) Tj ET Q q 0 0 0 rg BT 405.89 52.30 Td (for ) Tj ET Q q 0 0 0 rg BT 420.27 52.30 Td (strategic ) Tj ET Q q 0 0 0 rg BT 456.85 52.30 Td (trading ) Tj ET Q q 0 0 0 rg BT 487.89 52.30 Td (activites. ) Tj ET Q q 0 0 0 rg BT 526.23 52.30 Td (W) Tj ET Q q 0 0 0 rg BT 534.87 52.30 Td (e ) Tj ET Q q 0 0 0 rg BT 542.02 52.30 Td (enter ) 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 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 endstream endobj 105 0 obj <>] /Rotate 0 /Contents 106 0 R>> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 740.10 Td (into ) Tj ET Q q 0 0 0 rg BT 67.70 740.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 117.61 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 127.54 740.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 153.56 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.04 740.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 207.28 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.20 740.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 242.11 740.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 270.36 740.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 287.50 740.10 Td (through ) Tj ET Q q 0 0 0 rg BT 320.76 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.12 740.10 Td (use ) Tj ET Q q 0 0 0 rg BT 350.60 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.07 740.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 407.09 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.68 740.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 453.02 740.10 Td (other ) Tj ET Q q 0 0 0 rg BT 475.72 740.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 512.84 740.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 564.51 740.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 728.10 Td (These ) Tj ET Q q 0 0 0 rg BT 76.08 728.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 110.50 728.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 150.46 728.10 Td (may ) Tj ET Q q 0 0 0 rg BT 169.88 728.10 Td (not ) Tj ET Q q 0 0 0 rg BT 184.86 728.10 Td (work ) Tj ET Q q 0 0 0 rg BT 207.62 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 217.60 728.10 Td (all ) Tj ET Q q 0 0 0 rg BT 229.79 728.10 Td (market ) Tj ET Q q 0 0 0 rg BT 259.76 728.10 Td (environments ) Tj ET Q q 0 0 0 rg BT 316.40 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 333.04 728.10 Td (as ) Tj ET Q q 0 0 0 rg BT 343.57 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 350.21 728.10 Td (result ) Tj ET Q q 0 0 0 rg BT 374.63 728.10 Td (may ) Tj ET Q q 0 0 0 rg BT 394.05 728.10 Td (not ) Tj ET Q q 0 0 0 rg BT 409.03 728.10 Td (be ) Tj ET Q q 0 0 0 rg BT 420.67 728.10 Td (ef) Tj ET Q q 0 0 0 rg BT 428.26 728.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 457.66 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 467.64 728.10 Td (mitigating ) Tj ET Q q 0 0 0 rg BT 510.95 728.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 535.92 728.10 Td (spread ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 716.10 Td (risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 692.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.20 692.10 Td (are ) Tj ET Q q 0 0 0 rg BT 81.53 692.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 117.42 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.32 692.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 154.21 692.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 172.33 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.23 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 199.68 692.10 Td (role ) Tj ET Q q 0 0 0 rg BT 218.35 692.10 Td (as ) Tj ET Q q 0 0 0 rg BT 229.80 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 237.37 692.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 268.81 692.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 322.47 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.37 692.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 364.81 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.37 692.10 Td (customers, ) Tj ET Q q 0 0 0 rg BT 428.54 692.10 Td (as ) Tj ET Q q 0 0 0 rg BT 439.99 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 447.55 692.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 476.22 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.67 692.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 528.56 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 546.12 692.10 Td (as ) Tj ET Q q 0 0 0 rg BT 557.57 692.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (member ) Tj ET Q q 0 0 0 rg BT 85.25 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.07 680.10 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 140.20 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.13 680.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 191.81 680.10 Td (or) Tj ET Q q 0 0 0 rg BT 199.96 680.10 Td (ganizations. ) Tj ET Q q 0 0 0 rg BT 250.31 680.10 Td (The ) Tj ET Q q 0 0 0 rg BT 268.35 680.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 285.83 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.65 680.10 Td (default ) Tj ET Q q 0 0 0 rg BT 326.90 680.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 362.16 680.10 Td (on ) Tj ET Q q 0 0 0 rg BT 374.64 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.35 680.10 Td (creditworthiness ) Tj ET Q q 0 0 0 rg BT 457.93 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.74 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.45 680.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 536.47 680.10 Td (and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (issuer ) Tj ET Q q 0 0 0 rg BT 76.89 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 88.78 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.56 668.10 Td (security) Tj ET Q q 0 0 0 rg BT 135.57 668.10 Td (. ) Tj ET Q q 0 0 0 rg BT 141.37 668.10 Td (W) Tj ET Q q 0 0 0 rg BT 150.01 668.10 Td (e ) Tj ET Q q 0 0 0 rg BT 158.01 668.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 194.34 668.10 Td (this ) Tj ET Q q 0 0 0 rg BT 212.35 668.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 230.91 668.10 Td (by ) Tj ET Q q 0 0 0 rg BT 244.47 668.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 295.80 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.80 668.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 361.81 668.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 405.92 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.92 668.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 466.34 668.10 Td (position ) Tj ET Q q 0 0 0 rg BT 502.13 668.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 528.47 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 543.69 668.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 102.32 656.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 134.08 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.65 656.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 180.42 656.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 205.53 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.64 656.10 Td (activity) Tj ET Q q 0 0 0 rg BT 244.99 656.10 Td (, ) Tj ET Q q 0 0 0 rg BT 249.27 656.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 281.61 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 297.83 656.10 Td (marking ) Tj ET Q q 0 0 0 rg BT 332.94 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.51 656.10 Td (market ) Tj ET Q q 0 0 0 rg BT 372.06 656.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 411.04 656.10 Td (on ) Tj ET Q q 0 0 0 rg BT 422.82 656.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 451.81 656.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 501.36 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.58 656.10 Td (conducting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (business ) Tj ET Q q 0 0 0 rg BT 85.81 644.10 Td (through ) Tj ET Q q 0 0 0 rg BT 118.83 644.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 152.94 644.10 Td (or) Tj ET Q q 0 0 0 rg BT 161.09 644.10 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 211.05 644.10 Td (which ) Tj ET Q q 0 0 0 rg BT 237.40 644.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 278.18 644.10 Td (performance. ) Tj ET Q q 0 0 0 rg BT 333.12 644.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 350.58 644.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 367.50 644.10 Td (management ) Tj ET Q q 0 0 0 rg BT 420.50 644.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 459.63 644.10 Td (also ) Tj ET Q q 0 0 0 rg BT 477.65 644.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 512.88 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.01 644.10 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.72 632.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 111.54 632.10 Td (with ) Tj ET Q q 0 0 0 rg BT 132.04 632.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 182.54 632.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 241.90 632.10 Td (with ) Tj ET Q q 0 0 0 rg BT 262.40 632.10 Td (whom ) Tj ET Q q 0 0 0 rg BT 290.12 632.10 Td (we ) Tj ET Q q 0 0 0 rg BT 304.51 632.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 325.01 632.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 371.04 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.20 632.10 Td (resale ) Tj ET Q q 0 0 0 rg BT 414.23 632.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 458.60 632.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 498.25 632.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 522.08 632.10 Td (borrow ) Tj ET Q q 0 0 0 rg BT 553.68 632.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 68.91 620.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 107.52 620.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 155.46 620.10 Td (TBAs ) Tj ET Q q 0 0 0 rg BT 181.04 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 197.17 620.10 Td (other ) Tj ET Q q 0 0 0 rg BT 219.40 620.10 Td (documented ) Tj ET Q q 0 0 0 rg BT 269.96 620.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 319.43 620.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 371.65 620.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 418.87 620.10 Td (that ) Tj ET Q q 0 0 0 rg BT 435.56 620.10 Td (may ) Tj ET Q q 0 0 0 rg BT 454.46 620.10 Td (give ) Tj ET Q q 0 0 0 rg BT 473.37 620.10 Td (rise ) Tj ET Q q 0 0 0 rg BT 489.49 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 498.96 620.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 523.41 620.10 Td (exposure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.23 596.10 Td (client ) Tj ET Q q 0 0 0 rg BT 93.12 596.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 131.89 596.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 164.57 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.46 596.10 Td (execution, ) Tj ET Q q 0 0 0 rg BT 223.51 596.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 267.29 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.40 596.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 324.84 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.85 596.10 Td (various ) Tj ET Q q 0 0 0 rg BT 367.97 596.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 420.91 596.10 Td (Client ) Tj ET Q q 0 0 0 rg BT 448.03 596.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 486.80 596.10 Td (are ) Tj ET Q q 0 0 0 rg BT 501.69 596.10 Td (transacted ) Tj ET Q q 0 0 0 rg BT 544.90 596.10 Td (on ) Tj ET Q q 0 0 0 rg BT 557.57 596.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 86.22 584.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 115.22 584.10 Td (payment, ) Tj ET Q q 0 0 0 rg BT 155.61 584.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 176.83 584.10 Td (or ) Tj ET Q q 0 0 0 rg BT 188.62 584.10 Td (mar) Tj ET Q q 0 0 0 rg BT 203.98 584.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 220.21 584.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 246.17 584.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 265.17 584.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 291.39 584.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 330.94 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 342.17 584.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 393.41 584.10 Td (client ) Tj ET Q q 0 0 0 rg BT 419.07 584.10 Td (business ) Tj ET Q q 0 0 0 rg BT 456.42 584.10 Td (is ) Tj ET Q q 0 0 0 rg BT 466.54 584.10 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 507.76 584.10 Td (by ) Tj ET Q q 0 0 0 rg BT 521.22 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.89 584.10 Td (use ) Tj ET Q q 0 0 0 rg BT 553.67 584.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (industry-standard ) Tj ET Q q 0 0 0 rg BT 121.94 572.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 156.67 572.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 184.17 572.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 220.57 572.10 Td (through ) Tj ET Q q 0 0 0 rg BT 253.63 572.10 Td (depositories ) Tj ET Q q 0 0 0 rg BT 303.92 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.31 572.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 354.47 572.10 Td (banks. ) Tj ET Q q 0 0 0 rg BT 382.26 572.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 409.21 572.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 447.27 572.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 490.32 572.10 Td (with ) Tj ET Q q 0 0 0 rg BT 510.06 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 525.35 572.10 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.10 Td (mar) Tj ET Q q 0 0 0 rg BT 65.37 560.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 80.59 560.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 118.02 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 128.24 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.91 560.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 163.13 560.10 Td (is ) Tj ET Q q 0 0 0 rg BT 172.25 560.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 215.80 560.10 Td (daily) Tj ET Q q 0 0 0 rg BT 235.14 560.10 Td (. ) Tj ET Q q 0 0 0 rg BT 240.09 560.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 258.09 560.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 275.53 560.10 Td (management ) Tj ET Q q 0 0 0 rg BT 329.07 560.10 Td (functions ) Tj ET Q q 0 0 0 rg BT 368.73 560.10 Td (have ) Tj ET Q q 0 0 0 rg BT 390.05 560.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 415.26 560.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 432.71 560.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 466.25 560.10 Td (establishing ) Tj ET Q q 0 0 0 rg BT 516.47 560.10 Td (appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.26 548.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 100.55 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.49 548.10 Td (collateralization ) Tj ET Q q 0 0 0 rg BT 184.39 548.10 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 228.00 548.10 Td (for ) Tj ET Q q 0 0 0 rg BT 242.16 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.99 548.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 301.04 548.10 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 336.87 548.10 Td (mar) Tj ET Q q 0 0 0 rg BT 352.24 548.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 367.51 548.10 Td (lending.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 524.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.16 524.10 Td (are ) Tj ET Q q 0 0 0 rg BT 81.46 524.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 112.87 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.74 524.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 181.24 524.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 199.33 524.10 Td (if ) Tj ET Q q 0 0 0 rg BT 208.53 524.10 Td (we ) Tj ET Q q 0 0 0 rg BT 223.27 524.10 Td (hold ) Tj ET Q q 0 0 0 rg BT 244.14 524.10 Td (lar) Tj ET Q q 0 0 0 rg BT 254.51 524.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 267.03 524.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 310.67 524.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 351.52 524.10 Td (positions, ) Tj ET Q q 0 0 0 rg BT 393.23 524.10 Td (execute ) Tj ET Q q 0 0 0 rg BT 426.85 524.10 Td (lar) Tj ET Q q 0 0 0 rg BT 437.21 524.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 449.74 524.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 500.59 524.10 Td (with ) Tj ET Q q 0 0 0 rg BT 521.46 524.10 Td (individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 109.59 512.10 Td (or ) Tj ET Q q 0 0 0 rg BT 120.88 512.10 Td (groups ) Tj ET Q q 0 0 0 rg BT 151.05 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.33 512.10 Td (related ) Tj ET Q q 0 0 0 rg BT 192.49 512.10 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 254.58 512.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 284.19 512.10 Td (lar) Tj ET Q q 0 0 0 rg BT 294.56 512.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 306.95 512.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 331.01 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 341.74 512.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 385.25 512.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 428.74 512.10 Td (or ) Tj ET Q q 0 0 0 rg BT 440.03 512.10 Td (make ) Tj ET Q q 0 0 0 rg BT 464.63 512.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 510.36 512.10 Td (underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.10 Td (commitments. ) Tj ET Q q 0 0 0 rg BT 109.11 500.10 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 167.93 500.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 185.11 500.10 Td (can ) Tj ET Q q 0 0 0 rg BT 201.16 500.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 225.54 500.10 Td (by ) Tj ET Q q 0 0 0 rg BT 237.71 500.10 Td (industry) Tj ET Q q 0 0 0 rg BT 269.84 500.10 Td (, ) Tj ET Q q 0 0 0 rg BT 274.51 500.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 321.11 500.10 Td (area ) Tj ET Q q 0 0 0 rg BT 339.93 500.10 Td (or ) Tj ET Q q 0 0 0 rg BT 350.43 500.10 Td (type ) Tj ET Q q 0 0 0 rg BT 369.82 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.32 500.10 Td (client. ) Tj ET Q q 0 0 0 rg BT 407.21 500.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 448.81 500.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 491.52 500.10 Td (under ) Tj ET Q q 0 0 0 rg BT 516.46 500.10 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 61.01 488.10 Td (resell ) Tj ET Q q 0 0 0 rg BT 85.90 488.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 116.91 488.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 157.36 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.92 488.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 209.92 488.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 238.15 488.10 Td (by ) Tj ET Q q 0 0 0 rg BT 251.39 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.84 488.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 287.86 488.10 Td (government ) Tj ET Q q 0 0 0 rg BT 338.85 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 350.42 488.10 Td (its ) Tj ET Q q 0 0 0 rg BT 363.10 488.10 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 403.02 488.10 Td (The ) Tj ET Q q 0 0 0 rg BT 421.80 488.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 481.68 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 492.69 488.10 Td (these ) Tj ET Q q 0 0 0 rg BT 516.47 488.10 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 87.67 476.10 Td (are ) Tj ET Q q 0 0 0 rg BT 102.56 476.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 136.89 476.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 167.89 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.90 476.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 199.36 476.10 Td (government ) Tj ET Q q 0 0 0 rg BT 249.80 476.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 290.25 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 307.36 476.10 Td (major ) Tj ET Q q 0 0 0 rg BT 333.37 476.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 371.03 476.10 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 420.66 476.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 462.22 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.34 476.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 525.90 476.10 Td (positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 74.85 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.48 464.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 150.12 464.10 Td (made, ) Tj ET Q q 0 0 0 rg BT 177.47 464.10 Td (including ) Tj ET Q q 0 0 0 rg BT 218.44 464.10 Td (underwritings, ) Tj ET Q q 0 0 0 rg BT 279.68 464.10 Td (may ) Tj ET Q q 0 0 0 rg BT 300.09 464.10 Td (result ) Tj ET Q q 0 0 0 rg BT 325.50 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.47 464.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 375.77 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 386.74 464.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 430.49 464.10 Td (issuers ) Tj ET Q q 0 0 0 rg BT 460.90 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.54 464.10 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 526.45 464.10 Td (Potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (concentration ) Tj ET Q q 0 0 0 rg BT 107.88 452.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 126.34 452.10 Td (is ) Tj ET Q q 0 0 0 rg BT 136.47 452.10 Td (carefully ) Tj ET Q q 0 0 0 rg BT 175.46 452.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 220.03 452.10 Td (through ) Tj ET Q q 0 0 0 rg BT 254.60 452.10 Td (review ) Tj ET Q q 0 0 0 rg BT 285.27 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 297.06 452.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 357.16 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.06 452.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 419.06 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 436.96 452.10 Td (is ) Tj ET Q q 0 0 0 rg BT 447.09 452.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 486.65 452.10 Td (through ) Tj ET Q q 0 0 0 rg BT 521.22 452.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.89 452.10 Td (use ) Tj ET Q q 0 0 0 rg BT 553.68 452.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 83.60 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.54 440.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 125.83 440.10 Td (established ) Tj ET Q q 0 0 0 rg BT 172.76 440.10 Td (by ) Tj ET Q q 0 0 0 rg BT 185.26 440.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 212.20 440.10 Td (management. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 416.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.07 416.10 Td (have ) Tj ET Q q 0 0 0 rg BT 87.94 416.10 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 142.02 416.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 195.54 416.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 221.30 416.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 260.39 416.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.17 416.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.84 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 295.83 416.10 Td (non-publicly ) Tj ET Q q 0 0 0 rg BT 349.93 416.10 Td (rated ) Tj ET Q q 0 0 0 rg BT 372.91 416.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 404.79 416.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.33 416.10 Td ($28.3 ) Tj ET Q q 0 0 0 rg BT 463.83 416.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.72 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.71 416.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.93 416.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 404.10 Td (. ) Tj ET Q q 0 0 0 rg BT 75.15 404.10 Td (This ) Tj ET Q q 0 0 0 rg BT 95.78 404.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 149.16 404.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 174.77 404.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 213.72 404.10 Td (is ) Tj ET Q q 0 0 0 rg BT 223.25 404.10 Td (part ) Tj ET Q q 0 0 0 rg BT 241.64 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.83 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 269.01 404.10 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 329.06 404.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 371.89 404.10 Td (program ) Tj ET Q q 0 0 0 rg BT 408.62 404.10 Td (related ) Tj ET Q q 0 0 0 rg BT 438.68 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.31 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 465.49 404.10 Td (public ) Tj ET Q q 0 0 0 rg BT 493.33 404.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 525.61 404.10 Td (business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (consisting ) Tj ET Q q 0 0 0 rg BT 92.55 392.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 131.75 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.06 392.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 173.49 392.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 190.46 392.10 Td (swaps. ) Tj ET Q q 0 0 0 rg BT 219.39 392.10 Td (One ) Tj ET Q q 0 0 0 rg BT 238.04 392.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 280.01 392.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 332.53 392.10 Td (represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.06 392.10 Td (58.3 ) Tj ET Q q 0 0 0 rg BT 394.55 392.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.97 392.10 Td (, ) Tj ET Q q 0 0 0 rg BT 428.46 392.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.78 392.10 Td ($16.5 ) Tj ET Q q 0 0 0 rg BT 463.27 392.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.16 392.10 Td (, ) Tj ET Q q 0 0 0 rg BT 496.65 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.97 392.10 Td (this ) Tj ET Q q 0 0 0 rg BT 523.40 392.10 Td (exposure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 77.25 380.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 115.60 380.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 158.94 380.10 Td (with ) Tj ET Q q 0 0 0 rg BT 178.98 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 194.56 380.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 236.79 380.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 295.68 380.10 Td (is ) Tj ET Q q 0 0 0 rg BT 304.61 380.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 332.41 380.10 Td (by ) Tj ET Q q 0 0 0 rg BT 344.66 380.10 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 410.76 380.10 Td (market ) Tj ET Q q 0 0 0 rg BT 440.78 380.10 Td (movements ) Tj ET Q q 0 0 0 rg BT 489.14 380.10 Td (in ) Tj ET Q q 0 0 0 rg BT 499.17 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.64 380.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.76 380.10 Td (value ) 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 (the ) Tj ET Q q 0 0 0 rg BT 64.58 368.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 96.38 368.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 113.73 368.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 136.65 368.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 175.11 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.91 368.10 Td (is ) Tj ET Q q 0 0 0 rg BT 200.95 368.10 Td (monitored ) Tj ET Q q 0 0 0 rg BT 244.42 368.10 Td (regularly ) Tj ET Q q 0 0 0 rg BT 282.88 368.10 Td (by ) Tj ET Q q 0 0 0 rg BT 295.24 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 310.94 368.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 348.29 368.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 365.65 368.10 Td (committee. ) Tj ET Q q 0 0 0 rg BT 412.55 368.10 Td (W) Tj ET Q q 0 0 0 rg BT 421.19 368.10 Td (e ) Tj ET Q q 0 0 0 rg BT 428.00 368.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 460.35 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.50 368.10 Td (minimize ) Tj ET Q q 0 0 0 rg BT 510.63 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.21 368.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 550.34 368.10 Td (\(or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (repayment\) ) Tj ET Q q 0 0 0 rg BT 100.09 356.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 119.65 356.10 Td (in ) Tj ET Q q 0 0 0 rg BT 131.98 356.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 176.52 356.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 227.75 356.10 Td (by ) Tj ET Q q 0 0 0 rg BT 242.30 356.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 279.63 356.10 Td (into ) Tj ET Q q 0 0 0 rg BT 299.74 356.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 352.06 356.10 Td (with ) Tj ET Q q 0 0 0 rg BT 374.40 356.10 Td (high-quality ) Tj ET Q q 0 0 0 rg BT 427.84 356.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 489.04 356.10 Td (that ) Tj ET Q q 0 0 0 rg BT 508.59 356.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.36 356.10 Td (reviewed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 100.26 344.10 Td (by ) Tj ET Q q 0 0 0 rg BT 112.76 344.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 139.70 344.10 Td (management.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (Operational ) Tj ET Q q 0 0 0 rg BT 101.95 320.10 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (Operational ) Tj ET Q q 0 0 0 rg BT 99.38 296.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 116.56 296.10 Td (is ) Tj ET Q q 0 0 0 rg BT 125.40 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.80 296.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 156.97 296.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.48 296.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 187.72 296.10 Td (or ) Tj ET Q q 0 0 0 rg BT 198.22 296.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 231.50 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.45 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 256.96 296.10 Td (reputation, ) Tj ET Q q 0 0 0 rg BT 302.18 296.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 339.35 296.10 Td (from ) Tj ET Q q 0 0 0 rg BT 360.96 296.10 Td (inadequate ) Tj ET Q q 0 0 0 rg BT 406.45 296.10 Td (or ) Tj ET Q q 0 0 0 rg BT 416.96 296.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 441.90 296.10 Td (processes, ) Tj ET Q q 0 0 0 rg BT 484.89 296.10 Td (people ) Tj ET Q q 0 0 0 rg BT 513.73 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 530.34 296.10 Td (systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.76 284.10 Td (from ) Tj ET Q q 0 0 0 rg BT 82.62 284.10 Td (external ) Tj ET Q q 0 0 0 rg BT 117.25 284.10 Td (events. ) Tj ET Q q 0 0 0 rg BT 147.55 284.10 Td (W) Tj ET Q q 0 0 0 rg BT 156.18 284.10 Td (e ) Tj ET Q q 0 0 0 rg BT 163.05 284.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 181.02 284.10 Td (on ) Tj ET Q q 0 0 0 rg BT 193.45 284.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.09 284.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 236.07 284.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.82 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.58 284.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 307.77 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.63 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 340.39 284.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 376.98 284.10 Td (both ) Tj ET Q q 0 0 0 rg BT 397.19 284.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 430.15 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.02 284.10 Td (at ) Tj ET Q q 0 0 0 rg BT 456.66 284.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 496.85 284.10 Td (centers ) Tj ET Q q 0 0 0 rg BT 527.59 284.10 Td (operated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.10 272.10 Td (third ) Tj ET Q q 0 0 0 rg BT 83.09 272.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 114.35 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 124.23 272.10 Td (process ) Tj ET Q q 0 0 0 rg BT 156.32 272.10 Td (a ) Tj ET Q q 0 0 0 rg BT 162.86 272.10 Td (lar) Tj ET Q q 0 0 0 rg BT 173.23 272.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 184.77 272.10 Td (number ) Tj ET Q q 0 0 0 rg BT 217.42 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.85 272.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 280.21 272.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 297.87 272.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 331.64 272.10 Td (may ) Tj ET Q q 0 0 0 rg BT 350.96 272.10 Td (fail ) Tj ET Q q 0 0 0 rg BT 366.39 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.27 272.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 407.79 272.10 Td (properly ) Tj ET Q q 0 0 0 rg BT 443.77 272.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.20 272.10 Td (become ) Tj ET Q q 0 0 0 rg BT 487.40 272.10 Td (disabled ) Tj ET Q q 0 0 0 rg BT 522.83 272.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.26 272.10 Td (a ) Tj ET Q q 0 0 0 rg BT 539.80 272.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.24 260.10 Td (events ) Tj ET Q q 0 0 0 rg BT 89.71 260.10 Td (that ) Tj ET Q q 0 0 0 rg BT 107.61 260.10 Td (are ) Tj ET Q q 0 0 0 rg BT 122.74 260.10 Td (wholly ) Tj ET Q q 0 0 0 rg BT 153.43 260.10 Td (or ) Tj ET Q q 0 0 0 rg BT 164.67 260.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 200.91 260.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 233.26 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 249.50 260.10 Td (control. ) Tj ET Q q 0 0 0 rg BT 283.24 260.10 Td (In ) Tj ET Q q 0 0 0 rg BT 294.49 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.62 260.10 Td (event ) Tj ET Q q 0 0 0 rg BT 334.19 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.43 260.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.78 260.10 Td (breakdown ) Tj ET Q q 0 0 0 rg BT 400.13 260.10 Td (or ) Tj ET Q q 0 0 0 rg BT 411.37 260.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 450.94 260.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 491.62 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.86 260.10 Td (our ) Tj ET Q q 0 0 0 rg BT 519.11 260.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 553.69 260.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.10 Td (improper ) Tj ET Q q 0 0 0 rg BT 88.71 248.10 Td (action ) Tj ET Q q 0 0 0 rg BT 115.21 248.10 Td (by ) Tj ET Q q 0 0 0 rg BT 127.26 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 142.65 248.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 187.47 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 197.86 248.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 242.68 248.10 Td (vendors, ) Tj ET Q q 0 0 0 rg BT 278.90 248.10 Td (we ) Tj ET Q q 0 0 0 rg BT 292.62 248.10 Td (could ) Tj ET Q q 0 0 0 rg BT 316.89 248.10 Td (suf) Tj ET Q q 0 0 0 rg BT 328.94 248.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 342.09 248.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 379.13 248.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 399.25 248.10 Td (a ) Tj ET Q q 0 0 0 rg BT 405.75 248.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 448.36 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.75 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 474.14 248.10 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 520.92 248.10 Td (regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (sanctions ) Tj ET Q q 0 0 0 rg BT 89.06 236.10 Td (and ) Tj ET Q q 0 0 0 rg BT 105.34 236.10 Td (damage ) Tj ET Q q 0 0 0 rg BT 138.28 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.90 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 163.07 236.10 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 207.83 236.10 Td (W) Tj ET Q q 0 0 0 rg BT 216.46 236.10 Td (e ) Tj ET Q q 0 0 0 rg BT 222.75 236.10 Td (also ) Tj ET Q q 0 0 0 rg BT 240.70 236.10 Td (face ) Tj ET Q q 0 0 0 rg BT 259.19 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.25 236.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 290.09 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.26 236.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 347.09 236.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 375.02 236.10 Td (or ) Tj ET Q q 0 0 0 rg BT 385.20 236.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 433.14 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.31 236.10 Td (any ) Tj ET Q q 0 0 0 rg BT 459.59 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.77 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.83 236.10 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 529.82 236.10 Td (clearing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (houses ) Tj ET Q q 0 0 0 rg BT 80.58 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 92.27 224.10 Td (other ) Tj ET Q q 0 0 0 rg BT 116.17 224.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.51 224.10 Td (intermediaries ) Tj ET Q q 0 0 0 rg BT 215.06 224.10 Td (we ) Tj ET Q q 0 0 0 rg BT 230.08 224.10 Td (use ) Tj ET Q q 0 0 0 rg BT 246.77 224.10 Td (to ) Tj ET Q q 0 0 0 rg BT 257.90 224.10 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 296.23 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 312.92 224.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 354.04 224.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 406.92 224.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 427.50 224.10 Td (such ) Tj ET Q q 0 0 0 rg BT 449.19 224.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 478.64 224.10 Td (or ) Tj ET Q q 0 0 0 rg BT 490.32 224.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 539.78 224.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 90.82 212.10 Td (af) Tj ET Q q 0 0 0 rg BT 98.40 212.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 115.89 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 131.72 212.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 159.77 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.05 212.10 Td (ef) Tj ET Q q 0 0 0 rg BT 177.64 212.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 195.12 212.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 245.39 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 262.32 212.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 295.92 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 311.75 212.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 350.35 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 360.63 212.10 Td (risk. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 69.09 188.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 114.29 188.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 133.38 188.10 Td (on ) Tj ET Q q 0 0 0 rg BT 146.92 188.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 176.00 188.10 Td (processing, ) Tj ET Q q 0 0 0 rg BT 224.81 188.10 Td (storage ) Tj ET Q q 0 0 0 rg BT 257.23 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.21 188.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 329.31 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.18 188.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 392.48 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 410.46 188.10 Td (other ) Tj ET Q q 0 0 0 rg BT 434.55 188.10 Td (information ) Tj ET Q q 0 0 0 rg BT 485.30 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 496.62 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 513.49 188.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 547.57 188.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (outsourced ) Tj ET Q q 0 0 0 rg BT 96.76 176.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 137.41 176.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 171.96 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.28 176.10 Td (networks. ) Tj ET Q q 0 0 0 rg BT 231.33 176.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 249.76 176.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 290.41 176.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 327.46 176.10 Td (software ) Tj ET Q q 0 0 0 rg BT 364.77 176.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.09 176.10 Td (networks ) Tj ET Q q 0 0 0 rg BT 421.64 176.10 Td (may ) Tj ET Q q 0 0 0 rg BT 441.74 176.10 Td (be ) Tj ET Q q 0 0 0 rg BT 454.06 176.10 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 499.15 176.10 Td (to ) Tj ET Q q 0 0 0 rg BT 509.81 176.10 Td (unauthorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (access, ) Tj ET Q q 0 0 0 rg BT 79.97 164.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 119.67 164.10 Td (viruses ) Tj ET Q q 0 0 0 rg BT 149.94 164.10 Td (or ) Tj ET Q q 0 0 0 rg BT 160.21 164.10 Td (other ) Tj ET Q q 0 0 0 rg BT 182.69 164.10 Td (malicious ) Tj ET Q q 0 0 0 rg BT 223.51 164.10 Td (code, ) Tj ET Q q 0 0 0 rg BT 246.82 164.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.19 164.10 Td (other ) Tj ET Q q 0 0 0 rg BT 285.68 164.10 Td (events ) Tj ET Q q 0 0 0 rg BT 313.16 164.10 Td (that ) Tj ET Q q 0 0 0 rg BT 330.09 164.10 Td (could ) Tj ET Q q 0 0 0 rg BT 354.24 164.10 Td (have ) Tj ET Q q 0 0 0 rg BT 375.06 164.10 Td (an ) Tj ET Q q 0 0 0 rg BT 386.43 164.10 Td (information ) Tj ET Q q 0 0 0 rg BT 435.58 164.10 Td (security ) Tj ET Q q 0 0 0 rg BT 469.17 164.10 Td (impact. ) Tj ET Q q 0 0 0 rg BT 500.68 164.10 Td (The ) Tj ET Q q 0 0 0 rg BT 518.16 164.10 Td (occurrence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.59 152.10 Td (one ) Tj ET Q q 0 0 0 rg BT 77.30 152.10 Td (or ) Tj ET Q q 0 0 0 rg BT 87.89 152.10 Td (more ) Tj ET Q q 0 0 0 rg BT 110.70 152.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.30 152.10 Td (these ) Tj ET Q q 0 0 0 rg BT 144.11 152.10 Td (events ) Tj ET Q q 0 0 0 rg BT 171.92 152.10 Td (could ) Tj ET Q q 0 0 0 rg BT 196.40 152.10 Td (jeopardize ) Tj ET Q q 0 0 0 rg BT 240.31 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 255.90 152.10 Td (or ) Tj ET Q q 0 0 0 rg BT 266.50 152.10 Td (our ) Tj ET Q q 0 0 0 rg BT 282.09 152.10 Td (clients' ) Tj ET Q q 0 0 0 rg BT 312.26 152.10 Td (or ) Tj ET Q q 0 0 0 rg BT 322.86 152.10 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 383.56 152.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 433.59 152.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.29 152.10 Td (other ) Tj ET Q q 0 0 0 rg BT 473.10 152.10 Td (information ) Tj ET Q q 0 0 0 rg BT 522.58 152.10 Td (processed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.06 140.10 Td (stored ) Tj ET Q q 0 0 0 rg BT 94.13 140.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 107.03 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.09 140.10 Td (transmitted ) Tj ET Q q 0 0 0 rg BT 171.71 140.10 Td (through, ) Tj ET Q q 0 0 0 rg BT 207.94 140.10 Td (our ) Tj ET Q q 0 0 0 rg BT 223.89 140.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 264.28 140.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 298.58 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.64 140.10 Td (networks, ) Tj ET Q q 0 0 0 rg BT 357.42 140.10 Td (or ) Tj ET Q q 0 0 0 rg BT 368.38 140.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 409.88 140.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 434.71 140.10 Td (interruptions ) Tj ET Q q 0 0 0 rg BT 488.44 140.10 Td (or ) Tj ET Q q 0 0 0 rg BT 499.39 140.10 Td (malfunctions ) Tj ET Q q 0 0 0 rg BT 554.23 140.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (our) Tj ET Q q 0 0 0 rg BT 62.93 128.10 Td (, ) Tj ET Q q 0 0 0 rg BT 68.68 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 85.26 128.10 Td (clients', ) Tj ET Q q 0 0 0 rg BT 118.91 128.10 Td (our ) Tj ET Q q 0 0 0 rg BT 135.49 128.10 Td (counterparties' ) Tj ET Q q 0 0 0 rg BT 197.19 128.10 Td (or ) Tj ET Q q 0 0 0 rg BT 208.76 128.10 Td (third ) Tj ET Q q 0 0 0 rg BT 230.90 128.10 Td (parties' ) Tj ET Q q 0 0 0 rg BT 262.61 128.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 309.78 128.10 Td (W) Tj ET Q q 0 0 0 rg BT 318.42 128.10 Td (e ) Tj ET Q q 0 0 0 rg BT 326.10 128.10 Td (take ) Tj ET Q q 0 0 0 rg BT 346.01 128.10 Td (protective ) Tj ET Q q 0 0 0 rg BT 389.24 128.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 429.69 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.38 128.10 Td (endeavor ) Tj ET Q q 0 0 0 rg BT 487.28 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 498.31 128.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 530.44 128.10 Td (them ) Tj ET Q q 0 0 0 rg BT 553.69 128.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 109.14 116.10 Td (warrant.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.44 92.10 Td (order ) Tj ET Q q 0 0 0 rg BT 85.65 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.55 92.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 132.43 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.98 92.10 Td (control ) Tj ET Q q 0 0 0 rg BT 181.42 92.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 229.51 92.10 Td (risk, ) Tj ET Q q 0 0 0 rg BT 250.12 92.10 Td (we ) Tj ET Q q 0 0 0 rg BT 264.90 92.10 Td (have ) Tj ET Q q 0 0 0 rg BT 286.88 92.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 331.09 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.64 92.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 386.19 92.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.08 92.10 Td (enhance ) Tj ET Q q 0 0 0 rg BT 432.95 92.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 467.16 92.10 Td (and ) Tj ET Q q 0 0 0 rg BT 484.71 92.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 531.69 92.10 Td (that ) Tj ET Q q 0 0 0 rg BT 549.80 92.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 87.03 80.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.29 80.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 128.87 80.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.79 80.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 177.37 80.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 223.83 80.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 240.31 80.10 Td (at ) Tj ET Q q 0 0 0 rg BT 249.01 80.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 296.03 80.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 320.83 80.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 366.20 80.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.90 80.10 Td (or) Tj ET Q q 0 0 0 rg BT 388.05 80.10 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 433.58 80.10 Td (W) Tj ET Q q 0 0 0 rg BT 442.21 80.10 Td (e ) Tj ET Q q 0 0 0 rg BT 448.14 80.10 Td (also ) Tj ET Q q 0 0 0 rg BT 465.73 80.10 Td (have ) Tj ET Q q 0 0 0 rg BT 486.08 80.10 Td (business ) Tj ET Q q 0 0 0 rg BT 521.46 80.10 Td (continuity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 73.51 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 83.69 68.10 Td (place ) Tj ET Q q 0 0 0 rg BT 107.18 68.10 Td (that ) Tj ET Q q 0 0 0 rg BT 124.58 68.10 Td (we ) Tj ET Q q 0 0 0 rg BT 138.64 68.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 169.91 68.10 Td (will ) Tj ET Q q 0 0 0 rg BT 187.86 68.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 212.47 68.10 Td (critical ) Tj ET Q q 0 0 0 rg BT 242.63 68.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 283.35 68.10 Td (on ) Tj ET Q q 0 0 0 rg BT 295.75 68.10 Td (a ) Tj ET Q q 0 0 0 rg BT 302.59 68.10 Td (company-wide ) Tj ET Q q 0 0 0 rg BT 364.41 68.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 389.31 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.15 68.10 Td (redundancies ) Tj ET Q q 0 0 0 rg BT 461.30 68.10 Td (are ) Tj ET Q q 0 0 0 rg BT 475.91 68.10 Td (built ) Tj ET Q q 0 0 0 rg BT 496.65 68.10 Td (into ) Tj ET Q q 0 0 0 rg BT 514.60 68.10 Td (our ) Tj ET Q q 0 0 0 rg BT 530.33 68.10 Td (systems ) 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 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 endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 61.17 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 75.66 740.10 Td (have ) Tj ET Q q 0 0 0 rg BT 97.38 740.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 131.31 740.10 Td (appropriate. ) Tj ET Q q 0 0 0 rg BT 181.97 740.10 Td (These ) Tj ET Q q 0 0 0 rg BT 208.69 740.10 Td (control ) Tj ET Q q 0 0 0 rg BT 239.85 740.10 Td (mechanisms ) Tj ET Q q 0 0 0 rg BT 292.12 740.10 Td (attempt ) Tj ET Q q 0 0 0 rg BT 324.95 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 335.56 740.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 364.50 740.10 Td (that ) Tj ET Q q 0 0 0 rg BT 382.33 740.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 426.82 740.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 460.76 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.04 740.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 524.74 740.10 Td (are ) Tj ET Q q 0 0 0 rg BT 539.79 740.10 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 728.10 Td (followed ) Tj ET Q q 0 0 0 rg BT 88.05 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 104.99 728.10 Td (that ) Tj ET Q q 0 0 0 rg BT 122.48 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 138.31 728.10 Td (various ) Tj ET Q q 0 0 0 rg BT 170.25 728.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 214.97 728.10 Td (are ) Tj ET Q q 0 0 0 rg BT 229.68 728.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 269.94 728.10 Td (within ) Tj ET Q q 0 0 0 rg BT 298.00 728.10 Td (established ) Tj ET Q q 0 0 0 rg BT 344.93 728.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 385.19 728.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 418.79 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.73 728.10 Td (limits.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (Legal, Regulatory and Compliance Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (Legal, ) Tj ET Q q 0 0 0 rg BT 77.54 680.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 120.90 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.61 680.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 185.97 680.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 203.24 680.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 238.84 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.33 680.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 270.60 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.20 680.10 Td (non-compliance ) Tj ET Q q 0 0 0 rg BT 347.90 680.10 Td (with ) Tj ET Q q 0 0 0 rg BT 367.95 680.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 411.31 680.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 433.01 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.72 680.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 493.09 680.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 547.56 680.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 67.17 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 76.57 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 91.51 668.10 Td (reputation ) Tj ET Q q 0 0 0 rg BT 133.66 668.10 Td (we ) Tj ET Q q 0 0 0 rg BT 146.94 668.10 Td (may ) Tj ET Q q 0 0 0 rg BT 165.77 668.10 Td (suf) Tj ET Q q 0 0 0 rg BT 177.81 668.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 190.52 668.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.46 668.10 Td (a ) Tj ET Q q 0 0 0 rg BT 206.51 668.10 Td (result ) Tj ET Q q 0 0 0 rg BT 230.34 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.28 668.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 267.99 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.38 668.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 308.99 668.10 Td (with ) Tj ET Q q 0 0 0 rg BT 328.38 668.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 350.82 668.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 399.37 668.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 422.92 668.10 Td (related ) Tj ET Q q 0 0 0 rg BT 451.74 668.10 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 512.21 668.10 Td (or) Tj ET Q q 0 0 0 rg BT 520.36 668.10 Td (ganization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 89.67 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.01 656.10 Td (codes ) Tj ET Q q 0 0 0 rg BT 130.69 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.92 656.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 174.48 656.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 217.47 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.15 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 242.38 656.10 Td (business ) Tj ET Q q 0 0 0 rg BT 278.18 656.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 318.54 656.10 Td (W) Tj ET Q q 0 0 0 rg BT 327.18 656.10 Td (e ) Tj ET Q q 0 0 0 rg BT 333.52 656.10 Td (are ) Tj ET Q q 0 0 0 rg BT 347.63 656.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 386.74 656.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 416.97 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.65 656.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 466.32 656.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 508.76 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 518.44 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.56 656.10 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 102.78 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.90 644.10 Td (which ) Tj ET Q q 0 0 0 rg BT 141.68 644.10 Td (we ) Tj ET Q q 0 0 0 rg BT 156.69 644.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 191.68 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 208.35 644.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 247.84 644.10 Td (W) Tj ET Q q 0 0 0 rg BT 256.48 644.10 Td (e ) Tj ET Q q 0 0 0 rg BT 264.26 644.10 Td (have ) Tj ET Q q 0 0 0 rg BT 286.48 644.10 Td (established ) Tj ET Q q 0 0 0 rg BT 334.26 644.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 381.46 644.10 Td (that ) Tj ET Q q 0 0 0 rg BT 399.80 644.10 Td (are ) Tj ET Q q 0 0 0 rg BT 415.35 644.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 454.24 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 465.36 644.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 494.80 644.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 544.23 644.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 93.03 632.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 129.97 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.35 632.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 189.39 632.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 246.03 632.10 Td (such ) Tj ET Q q 0 0 0 rg BT 266.30 632.10 Td (as ) Tj ET Q q 0 0 0 rg BT 276.58 632.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 319.61 632.10 Td (net ) Tj ET Q q 0 0 0 rg BT 333.77 632.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 362.36 632.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 419.01 632.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 440.39 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.77 632.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 487.04 632.10 Td (practices, ) Tj ET Q q 0 0 0 rg BT 527.01 632.10 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 87.43 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.76 620.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 133.69 620.10 Td (use ) Tj ET Q q 0 0 0 rg BT 150.02 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.45 620.10 Td (safekeeping ) Tj ET Q q 0 0 0 rg BT 218.20 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.53 620.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 269.18 620.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 294.40 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.84 620.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 355.10 620.10 Td (anti-money ) Tj ET Q q 0 0 0 rg BT 403.64 620.10 Td (laundering, ) Tj ET Q q 0 0 0 rg BT 451.90 620.10 Td (privacy ) Tj ET Q q 0 0 0 rg BT 484.88 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.31 620.10 Td (recordkeeping. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 608.10 Td (e ) Tj ET Q q 0 0 0 rg BT 66.42 608.10 Td (have ) Tj ET Q q 0 0 0 rg BT 88.64 608.10 Td (also ) Tj ET Q q 0 0 0 rg BT 108.09 608.10 Td (established ) Tj ET Q q 0 0 0 rg BT 155.87 608.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 203.08 608.10 Td (that ) Tj ET Q q 0 0 0 rg BT 221.42 608.10 Td (are ) Tj ET Q q 0 0 0 rg BT 236.97 608.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 275.86 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.98 608.10 Td (require ) Tj ET Q q 0 0 0 rg BT 318.64 608.10 Td (that ) Tj ET Q q 0 0 0 rg BT 336.98 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 353.66 608.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 388.10 608.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 421.99 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 433.11 608.10 Td (ethics ) Tj ET Q q 0 0 0 rg BT 459.78 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.56 608.10 Td (business ) Tj ET Q q 0 0 0 rg BT 514.80 608.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 549.80 608.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.10 Td (followed. ) Tj ET Q q 0 0 0 rg BT 90.37 596.10 Td (The ) Tj ET Q q 0 0 0 rg BT 108.41 596.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 130.35 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.29 596.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 190.88 596.10 Td (focus ) Tj ET Q q 0 0 0 rg BT 215.04 596.10 Td (on ) Tj ET Q q 0 0 0 rg BT 227.54 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.26 596.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 279.74 596.10 Td (services ) Tj ET Q q 0 0 0 rg BT 314.44 596.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 349.72 596.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 384.99 596.10 Td (a ) Tj ET Q q 0 0 0 rg BT 391.93 596.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 437.20 596.10 Td (business ) Tj ET Q q 0 0 0 rg BT 473.59 596.10 Td (challenge ) Tj ET Q q 0 0 0 rg BT 514.40 596.10 Td (for ) Tj ET Q q 0 0 0 rg BT 528.56 596.10 Td (us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (Effects of Inflation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 85.95 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 101.91 548.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 127.88 548.10 Td (are ) Tj ET Q q 0 0 0 rg BT 142.72 548.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 168.69 548.10 Td (in ) Tj ET Q q 0 0 0 rg BT 179.10 548.10 Td (nature, ) Tj ET Q q 0 0 0 rg BT 209.22 548.10 Td (they ) Tj ET Q q 0 0 0 rg BT 229.07 548.10 Td (are ) Tj ET Q q 0 0 0 rg BT 243.91 548.10 Td (not ) Tj ET Q q 0 0 0 rg BT 259.33 548.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 311.95 548.10 Td (af) Tj ET Q q 0 0 0 rg BT 319.54 548.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 346.60 548.10 Td (by ) Tj ET Q q 0 0 0 rg BT 359.23 548.10 Td (inflation. ) Tj ET Q q 0 0 0 rg BT 398.25 548.10 Td (However) Tj ET Q q 0 0 0 rg BT 434.50 548.10 Td (, ) Tj ET Q q 0 0 0 rg BT 439.63 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.48 548.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 472.10 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.07 548.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 519.58 548.10 Td (af) Tj ET Q q 0 0 0 rg BT 527.17 548.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 548.68 548.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 91.79 536.10 Td (such ) Tj ET Q q 0 0 0 rg BT 113.32 536.10 Td (as ) Tj ET Q q 0 0 0 rg BT 124.85 536.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 166.91 536.10 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 228.15 536.10 Td (of) Tj ET Q q 0 0 0 rg BT 236.30 536.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 254.48 536.10 Td (space ) Tj ET Q q 0 0 0 rg BT 279.89 536.10 Td (leasing ) Tj ET Q q 0 0 0 rg BT 311.41 536.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 334.60 536.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.24 536.10 Td (communications ) Tj ET Q q 0 0 0 rg BT 421.53 536.10 Td (char) Tj ET Q q 0 0 0 rg BT 438.56 536.10 Td (ges, ) Tj ET Q q 0 0 0 rg BT 457.58 536.10 Td (which ) Tj ET Q q 0 0 0 rg BT 485.22 536.10 Td (may ) Tj ET Q q 0 0 0 rg BT 505.63 536.10 Td (not ) Tj ET Q q 0 0 0 rg BT 521.60 536.10 Td (be ) Tj ET Q q 0 0 0 rg BT 534.24 536.10 Td (readily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 99.82 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.79 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.20 524.10 Td (price ) Tj ET Q q 0 0 0 rg BT 149.38 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.90 524.10 Td (services ) Tj ET Q q 0 0 0 rg BT 196.30 524.10 Td (we ) Tj ET Q q 0 0 0 rg BT 211.16 524.10 Td (of) Tj ET Q q 0 0 0 rg BT 219.30 524.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 233.60 524.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.57 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 261.09 524.10 Td (clients. ) Tj ET Q q 0 0 0 rg BT 292.65 524.10 Td (T) Tj ET Q q 0 0 0 rg BT 298.06 524.10 Td (o ) Tj ET Q q 0 0 0 rg BT 306.26 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.67 524.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 349.29 524.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 386.37 524.10 Td (results ) Tj ET Q q 0 0 0 rg BT 415.67 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 426.64 524.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 452.61 524.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 485.23 524.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 507.30 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.93 524.10 Td (has ) Tj ET Q q 0 0 0 rg BT 541.46 524.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 83.04 512.10 Td (ef) Tj ET Q q 0 0 0 rg BT 90.63 512.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 112.00 512.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 134.50 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.22 512.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 189.48 512.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 226.14 512.10 Td (it ) Tj ET Q q 0 0 0 rg BT 234.19 512.10 Td (may ) Tj ET Q q 0 0 0 rg BT 253.91 512.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 294.73 512.10 Td (af) Tj ET Q q 0 0 0 rg BT 302.31 512.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 319.80 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 335.63 512.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 373.11 512.10 Td (position ) Tj ET Q q 0 0 0 rg BT 407.84 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 424.78 512.10 Td (results ) Tj ET Q q 0 0 0 rg BT 453.38 512.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.21 512.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (ITEM 7A. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 105.89 488.10 Td (QUANTIT) Tj ET Q q 0 0 0 rg BT 149.78 488.10 Td (A) Tj ET Q q 0 0 0 rg BT 155.90 488.10 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 181.37 488.10 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 241.65 488.10 Td (A) Tj ET Q q 0 0 0 rg BT 247.77 488.10 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 344.10 488.10 Td (ABOUT MARKET RISK.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.24 464.10 Td (information ) Tj ET Q q 0 0 0 rg BT 118.65 464.10 Td (under ) Tj ET Q q 0 0 0 rg BT 144.62 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.03 464.10 Td (caption ) Tj ET Q q 0 0 0 rg BT 192.66 464.10 Td ("Risk ) Tj ET Q q 0 0 0 rg BT 218.28 464.10 Td (Management" ) Tj ET Q q 0 0 0 rg BT 277.76 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.74 464.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 308.05 464.10 Td (II, ) Tj ET Q q 0 0 0 rg BT 320.40 464.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 341.93 464.10 Td (7 ) Tj ET Q q 0 0 0 rg BT 350.12 464.10 Td (entitled, ) Tj ET Q q 0 0 0 rg BT 385.81 464.10 Td ("Management) Tj ET Q q 0 0 0 rg BT 444.87 464.10 Td (s ) Tj ET Q q 0 0 0 rg BT 451.96 464.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 499.05 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.98 464.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 554.18 464.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.21 452.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 131.72 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 148.66 452.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 180.60 452.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.43 452.10 Td (Operations," ) Tj ET Q q 0 0 0 rg BT 244.39 452.10 Td (is ) Tj ET Q q 0 0 0 rg BT 253.56 452.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 306.59 452.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 334.08 452.10 Td (by ) Tj ET Q q 0 0 0 rg BT 346.58 452.10 Td (reference.) 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 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 endstream endobj 109 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (54) 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 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 q 0 0 0 rg BT 63.50 495.92 Td (Note 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 480.92 Td (Note 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 465.92 Td (Note 4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 451.82 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 436.82 Td (Note 6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 410.92 Td (Note 7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 395.92 Td (Note 8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 380.92 Td (Note 9) Tj ET Q BT /F1 10.00 Tf ET 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 q 0 0 0 rg BT 63.50 350.92 Td (Note 11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 335.92 Td (Note 12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 320.92 Td (Note 13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 305.92 Td (Note 14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 290.92 Td (Note 15) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 110.5 289.5833984375 m 161.33984375 289.5833984375 l s q 0 0 1 rg BT 110.50 290.92 Td (Fixed Assets) 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 63.50 275.92 Td (Note 16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 260.92 Td (Note 17) Tj ET Q 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 q 0 0 0 rg BT 63.50 230.92 Td (Note 19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 215.92 Td (Note 20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 200.92 Td (Note 21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 185.92 Td (Note 22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 170.92 Td 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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; 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) 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 (2014) 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 (2014) 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 (February26, ) Tj ET Q q 0 0 0 rg BT 484.10 273.75 Td (2015) 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 (February26, 2015) 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 115 0 obj <> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (57) 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 (2014) 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 (2013) 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 (2014) 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 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(statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 609.75 Td (based ) Tj ET Q q 0 0 0 rg BT 74.77 609.75 Td (on ) Tj ET Q q 0 0 0 rg BT 87.27 609.75 Td (our ) Tj ET Q q 0 0 0 rg BT 103.10 609.75 Td (audits.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 441.75 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 441.75 Td (e ) Tj ET Q q 0 0 0 rg BT 88.53 441.75 Td (also ) Tj ET Q q 0 0 0 rg BT 106.59 441.75 Td (have ) Tj ET Q q 0 0 0 rg BT 127.41 441.75 Td (audited, ) Tj ET Q q 0 0 0 rg BT 161.30 441.75 Td (in ) Tj ET Q q 0 0 0 rg BT 171.03 441.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 217.94 441.75 Td (with ) Tj ET Q q 0 0 0 rg BT 237.67 441.75 Td (the ) Tj ET Q q 0 0 0 rg BT 251.83 441.75 Td (standards ) Tj ET Q q 0 0 0 rg BT 291.55 441.75 Td (of ) Tj ET Q q 0 0 0 rg BT 301.83 441.75 Td (the ) Tj ET Q q 0 0 0 rg BT 316.00 441.75 Td (Public ) Tj ET Q q 0 0 0 rg BT 343.51 441.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 383.92 441.75 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 432.52 441.75 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 473.91 441.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 500.30 441.75 Td (\(United ) Tj ET Q q 0 0 0 rg BT 532.80 441.75 Td (States\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 72.31 429.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 83.78 429.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 101.58 429.75 Td (Companies) Tj ET Q q 0 0 0 rg BT 149.16 429.75 Td ( ) Tj ET Q q 0 0 0 rg BT 150.86 429.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 183.10 429.75 Td (control ) Tj ET Q q 0 0 0 rg BT 213.12 429.75 Td (over ) Tj ET Q q 0 0 0 rg BT 232.59 429.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 269.26 429.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 307.62 429.75 Td (as ) Tj ET Q q 0 0 0 rg BT 317.64 429.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.67 429.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 385.45 429.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.45 429.75 Td (, ) Tj ET Q q 0 0 0 rg BT 409.65 429.75 Td (based ) Tj ET Q q 0 0 0 rg BT 434.11 429.75 Td (on ) Tj ET Q q 0 0 0 rg BT 445.81 429.75 Td (criteria ) Tj ET Q q 0 0 0 rg BT 475.82 429.75 Td (established ) Tj ET Q q 0 0 0 rg BT 521.95 429.75 Td (in ) Tj ET Q q 0 0 0 rg BT 531.42 429.75 Td (Internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.75 Td (Control ) Tj ET Q q 0 0 0 rg BT 83.43 417.75 Td ( ) Tj ET Q q 0 0 0 rg BT 96.79 417.75 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 140.70 417.75 Td (Framework ) Tj ET Q q 0 0 0 rg BT 190.16 417.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 218.53 417.75 Td (by ) Tj ET Q q 0 0 0 rg BT 231.90 417.75 Td (the ) Tj ET Q q 0 0 0 rg BT 247.49 417.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 295.30 417.75 Td (of ) Tj ET Q q 0 0 0 rg BT 307.00 417.75 Td (Sponsoring ) Tj ET Q q 0 0 0 rg BT 355.93 417.75 Td (Or) Tj ET Q q 0 0 0 rg BT 366.30 417.75 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 415.21 417.75 Td (of ) Tj ET Q q 0 0 0 rg BT 426.91 417.75 Td (the ) Tj ET Q q 0 0 0 rg BT 442.25 417.75 Td (T) Tj ET Q q 0 0 0 rg BT 448.01 417.75 Td (readway ) Tj ET Q q 0 0 0 rg BT 485.24 417.75 Td (Commission ) Tj ET Q q 0 0 0 rg BT 539.18 417.75 Td (\(2013 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.75 Td (framework\) ) Tj ET Q q 0 0 0 rg BT 99.20 405.75 Td (and ) Tj ET Q q 0 0 0 rg BT 116.14 405.75 Td (our ) Tj ET Q q 0 0 0 rg BT 131.97 405.75 Td (report ) Tj ET Q q 0 0 0 rg BT 158.34 405.75 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 405.75 Td (February26, ) Tj ET Q q 0 0 0 rg BT 236.10 405.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.10 405.75 Td ( ) Tj ET Q q 0 0 0 rg BT 258.60 405.75 Td (expressed ) Tj ET Q q 0 0 0 rg BT 300.53 405.75 Td (an ) Tj ET Q q 0 0 0 rg BT 312.46 405.75 Td (unqualified ) Tj ET Q q 0 0 0 rg BT 360.51 405.75 Td (opinion ) Tj ET Q q 0 0 0 rg BT 393.56 405.75 Td (thereon.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 381.75 Td (/s/ Ernst& ) Tj ET Q q 0 0 0 rg BT 418.96 381.75 Td (Y) Tj ET Q q 0 0 0 rg BT 425.18 381.75 Td (oung LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.75 Td (Minneapolis, Minnesota) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.75 Td (February26, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.10 345.75 Td ( ) Tj ET Q endstream endobj 117 0 obj <>] /Rotate 0 /Contents 118 0 R>> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (58) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 664.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 664.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 664.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 664.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 642.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 642.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 642.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 642.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 620.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 620.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 620.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 620.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 598.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 598.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 598.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 598.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 576.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 576.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 576.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 576.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 554.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 554.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 554.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 554.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 521.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 521.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 521.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 521.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 499.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 499.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 499.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 499.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 477.50 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 477.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 477.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 477.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 454.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 454.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 454.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 454.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 432.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 432.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 432.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 432.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 410.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 410.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 410.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 410.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 388.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 388.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 388.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 388.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 366.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 366.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 366.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 366.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 344.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 344.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 344.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 344.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 322.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 322.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 322.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 322.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 300.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 300.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 300.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 300.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 267.50 370.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 267.50 67.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 267.50 8.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 267.50 67.00 -22.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 234.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 234.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 234.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 234.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 201.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 201.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 201.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 201.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 179.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 179.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 179.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 179.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 157.50 370.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 157.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 157.50 8.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 157.50 67.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 135.50 370.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 135.50 67.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 135.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 135.50 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 420 565.5 m 487 565.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 565.5 m 562 565.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 565.5 m 487 565.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 565.5 m 562 565.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 477.5 m 487 477.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 466.5 m 487 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 464.5 m 487 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 477.5 m 562 477.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 466.5 m 562 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 464.5 m 562 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 344.5 m 487 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 344.5 m 562 344.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 190.5 m 487 190.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 190.5 m 562 190.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 157.5 m 487 157.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 157.5 m 562 157.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 146.5 m 487 146.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 146.5 m 562 146.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 124.5 m 487 124.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 122.5 m 487 122.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 124.5 m 562 124.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 122.5 m 562 122.5 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 /F2 10.00 Tf ET q 0 0 0 rg BT 443.00 689.23 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.00 689.23 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 678.45 Td (\(Amounts in thousands, except share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 666.28 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 655.12 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.50 655.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 655.28 Td (15,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 655.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 655.12 Td (123,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 644.12 Td (Cash and cash equivalents segregated for regulatory purposes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 644.28 Td (25,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 644.12 Td (43,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 633.12 Td (Receivables:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 622.12 Td (Customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 622.28 Td (9,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 622.12 Td (11,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 611.12 Td (Brokers, dealers and clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 611.28 Td (161,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 611.12 Td (127,113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 600.12 Td (Securities purchased under agreements to resell) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 600.28 Td (308,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 600.12 Td (167,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 578.12 Td (Financial instruments and other inventory positions owned) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 578.28 Td (507,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 578.12 Td (406,513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 567.12 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 443.15 567.28 Td (1,108,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 567.12 Td (957,515) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 556.12 Td (Total financial instruments and other inventory positions owned) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 556.28 Td (1,616,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 556.12 Td (1,364,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 534.07 Td (Fixed assets \(net of accumulated depreciation and amortization of $47,327 and $62,311,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 524.12 Td (respectively\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 526.18 Td (18,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 526.17 Td (16,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 512.12 Td (Goodwill) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 512.28 Td (211,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 512.12 Td (210,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 501.12 Td (Intangible assets \(net of accumulated amortization of $41,141 and $31,869, respectively\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 501.28 Td (30,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 501.12 Td (39,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 490.12 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 490.28 Td (126,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 490.12 Td (112,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 479.12 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 479.28 Td (100,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 479.12 Td (102,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 468.12 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.50 468.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 468.23 Td (2,623,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 468.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 468.12 Td (2,318,157) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 445.28 Td (Liabilities and Shareholders Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 434.12 Td (Short-term financing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.50 434.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 434.28 Td (377,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 434.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 434.12 Td (514,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 423.12 Td (Variable rate senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 423.28 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 423.12 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 412.12 Td (Payables:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 401.12 Td (Customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 401.28 Td (13,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 401.12 Td (33,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 390.12 Td (Brokers, dealers and clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 390.28 Td (25,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 390.12 Td (27,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 379.12 Td (Securities sold under agreements to repurchase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 379.28 Td (102,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 379.12 Td (4,397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 368.12 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 450.65 368.28 Td (738,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 368.12 Td (512,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 357.12 Td (Accrued compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 357.28 Td (228,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 357.12 Td (159,928) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 346.12 Td (Other liabilities and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 346.28 Td (43,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 346.12 Td (58,385) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 335.12 Td (Total liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 335.28 Td (1,654,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 335.12 Td (1,436,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 313.12 Td (Shareholders equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 302.12 Td (Common stock, $0.01 par value:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 291.12 Td (Shares authorized: 100,000,000 at December 31, 2014 and December 31, 2013;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 280.07 Td (Shares issued: 19,523,371 at December 31, 2014 and 19,537,127 at) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 270.12 Td (December 31, 2013;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 258.07 Td (Shares outstanding: 15,265,420 at December 31, 2014 and 14,383,418 at) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 248.12 Td (December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 250.18 Td (195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 250.17 Td (195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 236.12 Td (Additional paid-in capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 236.28 Td (735,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 236.12 Td (740,321) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 225.12 Td (Retained earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 225.28 Td (227,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 225.12 Td (163,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 214.07 Td (Less common stock held in treasury, at cost: 4,257,951 shares at December 31, 2014 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 204.12 Td (5,153,709 shares at December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.30 206.23 Td (\(143,140) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 206.18 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 206.22 Td (\(170,629) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 206.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 192.12 Td (Accumulated other comprehensive income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 192.28 Td (377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 192.12 Td (896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 181.12 Td (Total common shareholders equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 181.28 Td (819,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 181.12 Td (734,676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 159.12 Td (Noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 159.28 Td (149,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 159.12 Td (147,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 148.12 Td (Total shareholders equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 148.28 Td (969,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 148.12 Td (882,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 126.12 Td (Total liabilities and shareholders equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.50 126.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 126.23 Td (2,623,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 126.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 126.12 Td (2,318,157) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.40 109.00 Td (See Notes to the 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 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.45 748.60 Td (Piper) Tj ET Q q 0 0 0 rg BT 275.59 748.60 Td ( Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.75 727.60 Td (Consolidated Statements of Financial Condition) Tj ET Q endstream endobj 119 0 obj <>] /Rotate 0 /Contents 120 0 R>> endobj 120 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.35 96.60 Td (Continued on next page) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 72.60 Td (59) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 674.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 674.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 674.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 674.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 674.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 674.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 650.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 650.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 650.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 650.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 650.50 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 650.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 626.50 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 626.50 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 626.50 8.00 -12.00 re f /GS0 gs 0.8 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ET q 0 0 0 rg BT 530.65 629.12 Td (65,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 617.12 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 617.23 Td (48,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 617.12 Td (50,409) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 617.12 Td (37,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 605.12 Td (Investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 605.23 Td (12,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 605.12 Td (21,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 605.12 Td (4,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 581.12 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 581.23 Td (673,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 581.12 Td (550,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 581.12 Td (508,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 557.12 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 557.23 Td (25,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 557.12 Td (25,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 557.12 Td (19,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 533.12 Td (Net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 533.23 Td (648,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 533.12 Td (525,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 533.12 Td (488,952) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 509.23 Td (Non-interest expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 497.12 Td (Compensation and benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 497.23 Td (394,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 497.12 Td (322,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 497.12 Td (296,882) 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 (28,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 485.12 Td (25,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 485.12 Td (26,454) 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 (22,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 473.12 Td (21,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 473.12 Td (20,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 461.12 Td (Floor brokerage and clearance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 461.23 Td (7,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 461.12 Td (8,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 461.12 Td (8,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 449.12 Td (Marketing and business development) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 449.23 Td (27,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 449.12 Td (21,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 449.12 Td (19,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 437.12 Td (Outside services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 437.23 Td (37,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 437.12 Td (32,982) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 437.12 Td (27,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 425.12 Td (Restructuring and integration costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 425.23 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 425.12 Td (4,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 425.12 Td (3,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 413.12 Td (Intangible asset amortization expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 413.23 Td (9,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 413.12 Td (7,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 413.12 Td (6,944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 401.12 Td (Other operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 401.23 Td (11,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 401.12 Td (4,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 401.12 Td (9,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 377.12 Td (Total non-interest expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 377.23 Td (537,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 377.12 Td (449,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 377.12 Td (419,941) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 353.23 Td (Income from continuing operations before income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 353.23 Td (110,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 353.12 Td (75,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 353.12 Td (69,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 329.12 Td (Income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 329.23 Td (35,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 329.12 Td (20,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 329.12 Td (19,470) Tj ET Q BT /F2 10.00 Tf ET q 0 0 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0.9333333333333333 1 rg /GS0 gs 269.50 287.50 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 287.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 287.50 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 287.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 287.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 287.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 287.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 287.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 287.50 52.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 287.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 287.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 242.50 86.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 122.50 242.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 126.50 242.50 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 242.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 242.50 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 242.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 242.50 43.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 242.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 242.50 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 242.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 242.50 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 242.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 242.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 242.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 242.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 242.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 242.50 52.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 242.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 242.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 204.50 86.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 122.50 204.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 126.50 204.50 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 204.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.50 204.50 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 204.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 204.50 43.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 204.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 204.50 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 204.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 204.50 40.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 204.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 204.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 204.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 204.50 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 204.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 204.50 52.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 204.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 527.50 204.50 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 126.5 427.5 m 176.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 427.5 m 218.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 427.5 m 265.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 427.5 m 309.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 427.5 m 353.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 427.5 m 410.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 427.5 m 467.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 427.5 m 523.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 427.5 m 580.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126.5 204.5 m 176.5 204.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180.5 204.5 m 218.5 204.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 204.5 m 265.5 204.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 204.5 m 309.5 204.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 204.5 m 353.5 204.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 204.5 m 410.5 204.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 204.5 m 467.5 204.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 204.5 m 523.5 204.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 204.5 m 580.5 204.5 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 39.00 642.56 Td (Balance at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 635.56 Td (December 31, 2011) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 142.10 635.56 Td (15,750,188) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 183.00 635.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 205.15 635.56 Td (195) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 225.00 635.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 239.90 635.56 Td (791,166) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 272.00 635.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.40 635.56 Td (77,535) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.00 635.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 325.55 635.61 Td (\(151,110) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 350.65 635.56 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.00 635.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 397.15 635.56 Td (605) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 417.00 635.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 441.90 635.56 Td (718,391) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 474.00 635.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.40 635.56 Td (32,209) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 530.00 635.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 554.90 635.56 Td (750,600) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 611.55 Td (Net income) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 611.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 611.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 611.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.40 611.55 Td (41,268) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 611.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 611.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.40 611.55 Td (41,268) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.90 611.55 Td (2,466) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 611.55 Td (43,734) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 599.55 Td (Amortization/issuance of) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 592.55 Td (restricted stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 592.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 592.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 243.40 592.55 Td (16,681) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 592.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 592.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 592.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.40 592.55 Td (16,681) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 592.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 592.55 Td (16,681) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 580.55 Td (Repurchase of common) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 573.55 Td (stock through share) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 566.55 Td (repurchase program) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 143.30 566.55 Td (\(1,645,458) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 173.65 566.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 566.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 566.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 566.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 329.05 566.60 Td (\(38,068) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 350.65 566.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 566.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 443.05 566.60 Td (\(38,068) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 464.65 566.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 566.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 556.05 566.55 Td (\(38,068) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 566.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 554.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 547.55 Td (for restricted stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 540.55 Td (vestings) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 145.65 540.55 Td (1,323,427) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 540.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 241.05 540.55 Td (\(50,776) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 540.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 540.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 331.40 540.55 Td (50,776) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 540.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.65 540.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 540.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 570.65 540.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 528.55 Td (Repurchase of common) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 521.55 Td (stock for employee tax) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 514.55 Td (withholding) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 148.55 514.55 Td (\(385,449) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 173.65 514.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 514.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 514.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 514.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 332.55 514.60 Td (\(9,096) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 350.65 514.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 514.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 446.55 514.60 Td (\(9,096) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 464.65 514.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 514.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 559.55 514.55 Td (\(9,096) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 514.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 502.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 495.55 Td (for 401k match) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 150.90 495.55 Td (165,241) 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 244.55 495.55 Td (\(2,745) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 495.55 Td (\)) 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 334.90 495.55 Td (6,559) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 495.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 448.90 495.55 Td (3,814) 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 7.00 Tf ET q 0 0 0 rg BT 561.90 495.55 Td (3,814) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 483.55 Td (Shares reserved to meet) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 476.55 Td (deferred compensation) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 469.55 Td (obligations) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 157.90 469.55 Td (5,847) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 469.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 252.15 469.55 Td (240) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 469.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 469.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 469.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.15 469.55 Td (240) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 469.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 567.15 469.55 Td (240) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 457.55 Td (Other comprehensive) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 450.55 Td (income) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 450.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 450.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 450.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 450.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 450.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 450.55 Td (62) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.65 450.55 Td (62) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 450.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 570.65 450.55 Td (62) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 438.55 Td (Fund capital) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 431.55 Td (contributions, net) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 431.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 431.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 431.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 431.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 431.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 431.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.65 431.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.40 431.55 Td (22,208) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 431.55 Td (22,208) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 419.56 Td (Balance at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 412.56 Td (December31, 2012) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 142.10 412.56 Td (15,213,796) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 183.00 412.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 205.15 412.56 Td (195) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 225.00 412.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 239.90 412.56 Td (754,566) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 272.00 412.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.85 412.56 Td (118,803) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.00 412.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 325.55 412.61 Td (\(140,939) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 350.65 412.56 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.00 412.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 397.15 412.56 Td (667) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 417.00 412.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 441.90 412.56 Td (733,292) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 474.00 412.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.40 412.56 Td (56,883) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 530.00 412.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 554.90 412.56 Td (790,175) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 388.55 Td (Net income) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 388.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 388.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 388.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.40 388.55 Td (45,090) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 388.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 388.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.40 388.55 Td (45,090) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 504.90 388.55 Td (5,394) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 388.55 Td (50,484) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 376.55 Td (Amortization/issuance of) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 369.55 Td (restricted stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 369.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 369.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 243.40 369.55 Td (23,528) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 369.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 369.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 369.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 445.40 369.55 Td (23,528) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 369.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 369.55 Td (23,528) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 357.55 Td (Repurchase of common) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 350.55 Td (stock through share) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 343.55 Td (repurchase program) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 143.30 343.55 Td (\(1,719,662) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 173.65 343.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 343.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 343.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 343.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 329.05 343.60 Td (\(55,929) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 350.65 343.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 343.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 443.05 343.60 Td (\(55,929) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 464.65 343.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 343.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 556.05 343.55 Td (\(55,929) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 343.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 331.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 324.55 Td (for restricted stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 317.55 Td (vestings) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 145.65 317.55 Td (1,173,180) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 317.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 241.05 317.55 Td (\(38,636) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 317.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 317.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 331.40 317.55 Td (38,636) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 317.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.65 317.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 317.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 570.65 317.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 305.55 Td (Repurchase of common) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 298.55 Td (stock for employee tax) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 291.55 Td (withholding) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 148.55 291.55 Td (\(386,713) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 173.65 291.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 291.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 291.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 291.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 329.05 291.60 Td (\(15,533) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 350.65 291.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 291.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 443.05 291.60 Td (\(15,533) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 464.65 291.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 291.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 556.05 291.55 Td (\(15,533) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 577.65 291.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 279.55 Td (Issuance of treasury shares) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 272.55 Td (for 401k match) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 154.40 272.55 Td (96,049) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 272.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 252.15 272.55 Td (803) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 272.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 334.90 272.55 Td (3,136) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 272.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 448.90 272.55 Td (3,939) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 272.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 561.90 272.55 Td (3,939) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 260.55 Td (Shares reserved to meet) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 253.55 Td (deferred compensation) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 246.55 Td (obligations) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 157.90 246.55 Td (6,768) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 246.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 246.55 Td (60) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 246.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 246.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 246.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.65 246.55 Td (60) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 246.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 570.65 246.55 Td (60) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 234.55 Td (Other comprehensive) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 227.55 Td (income) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 227.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 227.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 227.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 227.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 227.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 397.15 227.55 Td (229) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.15 227.55 Td (229) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 513.65 227.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 567.15 227.55 Td (229) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 215.55 Td (Fund capital) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 43.50 208.55 Td (contributions, net) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 166.65 208.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 208.65 208.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 255.65 208.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 208.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 343.65 208.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 400.65 208.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 457.65 208.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.40 208.55 Td (85,119) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 558.40 208.55 Td (85,119) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 196.56 Td (Balance at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 189.56 Td (December31, 2013) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 142.10 189.56 Td (14,383,418) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 183.00 189.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 205.15 189.56 Td (195) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 225.00 189.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 239.90 189.56 Td (740,321) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 272.00 189.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.85 189.56 Td (163,893) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.00 189.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 325.55 189.61 Td (\(170,629) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 350.65 189.56 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.00 189.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 397.15 189.56 Td (896) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 417.00 189.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 441.90 189.56 Td (734,676) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 474.00 189.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 497.90 189.56 Td (147,396) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 530.00 189.56 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 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M 336 328.5 m 406 328.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 328.5 m 484 328.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 328.5 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 336 304.5 m 406 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 304.5 m 484 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 304.5 m 562 304.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 244.5 m 406 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 244.5 m 484 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 244.5 m 562 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 220.5 m 406 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 220.5 m 484 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 220.5 m 562 220.5 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 (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 689.23 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 689.23 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 665.23 Td (Operating Activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 653.12 Td (Net income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 653.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 653.23 Td (74,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 653.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 653.12 Td (50,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 653.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 653.12 Td (43,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 641.07 Td (Adjustments to reconcile net income to net cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 631.12 Td (provided by/\(used in\) operating activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 619.12 Td (Depreciation and amortization of fixed assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 619.23 Td (5,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 619.12 Td (5,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 619.12 Td (7,005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 607.12 Td (Deferred income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 607.28 Td (\(10,843) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 607.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 607.12 Td (\(2,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 607.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 607.12 Td (11,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 595.12 Td (Loss on sale of FAMCO) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 595.23 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 595.12 Td (1,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 595.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 583.12 Td (Loss on disposal of fixed assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 583.23 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 583.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 583.12 Td (1,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 571.12 Td (Share-based and deferred compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 571.23 Td (28,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 571.12 Td (21,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 571.12 Td (20,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 559.12 Td (Goodwill impairment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 559.23 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 559.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 559.12 Td (5,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 547.12 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 547.23 Td (9,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 547.12 Td (7,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 547.12 Td (7,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 535.12 Td (Amortization of forgivable loans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 535.23 Td (5,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 535.12 Td (6,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 535.12 Td (8,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 523.12 Td (Decrease/\(increase\) in operating assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 511.12 Td (Cash and cash equivalents segregated for regulatory purposes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 511.23 Td (18,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 511.12 Td (\(12,005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 511.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 511.12 Td (\(5,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 511.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 499.12 Td (Receivables:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 487.12 Td (Customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 487.23 Td (1,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 487.12 Td (2,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 487.12 Td (10,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 475.12 Td (Brokers, dealers and clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 475.28 Td (\(33,896) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 475.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 475.12 Td (21,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 475.12 Td (\(23,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 475.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 463.12 Td (Securities purchased under agreements to resell) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.30 463.28 Td (\(140,290) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 463.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 463.12 Td (\(22,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 463.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 463.12 Td (14,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 451.12 Td (Net financial instruments and other inventory positions owned) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 451.28 Td (\(27,042) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 451.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 451.12 Td (4,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 451.12 Td (\(360,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 451.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 439.12 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 439.28 Td (\(14,797) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 439.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 439.12 Td (\(26,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 439.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 439.12 Td (\(17,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 439.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 427.12 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 427.23 Td (3,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 427.12 Td (\(3,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 427.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 427.12 Td (\(15,362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 427.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 415.12 Td (Increase/\(decrease\) in operating liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 403.12 Td (Payables:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 391.12 Td (Customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 391.28 Td (\(19,781) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 391.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 391.12 Td (\(8,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 391.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 391.12 Td (12,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 379.12 Td (Brokers, dealers and clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.30 379.28 Td (\(2,158) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 379.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 379.12 Td (\(33,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 379.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 379.12 Td (24,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 367.12 Td (Accrued compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 367.23 Td (67,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 367.12 Td (32,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 367.12 Td (23,424) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 355.12 Td (Other liabilities and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 355.28 Td (\(15,216) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 355.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 355.12 Td (\(2,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 355.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 355.12 Td (18,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 343.12 Td (Decrease in assets held for sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 343.23 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 343.12 Td (605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 343.12 Td (435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 331.12 Td (Decrease in liabilities held for sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 331.23 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 331.12 Td (\(465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 331.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 331.12 Td (\(128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 331.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 307.12 Td (Net cash provided by/\(used in\) operating activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 307.28 Td (\(50,069) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 307.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 307.12 Td (42,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 307.12 Td (\(211,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 307.12 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 283.23 Td (Investing Activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 271.12 Td (Business acquisitions, net of cash acquired) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 271.23 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 271.12 Td (\(24,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 271.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 271.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 259.12 Td (Repayment of FAMCO note) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 259.23 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 259.12 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 259.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 247.12 Td (Purchases of fixed assets, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.30 247.28 Td (\(7,387) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 247.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 247.12 Td (\(5,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 247.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 247.12 Td (\(2,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 247.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 223.12 Td (Net cash used in investing activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.30 223.28 Td (\(5,387) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 223.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 223.12 Td (\(29,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 223.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 223.12 Td (\(2,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 223.12 Td (\)) 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 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 221.80 727.60 Td (Consolidated Statements of Cash Flows) Tj ET Q endstream endobj 131 0 obj <>] /Rotate 0 /Contents 132 0 R>> endobj 132 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (65) 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 (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 688.23 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 688.23 Td (2012) 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 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J 0 j 3 M 336 482.5 m 406 482.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 482.5 m 484 482.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 482.5 m 562 482.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 482.5 m 406 482.5 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 414 434.5 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 492 434.5 m 562 434.5 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 414 434.5 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 492 434.5 m 562 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 411.5 m 406 411.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 409.5 m 406 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 411.5 m 484 411.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 409.5 m 484 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 411.5 m 562 411.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 409.5 m 562 409.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 664.23 Td (Financing Activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 652.12 Td (Increase/\(decrease\) in short-term financing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 652.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.30 652.28 Td (\(136,944) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 652.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 652.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 652.12 Td (37,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 652.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 652.12 Td (308,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 640.12 Td (Issuance of variable rate senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 640.23 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 640.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 640.12 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 628.12 Td (Repayment of variable rate senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 628.28 Td (\(50,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 628.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 628.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 628.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 616.12 Td (Decrease in bank syndicated financing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 616.23 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 616.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 616.12 Td (\(115,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 616.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 604.07 Td (Increase/\(decrease\) in securities sold under agreements to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 594.07 Td (repurchase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 595.18 Td (98,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 595.22 Td (\(45,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 595.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 595.22 Td (\(59,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 595.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 581.12 Td (Increase/\(decrease\) in noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.30 581.28 Td (\(9,001) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 581.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 581.12 Td (85,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 581.12 Td (22,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 569.12 Td (Repurchase of common stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 569.28 Td (\(10,854) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 569.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 569.12 Td (\(71,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 569.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 569.12 Td (\(47,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 569.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 557.12 Td (Excess tax benefit from share-based compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 557.23 Td (1,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 557.12 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 557.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 545.12 Td (Proceeds from stock option exercises) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 545.23 Td (5,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 545.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 545.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 521.12 Td (Net cash provided by/\(used in\) financing activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 521.28 Td (\(52,017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 521.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 521.12 Td (5,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 521.12 Td (234,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 497.12 Td (Currency adjustment:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 485.12 Td (Effect of exchange rate changes on cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.80 485.28 Td (\(343) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 485.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 485.12 Td (303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 485.12 Td (\(17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 485.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 461.12 Td (Net increase/\(decrease\) in cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.30 461.28 Td (\(107,816) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 461.23 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 461.12 Td (18,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 461.12 Td (20,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 437.12 Td (Cash and cash equivalents at beginning of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 437.23 Td (123,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 437.12 Td (105,371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 437.12 Td (85,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 413.12 Td (Cash and cash equivalents at end of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 413.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 413.23 Td (15,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 413.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 413.12 Td (123,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 413.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 413.12 Td (105,371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 389.12 Td (Supplemental disclosure of cash flow information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 377.12 Td (Cash paid/\(received\) during the year for:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 365.12 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 365.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 365.23 Td (25,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 365.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 365.12 Td (23,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 365.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 365.12 Td (19,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 353.12 Td (Income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 353.23 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 353.23 Td (58,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 353.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 353.12 Td (745) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 353.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 353.12 Td (\(4,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 353.12 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 329.12 Td (Non-cash financing activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 317.12 Td (Issuance of common stock for retirement plan obligations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 305.07 Td (103,598 shares, 96,049 shares and 165,241 shares for the years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.50 295.12 Td (ended December 31, 2014, 2013 and 2012, respectively) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 297.18 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 297.18 Td (4,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 297.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 297.17 Td (3,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 297.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 297.17 Td (3,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 271.12 Td (Issuance of restricted common stock for annual equity award:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 259.07 Td (402,074 shares, 431,582 shares and 487,181 shares for the years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.50 249.12 Td (ended December 31, 2014, 2013 and 2012, respectively) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 251.18 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 251.18 Td (16,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 251.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 251.17 Td (17,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 251.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 251.17 Td (11,244) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.40 223.00 Td (See Notes to the 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 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 endstream endobj 133 0 obj <>] /Rotate 0 /Contents 134 0 R>> endobj 134 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (66) 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 88.65 444.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 121.69 444.75 Td (through ) Tj ET Q q 0 0 0 rg BT 154.19 444.75 Td (strategic ) Tj ET Q q 0 0 0 rg BT 189.46 444.75 Td (trading ) Tj ET Q q 0 0 0 rg BT 219.18 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 235.02 444.75 Td (investing ) Tj ET Q q 0 0 0 rg BT 273.08 444.75 Td (activities, ) Tj ET Q q 0 0 0 rg BT 313.07 444.75 Td (which ) Tj ET Q q 0 0 0 rg BT 338.91 444.75 Td (focus ) Tj ET Q q 0 0 0 rg BT 361.96 444.75 Td (on ) Tj ET Q q 0 0 0 rg BT 373.36 444.75 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 419.18 444.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 468.34 444.75 Td (in ) Tj ET Q q 0 0 0 rg BT 477.52 444.75 Td (a ) Tj ET Q q 0 0 0 rg BT 483.35 444.75 Td (variety ) Tj ET Q q 0 0 0 rg BT 512.51 444.75 Td (of ) Tj ET Q q 0 0 0 rg BT 522.24 444.75 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.75 Td (including ) Tj ET Q q 0 0 0 rg BT 90.06 432.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 132.83 432.75 Td (bonds, ) Tj ET Q q 0 0 0 rg BT 162.01 432.75 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 234.20 432.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 277.25 432.75 Td (and ) Tj ET Q q 0 0 0 rg BT 294.47 432.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 322.25 432.75 Td (securities, ) Tj ET Q q 0 0 0 rg BT 365.30 432.75 Td (and ) Tj ET Q q 0 0 0 rg BT 382.53 432.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 422.51 432.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 457.51 432.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 496.40 432.75 Td (involving ) Tj ET Q q 0 0 0 rg BT 537.52 432.75 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.75 Td (or ) Tj ET Q q 0 0 0 rg BT 60.32 420.75 Td (debt ) Tj ET Q q 0 0 0 rg BT 80.02 420.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 130.28 420.75 Td (in ) Tj ET Q q 0 0 0 rg BT 140.55 420.75 Td (late ) Tj ET Q q 0 0 0 rg BT 157.47 420.75 Td (stage ) Tj ET Q q 0 0 0 rg BT 180.50 420.75 Td (private ) Tj ET Q q 0 0 0 rg BT 210.75 420.75 Td (companies. ) Tj ET Q q 0 0 0 rg BT 257.95 420.75 Td (As ) Tj ET Q q 0 0 0 rg BT 271.55 420.75 Td (certain ) Tj ET Q q 0 0 0 rg BT 301.24 420.75 Td (of ) Tj ET Q q 0 0 0 rg BT 312.06 420.75 Td (these ) Tj ET Q q 0 0 0 rg BT 335.09 420.75 Td (ef) Tj ET Q q 0 0 0 rg BT 342.68 420.75 Td (forts ) Tj ET Q q 0 0 0 rg BT 363.50 420.75 Td (have ) Tj ET Q q 0 0 0 rg BT 384.86 420.75 Td (matured ) Tj ET Q q 0 0 0 rg BT 420.11 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 437.04 420.75 Td (an ) Tj ET Q q 0 0 0 rg BT 448.96 420.75 Td (investment ) Tj ET Q q 0 0 0 rg BT 495.33 420.75 Td (process ) Tj ET Q q 0 0 0 rg BT 527.81 420.75 Td (has ) Tj ET Q q 0 0 0 rg BT 543.62 420.75 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.75 Td (developed, ) Tj ET Q q 0 0 0 rg BT 95.78 408.75 Td (the ) Tj ET Q q 0 0 0 rg BT 110.67 408.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 152.24 408.75 Td (has ) Tj ET Q q 0 0 0 rg BT 168.26 408.75 Td (created ) Tj ET Q q 0 0 0 rg BT 199.80 408.75 Td (alternative ) Tj ET Q q 0 0 0 rg BT 244.68 408.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 266.80 408.75 Td (management ) Tj ET Q q 0 0 0 rg BT 320.57 408.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 345.48 408.75 Td (in ) Tj ET Q q 0 0 0 rg BT 355.94 408.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 395.82 408.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 430.72 408.75 Td (and ) Tj ET Q q 0 0 0 rg BT 447.84 408.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 490.51 408.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 530.96 408.75 Td (in ) Tj ET Q q 0 0 0 rg BT 541.42 408.75 Td (order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.75 Td (to ) Tj ET Q q 0 0 0 rg BT 59.66 396.75 Td (invest ) Tj ET Q q 0 0 0 rg BT 85.93 396.75 Td (firm ) Tj ET Q q 0 0 0 rg BT 105.53 396.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 134.57 396.75 Td (as ) Tj ET Q q 0 0 0 rg BT 145.28 396.75 Td (well ) Tj ET Q q 0 0 0 rg BT 164.88 396.75 Td (as ) Tj ET Q q 0 0 0 rg BT 175.60 396.75 Td (to ) Tj ET Q q 0 0 0 rg BT 185.76 396.75 Td (seek ) Tj ET Q q 0 0 0 rg BT 205.91 396.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 234.95 396.75 Td (from ) Tj ET Q q 0 0 0 rg BT 256.77 396.75 Td (outside ) Tj ET Q q 0 0 0 rg BT 288.04 396.75 Td (investors. ) Tj ET Q q 0 0 0 rg BT 328.86 396.75 Td (The ) Tj ET Q q 0 0 0 rg BT 346.79 396.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 388.07 396.75 Td (receives ) Tj ET Q q 0 0 0 rg BT 423.20 396.75 Td (management ) Tj ET Q q 0 0 0 rg BT 476.68 396.75 Td (and ) Tj ET Q q 0 0 0 rg BT 493.50 396.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 546.41 396.75 Td (fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.75 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 384.75 Td (managing ) Tj ET Q q 0 0 0 rg BT 105.59 384.75 Td (these ) Tj ET Q q 0 0 0 rg BT 128.64 384.75 Td (funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.75 Td (As ) Tj ET Q q 0 0 0 rg BT 63.11 360.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 103.94 360.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.22 360.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 136.16 360.75 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.16 360.75 Td (, ) Tj ET Q q 0 0 0 rg BT 146.16 360.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.88 360.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 202.26 360.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 255.87 360.75 Td (its ) Tj ET Q q 0 0 0 rg BT 267.82 360.75 Td (Hong ) Tj ET Q q 0 0 0 rg BT 292.54 360.75 Td (Kong ) Tj ET Q q 0 0 0 rg BT 317.26 360.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 346.41 360.75 Td (markets ) Tj ET Q q 0 0 0 rg BT 380.56 360.75 Td (business ) Tj ET Q q 0 0 0 rg BT 416.96 360.75 Td (in ) Tj ET Q q 0 0 0 rg BT 427.23 360.75 Td (2012.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 336.75 Td (Asset Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.27 312.75 Td (Asset ) Tj ET Q q 0 0 0 rg BT 92.35 312.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 147.41 312.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 183.59 312.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 220.89 312.75 Td (traditional ) Tj ET Q q 0 0 0 rg BT 264.84 312.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 287.14 312.75 Td (management ) Tj ET Q q 0 0 0 rg BT 341.08 312.75 Td (services ) Tj ET Q q 0 0 0 rg BT 376.15 312.75 Td (with ) Tj ET Q q 0 0 0 rg BT 396.78 312.75 Td (product ) Tj ET Q q 0 0 0 rg BT 430.18 312.75 Td (of) Tj ET Q q 0 0 0 rg BT 438.33 312.75 Td (ferings ) Tj ET Q q 0 0 0 rg BT 468.96 312.75 Td (in ) Tj ET Q q 0 0 0 rg BT 479.59 312.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 507.44 312.75 Td (securities ) Tj ET Q q 0 0 0 rg BT 548.06 312.75 Td (and ) Tj ET Q q 0 0 0 rg BT 565.00 312.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.75 Td (master ) Tj ET Q q 0 0 0 rg BT 78.77 300.75 Td (limited ) Tj ET Q q 0 0 0 rg BT 109.71 300.75 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 161.20 300.75 Td (to ) Tj ET Q q 0 0 0 rg BT 171.59 300.75 Td (institutions ) Tj ET Q q 0 0 0 rg BT 218.65 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 235.70 300.75 Td (individuals. ) Tj ET Q q 0 0 0 rg BT 285.25 300.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 326.74 300.75 Td (are ) Tj ET Q q 0 0 0 rg BT 341.56 300.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 383.04 300.75 Td (in ) Tj ET Q q 0 0 0 rg BT 393.42 300.75 Td (the ) Tj ET Q q 0 0 0 rg BT 408.25 300.75 Td (form ) Tj ET Q q 0 0 0 rg BT 430.30 300.75 Td (of ) Tj ET Q q 0 0 0 rg BT 441.24 300.75 Td (management ) Tj ET Q q 0 0 0 rg BT 494.94 300.75 Td (and ) Tj ET Q q 0 0 0 rg BT 511.99 300.75 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.75 Td (fees. ) Tj ET Q q 0 0 0 rg BT 70.60 288.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 111.98 288.75 Td (are ) Tj ET Q q 0 0 0 rg BT 126.68 288.75 Td (also ) Tj ET Q q 0 0 0 rg BT 145.29 288.75 Td (generated ) Tj ET Q q 0 0 0 rg BT 186.65 288.75 Td (through ) Tj ET Q q 0 0 0 rg BT 220.26 288.75 Td (investments ) Tj ET Q q 0 0 0 rg BT 270.54 288.75 Td (in ) Tj ET Q q 0 0 0 rg BT 280.81 288.75 Td (the ) Tj ET Q q 0 0 0 rg BT 295.53 288.75 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 346.91 288.75 Td (and ) Tj ET Q q 0 0 0 rg BT 363.85 288.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 388.57 288.75 Td (that ) Tj ET Q q 0 0 0 rg BT 406.06 288.75 Td (the ) Tj ET Q q 0 0 0 rg BT 420.78 288.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 462.17 288.75 Td (manages.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.75 Td (As discussed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.22 264.75 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.16 264.75 Td (, Fiduciary ) Tj ET Q q 0 0 0 rg BT 186.43 264.75 Td (Asset Management, LLC \(F) Tj ET Q q 0 0 0 rg BT 302.33 264.75 Td (AMCO\) was sold in 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 240.75 Td (Basis of Pr) Tj ET Q q 0 0 0 rg BT 95.43 240.75 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.50 216.75 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 128.26 216.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 181.26 216.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.69 216.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 263.35 216.75 Td (have ) Tj ET Q q 0 0 0 rg BT 284.68 216.75 Td (been ) Tj ET Q q 0 0 0 rg BT 306.01 216.75 Td (prepared ) Tj ET Q q 0 0 0 rg BT 343.44 216.75 Td (in ) Tj ET Q q 0 0 0 rg BT 353.67 216.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 401.09 216.75 Td (with ) Tj ET Q q 0 0 0 rg BT 421.32 216.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 441.55 216.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 481.21 216.75 Td (accepted ) Tj ET Q q 0 0 0 rg BT 518.63 216.75 Td (accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.75 Td (principles ) Tj ET Q q 0 0 0 rg BT 90.60 204.75 Td (\(U.S. ) Tj ET Q q 0 0 0 rg BT 117.82 204.75 Td (GAAP\) ) Tj ET Q q 0 0 0 rg BT 154.48 204.75 Td (and ) Tj ET Q q 0 0 0 rg BT 170.58 204.75 Td (include ) Tj ET Q q 0 0 0 rg BT 201.68 204.75 Td (the ) Tj ET Q q 0 0 0 rg BT 215.56 204.75 Td (accounts ) Tj ET Q q 0 0 0 rg BT 252.21 204.75 Td (of ) Tj ET Q q 0 0 0 rg BT 262.21 204.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 284.98 204.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 296.46 204.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 314.22 204.75 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 363.38 204.75 Td (its ) Tj ET Q q 0 0 0 rg BT 374.50 204.75 Td (wholly ) Tj ET Q q 0 0 0 rg BT 403.94 204.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 432.26 204.75 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 483.65 204.75 Td (and ) Tj ET Q q 0 0 0 rg BT 499.75 204.75 Td (all ) Tj ET Q q 0 0 0 rg BT 511.41 204.75 Td (other ) Tj ET Q q 0 0 0 rg BT 533.62 204.75 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.75 Td (in ) Tj ET Q q 0 0 0 rg BT 58.81 192.75 Td (which ) Tj ET Q q 0 0 0 rg BT 84.78 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 98.53 192.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 138.95 192.75 Td (has ) Tj ET Q q 0 0 0 rg BT 153.82 192.75 Td (a ) Tj ET Q q 0 0 0 rg BT 159.79 192.75 Td (controlling ) Tj ET Q q 0 0 0 rg BT 205.20 192.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 241.72 192.75 Td (interest. ) Tj ET Q q 0 0 0 rg BT 275.18 192.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 337.82 192.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 372.68 192.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 410.86 192.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 437.39 192.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 472.24 192.75 Td (in ) Tj ET Q q 0 0 0 rg BT 481.56 192.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 533.63 192.75 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.75 Td (that ) Tj ET Q q 0 0 0 rg BT 67.54 180.75 Td (are ) Tj ET Q q 0 0 0 rg BT 82.79 180.75 Td (not ) Tj ET Q q 0 0 0 rg BT 98.61 180.75 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 149.69 180.75 Td (either ) Tj ET Q q 0 0 0 rg BT 175.50 180.75 Td (directly ) Tj ET Q q 0 0 0 rg BT 209.08 180.75 Td (or ) Tj ET Q q 0 0 0 rg BT 220.46 180.75 Td (indirectly) Tj ET Q q 0 0 0 rg BT 258.13 180.75 Td (, ) Tj ET Q q 0 0 0 rg BT 263.67 180.75 Td (to ) Tj ET Q q 0 0 0 rg BT 274.49 180.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 298.65 180.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 310.13 180.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 329.27 180.75 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 379.81 180.75 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 443.95 180.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 480.32 180.75 Td (include ) Tj ET Q q 0 0 0 rg BT 512.80 180.75 Td (the ) Tj ET Q q 0 0 0 rg BT 528.06 180.75 Td (minority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 76.92 168.75 Td (holders) Tj ET Q q 0 0 0 rg BT 108.94 168.75 Td ( ) Tj ET Q q 0 0 0 rg BT 111.37 168.75 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 167.66 168.75 Td (share ) Tj ET Q q 0 0 0 rg BT 191.19 168.75 Td (of ) Tj ET Q q 0 0 0 rg BT 201.94 168.75 Td (the ) Tj ET Q q 0 0 0 rg BT 216.58 168.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 244.00 168.75 Td (in ) Tj ET Q q 0 0 0 rg BT 254.20 168.75 Td (a ) Tj ET Q q 0 0 0 rg BT 261.06 168.75 Td (municipal ) Tj ET Q q 0 0 0 rg BT 303.47 168.75 Td (bond ) Tj ET Q q 0 0 0 rg BT 325.90 168.75 Td (fund, ) Tj ET Q q 0 0 0 rg BT 349.15 168.75 Td (merchant ) Tj ET Q q 0 0 0 rg BT 388.78 168.75 Td (banking ) Tj ET Q q 0 0 0 rg BT 423.42 168.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 444.17 168.75 Td (and ) Tj ET Q q 0 0 0 rg BT 461.03 168.75 Td (private ) Tj ET Q q 0 0 0 rg BT 491.22 168.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 518.64 168.75 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.75 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 86.71 156.75 Td (All ) Tj ET Q q 0 0 0 rg BT 101.99 156.75 Td (material ) Tj ET Q q 0 0 0 rg BT 137.25 156.75 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 194.73 156.75 Td (balances ) Tj ET Q q 0 0 0 rg BT 231.65 156.75 Td (have ) Tj ET Q q 0 0 0 rg BT 253.03 156.75 Td (been ) Tj ET Q q 0 0 0 rg BT 274.41 156.75 Td (eliminated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.36 132.75 Td (preparation ) Tj ET Q q 0 0 0 rg BT 117.20 132.75 Td (of ) Tj ET Q q 0 0 0 rg BT 128.84 132.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 167.13 132.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 212.65 132.75 Td (and ) Tj ET Q q 0 0 0 rg BT 230.40 132.75 Td (related ) Tj ET Q q 0 0 0 rg BT 260.92 132.75 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 308.67 132.75 Td (in ) Tj ET Q q 0 0 0 rg BT 319.75 132.75 Td (conformity ) Tj ET Q q 0 0 0 rg BT 367.50 132.75 Td (with ) Tj ET Q q 0 0 0 rg BT 388.59 132.75 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 409.68 132.75 Td (GAAP) Tj ET Q q 0 0 0 rg BT 436.54 132.75 Td ( ) Tj ET Q q 0 0 0 rg BT 439.85 132.75 Td (requires ) Tj ET Q q 0 0 0 rg BT 475.36 132.75 Td (management ) Tj ET Q q 0 0 0 rg BT 529.76 132.75 Td (to ) Tj ET Q q 0 0 0 rg BT 540.85 132.75 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.27 120.75 Td (and ) Tj ET Q q 0 0 0 rg BT 106.26 120.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 158.27 120.75 Td (that ) Tj ET Q q 0 0 0 rg BT 175.82 120.75 Td (af) Tj ET Q q 0 0 0 rg BT 183.41 120.75 Td (fect ) Tj ET Q q 0 0 0 rg BT 200.95 120.75 Td (the ) Tj ET Q q 0 0 0 rg BT 215.72 120.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 251.59 120.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 288.04 120.75 Td (of ) Tj ET Q q 0 0 0 rg BT 298.92 120.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 324.81 120.75 Td (and ) Tj ET Q q 0 0 0 rg BT 341.80 120.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 381.58 120.75 Td (at ) Tj ET Q q 0 0 0 rg BT 391.35 120.75 Td (the ) Tj ET Q q 0 0 0 rg BT 406.12 120.75 Td (date ) Tj ET Q q 0 0 0 rg BT 425.33 120.75 Td (of ) Tj ET Q q 0 0 0 rg BT 436.22 120.75 Td (the ) Tj ET Q q 0 0 0 rg BT 450.99 120.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 488.53 120.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 533.30 120.75 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 120.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 85.44 108.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 121.94 108.75 Td (of ) Tj ET Q q 0 0 0 rg BT 132.90 108.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 171.05 108.75 Td (and ) Tj ET Q q 0 0 0 rg BT 188.11 108.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 226.83 108.75 Td (during ) Tj ET Q q 0 0 0 rg BT 255.56 108.75 Td (the ) Tj ET Q q 0 0 0 rg BT 270.40 108.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 309.68 108.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 339.77 108.75 Td (Although ) Tj ET Q q 0 0 0 rg BT 380.17 108.75 Td (these ) Tj ET Q q 0 0 0 rg BT 403.33 108.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 443.17 108.75 Td (and ) Tj ET Q q 0 0 0 rg BT 460.23 108.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 512.30 108.75 Td (are ) Tj ET Q q 0 0 0 rg BT 527.12 108.75 Td (based ) Tj ET Q q 0 0 0 rg BT 552.51 108.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 96.75 Td (best ) Tj ET Q q 0 0 0 rg BT 82.83 96.75 Td (information ) Tj ET Q q 0 0 0 rg BT 132.54 96.75 Td (available, ) Tj ET Q q 0 0 0 rg BT 173.63 96.75 Td (actual ) Tj ET Q q 0 0 0 rg BT 200.00 96.75 Td (results ) Tj ET Q q 0 0 0 rg BT 228.61 96.75 Td (could ) Tj ET Q q 0 0 0 rg BT 253.32 96.75 Td (dif) Tj ET Q q 0 0 0 rg BT 264.25 96.75 Td (fer ) Tj ET Q q 0 0 0 rg BT 277.85 96.75 Td (from ) Tj ET Q q 0 0 0 rg BT 299.79 96.75 Td (those ) Tj ET Q q 0 0 0 rg BT 323.40 96.75 Td (estimates.) 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 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 endstream endobj 135 0 obj <>] /Rotate 0 /Contents 136 0 R>> endobj 136 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (67) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 708.10 Td (Reclassifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.25 684.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 85.18 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.82 684.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 141.13 684.10 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 189.09 684.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 220.95 684.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 255.02 684.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.88 684.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 306.51 684.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 350.03 684.10 Td (with ) Tj ET Q q 0 0 0 rg BT 370.23 684.10 Td (its ) Tj ET Q q 0 0 0 rg BT 382.10 684.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 424.51 684.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 463.03 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 473.23 684.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 519.53 684.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 554.18 684.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 99.77 672.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 142.23 672.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 180.26 672.10 Td (within ) Tj ET Q q 0 0 0 rg BT 208.31 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.02 672.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 276.05 672.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 320.75 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.57 672.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 375.72 672.10 Td (to ) Tj ET Q q 0 0 0 rg BT 385.98 672.10 Td (more ) Tj ET Q q 0 0 0 rg BT 409.02 672.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 452.59 672.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 480.61 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.32 672.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 522.80 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 539.72 672.10 Td (intent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.02 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.44 660.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 116.61 660.10 Td (instrument. ) Tj ET Q q 0 0 0 rg BT 163.92 660.10 Td (The ) Tj ET Q q 0 0 0 rg BT 181.66 660.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 222.74 660.10 Td (reclassified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.47 660.10 Td ($1) Tj ET Q q 0 0 0 rg BT 280.10 660.10 Td (1.0 ) Tj ET Q q 0 0 0 rg BT 294.80 660.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.69 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.88 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.41 660.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 368.04 660.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 401.88 660.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.51 660.10 Td ($10.2 ) Tj ET Q q 0 0 0 rg BT 443.20 660.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.10 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.29 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.81 660.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 516.44 660.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 550.85 660.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.01 648.10 Td (year ) Tj ET Q q 0 0 0 rg BT 83.51 648.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 109.68 648.10 Td (December ) Tj ET Q q 0 0 0 rg BT 153.06 648.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 167.85 648.10 Td (2012. ) Tj ET Q q 0 0 0 rg BT 192.48 648.10 Td (This ) Tj ET Q q 0 0 0 rg BT 212.55 648.10 Td (change ) Tj ET Q q 0 0 0 rg BT 243.16 648.10 Td (had ) Tj ET Q q 0 0 0 rg BT 259.90 648.10 Td (no ) Tj ET Q q 0 0 0 rg BT 272.19 648.10 Td (ef) Tj ET Q q 0 0 0 rg BT 279.78 648.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 297.06 648.10 Td (on ) Tj ET Q q 0 0 0 rg BT 309.35 648.10 Td (net ) Tj ET Q q 0 0 0 rg BT 323.86 648.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 364.19 648.10 Td (net ) Tj ET Q q 0 0 0 rg BT 378.70 648.10 Td (income, ) Tj ET Q q 0 0 0 rg BT 412.93 648.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 466.06 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 468.35 648.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 495.64 648.10 Td (or ) Tj ET Q q 0 0 0 rg BT 506.26 648.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 526.33 648.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 550.84 648.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.44 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 77.27 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.99 636.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 123.92 636.10 Td (presented. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (Note 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 612.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 612.10 Td (Summary of Significant ) Tj ET Q q 0 0 0 rg BT 175.69 612.10 Td (Accounting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.95 612.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (Principles of Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.92 564.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.67 564.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 153.42 564.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 187.49 564.10 Td (it ) Tj ET Q q 0 0 0 rg BT 194.92 564.10 Td (has ) Tj ET Q q 0 0 0 rg BT 210.12 564.10 Td (a ) Tj ET Q q 0 0 0 rg BT 216.43 564.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 262.18 564.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 299.03 564.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 330.33 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.98 564.10 Td (an ) Tj ET Q q 0 0 0 rg BT 351.29 564.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 375.94 564.10 Td (by ) Tj ET Q q 0 0 0 rg BT 387.81 564.10 Td (first ) Tj ET Q q 0 0 0 rg BT 405.78 564.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 449.30 564.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 483.38 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.47 564.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 522.11 564.10 Td (is ) Tj ET Q q 0 0 0 rg BT 530.65 564.10 Td (a ) Tj ET Q q 0 0 0 rg BT 536.96 564.10 Td (voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.43 552.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 106.71 552.10 Td (or ) Tj ET Q q 0 0 0 rg BT 117.54 552.10 Td (a ) Tj ET Q q 0 0 0 rg BT 124.48 552.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 159.18 552.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 191.11 552.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 216.38 552.10 Td (\(VIE\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (V) Tj ET Q q 0 0 0 rg BT 55.43 528.10 Td (oting ) Tj ET Q q 0 0 0 rg BT 78.17 528.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 109.78 528.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 140.85 528.10 Td (are ) Tj ET Q q 0 0 0 rg BT 155.23 528.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 186.29 528.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.25 528.10 Td (which ) Tj ET Q q 0 0 0 rg BT 222.87 528.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 234.49 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.89 528.10 Td (total ) Tj ET Q q 0 0 0 rg BT 268.84 528.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 296.02 528.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 342.08 528.10 Td (at ) Tj ET Q q 0 0 0 rg BT 351.48 528.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 368.66 528.10 Td (is ) Tj ET Q q 0 0 0 rg BT 377.51 528.10 Td (suf) Tj ET Q q 0 0 0 rg BT 389.55 528.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 417.27 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.23 528.10 Td (enable ) Tj ET Q q 0 0 0 rg BT 455.50 528.10 Td (each ) Tj ET Q q 0 0 0 rg BT 476.00 528.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 500.95 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 510.91 528.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 542.51 528.10 Td (itself ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (independently ) Tj ET Q q 0 0 0 rg BT 108.51 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.31 516.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 139.88 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.46 516.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 181.81 516.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 213.61 516.10 Td (have ) Tj ET Q q 0 0 0 rg BT 234.84 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.42 516.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 292.33 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 302.46 516.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 331.48 516.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 360.23 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.81 516.10 Td (right ) Tj ET Q q 0 0 0 rg BT 396.05 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 406.19 516.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 437.41 516.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 471.42 516.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 501.55 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.35 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.92 516.10 Td (right ) Tj ET Q q 0 0 0 rg BT 554.17 516.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (power ) Tj ET Q q 0 0 0 rg BT 77.14 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 87.57 504.10 Td (make ) Tj ET Q q 0 0 0 rg BT 111.88 504.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 151.75 504.10 Td (about ) Tj ET Q q 0 0 0 rg BT 176.62 504.10 Td (or ) Tj ET Q q 0 0 0 rg BT 187.60 504.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 213.02 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.89 504.10 Td (entity) Tj ET Q q 0 0 0 rg BT 253.44 504.10 Td (s ) Tj ET Q q 0 0 0 rg BT 259.99 504.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 298.74 504.10 Td (that ) Tj ET Q q 0 0 0 rg BT 316.39 504.10 Td (most ) Tj ET Q q 0 0 0 rg BT 338.49 504.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 391.13 504.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 421.00 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.86 504.10 Td (entity) Tj ET Q q 0 0 0 rg BT 461.42 504.10 Td (s ) Tj ET Q q 0 0 0 rg BT 467.96 504.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 509.49 504.10 Td (performance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 88.60 492.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 137.68 492.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 179.55 492.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 206.41 492.10 Td (\(F) Tj ET Q q 0 0 0 rg BT 219.00 492.10 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 248.11 492.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 297.19 492.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 339.06 492.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 391.30 492.10 Td (T) Tj ET Q q 0 0 0 rg BT 396.71 492.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 416.35 492.10 Td (810, ) Tj ET Q q 0 0 0 rg BT 436.28 492.10 Td (Consolidations, ) Tj ET Q q 0 0 0 rg BT 510.08 492.10 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 539.73 492.10 Td (810\) ) Tj ET Q q 0 0 0 rg BT 565.00 492.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (states ) Tj ET Q q 0 0 0 rg BT 73.52 480.10 Td (that ) Tj ET Q q 0 0 0 rg BT 90.32 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.34 480.10 Td (usual ) Tj ET Q q 0 0 0 rg BT 127.25 480.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 166.83 480.10 Td (for ) Tj ET Q q 0 0 0 rg BT 180.29 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 186.53 480.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 232.22 480.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 269.00 480.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 300.24 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 309.82 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 316.06 480.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 343.42 480.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 374.66 480.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 399.23 480.10 Td (is ) Tj ET Q q 0 0 0 rg BT 407.71 480.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 451.17 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.30 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 467.55 480.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 503.23 480.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 530.59 480.10 Td (interest. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 468.10 Td (, ) Tj ET Q q 0 0 0 rg BT 103.84 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 118.55 468.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 159.94 468.10 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 211.87 468.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 239.93 468.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 271.86 468.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 303.25 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 313.52 468.10 Td (which ) Tj ET Q q 0 0 0 rg BT 340.46 468.10 Td (it ) Tj ET Q q 0 0 0 rg BT 348.52 468.10 Td (has ) Tj ET Q q 0 0 0 rg BT 364.35 468.10 Td (all, ) Tj ET Q q 0 0 0 rg BT 379.34 468.10 Td (or ) Tj ET Q q 0 0 0 rg BT 390.17 468.10 Td (a ) Tj ET Q q 0 0 0 rg BT 397.11 468.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 433.49 468.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 446.82 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.54 468.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 489.60 468.10 Td (interests.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 72.64 444.10 Td (are ) Tj ET Q q 0 0 0 rg BT 87.43 444.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 118.90 444.10 Td (that ) Tj ET Q q 0 0 0 rg BT 136.49 444.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 155.73 444.10 Td (one ) Tj ET Q q 0 0 0 rg BT 172.76 444.10 Td (or ) Tj ET Q q 0 0 0 rg BT 183.67 444.10 Td (more ) Tj ET Q q 0 0 0 rg BT 206.81 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.73 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.53 444.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 292.31 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.23 444.10 Td (a ) Tj ET Q q 0 0 0 rg BT 310.25 444.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 338.40 444.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 370.42 444.10 Td (entity) Tj ET Q q 0 0 0 rg BT 392.54 444.10 Td (. ) Tj ET Q q 0 0 0 rg BT 397.44 444.10 Td (W) Tj ET Q q 0 0 0 rg BT 406.48 444.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 419.63 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.43 444.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 475.89 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.81 444.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 518.28 444.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 550.86 444.10 Td (for ) 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 65.19 432.10 Td (deferral ) Tj ET Q q 0 0 0 rg BT 99.74 432.10 Td (codified ) Tj ET Q q 0 0 0 rg BT 135.97 432.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.22 432.10 Td (F) Tj ET Q q 0 0 0 rg BT 152.04 432.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 174.20 432.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 224.32 432.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 267.23 432.10 Td (Update ) Tj ET Q q 0 0 0 rg BT 299.57 432.10 Td (\(ASU\) ) Tj ET Q q 0 0 0 rg BT 338.59 432.10 Td (No.2010-10, ) Tj ET Q q 0 0 0 rg BT 395.11 432.10 Td (Consolidation: ) Tj ET Q q 0 0 0 rg BT 461.14 432.10 Td (Amendments ) Tj ET Q q 0 0 0 rg BT 517.93 432.10 Td (for ) Tj ET Q q 0 0 0 rg BT 533.06 432.10 Td (Certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 96.85 420.10 Td (Funds, ) Tj ET Q q 0 0 0 rg BT 131.16 420.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 161.85 420.10 Td (2010-10\) ) Tj ET Q q 0 0 0 rg BT 205.87 420.10 Td (\(generally ) Tj ET Q q 0 0 0 rg BT 249.32 420.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 271.67 420.10 Td (managers ) Tj ET Q q 0 0 0 rg BT 312.91 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.26 420.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 377.06 420.10 Td (companies\), ) Tj ET Q q 0 0 0 rg BT 427.93 420.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 450.30 420.10 Td (810 ) Tj ET Q q 0 0 0 rg BT 468.22 420.10 Td (states ) Tj ET Q q 0 0 0 rg BT 493.35 420.10 Td (that ) Tj ET Q q 0 0 0 rg BT 511.26 420.10 Td (a ) Tj ET Q q 0 0 0 rg BT 518.62 420.10 Td (controlling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.21 408.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 119.38 408.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.89 408.10 Td (a ) Tj ET Q q 0 0 0 rg BT 136.86 408.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 156.25 408.10 Td (is ) Tj ET Q q 0 0 0 rg BT 165.66 408.10 Td (present ) Tj ET Q q 0 0 0 rg BT 197.26 408.10 Td (when ) Tj ET Q q 0 0 0 rg BT 221.66 408.10 Td (an ) Tj ET Q q 0 0 0 rg BT 233.83 408.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 275.98 408.10 Td (has ) Tj ET Q q 0 0 0 rg BT 292.04 408.10 Td (one ) Tj ET Q q 0 0 0 rg BT 309.21 408.10 Td (or ) Tj ET Q q 0 0 0 rg BT 320.28 408.10 Td (more ) Tj ET Q q 0 0 0 rg BT 343.56 408.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 378.49 408.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 414.55 408.10 Td (that ) Tj ET Q q 0 0 0 rg BT 432.27 408.10 Td (have ) Tj ET Q q 0 0 0 rg BT 453.88 408.10 Td (both ) Tj ET Q q 0 0 0 rg BT 474.39 408.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 486.56 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.51 408.10 Td (power ) Tj ET Q q 0 0 0 rg BT 529.23 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 539.74 408.10 Td (direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.97 396.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 102.33 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.92 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.23 396.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 146.15 396.10 Td (that ) Tj ET Q q 0 0 0 rg BT 163.40 396.10 Td (most ) Tj ET Q q 0 0 0 rg BT 185.10 396.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 237.35 396.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 266.82 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.13 396.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 300.57 396.10 Td (s ) Tj ET Q q 0 0 0 rg BT 306.72 396.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 347.85 396.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 400.63 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.32 396.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 431.80 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.27 396.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 489.08 396.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.12 396.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 528.03 396.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 554.18 396.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.87 384.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 88.79 384.10 Td (or ) Tj ET Q q 0 0 0 rg BT 99.27 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.64 384.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 138.56 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 148.49 384.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 179.51 384.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 213.31 384.10 Td (from ) Tj ET Q q 0 0 0 rg BT 234.90 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.11 384.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 267.92 384.10 Td (that ) Tj ET Q q 0 0 0 rg BT 285.06 384.10 Td (could ) Tj ET Q q 0 0 0 rg BT 309.43 384.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 354.35 384.10 Td (be ) Tj ET Q q 0 0 0 rg BT 365.94 384.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 410.30 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.23 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.44 384.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 455.27 384.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 504.61 384.10 Td (, ) Tj ET Q q 0 0 0 rg BT 509.26 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.63 384.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 101.25 372.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 124.30 372.10 Td (in ) Tj ET Q q 0 0 0 rg BT 134.58 372.10 Td (which ) Tj ET Q q 0 0 0 rg BT 161.52 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.24 372.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 217.63 372.10 Td (has ) Tj ET Q q 0 0 0 rg BT 233.46 372.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.39 372.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 286.78 372.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.26 372.10 Td (interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (Entities ) Tj ET Q q 0 0 0 rg BT 83.68 348.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 119.53 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.38 348.10 Td (deferral ) Tj ET Q q 0 0 0 rg BT 170.09 348.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 211.50 348.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 245.12 348.10 Td (by ) Tj ET Q q 0 0 0 rg BT 257.95 348.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 281.59 348.10 Td (2010-10 ) Tj ET Q q 0 0 0 rg BT 318.55 348.10 Td (are ) Tj ET Q q 0 0 0 rg BT 334.39 348.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 376.33 348.10 Td (under ) Tj ET Q q 0 0 0 rg BT 402.73 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.58 348.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 459.16 348.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 479.45 348.10 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 521.68 348.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 550.30 348.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 88.77 336.10 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 129.43 336.10 Td (a ) Tj ET Q q 0 0 0 rg BT 135.93 336.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 181.87 336.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.92 336.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 250.41 336.10 Td (in ) Tj ET Q q 0 0 0 rg BT 260.25 336.10 Td (an ) Tj ET Q q 0 0 0 rg BT 271.75 336.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 296.59 336.10 Td (is ) Tj ET Q q 0 0 0 rg BT 305.32 336.10 Td (present ) Tj ET Q q 0 0 0 rg BT 336.26 336.10 Td (when ) Tj ET Q q 0 0 0 rg BT 359.98 336.10 Td (an ) Tj ET Q q 0 0 0 rg BT 371.48 336.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 412.97 336.10 Td (has ) Tj ET Q q 0 0 0 rg BT 428.36 336.10 Td (one ) Tj ET Q q 0 0 0 rg BT 444.86 336.10 Td (or ) Tj ET Q q 0 0 0 rg BT 455.25 336.10 Td (more ) Tj ET Q q 0 0 0 rg BT 477.86 336.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 512.13 336.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 547.51 336.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (will ) Tj ET Q q 0 0 0 rg BT 68.16 324.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 97.92 324.10 Td (a ) Tj ET Q q 0 0 0 rg BT 105.45 324.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 142.44 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.87 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.18 324.10 Td (entity) Tj ET Q q 0 0 0 rg BT 194.73 324.10 Td (s ) Tj ET Q q 0 0 0 rg BT 201.72 324.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 240.36 324.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 269.85 324.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 301.81 324.10 Td (a ) Tj ET Q q 0 0 0 rg BT 309.35 324.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 346.33 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.76 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.08 324.10 Td (entity) Tj ET Q q 0 0 0 rg BT 398.63 324.10 Td (s ) Tj ET Q q 0 0 0 rg BT 405.62 324.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 444.25 324.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 479.00 324.10 Td (returns, ) Tj ET Q q 0 0 0 rg BT 512.37 324.10 Td (or ) Tj ET Q q 0 0 0 rg BT 523.80 324.10 Td (both. ) Tj ET Q q 0 0 0 rg BT 546.96 324.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 92.07 312.10 Td (with ) Tj ET Q q 0 0 0 rg BT 112.99 312.10 Td (a ) Tj ET Q q 0 0 0 rg BT 120.57 312.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 167.60 312.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 205.72 312.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 238.30 312.10 Td (is ) Tj ET Q q 0 0 0 rg BT 248.11 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.47 312.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 298.27 312.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 346.38 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.97 312.10 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 416.54 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.68 312.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 453.29 312.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 502.62 312.10 Td (, ) Tj ET Q q 0 0 0 rg BT 508.27 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.63 312.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 101.12 300.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 124.03 300.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 154.71 300.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.85 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.42 300.10 Td (deferral ) Tj ET Q q 0 0 0 rg BT 212.86 300.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 256.89 300.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 289.23 300.10 Td (by ) Tj ET Q q 0 0 0 rg BT 301.07 300.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 323.43 300.10 Td (2010-10 ) Tj ET Q q 0 0 0 rg BT 359.12 300.10 Td (in ) Tj ET Q q 0 0 0 rg BT 369.26 300.10 Td (which ) Tj ET Q q 0 0 0 rg BT 396.05 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.63 300.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 451.87 300.10 Td (is ) Tj ET Q q 0 0 0 rg BT 460.90 300.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 494.35 300.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.48 300.10 Td (be ) Tj ET Q q 0 0 0 rg BT 516.28 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.85 300.10 Td (primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 93.82 288.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (When ) Tj ET Q q 0 0 0 rg BT 76.53 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.89 264.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 133.93 264.10 Td (does ) Tj ET Q q 0 0 0 rg BT 155.40 264.10 Td (not ) Tj ET Q q 0 0 0 rg BT 171.33 264.10 Td (have ) Tj ET Q q 0 0 0 rg BT 193.36 264.10 Td (a ) Tj ET Q q 0 0 0 rg BT 200.94 264.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 247.97 264.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 286.10 264.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 318.68 264.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.61 264.10 Td (an ) Tj ET Q q 0 0 0 rg BT 342.20 264.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 368.12 264.10 Td (but ) Tj ET Q q 0 0 0 rg BT 384.05 264.10 Td (exerts ) Tj ET Q q 0 0 0 rg BT 411.07 264.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 456.43 264.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 496.78 264.10 Td (over ) Tj ET Q q 0 0 0 rg BT 517.70 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 533.07 264.10 Td (entity) Tj ET Q q 0 0 0 rg BT 558.62 264.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.64 252.10 Td (and ) Tj ET Q q 0 0 0 rg BT 106.45 252.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.81 252.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 177.29 252.10 Td (\(generally ) Tj ET Q q 0 0 0 rg BT 220.20 252.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 252.56 252.10 Td (as ) Tj ET Q q 0 0 0 rg BT 263.26 252.10 Td (owning ) Tj ET Q q 0 0 0 rg BT 295.64 252.10 Td (a ) Tj ET Q q 0 0 0 rg BT 302.45 252.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 330.38 252.10 Td (or ) Tj ET Q q 0 0 0 rg BT 341.09 252.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 382.34 252.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 414.15 252.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.85 252.10 Td (between ) Tj ET Q q 0 0 0 rg BT 460.54 252.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 472.92 252.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 504.72 252.10 Td (to ) Tj ET Q q 0 0 0 rg BT 514.87 252.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 527.25 252.10 Td (percent\), ) 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 64.10 240.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 111.06 240.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 157.33 240.10 Td (is ) Tj ET Q q 0 0 0 rg BT 166.38 240.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 209.29 240.10 Td (for ) Tj ET Q q 0 0 0 rg BT 223.34 240.10 Td (under ) Tj ET Q q 0 0 0 rg BT 248.49 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.09 240.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 290.47 240.10 Td (method ) Tj ET Q q 0 0 0 rg BT 322.84 240.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.56 240.10 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 382.14 240.10 Td (The ) Tj ET Q q 0 0 0 rg BT 400.07 240.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 441.34 240.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 478.71 240.10 Td (for ) Tj ET Q q 0 0 0 rg BT 492.75 240.10 Td (its ) Tj ET Q q 0 0 0 rg BT 504.58 240.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 554.74 240.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 101.55 228.10 Td (under ) Tj ET Q q 0 0 0 rg BT 127.50 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.90 228.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 171.07 228.10 Td (method ) Tj ET Q q 0 0 0 rg BT 204.24 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.75 228.10 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 265.30 228.10 Td (If ) Tj ET Q q 0 0 0 rg BT 275.14 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.53 228.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 332.60 228.10 Td (does ) Tj ET Q q 0 0 0 rg BT 354.10 228.10 Td (not ) Tj ET Q q 0 0 0 rg BT 370.06 228.10 Td (have ) Tj ET Q q 0 0 0 rg BT 392.11 228.10 Td (a ) Tj ET Q q 0 0 0 rg BT 399.73 228.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 446.79 228.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 484.95 228.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 517.56 228.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 531.02 228.10 Td (or ) Tj ET Q q 0 0 0 rg BT 542.52 228.10 Td (exert ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.06 216.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 133.60 216.10 Td (over) Tj ET Q q 0 0 0 rg BT 150.97 216.10 Td (, ) Tj ET Q q 0 0 0 rg BT 155.81 216.10 Td (an ) Tj ET Q q 0 0 0 rg BT 167.60 216.10 Td (entity) Tj ET Q q 0 0 0 rg BT 189.72 216.10 Td (, ) Tj ET Q q 0 0 0 rg BT 194.56 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.12 216.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 250.35 216.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 287.68 216.10 Td (for ) Tj ET Q q 0 0 0 rg BT 301.69 216.10 Td (its ) Tj ET Q q 0 0 0 rg BT 313.48 216.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 359.71 216.10 Td (at ) Tj ET Q q 0 0 0 rg BT 369.27 216.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 385.49 216.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 411.99 216.10 Td (if ) Tj ET Q q 0 0 0 rg BT 420.44 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.00 216.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 451.22 216.10 Td (value ) Tj ET Q q 0 0 0 rg BT 475.22 216.10 Td (option ) Tj ET Q q 0 0 0 rg BT 503.12 216.10 Td (was ) Tj ET Q q 0 0 0 rg BT 521.01 216.10 Td (elected, ) Tj ET Q q 0 0 0 rg BT 554.17 216.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (at ) Tj ET Q q 0 0 0 rg BT 59.22 204.10 Td (cost.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 71.40 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 87.73 156.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 107.40 156.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 154.83 156.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 184.51 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.73 156.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 214.40 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 230.73 156.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 258.19 156.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 283.42 156.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 333.09 156.10 Td (with ) Tj ET Q q 0 0 0 rg BT 352.76 156.10 Td (maturities ) Tj ET Q q 0 0 0 rg BT 394.65 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.87 156.10 Td (90 ) Tj ET Q q 0 0 0 rg BT 416.77 156.10 Td (days ) Tj ET Q q 0 0 0 rg BT 436.99 156.10 Td (or ) Tj ET Q q 0 0 0 rg BT 447.22 156.10 Td (less ) Tj ET Q q 0 0 0 rg BT 464.12 156.10 Td (at ) Tj ET Q q 0 0 0 rg BT 473.23 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.34 156.10 Td (date ) Tj ET Q q 0 0 0 rg BT 505.89 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.12 156.10 Td (origination.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.24 132.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 109.61 132.10 Td (with ) Tj ET Q q 0 0 0 rg BT 130.80 132.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 153.10 132.10 Td (15c3-3 ) Tj ET Q q 0 0 0 rg BT 184.28 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.02 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.65 132.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 254.49 132.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 296.57 132.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 314.42 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.16 132.10 Td (1934, ) Tj ET Q q 0 0 0 rg BT 352.07 132.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 376.59 132.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 388.07 132.10 Td (fray) Tj ET Q q 0 0 0 rg BT 403.52 132.10 Td (, ) Tj ET Q q 0 0 0 rg BT 409.43 132.10 Td (as ) Tj ET Q q 0 0 0 rg BT 421.17 132.10 Td (a ) Tj ET Q q 0 0 0 rg BT 429.02 132.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 471.85 132.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 501.36 132.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 529.20 132.10 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 88.91 120.10 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 129.15 120.10 Td (is ) Tj ET Q q 0 0 0 rg BT 138.57 120.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 169.65 120.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.18 120.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 235.13 120.10 Td (related ) Tj ET Q q 0 0 0 rg BT 265.09 120.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.62 120.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 326.14 120.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 346.66 120.10 Td (or ) Tj ET Q q 0 0 0 rg BT 357.75 120.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 396.04 120.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 436.56 120.10 Td (in ) Tj ET Q q 0 0 0 rg BT 447.09 120.10 Td (a ) Tj ET Q q 0 0 0 rg BT 454.28 120.10 Td (segregated ) Tj ET Q q 0 0 0 rg BT 499.79 120.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 531.41 120.10 Td (account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.38 108.10 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 118.64 108.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 148.90 108.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.73 108.10 Td (its ) Tj ET Q q 0 0 0 rg BT 171.68 108.10 Td (customers.) 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 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 endstream endobj 137 0 obj <>] /Rotate 0 /Contents 138 0 R>> endobj 138 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (68) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.25 Td (Customer) Tj ET Q q 0 0 0 rg BT 91.53 708.25 Td ( ) Tj ET Q q 0 0 0 rg BT 93.85 708.25 Td (T) Tj ET Q q 0 0 0 rg BT 99.78 708.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (Customer ) Tj ET Q q 0 0 0 rg BT 90.71 684.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 130.80 684.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 180.88 684.25 Td (are ) Tj ET Q q 0 0 0 rg BT 195.41 684.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 232.71 684.25 Td (on ) Tj ET Q q 0 0 0 rg BT 245.04 684.25 Td (a ) Tj ET Q q 0 0 0 rg BT 251.80 684.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 295.22 684.25 Td (date ) Tj ET Q q 0 0 0 rg BT 314.20 684.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 339.02 684.25 Td (while ) Tj ET Q q 0 0 0 rg BT 363.56 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.10 684.25 Td (related ) Tj ET Q q 0 0 0 rg BT 407.63 684.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 445.49 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.25 684.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 500.67 684.25 Td (are ) Tj ET Q q 0 0 0 rg BT 515.20 684.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 552.50 684.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.86 672.25 Td (trade-date ) Tj ET Q q 0 0 0 rg BT 99.74 672.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 125.16 672.25 Td (Customer ) Tj ET Q q 0 0 0 rg BT 166.97 672.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 214.85 672.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.21 672.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 270.11 672.25 Td (include ) Tj ET Q q 0 0 0 rg BT 302.46 672.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 339.27 672.25 Td (related ) Tj ET Q q 0 0 0 rg BT 369.39 672.25 Td (to ) Tj ET Q q 0 0 0 rg BT 380.08 672.25 Td (both ) Tj ET Q q 0 0 0 rg BT 400.78 672.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 421.47 672.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.82 672.25 Td (mar) Tj ET Q q 0 0 0 rg BT 454.19 672.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 469.88 672.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 523.06 672.25 Td (Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 78.68 660.25 Td (by ) Tj ET Q q 0 0 0 rg BT 91.19 660.25 Td (customers, ) Tj ET Q q 0 0 0 rg BT 136.76 660.25 Td (including ) Tj ET Q q 0 0 0 rg BT 177.05 660.25 Td (those ) Tj ET Q q 0 0 0 rg BT 200.67 660.25 Td (that ) Tj ET Q q 0 0 0 rg BT 218.19 660.25 Td (collateralize ) Tj ET Q q 0 0 0 rg BT 269.56 660.25 Td (mar) Tj ET Q q 0 0 0 rg BT 284.92 660.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 300.22 660.25 Td (or ) Tj ET Q q 0 0 0 rg BT 311.06 660.25 Td (other ) Tj ET Q q 0 0 0 rg BT 334.13 660.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 364.42 660.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 417.20 660.25 Td (are ) Tj ET Q q 0 0 0 rg BT 431.92 660.25 Td (not ) Tj ET Q q 0 0 0 rg BT 447.22 660.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 484.71 660.25 Td (on ) Tj ET Q q 0 0 0 rg BT 497.22 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.96 660.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.21 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.04 648.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 142.52 648.25 Td (condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 101.99 624.25 Td (fr) Tj ET Q q 0 0 0 rg BT 109.57 624.25 Td (om ) Tj ET Q q 0 0 0 rg BT 125.40 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 144.03 624.25 Td (Payables ) Tj ET Q q 0 0 0 rg BT 184.30 624.25 Td (to ) Tj ET Q q 0 0 0 rg BT 195.13 624.25 Td (Br) Tj ET Q q 0 0 0 rg BT 206.06 624.25 Td (okers, ) Tj ET Q q 0 0 0 rg BT 234.39 624.25 Td (Dealers ) Tj ET Q q 0 0 0 rg BT 269.10 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 287.72 624.25 Td (Clearing ) Tj ET Q q 0 0 0 rg BT 327.44 624.25 Td (Organizations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 100.81 600.25 Td (from ) Tj ET Q q 0 0 0 rg BT 123.24 600.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 158.72 600.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 190.03 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.47 600.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 242.66 600.25 Td (or) Tj ET Q q 0 0 0 rg BT 250.81 600.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 299.35 600.25 Td (include ) Tj ET Q q 0 0 0 rg BT 331.78 600.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 379.74 600.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 409.95 600.25 Td (from ) Tj ET Q q 0 0 0 rg BT 432.39 600.25 Td (unsettled ) Tj ET Q q 0 0 0 rg BT 471.49 600.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 512.24 600.25 Td (transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 84.79 588.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 104.52 588.25 Td (for ) Tj ET Q q 0 0 0 rg BT 118.70 588.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 158.97 588.25 Td (borrowed, ) Tj ET Q q 0 0 0 rg BT 202.31 588.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 249.79 588.25 Td (from ) Tj ET Q q 0 0 0 rg BT 271.74 588.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 306.46 588.25 Td (or) Tj ET Q q 0 0 0 rg BT 314.61 588.25 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 365.17 588.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 400.46 588.25 Td (with ) Tj ET Q q 0 0 0 rg BT 420.75 588.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 455.46 588.25 Td (or) Tj ET Q q 0 0 0 rg BT 463.61 588.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 511.67 588.25 Td (and ) Tj ET Q q 0 0 0 rg BT 528.62 588.25 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 93.01 576.25 Td (for ) Tj ET Q q 0 0 0 rg BT 107.10 576.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 147.30 576.25 Td (not ) Tj ET Q q 0 0 0 rg BT 162.51 576.25 Td (delivered ) Tj ET Q q 0 0 0 rg BT 202.14 576.25 Td (to ) Tj ET Q q 0 0 0 rg BT 212.35 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.00 576.25 Td (purchaser ) Tj ET Q q 0 0 0 rg BT 268.30 576.25 Td (by ) Tj ET Q q 0 0 0 rg BT 280.73 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.38 576.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 338.91 576.25 Td (date ) Tj ET Q q 0 0 0 rg BT 358.00 576.25 Td (\(securities ) Tj ET Q q 0 0 0 rg BT 405.96 576.25 Td (failed ) Tj ET Q q 0 0 0 rg BT 431.16 576.25 Td (to ) Tj ET Q q 0 0 0 rg BT 441.37 576.25 Td (deliver\). ) Tj ET Q q 0 0 0 rg BT 481.83 576.25 Td (Payables ) Tj ET Q q 0 0 0 rg BT 519.81 576.25 Td (to ) Tj ET Q q 0 0 0 rg BT 530.02 576.25 Td (brokers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 79.28 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 95.18 564.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 128.85 564.25 Td (or) Tj ET Q q 0 0 0 rg BT 137.00 564.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 184.00 564.25 Td (include ) Tj ET Q q 0 0 0 rg BT 214.90 564.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 251.35 564.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 280.03 564.25 Td (from ) Tj ET Q q 0 0 0 rg BT 300.93 564.25 Td (unsettled ) Tj ET Q q 0 0 0 rg BT 338.50 564.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 377.73 564.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 429.46 564.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 465.90 564.25 Td (to ) Tj ET Q q 0 0 0 rg BT 475.15 564.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 508.81 564.25 Td (or) Tj ET Q q 0 0 0 rg BT 516.96 564.25 Td (ganizations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.19 552.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 104.32 552.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 138.67 552.25 Td (for ) Tj ET Q q 0 0 0 rg BT 153.58 552.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 194.59 552.25 Td (not ) Tj ET Q q 0 0 0 rg BT 210.62 552.25 Td (received ) Tj ET Q q 0 0 0 rg BT 247.73 552.25 Td (from ) Tj ET Q q 0 0 0 rg BT 270.42 552.25 Td (a ) Tj ET Q q 0 0 0 rg BT 278.11 552.25 Td (seller ) Tj ET Q q 0 0 0 rg BT 303.01 552.25 Td (by ) Tj ET Q q 0 0 0 rg BT 316.26 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 331.73 552.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 376.07 552.25 Td (date ) Tj ET Q q 0 0 0 rg BT 395.98 552.25 Td (\(securities ) Tj ET Q q 0 0 0 rg BT 444.76 552.25 Td (failed ) Tj ET Q q 0 0 0 rg BT 470.77 552.25 Td (to ) Tj ET Q q 0 0 0 rg BT 481.80 552.25 Td (receive\). ) Tj ET Q q 0 0 0 rg BT 524.18 552.25 Td (Unsettled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.92 540.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 140.34 540.25 Td (related ) Tj ET Q q 0 0 0 rg BT 170.20 540.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.63 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.50 540.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 242.74 540.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 271.49 540.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 298.57 540.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 342.88 540.25 Td (are ) Tj ET Q q 0 0 0 rg BT 357.74 540.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 395.37 540.25 Td (at ) Tj ET Q q 0 0 0 rg BT 405.25 540.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 440.10 540.25 Td (value ) Tj ET Q q 0 0 0 rg BT 464.41 540.25 Td (on ) Tj ET Q q 0 0 0 rg BT 477.07 540.25 Td (a ) Tj ET Q q 0 0 0 rg BT 484.16 540.25 Td (net ) Tj ET Q q 0 0 0 rg BT 499.03 540.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 524.19 540.25 Td (Unsettled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.76 528.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 140.03 528.25 Td (related ) Tj ET Q q 0 0 0 rg BT 169.73 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.01 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.72 528.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 241.80 528.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 294.85 528.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 341.23 528.25 Td (company ) Tj ET Q q 0 0 0 rg BT 380.38 528.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 424.54 528.25 Td (are ) Tj ET Q q 0 0 0 rg BT 439.25 528.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 476.72 528.25 Td (on ) Tj ET Q q 0 0 0 rg BT 489.22 528.25 Td (a ) Tj ET Q q 0 0 0 rg BT 496.16 528.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 519.77 528.25 Td (basis.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 504.25 Td (Collateralized Securities ) Tj ET Q q 0 0 0 rg BT 155.96 504.25 Td (T) Tj ET Q q 0 0 0 rg BT 161.88 504.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.48 480.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 134.56 480.25 Td (under ) Tj ET Q q 0 0 0 rg BT 159.87 480.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 207.94 480.25 Td (to ) Tj ET Q q 0 0 0 rg BT 218.26 480.25 Td (resell ) Tj ET Q q 0 0 0 rg BT 242.46 480.25 Td (and ) Tj ET Q q 0 0 0 rg BT 259.44 480.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 299.75 480.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 318.96 480.25 Td (under ) Tj ET Q q 0 0 0 rg BT 344.28 480.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 392.35 480.25 Td (to ) Tj ET Q q 0 0 0 rg BT 402.67 480.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 448.52 480.25 Td (are ) Tj ET Q q 0 0 0 rg BT 463.27 480.25 Td (carried ) Tj ET Q q 0 0 0 rg BT 493.57 480.25 Td (at ) Tj ET Q q 0 0 0 rg BT 503.33 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.09 480.25 Td (contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 85.63 468.25 Td (at ) Tj ET Q q 0 0 0 rg BT 95.09 468.25 Td (which ) Tj ET Q q 0 0 0 rg BT 121.77 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.23 468.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 176.24 468.25 Td (will ) Tj ET Q q 0 0 0 rg BT 194.04 468.25 Td (be ) Tj ET Q q 0 0 0 rg BT 205.72 468.25 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 260.18 468.25 Td (resold ) Tj ET Q q 0 0 0 rg BT 286.86 468.25 Td (or ) Tj ET Q q 0 0 0 rg BT 297.43 468.25 Td (repurchased, ) Tj ET Q q 0 0 0 rg BT 350.48 468.25 Td (including ) Tj ET Q q 0 0 0 rg BT 390.49 468.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 423.82 468.25 Td (interest. ) Tj ET Q q 0 0 0 rg BT 458.00 468.25 Td (It ) Tj ET Q q 0 0 0 rg BT 466.35 468.25 Td (is ) Tj ET Q q 0 0 0 rg BT 475.26 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.72 468.25 Td (Company) Tj ET Q q 0 0 0 rg BT 531.39 468.25 Td (s ) Tj ET Q q 0 0 0 rg BT 537.52 468.25 Td (policy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.60 456.25 Td (take ) Tj ET Q q 0 0 0 rg BT 78.58 456.25 Td (possession ) Tj ET Q q 0 0 0 rg BT 123.68 456.25 Td (or ) Tj ET Q q 0 0 0 rg BT 134.33 456.25 Td (control ) Tj ET Q q 0 0 0 rg BT 164.98 456.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.63 456.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 215.71 456.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 258.57 456.25 Td (under ) Tj ET Q q 0 0 0 rg BT 283.66 456.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 331.51 456.25 Td (to ) Tj ET Q q 0 0 0 rg BT 341.61 456.25 Td (resell ) Tj ET Q q 0 0 0 rg BT 365.59 456.25 Td (at ) Tj ET Q q 0 0 0 rg BT 375.12 456.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.66 456.25 Td (time ) Tj ET Q q 0 0 0 rg BT 409.76 456.25 Td (these ) Tj ET Q q 0 0 0 rg BT 432.62 456.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 480.48 456.25 Td (are ) Tj ET Q q 0 0 0 rg BT 495.00 456.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 526.75 456.25 Td (into. ) Tj ET Q q 0 0 0 rg BT 546.96 456.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 109.07 444.25 Td (to ) Tj ET Q q 0 0 0 rg BT 119.79 444.25 Td (these ) Tj ET Q q 0 0 0 rg BT 143.27 444.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 191.73 444.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 229.66 444.25 Td (are ) Tj ET Q q 0 0 0 rg BT 244.80 444.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 279.39 444.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 310.63 444.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.90 444.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 342.62 444.25 Td (government ) Tj ET Q q 0 0 0 rg BT 393.31 444.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 434.01 444.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.38 444.25 Td (major ) Tj ET Q q 0 0 0 rg BT 477.64 444.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.55 444.25 Td (institutions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.25 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 91.43 432.25 Td (is ) Tj ET Q q 0 0 0 rg BT 100.60 432.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 129.75 432.25 Td (daily) Tj ET Q q 0 0 0 rg BT 149.10 432.25 Td (, ) Tj ET Q q 0 0 0 rg BT 154.10 432.25 Td (and ) Tj ET Q q 0 0 0 rg BT 171.04 432.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 213.53 432.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 253.23 432.25 Td (is ) Tj ET Q q 0 0 0 rg BT 262.40 432.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 299.33 432.25 Td (from ) Tj ET Q q 0 0 0 rg BT 321.27 432.25 Td (or ) Tj ET Q q 0 0 0 rg BT 332.10 432.25 Td (refunded ) Tj ET Q q 0 0 0 rg BT 370.13 432.25 Td (to ) Tj ET Q q 0 0 0 rg BT 380.41 432.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 439.55 432.25 Td (when ) Tj ET Q q 0 0 0 rg BT 463.71 432.25 Td (appropriate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.33 408.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 132.05 408.25 Td (and ) Tj ET Q q 0 0 0 rg BT 148.89 408.25 Td (loaned ) Tj ET Q q 0 0 0 rg BT 177.94 408.25 Td (result ) Tj ET Q q 0 0 0 rg BT 202.56 408.25 Td (from ) Tj ET Q q 0 0 0 rg BT 224.40 408.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 274.56 408.25 Td (with ) Tj ET Q q 0 0 0 rg BT 294.74 408.25 Td (other ) Tj ET Q q 0 0 0 rg BT 317.68 408.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 346.18 408.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 376.89 408.25 Td (or ) Tj ET Q q 0 0 0 rg BT 387.62 408.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 425.00 408.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 471.85 408.25 Td (and ) Tj ET Q q 0 0 0 rg BT 488.69 408.25 Td (are ) Tj ET Q q 0 0 0 rg BT 503.30 408.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 540.67 408.25 Td (at ) Tj ET Q q 0 0 0 rg BT 550.29 408.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 81.88 396.25 Td (of ) Tj ET Q q 0 0 0 rg BT 92.59 396.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 112.73 396.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 152.31 396.25 Td (advanced ) Tj ET Q q 0 0 0 rg BT 192.45 396.25 Td (or ) Tj ET Q q 0 0 0 rg BT 203.16 396.25 Td (received. ) Tj ET Q q 0 0 0 rg BT 241.73 396.25 Td (These ) Tj ET Q q 0 0 0 rg BT 267.99 396.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 304.25 396.25 Td (are ) Tj ET Q q 0 0 0 rg BT 318.84 396.25 Td (included ) Tj ET Q q 0 0 0 rg BT 355.65 396.25 Td (in ) Tj ET Q q 0 0 0 rg BT 365.81 396.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 413.16 396.25 Td (from ) Tj ET Q q 0 0 0 rg BT 434.98 396.25 Td (and ) Tj ET Q q 0 0 0 rg BT 451.80 396.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 489.17 396.25 Td (to ) Tj ET Q q 0 0 0 rg BT 499.33 396.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 534.20 396.25 Td (dealers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.37 384.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 103.01 384.25 Td (or) Tj ET Q q 0 0 0 rg BT 111.16 384.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 160.13 384.25 Td (on ) Tj ET Q q 0 0 0 rg BT 173.57 384.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.22 384.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 243.20 384.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 288.84 384.25 Td (of ) Tj ET Q q 0 0 0 rg BT 300.61 384.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.02 384.25 Td (condition. ) Tj ET Q q 0 0 0 rg BT 382.73 384.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 425.60 384.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 467.35 384.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 518.55 384.25 Td (require ) Tj ET Q q 0 0 0 rg BT 550.30 384.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.23 372.25 Td (to ) Tj ET Q q 0 0 0 rg BT 101.86 372.25 Td (deposit ) Tj ET Q q 0 0 0 rg BT 133.59 372.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 154.20 372.25 Td (or ) Tj ET Q q 0 0 0 rg BT 165.38 372.25 Td (other ) Tj ET Q q 0 0 0 rg BT 188.77 372.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 228.81 372.25 Td (with ) Tj ET Q q 0 0 0 rg BT 249.44 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.50 372.25 Td (lender) Tj ET Q q 0 0 0 rg BT 288.93 372.25 Td (. ) Tj ET Q q 0 0 0 rg BT 294.28 372.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 336.56 372.25 Td (loaned ) Tj ET Q q 0 0 0 rg BT 366.06 372.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 416.67 372.25 Td (require ) Tj ET Q q 0 0 0 rg BT 447.83 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 462.89 372.25 Td (borrower ) Tj ET Q q 0 0 0 rg BT 502.39 372.25 Td (to ) Tj ET Q q 0 0 0 rg BT 513.01 372.25 Td (deposit ) Tj ET Q q 0 0 0 rg BT 544.75 372.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.94 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 84.83 360.25 Td (Company) Tj ET Q q 0 0 0 rg BT 123.06 360.25 Td (. ) Tj ET Q q 0 0 0 rg BT 128.03 360.25 Td (The ) Tj ET Q q 0 0 0 rg BT 146.25 360.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 187.80 360.25 Td (monitors ) Tj ET Q q 0 0 0 rg BT 226.02 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.90 360.25 Td (market ) Tj ET Q q 0 0 0 rg BT 271.33 360.25 Td (value ) Tj ET Q q 0 0 0 rg BT 295.65 360.25 Td (of ) Tj ET Q q 0 0 0 rg BT 306.65 360.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 347.07 360.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 388.06 360.25 Td (and ) Tj ET Q q 0 0 0 rg BT 405.16 360.25 Td (loaned ) Tj ET Q q 0 0 0 rg BT 434.48 360.25 Td (on ) Tj ET Q q 0 0 0 rg BT 447.15 360.25 Td (a ) Tj ET Q q 0 0 0 rg BT 454.25 360.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 476.91 360.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 502.08 360.25 Td (with ) Tj ET Q q 0 0 0 rg BT 522.52 360.25 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 89.20 348.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 126.13 348.25 Td (or ) Tj ET Q q 0 0 0 rg BT 136.96 348.25 Td (refunded ) Tj ET Q q 0 0 0 rg BT 175.00 348.25 Td (as ) Tj ET Q q 0 0 0 rg BT 185.83 348.25 Td (necessary) Tj ET Q q 0 0 0 rg BT 224.05 348.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 81.57 324.25 Td (is ) Tj ET Q q 0 0 0 rg BT 90.32 324.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 123.49 324.25 Td (on ) Tj ET Q q 0 0 0 rg BT 135.57 324.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 175.42 324.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 215.82 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.34 324.25 Td (loaned ) Tj ET Q q 0 0 0 rg BT 261.08 324.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 310.92 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 327.44 324.25 Td (is ) Tj ET Q q 0 0 0 rg BT 336.20 324.25 Td (included ) Tj ET Q q 0 0 0 rg BT 372.71 324.25 Td (in ) Tj ET Q q 0 0 0 rg BT 382.57 324.25 Td (\(i\)other ) Tj ET Q q 0 0 0 rg BT 417.14 324.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 442.55 324.25 Td (or ) Tj ET Q q 0 0 0 rg BT 452.97 324.25 Td (other ) Tj ET Q q 0 0 0 rg BT 475.60 324.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 514.90 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 531.42 324.25 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 87.86 312.25 Td (on ) Tj ET Q q 0 0 0 rg BT 100.13 312.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.61 312.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 167.42 312.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 211.89 312.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.49 312.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 259.73 312.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 299.77 312.25 Td (and ) Tj ET Q q 0 0 0 rg BT 316.47 312.25 Td (\(ii\)the ) Tj ET Q q 0 0 0 rg BT 345.67 312.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 388.47 312.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 420.17 312.25 Td (income ) Tj ET Q q 0 0 0 rg BT 451.87 312.25 Td (or ) Tj ET Q q 0 0 0 rg BT 462.46 312.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 494.16 312.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 528.63 312.25 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.25 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 300.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 129.76 300.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 174.47 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 185.30 300.25 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 276.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 67.64 276.25 Td ( ) Tj ET Q q 0 0 0 rg BT 69.96 276.25 Td (V) Tj ET Q q 0 0 0 rg BT 76.27 276.25 Td (alue of Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.39 252.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 138.73 252.25 Td (and ) Tj ET Q q 0 0 0 rg BT 155.84 252.25 Td (other ) Tj ET Q q 0 0 0 rg BT 179.06 252.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 220.06 252.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 258.85 252.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 288.19 252.25 Td (and ) Tj ET Q q 0 0 0 rg BT 305.30 252.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 342.96 252.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 392.30 252.25 Td (and ) Tj ET Q q 0 0 0 rg BT 409.41 252.25 Td (other ) Tj ET Q q 0 0 0 rg BT 432.63 252.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 473.63 252.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 512.43 252.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 534.27 252.25 Td (but ) Tj ET Q q 0 0 0 rg BT 549.72 252.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 65.04 240.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 108.89 240.25 Td (on ) Tj ET Q q 0 0 0 rg BT 122.21 240.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.75 240.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 191.61 240.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 237.15 240.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.80 240.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 287.10 240.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 328.19 240.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 359.29 240.25 Td (of ) Tj ET Q q 0 0 0 rg BT 370.94 240.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 409.24 240.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 459.23 240.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 503.65 240.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 544.73 240.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 89.60 228.25 Td (settlements ) Tj ET Q q 0 0 0 rg BT 138.59 228.25 Td (and ) Tj ET Q q 0 0 0 rg BT 157.03 228.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 201.01 228.25 Td (contracts\) ) Tj ET Q q 0 0 0 rg BT 244.44 228.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 283.42 228.25 Td (at ) Tj ET Q q 0 0 0 rg BT 294.64 228.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 312.52 228.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 340.67 228.25 Td (Unrealized ) Tj ET Q q 0 0 0 rg BT 388.54 228.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 413.65 228.25 Td (and ) Tj ET Q q 0 0 0 rg BT 432.09 228.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 459.98 228.25 Td (related ) Tj ET Q q 0 0 0 rg BT 491.19 228.25 Td (to ) Tj ET Q q 0 0 0 rg BT 502.97 228.25 Td (these ) Tj ET Q q 0 0 0 rg BT 527.52 228.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 98.65 216.25 Td (are ) Tj ET Q q 0 0 0 rg BT 113.35 216.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 150.81 216.25 Td (on ) Tj ET Q q 0 0 0 rg BT 163.29 216.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.00 216.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 231.03 216.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 275.73 216.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.55 216.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 333.19 216.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 375.11 216.25 Td (\(both ) Tj ET Q q 0 0 0 rg BT 398.71 216.25 Td (long ) Tj ET Q q 0 0 0 rg BT 418.97 216.25 Td (and ) Tj ET Q q 0 0 0 rg BT 435.90 216.25 Td (short\), ) Tj ET Q q 0 0 0 rg BT 464.22 216.25 Td (including ) Tj ET Q q 0 0 0 rg BT 504.48 216.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 544.73 216.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 87.51 204.25 Td (settlements, ) Tj ET Q q 0 0 0 rg BT 136.91 204.25 Td (are ) Tj ET Q q 0 0 0 rg BT 151.03 204.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 196.81 204.25 Td (on ) Tj ET Q q 0 0 0 rg BT 208.72 204.25 Td (a ) Tj ET Q q 0 0 0 rg BT 215.08 204.25 Td (trade-date ) Tj ET Q q 0 0 0 rg BT 256.96 204.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 280.95 204.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 330.85 204.25 Td (, ) Tj ET Q q 0 0 0 rg BT 335.27 204.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 364.39 204.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.63 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 388.76 204.25 Td (Company) Tj ET Q q 0 0 0 rg BT 430.43 204.25 Td (s ) Tj ET Q q 0 0 0 rg BT 436.23 204.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 485.92 204.25 Td (on ) Tj ET Q q 0 0 0 rg BT 497.83 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.96 204.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.64 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.91 192.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.82 192.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 184.52 192.25 Td (are ) Tj ET Q q 0 0 0 rg BT 199.66 192.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 237.57 192.25 Td (at ) Tj ET Q q 0 0 0 rg BT 247.72 192.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 264.53 192.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 291.62 192.25 Td (either ) Tj ET Q q 0 0 0 rg BT 317.31 192.25 Td (as ) Tj ET Q q 0 0 0 rg BT 328.57 192.25 Td (required ) Tj ET Q q 0 0 0 rg BT 364.82 192.25 Td (by ) Tj ET Q q 0 0 0 rg BT 377.75 192.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 424.56 192.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 463.58 192.25 Td (or ) Tj ET Q q 0 0 0 rg BT 474.85 192.25 Td (through ) Tj ET Q q 0 0 0 rg BT 508.89 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 524.04 192.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.85 192.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (election.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 71.98 156.25 Td (V) Tj ET Q q 0 0 0 rg BT 76.98 156.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 98.91 156.25 Td (Measur) Tj ET Q q 0 0 0 rg BT 129.09 156.25 Td (ement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.67 156.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 162.67 156.25 Td ( ) Tj ET Q q 0 0 0 rg BT 167.38 156.25 Td (Definition ) Tj ET Q q 0 0 0 rg BT 212.63 156.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.34 156.25 Td (Hierar) Tj ET Q q 0 0 0 rg BT 259.19 156.25 Td (chy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.07 156.25 Td ( ) Tj ET Q q 0 0 0 rg BT 277.77 156.25 Td ( ) Tj ET Q q 0 0 0 rg BT 287.48 156.25 Td (F) Tj ET Q q 0 0 0 rg BT 292.30 156.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 315.42 156.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 366.78 156.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 410.93 156.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 465.28 156.25 Td (T) Tj ET Q q 0 0 0 rg BT 470.69 156.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 492.62 156.25 Td (820, ) Tj ET Q q 0 0 0 rg BT 514.82 156.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 539.73 156.25 Td (V) Tj ET Q q 0 0 0 rg BT 545.85 156.25 Td (alue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (Measurement, ) Tj ET Q q 0 0 0 rg BT 112.89 144.25 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 142.13 144.25 Td (820\) ) Tj ET Q q 0 0 0 rg BT 166.92 144.25 Td (defines ) Tj ET Q q 0 0 0 rg BT 197.83 144.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 213.73 144.25 Td (value ) Tj ET Q q 0 0 0 rg BT 237.41 144.25 Td (as ) Tj ET Q q 0 0 0 rg BT 247.76 144.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.00 144.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 294.02 144.25 Td (at ) Tj ET Q q 0 0 0 rg BT 303.26 144.25 Td (which ) Tj ET Q q 0 0 0 rg BT 329.72 144.25 Td (an ) Tj ET Q q 0 0 0 rg BT 341.18 144.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 385.98 144.25 Td (could ) Tj ET Q q 0 0 0 rg BT 410.22 144.25 Td (be ) Tj ET Q q 0 0 0 rg BT 421.69 144.25 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 466.46 144.25 Td (in ) Tj ET Q q 0 0 0 rg BT 476.27 144.25 Td (an ) Tj ET Q q 0 0 0 rg BT 487.73 144.25 Td (orderly ) Tj ET Q q 0 0 0 rg BT 518.63 144.25 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.25 Td (between ) Tj ET Q q 0 0 0 rg BT 85.96 132.25 Td (market ) Tj ET Q q 0 0 0 rg BT 116.87 132.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 166.66 132.25 Td (at ) Tj ET Q q 0 0 0 rg BT 177.02 132.25 Td (the ) Tj ET Q q 0 0 0 rg BT 192.38 132.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 248.83 132.25 Td (date ) Tj ET Q q 0 0 0 rg BT 268.63 132.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 287.32 132.25 Td (exit ) Tj ET Q q 0 0 0 rg BT 305.46 132.25 Td (price\). ) Tj ET Q q 0 0 0 rg BT 333.73 132.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 356.32 132.25 Td (820 ) Tj ET Q q 0 0 0 rg BT 374.47 132.25 Td (establishes ) Tj ET Q q 0 0 0 rg BT 420.94 132.25 Td (a ) Tj ET Q q 0 0 0 rg BT 428.52 132.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 445.54 132.25 Td (value ) Tj ET Q q 0 0 0 rg BT 470.34 132.25 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 511.24 132.25 Td (based ) Tj ET Q q 0 0 0 rg BT 537.15 132.25 Td (on ) Tj ET Q q 0 0 0 rg BT 550.29 132.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 77.33 120.25 Td (used ) Tj ET Q q 0 0 0 rg BT 99.04 120.25 Td (to ) Tj ET Q q 0 0 0 rg BT 110.19 120.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 146.89 120.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 164.14 120.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 191.43 120.25 Td (The ) Tj ET Q q 0 0 0 rg BT 210.36 120.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 227.62 120.25 Td (value ) Tj ET Q q 0 0 0 rg BT 252.65 120.25 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 293.78 120.25 Td (maximizes ) Tj ET Q q 0 0 0 rg BT 340.48 120.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.08 120.25 Td (use ) Tj ET Q q 0 0 0 rg BT 372.79 120.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.50 120.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 431.19 120.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 459.02 120.25 Td (and ) Tj ET Q q 0 0 0 rg BT 476.83 120.25 Td (minimizes ) Tj ET Q q 0 0 0 rg BT 521.87 120.25 Td (the ) Tj ET Q q 0 0 0 rg BT 537.47 120.25 Td (use ) Tj ET Q q 0 0 0 rg BT 554.18 120.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 106.12 108.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 133.88 108.25 Td (by ) Tj ET Q q 0 0 0 rg BT 147.18 108.25 Td (requiring ) Tj ET Q q 0 0 0 rg BT 187.14 108.25 Td (that ) Tj ET Q q 0 0 0 rg BT 205.44 108.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.96 108.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 267.59 108.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 295.34 108.25 Td (be ) Tj ET Q q 0 0 0 rg BT 308.08 108.25 Td (used ) Tj ET Q q 0 0 0 rg BT 329.72 108.25 Td (when ) Tj ET Q q 0 0 0 rg BT 354.69 108.25 Td (available. ) Tj ET Q q 0 0 0 rg BT 396.58 108.25 Td (Observable ) Tj ET Q q 0 0 0 rg BT 445.42 108.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 473.18 108.25 Td (are ) Tj ET Q q 0 0 0 rg BT 488.69 108.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 516.44 108.25 Td (that ) Tj ET Q q 0 0 0 rg BT 534.74 108.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 99.26 96.25 Td (would ) Tj ET Q q 0 0 0 rg BT 127.37 96.25 Td (use ) Tj ET Q q 0 0 0 rg BT 143.81 96.25 Td (in ) Tj ET Q q 0 0 0 rg BT 154.70 96.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 186.14 96.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.46 96.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 224.01 96.25 Td (or ) Tj ET Q q 0 0 0 rg BT 235.45 96.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 269.67 96.25 Td (based ) Tj ET Q q 0 0 0 rg BT 295.55 96.25 Td (on ) Tj ET Q q 0 0 0 rg BT 308.66 96.25 Td (market ) Tj ET Q q 0 0 0 rg BT 339.53 96.25 Td (data ) Tj ET Q q 0 0 0 rg BT 359.30 96.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 396.84 96.25 Td (from ) Tj ET Q q 0 0 0 rg BT 419.39 96.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 471.38 96.25 Td (sources. ) Tj ET Q q 0 0 0 rg BT 506.98 96.25 Td (Unobservable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 76.71 84.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 105.01 84.25 Td (management) Tj ET Q q 0 0 0 rg BT 158.88 84.25 Td (s ) Tj ET Q q 0 0 0 rg BT 165.54 84.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 217.75 84.25 Td (that ) Tj ET Q q 0 0 0 rg BT 235.51 84.25 Td (market ) Tj ET Q q 0 0 0 rg BT 266.04 84.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 315.46 84.25 Td (would ) Tj ET Q q 0 0 0 rg BT 343.23 84.25 Td (use ) Tj ET Q q 0 0 0 rg BT 359.32 84.25 Td (in ) Tj ET Q q 0 0 0 rg BT 369.87 84.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 400.96 84.25 Td (the ) Tj ET Q q 0 0 0 rg BT 415.94 84.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 438.15 84.25 Td (or ) Tj ET Q q 0 0 0 rg BT 449.24 84.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 483.12 84.25 Td (developed ) Tj ET Q q 0 0 0 rg BT 526.98 84.25 Td (based ) Tj ET Q q 0 0 0 rg BT 552.51 84.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.25 72.25 Td (best ) Tj ET Q q 0 0 0 rg BT 82.89 72.25 Td (information ) Tj ET Q q 0 0 0 rg BT 132.63 72.25 Td (available ) Tj ET Q q 0 0 0 rg BT 171.25 72.25 Td (in ) Tj ET Q q 0 0 0 rg BT 181.56 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 196.31 72.25 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 257.79 72.25 Td (The ) Tj ET Q q 0 0 0 rg BT 275.87 72.25 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 316.16 72.25 Td (is ) Tj ET Q q 0 0 0 rg BT 325.36 72.25 Td (broken ) Tj ET Q q 0 0 0 rg BT 355.66 72.25 Td (down ) Tj ET Q q 0 0 0 rg BT 380.41 72.25 Td (into ) Tj ET Q q 0 0 0 rg BT 398.50 72.25 Td (three ) Tj ET Q q 0 0 0 rg BT 421.01 72.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 446.87 72.25 Td (based ) Tj ET Q q 0 0 0 rg BT 472.17 72.25 Td (on ) Tj ET Q q 0 0 0 rg BT 484.70 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 499.45 72.25 Td (observability ) Tj ET Q q 0 0 0 rg BT 554.19 72.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 76.45 60.25 Td (as ) Tj ET Q q 0 0 0 rg BT 87.28 60.25 Td (follows:) 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 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 endstream endobj 139 0 obj <>] /Rotate 0 /Contents 140 0 R>> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (69) 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 92.93 708.10 Td (I ) Tj ET Q q 0 0 0 rg BT 98.93 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.60 708.10 Td (Quoted ) Tj ET Q q 0 0 0 rg BT 138.71 708.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 165.26 708.10 Td (\(unadjusted\) ) Tj ET Q q 0 0 0 rg BT 217.91 708.10 Td (are ) Tj ET Q q 0 0 0 rg BT 232.79 708.10 Td (available ) Tj ET Q q 0 0 0 rg BT 271.55 708.10 Td (in ) Tj ET Q q 0 0 0 rg BT 282.00 708.10 Td (active ) Tj ET Q q 0 0 0 rg BT 308.54 708.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 342.87 708.10 Td (for ) Tj ET Q q 0 0 0 rg BT 357.20 708.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 394.29 708.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 420.29 708.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.29 708.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 471.18 708.10 Td (as ) Tj ET Q q 0 0 0 rg BT 482.18 708.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.18 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.07 708.10 Td (report ) Tj ET Q q 0 0 0 rg BT 534.61 708.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 555.85 708.10 Td (A) Tj ET Q q 0 0 0 rg BT 562.52 708.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 696.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 97.24 696.10 Td (price ) Tj ET Q q 0 0 0 rg BT 119.75 696.10 Td (for ) Tj ET Q q 0 0 0 rg BT 133.94 696.10 Td (an ) Tj ET Q q 0 0 0 rg BT 145.90 696.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 182.85 696.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 204.81 696.10 Td (or ) Tj ET Q q 0 0 0 rg BT 215.67 696.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 249.30 696.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.60 696.10 Td (an ) Tj ET Q q 0 0 0 rg BT 271.57 696.10 Td (active ) Tj ET Q q 0 0 0 rg BT 297.96 696.10 Td (market ) Tj ET Q q 0 0 0 rg BT 328.25 696.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 365.21 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.96 696.10 Td (most ) Tj ET Q q 0 0 0 rg BT 401.93 696.10 Td (reliable ) Tj ET Q q 0 0 0 rg BT 434.43 696.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 450.83 696.10 Td (value ) Tj ET Q q 0 0 0 rg BT 475.01 696.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 530.85 696.10 Td (because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 684.10 Td (it ) Tj ET Q q 0 0 0 rg BT 75.56 684.10 Td (is ) Tj ET Q q 0 0 0 rg BT 84.73 684.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 117.77 684.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 163.58 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.86 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.58 684.10 Td (market. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 660.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 92.87 660.10 Td (II ) Tj ET Q q 0 0 0 rg BT 102.14 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 109.74 660.10 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 141.24 660.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 168.29 660.10 Td (are ) Tj ET Q q 0 0 0 rg BT 183.10 660.10 Td (other ) Tj ET Q q 0 0 0 rg BT 206.26 660.10 Td (than ) Tj ET Q q 0 0 0 rg BT 226.08 660.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 255.90 660.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 282.39 660.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.77 660.10 Td (active ) Tj ET Q q 0 0 0 rg BT 319.25 660.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 356.01 660.10 Td (which ) Tj ET Q q 0 0 0 rg BT 383.06 660.10 Td (are ) Tj ET Q q 0 0 0 rg BT 397.87 660.10 Td (either ) Tj ET Q q 0 0 0 rg BT 423.24 660.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 456.39 660.10 Td (or ) Tj ET Q q 0 0 0 rg BT 467.33 660.10 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 508.25 660.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 554.17 660.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.95 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.29 648.10 Td (report ) Tj ET Q q 0 0 0 rg BT 121.30 648.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 143.35 648.10 Td (The ) Tj ET Q q 0 0 0 rg BT 162.02 648.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 190.13 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.58 648.10 Td (these ) Tj ET Q q 0 0 0 rg BT 225.25 648.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 263.36 648.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 313.15 648.10 Td (include ) Tj ET Q q 0 0 0 rg BT 345.71 648.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 395.49 648.10 Td (for ) Tj ET Q q 0 0 0 rg BT 410.28 648.10 Td (which ) Tj ET Q q 0 0 0 rg BT 437.84 648.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 468.18 648.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 495.18 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 510.51 648.10 Td (available ) Tj ET Q q 0 0 0 rg BT 549.73 648.10 Td (but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 636.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 95.06 636.10 Td (less ) Tj ET Q q 0 0 0 rg BT 112.63 636.10 Td (frequently) Tj ET Q q 0 0 0 rg BT 153.07 636.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.15 636.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 207.38 636.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 235.51 636.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 251.96 636.10 Td (value ) Tj ET Q q 0 0 0 rg BT 276.18 636.10 Td (have ) Tj ET Q q 0 0 0 rg BT 297.63 636.10 Td (been ) Tj ET Q q 0 0 0 rg BT 319.08 636.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 351.64 636.10 Td (using ) Tj ET Q q 0 0 0 rg BT 375.88 636.10 Td (a ) Tj ET Q q 0 0 0 rg BT 382.89 636.10 Td (model ) Tj ET Q q 0 0 0 rg BT 410.46 636.10 Td (where ) Tj ET Q q 0 0 0 rg BT 437.46 636.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 464.48 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.83 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.62 636.10 Td (model ) Tj ET Q q 0 0 0 rg BT 517.19 636.10 Td (are ) Tj ET Q q 0 0 0 rg BT 531.97 636.10 Td (directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 624.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 113.11 624.10 Td (in ) Tj ET Q q 0 0 0 rg BT 123.18 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.69 624.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 170.25 624.10 Td (or ) Tj ET Q q 0 0 0 rg BT 180.87 624.10 Td (can ) Tj ET Q q 0 0 0 rg BT 197.04 624.10 Td (be ) Tj ET Q q 0 0 0 rg BT 208.78 624.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 241.06 624.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 286.67 624.10 Td (from ) Tj ET Q q 0 0 0 rg BT 308.40 624.10 Td (or ) Tj ET Q q 0 0 0 rg BT 319.03 624.10 Td (corroborated ) Tj ET Q q 0 0 0 rg BT 372.41 624.10 Td (by ) Tj ET Q q 0 0 0 rg BT 384.70 624.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 430.31 624.10 Td (market ) Tj ET Q q 0 0 0 rg BT 460.37 624.10 Td (data, ) Tj ET Q q 0 0 0 rg BT 481.82 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.55 624.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 547.51 624.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 612.10 Td (are ) Tj ET Q q 0 0 0 rg BT 82.21 612.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 98.58 612.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 127.74 612.10 Td (using ) Tj ET Q q 0 0 0 rg BT 151.91 612.10 Td (other ) Tj ET Q q 0 0 0 rg BT 174.96 612.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.44 612.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 264.10 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.82 612.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 325.18 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.01 612.10 Td (which ) Tj ET Q q 0 0 0 rg BT 362.95 612.10 Td (can ) Tj ET Q q 0 0 0 rg BT 379.33 612.10 Td (be ) Tj ET Q q 0 0 0 rg BT 391.26 612.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 424.31 612.10 Td (observed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 588.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 91.85 588.10 Td (III ) Tj ET Q q 0 0 0 rg BT 103.42 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.01 588.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 158.81 588.10 Td (that ) Tj ET Q q 0 0 0 rg BT 175.39 588.10 Td (have ) Tj ET Q q 0 0 0 rg BT 195.85 588.10 Td (little ) Tj ET Q q 0 0 0 rg BT 215.76 588.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.13 588.10 Td (no ) Tj ET Q q 0 0 0 rg BT 236.71 588.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 266.62 588.10 Td (observability ) Tj ET Q q 0 0 0 rg BT 320.42 588.10 Td (as ) Tj ET Q q 0 0 0 rg BT 330.33 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.25 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.05 588.10 Td (report ) Tj ET Q q 0 0 0 rg BT 379.51 588.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 400.13 588.10 Td (These ) Tj ET Q q 0 0 0 rg BT 425.60 588.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.16 588.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 510.41 588.10 Td (are ) Tj ET Q q 0 0 0 rg BT 524.20 588.10 Td (measured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 576.10 Td (using ) Tj ET Q q 0 0 0 rg BT 92.76 576.10 Td (management) Tj ET Q q 0 0 0 rg BT 146.63 576.10 Td (s ) Tj ET Q q 0 0 0 rg BT 154.10 576.10 Td (best ) Tj ET Q q 0 0 0 rg BT 173.80 576.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 210.71 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.63 576.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 240.09 576.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 267.83 576.10 Td (where ) Tj ET Q q 0 0 0 rg BT 295.85 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.66 576.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 339.69 576.10 Td (into ) Tj ET Q q 0 0 0 rg BT 358.84 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.64 576.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 433.77 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.68 576.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 463.15 576.10 Td (value ) Tj ET Q q 0 0 0 rg BT 488.39 576.10 Td (require ) Tj ET Q q 0 0 0 rg BT 520.30 576.10 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 564.10 Td (management ) Tj ET Q q 0 0 0 rg BT 121.09 564.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 161.36 564.10 Td (or ) Tj ET Q q 0 0 0 rg BT 172.19 564.10 Td (estimation. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (V) Tj ET Q q 0 0 0 rg BT 54.50 540.10 Td (aluation ) Tj ET Q q 0 0 0 rg BT 90.73 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.41 540.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 143.19 540.10 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.42 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.31 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.21 540.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 228.55 540.10 Td (on ) Tj ET Q q 0 0 0 rg BT 241.45 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.57 540.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 284.45 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.68 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.80 540.10 Td (Company) Tj ET Q q 0 0 0 rg BT 352.46 540.10 Td (s ) Tj ET Q q 0 0 0 rg BT 359.25 540.10 Td (business ) Tj ET Q q 0 0 0 rg BT 396.04 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.38 540.10 Td (its ) Tj ET Q q 0 0 0 rg BT 425.73 540.10 Td (role ) Tj ET Q q 0 0 0 rg BT 444.18 540.10 Td (as ) Tj ET Q q 0 0 0 rg BT 455.41 540.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.74 540.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 498.94 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.62 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.74 540.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 84.56 528.10 Td (or ) Tj ET Q q 0 0 0 rg BT 95.18 528.10 Td (its ) Tj ET Q q 0 0 0 rg BT 106.91 528.10 Td (role ) Tj ET Q q 0 0 0 rg BT 124.74 528.10 Td (as ) Tj ET Q q 0 0 0 rg BT 135.35 528.10 Td (a ) Tj ET Q q 0 0 0 rg BT 142.08 528.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 178.79 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.40 528.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 233.88 528.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 255.60 528.10 Td (management ) Tj ET Q q 0 0 0 rg BT 308.98 528.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 335.98 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.48 528.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 366.64 528.10 Td (values ) Tj ET Q q 0 0 0 rg BT 394.48 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.09 528.10 Td (its ) Tj ET Q q 0 0 0 rg BT 416.82 528.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 454.09 528.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 503.04 528.10 Td (are ) Tj ET Q q 0 0 0 rg BT 517.53 528.10 Td (determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (internally) Tj ET Q q 0 0 0 rg BT 87.17 516.10 Td (. ) Tj ET Q q 0 0 0 rg BT 91.67 516.10 Td (When ) Tj ET Q q 0 0 0 rg BT 117.69 516.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 158.43 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.80 516.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 213.84 516.10 Td (values ) Tj ET Q q 0 0 0 rg BT 241.54 516.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 278.67 516.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 327.48 516.10 Td (at ) Tj ET Q q 0 0 0 rg BT 336.85 516.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 382.32 516.10 Td (market ) Tj ET Q q 0 0 0 rg BT 412.23 516.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 440.76 516.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 486.23 516.10 Td (market ) Tj ET Q q 0 0 0 rg BT 516.14 516.10 Td (parameters, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.16 504.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 86.58 504.10 Td (or ) Tj ET Q q 0 0 0 rg BT 96.24 504.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 122.00 504.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 147.20 504.10 Td (\(bid ) Tj ET Q q 0 0 0 rg BT 164.64 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.40 504.10 Td (ask ) Tj ET Q q 0 0 0 rg BT 195.06 504.10 Td (prices\). ) Tj ET Q q 0 0 0 rg BT 226.10 504.10 Td (In ) Tj ET Q q 0 0 0 rg BT 235.75 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.30 504.10 Td (case ) Tj ET Q q 0 0 0 rg BT 267.83 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.49 504.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 313.80 504.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 361.79 504.10 Td (transacted ) Tj ET Q q 0 0 0 rg BT 403.66 504.10 Td (on ) Tj ET Q q 0 0 0 rg BT 414.98 504.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 460.17 504.10 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 505.65 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 519.19 504.10 Td (observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (market ) Tj ET Q q 0 0 0 rg BT 79.65 492.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 105.91 492.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 144.94 492.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 188.99 492.10 Td (for ) Tj ET Q q 0 0 0 rg BT 203.04 492.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 247.07 492.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 297.22 492.10 Td (from ) Tj ET Q q 0 0 0 rg BT 319.05 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.65 492.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 373.79 492.10 Td (on ) Tj ET Q q 0 0 0 rg BT 386.17 492.10 Td (which ) Tj ET Q q 0 0 0 rg BT 413.00 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.60 492.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 464.96 492.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 510.12 492.10 Td (is ) Tj ET Q q 0 0 0 rg BT 519.18 492.10 Td (principally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (traded.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 57.89 456.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 102.38 456.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 147.40 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.45 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.38 456.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 186.97 456.10 Td (value ) Tj ET Q q 0 0 0 rg BT 210.35 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.40 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.33 456.10 Td (Company) Tj ET Q q 0 0 0 rg BT 276.00 456.10 Td (s ) Tj ET Q q 0 0 0 rg BT 281.60 456.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 318.30 456.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 366.69 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.84 456.10 Td (other ) Tj ET Q q 0 0 0 rg BT 405.11 456.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 445.15 456.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 482.99 456.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 511.36 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 456.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 98.72 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.71 444.10 Td (other ) Tj ET Q q 0 0 0 rg BT 138.81 444.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 179.69 444.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 218.36 444.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 240.09 444.10 Td (but ) Tj ET Q q 0 0 0 rg BT 255.42 444.10 Td (not ) Tj ET Q q 0 0 0 rg BT 270.75 444.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 285.52 444.10 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 331.11 444.10 Td (are ) Tj ET Q q 0 0 0 rg BT 345.87 444.10 Td (based ) Tj ET Q q 0 0 0 rg BT 371.19 444.10 Td (on ) Tj ET Q q 0 0 0 rg BT 383.75 444.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 429.62 444.10 Td (market ) Tj ET Q q 0 0 0 rg BT 459.93 444.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 488.87 444.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 534.73 444.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (parameters, ) Tj ET Q q 0 0 0 rg BT 98.18 432.10 Td (or ) Tj ET Q q 0 0 0 rg BT 108.83 432.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 141.14 432.10 Td (from ) Tj ET Q q 0 0 0 rg BT 162.89 432.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 191.31 432.10 Td (or ) Tj ET Q q 0 0 0 rg BT 201.96 432.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 228.70 432.10 Td (prices. ) Tj ET Q q 0 0 0 rg BT 257.23 432.10 Td (The ) Tj ET Q q 0 0 0 rg BT 275.10 432.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 322.40 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.05 432.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 378.69 432.10 Td (market ) Tj ET Q q 0 0 0 rg BT 408.77 432.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 434.97 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.73 432.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 482.37 432.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 528.55 432.10 Td (can ) Tj ET Q q 0 0 0 rg BT 544.75 432.10 Td (vary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.66 420.10 Td (product ) Tj ET Q q 0 0 0 rg BT 104.93 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 115.43 420.10 Td (product. ) Tj ET Q q 0 0 0 rg BT 151.01 420.10 Td (Where ) Tj ET Q q 0 0 0 rg BT 180.38 420.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 221.69 420.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 267.73 420.10 Td (market ) Tj ET Q q 0 0 0 rg BT 298.22 420.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 324.82 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.98 420.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 373.03 420.10 Td (or ) Tj ET Q q 0 0 0 rg BT 384.08 420.10 Td (market ) Tj ET Q q 0 0 0 rg BT 414.57 420.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 461.15 420.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.66 420.10 Td (a ) Tj ET Q q 0 0 0 rg BT 478.82 420.10 Td (product ) Tj ET Q q 0 0 0 rg BT 512.09 420.10 Td (may ) Tj ET Q q 0 0 0 rg BT 532.03 420.10 Td (be ) Tj ET Q q 0 0 0 rg BT 544.19 420.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.18 408.10 Td (derive ) Tj ET Q q 0 0 0 rg BT 88.06 408.10 Td (a ) Tj ET Q q 0 0 0 rg BT 95.40 408.10 Td (price ) Tj ET Q q 0 0 0 rg BT 118.29 408.10 Td (without ) Tj ET Q q 0 0 0 rg BT 151.75 408.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 191.30 408.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 236.41 408.10 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 279.59 408.10 Td (In ) Tj ET Q q 0 0 0 rg BT 290.82 408.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 320.92 408.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 357.98 408.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 404.19 408.10 Td (market ) Tj ET Q q 0 0 0 rg BT 434.86 408.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 461.63 408.10 Td (or ) Tj ET Q q 0 0 0 rg BT 472.86 408.10 Td (market ) Tj ET Q q 0 0 0 rg BT 503.53 408.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 550.29 408.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (not ) Tj ET Q q 0 0 0 rg BT 63.73 396.10 Td (available ) Tj ET Q q 0 0 0 rg BT 101.27 396.10 Td (for ) Tj ET Q q 0 0 0 rg BT 114.38 396.10 Td (all ) Tj ET Q q 0 0 0 rg BT 125.82 396.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 164.21 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 180.09 396.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 195.42 396.10 Td (value ) Tj ET Q q 0 0 0 rg BT 218.53 396.10 Td (is ) Tj ET Q q 0 0 0 rg BT 226.64 396.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 273.07 396.10 Td (using ) Tj ET Q q 0 0 0 rg BT 296.19 396.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 340.41 396.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 387.39 396.10 Td (for ) Tj ET Q q 0 0 0 rg BT 400.50 396.10 Td (each ) Tj ET Q q 0 0 0 rg BT 420.26 396.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 460.02 396.10 Td (product. ) Tj ET Q q 0 0 0 rg BT 494.41 396.10 Td (These ) Tj ET Q q 0 0 0 rg BT 519.74 396.10 Td (techniques ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 82.60 384.10 Td (some ) Tj ET Q q 0 0 0 rg BT 106.81 384.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 136.56 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.99 384.10 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 191.37 384.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 223.92 384.10 Td (from ) Tj ET Q q 0 0 0 rg BT 246.46 384.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 286.78 384.10 Td (models ) Tj ET Q q 0 0 0 rg BT 318.77 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.31 384.10 Td (other ) Tj ET Q q 0 0 0 rg BT 359.96 384.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 405.82 384.10 Td (in ) Tj ET Q q 0 0 0 rg BT 416.70 384.10 Td (one ) Tj ET Q q 0 0 0 rg BT 434.25 384.10 Td (period ) Tj ET Q q 0 0 0 rg BT 462.90 384.10 Td (may ) Tj ET Q q 0 0 0 rg BT 483.22 384.10 Td (not ) Tj ET Q q 0 0 0 rg BT 499.10 384.10 Td (be ) Tj ET Q q 0 0 0 rg BT 511.64 384.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 554.17 384.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (future ) Tj ET Q q 0 0 0 rg BT 75.88 372.10 Td (period ) Tj ET Q q 0 0 0 rg BT 103.92 372.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 120.30 372.10 Td (value ) Tj ET Q q 0 0 0 rg BT 144.46 372.10 Td (measurement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.88 348.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 116.15 348.10 Td (in ) Tj ET Q q 0 0 0 rg BT 126.41 348.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 157.80 348.10 Td (or ) Tj ET Q q 0 0 0 rg BT 168.62 348.10 Td (privately ) Tj ET Q q 0 0 0 rg BT 206.65 348.10 Td (held ) Tj ET Q q 0 0 0 rg BT 226.36 348.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 266.61 348.10 Td (that ) Tj ET Q q 0 0 0 rg BT 284.09 348.10 Td (do ) Tj ET Q q 0 0 0 rg BT 296.58 348.10 Td (not ) Tj ET Q q 0 0 0 rg BT 311.85 348.10 Td (have ) Tj ET Q q 0 0 0 rg BT 333.22 348.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 363.47 348.10 Td (determinable ) Tj ET Q q 0 0 0 rg BT 418.16 348.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 434.53 348.10 Td (values, ) Tj ET Q q 0 0 0 rg BT 465.07 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.77 348.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 537.80 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.62 348.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (value ) Tj ET Q q 0 0 0 rg BT 72.55 336.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 106.16 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.77 336.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 160.05 336.10 Td (to ) Tj ET Q q 0 0 0 rg BT 169.23 336.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 203.94 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.56 336.10 Td (value ) Tj ET Q q 0 0 0 rg BT 240.61 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.33 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.95 336.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 303.11 336.10 Td (using ) Tj ET Q q 0 0 0 rg BT 326.17 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.79 336.10 Td (best ) Tj ET Q q 0 0 0 rg BT 357.29 336.10 Td (information ) Tj ET Q q 0 0 0 rg BT 405.90 336.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 445.58 336.10 Td (Among ) Tj ET Q q 0 0 0 rg BT 476.98 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.59 336.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 519.19 336.10 Td (considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.74 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.19 324.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 117.32 324.10 Td (in ) Tj ET Q q 0 0 0 rg BT 127.34 324.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 177.90 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.35 324.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 208.47 324.10 Td (value ) Tj ET Q q 0 0 0 rg BT 232.36 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.93 324.10 Td (such ) Tj ET Q q 0 0 0 rg BT 263.50 324.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.72 324.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 349.62 324.10 Td (are ) Tj ET Q q 0 0 0 rg BT 364.07 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.52 324.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 399.37 324.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 423.83 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.50 324.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 476.63 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.20 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.66 324.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 550.28 324.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.35 312.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 127.99 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.30 312.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 185.93 312.10 Td (results ) Tj ET Q q 0 0 0 rg BT 214.90 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.10 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.19 312.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 264.11 312.10 Td (, ) Tj ET Q q 0 0 0 rg BT 269.48 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.57 312.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 314.65 312.10 Td (market ) Tj ET Q q 0 0 0 rg BT 345.28 312.10 Td (price ) Tj ET Q q 0 0 0 rg BT 368.14 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.33 312.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 414.97 312.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 442.83 312.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 483.46 312.10 Td (with ) Tj ET Q q 0 0 0 rg BT 504.10 312.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 534.75 312.10 Td (quality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.26 300.10 Td (yield, ) Tj ET Q q 0 0 0 rg BT 91.08 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.85 300.10 Td (other ) Tj ET Q q 0 0 0 rg BT 130.72 300.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 160.25 300.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 199.78 300.10 Td (pertinent ) Tj ET Q q 0 0 0 rg BT 237.65 300.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.75 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.30 300.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 301.83 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.49 300.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 365.09 300.10 Td (In ) Tj ET Q q 0 0 0 rg BT 375.74 300.10 Td (instances ) Tj ET Q q 0 0 0 rg BT 414.73 300.10 Td (where ) Tj ET Q q 0 0 0 rg BT 441.48 300.10 Td (a ) Tj ET Q q 0 0 0 rg BT 448.24 300.10 Td (security ) Tj ET Q q 0 0 0 rg BT 482.23 300.10 Td (is ) Tj ET Q q 0 0 0 rg BT 491.22 300.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 521.87 300.10 Td (to ) Tj ET Q q 0 0 0 rg BT 531.98 300.10 Td (transfer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 99.35 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.48 288.10 Td (value ) Tj ET Q q 0 0 0 rg BT 139.05 288.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.29 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.42 288.10 Td (security ) Tj ET Q q 0 0 0 rg BT 199.99 288.10 Td (is ) Tj ET Q q 0 0 0 rg BT 209.58 288.10 Td (based ) Tj ET Q q 0 0 0 rg BT 235.26 288.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 275.38 288.10 Td (on ) Tj ET Q q 0 0 0 rg BT 288.30 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.43 288.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 333.56 288.10 Td (price ) Tj ET Q q 0 0 0 rg BT 356.46 288.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.70 288.10 Td (a ) Tj ET Q q 0 0 0 rg BT 375.06 288.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 405.74 288.10 Td (security ) Tj ET Q q 0 0 0 rg BT 440.31 288.10 Td (without ) Tj ET Q q 0 0 0 rg BT 473.78 288.10 Td (restriction ) Tj ET Q q 0 0 0 rg BT 517.24 288.10 Td (but ) Tj ET Q q 0 0 0 rg BT 532.93 288.10 Td (may ) Tj ET Q q 0 0 0 rg BT 553.06 288.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 83.64 276.10 Td (by ) Tj ET Q q 0 0 0 rg BT 96.13 276.10 Td (an ) Tj ET Q q 0 0 0 rg BT 108.06 276.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 140.55 276.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 181.36 276.10 Td (to ) Tj ET Q q 0 0 0 rg BT 191.63 276.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 219.66 276.10 Td (such ) Tj ET Q q 0 0 0 rg BT 240.48 276.10 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 289.91 276.10 Td (In ) Tj ET Q q 0 0 0 rg BT 300.73 276.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 338.50 276.10 Td (even ) Tj ET Q q 0 0 0 rg BT 359.87 276.10 Td (where ) Tj ET Q q 0 0 0 rg BT 386.79 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.50 276.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 442.88 276.10 Td (derives ) Tj ET Q q 0 0 0 rg BT 474.25 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.96 276.10 Td (value ) Tj ET Q q 0 0 0 rg BT 513.10 276.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.93 276.10 Td (a ) Tj ET Q q 0 0 0 rg BT 530.86 276.10 Td (security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (based ) Tj ET Q q 0 0 0 rg BT 74.48 264.10 Td (on ) Tj ET Q q 0 0 0 rg BT 86.70 264.10 Td (information ) Tj ET Q q 0 0 0 rg BT 136.12 264.10 Td (from ) Tj ET Q q 0 0 0 rg BT 157.77 264.10 Td (an ) Tj ET Q q 0 0 0 rg BT 169.42 264.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 220.51 264.10 Td (source, ) Tj ET Q q 0 0 0 rg BT 251.32 264.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 280.74 264.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 332.40 264.10 Td (may ) Tj ET Q q 0 0 0 rg BT 351.83 264.10 Td (be ) Tj ET Q q 0 0 0 rg BT 363.48 264.10 Td (required ) Tj ET Q q 0 0 0 rg BT 399.01 264.10 Td (to ) Tj ET Q q 0 0 0 rg BT 409.00 264.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 451.20 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.63 264.10 Td (security) Tj ET Q q 0 0 0 rg BT 500.06 264.10 Td (s ) Tj ET Q q 0 0 0 rg BT 506.16 264.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 522.25 264.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 548.62 264.10 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (instance, ) Tj ET Q q 0 0 0 rg BT 86.95 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.36 252.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 142.44 252.10 Td (assumes ) Tj ET Q q 0 0 0 rg BT 177.96 252.10 Td (that ) Tj ET Q q 0 0 0 rg BT 195.14 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.55 252.10 Td (size ) Tj ET Q q 0 0 0 rg BT 227.29 252.10 Td (of ) Tj ET Q q 0 0 0 rg BT 237.81 252.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 276.11 252.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.08 252.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 326.04 252.10 Td (that ) Tj ET Q q 0 0 0 rg BT 343.22 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.63 252.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 398.70 252.10 Td (holds ) Tj ET Q q 0 0 0 rg BT 422.56 252.10 Td (would ) Tj ET Q q 0 0 0 rg BT 449.75 252.10 Td (not ) Tj ET Q q 0 0 0 rg BT 464.72 252.10 Td (be ) Tj ET Q q 0 0 0 rg BT 476.35 252.10 Td (lar) Tj ET Q q 0 0 0 rg BT 486.72 252.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 498.35 252.10 Td (enough ) Tj ET Q q 0 0 0 rg BT 529.97 252.10 Td (to ) Tj ET Q q 0 0 0 rg BT 539.94 252.10 Td (af) Tj ET Q q 0 0 0 rg BT 547.53 252.10 Td (fect ) 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 63.75 240.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 93.01 240.10 Td (price ) Tj ET Q q 0 0 0 rg BT 115.03 240.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.40 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.65 240.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 179.46 240.10 Td (if ) Tj ET Q q 0 0 0 rg BT 187.60 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.86 240.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 221.11 240.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 240.93 240.10 Td (them, ) Tj ET Q q 0 0 0 rg BT 265.46 240.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.93 240.10 Td (that ) Tj ET Q q 0 0 0 rg BT 298.97 240.10 Td (any ) Tj ET Q q 0 0 0 rg BT 315.44 240.10 Td (such ) Tj ET Q q 0 0 0 rg BT 335.81 240.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 353.40 240.10 Td (would ) Tj ET Q q 0 0 0 rg BT 380.43 240.10 Td (happen ) Tj ET Q q 0 0 0 rg BT 411.35 240.10 Td (in ) Tj ET Q q 0 0 0 rg BT 421.16 240.10 Td (an ) Tj ET Q q 0 0 0 rg BT 432.64 240.10 Td (orderly ) Tj ET Q q 0 0 0 rg BT 463.55 240.10 Td (manner) Tj ET Q q 0 0 0 rg BT 492.99 240.10 Td (. ) Tj ET Q q 0 0 0 rg BT 497.38 240.10 Td (The ) Tj ET Q q 0 0 0 rg BT 514.96 240.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 540.87 240.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 83.64 228.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 106.14 228.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 152.54 228.10 Td (could ) Tj ET Q q 0 0 0 rg BT 177.25 228.10 Td (be ) Tj ET Q q 0 0 0 rg BT 189.19 228.10 Td (dif) Tj ET Q q 0 0 0 rg BT 200.12 228.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 225.94 228.10 Td (from ) Tj ET Q q 0 0 0 rg BT 247.87 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.59 228.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 301.18 228.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 342.00 228.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 358.38 228.10 Td (value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 75.33 204.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 75.08 180.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 101.21 180.10 Td (include ) Tj ET Q q 0 0 0 rg BT 133.45 180.10 Td (furniture ) Tj ET Q q 0 0 0 rg BT 171.24 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.48 180.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 235.99 180.10 Td (software ) Tj ET Q q 0 0 0 rg BT 273.23 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.47 180.10 Td (leasehold ) Tj ET Q q 0 0 0 rg BT 331.03 180.10 Td (improvements. ) Tj ET Q q 0 0 0 rg BT 393.55 180.10 Td (Furniture ) Tj ET Q q 0 0 0 rg BT 433.57 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.81 180.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 495.82 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.06 180.10 Td (software ) Tj ET Q q 0 0 0 rg BT 550.30 180.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 97.52 168.10 Td (using ) Tj ET Q q 0 0 0 rg BT 121.12 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.27 168.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 185.53 168.10 Td (method ) Tj ET Q q 0 0 0 rg BT 217.46 168.10 Td (over ) Tj ET Q q 0 0 0 rg BT 237.17 168.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 277.42 168.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 303.80 168.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 324.62 168.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.89 168.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.87 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 356.81 168.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.52 168.10 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.74 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.67 168.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 406.21 168.10 Td (Leasehold ) Tj ET Q q 0 0 0 rg BT 449.24 168.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 508.39 168.10 Td (are ) Tj ET Q q 0 0 0 rg BT 522.53 168.10 Td (amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (over ) Tj ET Q q 0 0 0 rg BT 70.33 156.10 Td (their ) Tj ET Q q 0 0 0 rg BT 91.71 156.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 133.09 156.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 160.59 156.10 Td (life ) Tj ET Q q 0 0 0 rg BT 176.97 156.10 Td (or ) Tj ET Q q 0 0 0 rg BT 188.36 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.64 156.10 Td (life ) Tj ET Q q 0 0 0 rg BT 220.02 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.41 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.69 156.10 Td (lease, ) Tj ET Q q 0 0 0 rg BT 272.23 156.10 Td (whichever ) Tj ET Q q 0 0 0 rg BT 316.94 156.10 Td (is ) Tj ET Q q 0 0 0 rg BT 326.67 156.10 Td (shorter) Tj ET Q q 0 0 0 rg BT 353.88 156.10 Td (. ) Tj ET Q q 0 0 0 rg BT 359.22 156.10 Td (The ) Tj ET Q q 0 0 0 rg BT 377.83 156.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 419.77 156.10 Td (capitalizes ) Tj ET Q q 0 0 0 rg BT 465.03 156.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 495.29 156.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 518.35 156.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 554.72 156.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 95.63 144.10 Td (with ) Tj ET Q q 0 0 0 rg BT 115.67 144.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 148.47 144.10 Td (use ) Tj ET Q q 0 0 0 rg BT 164.06 144.10 Td (software ) Tj ET Q q 0 0 0 rg BT 200.75 144.10 Td (projects ) Tj ET Q q 0 0 0 rg BT 234.67 144.10 Td (and ) Tj ET Q q 0 0 0 rg BT 251.36 144.10 Td (amortizes ) Tj ET Q q 0 0 0 rg BT 292.50 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.97 144.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 339.23 144.10 Td (over ) Tj ET Q q 0 0 0 rg BT 359.25 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.73 144.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 411.52 144.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 438.22 144.10 Td (life ) Tj ET Q q 0 0 0 rg BT 453.81 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.40 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.87 144.10 Td (asset, ) Tj ET Q q 0 0 0 rg BT 503.07 144.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.53 144.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.52 144.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.78 132.10 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.55 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.05 132.10 Td (years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.13 84.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.09 84.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 134.05 84.10 Td (its ) Tj ET Q q 0 0 0 rg BT 145.58 84.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 185.41 84.10 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 238.58 84.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.10 84.10 Td (other ) Tj ET Q q 0 0 0 rg BT 277.72 84.10 Td (of) Tj ET Q q 0 0 0 rg BT 285.87 84.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 306.83 84.10 Td (under ) Tj ET Q q 0 0 0 rg BT 331.68 84.10 Td (various ) Tj ET Q q 0 0 0 rg BT 363.20 84.10 Td (non-cancelable ) Tj ET Q q 0 0 0 rg BT 425.79 84.10 Td (leases. ) Tj ET Q q 0 0 0 rg BT 454.10 84.10 Td (The ) Tj ET Q q 0 0 0 rg BT 471.73 84.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 497.68 84.10 Td (require ) Tj ET Q q 0 0 0 rg BT 528.08 84.10 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.51 72.10 Td (real ) Tj ET Q q 0 0 0 rg BT 78.17 72.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 103.61 72.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 129.34 72.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 170.33 72.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.45 72.10 Td (common ) Tj ET Q q 0 0 0 rg BT 225.12 72.10 Td (area ) Tj ET Q q 0 0 0 rg BT 244.45 72.10 Td (maintenance, ) Tj ET Q q 0 0 0 rg BT 300.15 72.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.61 72.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 346.06 72.10 Td (to ) Tj ET Q q 0 0 0 rg BT 356.52 72.10 Td (rent. ) Tj ET Q q 0 0 0 rg BT 377.05 72.10 Td (The ) Tj ET Q q 0 0 0 rg BT 395.27 72.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 420.17 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.18 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.07 72.10 Td (Company) Tj ET Q q 0 0 0 rg BT 487.74 72.10 Td (s ) Tj ET Q q 0 0 0 rg BT 494.31 72.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 516.97 72.10 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 88.56 60.10 Td (range ) Tj ET Q q 0 0 0 rg BT 112.63 60.10 Td (up ) Tj ET Q q 0 0 0 rg BT 124.49 60.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.13 60.10 Td (twelve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.78 60.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.64 60.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 188.10 60.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 212.74 60.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.92 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.00 60.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 262.74 60.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 294.03 60.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 327.54 60.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 361.34 60.10 Td (escalation ) Tj ET Q q 0 0 0 rg BT 403.18 60.10 Td (clauses, ) Tj ET Q q 0 0 0 rg BT 436.42 60.10 Td (rent-free ) Tj ET Q q 0 0 0 rg BT 472.69 60.10 Td (holidays ) Tj ET Q q 0 0 0 rg BT 508.44 60.10 Td (and ) Tj ET Q q 0 0 0 rg BT 524.74 60.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 68.11 48.10 Td (adjustments.) 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 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 endstream endobj 141 0 obj <>] /Rotate 0 /Contents 142 0 R>> endobj 142 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.56 696.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 91.60 696.10 Td (that ) Tj ET Q q 0 0 0 rg BT 108.77 696.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 140.37 696.10 Td (escalation ) Tj ET Q q 0 0 0 rg BT 182.52 696.10 Td (clauses ) Tj ET Q q 0 0 0 rg BT 213.56 696.10 Td (or ) Tj ET Q q 0 0 0 rg BT 224.06 696.10 Td (rent-free ) Tj ET Q q 0 0 0 rg BT 260.64 696.10 Td (holidays, ) Tj ET Q q 0 0 0 rg BT 299.20 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.58 696.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 354.64 696.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 399.56 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.94 696.10 Td (related ) Tj ET Q q 0 0 0 rg BT 443.31 696.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 461.03 696.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 495.40 696.10 Td (on ) Tj ET Q q 0 0 0 rg BT 507.57 696.10 Td (a ) Tj ET Q q 0 0 0 rg BT 514.18 696.10 Td (straight-line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 72.16 684.10 Td (from ) Tj ET Q q 0 0 0 rg BT 94.27 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.15 684.10 Td (date ) Tj ET Q q 0 0 0 rg BT 128.46 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.35 684.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 184.90 684.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 208.11 684.10 Td (possession ) Tj ET Q q 0 0 0 rg BT 253.55 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.55 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.43 684.10 Td (property ) Tj ET Q q 0 0 0 rg BT 315.97 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.41 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.29 684.10 Td (end ) Tj ET Q q 0 0 0 rg BT 358.39 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.39 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.27 684.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 410.26 684.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 432.91 684.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 456.20 684.10 Td (The ) Tj ET Q q 0 0 0 rg BT 474.42 684.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 515.97 684.10 Td (records ) Tj ET Q q 0 0 0 rg BT 548.06 684.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 672.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 92.93 672.10 Td (between ) Tj ET Q q 0 0 0 rg BT 129.34 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.64 672.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 196.05 672.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 214.69 672.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 251.67 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.20 672.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 306.17 672.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 340.36 672.10 Td (under ) Tj ET Q q 0 0 0 rg BT 366.21 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.52 672.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 408.49 672.10 Td (as ) Tj ET Q q 0 0 0 rg BT 419.91 672.10 Td (part ) Tj ET Q q 0 0 0 rg BT 438.54 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.96 672.10 Td (other ) Tj ET Q q 0 0 0 rg BT 473.60 672.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 513.91 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 531.44 672.10 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 72.38 636.10 Td (or ) Tj ET Q q 0 0 0 rg BT 83.59 636.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 106.46 636.10 Td (incentives ) Tj ET Q q 0 0 0 rg BT 149.89 636.10 Td (received ) Tj ET Q q 0 0 0 rg BT 186.63 636.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 209.51 636.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 245.16 636.10 Td (into ) Tj ET Q q 0 0 0 rg BT 263.60 636.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 293.68 636.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 320.44 636.10 Td (are ) Tj ET Q q 0 0 0 rg BT 335.53 636.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 382.28 636.10 Td (on ) Tj ET Q q 0 0 0 rg BT 395.16 636.10 Td (a ) Tj ET Q q 0 0 0 rg BT 402.48 636.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 453.68 636.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 476.56 636.10 Td (as ) Tj ET Q q 0 0 0 rg BT 487.78 636.10 Td (a ) Tj ET Q q 0 0 0 rg BT 495.10 636.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 535.74 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 546.96 636.10 Td (rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 84.23 624.10 Td (from ) Tj ET Q q 0 0 0 rg BT 106.20 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 120.94 624.10 Td (date ) Tj ET Q q 0 0 0 rg BT 140.12 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.86 624.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 196.28 624.10 Td (takes ) Tj ET Q q 0 0 0 rg BT 219.35 624.10 Td (possession ) Tj ET Q q 0 0 0 rg BT 264.66 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.51 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.26 624.10 Td (property ) Tj ET Q q 0 0 0 rg BT 326.66 624.10 Td (or ) Tj ET Q q 0 0 0 rg BT 337.52 624.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 372.80 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.54 624.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 407.83 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.14 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.88 624.10 Td (end ) Tj ET Q q 0 0 0 rg BT 449.84 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.70 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.44 624.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 501.30 624.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 523.81 624.10 Td (term. ) Tj ET Q q 0 0 0 rg BT 546.98 624.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.89 612.10 Td (records ) Tj ET Q q 0 0 0 rg BT 122.82 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.53 612.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 190.01 612.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 221.40 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.23 612.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 254.71 612.10 Td (incentives ) Tj ET Q q 0 0 0 rg BT 297.76 612.10 Td (as ) Tj ET Q q 0 0 0 rg BT 308.59 612.10 Td (part ) Tj ET Q q 0 0 0 rg BT 326.63 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.46 612.10 Td (other ) Tj ET Q q 0 0 0 rg BT 360.51 612.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 400.23 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.17 612.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 450.75 612.10 Td (expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 155.37 588.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 90.80 564.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 134.86 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.59 564.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 167.99 564.10 Td (value ) Tj ET Q q 0 0 0 rg BT 193.17 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.02 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.75 564.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 278.15 564.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 324.97 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.27 564.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 365.89 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.74 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.48 564.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 410.88 564.10 Td (value ) Tj ET Q q 0 0 0 rg BT 436.05 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.90 564.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 496.96 564.10 Td (net ) Tj ET Q q 0 0 0 rg BT 512.70 564.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 539.55 564.10 Td (at ) Tj ET Q q 0 0 0 rg BT 550.29 564.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 96.80 552.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 119.13 552.10 Td (The ) Tj ET Q q 0 0 0 rg BT 138.09 552.10 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 197.04 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.79 552.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 247.77 552.10 Td (is ) Tj ET Q q 0 0 0 rg BT 257.86 552.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 299.59 552.10 Td (annually) Tj ET Q q 0 0 0 rg BT 333.37 552.10 Td (, ) Tj ET Q q 0 0 0 rg BT 339.29 552.10 Td (at ) Tj ET Q q 0 0 0 rg BT 349.93 552.10 Td (a ) Tj ET Q q 0 0 0 rg BT 357.78 552.10 Td (minimum, ) Tj ET Q q 0 0 0 rg BT 402.60 552.10 Td (or ) Tj ET Q q 0 0 0 rg BT 414.34 552.10 Td (on ) Tj ET Q q 0 0 0 rg BT 427.76 552.10 Td (an ) Tj ET Q q 0 0 0 rg BT 440.62 552.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 472.92 552.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 496.34 552.10 Td (if ) Tj ET Q q 0 0 0 rg BT 505.87 552.10 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 84.11 540.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.51 540.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 127.24 540.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 163.53 540.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.27 540.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 203.87 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.05 540.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 255.32 540.10 Td (amount. ) Tj ET Q q 0 0 0 rg BT 290.77 540.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.17 540.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 330.57 540.10 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.57 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.53 540.10 Td (for ) Tj ET Q q 0 0 0 rg BT 358.15 540.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 401.10 540.10 Td (information ) Tj ET Q q 0 0 0 rg BT 451.27 540.10 Td (on ) Tj ET Q q 0 0 0 rg BT 464.23 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.40 540.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 526.94 540.10 Td (goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 98.10 528.10 Td (testing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 94.08 504.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 121.44 504.10 Td (with ) Tj ET Q q 0 0 0 rg BT 143.25 504.10 Td (determinable ) Tj ET Q q 0 0 0 rg BT 199.48 504.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 222.40 504.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 254.21 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.58 504.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 290.05 504.10 Td (management ) Tj ET Q q 0 0 0 rg BT 345.17 504.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 385.86 504.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 441.00 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.47 504.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 490.16 504.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 525.84 504.10 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 103.54 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.92 492.10 Td (non-competition ) Tj ET Q q 0 0 0 rg BT 189.96 492.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 238.44 492.10 Td (that ) Tj ET Q q 0 0 0 rg BT 256.37 492.10 Td (are ) Tj ET Q q 0 0 0 rg BT 271.52 492.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 314.44 492.10 Td (over ) Tj ET Q q 0 0 0 rg BT 335.15 492.10 Td (their ) Tj ET Q q 0 0 0 rg BT 356.42 492.10 Td (original ) Tj ET Q q 0 0 0 rg BT 390.46 492.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 431.72 492.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 459.10 492.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 480.93 492.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 514.42 492.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 492.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.80 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.74 492.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.72 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 63.37 480.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 88.62 480.10 Td (Indefinite-life ) Tj ET Q q 0 0 0 rg BT 145.81 480.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 187.45 480.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 212.43 480.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 241.87 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.85 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.36 480.10 Td (ARI ) Tj ET Q q 0 0 0 rg BT 284.23 480.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 305.87 480.10 Td (name. ) Tj ET Q q 0 0 0 rg BT 331.68 480.10 Td (It ) Tj ET Q q 0 0 0 rg BT 339.45 480.10 Td (is ) Tj ET Q q 0 0 0 rg BT 347.77 480.10 Td (not ) Tj ET Q q 0 0 0 rg BT 362.20 480.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 403.84 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.93 480.10 Td (is ) Tj ET Q q 0 0 0 rg BT 428.25 480.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 468.22 480.10 Td (annually) Tj ET Q q 0 0 0 rg BT 502.00 480.10 Td (, ) Tj ET Q q 0 0 0 rg BT 506.16 480.10 Td (at ) Tj ET Q q 0 0 0 rg BT 515.03 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 521.12 480.10 Td (minimum, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.33 468.10 Td (on ) Tj ET Q q 0 0 0 rg BT 72.83 468.10 Td (an ) Tj ET Q q 0 0 0 rg BT 84.77 468.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 116.15 468.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 138.65 468.10 Td (if ) Tj ET Q q 0 0 0 rg BT 147.26 468.10 Td (events ) Tj ET Q q 0 0 0 rg BT 175.31 468.10 Td (or ) Tj ET Q q 0 0 0 rg BT 186.14 468.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 245.28 468.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 279.43 468.10 Td (a ) Tj ET Q q 0 0 0 rg BT 286.37 468.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 321.64 468.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 357.47 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 367.75 468.10 Td (realize ) Tj ET Q q 0 0 0 rg BT 396.89 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.61 468.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 447.42 468.10 Td (amount.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (Investments) 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 67.39 420.10 Td (Company) Tj ET Q q 0 0 0 rg BT 109.06 420.10 Td (s ) Tj ET Q q 0 0 0 rg BT 115.29 420.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 162.06 420.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 212.18 420.10 Td (include ) Tj ET Q q 0 0 0 rg BT 243.96 420.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 271.30 420.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 321.42 420.10 Td (in ) Tj ET Q q 0 0 0 rg BT 331.54 420.10 Td (private ) Tj ET Q q 0 0 0 rg BT 361.65 420.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 406.76 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.54 420.10 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 477.27 420.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 527.39 420.10 Td (in ) Tj ET Q q 0 0 0 rg BT 537.51 420.10 Td (public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 97.41 408.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 147.83 408.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.25 408.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 200.32 408.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 230.73 408.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 258.10 408.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 295.17 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.15 408.10 Td (public ) Tj ET Q q 0 0 0 rg BT 333.78 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.87 408.10 Td (private ) Tj ET Q q 0 0 0 rg BT 381.27 408.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 426.68 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.77 408.10 Td (private ) Tj ET Q q 0 0 0 rg BT 474.17 408.10 Td (company ) Tj ET Q q 0 0 0 rg BT 513.47 408.10 Td (debt. ) Tj ET Q q 0 0 0 rg BT 535.83 408.10 Td (Equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 100.17 396.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.85 396.10 Td (private ) Tj ET Q q 0 0 0 rg BT 141.51 396.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 187.17 396.10 Td (are ) Tj ET Q q 0 0 0 rg BT 202.27 396.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 245.70 396.10 Td (for ) Tj ET Q q 0 0 0 rg BT 260.26 396.10 Td (at ) Tj ET Q q 0 0 0 rg BT 270.37 396.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 287.15 396.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 314.20 396.10 Td (as ) Tj ET Q q 0 0 0 rg BT 325.42 396.10 Td (required ) Tj ET Q q 0 0 0 rg BT 361.64 396.10 Td (by ) Tj ET Q q 0 0 0 rg BT 374.53 396.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 421.30 396.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 460.29 396.10 Td (or ) Tj ET Q q 0 0 0 rg BT 471.52 396.10 Td (if ) Tj ET Q q 0 0 0 rg BT 480.53 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.64 396.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 512.41 396.10 Td (value ) Tj ET Q q 0 0 0 rg BT 536.97 396.10 Td (option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (was ) Tj ET Q q 0 0 0 rg BT 67.97 384.10 Td (elected, ) Tj ET Q q 0 0 0 rg BT 101.71 384.10 Td (or ) Tj ET Q q 0 0 0 rg BT 112.96 384.10 Td (at ) Tj ET Q q 0 0 0 rg BT 123.10 384.10 Td (cost. ) Tj ET Q q 0 0 0 rg BT 144.63 384.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 195.88 384.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.58 384.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 258.38 384.10 Td (are ) Tj ET Q q 0 0 0 rg BT 273.51 384.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 316.96 384.10 Td (for ) Tj ET Q q 0 0 0 rg BT 331.54 384.10 Td (under ) Tj ET Q q 0 0 0 rg BT 357.23 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.37 384.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 400.29 384.10 Td (method, ) Tj ET Q q 0 0 0 rg BT 435.71 384.10 Td (which ) Tj ET Q q 0 0 0 rg BT 463.07 384.10 Td (is ) Tj ET Q q 0 0 0 rg BT 472.66 384.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 512.79 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.93 384.10 Td (net ) Tj ET Q q 0 0 0 rg BT 543.06 384.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 75.87 372.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 117.51 372.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 144.71 372.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 169.69 372.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 196.90 372.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 246.88 372.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.88 372.10 Td (public ) Tj ET Q q 0 0 0 rg BT 284.08 372.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 329.06 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.72 372.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 387.35 372.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 417.34 372.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 441.78 372.10 Td (are ) Tj ET Q q 0 0 0 rg BT 456.20 372.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 498.95 372.10 Td (for ) Tj ET Q q 0 0 0 rg BT 512.82 372.10 Td (at ) Tj ET Q q 0 0 0 rg BT 522.25 372.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 538.34 372.10 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (Company-owned ) Tj ET Q q 0 0 0 rg BT 121.62 360.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 159.29 360.10 Td (with ) Tj ET Q q 0 0 0 rg BT 180.31 360.10 Td (a ) Tj ET Q q 0 0 0 rg BT 188.00 360.10 Td (cashless ) Tj ET Q q 0 0 0 rg BT 224.01 360.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 260.01 360.10 Td (option ) Tj ET Q q 0 0 0 rg BT 288.81 360.10 Td (are ) Tj ET Q q 0 0 0 rg BT 304.26 360.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 334.16 360.10 Td (at ) Tj ET Q q 0 0 0 rg BT 344.62 360.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 361.74 360.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 389.14 360.10 Td (while ) Tj ET Q q 0 0 0 rg BT 414.60 360.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 452.27 360.10 Td (without ) Tj ET Q q 0 0 0 rg BT 486.07 360.10 Td (a ) Tj ET Q q 0 0 0 rg BT 493.75 360.10 Td (cashless ) Tj ET Q q 0 0 0 rg BT 529.76 360.10 Td (exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (option ) Tj ET Q q 0 0 0 rg BT 77.59 348.10 Td (are ) Tj ET Q q 0 0 0 rg BT 92.33 348.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 121.53 348.10 Td (at ) Tj ET Q q 0 0 0 rg BT 131.28 348.10 Td (cost. ) Tj ET Q q 0 0 0 rg BT 152.42 348.10 Td (Private ) Tj ET Q q 0 0 0 rg BT 183.28 348.10 Td (company ) Tj ET Q q 0 0 0 rg BT 222.47 348.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 242.23 348.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 292.54 348.10 Td (are ) Tj ET Q q 0 0 0 rg BT 307.28 348.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 344.79 348.10 Td (at ) Tj ET Q q 0 0 0 rg BT 354.54 348.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 370.95 348.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 397.65 348.10 Td (as ) Tj ET Q q 0 0 0 rg BT 408.51 348.10 Td (required ) Tj ET Q q 0 0 0 rg BT 444.36 348.10 Td (by ) Tj ET Q q 0 0 0 rg BT 456.90 348.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 503.31 348.10 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 544.44 348.10 Td (or ) Tj ET Q q 0 0 0 rg BT 555.30 348.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 91.98 336.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 113.09 336.10 Td (net ) Tj ET Q q 0 0 0 rg BT 127.81 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.64 336.10 Td (any ) Tj ET Q q 0 0 0 rg BT 155.57 336.10 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 208.05 336.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 246.66 336.10 Td (or ) Tj ET Q q 0 0 0 rg BT 257.49 336.10 Td (discount. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (Other) Tj ET Q q 0 0 0 rg BT 74.87 312.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.81 312.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 74.02 288.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 99.09 288.10 Td (include ) Tj ET Q q 0 0 0 rg BT 130.28 288.10 Td (net ) Tj ET Q q 0 0 0 rg BT 144.24 288.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 179.29 288.10 Td (income ) Tj ET Q q 0 0 0 rg BT 210.48 288.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 224.44 288.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 252.02 288.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 298.74 288.10 Td (and ) Tj ET Q q 0 0 0 rg BT 314.92 288.10 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 346.66 288.10 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 387.00 288.10 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 437.06 288.10 Td (include ) Tj ET Q q 0 0 0 rg BT 468.25 288.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 482.20 288.10 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 531.42 288.10 Td (accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 82.56 276.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.63 276.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 125.36 276.10 Td (made ) Tj ET Q q 0 0 0 rg BT 150.65 276.10 Td (to ) Tj ET Q q 0 0 0 rg BT 162.05 276.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 210.95 276.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 249.56 276.10 Td (in ) Tj ET Q q 0 0 0 rg BT 260.97 276.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 308.47 276.10 Td (with ) Tj ET Q q 0 0 0 rg BT 329.88 276.10 Td (their ) Tj ET Q q 0 0 0 rg BT 351.83 276.10 Td (recruitment. ) Tj ET Q q 0 0 0 rg BT 404.05 276.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 448.22 276.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 472.95 276.10 Td (are ) Tj ET Q q 0 0 0 rg BT 488.79 276.10 Td (for) Tj ET Q q 0 0 0 rg BT 500.27 276.10 Td (given ) Tj ET Q q 0 0 0 rg BT 526.11 276.10 Td (based ) Tj ET Q q 0 0 0 rg BT 552.51 276.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 90.97 264.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 143.00 264.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.48 264.10 Td (are ) Tj ET Q q 0 0 0 rg BT 173.72 264.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 215.74 264.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.56 264.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 283.14 264.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.62 264.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 333.31 264.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 367.56 264.10 Td (using ) Tj ET Q q 0 0 0 rg BT 391.27 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.52 264.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 455.88 264.10 Td (method ) Tj ET Q q 0 0 0 rg BT 487.91 264.10 Td (over ) Tj ET Q q 0 0 0 rg BT 507.72 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.98 264.10 Td (respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 74.22 252.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.05 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.76 252.10 Td (loans, ) Tj ET Q q 0 0 0 rg BT 125.87 252.10 Td (which ) Tj ET Q q 0 0 0 rg BT 152.81 252.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 192.51 252.10 Td (range ) Tj ET Q q 0 0 0 rg BT 217.22 252.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.16 252.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.16 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.66 252.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.94 252.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.48 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.98 252.10 Td (years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (Revenue Recognition) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 95.66 204.10 Td (Banking) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.98 204.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.82 204.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.67 204.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 186.94 204.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 222.00 204.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 262.88 204.10 Td (which ) Tj ET Q q 0 0 0 rg BT 290.16 204.10 Td (include ) Tj ET Q q 0 0 0 rg BT 322.43 204.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 376.93 204.10 Td (and ) Tj ET Q q 0 0 0 rg BT 394.21 204.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 431.49 204.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 452.93 204.10 Td (are ) Tj ET Q q 0 0 0 rg BT 467.98 204.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 505.80 204.10 Td (when ) Tj ET Q q 0 0 0 rg BT 530.30 204.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.78 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.62 192.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 129.01 192.10 Td (are ) Tj ET Q q 0 0 0 rg BT 143.84 192.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 188.12 192.10 Td (under ) Tj ET Q q 0 0 0 rg BT 213.51 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.35 192.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 253.19 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.14 192.10 Td (each ) Tj ET Q q 0 0 0 rg BT 285.08 192.10 Td (engagement. ) Tj ET Q q 0 0 0 rg BT 338.52 192.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 378.91 192.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 422.62 192.10 Td (with ) Tj ET Q q 0 0 0 rg BT 443.03 192.10 Td (such ) Tj ET Q q 0 0 0 rg BT 463.98 192.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 514.37 192.10 Td (are ) Tj ET Q q 0 0 0 rg BT 529.20 192.10 Td (deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (until ) Tj ET Q q 0 0 0 rg BT 70.20 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 84.78 180.10 Td (related ) Tj ET Q q 0 0 0 rg BT 114.34 180.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 148.35 180.10 Td (is ) Tj ET Q q 0 0 0 rg BT 157.38 180.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 203.61 180.10 Td (or ) Tj ET Q q 0 0 0 rg BT 214.30 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.88 180.10 Td (engagement ) Tj ET Q q 0 0 0 rg BT 279.55 180.10 Td (is ) Tj ET Q q 0 0 0 rg BT 288.58 180.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 329.82 180.10 Td (concluded. ) Tj ET Q q 0 0 0 rg BT 375.78 180.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 422.57 180.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 457.15 180.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 495.05 180.10 Td (are ) Tj ET Q q 0 0 0 rg BT 509.62 180.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 550.30 180.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.71 168.10 Td (related ) Tj ET Q q 0 0 0 rg BT 88.80 168.10 Td (unreimbursed ) Tj ET Q q 0 0 0 rg BT 145.67 168.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 183.65 168.10 Td (for ) Tj ET Q q 0 0 0 rg BT 197.20 168.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 240.73 168.10 Td (deals. ) Tj ET Q q 0 0 0 rg BT 265.66 168.10 Td (Expenses ) Tj ET Q q 0 0 0 rg BT 305.31 168.10 Td (related ) Tj ET Q q 0 0 0 rg BT 334.40 168.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.06 168.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 389.83 168.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 423.93 168.10 Td (deals ) Tj ET Q q 0 0 0 rg BT 446.36 168.10 Td (not ) Tj ET Q q 0 0 0 rg BT 461.02 168.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 504.55 168.10 Td (are ) Tj ET Q q 0 0 0 rg BT 518.64 168.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 156.10 Td (non-interest ) Tj ET Q q 0 0 0 rg BT 110.59 156.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 149.19 156.10 Td (on ) Tj ET Q q 0 0 0 rg BT 161.69 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.41 156.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 229.45 156.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 274.16 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.99 156.10 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 100.89 132.10 Td (Br) Tj ET Q q 0 0 0 rg BT 110.51 132.10 Td (okerage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.72 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 145.22 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.71 132.10 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 203.53 132.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 246.00 132.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 284.04 132.10 Td (include ) Tj ET Q q 0 0 0 rg BT 315.96 132.10 Td (\(i\)commissions ) Tj ET Q q 0 0 0 rg BT 382.62 132.10 Td (received ) Tj ET Q q 0 0 0 rg BT 418.98 132.10 Td (from ) Tj ET Q q 0 0 0 rg BT 440.91 132.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 483.95 132.10 Td (for ) Tj ET Q q 0 0 0 rg BT 498.11 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.82 132.10 Td (execution ) Tj ET Q q 0 0 0 rg BT 554.18 132.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 90.91 120.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 140.11 120.10 Td (in ) Tj ET Q q 0 0 0 rg BT 149.32 120.10 Td (listed ) Tj ET Q q 0 0 0 rg BT 172.42 120.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.29 120.10 Td (over) Tj ET Q q 0 0 0 rg BT 205.86 120.10 Td (-the-counter ) Tj ET Q q 0 0 0 rg BT 256.16 120.10 Td (\(OTC\) ) Tj ET Q q 0 0 0 rg BT 284.25 120.10 Td (equity) Tj ET Q q 0 0 0 rg BT 308.60 120.10 Td (, ) Tj ET Q q 0 0 0 rg BT 312.53 120.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 334.52 120.10 Td (income ) Tj ET Q q 0 0 0 rg BT 365.38 120.10 Td (and ) Tj ET Q q 0 0 0 rg BT 381.26 120.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 427.67 120.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 446.32 120.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 488.02 120.10 Td (which ) Tj ET Q q 0 0 0 rg BT 513.89 120.10 Td (are ) Tj ET Q q 0 0 0 rg BT 527.54 120.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (on ) Tj ET Q q 0 0 0 rg BT 61.28 108.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.50 108.10 Td (trade-date ) Tj ET Q q 0 0 0 rg BT 109.26 108.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 133.54 108.10 Td (\(ii\)trading ) Tj ET Q q 0 0 0 rg BT 178.36 108.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 201.25 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 217.47 108.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 243.15 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.37 108.10 Td (\(iii\)fees ) Tj ET Q q 0 0 0 rg BT 294.74 108.10 Td (received ) Tj ET Q q 0 0 0 rg BT 330.39 108.10 Td (by ) Tj ET Q q 0 0 0 rg BT 342.17 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.17 108.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 396.84 108.10 Td (for ) Tj ET Q q 0 0 0 rg BT 410.28 108.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 437.06 108.10 Td (research. ) Tj ET Q q 0 0 0 rg BT 474.52 108.10 Td (The ) Tj ET Q q 0 0 0 rg BT 491.85 108.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 532.52 108.10 Td (permits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 99.95 96.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 143.17 96.10 Td (to ) Tj ET Q q 0 0 0 rg BT 153.63 96.10 Td (allocate ) Tj ET Q q 0 0 0 rg BT 187.39 96.10 Td (a ) Tj ET Q q 0 0 0 rg BT 194.50 96.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 226.07 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 237.07 96.10 Td (their ) Tj ET Q q 0 0 0 rg BT 258.07 96.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 281.86 96.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 336.76 96.10 Td (to ) Tj ET Q q 0 0 0 rg BT 347.21 96.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 364.33 96.10 Td (for ) Tj ET Q q 0 0 0 rg BT 378.66 96.10 Td (research ) Tj ET Q q 0 0 0 rg BT 414.64 96.10 Td (products ) Tj ET Q q 0 0 0 rg BT 451.76 96.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.87 96.10 Td (other ) Tj ET Q q 0 0 0 rg BT 492.09 96.10 Td (services ) Tj ET Q q 0 0 0 rg BT 526.97 96.10 Td (provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.72 84.10 Td (third ) Tj ET Q q 0 0 0 rg BT 82.82 84.10 Td (parties. ) Tj ET Q q 0 0 0 rg BT 114.04 84.10 Td (The ) Tj ET Q q 0 0 0 rg BT 131.80 84.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 167.91 84.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 206.21 84.10 Td (for ) Tj ET Q q 0 0 0 rg BT 220.09 84.10 Td (those ) Tj ET Q q 0 0 0 rg BT 243.42 84.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 281.19 84.10 Td (are ) Tj ET Q q 0 0 0 rg BT 295.61 84.10 Td (commonly ) Tj ET Q q 0 0 0 rg BT 340.61 84.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 374.46 84.10 Td (to ) Tj ET Q q 0 0 0 rg BT 384.46 84.10 Td (as ) Tj ET Q q 0 0 0 rg BT 395.00 84.10 Td (soft ) Tj ET Q q 0 0 0 rg BT 412.22 84.10 Td (dollar ) Tj ET Q q 0 0 0 rg BT 437.77 84.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 495.86 84.10 Td (As ) Tj ET Q q 0 0 0 rg BT 509.19 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 84.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.08 72.10 Td (not ) Tj ET Q q 0 0 0 rg BT 74.76 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.89 72.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 124.45 72.10 Td (obligor ) Tj ET Q q 0 0 0 rg BT 156.24 72.10 Td (for ) Tj ET Q q 0 0 0 rg BT 170.81 72.10 Td (these ) Tj ET Q q 0 0 0 rg BT 194.26 72.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 253.53 72.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 292.54 72.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 325.98 72.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.67 72.10 Td (soft ) Tj ET Q q 0 0 0 rg BT 354.58 72.10 Td (dollars ) Tj ET Q q 0 0 0 rg BT 384.70 72.10 Td (are ) Tj ET Q q 0 0 0 rg BT 399.81 72.10 Td (netted ) Tj ET Q q 0 0 0 rg BT 427.15 72.10 Td (against ) Tj ET Q q 0 0 0 rg BT 458.39 72.10 Td (commission ) Tj ET Q q 0 0 0 rg BT 509.63 72.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 548.07 72.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.10 Td (included ) Tj ET Q q 0 0 0 rg BT 86.43 60.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.71 60.10 Td (other ) Tj ET Q q 0 0 0 rg BT 119.76 60.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 159.48 60.10 Td (and ) Tj ET Q q 0 0 0 rg BT 176.41 60.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 210.00 60.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 248.60 60.10 Td (on ) Tj ET Q q 0 0 0 rg BT 261.10 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.81 60.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 328.86 60.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 373.57 60.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.40 60.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 421.88 60.10 Td (condition.) 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 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 endstream endobj 143 0 obj <>] /Rotate 0 /Contents 144 0 R>> endobj 144 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (71) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 708.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 74.77 708.10 Td (Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.98 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.14 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.38 708.10 Td (Asset ) Tj ET Q q 0 0 0 rg BT 165.76 708.10 Td (management ) Tj ET Q q 0 0 0 rg BT 221.01 708.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 241.27 708.10 Td (include ) Tj ET Q q 0 0 0 rg BT 274.86 708.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 314.56 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.94 708.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 373.99 708.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 410.90 708.10 Td (in ) Tj ET Q q 0 0 0 rg BT 422.84 708.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 470.87 708.10 Td (with ) Tj ET Q q 0 0 0 rg BT 492.81 708.10 Td (management ) Tj ET Q q 0 0 0 rg BT 548.06 708.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 96.96 696.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 134.98 696.10 Td (services ) Tj ET Q q 0 0 0 rg BT 170.77 696.10 Td (performed ) Tj ET Q q 0 0 0 rg BT 216.00 696.10 Td (for ) Tj ET Q q 0 0 0 rg BT 231.24 696.10 Td (separately ) Tj ET Q q 0 0 0 rg BT 275.35 696.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 315.03 696.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 353.60 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.62 696.10 Td (various ) Tj ET Q q 0 0 0 rg BT 404.64 696.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 430.44 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.46 696.10 Td (partnerships. ) Tj ET Q q 0 0 0 rg BT 503.16 696.10 Td (These ) Tj ET Q q 0 0 0 rg BT 530.62 696.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 550.30 696.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 95.26 684.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.94 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.06 684.10 Td (period ) Tj ET Q q 0 0 0 rg BT 146.51 684.10 Td (in ) Tj ET Q q 0 0 0 rg BT 156.19 684.10 Td (which ) Tj ET Q q 0 0 0 rg BT 182.53 684.10 Td (services ) Tj ET Q q 0 0 0 rg BT 216.64 684.10 Td (are ) Tj ET Q q 0 0 0 rg BT 230.75 684.10 Td (provided. ) Tj ET Q q 0 0 0 rg BT 270.70 684.10 Td (Fees ) Tj ET Q q 0 0 0 rg BT 290.93 684.10 Td (are ) Tj ET Q q 0 0 0 rg BT 305.04 684.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 336.93 684.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.61 684.10 Td (client ) Tj ET Q q 0 0 0 rg BT 370.72 684.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 408.72 684.10 Td (as ) Tj ET Q q 0 0 0 rg BT 418.95 684.10 Td (either ) Tj ET Q q 0 0 0 rg BT 443.61 684.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 466.06 684.10 Td (or ) Tj ET Q q 0 0 0 rg BT 476.29 684.10 Td (based ) Tj ET Q q 0 0 0 rg BT 500.96 684.10 Td (on ) Tj ET Q q 0 0 0 rg BT 512.87 684.10 Td (a ) Tj ET Q q 0 0 0 rg BT 519.21 684.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.87 672.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 96.90 672.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 122.26 672.10 Td (under ) Tj ET Q q 0 0 0 rg BT 147.07 672.10 Td (management ) Tj ET Q q 0 0 0 rg BT 200.19 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.67 672.10 Td (may ) Tj ET Q q 0 0 0 rg BT 235.92 672.10 Td (include ) Tj ET Q q 0 0 0 rg BT 267.39 672.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 319.95 672.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 340.58 672.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 393.70 672.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 411.84 672.10 Td (are ) Tj ET Q q 0 0 0 rg BT 426.08 672.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 454.76 672.10 Td (when ) Tj ET Q q 0 0 0 rg BT 478.46 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.71 672.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 538.63 672.10 Td (return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (on ) Tj ET Q q 0 0 0 rg BT 61.57 660.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 86.96 660.10 Td (under ) Tj ET Q q 0 0 0 rg BT 111.79 660.10 Td (management ) Tj ET Q q 0 0 0 rg BT 164.95 660.10 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 198.66 660.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 227.93 660.10 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 274.42 660.10 Td (tar) Tj ET Q q 0 0 0 rg BT 284.78 660.10 Td (gets ) Tj ET Q q 0 0 0 rg BT 302.96 660.10 Td (or ) Tj ET Q q 0 0 0 rg BT 313.35 660.10 Td (other ) Tj ET Q q 0 0 0 rg BT 335.96 660.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 388.55 660.10 Td (tar) Tj ET Q q 0 0 0 rg BT 398.92 660.10 Td (gets ) Tj ET Q q 0 0 0 rg BT 417.09 660.10 Td (over ) Tj ET Q q 0 0 0 rg BT 436.93 660.10 Td (a ) Tj ET Q q 0 0 0 rg BT 443.43 660.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 481.59 660.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 536.97 660.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (\(monthly) Tj ET Q q 0 0 0 rg BT 85.52 648.10 Td (, ) Tj ET Q q 0 0 0 rg BT 90.83 648.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 129.73 648.10 Td (or ) Tj ET Q q 0 0 0 rg BT 140.87 648.10 Td (annually\). ) Tj ET Q q 0 0 0 rg BT 183.94 648.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 237.84 648.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 259.25 648.10 Td (if ) Tj ET Q q 0 0 0 rg BT 268.16 648.10 Td (earned, ) Tj ET Q q 0 0 0 rg BT 300.12 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 315.14 648.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 355.15 648.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 401.82 648.10 Td (at ) Tj ET Q q 0 0 0 rg BT 411.85 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.88 648.10 Td (end ) Tj ET Q q 0 0 0 rg BT 444.12 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.26 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.29 648.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 509.19 648.10 Td (measurement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 80.15 636.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 117.74 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.56 636.10 Td (fourth ) Tj ET Q q 0 0 0 rg BT 159.60 636.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 190.52 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.45 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.27 636.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 259.96 636.10 Td (year) Tj ET Q q 0 0 0 rg BT 276.77 636.10 Td (, ) Tj ET Q q 0 0 0 rg BT 281.87 636.10 Td (or ) Tj ET Q q 0 0 0 rg BT 292.81 636.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 315.41 636.10 Td (client ) Tj ET Q q 0 0 0 rg BT 340.22 636.10 Td (liquidation. ) Tj ET Q q 0 0 0 rg BT 388.66 636.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 442.34 636.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 461.04 636.10 Td (are ) Tj ET Q q 0 0 0 rg BT 475.85 636.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 522.32 636.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.25 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.18 636.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 88.66 624.10 Td (date ) Tj ET Q q 0 0 0 rg BT 107.81 624.10 Td (for ) Tj ET Q q 0 0 0 rg BT 121.97 624.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 151.67 624.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 204.71 624.10 Td (entities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 68.57 600.10 Td (est ) Tj ET Q q 0 0 0 rg BT 82.19 600.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 118.57 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 136.09 600.10 Td (Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.40 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.92 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.25 600.10 Td (The ) Tj ET Q q 0 0 0 rg BT 197.31 600.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 238.72 600.10 Td (nets ) Tj ET Q q 0 0 0 rg BT 257.34 600.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 289.29 600.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 324.02 600.10 Td (within ) Tj ET Q q 0 0 0 rg BT 352.09 600.10 Td (net ) Tj ET Q q 0 0 0 rg BT 366.82 600.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 404.87 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.17 600.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 450.45 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.19 600.10 Td (ef) Tj ET Q q 0 0 0 rg BT 472.77 600.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 494.17 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.01 600.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 554.74 600.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.32 588.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 102.59 588.10 Td (on ) Tj ET Q q 0 0 0 rg BT 114.98 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.58 588.10 Td (Company) Tj ET Q q 0 0 0 rg BT 171.25 588.10 Td (s ) Tj ET Q q 0 0 0 rg BT 177.53 588.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 230.46 588.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 275.06 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.78 588.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 332.15 588.10 Td (The ) Tj ET Q q 0 0 0 rg BT 350.09 588.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 391.36 588.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 436.51 588.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 483.32 588.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 515.14 588.10 Td (on ) Tj ET Q q 0 0 0 rg BT 527.53 588.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 98.83 576.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 128.15 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.25 576.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.89 576.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 232.21 576.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 254.05 576.10 Td (but ) Tj ET Q q 0 0 0 rg BT 269.49 576.10 Td (not ) Tj ET Q q 0 0 0 rg BT 284.92 576.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 299.80 576.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 343.00 576.10 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 388.43 576.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 431.07 576.10 Td (instruments\), ) Tj ET Q q 0 0 0 rg BT 486.22 576.10 Td (on ) Tj ET Q q 0 0 0 rg BT 498.88 576.10 Td (an ) Tj ET Q q 0 0 0 rg BT 510.98 576.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 542.51 576.10 Td (basis ) 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 60.16 564.10 Td (a ) Tj ET Q q 0 0 0 rg BT 66.92 564.10 Td (component ) Tj ET Q q 0 0 0 rg BT 113.68 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.33 564.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 156.09 564.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 190.07 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.83 564.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 243.69 564.10 Td (The ) Tj ET Q q 0 0 0 rg BT 261.57 564.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 302.78 564.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 340.09 564.10 Td (for ) Tj ET Q q 0 0 0 rg BT 354.08 564.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 385.83 564.10 Td (related ) Tj ET Q q 0 0 0 rg BT 415.36 564.10 Td (to ) Tj ET Q q 0 0 0 rg BT 425.47 564.10 Td (its ) Tj ET Q q 0 0 0 rg BT 437.24 564.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 481.22 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.99 564.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 519.75 564.10 Td (syndicated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (financings ) Tj ET Q q 0 0 0 rg BT 93.59 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.47 552.10 Td (its ) Tj ET Q q 0 0 0 rg BT 122.36 552.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 157.00 552.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 174.42 552.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 201.30 552.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 224.84 552.10 Td (on ) Tj ET Q q 0 0 0 rg BT 237.28 552.10 Td (an ) Tj ET Q q 0 0 0 rg BT 249.16 552.10 Td (accrual ) Tj ET Q q 0 0 0 rg BT 280.46 552.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 302.90 552.10 Td (with ) Tj ET Q q 0 0 0 rg BT 323.11 552.10 Td (related ) Tj ET Q q 0 0 0 rg BT 352.75 552.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 384.62 552.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 422.04 552.10 Td (as ) Tj ET Q q 0 0 0 rg BT 432.80 552.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 464.68 552.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 501.82 552.10 Td (In ) Tj ET Q q 0 0 0 rg BT 512.59 552.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 550.30 552.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 89.84 540.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 134.04 540.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 164.92 540.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 198.02 540.10 Td (related ) Tj ET Q q 0 0 0 rg BT 226.67 540.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.90 540.10 Td (its ) Tj ET Q q 0 0 0 rg BT 246.80 540.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 286.01 540.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 325.78 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.67 540.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 380.89 540.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 422.87 540.10 Td (under ) Tj ET Q q 0 0 0 rg BT 447.09 540.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 494.08 540.10 Td (to ) Tj ET Q q 0 0 0 rg BT 503.30 540.10 Td (resell ) Tj ET Q q 0 0 0 rg BT 526.41 540.10 Td (activities ) 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 67.02 528.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 99.53 528.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 134.81 528.10 Td (related ) Tj ET Q q 0 0 0 rg BT 165.10 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.95 528.10 Td (its ) Tj ET Q q 0 0 0 rg BT 188.48 528.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 229.32 528.10 Td (loaned ) Tj ET Q q 0 0 0 rg BT 259.06 528.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.57 528.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 317.42 528.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 337.16 528.10 Td (under ) Tj ET Q q 0 0 0 rg BT 363.01 528.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 411.62 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 422.48 528.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 468.86 528.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 508.04 528.10 Td (on ) Tj ET Q q 0 0 0 rg BT 521.12 528.10 Td (an ) Tj ET Q q 0 0 0 rg BT 533.64 528.10 Td (accrual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (basis.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 95.02 492.10 Td (Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.65 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.85 492.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 180.49 492.10 Td (income ) Tj ET Q q 0 0 0 rg BT 212.13 492.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 247.66 492.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 281.50 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.14 492.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 341.99 492.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 365.30 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 381.94 492.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 408.04 492.10 Td (from ) Tj ET Q q 0 0 0 rg BT 429.68 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.10 492.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 490.88 492.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 530.29 492.10 Td (banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 480.10 Td (other ) Tj ET Q q 0 0 0 rg BT 89.49 480.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 109.20 480.10 Td (investments. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (Stock-based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (F) Tj ET Q q 0 0 0 rg BT 54.32 432.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 75.83 432.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 125.13 432.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 167.21 432.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 219.65 432.10 Td (T) Tj ET Q q 0 0 0 rg BT 225.06 432.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 244.91 432.10 Td (718, ) Tj ET Q q 0 0 0 rg BT 265.05 432.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 329.91 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.55 432.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 367.97 432.10 Td (Compensation, ) Tj ET Q q 0 0 0 rg BT 435.32 432.10 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 465.18 432.10 Td (718\) ) Tj ET Q q 0 0 0 rg BT 490.59 432.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 525.44 432.10 Td (all ) Tj ET Q q 0 0 0 rg BT 538.07 432.10 Td (stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (based ) Tj ET Q q 0 0 0 rg BT 74.77 420.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 132.82 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.11 420.10 Td (be ) Tj ET Q q 0 0 0 rg BT 155.05 420.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 194.77 420.10 Td (on ) Tj ET Q q 0 0 0 rg BT 207.27 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.00 420.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 275.04 420.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 319.76 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.60 420.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 374.76 420.10 Td (based ) Tj ET Q q 0 0 0 rg BT 400.04 420.10 Td (on ) Tj ET Q q 0 0 0 rg BT 412.54 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.26 420.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 450.32 420.10 Td (date ) Tj ET Q q 0 0 0 rg BT 469.48 420.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 485.86 420.10 Td (value ) Tj ET Q q 0 0 0 rg BT 510.02 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.86 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.58 420.10 Td (award. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 110.25 408.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 145.43 408.10 Td (related ) Tj ET Q q 0 0 0 rg BT 175.61 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 186.37 408.10 Td (share-based ) Tj ET Q q 0 0 0 rg BT 236.54 408.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 267.83 408.10 Td (that ) Tj ET Q q 0 0 0 rg BT 285.81 408.10 Td (do ) Tj ET Q q 0 0 0 rg BT 298.78 408.10 Td (not ) Tj ET Q q 0 0 0 rg BT 314.54 408.10 Td (require ) Tj ET Q q 0 0 0 rg BT 345.83 408.10 Td (future ) Tj ET Q q 0 0 0 rg BT 372.68 408.10 Td (service ) Tj ET Q q 0 0 0 rg BT 403.97 408.10 Td (are ) Tj ET Q q 0 0 0 rg BT 419.16 408.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 465.99 408.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.75 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.94 408.10 Td (year ) Tj ET Q q 0 0 0 rg BT 512.12 408.10 Td (in ) Tj ET Q q 0 0 0 rg BT 522.88 408.10 Td (which ) Tj ET Q q 0 0 0 rg BT 550.29 408.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 80.42 396.10 Td (were ) Tj ET Q q 0 0 0 rg BT 102.46 396.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 136.15 396.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.54 396.10 Td (be ) Tj ET Q q 0 0 0 rg BT 158.58 396.10 Td (earned. ) Tj ET Q q 0 0 0 rg BT 190.33 396.10 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 241.80 396.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 272.72 396.10 Td (that ) Tj ET Q q 0 0 0 rg BT 290.32 396.10 Td (require ) Tj ET Q q 0 0 0 rg BT 321.24 396.10 Td (future ) Tj ET Q q 0 0 0 rg BT 347.72 396.10 Td (service ) Tj ET Q q 0 0 0 rg BT 378.64 396.10 Td (are ) Tj ET Q q 0 0 0 rg BT 393.45 396.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 436.04 396.10 Td (over ) Tj ET Q q 0 0 0 rg BT 456.41 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.23 396.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 506.04 396.10 Td (service ) Tj ET Q q 0 0 0 rg BT 536.96 396.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (net ) Tj ET Q q 0 0 0 rg BT 64.20 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 75.01 384.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 115.81 384.10 Td (forfeitures. ) Tj ET Q q 0 0 0 rg BT 162.43 384.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.35 384.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 201.27 384.10 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.27 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.75 384.10 Td (for ) Tj ET Q q 0 0 0 rg BT 227.89 384.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 270.36 384.10 Td (information ) Tj ET Q q 0 0 0 rg BT 320.05 384.10 Td (on ) Tj ET Q q 0 0 0 rg BT 332.53 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.22 384.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 394.28 384.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 440.63 384.10 Td (for ) Tj ET Q q 0 0 0 rg BT 454.77 384.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 504.46 384.10 Td (compensation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 83.48 360.10 Td (T) Tj ET Q q 0 0 0 rg BT 89.23 360.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.39 336.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.62 336.10 Td (files ) Tj ET Q q 0 0 0 rg BT 128.18 336.10 Td (a ) Tj ET Q q 0 0 0 rg BT 134.96 336.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 187.85 336.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 207.98 336.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 238.07 336.10 Td (income ) Tj ET Q q 0 0 0 rg BT 269.85 336.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 284.41 336.10 Td (return, ) Tj ET Q q 0 0 0 rg BT 313.13 336.10 Td (which ) Tj ET Q q 0 0 0 rg BT 339.92 336.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 375.58 336.10 Td (all ) Tj ET Q q 0 0 0 rg BT 387.92 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.60 336.10 Td (its ) Tj ET Q q 0 0 0 rg BT 410.39 336.10 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 453.84 336.10 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 505.73 336.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.62 336.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.26 324.10 Td (also ) Tj ET Q q 0 0 0 rg BT 76.45 324.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 106.87 324.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.73 324.10 Td (income ) Tj ET Q q 0 0 0 rg BT 148.25 324.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 162.56 324.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.42 324.10 Td (various ) Tj ET Q q 0 0 0 rg BT 203.95 324.10 Td (states ) Tj ET Q q 0 0 0 rg BT 228.25 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.78 324.10 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 303.52 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.05 324.10 Td (those ) Tj ET Q q 0 0 0 rg BT 343.24 324.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 374.21 324.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 425.74 324.10 Td (in ) Tj ET Q q 0 0 0 rg BT 435.60 324.10 Td (which ) Tj ET Q q 0 0 0 rg BT 462.13 324.10 Td (we ) Tj ET Q q 0 0 0 rg BT 475.88 324.10 Td (operate. ) Tj ET Q q 0 0 0 rg BT 509.89 324.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 541.96 324.10 Td (taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.10 312.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 102.05 312.10 Td (for ) Tj ET Q q 0 0 0 rg BT 116.10 312.10 Td (using ) Tj ET Q q 0 0 0 rg BT 140.17 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.78 312.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 176.62 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.45 312.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 226.96 312.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 261.85 312.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 299.77 312.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 314.39 312.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 340.11 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 356.95 312.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 396.56 312.10 Td (are ) Tj ET Q q 0 0 0 rg BT 411.17 312.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 457.42 312.10 Td (for ) Tj ET Q q 0 0 0 rg BT 471.48 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.09 312.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 524.02 312.10 Td (future ) Tj ET Q q 0 0 0 rg BT 550.30 312.10 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (consequences ) Tj ET Q q 0 0 0 rg BT 107.49 300.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 156.05 300.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.85 300.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 210.96 300.10 Td (dif) Tj ET Q q 0 0 0 rg BT 221.89 300.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 258.21 300.10 Td (between ) Tj ET Q q 0 0 0 rg BT 294.55 300.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 331.45 300.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 367.79 300.10 Td (for ) Tj ET Q q 0 0 0 rg BT 382.47 300.10 Td (income ) Tj ET Q q 0 0 0 rg BT 414.92 300.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 430.16 300.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 468.73 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.18 300.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.18 300.10 Td (statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 89.18 288.10 Td (using ) Tj ET Q q 0 0 0 rg BT 112.48 288.10 Td (enacted ) Tj ET Q q 0 0 0 rg BT 144.64 288.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 158.48 288.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 178.99 288.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 216.15 288.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.56 288.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 249.40 288.10 Td (to ) Tj ET Q q 0 0 0 rg BT 258.81 288.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 289.31 288.10 Td (income ) Tj ET Q q 0 0 0 rg BT 320.37 288.10 Td (in ) Tj ET Q q 0 0 0 rg BT 329.78 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.62 288.10 Td (years ) Tj ET Q q 0 0 0 rg BT 366.35 288.10 Td (in ) Tj ET Q q 0 0 0 rg BT 375.76 288.10 Td (which ) Tj ET Q q 0 0 0 rg BT 401.82 288.10 Td (those ) Tj ET Q q 0 0 0 rg BT 424.56 288.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 467.28 288.10 Td (dif) Tj ET Q q 0 0 0 rg BT 478.21 288.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 513.15 288.10 Td (are ) Tj ET Q q 0 0 0 rg BT 526.98 288.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 276.10 Td (be ) Tj ET Q q 0 0 0 rg BT 71.72 276.10 Td (recovered ) Tj ET Q q 0 0 0 rg BT 113.64 276.10 Td (or ) Tj ET Q q 0 0 0 rg BT 124.47 276.10 Td (settled. ) Tj ET Q q 0 0 0 rg BT 155.40 276.10 Td (The ) Tj ET Q q 0 0 0 rg BT 173.45 276.10 Td (realization ) Tj ET Q q 0 0 0 rg BT 218.15 276.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.98 276.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 264.79 276.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 279.50 276.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 305.34 276.10 Td (is ) Tj ET Q q 0 0 0 rg BT 314.51 276.10 Td (assessed ) Tj ET Q q 0 0 0 rg BT 350.89 276.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.83 276.10 Td (a ) Tj ET Q q 0 0 0 rg BT 374.78 276.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 414.49 276.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 457.52 276.10 Td (is ) Tj ET Q q 0 0 0 rg BT 466.70 276.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 513.06 276.10 Td (to ) Tj ET Q q 0 0 0 rg BT 523.34 276.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.06 276.10 Td (extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.99 264.10 Td (it ) Tj ET Q q 0 0 0 rg BT 75.04 264.10 Td (is ) Tj ET Q q 0 0 0 rg BT 84.21 264.10 Td (more ) Tj ET Q q 0 0 0 rg BT 107.25 264.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 132.52 264.10 Td (than ) Tj ET Q q 0 0 0 rg BT 152.23 264.10 Td (not ) Tj ET Q q 0 0 0 rg BT 167.50 264.10 Td (that ) Tj ET Q q 0 0 0 rg BT 184.99 264.10 Td (any ) Tj ET Q q 0 0 0 rg BT 201.93 264.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 233.31 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.13 264.10 Td (a ) Tj ET Q q 0 0 0 rg BT 251.07 264.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 286.87 264.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 301.58 264.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 323.51 264.10 Td (will ) Tj ET Q q 0 0 0 rg BT 341.57 264.10 Td (not ) Tj ET Q q 0 0 0 rg BT 356.84 264.10 Td (be ) Tj ET Q q 0 0 0 rg BT 368.77 264.10 Td (realized. ) Tj ET Q q 0 0 0 rg BT 405.23 264.10 Td (T) Tj ET Q q 0 0 0 rg BT 410.64 264.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 422.57 264.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 457.83 264.10 Td (for ) Tj ET Q q 0 0 0 rg BT 471.98 264.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 511.68 264.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 526.39 264.10 Td (positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.21 252.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 101.68 252.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.96 252.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 159.42 252.10 Td (with ) Tj ET Q q 0 0 0 rg BT 179.70 252.10 Td (F) Tj ET Q q 0 0 0 rg BT 184.52 252.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 205.92 252.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 255.08 252.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 297.01 252.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 349.32 252.10 Td (T) Tj ET Q q 0 0 0 rg BT 354.73 252.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 374.45 252.10 Td (740, ) Tj ET Q q 0 0 0 rg BT 394.45 252.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 431.19 252.10 Td (T) Tj ET Q q 0 0 0 rg BT 436.60 252.10 Td (axes ) Tj ET Q q 0 0 0 rg BT 461.31 252.10 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 491.03 252.10 Td (740\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (Earnings Per) Tj ET Q q 0 0 0 rg BT 105.71 228.10 Td ( Shar) Tj ET Q q 0 0 0 rg BT 128.59 228.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (Basic ) Tj ET Q q 0 0 0 rg BT 73.99 204.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 110.14 204.10 Td (per ) Tj ET Q q 0 0 0 rg BT 125.19 204.10 Td (common ) Tj ET Q q 0 0 0 rg BT 162.46 204.10 Td (share ) Tj ET Q q 0 0 0 rg BT 185.83 204.10 Td (is ) Tj ET Q q 0 0 0 rg BT 194.78 204.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 236.49 204.10 Td (by ) Tj ET Q q 0 0 0 rg BT 248.76 204.10 Td (dividing ) Tj ET Q q 0 0 0 rg BT 284.37 204.10 Td (net ) Tj ET Q q 0 0 0 rg BT 298.87 204.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 355.57 204.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 398.94 204.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.99 204.10 Td (common ) Tj ET Q q 0 0 0 rg BT 446.26 204.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 499.08 204.10 Td (by ) Tj ET Q q 0 0 0 rg BT 511.35 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.84 204.10 Td (weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (average ) Tj ET Q q 0 0 0 rg BT 83.30 192.10 Td (number ) Tj ET Q q 0 0 0 rg BT 116.55 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.60 192.10 Td (common ) Tj ET Q q 0 0 0 rg BT 165.30 192.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 193.00 192.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 242.38 192.10 Td (for ) Tj ET Q q 0 0 0 rg BT 256.75 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.68 192.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 302.44 192.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 319.59 192.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 376.73 192.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 420.53 192.10 Td (to ) Tj ET Q q 0 0 0 rg BT 431.02 192.10 Td (common ) Tj ET Q q 0 0 0 rg BT 468.73 192.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 521.98 192.10 Td (represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (net ) Tj ET Q q 0 0 0 rg BT 63.21 180.10 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 119.14 180.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 152.28 180.10 Td (by ) Tj ET Q q 0 0 0 rg BT 163.77 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.48 180.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 218.41 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.23 180.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 263.60 180.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.87 180.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 324.91 180.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 366.66 180.10 Td (Losses ) Tj ET Q q 0 0 0 rg BT 395.38 180.10 Td (are ) Tj ET Q q 0 0 0 rg BT 409.08 180.10 Td (not ) Tj ET Q q 0 0 0 rg BT 423.35 180.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 460.94 180.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.21 180.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 522.24 180.10 Td (securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 82.16 168.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 118.71 168.10 Td (per ) Tj ET Q q 0 0 0 rg BT 134.15 168.10 Td (common ) Tj ET Q q 0 0 0 rg BT 171.81 168.10 Td (share ) Tj ET Q q 0 0 0 rg BT 195.58 168.10 Td (is ) Tj ET Q q 0 0 0 rg BT 204.92 168.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 248.11 168.10 Td (by ) Tj ET Q q 0 0 0 rg BT 260.78 168.10 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 300.11 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.00 168.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 354.32 168.10 Td (average ) Tj ET Q q 0 0 0 rg BT 388.07 168.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 437.41 168.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 465.07 168.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.51 168.10 Td (assume ) Tj ET Q q 0 0 0 rg BT 507.62 168.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 554.17 168.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (all ) Tj ET Q q 0 0 0 rg BT 62.00 156.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 107.26 156.10 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 140.32 156.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 163.92 156.10 Td (options.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (Unvested ) Tj ET Q q 0 0 0 rg BT 90.26 132.10 Td (share-based ) Tj ET Q q 0 0 0 rg BT 140.44 132.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 177.86 132.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 209.17 132.10 Td (that ) Tj ET Q q 0 0 0 rg BT 227.16 132.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 259.58 132.10 Td (nonforfeitable ) Tj ET Q q 0 0 0 rg BT 319.21 132.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 344.97 132.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.74 132.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 397.62 132.10 Td (or ) Tj ET Q q 0 0 0 rg BT 408.93 132.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 446.92 132.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 495.45 132.10 Td (\(whether ) Tj ET Q q 0 0 0 rg BT 533.97 132.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 554.18 132.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (unpaid\) ) Tj ET Q q 0 0 0 rg BT 82.29 120.10 Td (are ) Tj ET Q q 0 0 0 rg BT 96.74 120.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 149.53 120.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 189.54 120.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.22 120.10 Td (are ) Tj ET Q q 0 0 0 rg BT 220.67 120.10 Td (included ) Tj ET Q q 0 0 0 rg BT 257.35 120.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.37 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.83 120.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 317.96 120.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 359.63 120.10 Td (in ) Tj ET Q q 0 0 0 rg BT 369.65 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.12 120.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 420.24 120.10 Td (per ) Tj ET Q q 0 0 0 rg BT 435.25 120.10 Td (share ) Tj ET Q q 0 0 0 rg BT 458.60 120.10 Td (calculation ) Tj ET Q q 0 0 0 rg BT 504.71 120.10 Td (under ) Tj ET Q q 0 0 0 rg BT 529.72 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.18 120.10 Td (two-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (class ) Tj ET Q q 0 0 0 rg BT 71.95 108.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 107.23 108.10 Td (The ) Tj ET Q q 0 0 0 rg BT 125.79 108.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 167.68 108.10 Td (grants ) Tj ET Q q 0 0 0 rg BT 195.13 108.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 235.34 108.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 259.45 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.90 108.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 317.11 108.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 341.23 108.10 Td (units ) Tj ET Q q 0 0 0 rg BT 363.68 108.10 Td (as ) Tj ET Q q 0 0 0 rg BT 375.02 108.10 Td (part ) Tj ET Q q 0 0 0 rg BT 393.57 108.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.91 108.10 Td (its ) Tj ET Q q 0 0 0 rg BT 417.37 108.10 Td (share-based ) Tj ET Q q 0 0 0 rg BT 467.57 108.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 526.12 108.10 Td (program. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (Recipients ) Tj ET Q q 0 0 0 rg BT 94.79 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.20 96.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 146.48 96.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 170.67 96.10 Td (are ) Tj ET Q q 0 0 0 rg BT 185.96 96.10 Td (entitled ) Tj ET Q q 0 0 0 rg BT 219.03 96.10 Td (to ) Tj ET Q q 0 0 0 rg BT 229.89 96.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 261.83 96.10 Td (nonforfeitable ) Tj ET Q q 0 0 0 rg BT 321.55 96.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 363.52 96.10 Td (during ) Tj ET Q q 0 0 0 rg BT 392.71 96.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.00 96.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 439.97 96.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 471.10 96.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.62 96.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 527.78 96.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 550.29 96.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 91.11 84.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.16 84.10 Td (a ) Tj ET Q q 0 0 0 rg BT 109.32 84.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 162.59 84.10 Td (security) Tj ET Q q 0 0 0 rg BT 193.59 84.10 Td (. ) Tj ET Q q 0 0 0 rg BT 198.62 84.10 Td (The ) Tj ET Q q 0 0 0 rg BT 216.89 84.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 264.20 84.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 302.47 84.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 342.39 84.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 366.23 84.10 Td (units ) Tj ET Q q 0 0 0 rg BT 388.40 84.10 Td (are ) Tj ET Q q 0 0 0 rg BT 403.33 84.10 Td (not ) Tj ET Q q 0 0 0 rg BT 418.83 84.10 Td (participating ) Tj ET Q q 0 0 0 rg BT 472.10 84.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 512.58 84.10 Td (as ) Tj ET Q q 0 0 0 rg BT 523.64 84.10 Td (recipients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.21 72.10 Td (not ) Tj ET Q q 0 0 0 rg BT 79.49 72.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 111.98 72.10 Td (to ) Tj ET Q q 0 0 0 rg BT 122.25 72.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 153.62 72.10 Td (nonforfeitable ) Tj ET Q q 0 0 0 rg BT 212.76 72.10 Td (dividends.) 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 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 endstream endobj 145 0 obj <>] /Rotate 0 /Contents 146 0 R>> endobj 146 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.25 Td (For) Tj ET Q q 0 0 0 rg BT 64.87 708.25 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 106.62 708.25 Td (ency ) Tj ET Q q 0 0 0 rg BT 128.38 708.25 Td (T) Tj ET Q q 0 0 0 rg BT 134.31 708.25 Td (ranslation) 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 68.03 684.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.90 684.25 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 162.32 684.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 194.18 684.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 244.38 684.25 Td (which ) Tj ET Q q 0 0 0 rg BT 271.80 684.25 Td (have ) Tj ET Q q 0 0 0 rg BT 293.66 684.25 Td (designated ) Tj ET Q q 0 0 0 rg BT 339.41 684.25 Td (their ) Tj ET Q q 0 0 0 rg BT 360.72 684.25 Td (local ) Tj ET Q q 0 0 0 rg BT 383.13 684.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 421.09 684.25 Td (as ) Tj ET Q q 0 0 0 rg BT 432.41 684.25 Td (their ) Tj ET Q q 0 0 0 rg BT 453.71 684.25 Td (functional ) Tj ET Q q 0 0 0 rg BT 497.24 684.25 Td (currency) Tj ET Q q 0 0 0 rg BT 531.57 684.25 Td (. ) Tj ET Q q 0 0 0 rg BT 536.39 684.25 Td (Assets ) 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 65.54 672.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 104.36 672.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.29 672.25 Td (these ) Tj ET Q q 0 0 0 rg BT 136.44 672.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 166.92 672.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 215.74 672.25 Td (are ) Tj ET Q q 0 0 0 rg BT 229.54 672.25 Td (translated ) Tj ET Q q 0 0 0 rg BT 270.02 672.25 Td (at ) Tj ET Q q 0 0 0 rg BT 278.84 672.25 Td (year) Tj ET Q q 0 0 0 rg BT 295.84 672.25 Td (-end ) Tj ET Q q 0 0 0 rg BT 315.21 672.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 335.69 672.25 Td (of ) Tj ET Q q 0 0 0 rg BT 345.62 672.25 Td (exchange. ) Tj ET Q q 0 0 0 rg BT 387.36 672.25 Td (The ) Tj ET Q q 0 0 0 rg BT 404.51 672.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 427.22 672.25 Td (or ) Tj ET Q q 0 0 0 rg BT 437.15 672.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 462.65 672.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 499.24 672.25 Td (from ) Tj ET Q q 0 0 0 rg BT 520.28 672.25 Td (translating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 80.29 660.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 117.19 660.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 154.09 660.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 198.22 660.25 Td (are ) Tj ET Q q 0 0 0 rg BT 212.34 660.25 Td (included ) Tj ET Q q 0 0 0 rg BT 248.69 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 258.39 660.25 Td (other ) Tj ET Q q 0 0 0 rg BT 280.85 660.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 343.30 660.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 377.16 660.25 Td (Gains ) Tj ET Q q 0 0 0 rg BT 402.40 660.25 Td (or ) Tj ET Q q 0 0 0 rg BT 412.65 660.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 438.46 660.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 475.38 660.25 Td (from ) Tj ET Q q 0 0 0 rg BT 496.73 660.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 527.53 660.25 Td (currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 99.76 648.25 Td (are ) Tj ET Q q 0 0 0 rg BT 114.47 648.25 Td (included ) Tj ET Q q 0 0 0 rg BT 151.40 648.25 Td (in ) Tj ET Q q 0 0 0 rg BT 161.68 648.25 Td (net ) Tj ET Q q 0 0 0 rg BT 176.40 648.25 Td (income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.90 600.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.63 600.25 Td (is ) Tj ET Q q 0 0 0 rg BT 116.15 600.25 Td (involved ) Tj ET Q q 0 0 0 rg BT 153.00 600.25 Td (in ) Tj ET Q q 0 0 0 rg BT 162.63 600.25 Td (various ) Tj ET Q q 0 0 0 rg BT 193.91 600.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 227.98 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.27 600.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 281.11 600.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 302.39 600.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 352.56 600.25 Td (related ) Tj ET Q q 0 0 0 rg BT 381.61 600.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.24 600.25 Td (its ) Tj ET Q q 0 0 0 rg BT 402.53 600.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 440.77 600.25 Td (including ) Tj ET Q q 0 0 0 rg BT 480.40 600.25 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 520.86 600.25 Td (arbitration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.67 588.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 110.50 588.25 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 163.85 588.25 Td (The ) Tj ET Q q 0 0 0 rg BT 182.13 588.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 223.74 588.25 Td (establishes ) Tj ET Q q 0 0 0 rg BT 269.80 588.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 305.29 588.25 Td (for ) Tj ET Q q 0 0 0 rg BT 319.68 588.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 357.41 588.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 384.03 588.25 Td (to ) Tj ET Q q 0 0 0 rg BT 394.54 588.25 Td (the ) Tj ET Q q 0 0 0 rg BT 409.49 588.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 436.65 588.25 Td (that ) Tj ET Q q 0 0 0 rg BT 454.38 588.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 483.22 588.25 Td (are ) Tj ET Q q 0 0 0 rg BT 498.16 588.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 535.87 588.25 Td (of ) Tj ET Q q 0 0 0 rg BT 546.93 588.25 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.79 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.87 576.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 111.72 576.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.90 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.97 576.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 153.39 576.25 Td (can ) Tj ET Q q 0 0 0 rg BT 169.12 576.25 Td (be ) Tj ET Q q 0 0 0 rg BT 180.42 576.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 225.59 576.25 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 268.13 576.25 Td (The ) Tj ET Q q 0 0 0 rg BT 285.53 576.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 342.93 576.25 Td (of ) Tj ET Q q 0 0 0 rg BT 353.11 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 367.18 576.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 403.47 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.77 576.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 450.49 576.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 486.23 576.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 520.29 576.25 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 89.77 564.25 Td (on ) Tj ET Q q 0 0 0 rg BT 102.27 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 116.99 564.25 Td (part ) Tj ET Q q 0 0 0 rg BT 135.04 564.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.87 564.25 Td (management.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (Note 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.49 540.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.99 540.25 Td (Recent ) Tj ET Q q 0 0 0 rg BT 109.51 540.25 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 167.18 540.25 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.39 540.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 516.25 Td (Futur) Tj ET Q q 0 0 0 rg BT 74.82 516.25 Td (e ) Tj ET Q q 0 0 0 rg BT 81.21 516.25 Td (Adoption ) Tj ET Q q 0 0 0 rg BT 123.72 516.25 Td (of ) Tj ET Q q 0 0 0 rg BT 134.55 516.25 Td (New ) Tj ET Q q 0 0 0 rg BT 155.38 516.25 Td (Applicable ) Tj ET Q q 0 0 0 rg BT 203.45 516.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 254.84 516.25 Td (Standards) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (In ) Tj ET Q q 0 0 0 rg BT 61.57 468.25 Td (May ) Tj ET Q q 0 0 0 rg BT 83.14 468.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 108.88 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.34 468.25 Td (F) Tj ET Q q 0 0 0 rg BT 129.16 468.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 151.86 468.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 179.38 468.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 202.63 468.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 220.59 468.25 Td (2014-09, ) Tj ET Q q 0 0 0 rg BT 259.66 468.25 Td ("Revenue ) Tj ET Q q 0 0 0 rg BT 301.97 468.25 Td (from ) Tj ET Q q 0 0 0 rg BT 324.65 468.25 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 366.22 468.25 Td (with ) Tj ET Q q 0 0 0 rg BT 387.24 468.25 Td (Customers ) Tj ET Q q 0 0 0 rg BT 433.26 468.25 Td (\(T) Tj ET Q q 0 0 0 rg BT 442.00 468.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 462.45 468.25 Td (606\)," ) Tj ET Q q 0 0 0 rg BT 490.61 468.25 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 521.27 468.25 Td (2014-09"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.25 Td (which ) Tj ET Q q 0 0 0 rg BT 78.13 456.25 Td (supersedes ) Tj ET Q q 0 0 0 rg BT 125.14 456.25 Td (current ) Tj ET Q q 0 0 0 rg BT 157.15 456.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 192.48 456.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 241.71 456.25 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 284.00 456.25 Td (including ) Tj ET Q q 0 0 0 rg BT 325.46 456.25 Td (most ) Tj ET Q q 0 0 0 rg BT 348.60 456.25 Td (industry-specific ) Tj ET Q q 0 0 0 rg BT 419.49 456.25 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 460.96 456.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 484.66 456.25 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 521.68 456.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 557.58 456.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.25 Td (company ) Tj ET Q q 0 0 0 rg BT 88.12 444.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.35 444.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 137.68 444.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 170.78 444.25 Td (when ) Tj ET Q q 0 0 0 rg BT 193.90 444.25 Td (it ) Tj ET Q q 0 0 0 rg BT 200.92 444.25 Td (transfers ) Tj ET Q q 0 0 0 rg BT 236.81 444.25 Td (promised ) Tj ET Q q 0 0 0 rg BT 275.48 444.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 300.83 444.25 Td (or ) Tj ET Q q 0 0 0 rg BT 310.63 444.25 Td (services ) Tj ET Q q 0 0 0 rg BT 344.29 444.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.53 444.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 395.54 444.25 Td (in ) Tj ET Q q 0 0 0 rg BT 404.78 444.25 Td (an ) Tj ET Q q 0 0 0 rg BT 415.67 444.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 447.13 444.25 Td (that ) Tj ET Q q 0 0 0 rg BT 463.58 444.25 Td (reflects ) Tj ET Q q 0 0 0 rg BT 494.47 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 508.14 444.25 Td (consideration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.25 Td (to ) Tj ET Q q 0 0 0 rg BT 61.08 432.25 Td (which ) Tj ET Q q 0 0 0 rg BT 88.81 432.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.33 432.25 Td (company ) Tj ET Q q 0 0 0 rg BT 144.28 432.25 Td (expects ) Tj ET Q q 0 0 0 rg BT 177.57 432.25 Td (to ) Tj ET Q q 0 0 0 rg BT 188.64 432.25 Td (be ) Tj ET Q q 0 0 0 rg BT 201.38 432.25 Td (entitled ) Tj ET Q q 0 0 0 rg BT 234.67 432.25 Td (in ) Tj ET Q q 0 0 0 rg BT 245.74 432.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 286.80 432.25 Td (for ) Tj ET Q q 0 0 0 rg BT 301.76 432.25 Td (those ) Tj ET Q q 0 0 0 rg BT 326.16 432.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 353.35 432.25 Td (and ) Tj ET Q q 0 0 0 rg BT 371.09 432.25 Td (services. ) Tj ET Q q 0 0 0 rg BT 408.86 432.25 Td (The ) Tj ET Q q 0 0 0 rg BT 427.70 432.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 467.09 432.25 Td (also ) Tj ET Q q 0 0 0 rg BT 486.50 432.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 522.01 432.25 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 96.15 420.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 136.17 420.25 Td (the ) Tj ET Q q 0 0 0 rg BT 150.10 420.25 Td (nature, ) Tj ET Q q 0 0 0 rg BT 179.30 420.25 Td (amount, ) Tj ET Q q 0 0 0 rg BT 213.50 420.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 241.33 420.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.48 420.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 304.17 420.25 Td (of ) Tj ET Q q 0 0 0 rg BT 314.21 420.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 347.56 420.25 Td (that ) Tj ET Q q 0 0 0 rg BT 364.27 420.25 Td (is ) Tj ET Q q 0 0 0 rg BT 372.65 420.25 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 420.34 420.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 442.06 420.25 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 477.10 420.25 Td (is ) Tj ET Q q 0 0 0 rg BT 485.48 420.25 Td (ef) Tj ET Q q 0 0 0 rg BT 493.07 420.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 521.98 420.25 Td (for ) Tj ET Q q 0 0 0 rg BT 535.35 420.25 Td (annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.99 408.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 98.43 408.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 130.42 408.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 172.96 408.25 Td (after ) Tj ET Q q 0 0 0 rg BT 193.83 408.25 Td (December ) Tj ET Q q 0 0 0 rg BT 237.47 408.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 252.52 408.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 277.58 408.25 Td (Early ) Tj ET Q q 0 0 0 rg BT 301.78 408.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 339.33 408.25 Td (is ) Tj ET Q q 0 0 0 rg BT 348.55 408.25 Td (not ) Tj ET Q q 0 0 0 rg BT 363.88 408.25 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 407.07 408.25 Td (The ) Tj ET Q q 0 0 0 rg BT 425.17 408.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 466.61 408.25 Td (is ) Tj ET Q q 0 0 0 rg BT 475.83 408.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 520.04 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 534.81 408.25 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 396.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.55 396.25 Td (new ) Tj ET Q q 0 0 0 rg BT 94.71 396.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 133.30 396.25 Td (on ) Tj ET Q q 0 0 0 rg BT 145.80 396.25 Td (its ) Tj ET Q q 0 0 0 rg BT 157.75 396.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 210.79 396.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 248.27 396.25 Td (statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (Repur) Tj ET Q q 0 0 0 rg BT 74.07 372.25 Td (chase ) Tj ET Q q 0 0 0 rg BT 99.16 372.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 113.78 372.25 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (In ) Tj ET Q q 0 0 0 rg BT 61.09 348.25 Td (June ) Tj ET Q q 0 0 0 rg BT 82.17 348.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 107.43 348.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.40 348.25 Td (F) Tj ET Q q 0 0 0 rg BT 127.22 348.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 149.43 348.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 176.58 348.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 199.34 348.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 216.82 348.25 Td (2014-1) Tj ET Q q 0 0 0 rg BT 244.78 348.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 255.03 348.25 Td ("T) Tj ET Q q 0 0 0 rg BT 264.87 348.25 Td (ransfers ) Tj ET Q q 0 0 0 rg BT 299.28 348.25 Td (and ) Tj ET Q q 0 0 0 rg BT 316.47 348.25 Td (Servicing ) Tj ET Q q 0 0 0 rg BT 357.56 348.25 Td (\(T) Tj ET Q q 0 0 0 rg BT 366.30 348.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 386.27 348.25 Td (860\): ) Tj ET Q q 0 0 0 rg BT 410.13 348.25 Td (Repurchase-to-Maturity ) Tj ET Q q 0 0 0 rg BT 508.77 348.25 Td (T) Tj ET Q q 0 0 0 rg BT 514.53 348.25 Td (ransactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 100.37 336.25 Td (Financings, ) Tj ET Q q 0 0 0 rg BT 150.48 336.25 Td (and ) Tj ET Q q 0 0 0 rg BT 168.64 336.25 Td (Disclosures," ) Tj ET Q q 0 0 0 rg BT 225.61 336.25 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 256.75 336.25 Td (2014-1) Tj ET Q q 0 0 0 rg BT 284.70 336.25 Td (1"\) ) Tj ET Q q 0 0 0 rg BT 300.84 336.25 Td (amending ) Tj ET Q q 0 0 0 rg BT 344.00 336.25 Td (F) Tj ET Q q 0 0 0 rg BT 348.82 336.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 371.17 336.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 421.55 336.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 464.71 336.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 518.15 336.25 Td (T) Tj ET Q q 0 0 0 rg BT 523.56 336.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 544.50 336.25 Td (860, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.25 Td ("T) Tj ET Q q 0 0 0 rg BT 59.84 324.25 Td (ransfers ) Tj ET Q q 0 0 0 rg BT 93.53 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.00 324.25 Td (Servicing." ) Tj ET Q q 0 0 0 rg BT 156.80 324.25 Td (The ) Tj ET Q q 0 0 0 rg BT 174.38 324.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 212.52 324.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 250.65 324.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 284.89 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 299.15 324.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 345.06 324.25 Td (for ) Tj ET Q q 0 0 0 rg BT 358.75 324.25 Td (repurchase-to-maturity ) Tj ET Q q 0 0 0 rg BT 452.42 324.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 502.22 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.69 324.25 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 91.02 312.25 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 150.41 312.25 Td (The ) Tj ET Q q 0 0 0 rg BT 169.22 312.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 208.57 312.25 Td (also ) Tj ET Q q 0 0 0 rg BT 227.94 312.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 263.41 312.25 Td (new ) Tj ET Q q 0 0 0 rg BT 283.33 312.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 331.03 312.25 Td (for ) Tj ET Q q 0 0 0 rg BT 345.95 312.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 376.41 312.25 Td (transfers ) Tj ET Q q 0 0 0 rg BT 414.10 312.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 457.90 312.25 Td (for ) Tj ET Q q 0 0 0 rg BT 472.82 312.25 Td (as ) Tj ET Q q 0 0 0 rg BT 484.41 312.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 507.11 312.25 Td (and ) Tj ET Q q 0 0 0 rg BT 524.81 312.25 Td (collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.25 Td (supporting ) Tj ET Q q 0 0 0 rg BT 95.74 300.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 146.46 300.25 Td (that ) Tj ET Q q 0 0 0 rg BT 164.41 300.25 Td (are ) Tj ET Q q 0 0 0 rg BT 179.58 300.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 223.07 300.25 Td (for ) Tj ET Q q 0 0 0 rg BT 237.69 300.25 Td (as ) Tj ET Q q 0 0 0 rg BT 248.98 300.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 282.48 300.25 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 332.83 300.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 355.80 300.25 Td (2014-1) Tj ET Q q 0 0 0 rg BT 383.76 300.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 391.72 300.25 Td (is ) Tj ET Q q 0 0 0 rg BT 401.34 300.25 Td (ef) Tj ET Q q 0 0 0 rg BT 408.93 300.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 439.09 300.25 Td (for ) Tj ET Q q 0 0 0 rg BT 453.71 300.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 483.33 300.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.72 300.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 532.56 300.25 Td (periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 91.69 288.25 Td (after ) Tj ET Q q 0 0 0 rg BT 111.69 288.25 Td (December ) Tj ET Q q 0 0 0 rg BT 154.47 288.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 168.66 288.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 192.85 288.25 Td (except ) Tj ET Q q 0 0 0 rg BT 220.63 288.25 Td (for ) Tj ET Q q 0 0 0 rg BT 233.98 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.89 288.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 294.02 288.25 Td (related ) Tj ET Q q 0 0 0 rg BT 322.92 288.25 Td (to ) Tj ET Q q 0 0 0 rg BT 332.38 288.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 364.61 288.25 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 414.35 288.25 Td (which ) Tj ET Q q 0 0 0 rg BT 440.48 288.25 Td (are ) Tj ET Q q 0 0 0 rg BT 454.38 288.25 Td (ef) Tj ET Q q 0 0 0 rg BT 461.97 288.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 490.86 288.25 Td (for ) Tj ET Q q 0 0 0 rg BT 504.21 288.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 532.56 288.25 Td (periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 92.15 276.25 Td (after ) Tj ET Q q 0 0 0 rg BT 112.63 276.25 Td (December ) Tj ET Q q 0 0 0 rg BT 155.87 276.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 170.52 276.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 195.18 276.25 Td (and ) Tj ET Q q 0 0 0 rg BT 211.78 276.25 Td (for ) Tj ET Q q 0 0 0 rg BT 225.59 276.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 256.63 276.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 288.23 276.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 330.38 276.25 Td (after ) Tj ET Q q 0 0 0 rg BT 350.85 276.25 Td (March ) Tj ET Q q 0 0 0 rg BT 379.11 276.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 393.77 276.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 418.27 276.25 Td (The ) Tj ET Q q 0 0 0 rg BT 435.97 276.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 473.12 276.25 Td (of ) Tj ET Q q 0 0 0 rg BT 483.14 276.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 505.30 276.25 Td (2014-1) Tj ET Q q 0 0 0 rg BT 533.26 276.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 540.41 276.25 Td (is ) Tj ET Q q 0 0 0 rg BT 549.24 276.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 88.19 264.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.62 264.25 Td (have ) Tj ET Q q 0 0 0 rg BT 120.16 264.25 Td (a ) Tj ET Q q 0 0 0 rg BT 127.25 264.25 Td (material ) Tj ET Q q 0 0 0 rg BT 162.67 264.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 192.53 264.25 Td (on ) Tj ET Q q 0 0 0 rg BT 205.19 264.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.06 264.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 267.30 264.25 Td (results ) Tj ET Q q 0 0 0 rg BT 296.06 264.25 Td (of ) Tj ET Q q 0 0 0 rg BT 307.05 264.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 351.36 264.25 Td (or ) Tj ET Q q 0 0 0 rg BT 362.35 264.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 399.99 264.25 Td (position, ) Tj ET Q q 0 0 0 rg BT 437.37 264.25 Td (but ) Tj ET Q q 0 0 0 rg BT 452.80 264.25 Td (may ) Tj ET Q q 0 0 0 rg BT 472.68 264.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 502.54 264.25 Td (the ) Tj ET Q q 0 0 0 rg BT 517.42 264.25 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.25 Td (disclosures.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 228.25 Td (Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.25 Td (In ) Tj ET Q q 0 0 0 rg BT 63.57 204.25 Td (February ) Tj ET Q q 0 0 0 rg BT 104.92 204.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 132.66 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 150.12 204.25 Td (F) Tj ET Q q 0 0 0 rg BT 154.94 204.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 179.63 204.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 208.72 204.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 233.97 204.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 253.93 204.25 Td (2015-02, ) Tj ET Q q 0 0 0 rg BT 295.01 204.25 Td ("Consolidation ) Tj ET Q q 0 0 0 rg BT 360.44 204.25 Td (\(T) Tj ET Q q 0 0 0 rg BT 369.18 204.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 391.64 204.25 Td (810\): ) Tj ET Q q 0 0 0 rg BT 416.84 204.25 Td (Amendments ) Tj ET Q q 0 0 0 rg BT 475.41 204.25 Td (to ) Tj ET Q q 0 0 0 rg BT 488.43 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 505.89 204.25 Td (Consolidation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.25 Td (Analysis" ) Tj ET Q q 0 0 0 rg BT 92.14 192.25 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 122.61 192.25 Td (2015-02"\). ) Tj ET Q q 0 0 0 rg BT 168.23 192.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 191.29 192.25 Td (2015-02 ) Tj ET Q q 0 0 0 rg BT 227.67 192.25 Td (amends ) Tj ET Q q 0 0 0 rg BT 260.60 192.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 283.11 192.25 Td (810 ) Tj ET Q q 0 0 0 rg BT 301.16 192.25 Td (through ) Tj ET Q q 0 0 0 rg BT 335.32 192.25 Td (tar) Tj ET Q q 0 0 0 rg BT 345.69 192.25 Td (geted ) Tj ET Q q 0 0 0 rg BT 370.40 192.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 405.66 192.25 Td (to ) Tj ET Q q 0 0 0 rg BT 416.49 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.77 192.25 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 488.70 192.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 527.85 192.25 Td (for ) Tj ET Q q 0 0 0 rg BT 542.56 192.25 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 80.56 180.25 Td (such ) Tj ET Q q 0 0 0 rg BT 100.56 180.25 Td (as ) Tj ET Q q 0 0 0 rg BT 110.56 180.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 140.57 180.25 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 193.62 180.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 223.62 180.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 256.40 180.25 Td (corporations ) Tj ET Q q 0 0 0 rg BT 308.06 180.25 Td (and ) Tj ET Q q 0 0 0 rg BT 324.18 180.25 Td (securitization ) Tj ET Q q 0 0 0 rg BT 379.72 180.25 Td (structures. ) Tj ET Q q 0 0 0 rg BT 422.77 180.25 Td (It ) Tj ET Q q 0 0 0 rg BT 430.55 180.25 Td (is ) Tj ET Q q 0 0 0 rg BT 438.89 180.25 Td (ef) Tj ET Q q 0 0 0 rg BT 446.48 180.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 475.36 180.25 Td (for ) Tj ET Q q 0 0 0 rg BT 488.69 180.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 517.02 180.25 Td (and ) Tj ET Q q 0 0 0 rg BT 533.13 180.25 Td (interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 81.96 168.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 124.48 168.25 Td (after ) Tj ET Q q 0 0 0 rg BT 145.31 168.25 Td (December ) Tj ET Q q 0 0 0 rg BT 188.92 168.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 203.94 168.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 228.96 168.25 Td (Early ) Tj ET Q q 0 0 0 rg BT 253.14 168.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 290.66 168.25 Td (is ) Tj ET Q q 0 0 0 rg BT 299.85 168.25 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 343.01 168.25 Td (The ) Tj ET Q q 0 0 0 rg BT 361.08 168.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 402.49 168.25 Td (is ) Tj ET Q q 0 0 0 rg BT 411.68 168.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 455.85 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.59 168.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 500.33 168.25 Td (of ) Tj ET Q q 0 0 0 rg BT 511.18 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.92 168.25 Td (amended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 88.59 156.25 Td (on ) Tj ET Q q 0 0 0 rg BT 101.09 156.25 Td (its ) Tj ET Q q 0 0 0 rg BT 113.04 156.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 166.08 156.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 203.56 156.25 Td (statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 132.25 Td (Note 4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 132.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 132.25 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.93 132.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.09 108.25 Td (July12, ) Tj ET Q q 0 0 0 rg BT 100.14 108.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.14 108.25 Td (, ) Tj ET Q q 0 0 0 rg BT 126.01 108.25 Td (the ) Tj ET Q q 0 0 0 rg BT 141.60 108.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 183.86 108.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 228.88 108.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.47 108.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 283.38 108.25 Td (of ) Tj ET Q q 0 0 0 rg BT 295.09 108.25 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 370.66 108.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 413.47 108.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 465.17 108.25 Td (\("Seattle-Northwest"\), ) Tj ET Q q 0 0 0 rg BT 558.07 108.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.25 Td (Seattle-based ) Tj ET Q q 0 0 0 rg BT 105.06 96.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 151.19 96.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 172.88 96.25 Td (and ) Tj ET Q q 0 0 0 rg BT 189.57 96.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 217.92 96.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 244.60 96.25 Td (focused ) Tj ET Q q 0 0 0 rg BT 277.95 96.25 Td (on ) Tj ET Q q 0 0 0 rg BT 290.20 96.25 Td (public ) Tj ET Q q 0 0 0 rg BT 317.44 96.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 349.12 96.25 Td (in ) Tj ET Q q 0 0 0 rg BT 359.15 96.25 Td (the ) Tj ET Q q 0 0 0 rg BT 373.62 96.25 Td (Northwest ) Tj ET Q q 0 0 0 rg BT 417.53 96.25 Td (region ) Tj ET Q q 0 0 0 rg BT 445.33 96.25 Td (of ) Tj ET Q q 0 0 0 rg BT 455.91 96.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.37 96.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 490.25 96.25 Td (The ) Tj ET Q q 0 0 0 rg BT 508.04 96.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 554.18 96.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.25 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 124.20 84.25 Td (supports ) Tj ET Q q 0 0 0 rg BT 160.59 84.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.31 84.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 222.39 84.25 Td (strategy ) Tj ET Q q 0 0 0 rg BT 256.55 84.25 Td (to ) Tj ET Q q 0 0 0 rg BT 266.82 84.25 Td (grow ) Tj ET Q q 0 0 0 rg BT 289.88 84.25 Td (its ) Tj ET Q q 0 0 0 rg BT 301.82 84.25 Td (public ) Tj ET Q q 0 0 0 rg BT 329.32 84.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 361.24 84.25 Td (business.) 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 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 endstream endobj 147 0 obj <>] /Rotate 0 /Contents 148 0 R>> endobj 148 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 17.10 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.89 708.60 Td (July16, ) Tj ET Q q 0 0 0 rg BT 97.73 708.60 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.73 708.60 Td (, ) Tj ET Q q 0 0 0 rg BT 122.40 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 136.78 708.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 177.83 708.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 221.65 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 236.04 708.60 Td (purchase ) Tj ET Q q 0 0 0 rg BT 273.74 708.60 Td (of ) Tj ET Q q 0 0 0 rg BT 284.24 708.60 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 326.39 708.60 Td (Partners, ) Tj ET Q q 0 0 0 rg BT 363.83 708.60 Td (L.P) Tj ET Q q 0 0 0 rg BT 376.89 708.60 Td (. ) Tj ET Q q 0 0 0 rg BT 381.56 708.60 Td (\("Edgeview"\), ) Tj ET Q q 0 0 0 rg BT 441.04 708.60 Td (a ) Tj ET Q q 0 0 0 rg BT 447.64 708.60 Td (middle-market ) Tj ET Q q 0 0 0 rg BT 508.68 708.60 Td (advisory ) Tj ET Q q 0 0 0 rg BT 545.29 708.60 Td (firm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (specializing ) Tj ET Q q 0 0 0 rg BT 98.84 696.60 Td (in ) Tj ET Q q 0 0 0 rg BT 108.21 696.60 Td (mer) Tj ET Q q 0 0 0 rg BT 123.57 696.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 141.82 696.60 Td (and ) Tj ET Q q 0 0 0 rg BT 157.84 696.60 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 209.58 696.60 Td (The ) Tj ET Q q 0 0 0 rg BT 226.71 696.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 272.18 696.60 Td (of ) Tj ET Q q 0 0 0 rg BT 282.10 696.60 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 323.67 696.60 Td (further ) Tj ET Q q 0 0 0 rg BT 352.46 696.60 Td (strengthened ) Tj ET Q q 0 0 0 rg BT 405.13 696.60 Td (the ) Tj ET Q q 0 0 0 rg BT 418.94 696.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 465.10 696.60 Td (mer) Tj ET Q q 0 0 0 rg BT 480.47 696.60 Td (gers ) Tj ET Q q 0 0 0 rg BT 498.71 696.60 Td (and ) Tj ET Q q 0 0 0 rg BT 514.73 696.60 Td (acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.60 Td (position ) Tj ET Q q 0 0 0 rg BT 84.23 684.60 Td (in ) Tj ET Q q 0 0 0 rg BT 94.50 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 109.22 684.60 Td (middle ) Tj ET Q q 0 0 0 rg BT 139.50 684.60 Td (market ) Tj ET Q q 0 0 0 rg BT 169.76 684.60 Td (and ) Tj ET Q q 0 0 0 rg BT 186.70 684.60 Td (added ) Tj ET Q q 0 0 0 rg BT 213.07 684.60 Td (resources ) Tj ET Q q 0 0 0 rg BT 253.33 684.60 Td (dedicated ) Tj ET Q q 0 0 0 rg BT 294.14 684.60 Td (to ) Tj ET Q q 0 0 0 rg BT 304.42 684.60 Td (the ) Tj ET Q q 0 0 0 rg BT 319.14 684.60 Td (private ) Tj ET Q q 0 0 0 rg BT 349.40 684.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 376.90 684.60 Td (community) Tj ET Q q 0 0 0 rg BT 421.80 684.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.60 Td (The ) Tj ET Q q 0 0 0 rg BT 66.77 660.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.38 660.60 Td (paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.31 660.60 Td ($32.7 ) Tj ET Q q 0 0 0 rg BT 150.54 660.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.43 660.60 Td ( ) Tj ET Q q 0 0 0 rg BT 181.15 660.60 Td (in ) Tj ET Q q 0 0 0 rg BT 190.65 660.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 210.14 660.60 Td (for ) Tj ET Q q 0 0 0 rg BT 223.52 660.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 297.44 660.60 Td (and ) Tj ET Q q 0 0 0 rg BT 313.60 660.60 Td (Edgeview) Tj ET Q q 0 0 0 rg BT 352.94 660.60 Td (, ) Tj ET Q q 0 0 0 rg BT 357.16 660.60 Td (which ) Tj ET Q q 0 0 0 rg BT 383.32 660.60 Td (represented ) Tj ET Q q 0 0 0 rg BT 431.12 660.60 Td (the ) Tj ET Q q 0 0 0 rg BT 445.06 660.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 460.66 660.60 Td (values ) Tj ET Q q 0 0 0 rg BT 487.93 660.60 Td (as ) Tj ET Q q 0 0 0 rg BT 497.98 660.60 Td (of ) Tj ET Q q 0 0 0 rg BT 508.03 660.60 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 660.60 Td (respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 95.20 648.60 Td (dates. ) Tj ET Q q 0 0 0 rg BT 119.94 648.60 Td (The ) Tj ET Q q 0 0 0 rg BT 137.30 648.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 178.01 648.60 Td (also ) Tj ET Q q 0 0 0 rg BT 195.94 648.60 Td (entered ) Tj ET Q q 0 0 0 rg BT 227.18 648.60 Td (into ) Tj ET Q q 0 0 0 rg BT 244.56 648.60 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 320.80 648.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 378.16 648.60 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 433.84 648.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.99 648.60 Td ($14.3 ) Tj ET Q q 0 0 0 rg BT 468.31 648.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.20 648.60 Td ( ) Tj ET Q q 0 0 0 rg BT 499.02 648.60 Td (which ) Tj ET Q q 0 0 0 rg BT 525.28 648.60 Td (consisted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.04 636.60 Td (cash, ) Tj ET Q q 0 0 0 rg BT 82.53 636.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 121.94 636.60 Td (stock ) Tj ET Q q 0 0 0 rg BT 145.27 636.60 Td (and ) Tj ET Q q 0 0 0 rg BT 161.92 636.60 Td (restricted ) Tj ET Q q 0 0 0 rg BT 201.34 636.60 Td (mutual ) Tj ET Q q 0 0 0 rg BT 231.32 636.60 Td (fund ) Tj ET Q q 0 0 0 rg BT 251.87 636.60 Td (shares ) Tj ET Q q 0 0 0 rg BT 279.07 636.60 Td (\("MFRS ) Tj ET Q q 0 0 0 rg BT 314.90 636.60 Td (A) Tj ET Q q 0 0 0 rg BT 321.20 636.60 Td (wards"\) ) Tj ET Q q 0 0 0 rg BT 354.71 636.60 Td (of ) Tj ET Q q 0 0 0 rg BT 365.25 636.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 406.89 636.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 431.33 636.60 Td (managed ) Tj ET Q q 0 0 0 rg BT 469.63 636.60 Td (by ) Tj ET Q q 0 0 0 rg BT 481.85 636.60 Td (the ) Tj ET Q q 0 0 0 rg BT 496.28 636.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 543.07 636.60 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.60 Td (management ) Tj ET Q q 0 0 0 rg BT 102.82 624.60 Td (business. ) Tj ET Q q 0 0 0 rg BT 141.44 624.60 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 201.44 624.60 Td (expense ) Tj ET Q q 0 0 0 rg BT 235.88 624.60 Td (related ) Tj ET Q q 0 0 0 rg BT 265.31 624.60 Td (to ) Tj ET Q q 0 0 0 rg BT 275.32 624.60 Td (these ) Tj ET Q q 0 0 0 rg BT 298.09 624.60 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 354.18 624.60 Td (is ) Tj ET Q q 0 0 0 rg BT 363.08 624.60 Td (amortized ) Tj ET Q q 0 0 0 rg BT 405.29 624.60 Td (on ) Tj ET Q q 0 0 0 rg BT 417.52 624.60 Td (a ) Tj ET Q q 0 0 0 rg BT 424.19 624.60 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 474.74 624.60 Td (basis ) Tj ET Q q 0 0 0 rg BT 496.97 624.60 Td (over ) Tj ET Q q 0 0 0 rg BT 516.96 624.60 Td (the ) Tj ET Q q 0 0 0 rg BT 531.41 624.60 Td (original ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.60 Td (requisite ) Tj ET Q q 0 0 0 rg BT 86.43 612.60 Td (service ) Tj ET Q q 0 0 0 rg BT 117.25 612.60 Td (period ) Tj ET Q q 0 0 0 rg BT 145.30 612.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.13 612.60 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.13 612.60 Td ( ) Tj ET Q q 0 0 0 rg BT 173.63 612.60 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.90 612.60 Td (five ) Tj ET Q q 0 0 0 rg BT 201.95 612.60 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.05 612.60 Td ( ) Tj ET Q q 0 0 0 rg BT 225.55 612.60 Td (\(a ) Tj ET Q q 0 0 0 rg BT 235.82 612.60 Td (weighted ) Tj ET Q q 0 0 0 rg BT 274.97 612.60 Td (average ) Tj ET Q q 0 0 0 rg BT 308.56 612.60 Td (remaining ) Tj ET Q q 0 0 0 rg BT 351.60 612.60 Td (service ) Tj ET Q q 0 0 0 rg BT 382.42 612.60 Td (period ) Tj ET Q q 0 0 0 rg BT 410.46 612.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.29 612.60 Td (2.9 ) Tj ET Q q 0 0 0 rg BT 436.29 612.60 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.39 612.60 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.60 Td (These ) Tj ET Q q 0 0 0 rg BT 75.18 588.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 124.75 588.60 Td (were ) Tj ET Q q 0 0 0 rg BT 145.98 588.60 Td (accounted ) Tj ET Q q 0 0 0 rg BT 188.32 588.60 Td (for ) Tj ET Q q 0 0 0 rg BT 201.78 588.60 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 238.02 588.60 Td (to ) Tj ET Q q 0 0 0 rg BT 247.60 588.60 Td (F) Tj ET Q q 0 0 0 rg BT 252.42 588.60 Td (ASB ) Tj ET Q q 0 0 0 rg BT 273.28 588.60 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 321.73 588.60 Td (Standards ) Tj ET Q q 0 0 0 rg BT 362.97 588.60 Td (Codification ) Tj ET Q q 0 0 0 rg BT 414.64 588.60 Td (T) Tj ET Q q 0 0 0 rg BT 420.05 588.60 Td (opic ) Tj ET Q q 0 0 0 rg BT 439.06 588.60 Td (805, ) Tj ET Q q 0 0 0 rg BT 458.37 588.60 Td ("Business ) Tj ET Q q 0 0 0 rg BT 499.81 588.60 Td (Combinations." ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.60 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 576.60 Td (, ) Tj ET Q q 0 0 0 rg BT 104.46 576.60 Td (the ) Tj ET Q q 0 0 0 rg BT 119.81 576.60 Td (purchase ) Tj ET Q q 0 0 0 rg BT 158.48 576.60 Td (price ) Tj ET Q q 0 0 0 rg BT 181.59 576.60 Td (of ) Tj ET Q q 0 0 0 rg BT 193.05 576.60 Td (each ) Tj ET Q q 0 0 0 rg BT 214.49 576.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 261.50 576.60 Td (was ) Tj ET Q q 0 0 0 rg BT 280.19 576.60 Td (allocated ) Tj ET Q q 0 0 0 rg BT 319.40 576.60 Td (to ) Tj ET Q q 0 0 0 rg BT 330.31 576.60 Td (the ) Tj ET Q q 0 0 0 rg BT 345.66 576.60 Td (acquired ) Tj ET Q q 0 0 0 rg BT 383.21 576.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 409.67 576.60 Td (and ) Tj ET Q q 0 0 0 rg BT 427.24 576.60 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 467.58 576.60 Td (assumed ) Tj ET Q q 0 0 0 rg BT 505.15 576.60 Td (based ) Tj ET Q q 0 0 0 rg BT 531.05 576.60 Td (on ) Tj ET Q q 0 0 0 rg BT 544.17 576.60 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 91.12 564.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 108.29 564.60 Td (values ) Tj ET Q q 0 0 0 rg BT 137.14 564.60 Td (as ) Tj ET Q q 0 0 0 rg BT 148.76 564.60 Td (of ) Tj ET Q q 0 0 0 rg BT 160.39 564.60 Td (the ) Tj ET Q q 0 0 0 rg BT 175.91 564.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 219.73 564.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 266.91 564.60 Td (dates. ) Tj ET Q q 0 0 0 rg BT 293.02 564.60 Td (The ) Tj ET Q q 0 0 0 rg BT 311.86 564.60 Td (excess ) Tj ET Q q 0 0 0 rg BT 341.26 564.60 Td (of ) Tj ET Q q 0 0 0 rg BT 352.89 564.60 Td (the ) Tj ET Q q 0 0 0 rg BT 368.40 564.60 Td (purchase ) Tj ET Q q 0 0 0 rg BT 407.24 564.60 Td (price ) Tj ET Q q 0 0 0 rg BT 430.52 564.60 Td (over ) Tj ET Q q 0 0 0 rg BT 451.58 564.60 Td (the ) Tj ET Q q 0 0 0 rg BT 467.10 564.60 Td (net ) Tj ET Q q 0 0 0 rg BT 482.61 564.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 509.24 564.60 Td (acquired ) Tj ET Q q 0 0 0 rg BT 546.96 564.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.60 Td (allocated ) Tj ET Q q 0 0 0 rg BT 88.47 552.60 Td (between ) Tj ET Q q 0 0 0 rg BT 124.67 552.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 163.11 552.60 Td (and ) Tj ET Q q 0 0 0 rg BT 180.43 552.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 223.30 552.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 249.51 552.60 Td (within ) Tj ET Q q 0 0 0 rg BT 277.95 552.60 Td (the ) Tj ET Q q 0 0 0 rg BT 293.05 552.60 Td (Capital ) Tj ET Q q 0 0 0 rg BT 324.82 552.60 Td (Markets ) Tj ET Q q 0 0 0 rg BT 360.47 552.60 Td (segment. ) Tj ET Q q 0 0 0 rg BT 398.97 552.60 Td (The ) Tj ET Q q 0 0 0 rg BT 417.40 552.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 459.16 552.60 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.02 552.60 Td ($15.0 ) Tj ET Q q 0 0 0 rg BT 522.40 552.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.30 552.60 Td ( ) Tj ET Q q 0 0 0 rg BT 554.18 552.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 87.44 540.60 Td (on ) Tj ET Q q 0 0 0 rg BT 99.83 540.60 Td (the ) Tj ET Q q 0 0 0 rg BT 114.43 540.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 167.36 540.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 211.96 540.60 Td (of ) Tj ET Q q 0 0 0 rg BT 222.68 540.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 260.04 540.60 Td (condition, ) Tj ET Q q 0 0 0 rg BT 302.71 540.60 Td (of ) Tj ET Q q 0 0 0 rg BT 313.42 540.60 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.25 540.60 Td ($9.1 ) Tj ET Q q 0 0 0 rg BT 360.13 540.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.03 540.60 Td ( ) Tj ET Q q 0 0 0 rg BT 391.41 540.60 Td (is ) Tj ET Q q 0 0 0 rg BT 400.47 540.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 438.39 540.60 Td (to ) Tj ET Q q 0 0 0 rg BT 448.55 540.60 Td (be ) Tj ET Q q 0 0 0 rg BT 460.38 540.60 Td (deductible ) Tj ET Q q 0 0 0 rg BT 504.42 540.60 Td (for ) Tj ET Q q 0 0 0 rg BT 518.46 540.60 Td (income ) Tj ET Q q 0 0 0 rg BT 550.28 540.60 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.60 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 90.38 528.60 Td (In ) Tj ET Q q 0 0 0 rg BT 101.54 528.60 Td (management's ) Tj ET Q q 0 0 0 rg BT 161.15 528.60 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 197.04 528.60 Td (the ) Tj ET Q q 0 0 0 rg BT 212.09 528.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 250.47 528.60 Td (represents ) Tj ET Q q 0 0 0 rg BT 293.84 528.60 Td (the ) Tj ET Q q 0 0 0 rg BT 308.88 528.60 Td (reputation ) Tj ET Q q 0 0 0 rg BT 352.26 528.60 Td (and ) Tj ET Q q 0 0 0 rg BT 369.52 528.60 Td (expertise ) Tj ET Q q 0 0 0 rg BT 408.45 528.60 Td (of ) Tj ET Q q 0 0 0 rg BT 419.61 528.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 494.64 528.60 Td (and ) Tj ET Q q 0 0 0 rg BT 511.91 528.60 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 554.72 528.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.60 Td (their ) Tj ET Q q 0 0 0 rg BT 70.33 516.60 Td (business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.60 Td (Identifiable ) Tj ET Q q 0 0 0 rg BT 97.36 492.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 139.12 492.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 164.22 492.60 Td (purchased ) Tj ET Q q 0 0 0 rg BT 206.53 492.60 Td (by ) Tj ET Q q 0 0 0 rg BT 218.30 492.60 Td (the ) Tj ET Q q 0 0 0 rg BT 232.29 492.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 272.95 492.60 Td (consisted ) Tj ET Q q 0 0 0 rg BT 311.94 492.60 Td (of ) Tj ET Q q 0 0 0 rg BT 322.04 492.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 360.47 492.60 Td (relationships ) Tj ET Q q 0 0 0 rg BT 413.34 492.60 Td (and ) Tj ET Q q 0 0 0 rg BT 429.55 492.60 Td (non-competition ) Tj ET Q q 0 0 0 rg BT 497.42 492.60 Td (agreements ) Tj ET Q q 0 0 0 rg BT 544.73 492.60 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.60 Td (acquisition-date ) Tj ET Q q 0 0 0 rg BT 116.52 480.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 133.54 480.60 Td (values ) Tj ET Q q 0 0 0 rg BT 162.24 480.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 203.71 480.60 Td (to ) Tj ET Q q 0 0 0 rg BT 214.63 480.60 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.22 480.60 Td ($6.0 ) Tj ET Q q 0 0 0 rg BT 247.87 480.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.76 480.60 Td ( ) Tj ET Q q 0 0 0 rg BT 279.91 480.60 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.49 480.60 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 318.14 480.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.03 480.60 Td (, ) Tj ET Q q 0 0 0 rg BT 352.68 480.60 Td (respectively) Tj ET Q q 0 0 0 rg BT 400.34 480.60 Td (. ) Tj ET Q q 0 0 0 rg BT 405.76 480.60 Td (T) Tj ET Q q 0 0 0 rg BT 411.52 480.60 Td (ransaction ) Tj ET Q q 0 0 0 rg BT 455.76 480.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 478.91 480.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.39 480.60 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 511.04 480.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.93 480.60 Td ( ) Tj ET Q q 0 0 0 rg BT 543.08 480.60 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.60 Td (incurred ) Tj ET Q q 0 0 0 rg BT 84.49 468.60 Td (for ) Tj ET Q q 0 0 0 rg BT 97.82 468.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.71 468.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.92 468.60 Td ( ) Tj ET Q q 0 0 0 rg BT 130.59 468.60 Td (ended ) Tj ET Q q 0 0 0 rg BT 156.15 468.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 213.90 468.60 Td (2013, ) Tj ET Q q 0 0 0 rg BT 238.08 468.60 Td (and ) Tj ET Q q 0 0 0 rg BT 254.19 468.60 Td (are ) Tj ET Q q 0 0 0 rg BT 268.07 468.60 Td (included ) Tj ET Q q 0 0 0 rg BT 304.18 468.60 Td (in ) Tj ET Q q 0 0 0 rg BT 313.63 468.60 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 366.40 468.60 Td (and ) Tj ET Q q 0 0 0 rg BT 382.51 468.60 Td (integration ) Tj ET Q q 0 0 0 rg BT 427.50 468.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 449.18 468.60 Td (within ) Tj ET Q q 0 0 0 rg BT 476.41 468.60 Td (continuing ) Tj ET Q q 0 0 0 rg BT 520.86 468.60 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.60 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 456.60 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 456.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 129.76 456.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 174.47 456.60 Td (of ) Tj ET Q q 0 0 0 rg BT 185.30 456.60 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.60 Td (The ) Tj ET Q q 0 0 0 rg BT 68.40 432.60 Td (following ) Tj ET Q q 0 0 0 rg BT 110.65 432.60 Td (table ) Tj ET Q q 0 0 0 rg BT 133.44 432.60 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 184.55 432.60 Td (the ) Tj ET Q q 0 0 0 rg BT 200.13 432.60 Td (estimated ) Tj ET Q q 0 0 0 rg BT 241.80 432.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 259.04 432.60 Td (values ) Tj ET Q q 0 0 0 rg BT 287.94 432.60 Td (of ) Tj ET Q q 0 0 0 rg BT 299.63 432.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 326.31 432.60 Td (acquired ) Tj ET Q q 0 0 0 rg BT 364.09 432.60 Td (and ) Tj ET Q q 0 0 0 rg BT 381.89 432.60 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 422.46 432.60 Td (assumed ) Tj ET Q q 0 0 0 rg BT 460.25 432.60 Td (at ) Tj ET Q q 0 0 0 rg BT 470.83 432.60 Td (the ) Tj ET Q q 0 0 0 rg BT 486.40 432.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 530.29 432.60 Td (dates ) Tj ET Q q 0 0 0 rg BT 554.19 432.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.60 Td (acquisition:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 386.10 424.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 386.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 386.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 362.10 424.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 362.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 362.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 338.10 424.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 338.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 338.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 314.10 424.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 314.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 314.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 290.10 424.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 290.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 290.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 266.10 424.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 266.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 266.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 242.10 424.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 242.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 242.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 218.10 424.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 218.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 218.10 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 482 314.1 m 562 314.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 230.10000000000002 m 562 230.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 218.10000000000002 m 562 218.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 195.10000000000002 m 562 195.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 193.10000000000002 m 562 193.10000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 402.05 Td (\(Dollars ) Tj ET Q q 0 0 0 rg BT 81.61 402.05 Td (in ) Tj ET Q q 0 0 0 rg BT 89.84 402.05 Td (thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 388.83 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 376.72 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.50 376.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 376.72 Td (8,014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 364.72 Td (Financial instruments and other inventory positions owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 364.72 Td (24,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 352.72 Td (Fixed assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 352.72 Td (1,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 340.72 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 340.72 Td (15,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 328.72 Td (Intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 328.72 Td (6,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 316.72 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 316.72 Td (7,678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 304.72 Td (Total assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 304.72 Td (62,712) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 280.83 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 268.72 Td (Payables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 268.72 Td (1,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 256.72 Td (Financial instruments and other inventory positions sold, but not yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 256.72 Td (22,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 244.72 Td (Accrued compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 244.72 Td (1,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 232.72 Td (Other liabilities and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 232.72 Td (4,789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 220.72 Td (Total liabilities assumed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 220.72 Td (29,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 196.72 Td (Net assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.50 196.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 196.72 Td (32,740) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 124.97 173.60 Td (and ) Tj ET Q q 0 0 0 rg BT 142.68 173.60 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 185.94 173.60 Td (results ) Tj ET Q q 0 0 0 rg BT 215.32 173.60 Td (of ) Tj ET Q q 0 0 0 rg BT 226.92 173.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 271.84 173.60 Td (have ) Tj ET Q q 0 0 0 rg BT 293.99 173.60 Td (been ) Tj ET Q q 0 0 0 rg BT 316.14 173.60 Td (included ) Tj ET Q q 0 0 0 rg BT 353.84 173.60 Td (in ) Tj ET Q q 0 0 0 rg BT 364.89 173.60 Td (the ) Tj ET Q q 0 0 0 rg BT 380.38 173.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 428.23 173.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 482.04 173.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.29 173.60 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.60 Td (prospectively ) Tj ET Q q 0 0 0 rg BT 105.32 161.60 Td (from ) Tj ET Q q 0 0 0 rg BT 126.71 161.60 Td (their ) Tj ET Q q 0 0 0 rg BT 146.99 161.60 Td (respective ) Tj ET Q q 0 0 0 rg BT 189.47 161.60 Td (dates ) Tj ET Q q 0 0 0 rg BT 211.97 161.60 Td (of ) Tj ET Q q 0 0 0 rg BT 222.25 161.60 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 270.44 161.60 Td (These ) Tj ET Q q 0 0 0 rg BT 296.27 161.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 345.99 161.60 Td (have ) Tj ET Q q 0 0 0 rg BT 366.82 161.60 Td (been ) Tj ET Q q 0 0 0 rg BT 387.65 161.60 Td (fully ) Tj ET Q q 0 0 0 rg BT 408.48 161.60 Td (integrated ) Tj ET Q q 0 0 0 rg BT 450.42 161.60 Td (with ) Tj ET Q q 0 0 0 rg BT 470.15 161.60 Td (the ) Tj ET Q q 0 0 0 rg BT 484.31 161.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 530.84 161.60 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.60 Td (operations. ) Tj ET Q q 0 0 0 rg BT 94.93 149.60 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 144.27 149.60 Td (, ) Tj ET Q q 0 0 0 rg BT 148.41 149.60 Td (post-acquisition ) Tj ET Q q 0 0 0 rg BT 213.93 149.60 Td (revenues ) Tj ET Q q 0 0 0 rg BT 251.10 149.60 Td (and ) Tj ET Q q 0 0 0 rg BT 267.18 149.60 Td (net ) Tj ET Q q 0 0 0 rg BT 281.03 149.60 Td (income ) Tj ET Q q 0 0 0 rg BT 312.10 149.60 Td (are ) Tj ET Q q 0 0 0 rg BT 325.95 149.60 Td (not ) Tj ET Q q 0 0 0 rg BT 340.37 149.60 Td (discernible. ) Tj ET Q q 0 0 0 rg BT 388.26 149.60 Td (The ) Tj ET Q q 0 0 0 rg BT 405.44 149.60 Td (following ) Tj ET Q q 0 0 0 rg BT 445.97 149.60 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 487.04 149.60 Td (pro ) Tj ET Q q 0 0 0 rg BT 502.01 149.60 Td (forma ) Tj ET Q q 0 0 0 rg BT 527.52 149.60 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.60 Td (data ) Tj ET Q q 0 0 0 rg BT 68.41 137.60 Td (assumes ) Tj ET Q q 0 0 0 rg BT 103.99 137.60 Td (the ) Tj ET Q q 0 0 0 rg BT 118.46 137.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 168.49 137.60 Td (had ) Tj ET Q q 0 0 0 rg BT 185.18 137.60 Td (occurred ) Tj ET Q q 0 0 0 rg BT 222.41 137.60 Td (on ) Tj ET Q q 0 0 0 rg BT 234.66 137.60 Td (January ) Tj ET Q q 0 0 0 rg BT 268.02 137.60 Td (1, ) Tj ET Q q 0 0 0 rg BT 277.77 137.60 Td (201) Tj ET Q q 0 0 0 rg BT 292.40 137.60 Td (1. ) Tj ET Q q 0 0 0 rg BT 302.15 137.60 Td (Pro ) Tj ET Q q 0 0 0 rg BT 318.30 137.60 Td (forma ) Tj ET Q q 0 0 0 rg BT 344.43 137.60 Td (results ) Tj ET Q q 0 0 0 rg BT 372.79 137.60 Td (have ) Tj ET Q q 0 0 0 rg BT 393.92 137.60 Td (been ) Tj ET Q q 0 0 0 rg BT 415.05 137.60 Td (prepared ) Tj ET Q q 0 0 0 rg BT 452.28 137.60 Td (by ) Tj ET Q q 0 0 0 rg BT 464.53 137.60 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 503.45 137.60 Td (the ) Tj ET Q q 0 0 0 rg BT 517.92 137.60 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.60 Td (historical ) Tj ET Q q 0 0 0 rg BT 89.96 125.60 Td (results ) Tj ET Q q 0 0 0 rg BT 119.31 125.60 Td (from ) Tj ET Q q 0 0 0 rg BT 142.00 125.60 Td (continuing ) Tj ET Q q 0 0 0 rg BT 188.02 125.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 232.92 125.60 Td (to ) Tj ET Q q 0 0 0 rg BT 243.94 125.60 Td (include ) Tj ET Q q 0 0 0 rg BT 276.62 125.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 352.07 125.60 Td (and ) Tj ET Q q 0 0 0 rg BT 369.75 125.60 Td (Edgeview ) Tj ET Q q 0 0 0 rg BT 412.99 125.60 Td (results ) Tj ET Q q 0 0 0 rg BT 442.34 125.60 Td (of ) Tj ET Q q 0 0 0 rg BT 453.92 125.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 498.82 125.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 535.39 125.60 Td (for ) Tj ET Q q 0 0 0 rg BT 550.30 125.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.60 Td (following ) Tj ET Q q 0 0 0 rg BT 91.11 113.60 Td (changes: ) Tj ET Q q 0 0 0 rg BT 128.83 113.60 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 180.97 113.60 Td (and ) Tj ET Q q 0 0 0 rg BT 198.14 113.60 Td (amortization ) Tj ET Q q 0 0 0 rg BT 251.40 113.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 290.23 113.60 Td (were ) Tj ET Q q 0 0 0 rg BT 312.38 113.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 348.44 113.60 Td (to ) Tj ET Q q 0 0 0 rg BT 358.94 113.60 Td (account ) Tj ET Q q 0 0 0 rg BT 392.76 113.60 Td (for ) Tj ET Q q 0 0 0 rg BT 407.15 113.60 Td (acquisition-date ) Tj ET Q q 0 0 0 rg BT 473.74 113.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 490.35 113.60 Td (value ) Tj ET Q q 0 0 0 rg BT 514.73 113.60 Td (adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.60 Td (of ) Tj ET Q q 0 0 0 rg BT 60.40 101.60 Td (fixed ) Tj ET Q q 0 0 0 rg BT 83.52 101.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 109.42 101.60 Td (and ) Tj ET Q q 0 0 0 rg BT 126.43 101.60 Td (intangible ) Tj ET Q q 0 0 0 rg BT 168.99 101.60 Td (assets; ) Tj ET Q q 0 0 0 rg BT 197.67 101.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 255.78 101.60 Td (and ) Tj ET Q q 0 0 0 rg BT 272.79 101.60 Td (benefits ) Tj ET Q q 0 0 0 rg BT 307.02 101.60 Td (expenses ) Tj ET Q q 0 0 0 rg BT 345.69 101.60 Td (were ) Tj ET Q q 0 0 0 rg BT 367.69 101.60 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 403.58 101.60 Td (to ) Tj ET Q q 0 0 0 rg BT 413.93 101.60 Td (reflect ) Tj ET Q q 0 0 0 rg BT 442.03 101.60 Td (excess ) Tj ET Q q 0 0 0 rg BT 470.70 101.60 Td (partner ) Tj ET Q q 0 0 0 rg BT 501.59 101.60 Td (distributions ) Tj ET Q q 0 0 0 rg BT 554.17 101.60 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.60 Td (compensation ) Tj ET Q q 0 0 0 rg BT 106.86 89.60 Td (expense; ) Tj ET Q q 0 0 0 rg BT 143.67 89.60 Td (and ) Tj ET Q q 0 0 0 rg BT 159.93 89.60 Td (the ) Tj ET Q q 0 0 0 rg BT 173.97 89.60 Td (income ) Tj ET Q q 0 0 0 rg BT 205.23 89.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 219.27 89.60 Td (ef) Tj ET Q q 0 0 0 rg BT 226.86 89.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 243.67 89.60 Td (of ) Tj ET Q q 0 0 0 rg BT 253.82 89.60 Td (applying ) Tj ET Q q 0 0 0 rg BT 290.64 89.60 Td (the ) Tj ET Q q 0 0 0 rg BT 304.68 89.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 351.08 89.60 Td (statutory ) Tj ET Q q 0 0 0 rg BT 387.90 89.60 Td (tax ) Tj ET Q q 0 0 0 rg BT 401.94 89.60 Td (rates ) Tj ET Q q 0 0 0 rg BT 422.64 89.60 Td (to ) Tj ET Q q 0 0 0 rg BT 432.24 89.60 Td (Seattle-Northwest ) Tj ET Q q 0 0 0 rg BT 506.26 89.60 Td (and ) Tj ET Q q 0 0 0 rg BT 522.52 89.60 Td (Edgeview ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.60 Td (results ) Tj ET Q q 0 0 0 rg BT 78.84 77.60 Td (of ) Tj ET Q q 0 0 0 rg BT 90.41 77.60 Td (operations. ) Tj ET Q q 0 0 0 rg BT 137.56 77.60 Td (The ) Tj ET Q q 0 0 0 rg BT 156.35 77.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 210.12 77.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 257.94 77.60 Td (unaudited ) Tj ET Q q 0 0 0 rg BT 300.61 77.60 Td (pro ) Tj ET Q q 0 0 0 rg BT 317.17 77.60 Td (forma ) Tj ET Q q 0 0 0 rg BT 344.28 77.60 Td (information ) Tj ET Q q 0 0 0 rg BT 394.73 77.60 Td (presented ) Tj ET Q q 0 0 0 rg BT 436.28 77.60 Td (does ) Tj ET Q q 0 0 0 rg BT 457.85 77.60 Td (not ) Tj ET Q q 0 0 0 rg BT 473.86 77.60 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 521.52 77.60 Td (reflect ) Tj ET Q q 0 0 0 rg BT 550.28 77.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.60 Td (results ) Tj ET Q q 0 0 0 rg BT 79.21 65.60 Td (of ) Tj ET Q q 0 0 0 rg BT 91.14 65.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 136.40 65.60 Td (that ) Tj ET Q q 0 0 0 rg BT 154.99 65.60 Td (would ) Tj ET Q q 0 0 0 rg BT 183.59 65.60 Td (have ) Tj ET Q q 0 0 0 rg BT 206.07 65.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 241.33 65.60 Td (had ) Tj ET Q q 0 0 0 rg BT 259.37 65.60 Td (the ) Tj ET Q q 0 0 0 rg BT 275.19 65.60 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 326.56 65.60 Td (been ) Tj ET Q q 0 0 0 rg BT 349.04 65.60 Td (completed ) Tj ET Q q 0 0 0 rg BT 394.29 65.60 Td (at ) Tj ET Q q 0 0 0 rg BT 405.11 65.60 Td (the ) Tj ET Q q 0 0 0 rg BT 420.93 65.60 Td (beginning ) Tj ET Q q 0 0 0 rg BT 464.52 65.60 Td (of ) Tj ET Q q 0 0 0 rg BT 476.45 65.60 Td (the ) Tj ET Q q 0 0 0 rg BT 492.27 65.60 Td (applicable ) Tj ET Q q 0 0 0 rg BT 536.96 65.60 Td (period ) 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 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 endstream endobj 149 0 obj <>] /Rotate 0 /Contents 150 0 R>> endobj 150 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 17.10 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (presented, ) Tj ET Q q 0 0 0 rg BT 93.29 708.60 Td (does ) Tj ET Q q 0 0 0 rg BT 114.60 708.60 Td (not ) Tj ET Q q 0 0 0 rg BT 130.35 708.60 Td (contemplate ) Tj ET Q q 0 0 0 rg BT 182.20 708.60 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 229.04 708.60 Td (operational ) Tj ET Q q 0 0 0 rg BT 277.00 708.60 Td (ef) Tj ET Q q 0 0 0 rg BT 284.58 708.60 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 325.87 708.60 Td (of ) Tj ET Q q 0 0 0 rg BT 337.18 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 352.37 708.60 Td (combined ) Tj ET Q q 0 0 0 rg BT 394.78 708.60 Td (entities, ) Tj ET Q q 0 0 0 rg BT 429.14 708.60 Td (nor ) Tj ET Q q 0 0 0 rg BT 445.44 708.60 Td (does ) Tj ET Q q 0 0 0 rg BT 466.75 708.60 Td (it ) Tj ET Q q 0 0 0 rg BT 475.28 708.60 Td (indicate ) Tj ET Q q 0 0 0 rg BT 509.91 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 525.10 708.60 Td (results ) Tj ET Q q 0 0 0 rg BT 554.19 708.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 93.66 696.60 Td (in ) Tj ET Q q 0 0 0 rg BT 103.93 696.60 Td (future ) Tj ET Q q 0 0 0 rg BT 130.31 696.60 Td (periods. ) Tj ET Q q 0 0 0 rg BT 164.75 696.60 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 650.10 345.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 650.10 80.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 650.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 650.10 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 395 674.1 m 475 674.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 674.1 m 483 674.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 674.1 m 563 674.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 662.1 m 475 662.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 662.1 m 563 662.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.10 676.83 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 666.05 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.50 664.83 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.50 664.83 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 652.72 Td (Net ) Tj ET Q q 0 0 0 rg BT 69.44 652.72 Td (revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 652.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 652.72 Td (541,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.50 652.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 652.72 Td (535,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 640.72 Td (Net income from continuing operations applicable to Piper Jaffray Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 640.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 640.72 Td (48,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.50 640.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 640.72 Td (50,413) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.60 Td (Note 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.49 614.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.99 614.60 Td (Discontinued Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.82 614.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.60 Td (The ) Tj ET Q q 0 0 0 rg BT 69.02 590.60 Td (Company's ) Tj ET Q q 0 0 0 rg BT 117.08 590.60 Td (Hong ) Tj ET Q q 0 0 0 rg BT 142.78 590.60 Td (Kong ) Tj ET Q q 0 0 0 rg BT 168.48 590.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 198.60 590.60 Td (markets ) Tj ET Q q 0 0 0 rg BT 233.74 590.60 Td (business ) Tj ET Q q 0 0 0 rg BT 271.10 590.60 Td (ceased ) Tj ET Q q 0 0 0 rg BT 301.23 590.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 346.36 590.60 Td (in ) Tj ET Q q 0 0 0 rg BT 357.61 590.60 Td (2012. ) Tj ET Q q 0 0 0 rg BT 383.59 590.60 Td (In ) Tj ET Q q 0 0 0 rg BT 395.40 590.60 Td (accordance ) Tj ET Q q 0 0 0 rg BT 443.83 590.60 Td (with ) Tj ET Q q 0 0 0 rg BT 465.09 590.60 Td (the ) Tj ET Q q 0 0 0 rg BT 480.78 590.60 Td (provisions ) Tj ET Q q 0 0 0 rg BT 525.93 590.60 Td (of ) Tj ET Q q 0 0 0 rg BT 537.73 590.60 Td (F) Tj ET Q q 0 0 0 rg BT 542.55 590.60 Td (ASB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.60 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 98.96 578.60 Td (Standards ) Tj ET Q q 0 0 0 rg BT 140.70 578.60 Td (Codification ) Tj ET Q q 0 0 0 rg BT 192.82 578.60 Td (T) Tj ET Q q 0 0 0 rg BT 198.23 578.60 Td (opic ) Tj ET Q q 0 0 0 rg BT 217.75 578.60 Td (205-20, ) Tj ET Q q 0 0 0 rg BT 250.88 578.60 Td (Discontinued ) Tj ET Q q 0 0 0 rg BT 310.95 578.60 Td (Operations, ) Tj ET Q q 0 0 0 rg BT 364.06 578.60 Td (the ) Tj ET Q q 0 0 0 rg BT 378.58 578.60 Td (results ) Tj ET Q q 0 0 0 rg BT 406.99 578.60 Td (from ) Tj ET Q q 0 0 0 rg BT 428.73 578.60 Td (this ) Tj ET Q q 0 0 0 rg BT 445.48 578.60 Td (business, ) Tj ET Q q 0 0 0 rg BT 484.17 578.60 Td (previously ) Tj ET Q q 0 0 0 rg BT 528.69 578.60 Td (reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.40 Td (in ) Tj ET Q q 0 0 0 rg BT 60.28 565.40 Td (the ) Tj ET Q q 0 0 0 rg BT 75.00 565.40 Td (Capital ) Tj ET Q q 0 0 0 rg BT 106.38 565.40 Td (Markets ) Tj ET Q q 0 0 0 rg BT 141.65 565.40 Td (segment, ) Tj ET Q q 0 0 0 rg BT 179.97 565.40 Td (have ) Tj ET Q q 0 0 0 rg BT 201.35 565.40 Td (been ) Tj ET Q q 0 0 0 rg BT 222.72 565.40 Td (classified ) Tj ET Q q 0 0 0 rg BT 262.99 565.40 Td (as ) Tj ET Q q 0 0 0 rg BT 273.82 565.40 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 327.42 565.40 Td (operations ) Tj ET Q q 0 0 0 rg BT 371.58 565.40 Td (for ) Tj ET Q q 0 0 0 rg BT 385.74 565.40 Td (all ) Tj ET Q q 0 0 0 rg BT 398.23 565.40 Td (periods ) Tj ET Q q 0 0 0 rg BT 430.17 565.40 Td (presented.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 470.99 565.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.40 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 541.40 Td (components ) Tj ET Q q 0 0 0 rg BT 118.87 541.40 Td (of ) Tj ET Q q 0 0 0 rg BT 129.70 541.40 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 183.31 541.40 Td (operations ) Tj ET Q q 0 0 0 rg BT 227.46 541.40 Td (for ) Tj ET Q q 0 0 0 rg BT 241.62 541.40 Td (the ) Tj ET Q q 0 0 0 rg BT 256.34 541.40 Td (Hong ) Tj ET Q q 0 0 0 rg BT 281.06 541.40 Td (Kong ) Tj ET Q q 0 0 0 rg BT 305.78 541.40 Td (capital ) Tj ET Q q 0 0 0 rg BT 334.93 541.40 Td (markets ) Tj ET Q q 0 0 0 rg BT 369.09 541.40 Td (business ) Tj ET Q q 0 0 0 rg BT 405.48 541.40 Td (are ) Tj ET Q q 0 0 0 rg BT 420.19 541.40 Td (as ) Tj ET Q q 0 0 0 rg BT 431.02 541.40 Td (follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 494.90 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 494.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 494.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 494.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 470.90 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 470.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 470.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 470.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 446.90 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 446.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 446.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 446.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 423.90 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 423.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 423.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 423.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 399.90 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 399.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 399.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 399.90 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 414.5 518.9 m 484.5 518.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 518.9 m 492.5 518.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 518.9 m 562.5 518.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 506.9 m 484.5 506.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 518.9 m 562.5 518.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 506.9 m 562.5 506.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 458.9 m 484.5 458.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 458.9 m 562.5 458.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 446.9 m 484.5 446.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 446.9 m 562.5 446.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 399.9 m 484.5 399.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 399.9 m 562.5 399.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 376.9 m 484.5 376.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 374.9 m 484.5 374.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 376.9 m 562.5 376.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 374.9 m 562.5 374.9 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.60 521.63 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 510.85 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 509.63 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 509.63 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 497.52 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 497.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 497.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 497.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 497.52 Td (6,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 473.52 Td (Restructuring expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 473.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 473.52 Td (11,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 461.52 Td (Other expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 461.52 Td (1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 461.52 Td (16,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 449.52 Td (Total non-interest expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 449.52 Td (1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 449.52 Td (28,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 425.52 Td (Loss from discontinued operations before income tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 425.52 Td (\(1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 425.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 425.52 Td (\(21,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 425.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 402.52 Td ( Income tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 402.52 Td (\(415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 402.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 402.52 Td (\(21,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 402.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 378.52 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 378.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 378.52 Td (\(782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 378.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 378.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 378.52 Td (\(381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 378.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.40 Td (In ) Tj ET Q q 0 0 0 rg BT 60.96 352.40 Td (2013, ) Tj ET Q q 0 0 0 rg BT 86.10 352.40 Td (the ) Tj ET Q q 0 0 0 rg BT 100.95 352.40 Td (Company ) Tj ET Q q 0 0 0 rg BT 142.47 352.40 Td (completed ) Tj ET Q q 0 0 0 rg BT 186.75 352.40 Td (the ) Tj ET Q q 0 0 0 rg BT 201.60 352.40 Td (sale ) Tj ET Q q 0 0 0 rg BT 219.78 352.40 Td (of ) Tj ET Q q 0 0 0 rg BT 230.74 352.40 Td (F) Tj ET Q q 0 0 0 rg BT 235.56 352.40 Td (AMCO, ) Tj ET Q q 0 0 0 rg BT 270.70 352.40 Td (an ) Tj ET Q q 0 0 0 rg BT 282.77 352.40 Td (asset ) Tj ET Q q 0 0 0 rg BT 304.85 352.40 Td (management ) Tj ET Q q 0 0 0 rg BT 358.57 352.40 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 399.03 352.40 Td (, ) Tj ET Q q 0 0 0 rg BT 404.16 352.40 Td (for ) Tj ET Q q 0 0 0 rg BT 418.45 352.40 Td (consideration ) Tj ET Q q 0 0 0 rg BT 474.96 352.40 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.92 352.40 Td ($4.0 ) Tj ET Q q 0 0 0 rg BT 506.06 352.40 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 352.40 Td ( ) Tj ET Q q 0 0 0 rg BT 537.58 352.40 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.40 Td (consisted ) Tj ET Q q 0 0 0 rg BT 89.71 340.40 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.54 340.40 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 120.54 340.40 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.43 340.40 Td ( ) Tj ET Q q 0 0 0 rg BT 151.92 340.40 Td (in ) Tj ET Q q 0 0 0 rg BT 162.20 340.40 Td (cash ) Tj ET Q q 0 0 0 rg BT 182.46 340.40 Td (and ) Tj ET Q q 0 0 0 rg BT 199.40 340.40 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.33 340.40 Td ($3.7 ) Tj ET Q q 0 0 0 rg BT 226.33 340.40 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.22 340.40 Td ( ) Tj ET Q q 0 0 0 rg BT 257.72 340.40 Td (note ) Tj ET Q q 0 0 0 rg BT 277.43 340.40 Td (receivable ) Tj ET Q q 0 0 0 rg BT 321.01 340.40 Td (from ) Tj ET Q q 0 0 0 rg BT 342.94 340.40 Td (the ) Tj ET Q q 0 0 0 rg BT 357.66 340.40 Td (buyer) Tj ET Q q 0 0 0 rg BT 379.87 340.40 Td (. ) Tj ET Q q 0 0 0 rg BT 384.87 340.40 Td (F) Tj ET Q q 0 0 0 rg BT 389.69 340.40 Td (AMCO's ) Tj ET Q q 0 0 0 rg BT 427.88 340.40 Td (results, ) Tj ET Q q 0 0 0 rg BT 458.99 340.40 Td (previously ) Tj ET Q q 0 0 0 rg BT 503.70 340.40 Td (reported ) Tj ET Q q 0 0 0 rg BT 539.52 340.40 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 340.40 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.40 Td (Asset ) Tj ET Q q 0 0 0 rg BT 74.78 328.40 Td (Management ) Tj ET Q q 0 0 0 rg BT 129.55 328.40 Td (segment, ) Tj ET Q q 0 0 0 rg BT 167.94 328.40 Td (have ) Tj ET Q q 0 0 0 rg BT 189.38 328.40 Td (been ) Tj ET Q q 0 0 0 rg BT 210.82 328.40 Td (presented ) Tj ET Q q 0 0 0 rg BT 251.69 328.40 Td (as ) Tj ET Q q 0 0 0 rg BT 262.59 328.40 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 316.25 328.40 Td (operations ) Tj ET Q q 0 0 0 rg BT 360.47 328.40 Td (for ) Tj ET Q q 0 0 0 rg BT 374.69 328.40 Td (all ) Tj ET Q q 0 0 0 rg BT 387.25 328.40 Td (periods ) Tj ET Q q 0 0 0 rg BT 419.25 328.40 Td (presented ) Tj ET Q q 0 0 0 rg BT 460.13 328.40 Td (and ) Tj ET Q q 0 0 0 rg BT 477.13 328.40 Td (the ) Tj ET Q q 0 0 0 rg BT 491.91 328.40 Td (related ) Tj ET Q q 0 0 0 rg BT 521.67 328.40 Td (assets ) Tj ET Q q 0 0 0 rg BT 547.57 328.40 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.40 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 89.72 316.40 Td (were ) Tj ET Q q 0 0 0 rg BT 111.65 316.40 Td (classified ) Tj ET Q q 0 0 0 rg BT 151.91 316.40 Td (as ) Tj ET Q q 0 0 0 rg BT 162.74 316.40 Td (held ) Tj ET Q q 0 0 0 rg BT 182.46 316.40 Td (for ) Tj ET Q q 0 0 0 rg BT 196.62 316.40 Td (sale ) Tj ET Q q 0 0 0 rg BT 214.66 316.40 Td (as ) Tj ET Q q 0 0 0 rg BT 225.49 316.40 Td (of ) Tj ET Q q 0 0 0 rg BT 236.32 316.40 Td (December31, ) Tj ET Q q 0 0 0 rg BT 294.91 316.40 Td (2012. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.40 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 292.40 Td (components ) Tj ET Q q 0 0 0 rg BT 118.87 292.40 Td (of ) Tj ET Q q 0 0 0 rg BT 129.70 292.40 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 183.31 292.40 Td (operations ) Tj ET Q q 0 0 0 rg BT 227.46 292.40 Td (for ) Tj ET Q q 0 0 0 rg BT 241.62 292.40 Td (F) Tj ET Q q 0 0 0 rg BT 246.44 292.40 Td (AMCO ) Tj ET Q q 0 0 0 rg BT 278.95 292.40 Td (are ) Tj ET Q q 0 0 0 rg BT 293.65 292.40 Td (as ) Tj ET Q q 0 0 0 rg BT 304.48 292.40 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 245.90 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 245.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 245.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 245.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 221.90 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 221.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 221.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 221.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 197.90 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 197.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 197.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 197.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 173.90 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 173.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 173.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 173.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 149.90 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 149.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 149.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 149.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 125.90 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 125.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 125.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 125.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 101.90 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 101.90 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 101.90 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 101.90 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 413.5 269.9 m 483.5 269.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 269.9 m 491.5 269.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 269.9 m 561.5 269.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 257.9 m 483.5 257.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 269.9 m 561.5 269.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 257.9 m 561.5 257.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 209.89999999999998 m 483.5 209.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 209.89999999999998 m 561.5 209.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 197.89999999999998 m 483.5 197.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 197.89999999999998 m 561.5 197.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 149.89999999999998 m 483.5 149.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 149.89999999999998 m 561.5 149.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 101.89999999999998 m 483.5 101.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 101.89999999999998 m 561.5 101.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 78.89999999999998 m 483.5 78.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 76.89999999999998 m 483.5 76.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 78.89999999999998 m 561.5 78.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 76.89999999999998 m 561.5 76.89999999999998 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.60 272.63 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 261.85 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 260.63 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 260.63 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 248.52 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 248.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 248.52 Td (1,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 248.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 248.52 Td (5,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 224.52 Td (Goodwill impairment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 224.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 224.52 Td (5,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 212.52 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 212.52 Td (5,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 212.52 Td (8,362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 200.52 Td (Total non-interest expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 200.52 Td (5,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 200.52 Td (13,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 176.52 Td (Loss from discontinued operations before income tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 176.52 Td (\(3,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 176.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 176.52 Td (\(8,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 176.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 152.52 Td (Income tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 152.52 Td (\(1,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 152.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 152.52 Td (\(2,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 152.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 128.52 Td (Loss from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 128.52 Td (\(2,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 128.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 128.52 Td (\(5,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 128.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 104.52 Td (Loss on sale, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 104.52 Td (\(1,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 104.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 104.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 80.52 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 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Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 592.37 Td (54,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 580.37 Td (Convertible securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 580.48 Td (156,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 580.37 Td (80,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 568.37 Td (Fixed income securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 568.48 Td (48,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 568.37 Td (10,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 556.37 Td (Municipal securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 544.37 Td (Taxable securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 544.48 Td (312,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 544.37 Td (232,379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 532.37 Td (Tax-exempt securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 532.48 Td (559,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 532.37 Td (460,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 520.37 Td (Short-term securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 520.48 Td (68,717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 520.37 Td (62,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.37 Td (Asset-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 508.48 Td (125,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 508.37 Td (119,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 496.37 Td (U.S. government agency securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 496.48 Td (244,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 496.37 Td (304,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 484.37 Td (U.S. government securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 484.48 Td (2,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 484.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 472.37 Td (Derivative contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 472.48 Td (47,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 472.37 Td (38,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.37 Td (Total financial instruments and other inventory positions owned) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.65 460.48 Td (1,616,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 460.37 Td (1,364,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.37 Td (Less noncontrolling interests \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.80 436.53 Td (\(267,742) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.65 436.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 436.37 Td (\(291,513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 436.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.00 424.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.65 424.48 Td (1,348,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 424.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 424.37 Td (1,072,515) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 400.37 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 53.00 388.37 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 376.37 Td (Equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.00 376.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 376.48 Td (154,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 376.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 376.37 Td (69,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 364.37 Td (Fixed income securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 364.48 Td (21,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 364.37 Td (24,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 352.37 Td (U.S. government agency securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 352.48 Td (27,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 352.37 Td (120,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 340.37 Td (U.S. government securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 340.48 Td (523,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 340.37 Td (291,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 328.37 Td (Derivative contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 328.48 Td (10,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 328.37 Td (8,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.37 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 448.15 316.48 Td (738,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 316.37 Td (512,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 292.37 Td (Less noncontrolling interests \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.80 292.53 Td (\(98,669) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.65 292.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 292.37 Td (\(68,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 292.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.00 280.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 280.48 Td (639,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 280.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 280.37 Td (444,477) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 265.65 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 265.65 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 97.93 265.65 Td (olling ) Tj ET Q q 0 0 0 rg BT 118.32 265.65 Td (inter) Tj ET Q q 0 0 0 rg BT 133.13 265.65 Td (ests ) Tj ET Q q 0 0 0 rg BT 146.86 265.65 Td (attributable ) Tj ET Q q 0 0 0 rg BT 186.36 265.65 Td (to ) Tj ET Q q 0 0 0 rg BT 194.31 265.65 Td (thir) Tj ET Q q 0 0 0 rg BT 205.57 265.65 Td (d ) Tj ET Q q 0 0 0 rg BT 211.30 265.65 Td (party ) Tj ET Q q 0 0 0 rg BT 229.91 265.65 Td (ownership ) Tj ET Q q 0 0 0 rg BT 264.97 265.65 Td (in ) Tj ET Q q 0 0 0 rg BT 272.92 265.65 Td (a ) Tj ET Q q 0 0 0 rg BT 278.64 265.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 321.25 265.65 Td (municipal ) Tj ET Q q 0 0 0 rg BT 354.97 265.65 Td (bond ) Tj ET Q q 0 0 0 rg BT 372.70 265.65 Td (fund ) Tj ET Q q 0 0 0 rg BT 388.65 265.65 Td (consist ) Tj ET Q q 0 0 0 rg BT 412.60 265.65 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.54 265.65 Td ($123.3 ) Tj ET Q q 0 0 0 rg BT 444.27 265.65 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.94 265.65 Td ( ) Tj ET Q q 0 0 0 rg BT 468.66 265.65 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.39 265.65 Td ($101.8 ) Tj ET Q q 0 0 0 rg BT 506.11 265.65 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.78 265.65 Td ( ) Tj ET Q q 0 0 0 rg BT 530.51 265.65 Td (of ) Tj ET Q q 0 0 0 rg BT 538.46 265.65 Td (taxable ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 256.05 Td (municipal ) Tj ET Q q 0 0 0 rg BT 102.06 256.05 Td (securities, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 136.79 256.05 Td ($139.5 ) Tj ET Q q 0 0 0 rg BT 160.86 256.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 183.52 256.05 Td ( ) Tj ET Q q 0 0 0 rg BT 185.59 256.05 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 199.66 256.05 Td ($183.9 ) Tj ET Q q 0 0 0 rg BT 223.72 256.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 246.39 256.05 Td ( ) Tj ET Q q 0 0 0 rg BT 248.46 256.05 Td (of ) Tj ET Q q 0 0 0 rg BT 256.75 256.05 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 293.90 256.05 Td (municipal ) Tj ET Q q 0 0 0 rg BT 327.96 256.05 Td (securities, ) Tj ET Q q 0 0 0 rg BT 362.69 256.05 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.76 256.05 Td ($4.9 ) Tj ET Q q 0 0 0 rg BT 392.82 256.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 415.49 256.05 Td ( ) Tj ET Q q 0 0 0 rg BT 417.56 256.05 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.63 256.05 Td ($5.8 ) Tj ET Q q 0 0 0 rg BT 447.69 256.05 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.36 256.05 Td ( ) Tj ET Q q 0 0 0 rg BT 472.43 256.05 Td (of ) Tj ET Q q 0 0 0 rg BT 480.71 256.05 Td (derivative ) Tj ET Q q 0 0 0 rg BT 514.77 256.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 546.61 256.05 Td (as ) Tj ET Q q 0 0 0 rg BT 555.79 256.05 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 246.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 114.87 246.45 Td (2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 130.87 246.45 Td ( ) Tj ET Q q 0 0 0 rg BT 132.87 246.45 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 146.87 246.45 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 162.87 246.45 Td (, ) Tj ET Q q 0 0 0 rg BT 166.87 246.45 Td (r) Tj ET Q q 0 0 0 rg BT 169.69 246.45 Td (espectively) Tj ET Q q 0 0 0 rg BT 204.33 246.45 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 233.85 Td (\(2\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 233.85 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 97.93 233.85 Td (olling ) Tj ET Q q 0 0 0 rg BT 119.17 233.85 Td (inter) Tj ET Q q 0 0 0 rg BT 133.98 233.85 Td (ests ) Tj ET Q q 0 0 0 rg BT 148.55 233.85 Td (attributable ) Tj ET Q q 0 0 0 rg BT 188.90 233.85 Td (to ) Tj ET Q q 0 0 0 rg BT 197.70 233.85 Td (thir) Tj ET Q q 0 0 0 rg BT 208.96 233.85 Td (d ) Tj ET Q q 0 0 0 rg BT 215.53 233.85 Td (party ) Tj ET Q q 0 0 0 rg BT 234.99 233.85 Td (ownership ) Tj ET Q q 0 0 0 rg BT 270.90 233.85 Td (in ) Tj ET Q q 0 0 0 rg BT 279.69 233.85 Td (a ) Tj ET Q q 0 0 0 rg BT 286.26 233.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 329.72 233.85 Td (municipal ) Tj ET Q q 0 0 0 rg BT 364.29 233.85 Td (bond ) Tj ET Q q 0 0 0 rg BT 382.86 233.85 Td (fund ) Tj ET Q q 0 0 0 rg BT 399.65 233.85 Td (consist ) Tj ET Q q 0 0 0 rg BT 424.45 233.85 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.24 233.85 Td ($97.6 ) Tj ET Q q 0 0 0 rg BT 453.82 233.85 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 476.48 233.85 Td ( ) Tj ET Q q 0 0 0 rg BT 479.06 233.85 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.63 233.85 Td ($67.4 ) Tj ET Q q 0 0 0 rg BT 514.20 233.85 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.87 233.85 Td ( ) Tj ET Q q 0 0 0 rg BT 539.44 233.85 Td (of ) Tj ET Q q 0 0 0 rg BT 548.24 233.85 Td (U.S. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 224.25 Td (government ) Tj ET Q q 0 0 0 rg BT 107.77 224.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 142.43 224.25 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 156.43 224.25 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 172.43 224.25 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 195.09 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 197.09 224.25 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 211.09 224.25 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 227.09 224.25 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 249.76 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 251.76 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 259.98 224.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 293.97 224.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 325.74 224.25 Td (as ) Tj ET Q q 0 0 0 rg BT 334.86 224.25 Td (of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 343.08 224.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 389.95 224.25 Td (2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 405.95 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 407.95 224.25 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.95 224.25 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.95 224.25 Td (, ) Tj ET Q q 0 0 0 rg BT 441.95 224.25 Td (r) Tj ET Q q 0 0 0 rg BT 444.77 224.25 Td (espectively) Tj ET Q q 0 0 0 rg BT 479.41 224.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.05 200.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 122.18 200.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.18 200.25 Td ( ) Tj ET Q q 0 0 0 rg BT 145.23 200.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.72 200.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.72 200.25 Td (, ) Tj ET Q q 0 0 0 rg BT 188.26 200.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.29 200.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 276.01 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.49 200.25 Td (other ) Tj ET Q q 0 0 0 rg BT 317.09 200.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 358.46 200.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 397.63 200.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 427.34 200.25 Td (in ) Tj ET Q q 0 0 0 rg BT 438.16 200.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.43 200.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 486.47 200.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.85 200.25 Td ($1.1 ) Tj ET Q q 0 0 0 rg BT 518.40 200.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.51 200.25 Td ( ) Tj ET Q q 0 0 0 rg BT 547.56 200.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.25 Td ($957.5 ) Tj ET Q q 0 0 0 rg BT 80.00 188.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 188.25 Td (, ) Tj ET Q q 0 0 0 rg BT 113.89 188.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 161.55 188.25 Td (, ) Tj ET Q q 0 0 0 rg BT 166.55 188.25 Td (had ) Tj ET Q q 0 0 0 rg BT 183.49 188.25 Td (been ) Tj ET Q q 0 0 0 rg BT 204.87 188.25 Td (pledged ) Tj ET Q q 0 0 0 rg BT 239.02 188.25 Td (as ) Tj ET Q q 0 0 0 rg BT 249.85 188.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 289.55 188.25 Td (for ) Tj ET Q q 0 0 0 rg BT 303.71 188.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 347.87 188.25 Td (financings ) Tj ET Q q 0 0 0 rg BT 392.02 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 408.96 188.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 454.77 188.25 Td (agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.87 164.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 139.19 164.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.28 164.25 Td (other ) Tj ET Q q 0 0 0 rg BT 179.49 164.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 220.47 164.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 259.24 164.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 281.07 164.25 Td (but ) Tj ET Q q 0 0 0 rg BT 296.50 164.25 Td (not ) Tj ET Q q 0 0 0 rg BT 311.94 164.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 326.81 164.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 370.00 164.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 409.31 164.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 456.41 164.25 Td (of ) Tj ET Q q 0 0 0 rg BT 467.39 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 482.27 164.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 523.81 164.25 Td (to ) Tj ET Q q 0 0 0 rg BT 534.24 164.25 Td (deliver ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.30 152.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 102.48 152.25 Td (security ) Tj ET Q q 0 0 0 rg BT 136.22 152.25 Td (at ) Tj ET Q q 0 0 0 rg BT 145.52 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.82 152.25 Td (contracted ) Tj ET Q q 0 0 0 rg BT 203.54 152.25 Td (price, ) Tj ET Q q 0 0 0 rg BT 228.11 152.25 Td (thereby ) Tj ET Q q 0 0 0 rg BT 260.18 152.25 Td (creating ) Tj ET Q q 0 0 0 rg BT 294.47 152.25 Td (a ) Tj ET Q q 0 0 0 rg BT 300.99 152.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 334.18 152.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.05 152.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 381.67 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.97 152.25 Td (security ) Tj ET Q q 0 0 0 rg BT 429.71 152.25 Td (in ) Tj ET Q q 0 0 0 rg BT 439.57 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.87 152.25 Td (market ) Tj ET Q q 0 0 0 rg BT 483.72 152.25 Td (at ) Tj ET Q q 0 0 0 rg BT 493.02 152.25 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 535.64 152.25 Td (prices. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.72 140.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.79 140.25 Td (is ) Tj ET Q q 0 0 0 rg BT 117.63 140.25 Td (obligated ) Tj ET Q q 0 0 0 rg BT 157.02 140.25 Td (to ) Tj ET Q q 0 0 0 rg BT 166.98 140.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 198.58 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.97 140.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 252.91 140.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 271.76 140.25 Td (short ) Tj ET Q q 0 0 0 rg BT 293.94 140.25 Td (at ) Tj ET Q q 0 0 0 rg BT 303.33 140.25 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 346.05 140.25 Td (market ) Tj ET Q q 0 0 0 rg BT 375.99 140.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 404.54 140.25 Td (which ) Tj ET Q q 0 0 0 rg BT 431.16 140.25 Td (may ) Tj ET Q q 0 0 0 rg BT 450.55 140.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 480.48 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.88 140.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 527.05 140.25 Td (reflected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.25 Td (on ) Tj ET Q q 0 0 0 rg BT 63.43 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.07 128.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 133.03 128.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 178.67 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.43 128.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 228.83 128.25 Td (condition. ) Tj ET Q q 0 0 0 rg BT 272.28 128.25 Td (The ) Tj ET Q q 0 0 0 rg BT 291.26 128.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 333.57 128.25 Td (economically ) Tj ET Q q 0 0 0 rg BT 390.86 128.25 Td (hedges ) Tj ET Q q 0 0 0 rg BT 422.05 128.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 457.69 128.25 Td (in ) Tj ET Q q 0 0 0 rg BT 468.89 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 484.53 128.25 Td (market ) Tj ET Q q 0 0 0 rg BT 515.72 128.25 Td (value ) Tj ET Q q 0 0 0 rg BT 540.80 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 552.56 128.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 88.34 116.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 138.36 116.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.16 116.25 Td (other ) Tj ET Q q 0 0 0 rg BT 180.07 116.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 221.75 116.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 261.23 116.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 291.25 116.25 Td (using ) Tj ET Q q 0 0 0 rg BT 316.28 116.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 357.96 116.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 397.44 116.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 419.97 116.25 Td (but ) Tj ET Q q 0 0 0 rg BT 436.11 116.25 Td (not ) Tj ET Q q 0 0 0 rg BT 452.25 116.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 467.82 116.25 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 514.22 116.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.01 116.25 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.25 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 98.87 104.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 124.14 104.25 Td (default ) Tj ET Q q 0 0 0 rg BT 154.40 104.25 Td (swap ) Tj ET Q q 0 0 0 rg BT 177.45 104.25 Td (index ) Tj ET Q q 0 0 0 rg BT 202.17 104.25 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 243.26 104.25 Td (treasury ) Tj ET Q q 0 0 0 rg BT 277.97 104.25 Td (futures ) Tj ET Q q 0 0 0 rg BT 308.24 104.25 Td (and ) Tj ET Q q 0 0 0 rg BT 325.18 104.25 Td (exchange-traded ) Tj ET Q q 0 0 0 rg BT 393.75 104.25 Td (options.) 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 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 endstream endobj 153 0 obj <>] /Rotate 0 /Contents 154 0 R>> endobj 154 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (76) 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 67.38 684.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.10 684.25 Td (uses ) Tj ET Q q 0 0 0 rg BT 127.16 684.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 158.42 684.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 175.24 684.25 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 204.02 684.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 235.29 684.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 252.10 684.25 Td (locks, ) Tj ET Q q 0 0 0 rg BT 277.55 684.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 302.14 684.25 Td (default ) Tj ET Q q 0 0 0 rg BT 331.74 684.25 Td (swap ) Tj ET Q q 0 0 0 rg BT 354.13 684.25 Td (index ) Tj ET Q q 0 0 0 rg BT 378.18 684.25 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 418.60 684.25 Td (treasury ) Tj ET Q q 0 0 0 rg BT 452.64 684.25 Td (futures ) Tj ET Q q 0 0 0 rg BT 482.25 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 498.52 684.25 Td (option ) Tj ET Q q 0 0 0 rg BT 525.91 684.25 Td (contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.25 Td (to ) Tj ET Q q 0 0 0 rg BT 61.26 672.25 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 99.72 672.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 139.86 672.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 191.10 672.25 Td (and ) Tj ET Q q 0 0 0 rg BT 209.03 672.25 Td (as ) Tj ET Q q 0 0 0 rg BT 220.84 672.25 Td (a ) Tj ET Q q 0 0 0 rg BT 228.76 672.25 Td (means ) Tj ET Q q 0 0 0 rg BT 257.79 672.25 Td (to ) Tj ET Q q 0 0 0 rg BT 269.05 672.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 303.63 672.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 322.11 672.25 Td (in ) Tj ET Q q 0 0 0 rg BT 333.37 672.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 364.06 672.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 405.87 672.25 Td (positions. ) Tj ET Q q 0 0 0 rg BT 447.71 672.25 Td (The ) Tj ET Q q 0 0 0 rg BT 466.74 672.25 Td (following ) Tj ET Q q 0 0 0 rg BT 509.11 672.25 Td (describes ) Tj ET Q q 0 0 0 rg BT 549.80 672.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 660.25 Td (s ) Tj ET Q q 0 0 0 rg BT 98.06 660.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 144.43 660.25 Td (by ) Tj ET Q q 0 0 0 rg BT 156.93 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.65 660.25 Td (type ) Tj ET Q q 0 0 0 rg BT 191.36 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.19 660.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 248.56 660.25 Td (or ) Tj ET Q q 0 0 0 rg BT 259.39 660.25 Td (security ) Tj ET Q q 0 0 0 rg BT 293.55 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.27 660.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 357.43 660.25 Td (are ) Tj ET Q q 0 0 0 rg BT 372.14 660.25 Td (economically ) Tj ET Q q 0 0 0 rg BT 428.51 660.25 Td (hedging.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (Customer ) Tj ET Q q 0 0 0 rg BT 91.06 636.25 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 149.87 636.25 Td (derivatives:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.07 636.25 Td ( ) Tj ET Q q 0 0 0 rg BT 199.08 636.25 Td (The ) Tj ET Q q 0 0 0 rg BT 216.79 636.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 257.84 636.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 283.88 636.25 Td (into ) Tj ET Q q 0 0 0 rg BT 301.60 636.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 333.20 636.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 350.35 636.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 392.49 636.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 430.75 636.25 Td (in ) Tj ET Q q 0 0 0 rg BT 440.70 636.25 Td (a ) Tj ET Q q 0 0 0 rg BT 447.30 636.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 485.01 636.25 Td (capacity ) Tj ET Q q 0 0 0 rg BT 520.48 636.25 Td (as ) Tj ET Q q 0 0 0 rg BT 530.98 636.25 Td (a ) Tj ET Q q 0 0 0 rg BT 537.58 636.25 Td (dealer ) 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 59.96 624.25 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 88.25 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 102.65 624.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 139.81 624.25 Td (needs ) Tj ET Q q 0 0 0 rg BT 164.76 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.27 624.25 Td (its ) Tj ET Q q 0 0 0 rg BT 186.90 624.25 Td (customers. ) Tj ET Q q 0 0 0 rg BT 232.13 624.25 Td () Tj ET Q q 0 0 0 rg BT 234.45 624.25 Td (The ) Tj ET Q q 0 0 0 rg BT 252.18 624.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 293.25 624.25 Td (simultaneously ) Tj ET Q q 0 0 0 rg BT 355.98 624.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 382.04 624.25 Td (into ) Tj ET Q q 0 0 0 rg BT 399.78 624.25 Td (an ) Tj ET Q q 0 0 0 rg BT 413.90 624.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 445.51 624.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 465.18 624.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 509.84 624.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 544.23 624.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (a ) Tj ET Q q 0 0 0 rg BT 57.62 612.25 Td (third ) Tj ET Q q 0 0 0 rg BT 79.69 612.25 Td (party ) Tj ET Q q 0 0 0 rg BT 103.41 612.25 Td (for ) Tj ET Q q 0 0 0 rg BT 118.25 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.65 612.25 Td (same ) Tj ET Q q 0 0 0 rg BT 157.38 612.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 193.33 612.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 226.51 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 237.46 612.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 264.52 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.92 612.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 312.53 612.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 330.70 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 348.32 612.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 374.26 612.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 392.44 612.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.95 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.35 612.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 445.86 612.25 Td (client ) Tj ET Q q 0 0 0 rg BT 471.25 612.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 503.86 612.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 522.03 612.25 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (contract. ) Tj ET Q q 0 0 0 rg BT 86.56 600.25 Td (In ) Tj ET Q q 0 0 0 rg BT 96.75 600.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 125.81 600.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 156.00 600.25 Td (instances, ) Tj ET Q q 0 0 0 rg BT 197.02 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.09 600.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 251.84 600.25 Td (has ) Tj ET Q q 0 0 0 rg BT 267.03 600.25 Td (only ) Tj ET Q q 0 0 0 rg BT 286.67 600.25 Td (hedged ) Tj ET Q q 0 0 0 rg BT 317.40 600.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 348.70 600.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 365.54 600.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 382.40 600.25 Td (with ) Tj ET Q q 0 0 0 rg BT 402.04 600.25 Td (a ) Tj ET Q q 0 0 0 rg BT 408.33 600.25 Td (third ) Tj ET Q q 0 0 0 rg BT 429.08 600.25 Td (party) Tj ET Q q 0 0 0 rg BT 448.98 600.25 Td (, ) Tj ET Q q 0 0 0 rg BT 453.34 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 469.64 600.25 Td (retains ) Tj ET Q q 0 0 0 rg BT 498.15 600.25 Td (uncollateralized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.27 588.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 92.78 588.25 Td (as ) Tj ET Q q 0 0 0 rg BT 103.62 588.25 Td (described ) Tj ET Q q 0 0 0 rg BT 144.44 588.25 Td (below) Tj ET Q q 0 0 0 rg BT 168.23 588.25 Td (. ) Tj ET Q q 0 0 0 rg BT 173.05 588.25 Td (The ) Tj ET Q q 0 0 0 rg BT 191.11 588.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 240.28 588.25 Td (use ) Tj ET Q q 0 0 0 rg BT 256.12 588.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 288.06 588.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 309.44 588.25 Td (based ) Tj ET Q q 0 0 0 rg BT 334.72 588.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 357.23 588.25 Td (either ) Tj ET Q q 0 0 0 rg BT 382.50 588.25 Td (the ) Tj ET Q q 0 0 0 rg BT 397.22 588.25 Td (London ) Tj ET Q q 0 0 0 rg BT 430.84 588.25 Td (Interbank ) Tj ET Q q 0 0 0 rg BT 471.66 588.25 Td (Of) Tj ET Q q 0 0 0 rg BT 482.03 588.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 495.64 588.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 516.47 588.25 Td (\(LIBOR\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (index ) Tj ET Q q 0 0 0 rg BT 74.72 576.25 Td (or ) Tj ET Q q 0 0 0 rg BT 85.55 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.26 576.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 142.20 576.25 Td (Industry ) Tj ET Q q 0 0 0 rg BT 178.03 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 194.97 576.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 234.68 576.25 Td (Markets ) Tj ET Q q 0 0 0 rg BT 269.39 576.25 Td (Association ) Tj ET Q q 0 0 0 rg BT 319.11 576.25 Td (\(SIFMA\) ) Tj ET Q q 0 0 0 rg BT 367.71 576.25 Td (index.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 552.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.01 552.25 Td (rading ) Tj ET Q q 0 0 0 rg BT 84.07 552.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 124.79 552.25 Td (derivatives:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.99 552.25 Td ( ) Tj ET Q q 0 0 0 rg BT 174.21 552.25 Td (The ) Tj ET Q q 0 0 0 rg BT 192.15 552.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 233.43 552.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 259.70 552.25 Td (into ) Tj ET Q q 0 0 0 rg BT 277.65 552.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 309.48 552.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 326.85 552.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 369.23 552.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 407.71 552.25 Td (to ) Tj ET Q q 0 0 0 rg BT 417.88 552.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 444.15 552.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 475.98 552.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 493.36 552.25 Td (and ) Tj ET Q q 0 0 0 rg BT 510.19 552.25 Td (market ) Tj ET Q q 0 0 0 rg BT 540.34 552.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 71.35 540.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 114.91 540.25 Td (with ) Tj ET Q q 0 0 0 rg BT 135.14 540.25 Td (its ) Tj ET Q q 0 0 0 rg BT 147.05 540.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 170.06 540.25 Td (income ) Tj ET Q q 0 0 0 rg BT 201.95 540.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 244.50 540.25 Td (The ) Tj ET Q q 0 0 0 rg BT 262.50 540.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 311.63 540.25 Td (use ) Tj ET Q q 0 0 0 rg BT 327.42 540.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 359.31 540.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 380.65 540.25 Td (based ) Tj ET Q q 0 0 0 rg BT 405.88 540.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 428.34 540.25 Td (either ) Tj ET Q q 0 0 0 rg BT 453.56 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 468.24 540.25 Td (Municipal ) Tj ET Q q 0 0 0 rg BT 511.80 540.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 543.14 540.25 Td (Data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.25 Td (\(MMD\) ) Tj ET Q q 0 0 0 rg BT 93.06 528.25 Td (index, ) Tj ET Q q 0 0 0 rg BT 120.30 528.25 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 152.82 528.25 Td (or ) Tj ET Q q 0 0 0 rg BT 163.67 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.40 528.25 Td (SIFMA) Tj ET Q q 0 0 0 rg BT 208.42 528.25 Td ( ) Tj ET Q q 0 0 0 rg BT 210.94 528.25 Td (index. ) Tj ET Q q 0 0 0 rg BT 237.99 528.25 Td (The ) Tj ET Q q 0 0 0 rg BT 256.06 528.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 297.46 528.25 Td (also ) Tj ET Q q 0 0 0 rg BT 316.09 528.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 342.49 528.25 Td (into ) Tj ET Q q 0 0 0 rg BT 360.56 528.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 385.85 528.25 Td (default ) Tj ET Q q 0 0 0 rg BT 416.13 528.25 Td (swap ) Tj ET Q q 0 0 0 rg BT 439.20 528.25 Td (index ) Tj ET Q q 0 0 0 rg BT 463.94 528.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 502.55 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 512.85 528.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 539.25 528.25 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 66.40 516.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 108.89 516.25 Td (with ) Tj ET Q q 0 0 0 rg BT 128.07 516.25 Td (its ) Tj ET Q q 0 0 0 rg BT 138.92 516.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 169.19 516.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 191.14 516.25 Td (income ) Tj ET Q q 0 0 0 rg BT 221.98 516.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 261.14 516.25 Td (and ) Tj ET Q q 0 0 0 rg BT 276.98 516.25 Td (option ) Tj ET Q q 0 0 0 rg BT 303.94 516.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 341.43 516.25 Td (to ) Tj ET Q q 0 0 0 rg BT 350.61 516.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 375.89 516.25 Td (market ) Tj ET Q q 0 0 0 rg BT 405.05 516.25 Td (value ) Tj ET Q q 0 0 0 rg BT 428.11 516.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 444.51 516.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 487.00 516.25 Td (with ) Tj ET Q q 0 0 0 rg BT 506.18 516.25 Td (its ) Tj ET Q q 0 0 0 rg BT 517.03 516.25 Td (convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 90.26 504.25 Td (and ) Tj ET Q q 0 0 0 rg BT 107.20 504.25 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 160.79 504.25 Td (securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.47 480.25 Td (following ) Tj ET Q q 0 0 0 rg BT 110.27 480.25 Td (table ) Tj ET Q q 0 0 0 rg BT 132.63 480.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 168.32 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.45 480.25 Td (total ) Tj ET Q q 0 0 0 rg BT 204.15 480.25 Td (absolute ) Tj ET Q q 0 0 0 rg BT 240.39 480.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 276.08 480.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 311.21 480.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 344.12 480.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 388.13 480.25 Td (with ) Tj ET Q q 0 0 0 rg BT 408.83 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.97 480.25 Td (Company) Tj ET Q q 0 0 0 rg BT 465.63 480.25 Td (s ) Tj ET Q q 0 0 0 rg BT 472.45 480.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 522.03 480.25 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (instruments:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 433.75 154.00 -12.00 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BT 292.82 519.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.63 519.10 Td (net ) Tj ET Q q 0 0 0 rg BT 322.44 519.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 356.13 519.10 Td (or ) Tj ET Q q 0 0 0 rg BT 367.06 519.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 410.74 519.10 Td (for ) Tj ET Q q 0 0 0 rg BT 424.99 519.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 467.57 519.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 493.50 519.10 Td (and ) Tj ET Q q 0 0 0 rg BT 510.53 519.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 550.35 519.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.77 507.10 Td (given ) Tj ET Q q 0 0 0 rg BT 81.31 507.10 Td (counterparty\) ) Tj ET Q q 0 0 0 rg BT 137.50 507.10 Td (when ) Tj ET Q q 0 0 0 rg BT 161.49 507.10 Td (a ) Tj ET Q q 0 0 0 rg BT 168.26 507.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 190.02 507.10 Td (right ) Tj ET Q q 0 0 0 rg BT 211.24 507.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.90 507.10 Td (of) Tj ET Q q 0 0 0 rg BT 230.05 507.10 Td (fset 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rg BT 234.65 495.10 Td (received ) Tj ET Q q 0 0 0 rg BT 271.38 495.10 Td (or ) Tj ET Q q 0 0 0 rg BT 282.58 495.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 302.66 495.10 Td (is ) Tj ET Q q 0 0 0 rg BT 312.20 495.10 Td (netted ) Tj ET Q q 0 0 0 rg BT 339.50 495.10 Td (on ) Tj ET Q q 0 0 0 rg BT 352.37 495.10 Td (a ) Tj ET Q q 0 0 0 rg BT 359.68 495.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 413.08 495.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 438.45 495.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 476.87 495.10 Td (a ) Tj ET Q q 0 0 0 rg BT 484.17 495.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 506.47 495.10 Td (right ) Tj ET Q q 0 0 0 rg BT 528.23 495.10 Td (of ) Tj ET Q q 0 0 0 rg BT 539.43 495.10 Td (of) Tj ET Q q 0 0 0 rg BT 547.58 495.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 483.10 Td (exists.) 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10.00 Tf ET q 0 0 0 rg BT 50.00 447.10 Td (with ) Tj ET Q q 0 0 0 rg BT 71.29 447.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.01 447.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 112.74 447.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.58 447.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.30 447.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 184.90 447.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 228.39 447.10 Td (contract. ) Tj ET Q q 0 0 0 rg BT 266.60 447.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 295.10 447.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 334.71 447.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 379.31 447.10 Td (with ) Tj ET Q q 0 0 0 rg BT 400.60 447.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.32 447.10 Td (Company) Tj ET Q q 0 0 0 rg BT 457.99 447.10 Td (s ) Tj ET Q q 0 0 0 rg BT 465.39 447.10 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 512.77 447.10 Td (is ) Tj ET Q q 0 0 0 rg BT 522.94 447.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 552.00 447.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td (uncollateralized ) 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BT 133.88 423.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 150.55 423.10 Td (committee. ) Tj ET Q q 0 0 0 rg BT 196.81 423.10 Td (The ) Tj ET Q q 0 0 0 rg BT 214.03 423.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 254.58 423.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 294.02 423.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 346.23 423.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 370.66 423.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 387.33 423.10 Td (in ) Tj ET Q q 0 0 0 rg BT 396.78 423.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 446.78 423.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 488.43 423.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 522.30 423.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 537.85 423.10 Td (value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.42 411.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 103.17 411.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.38 411.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.47 411.10 Td (Company) Tj ET Q q 0 0 0 rg BT 169.13 411.10 Td (s ) Tj ET Q q 0 0 0 rg BT 174.90 411.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 219.25 411.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 257.21 411.10 Td (are ) Tj ET Q q 0 0 0 rg BT 271.29 411.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 323.72 411.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 379.44 411.10 Td (by ) Tj ET Q q 0 0 0 rg BT 391.32 411.10 Td (its ) Tj ET Q q 0 0 0 rg BT 402.64 411.10 Td (counterparties, ) Tj ET Q q 0 0 0 rg BT 463.65 411.10 Td (who ) Tj ET Q q 0 0 0 rg BT 485.24 411.10 Td (are ) Tj ET Q q 0 0 0 rg BT 499.32 411.10 Td (major ) Tj ET Q q 0 0 0 rg BT 527.02 411.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.10 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 100.43 399.10 Td (The ) Tj ET Q q 0 0 0 rg BT 119.72 399.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 162.35 399.10 Td (has ) Tj ET Q q 0 0 0 rg BT 179.43 399.10 Td (a ) Tj ET Q q 0 0 0 rg BT 187.61 399.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 219.69 399.10 Td (number ) Tj ET Q q 0 0 0 rg BT 253.98 399.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.05 399.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 326.44 399.10 Td (who ) Tj ET Q q 0 0 0 rg BT 347.41 399.10 Td (are ) Tj ET Q q 0 0 0 rg BT 363.36 399.10 Td (not ) Tj ET Q q 0 0 0 rg BT 379.88 399.10 Td (required ) Tj ET Q q 0 0 0 rg BT 416.94 399.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.46 399.10 Td (post ) Tj ET Q q 0 0 0 rg BT 448.88 399.10 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 492.32 399.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 520.51 399.10 Td (on ) Tj ET Q q 0 0 0 rg BT 534.25 399.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.10 Td (movements, ) Tj ET Q q 0 0 0 rg BT 100.79 387.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.19 387.10 Td (uncollateralized ) Tj ET Q q 0 0 0 rg BT 181.23 387.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 217.31 387.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 268.92 387.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.32 387.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 299.38 387.10 Td (value ) Tj ET Q q 0 0 0 rg BT 323.22 387.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.74 387.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.14 387.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 390.31 387.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 424.70 387.10 Td (can ) Tj ET Q q 0 0 0 rg BT 440.76 387.10 Td (become ) Tj ET Q q 0 0 0 rg BT 474.04 387.10 Td (material, ) Tj ET Q q 0 0 0 rg BT 511.49 387.10 Td (exposing ) Tj ET Q q 0 0 0 rg BT 549.78 387.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.15 375.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.19 375.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.66 375.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 140.69 375.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 157.95 375.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.54 375.10 Td (these ) Tj ET Q q 0 0 0 rg BT 191.35 375.10 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 252.25 375.10 Td (As ) Tj ET Q q 0 0 0 rg BT 265.62 375.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.21 375.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 334.56 375.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.56 375.10 Td (, ) Tj ET Q q 0 0 0 rg BT 359.32 375.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.80 375.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 414.95 375.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.64 375.10 Td ($28.3 ) Tj ET Q q 0 0 0 rg BT 456.41 375.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.30 375.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.56 375.10 Td (of ) Tj ET Q q 0 0 0 rg BT 498.15 375.10 Td (uncollateralized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 74.63 363.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 112.59 363.10 Td (with ) Tj ET Q q 0 0 0 rg BT 132.24 363.10 Td (these ) Tj ET Q q 0 0 0 rg BT 154.65 363.10 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 213.15 363.10 Td (\(notional ) Tj ET Q q 0 0 0 rg BT 251.12 363.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 285.19 363.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 317.05 363.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.25 363.10 Td ($197.8 ) Tj ET Q q 0 0 0 rg BT 356.61 363.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.50 363.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 393.20 363.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.84 363.10 Td ($16.5 ) Tj ET Q q 0 0 0 rg BT 457.20 363.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.09 363.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.96 363.10 Td (of ) Tj ET Q q 0 0 0 rg BT 498.15 363.10 Td (uncollateralized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.26 351.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 113.86 351.10 Td (with ) Tj ET Q q 0 0 0 rg BT 134.14 351.10 Td (one ) Tj ET Q q 0 0 0 rg BT 151.08 351.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 200.96 351.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 327.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 71.99 327.10 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.99 327.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.49 327.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 99.77 327.10 Td (V) Tj ET Q q 0 0 0 rg BT 104.77 327.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 124.49 327.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.76 327.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 176.15 327.10 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.37 327.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 76.52 303.10 Td (on ) Tj ET Q q 0 0 0 rg BT 89.09 303.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.89 303.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 131.45 303.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.36 303.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.15 303.10 Td (Company) Tj ET Q q 0 0 0 rg BT 198.82 303.10 Td (s ) Tj ET Q q 0 0 0 rg BT 205.28 303.10 Td (business ) Tj ET Q q 0 0 0 rg BT 241.75 303.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.77 303.10 Td (its ) Tj ET Q q 0 0 0 rg BT 270.79 303.10 Td (role ) Tj ET Q q 0 0 0 rg BT 288.92 303.10 Td (as ) Tj ET Q q 0 0 0 rg BT 299.83 303.10 Td (a ) Tj ET Q q 0 0 0 rg BT 306.84 303.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 342.72 303.10 Td (in ) Tj ET Q q 0 0 0 rg BT 353.07 303.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.87 303.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 408.21 303.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 443.56 303.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.47 303.10 Td (as ) Tj ET Q q 0 0 0 rg BT 465.38 303.10 Td (a ) Tj ET Q q 0 0 0 rg BT 472.39 303.10 Td (manager ) Tj ET Q q 0 0 0 rg BT 509.40 303.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.30 303.10 Td (alternative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 72.56 291.10 Td (management ) Tj ET Q q 0 0 0 rg BT 127.27 291.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 155.62 291.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.46 291.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 188.96 291.10 Td (values ) Tj ET Q q 0 0 0 rg BT 218.13 291.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.08 291.10 Td (its ) Tj ET Q q 0 0 0 rg BT 243.15 291.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 281.76 291.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 332.04 291.10 Td (are ) Tj ET Q q 0 0 0 rg BT 347.87 291.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 396.48 291.10 Td (internally) Tj ET Q q 0 0 0 rg BT 434.15 291.10 Td (. ) Tj ET Q q 0 0 0 rg BT 440.01 291.10 Td (The ) Tj ET Q q 0 0 0 rg BT 459.18 291.10 Td (Company) Tj ET Q q 0 0 0 rg BT 500.84 291.10 Td (s ) Tj ET Q q 0 0 0 rg BT 508.36 291.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 550.30 291.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 87.44 279.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.62 279.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 126.11 279.10 Td (that ) Tj ET Q q 0 0 0 rg BT 143.50 279.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.11 279.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 174.38 279.10 Td (values ) Tj ET Q q 0 0 0 rg BT 202.32 279.10 Td (used ) Tj ET Q q 0 0 0 rg BT 223.05 279.10 Td (for ) Tj ET Q q 0 0 0 rg BT 237.10 279.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 274.48 279.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 313.53 279.10 Td (are ) Tj ET Q q 0 0 0 rg BT 328.13 279.10 Td (based ) Tj ET Q q 0 0 0 rg BT 353.30 279.10 Td (on ) Tj ET Q q 0 0 0 rg BT 365.69 279.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 411.40 279.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 438.25 279.10 Td (wherever ) Tj ET Q q 0 0 0 rg BT 477.84 279.10 Td (possible. ) Tj ET Q q 0 0 0 rg BT 515.51 279.10 Td (In ) Tj ET Q q 0 0 0 rg BT 526.24 279.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.85 279.10 Td (event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.48 267.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 111.78 267.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 138.21 267.10 Td (are ) Tj ET Q q 0 0 0 rg BT 152.40 267.10 Td (not ) Tj ET Q q 0 0 0 rg BT 167.16 267.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 207.74 267.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 263.04 267.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 289.47 267.10 Td (are ) Tj ET Q q 0 0 0 rg BT 303.66 267.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 346.74 267.10 Td (based ) Tj ET Q q 0 0 0 rg BT 371.49 267.10 Td (on ) Tj ET Q q 0 0 0 rg BT 383.47 267.10 Td (an ) Tj ET Q q 0 0 0 rg BT 394.90 267.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 438.53 267.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.84 267.10 Td (all ) Tj ET Q q 0 0 0 rg BT 460.82 267.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 495.01 267.10 Td (empirical ) Tj ET Q q 0 0 0 rg BT 534.75 267.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.10 Td (data, ) Tj ET Q q 0 0 0 rg BT 70.14 255.10 Td (including ) Tj ET Q q 0 0 0 rg BT 109.40 255.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 134.76 255.10 Td (evidenced ) Tj ET Q q 0 0 0 rg BT 176.78 255.10 Td (by ) Tj ET Q q 0 0 0 rg BT 188.26 255.10 Td (market ) Tj ET Q q 0 0 0 rg BT 217.51 255.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 269.26 255.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 300.17 255.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 323.04 255.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 347.28 255.10 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 381.26 255.10 Td (volatilities ) Tj ET Q q 0 0 0 rg BT 424.96 255.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.88 255.10 Td (correlations ) Tj ET Q q 0 0 0 rg BT 489.57 255.10 Td (and ) Tj ET Q q 0 0 0 rg BT 505.49 255.10 Td (other ) Tj ET Q q 0 0 0 rg BT 527.52 255.10 Td (security-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 243.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 82.92 243.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 134.79 243.10 Td (V) Tj ET Q q 0 0 0 rg BT 140.90 243.10 Td (aluation ) Tj ET Q q 0 0 0 rg BT 175.44 243.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 225.54 243.10 Td (related ) Tj ET Q q 0 0 0 rg BT 255.07 243.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.17 243.10 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 306.94 243.10 Td (or ) Tj ET Q q 0 0 0 rg BT 317.60 243.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 370.46 243.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 395.55 243.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 412.87 243.10 Td (are ) Tj ET Q q 0 0 0 rg BT 427.41 243.10 Td (also ) Tj ET Q q 0 0 0 rg BT 445.84 243.10 Td (considered. ) Tj ET Q q 0 0 0 rg BT 493.98 243.10 Td (In ) Tj ET Q q 0 0 0 rg BT 504.64 243.10 Td (estimating ) Tj ET Q q 0 0 0 rg BT 548.62 243.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 231.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 75.51 231.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.59 231.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 130.34 231.10 Td (may ) Tj ET Q q 0 0 0 rg BT 149.41 231.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 176.26 231.10 Td (information ) Tj ET Q q 0 0 0 rg BT 225.33 231.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 262.74 231.10 Td (by ) Tj ET Q q 0 0 0 rg BT 274.60 231.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 319.22 231.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 349.41 231.10 Td (vendors ) Tj ET Q q 0 0 0 rg BT 382.93 231.10 Td (to ) Tj ET Q q 0 0 0 rg BT 392.56 231.10 Td (corroborate ) Tj ET Q q 0 0 0 rg BT 440.51 231.10 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 525.11 231.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.85 231.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.10 Td (estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.93 195.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.70 195.10 Td (employs ) Tj ET Q q 0 0 0 rg BT 146.47 195.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 180.44 195.10 Td (control ) Tj ET Q q 0 0 0 rg BT 211.65 195.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 252.85 195.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.51 195.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 306.38 195.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.48 195.10 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 384.33 195.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.55 195.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.65 195.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 427.40 195.10 Td (value ) Tj ET Q q 0 0 0 rg BT 451.94 195.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.15 195.10 Td (its ) Tj ET Q q 0 0 0 rg BT 475.49 195.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 513.35 195.10 Td (instruments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.26 183.10 Td (Company) Tj ET Q q 0 0 0 rg BT 108.93 183.10 Td (s ) Tj ET Q q 0 0 0 rg BT 115.04 183.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 155.57 183.10 Td (are ) Tj ET Q q 0 0 0 rg BT 169.99 183.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 207.76 183.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.75 183.10 Td (ensure ) Tj ET Q q 0 0 0 rg BT 246.07 183.10 Td (that ) Tj ET Q q 0 0 0 rg BT 263.28 183.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.71 183.10 Td (internally ) Tj ET Q q 0 0 0 rg BT 318.25 183.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 358.78 183.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 374.87 183.10 Td (values ) Tj ET Q q 0 0 0 rg BT 402.64 183.10 Td (are ) Tj ET Q q 0 0 0 rg BT 417.06 183.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 460.35 183.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 497.55 183.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.20 183.10 Td (that ) Tj ET Q q 0 0 0 rg BT 531.41 183.10 Td (the ) Tj ET Q q 0 0 0 rg BT 545.84 183.10 Td (data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 75.31 171.10 Td (and ) Tj ET Q q 0 0 0 rg BT 91.11 171.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.69 171.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 143.26 171.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 187.39 171.10 Td (used ) Tj ET Q q 0 0 0 rg BT 207.08 171.10 Td (are ) Tj ET Q q 0 0 0 rg BT 220.65 171.10 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 270.05 171.10 Td (consistently ) Tj ET Q q 0 0 0 rg BT 319.18 171.10 Td (applied, ) Tj ET Q q 0 0 0 rg BT 352.48 171.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.28 171.10 Td (that ) Tj ET Q q 0 0 0 rg BT 384.64 171.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.22 171.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 449.03 171.10 Td (are ) Tj ET Q q 0 0 0 rg BT 462.60 171.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 506.71 171.10 Td (and ) Tj ET Q q 0 0 0 rg BT 522.51 171.10 Td (consistent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.10 Td (with ) Tj ET Q q 0 0 0 rg BT 68.81 159.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.56 159.10 Td (objective ) Tj ET Q q 0 0 0 rg BT 120.75 159.10 Td (of ) Tj ET Q q 0 0 0 rg BT 130.61 159.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 180.47 159.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 195.88 159.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 221.57 159.10 Td (Individuals ) Tj ET Q q 0 0 0 rg BT 268.10 159.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 298.52 159.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.39 159.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.14 159.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 352.00 159.10 Td (departments ) Tj ET Q q 0 0 0 rg BT 402.40 159.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 436.15 159.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 486.55 159.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 516.41 159.10 Td (verification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.10 Td (reviews ) Tj ET Q q 0 0 0 rg BT 83.23 147.10 Td (as ) Tj ET Q q 0 0 0 rg BT 94.19 147.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.14 147.10 Td (each ) Tj ET Q q 0 0 0 rg BT 126.09 147.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 165.37 147.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 186.97 147.10 Td (The ) Tj ET Q q 0 0 0 rg BT 205.14 147.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 246.66 147.10 Td (has ) Tj ET Q q 0 0 0 rg BT 262.61 147.10 Td (established ) Tj ET Q q 0 0 0 rg BT 309.68 147.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 356.17 147.10 Td (which ) Tj ET Q q 0 0 0 rg BT 383.23 147.10 Td (set ) Tj ET Q q 0 0 0 rg BT 396.97 147.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 419.04 147.10 Td (when ) Tj ET Q q 0 0 0 rg BT 443.33 147.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.17 147.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 474.68 147.10 Td (value ) Tj ET Q q 0 0 0 rg BT 498.96 147.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.92 147.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 550.31 147.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.10 Td (independently ) Tj ET Q q 0 0 0 rg BT 109.05 135.10 Td (verified. ) Tj ET Q q 0 0 0 rg BT 145.34 135.10 Td (The ) Tj ET Q q 0 0 0 rg BT 163.79 135.10 Td (selection ) Tj ET Q q 0 0 0 rg BT 202.23 135.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 249.00 135.10 Td (are ) Tj ET Q q 0 0 0 rg BT 264.11 135.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 304.21 135.10 Td (based ) Tj ET Q q 0 0 0 rg BT 329.89 135.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 352.79 135.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.91 135.10 Td (type ) Tj ET Q q 0 0 0 rg BT 388.03 135.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.26 135.10 Td (security) Tj ET Q q 0 0 0 rg BT 430.27 135.10 Td (, ) Tj ET Q q 0 0 0 rg BT 435.67 135.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.79 135.10 Td (level ) Tj ET Q q 0 0 0 rg BT 473.13 135.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.36 135.10 Td (estimation ) Tj ET Q q 0 0 0 rg BT 528.92 135.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 546.82 135.10 Td (of ) Tj ET Q q 0 0 0 rg BT 558.06 135.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 123.10 Td (security) Tj ET Q q 0 0 0 rg BT 80.51 123.10 Td (, ) Tj ET Q q 0 0 0 rg BT 85.94 123.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.09 123.10 Td (materiality ) Tj ET Q q 0 0 0 rg BT 147.34 123.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.61 123.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.76 123.10 Td (security ) Tj ET Q q 0 0 0 rg BT 208.35 123.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.06 123.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.21 123.10 Td (Company) Tj ET Q q 0 0 0 rg BT 275.88 123.10 Td (s ) Tj ET Q q 0 0 0 rg BT 282.70 123.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 320.62 123.10 Td (statements, ) Tj ET Q q 0 0 0 rg BT 368.26 123.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 403.41 123.10 Td (in ) Tj ET Q q 0 0 0 rg BT 414.12 123.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 430.93 123.10 Td (value ) Tj ET Q q 0 0 0 rg BT 455.52 123.10 Td (from ) Tj ET Q q 0 0 0 rg BT 477.89 123.10 Td (period ) Tj ET Q q 0 0 0 rg BT 506.38 123.10 Td (to ) Tj ET Q q 0 0 0 rg BT 517.09 123.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 548.07 123.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 111.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.42 111.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 107.90 111.10 Td (facts ) Tj ET Q q 0 0 0 rg BT 130.15 111.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.97 111.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 207.99 111.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.69 111.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.29 111.10 Td (Company) Tj ET Q q 0 0 0 rg BT 276.95 111.10 Td (s ) Tj ET Q q 0 0 0 rg BT 284.22 111.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 325.37 111.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 366.24 111.10 Td (In ) Tj ET Q q 0 0 0 rg BT 377.95 111.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 422.97 111.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.57 111.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 465.28 111.10 Td (internally-estimated ) Tj ET Q q 0 0 0 rg BT 548.63 111.10 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.10 Td (values ) Tj ET Q q 0 0 0 rg BT 77.43 99.10 Td (made ) Tj ET Q q 0 0 0 rg BT 101.47 99.10 Td (by ) Tj ET Q q 0 0 0 rg BT 113.85 99.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.45 99.10 Td (Company) Tj ET Q q 0 0 0 rg BT 170.12 99.10 Td (s ) Tj ET Q q 0 0 0 rg BT 176.39 99.10 Td (traders, ) Tj ET Q q 0 0 0 rg BT 208.48 99.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.08 99.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 250.45 99.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.27 99.10 Td (complexity ) Tj ET Q q 0 0 0 rg BT 314.64 99.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.35 99.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 365.50 99.10 Td (involved ) Tj ET Q q 0 0 0 rg BT 402.88 99.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 425.53 99.10 Td (term, ) Tj ET Q q 0 0 0 rg BT 448.74 99.10 Td (coupon, ) Tj ET Q q 0 0 0 rg BT 483.06 99.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 525.14 99.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.96 99.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.10 Td (key ) Tj ET Q q 0 0 0 rg BT 66.21 87.10 Td (drivers ) Tj ET Q q 0 0 0 rg BT 96.25 87.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.85 87.10 Td (value\), ) Tj ET Q q 0 0 0 rg BT 136.60 87.10 Td (level ) Tj ET Q q 0 0 0 rg BT 158.30 87.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.90 87.10 Td (market ) Tj ET Q q 0 0 0 rg BT 198.94 87.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 231.20 87.10 Td (for ) Tj ET Q q 0 0 0 rg BT 245.13 87.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 287.66 87.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.37 87.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 351.62 87.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.22 87.10 Td (market ) Tj ET Q q 0 0 0 rg BT 392.25 87.10 Td (data ) Tj ET Q q 0 0 0 rg BT 411.18 87.10 Td (are ) Tj ET Q q 0 0 0 rg BT 425.66 87.10 Td (considered. ) Tj ET Q q 0 0 0 rg BT 473.58 87.10 Td (The ) Tj ET Q q 0 0 0 rg BT 491.39 87.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 542.54 87.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.10 Td (verification ) Tj ET Q q 0 0 0 rg BT 99.88 75.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 148.03 75.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 184.26 75.10 Td (but ) Tj ET Q q 0 0 0 rg BT 201.32 75.10 Td (are ) Tj ET Q q 0 0 0 rg BT 217.82 75.10 Td (not ) Tj ET Q q 0 0 0 rg BT 234.89 75.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 267.51 75.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 282.07 75.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 318.58 75.10 Td (of ) Tj ET Q q 0 0 0 rg BT 331.20 75.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 355.47 75.10 Td (data ) Tj ET Q q 0 0 0 rg BT 376.42 75.10 Td (\(both ) Tj ET Q q 0 0 0 rg BT 401.82 75.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 436.65 75.10 Td (and ) Tj ET Q q 0 0 0 rg BT 455.37 75.10 Td (external ) Tj ET Q q 0 0 0 rg BT 491.87 75.10 Td (where ) Tj ET Q q 0 0 0 rg BT 520.58 75.10 Td (available\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 63.10 Td (corroboration ) Tj ET Q q 0 0 0 rg BT 107.24 63.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.34 63.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.88 63.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 174.41 63.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.06 63.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 225.50 63.10 Td (with ) Tj ET Q q 0 0 0 rg BT 246.60 63.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 277.69 63.10 Td (characteristics, ) Tj ET Q q 0 0 0 rg BT 340.70 63.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 362.91 63.10 Td (and ) Tj ET Q q 0 0 0 rg BT 380.67 63.10 Td (components, ) Tj ET Q q 0 0 0 rg BT 434.82 63.10 Td (or ) Tj ET Q q 0 0 0 rg BT 446.47 63.10 Td (comparison ) Tj ET Q q 0 0 0 rg BT 496.44 63.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.54 63.10 Td (an ) Tj ET Q q 0 0 0 rg BT 520.30 63.10 Td (alternative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 51.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 81.11 51.10 Td (source, ) Tj ET Q q 0 0 0 rg BT 113.00 51.10 Td (such ) Tj ET Q q 0 0 0 rg BT 134.61 51.10 Td (as ) Tj ET Q q 0 0 0 rg BT 146.23 51.10 Td (a ) Tj ET Q q 0 0 0 rg BT 153.95 51.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 200.56 51.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 221.62 51.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 243.24 51.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 273.78 51.10 Td (The ) Tj ET Q q 0 0 0 rg BT 292.61 51.10 Td (Company) Tj ET Q q 0 0 0 rg BT 334.28 51.10 Td (s ) Tj ET Q q 0 0 0 rg BT 341.46 51.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 381.95 51.10 Td (committee, ) Tj ET Q q 0 0 0 rg BT 429.95 51.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 474.89 51.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.50 51.10 Td (members ) Tj ET Q q 0 0 0 rg BT 526.45 51.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.06 51.10 Td (senior ) 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 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 endstream endobj 157 0 obj <>] /Rotate 0 /Contents 158 0 R>> endobj 158 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.10 Td (management ) Tj ET Q q 0 0 0 rg BT 102.67 708.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.19 708.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 136.27 708.10 Td (management, ) Tj ET Q q 0 0 0 rg BT 191.94 708.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 228.46 708.10 Td (oversight ) Tj ET Q q 0 0 0 rg BT 267.76 708.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.28 708.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 314.13 708.10 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 370.65 708.10 Td (for ) Tj ET Q q 0 0 0 rg BT 384.39 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.69 708.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 431.31 708.10 Td (control ) Tj ET Q q 0 0 0 rg BT 461.72 708.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 502.12 708.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.64 708.10 Td (procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.10 Td (related ) Tj ET Q q 0 0 0 rg BT 79.20 696.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.48 696.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 105.86 696.10 Td (value ) Tj ET Q q 0 0 0 rg BT 130.01 696.10 Td (measurements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 672.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 672.10 Td (is ) Tj ET Q q 0 0 0 rg BT 118.10 672.10 Td (a ) Tj ET Q q 0 0 0 rg BT 125.04 672.10 Td (description ) Tj ET Q q 0 0 0 rg BT 171.98 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.81 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.52 672.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 237.23 672.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 282.50 672.10 Td (used ) Tj ET Q q 0 0 0 rg BT 303.33 672.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.61 672.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 349.42 672.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 365.80 672.10 Td (value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 73.67 648.10 Td (Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 71.38 624.10 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 118.80 624.10 Td (include ) Tj ET Q q 0 0 0 rg BT 150.11 624.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 177.54 624.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 202.75 624.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 252.41 624.10 Td (with ) Tj ET Q q 0 0 0 rg BT 272.06 624.10 Td (original ) Tj ET Q q 0 0 0 rg BT 305.04 624.10 Td (maturities ) Tj ET Q q 0 0 0 rg BT 346.91 624.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.12 624.10 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.12 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 368.99 624.10 Td (days ) Tj ET Q q 0 0 0 rg BT 389.20 624.10 Td (or ) Tj ET Q q 0 0 0 rg BT 399.41 624.10 Td (less. ) Tj ET Q q 0 0 0 rg BT 418.37 624.10 Td (Actively ) Tj ET Q q 0 0 0 rg BT 454.68 624.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 481.55 624.10 Td (money ) Tj ET Q q 0 0 0 rg BT 510.64 624.10 Td (market ) Tj ET Q q 0 0 0 rg BT 540.28 624.10 Td (funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.21 612.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 105.02 612.10 Td (at ) Tj ET Q q 0 0 0 rg BT 114.74 612.10 Td (their ) Tj ET Q q 0 0 0 rg BT 135.56 612.10 Td (net ) Tj ET Q q 0 0 0 rg BT 150.28 612.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 172.22 612.10 Td (value ) Tj ET Q q 0 0 0 rg BT 196.38 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.31 612.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 253.58 612.10 Td (as ) Tj ET Q q 0 0 0 rg BT 264.41 612.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 289.67 612.10 Td (I.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 92.00 588.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 146.73 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.35 588.10 Td (Other) Tj ET Q q 0 0 0 rg BT 190.72 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.22 588.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 237.94 588.10 Td (Positions ) Tj ET Q q 0 0 0 rg BT 278.78 588.10 Td (Owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.85 564.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.53 564.10 Td (records ) Tj ET Q q 0 0 0 rg BT 141.76 564.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 179.54 564.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 229.01 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.25 564.10 Td (other ) Tj ET Q q 0 0 0 rg BT 269.60 564.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 310.72 564.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 349.64 564.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 379.10 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.34 564.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 434.12 564.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 483.58 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.82 564.10 Td (other ) Tj ET Q q 0 0 0 rg BT 524.17 564.10 Td (inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 88.02 552.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 109.59 552.10 Td (but ) Tj ET Q q 0 0 0 rg BT 124.77 552.10 Td (not ) Tj ET Q q 0 0 0 rg BT 139.95 552.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 154.57 552.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 197.51 552.10 Td (at ) Tj ET Q q 0 0 0 rg BT 207.13 552.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 223.41 552.10 Td (value ) Tj ET Q q 0 0 0 rg BT 247.47 552.10 Td (on ) Tj ET Q q 0 0 0 rg BT 259.87 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.49 552.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 327.43 552.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 372.05 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.78 552.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 420.16 552.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 460.34 552.10 Td (with ) Tj ET Q q 0 0 0 rg BT 480.52 552.10 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 524.56 552.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 548.07 552.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 75.89 540.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 113.36 540.10 Td (on ) Tj ET Q q 0 0 0 rg BT 125.86 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.58 540.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 193.62 540.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 238.33 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.16 540.10 Td (operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 78.05 516.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 118.83 516.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.83 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.27 516.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 168.15 516.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 195.58 516.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 223.03 516.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 263.24 516.10 Td (are ) Tj ET Q q 0 0 0 rg BT 277.89 516.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 307.00 516.10 Td (based ) Tj ET Q q 0 0 0 rg BT 332.21 516.10 Td (on ) Tj ET Q q 0 0 0 rg BT 344.66 516.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 374.33 516.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 400.65 516.10 Td (from ) Tj ET Q q 0 0 0 rg BT 422.54 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.21 516.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 477.41 516.10 Td (for ) Tj ET Q q 0 0 0 rg BT 491.52 516.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 528.40 516.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 554.18 516.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 89.56 504.10 Td (as ) Tj ET Q q 0 0 0 rg BT 100.74 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.92 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.98 504.10 Td (period-end ) Tj ET Q q 0 0 0 rg BT 173.14 504.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 194.94 504.10 Td (T) Tj ET Q q 0 0 0 rg BT 200.35 504.10 Td (o ) Tj ET Q q 0 0 0 rg BT 208.20 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.26 504.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 250.54 504.10 Td (these ) Tj ET Q q 0 0 0 rg BT 273.93 504.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 314.54 504.10 Td (are ) Tj ET Q q 0 0 0 rg BT 329.60 504.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 364.09 504.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 391.93 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.21 504.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 449.27 504.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 499.89 504.10 Td (are ) Tj ET Q q 0 0 0 rg BT 514.94 504.10 Td (not ) Tj ET Q q 0 0 0 rg BT 530.57 504.10 Td (applied, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (they ) Tj ET Q q 0 0 0 rg BT 70.29 492.10 Td (are ) Tj ET Q q 0 0 0 rg BT 86.06 492.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 135.71 492.10 Td (as ) Tj ET Q q 0 0 0 rg BT 147.61 492.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 173.94 492.10 Td (I. ) Tj ET Q q 0 0 0 rg BT 183.34 492.10 Td (Non-exchange ) Tj ET Q q 0 0 0 rg BT 245.21 492.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 273.76 492.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 302.33 492.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 343.66 492.10 Td (\(principally ) Tj ET Q q 0 0 0 rg BT 393.88 492.10 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 423.56 492.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 463.76 492.10 Td (securities\) ) Tj ET Q q 0 0 0 rg BT 508.42 492.10 Td (are ) Tj ET Q q 0 0 0 rg BT 524.20 492.10 Td (measured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.30 480.10 Td (using ) Tj ET Q q 0 0 0 rg BT 113.56 480.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 142.25 480.10 Td (quotations, ) Tj ET Q q 0 0 0 rg BT 189.00 480.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 215.47 480.10 Td (observed ) Tj ET Q q 0 0 0 rg BT 254.16 480.10 Td (for ) Tj ET Q q 0 0 0 rg BT 268.41 480.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 303.20 480.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 341.32 480.10 Td (market ) Tj ET Q q 0 0 0 rg BT 371.67 480.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 422.03 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.05 480.10 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 524.39 480.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.85 480.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 89.21 468.10 Td (based ) Tj ET Q q 0 0 0 rg BT 114.48 468.10 Td (on ) Tj ET Q q 0 0 0 rg BT 126.98 468.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 172.80 468.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 199.74 468.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.68 468.10 Td (are ) Tj ET Q q 0 0 0 rg BT 231.39 468.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 279.97 468.10 Td (within ) Tj ET Q q 0 0 0 rg BT 308.03 468.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 333.29 468.10 Td (II ) Tj ET Q q 0 0 0 rg BT 342.45 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.28 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.00 468.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 384.37 468.10 Td (value ) Tj ET Q q 0 0 0 rg BT 408.53 468.10 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 445.63 468.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 97.97 444.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 137.55 444.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.55 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.81 444.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 192.27 444.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 231.29 444.10 Td (are ) Tj ET Q q 0 0 0 rg BT 244.76 444.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 272.67 444.10 Td (based ) Tj ET Q q 0 0 0 rg BT 296.69 444.10 Td (on ) Tj ET Q q 0 0 0 rg BT 307.95 444.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 352.52 444.10 Td (trades, ) Tj ET Q q 0 0 0 rg BT 380.16 444.10 Td (when ) Tj ET Q q 0 0 0 rg BT 403.07 444.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 442.64 444.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 491.98 444.10 Td (, ) Tj ET Q q 0 0 0 rg BT 495.73 444.10 Td (these ) Tj ET Q q 0 0 0 rg BT 517.54 444.10 Td (convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.76 432.10 Td (are ) Tj ET Q q 0 0 0 rg BT 104.47 432.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 153.05 432.10 Td (as ) Tj ET Q q 0 0 0 rg BT 163.88 432.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 189.14 432.10 Td (II. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 93.22 408.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 114.70 408.10 Td (income ) Tj ET Q q 0 0 0 rg BT 145.63 408.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 186.00 408.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.05 408.10 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 217.88 408.10 Td (income ) Tj ET Q q 0 0 0 rg BT 249.37 408.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 289.18 408.10 Td (include ) Tj ET Q q 0 0 0 rg BT 320.66 408.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 360.47 408.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 386.41 408.10 Td (which ) Tj ET Q q 0 0 0 rg BT 412.90 408.10 Td (are ) Tj ET Q q 0 0 0 rg BT 427.15 408.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 455.86 408.10 Td (based ) Tj ET Q q 0 0 0 rg BT 480.68 408.10 Td (on ) Tj ET Q q 0 0 0 rg BT 492.73 408.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 526.98 408.10 Td (executed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (market ) Tj ET Q q 0 0 0 rg BT 79.09 396.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 128.67 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.83 396.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 187.29 396.10 Td (size, ) Tj ET Q q 0 0 0 rg BT 207.16 396.10 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 291.73 396.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 307.43 396.10 Td (value ) Tj ET Q q 0 0 0 rg BT 330.90 396.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 369.94 396.10 Td (based ) Tj ET Q q 0 0 0 rg BT 394.53 396.10 Td (on ) Tj ET Q q 0 0 0 rg BT 406.35 396.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 451.49 396.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 480.26 396.10 Td (or ) Tj ET Q q 0 0 0 rg BT 490.41 396.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 518.34 396.10 Td (quotations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 384.10 Td (, ) Tj ET Q q 0 0 0 rg BT 103.47 384.10 Td (these ) Tj ET Q q 0 0 0 rg BT 126.15 384.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 166.04 384.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 192.06 384.10 Td (are ) Tj ET Q q 0 0 0 rg BT 206.40 384.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 254.61 384.10 Td (as ) Tj ET Q q 0 0 0 rg BT 265.07 384.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 289.97 384.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 301.11 384.10 Td (When ) Tj ET Q q 0 0 0 rg BT 327.12 384.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 372.57 384.10 Td (price ) Tj ET Q q 0 0 0 rg BT 394.69 384.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 438.48 384.10 Td (or ) Tj ET Q q 0 0 0 rg BT 448.95 384.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 478.28 384.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 523.73 384.10 Td (inputs ) 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 (not ) Tj ET Q q 0 0 0 rg BT 65.20 372.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 106.71 372.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 123.51 372.10 Td (value ) Tj ET Q q 0 0 0 rg BT 148.09 372.10 Td (is ) Tj ET Q q 0 0 0 rg BT 157.68 372.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 205.58 372.10 Td (using ) Tj ET Q q 0 0 0 rg BT 230.18 372.10 Td (model-based ) Tj ET Q q 0 0 0 rg BT 284.19 372.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 324.33 372.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 370.01 372.10 Td (with ) Tj ET Q q 0 0 0 rg BT 390.71 372.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 436.95 372.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 464.32 372.10 Td (such ) Tj ET Q q 0 0 0 rg BT 485.57 372.10 Td (as ) Tj ET Q q 0 0 0 rg BT 496.83 372.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 530.84 372.10 Td (security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 96.26 360.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 120.82 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 137.60 360.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 159.94 360.10 Td (curves, ) Tj ET Q q 0 0 0 rg BT 190.88 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 207.66 360.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 263.32 360.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 290.11 360.10 Td (such ) Tj ET Q q 0 0 0 rg BT 310.79 360.10 Td (as ) Tj ET Q q 0 0 0 rg BT 321.46 360.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 346.56 360.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 378.90 360.10 Td (over ) Tj ET Q q 0 0 0 rg BT 399.01 360.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 419.13 360.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 453.68 360.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 496.29 360.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 538.62 360.10 Td (bonds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 90.32 348.10 Td (using ) Tj ET Q q 0 0 0 rg BT 114.49 348.10 Td (model-based ) Tj ET Q q 0 0 0 rg BT 168.08 348.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 207.79 348.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 253.05 348.10 Td (are ) Tj ET Q q 0 0 0 rg BT 267.76 348.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 316.34 348.10 Td (as ) Tj ET Q q 0 0 0 rg BT 327.17 348.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 352.43 348.10 Td (III.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.14 324.10 Td (axable ) Tj ET Q q 0 0 0 rg BT 83.16 324.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 125.51 324.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 166.20 324.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.20 324.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.39 324.10 Td (T) Tj ET Q q 0 0 0 rg BT 178.80 324.10 Td (axable ) Tj ET Q q 0 0 0 rg BT 207.25 324.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 249.60 324.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 289.73 324.10 Td (are ) Tj ET Q q 0 0 0 rg BT 304.29 324.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 333.31 324.10 Td (using ) Tj ET Q q 0 0 0 rg BT 357.34 324.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 391.90 324.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 429.79 324.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 475.47 324.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 501.70 324.10 Td (or ) Tj ET Q q 0 0 0 rg BT 512.39 324.10 Td (market ) Tj ET Q q 0 0 0 rg BT 542.52 324.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 93.67 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.60 312.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 149.19 312.10 Td (are ) Tj ET Q q 0 0 0 rg BT 163.89 312.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 203.60 312.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 252.18 312.10 Td (as ) Tj ET Q q 0 0 0 rg BT 263.01 312.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 288.27 312.10 Td (II.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.14 288.10 Td (ax-exempt ) Tj ET Q q 0 0 0 rg BT 97.04 288.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 138.85 288.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 178.98 288.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.98 288.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.66 288.10 Td (T) Tj ET Q q 0 0 0 rg BT 191.07 288.10 Td (ax-exempt ) Tj ET Q q 0 0 0 rg BT 235.09 288.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 276.89 288.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 316.46 288.10 Td (are ) Tj ET Q q 0 0 0 rg BT 330.48 288.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 358.95 288.10 Td (using ) Tj ET Q q 0 0 0 rg BT 382.43 288.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 416.44 288.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 453.79 288.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 498.92 288.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 524.60 288.10 Td (or ) Tj ET Q q 0 0 0 rg BT 534.75 288.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (price ) Tj ET Q q 0 0 0 rg BT 72.31 276.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 116.80 276.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.06 276.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 172.97 276.10 Td (are ) Tj ET Q q 0 0 0 rg BT 188.00 276.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 228.02 276.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 276.93 276.10 Td (as ) Tj ET Q q 0 0 0 rg BT 288.08 276.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 313.67 276.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 325.65 276.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 357.91 276.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 389.63 276.10 Td (tax-exempt ) Tj ET Q q 0 0 0 rg BT 437.43 276.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 480.24 276.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 520.83 276.10 Td (are ) Tj ET Q q 0 0 0 rg BT 535.86 276.10 Td (valued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (using ) Tj ET Q q 0 0 0 rg BT 73.45 264.10 Td (market ) Tj ET Q q 0 0 0 rg BT 103.49 264.10 Td (data ) Tj ET Q q 0 0 0 rg BT 122.43 264.10 Td (for ) Tj ET Q q 0 0 0 rg BT 136.37 264.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 185.29 264.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 225.33 264.10 Td (\(maturity ) Tj ET Q q 0 0 0 rg BT 264.83 264.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.55 264.10 Td (sector\) ) Tj ET Q q 0 0 0 rg BT 311.03 264.10 Td (and ) Tj ET Q q 0 0 0 rg BT 327.75 264.10 Td (management ) Tj ET Q q 0 0 0 rg BT 381.12 264.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 421.17 264.10 Td (to ) Tj ET Q q 0 0 0 rg BT 431.23 264.10 Td (infer ) Tj ET Q q 0 0 0 rg BT 452.39 264.10 Td (an ) Tj ET Q q 0 0 0 rg BT 464.11 264.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 511.92 264.10 Td (current ) Tj ET Q q 0 0 0 rg BT 542.52 264.10 Td (yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (or ) Tj ET Q q 0 0 0 rg BT 61.15 252.10 Td (other ) Tj ET Q q 0 0 0 rg BT 85.03 252.10 Td (model-based ) Tj ET Q q 0 0 0 rg BT 139.44 252.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 179.98 252.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 226.07 252.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 260.49 252.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 309.34 252.10 Td (by ) Tj ET Q q 0 0 0 rg BT 322.67 252.10 Td (management ) Tj ET Q q 0 0 0 rg BT 377.08 252.10 Td (based ) Tj ET Q q 0 0 0 rg BT 403.17 252.10 Td (on ) Tj ET Q q 0 0 0 rg BT 416.50 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.04 252.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 466.46 252.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 494.76 252.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.42 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.96 252.10 Td (individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (security ) Tj ET Q q 0 0 0 rg BT 83.66 240.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.59 240.10 Td (are ) Tj ET Q q 0 0 0 rg BT 115.30 240.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 153.88 240.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 202.46 240.10 Td (as ) Tj ET Q q 0 0 0 rg BT 213.29 240.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 238.56 240.10 Td (III.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 95.12 216.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 137.40 216.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 178.01 216.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.01 216.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.29 216.10 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 230.90 216.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 273.18 216.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 313.23 216.10 Td (include ) Tj ET Q q 0 0 0 rg BT 344.94 216.10 Td (auction ) Tj ET Q q 0 0 0 rg BT 376.66 216.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 393.93 216.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 436.48 216.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 470.97 216.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 488.24 216.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 522.18 216.10 Td (notes, ) Tj ET Q q 0 0 0 rg BT 548.07 216.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (other ) Tj ET Q q 0 0 0 rg BT 71.45 204.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 114.51 204.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 155.90 204.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 197.47 204.10 Td (V) Tj ET Q q 0 0 0 rg BT 203.58 204.10 Td (ariable ) Tj ET Q q 0 0 0 rg BT 232.19 204.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 248.58 204.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 281.64 204.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 304.15 204.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.99 204.10 Td (other ) Tj ET Q q 0 0 0 rg BT 341.94 204.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 385.00 204.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 426.40 204.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 465.56 204.10 Td (are ) Tj ET Q q 0 0 0 rg BT 479.17 204.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 507.23 204.10 Td (using ) Tj ET Q q 0 0 0 rg BT 530.31 204.10 Td (recently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 87.49 192.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 133.27 192.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 159.61 192.10 Td (or ) Tj ET Q q 0 0 0 rg BT 170.40 192.10 Td (market ) Tj ET Q q 0 0 0 rg BT 200.63 192.10 Td (price ) Tj ET Q q 0 0 0 rg BT 223.08 192.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 267.21 192.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.11 192.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 322.65 192.10 Td (are ) Tj ET Q q 0 0 0 rg BT 337.32 192.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 376.99 192.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 425.53 192.10 Td (as ) Tj ET Q q 0 0 0 rg BT 436.32 192.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 461.55 192.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 472.63 192.10 Td (Auction ) Tj ET Q q 0 0 0 rg BT 507.31 192.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 524.75 192.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.32 180.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 101.70 180.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 138.64 180.10 Td (are ) Tj ET Q q 0 0 0 rg BT 153.89 180.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 203.02 180.10 Td (as ) Tj ET Q q 0 0 0 rg BT 214.39 180.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 240.20 180.10 Td (III ) Tj ET Q q 0 0 0 rg BT 253.24 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.72 180.10 Td (are ) Tj ET Q q 0 0 0 rg BT 285.97 180.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 315.68 180.10 Td (using ) Tj ET Q q 0 0 0 rg BT 340.39 180.10 Td (discounted ) Tj ET Q q 0 0 0 rg BT 386.76 180.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 407.58 180.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 428.95 180.10 Td (models ) Tj ET Q q 0 0 0 rg BT 460.89 180.10 Td (with ) Tj ET Q q 0 0 0 rg BT 481.71 180.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 538.07 180.10 Td (inputs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (such ) Tj ET Q q 0 0 0 rg BT 70.33 168.10 Td (as ) Tj ET Q q 0 0 0 rg BT 81.16 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 95.88 168.10 Td (Company) Tj ET Q q 0 0 0 rg BT 137.54 168.10 Td (s ) Tj ET Q q 0 0 0 rg BT 143.93 168.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 181.97 168.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 219.44 168.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 236.93 168.10 Td (on ) Tj ET Q q 0 0 0 rg BT 249.43 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.14 168.10 Td (securities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (Asset-backed ) Tj ET Q q 0 0 0 rg BT 106.50 144.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 149.08 144.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.08 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.39 144.10 Td (Asset-backed ) Tj ET Q q 0 0 0 rg BT 215.50 144.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 257.52 144.10 Td (are ) Tj ET Q q 0 0 0 rg BT 273.97 144.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 304.88 144.10 Td (using ) Tj ET Q q 0 0 0 rg BT 330.80 144.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 378.36 144.10 Td (trades, ) Tj ET Q q 0 0 0 rg BT 408.99 144.10 Td (when ) Tj ET Q q 0 0 0 rg BT 434.90 144.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 477.73 144.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 511.42 144.10 Td (asset-backed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 89.80 132.10 Td (are ) Tj ET Q q 0 0 0 rg BT 104.54 132.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 133.73 132.10 Td (using ) Tj ET Q q 0 0 0 rg BT 157.93 132.10 Td (models ) Tj ET Q q 0 0 0 rg BT 189.35 132.10 Td (where ) Tj ET Q q 0 0 0 rg BT 216.32 132.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 243.30 132.10 Td (to ) Tj ET Q q 0 0 0 rg BT 253.61 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.36 132.10 Td (model ) Tj ET Q q 0 0 0 rg BT 295.89 132.10 Td (are ) Tj ET Q q 0 0 0 rg BT 310.63 132.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 343.71 132.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 389.56 132.10 Td (in ) Tj ET Q q 0 0 0 rg BT 399.87 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.62 132.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 447.42 132.10 Td (or ) Tj ET Q q 0 0 0 rg BT 458.28 132.10 Td (can ) Tj ET Q q 0 0 0 rg BT 474.70 132.10 Td (be ) Tj ET Q q 0 0 0 rg BT 486.67 132.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 519.19 132.10 Td (principally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (from ) Tj ET Q q 0 0 0 rg BT 72.00 120.10 Td (or ) Tj ET Q q 0 0 0 rg BT 83.40 120.10 Td (corroborated ) Tj ET Q q 0 0 0 rg BT 137.54 120.10 Td (by ) Tj ET Q q 0 0 0 rg BT 150.61 120.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 196.99 120.10 Td (market ) Tj ET Q q 0 0 0 rg BT 227.82 120.10 Td (data. ) Tj ET Q q 0 0 0 rg BT 249.81 120.10 Td (These ) Tj ET Q q 0 0 0 rg BT 276.75 120.10 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 330.90 120.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 371.73 120.10 Td (are ) Tj ET Q q 0 0 0 rg BT 387.00 120.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 436.14 120.10 Td (as ) Tj ET Q q 0 0 0 rg BT 447.54 120.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 473.37 120.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 485.59 120.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 511.42 120.10 Td (asset-backed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 92.29 108.10 Td (which ) Tj ET Q q 0 0 0 rg BT 119.26 108.10 Td (are ) Tj ET Q q 0 0 0 rg BT 134.00 108.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 179.85 108.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 236.24 108.10 Td (by ) Tj ET Q q 0 0 0 rg BT 248.77 108.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 292.95 108.10 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 339.63 108.10 Td (have ) Tj ET Q q 0 0 0 rg BT 361.04 108.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 411.87 108.10 Td (low ) Tj ET Q q 0 0 0 rg BT 429.40 108.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 465.82 108.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.68 108.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 514.75 108.10 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 87.68 96.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.64 96.10 Td (less ) Tj ET Q q 0 0 0 rg BT 116.83 96.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 163.33 96.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 210.39 96.10 Td (data. ) Tj ET Q q 0 0 0 rg BT 232.73 96.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 265.35 96.10 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 319.61 96.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 360.56 96.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 417.60 96.10 Td (by ) Tj ET Q q 0 0 0 rg BT 430.79 96.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 475.62 96.10 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 520.46 96.10 Td (are ) Tj ET Q q 0 0 0 rg BT 535.85 96.10 Td (valued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (using ) Tj ET Q q 0 0 0 rg BT 73.02 84.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 92.64 84.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 112.82 84.10 Td (models ) Tj ET Q q 0 0 0 rg BT 143.56 84.10 Td (that ) Tj ET Q q 0 0 0 rg BT 160.41 84.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 187.25 84.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 242.42 84.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 268.72 84.10 Td (including ) Tj ET Q q 0 0 0 rg BT 308.35 84.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 332.96 84.10 Td (default ) Tj ET Q q 0 0 0 rg BT 362.58 84.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 385.81 84.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 434.86 84.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 458.09 84.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 475.50 84.10 Td (severity ) Tj ET Q q 0 0 0 rg BT 509.01 84.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.30 84.10 Td (valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (yields. ) Tj ET Q q 0 0 0 rg BT 77.83 72.10 Td (As ) Tj ET Q q 0 0 0 rg BT 91.45 72.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 131.72 72.10 Td (is ) Tj ET Q q 0 0 0 rg BT 140.89 72.10 Td (used ) Tj ET Q q 0 0 0 rg BT 161.72 72.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.00 72.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 214.48 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.20 72.10 Td (range ) Tj ET Q q 0 0 0 rg BT 253.90 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.73 72.10 Td (these ) Tj ET Q q 0 0 0 rg BT 287.78 72.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 317.23 72.10 Td (these ) Tj ET Q q 0 0 0 rg BT 340.28 72.10 Td (asset-backed ) Tj ET Q q 0 0 0 rg BT 393.86 72.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 434.12 72.10 Td (are ) Tj ET Q q 0 0 0 rg BT 448.83 72.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 497.41 72.10 Td (as ) Tj ET Q q 0 0 0 rg BT 508.24 72.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 533.50 72.10 Td (III.) 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 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 endstream endobj 159 0 obj <>] /Rotate 0 /Contents 160 0 R>> endobj 160 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (79) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 708.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 69.05 708.10 Td (government ) Tj ET Q q 0 0 0 rg BT 118.59 708.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 149.23 708.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 189.89 708.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.89 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.21 708.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 217.33 708.10 Td (government ) Tj ET Q q 0 0 0 rg BT 267.42 708.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 298.06 708.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 338.16 708.10 Td (include ) Tj ET Q q 0 0 0 rg BT 369.92 708.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 400.56 708.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 420.11 708.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 446.33 708.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.10 708.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 503.19 708.10 Td (bonds. ) Tj ET Q q 0 0 0 rg BT 531.40 708.10 Td (Agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 69.63 696.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 96.43 696.10 Td (are ) Tj ET Q q 0 0 0 rg BT 111.55 696.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 141.11 696.10 Td (by ) Tj ET Q q 0 0 0 rg BT 154.02 696.10 Td (using ) Tj ET Q q 0 0 0 rg BT 178.60 696.10 Td (either ) Tj ET Q q 0 0 0 rg BT 204.28 696.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 229.95 696.10 Td (price ) Tj ET Q q 0 0 0 rg BT 252.84 696.10 Td (quotes ) Tj ET Q q 0 0 0 rg BT 281.86 696.10 Td (or ) Tj ET Q q 0 0 0 rg BT 293.10 696.10 Td (price ) Tj ET Q q 0 0 0 rg BT 316.00 696.10 Td (quotes ) Tj ET Q q 0 0 0 rg BT 345.02 696.10 Td (for ) Tj ET Q q 0 0 0 rg BT 359.59 696.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 409.14 696.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 432.05 696.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 472.72 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.07 696.10 Td (are ) Tj ET Q q 0 0 0 rg BT 505.19 696.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 554.18 696.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 74.22 684.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 85.33 684.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 126.16 684.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 152.00 684.10 Td (include ) Tj ET Q q 0 0 0 rg BT 183.39 684.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 209.24 684.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 241.73 684.10 Td (by ) Tj ET Q q 0 0 0 rg BT 253.68 684.10 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 299.79 684.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 339.50 684.10 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 393.12 684.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 435.33 684.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 465.60 684.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 521.41 684.10 Td (mortgage-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 91.92 672.10 Td (\(CMO\) ) Tj ET Q q 0 0 0 rg BT 132.11 672.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 171.74 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.04 672.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 218.22 672.10 Td (interest-only ) Tj ET Q q 0 0 0 rg BT 270.63 672.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 312.76 672.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 353.51 672.10 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 407.03 672.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 449.16 672.10 Td (CMO ) Tj ET Q q 0 0 0 rg BT 473.81 672.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 513.44 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.75 672.10 Td (interest-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (only ) Tj ET Q q 0 0 0 rg BT 70.10 660.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 110.68 660.10 Td (are ) Tj ET Q q 0 0 0 rg BT 125.70 660.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 155.17 660.10 Td (using ) Tj ET Q q 0 0 0 rg BT 179.66 660.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 214.68 660.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 253.03 660.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 299.16 660.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 325.86 660.10 Td (or ) Tj ET Q q 0 0 0 rg BT 337.00 660.10 Td (other ) Tj ET Q q 0 0 0 rg BT 360.37 660.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 406.50 660.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 436.27 660.10 Td (such ) Tj ET Q q 0 0 0 rg BT 457.42 660.10 Td (as ) Tj ET Q q 0 0 0 rg BT 468.56 660.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 518.58 660.10 Td (speeds ) Tj ET Q q 0 0 0 rg BT 548.06 660.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 87.89 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 102.41 648.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 141.92 648.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 190.31 648.10 Td (as ) Tj ET Q q 0 0 0 rg BT 200.95 648.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 226.02 648.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 237.49 648.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 278.67 648.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 304.87 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 319.39 648.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 348.35 648.10 Td (using ) Tj ET Q q 0 0 0 rg BT 372.33 648.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 417.95 648.10 Td (market ) Tj ET Q q 0 0 0 rg BT 448.03 648.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 477.28 648.10 Td (such ) Tj ET Q q 0 0 0 rg BT 497.92 648.10 Td (as ) Tj ET Q q 0 0 0 rg BT 508.56 648.10 Td (market ) Tj ET Q q 0 0 0 rg BT 538.63 648.10 Td (yields ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 82.14 636.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.68 636.10 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.68 636.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.01 636.10 Td (947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.01 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.10 636.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 156.20 636.10 Td (points ) Tj ET Q q 0 0 0 rg BT 182.74 636.10 Td (\(bps\) ) Tj ET Q q 0 0 0 rg BT 214.27 636.10 Td (on ) Tj ET Q q 0 0 0 rg BT 226.37 636.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 258.45 636.10 Td (over ) Tj ET Q q 0 0 0 rg BT 278.32 636.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 298.20 636.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 332.50 636.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 374.86 636.10 Td (or ) Tj ET Q q 0 0 0 rg BT 385.29 636.10 Td (models ) Tj ET Q q 0 0 0 rg BT 416.27 636.10 Td (based ) Tj ET Q q 0 0 0 rg BT 441.13 636.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 463.23 636.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 512.53 636.10 Td (expectations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 82.55 624.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.49 624.10 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.49 624.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.82 624.10 Td (460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.82 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.32 624.10 Td (Public ) Tj ET Q q 0 0 0 rg BT 163.37 624.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 204.75 624.10 Td (Association ) Tj ET Q q 0 0 0 rg BT 254.47 624.10 Td (\(PSA\) ) Tj ET Q q 0 0 0 rg BT 290.85 624.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 340.55 624.10 Td (levels. ) Tj ET Q q 0 0 0 rg BT 368.70 624.10 Td (These ) Tj ET Q q 0 0 0 rg BT 395.08 624.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 435.34 624.10 Td (are ) Tj ET Q q 0 0 0 rg BT 450.05 624.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 498.63 624.10 Td (as ) Tj ET Q q 0 0 0 rg BT 509.46 624.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 534.72 624.10 Td (II.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 68.93 600.10 Td (government ) Tj ET Q q 0 0 0 rg BT 118.35 600.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 158.88 600.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.88 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.09 600.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 186.08 600.10 Td (government ) Tj ET Q q 0 0 0 rg BT 236.06 600.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 276.03 600.10 Td (include ) Tj ET Q q 0 0 0 rg BT 307.67 600.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 335.44 600.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 360.98 600.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 380.98 600.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 415.39 600.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 455.37 600.10 Td (which ) Tj ET Q q 0 0 0 rg BT 482.01 600.10 Td (are ) Tj ET Q q 0 0 0 rg BT 496.43 600.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 535.84 600.10 Td (valued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (using ) Tj ET Q q 0 0 0 rg BT 73.88 588.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 103.80 588.10 Td (market ) Tj ET Q q 0 0 0 rg BT 134.27 588.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 160.86 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.00 588.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 216.79 588.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 265.58 588.10 Td (as ) Tj ET Q q 0 0 0 rg BT 276.62 588.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 302.09 588.10 Td (I. ) Tj ET Q q 0 0 0 rg BT 310.43 588.10 Td (The ) Tj ET Q q 0 0 0 rg BT 328.69 588.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 370.28 588.10 Td (does ) Tj ET Q q 0 0 0 rg BT 391.32 588.10 Td (not ) Tj ET Q q 0 0 0 rg BT 406.80 588.10 Td (transact ) Tj ET Q q 0 0 0 rg BT 440.61 588.10 Td (in ) Tj ET Q q 0 0 0 rg BT 451.09 588.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 491.56 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.60 588.10 Td (countries ) Tj ET Q q 0 0 0 rg BT 541.96 588.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (than ) Tj ET Q q 0 0 0 rg BT 69.22 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 83.93 576.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 104.22 576.10 Td (government.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 98.61 552.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.61 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.62 552.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 151.84 552.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 190.95 552.10 Td (include ) Tj ET Q q 0 0 0 rg BT 223.39 552.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 255.84 552.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 273.84 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.29 552.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 314.31 552.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 344.27 552.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 376.71 552.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 394.71 552.10 Td (locks, ) Tj ET Q q 0 0 0 rg BT 421.34 552.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 456.56 552.10 Td (futures, ) Tj ET Q q 0 0 0 rg BT 489.84 552.10 Td (options ) Tj ET Q q 0 0 0 rg BT 522.30 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 539.75 552.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (default ) Tj ET Q q 0 0 0 rg BT 79.04 540.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 101.38 540.10 Td (index ) Tj ET Q q 0 0 0 rg BT 125.37 540.10 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 165.62 540.10 Td (These ) Tj ET Q q 0 0 0 rg BT 191.27 540.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 239.72 540.10 Td (derive ) Tj ET Q q 0 0 0 rg BT 266.48 540.10 Td (their ) Tj ET Q q 0 0 0 rg BT 286.59 540.10 Td (value ) Tj ET Q q 0 0 0 rg BT 310.02 540.10 Td (from ) Tj ET Q q 0 0 0 rg BT 331.24 540.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 376.35 540.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 403.96 540.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 442.92 540.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 466.08 540.10 Td (indices ) Tj ET Q q 0 0 0 rg BT 496.18 540.10 Td (or ) Tj ET Q q 0 0 0 rg BT 506.29 540.10 Td (a ) Tj ET Q q 0 0 0 rg BT 512.51 540.10 Td (combination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.39 528.10 Td (these ) Tj ET Q q 0 0 0 rg BT 81.49 528.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 112.64 528.10 Td (The ) Tj ET Q q 0 0 0 rg BT 129.74 528.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 175.87 528.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 202.42 528.10 Td (option ) Tj ET Q q 0 0 0 rg BT 229.54 528.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 271.07 528.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 308.72 528.10 Td (are ) Tj ET Q q 0 0 0 rg BT 322.48 528.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 350.69 528.10 Td (based ) Tj ET Q q 0 0 0 rg BT 375.02 528.10 Td (on ) Tj ET Q q 0 0 0 rg BT 386.57 528.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 415.34 528.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 440.78 528.10 Td (from ) Tj ET Q q 0 0 0 rg BT 461.77 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.54 528.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 514.85 528.10 Td (for ) Tj ET Q q 0 0 0 rg BT 528.07 528.10 Td (identical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.63 516.10 Td (or ) Tj ET Q q 0 0 0 rg BT 86.76 516.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 126.78 516.10 Td (as ) Tj ET Q q 0 0 0 rg BT 137.91 516.10 Td (of ) Tj ET Q q 0 0 0 rg BT 149.05 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.06 516.10 Td (period-end ) Tj ET Q q 0 0 0 rg BT 210.18 516.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 231.94 516.10 Td (T) Tj ET Q q 0 0 0 rg BT 237.35 516.10 Td (o ) Tj ET Q q 0 0 0 rg BT 245.15 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.17 516.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 287.40 516.10 Td (these ) Tj ET Q q 0 0 0 rg BT 310.75 516.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 349.65 516.10 Td (are ) Tj ET Q q 0 0 0 rg BT 364.65 516.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 399.11 516.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 426.89 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.13 516.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 484.15 516.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 534.72 516.10 Td (are ) Tj ET Q q 0 0 0 rg BT 549.73 516.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (applied, ) Tj ET Q q 0 0 0 rg BT 82.92 504.10 Td (they ) Tj ET Q q 0 0 0 rg BT 101.63 504.10 Td (are ) Tj ET Q q 0 0 0 rg BT 115.33 504.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 162.90 504.10 Td (as ) Tj ET Q q 0 0 0 rg BT 172.72 504.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 196.97 504.10 Td (I. ) Tj ET Q q 0 0 0 rg BT 204.19 504.10 Td (The ) Tj ET Q q 0 0 0 rg BT 221.23 504.10 Td (Company) Tj ET Q q 0 0 0 rg BT 262.89 504.10 Td (s ) Tj ET Q q 0 0 0 rg BT 268.27 504.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 292.53 504.10 Td (default ) Tj ET Q q 0 0 0 rg BT 321.78 504.10 Td (swap ) Tj ET Q q 0 0 0 rg BT 343.82 504.10 Td (index ) Tj ET Q q 0 0 0 rg BT 367.53 504.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 405.12 504.10 Td (are ) Tj ET Q q 0 0 0 rg BT 418.81 504.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 446.96 504.10 Td (using ) Tj ET Q q 0 0 0 rg BT 470.12 504.10 Td (market ) Tj ET Q q 0 0 0 rg BT 499.37 504.10 Td (price ) Tj ET Q q 0 0 0 rg BT 520.85 504.10 Td (quotations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.34 492.10 Td (are ) Tj ET Q q 0 0 0 rg BT 80.94 492.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 121.11 492.10 Td (as ) Tj ET Q q 0 0 0 rg BT 131.83 492.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 157.00 492.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 168.38 492.10 Td (The ) Tj ET Q q 0 0 0 rg BT 186.33 492.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 222.61 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.34 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.95 492.10 Td (Company) Tj ET Q q 0 0 0 rg BT 289.62 492.10 Td (s ) Tj ET Q q 0 0 0 rg BT 295.91 492.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 327.74 492.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 345.13 492.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 387.51 492.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 428.50 492.10 Td (including ) Tj ET Q q 0 0 0 rg BT 468.67 492.10 Td (both ) Tj ET Q q 0 0 0 rg BT 488.85 492.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 520.68 492.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 538.06 492.10 Td (swaps ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.80 480.10 Td (interestrate ) Tj ET Q q 0 0 0 rg BT 116.59 480.10 Td (locks,arevalued ) Tj ET Q q 0 0 0 rg BT 186.93 480.10 Td (using ) Tj ET Q q 0 0 0 rg BT 211.46 480.10 Td (marketstandard ) Tj ET Q q 0 0 0 rg BT 278.47 480.10 Td (pricingmodels ) Tj ET Q q 0 0 0 rg BT 341.05 480.10 Td (basedon ) Tj ET Q q 0 0 0 rg BT 379.18 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.27 480.10 Td (net ) Tj ET Q q 0 0 0 rg BT 409.35 480.10 Td (present ) Tj ET Q q 0 0 0 rg BT 441.09 480.10 Td (value ) Tj ET Q q 0 0 0 rg BT 465.61 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.81 480.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 518.00 480.10 Td (future ) Tj ET Q q 0 0 0 rg BT 544.74 480.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 76.15 468.10 Td (The ) Tj ET Q q 0 0 0 rg BT 93.78 468.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 133.07 468.10 Td (models ) Tj ET Q q 0 0 0 rg BT 164.03 468.10 Td (used ) Tj ET Q q 0 0 0 rg BT 184.44 468.10 Td (do ) Tj ET Q q 0 0 0 rg BT 196.52 468.10 Td (not ) Tj ET Q q 0 0 0 rg BT 211.38 468.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 243.45 468.10 Td (material ) Tj ET Q q 0 0 0 rg BT 278.29 468.10 Td (subjectivity ) Tj ET Q q 0 0 0 rg BT 327.03 468.10 Td (as ) Tj ET Q q 0 0 0 rg BT 337.44 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.74 468.10 Td (methodologies ) Tj ET Q q 0 0 0 rg BT 412.70 468.10 Td (do ) Tj ET Q q 0 0 0 rg BT 424.78 468.10 Td (not ) Tj ET Q q 0 0 0 rg BT 439.63 468.10 Td (entail ) Tj ET Q q 0 0 0 rg BT 463.92 468.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 508.21 468.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 548.07 468.10 Td (and ) 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 64.28 456.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 95.16 456.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 122.17 456.10 Td (are ) Tj ET Q q 0 0 0 rg BT 136.93 456.10 Td (market ) Tj ET Q q 0 0 0 rg BT 167.25 456.10 Td (observable, ) Tj ET Q q 0 0 0 rg BT 215.63 456.10 Td (including ) Tj ET Q q 0 0 0 rg BT 255.96 456.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 302.94 456.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 330.21 456.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 352.77 456.10 Td (curves ) Tj ET Q q 0 0 0 rg BT 381.42 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.42 456.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 438.19 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 449.08 456.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 484.53 456.10 Td (. ) Tj ET Q q 0 0 0 rg BT 489.41 456.10 Td (These ) Tj ET Q q 0 0 0 rg BT 515.84 456.10 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (are ) Tj ET Q q 0 0 0 rg BT 63.97 444.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 104.00 444.10 Td (as ) Tj ET Q q 0 0 0 rg BT 114.59 444.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 139.61 444.10 Td (II ) Tj ET Q q 0 0 0 rg BT 148.54 444.10 Td (within ) Tj ET Q q 0 0 0 rg BT 176.35 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.83 444.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 206.97 444.10 Td (value ) Tj ET Q q 0 0 0 rg BT 230.89 444.10 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 267.99 444.10 Td (. ) Tj ET Q q 0 0 0 rg BT 272.76 444.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 304.45 444.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 336.15 444.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 353.40 444.10 Td (locks ) Tj ET Q q 0 0 0 rg BT 376.77 444.10 Td (transact ) Tj ET Q q 0 0 0 rg BT 410.12 444.10 Td (in ) Tj ET Q q 0 0 0 rg BT 420.16 444.10 Td (less ) Tj ET Q q 0 0 0 rg BT 437.43 444.10 Td (active ) Tj ET Q q 0 0 0 rg BT 463.56 444.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 497.48 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.18 444.10 Td (were ) Tj ET Q q 0 0 0 rg BT 535.87 444.10 Td (valued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (using ) Tj ET Q q 0 0 0 rg BT 74.08 432.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 114.21 432.10 Td (models ) Tj ET Q q 0 0 0 rg BT 146.01 432.10 Td (that ) Tj ET Q q 0 0 0 rg BT 163.91 432.10 Td (included ) Tj ET Q q 0 0 0 rg BT 201.26 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.39 432.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 261.52 432.10 Td (mentioned ) Tj ET Q q 0 0 0 rg BT 306.64 432.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 352.87 432.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 380.23 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.58 432.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 427.70 432.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 483.93 432.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 511.29 432.10 Td (that ) Tj ET Q q 0 0 0 rg BT 529.19 432.10 Td (required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 94.21 420.10 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 136.99 420.10 Td (such ) Tj ET Q q 0 0 0 rg BT 157.82 420.10 Td (as ) Tj ET Q q 0 0 0 rg BT 168.65 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.36 420.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 221.97 420.10 Td (over ) Tj ET Q q 0 0 0 rg BT 242.23 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.95 420.10 Td (MMD ) Tj ET Q q 0 0 0 rg BT 284.46 420.10 Td (curve. ) Tj ET Q q 0 0 0 rg BT 311.48 420.10 Td (These ) Tj ET Q q 0 0 0 rg BT 337.86 420.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 387.02 420.10 Td (are ) Tj ET Q q 0 0 0 rg BT 401.73 420.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 442.00 420.10 Td (as ) Tj ET Q q 0 0 0 rg BT 452.83 420.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 478.09 420.10 Td (III. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.76 372.10 Td (Company) Tj ET Q q 0 0 0 rg BT 109.42 372.10 Td (s ) Tj ET Q q 0 0 0 rg BT 116.02 372.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 166.50 372.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 195.87 372.10 Td (at ) Tj ET Q q 0 0 0 rg BT 205.79 372.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.38 372.10 Td (value ) Tj ET Q q 0 0 0 rg BT 246.74 372.10 Td (include ) Tj ET Q q 0 0 0 rg BT 278.89 372.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 306.59 372.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 357.07 372.10 Td (in ) Tj ET Q q 0 0 0 rg BT 367.56 372.10 Td (private ) Tj ET Q q 0 0 0 rg BT 398.03 372.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 443.51 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.65 372.10 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 514.74 372.10 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.41 360.10 Td (public ) Tj ET Q q 0 0 0 rg BT 86.53 360.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 133.93 360.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 183.83 360.10 Td (in ) Tj ET Q q 0 0 0 rg BT 193.74 360.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 235.29 360.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 265.20 360.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 292.05 360.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 328.61 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.07 360.10 Td (public ) Tj ET Q q 0 0 0 rg BT 366.20 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.76 360.10 Td (private ) Tj ET Q q 0 0 0 rg BT 412.66 360.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 457.55 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.12 360.10 Td (private ) Tj ET Q q 0 0 0 rg BT 504.02 360.10 Td (company ) Tj ET Q q 0 0 0 rg BT 542.80 360.10 Td (debt. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 91.20 348.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 118.46 348.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 143.50 348.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 170.77 348.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 220.81 348.10 Td (in ) Tj ET Q q 0 0 0 rg BT 230.87 348.10 Td (public ) Tj ET Q q 0 0 0 rg BT 258.14 348.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 303.17 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.89 348.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 361.58 348.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 391.63 348.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 416.13 348.10 Td (are ) Tj ET Q q 0 0 0 rg BT 430.61 348.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 459.54 348.10 Td (based ) Tj ET Q q 0 0 0 rg BT 484.58 348.10 Td (on ) Tj ET Q q 0 0 0 rg BT 496.86 348.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 526.35 348.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 552.50 348.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (active ) Tj ET Q q 0 0 0 rg BT 75.57 336.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 109.42 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.06 336.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 166.02 336.10 Td (as ) Tj ET Q q 0 0 0 rg BT 176.55 336.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 201.52 336.10 Td (I. ) Tj ET Q q 0 0 0 rg BT 209.54 336.10 Td (Company-owned ) Tj ET Q q 0 0 0 rg BT 280.62 336.10 Td (warrants, ) Tj ET Q q 0 0 0 rg BT 319.75 336.10 Td (which ) Tj ET Q q 0 0 0 rg BT 346.38 336.10 Td (have ) Tj ET Q q 0 0 0 rg BT 367.46 336.10 Td (a ) Tj ET Q q 0 0 0 rg BT 374.10 336.10 Td (cashless ) Tj ET Q q 0 0 0 rg BT 409.06 336.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 444.02 336.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 474.27 336.10 Td (are ) Tj ET Q q 0 0 0 rg BT 488.68 336.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 517.53 336.10 Td (based ) Tj ET Q q 0 0 0 rg BT 542.50 336.10 Td (upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.37 324.10 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 124.79 324.10 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 184.66 324.10 Td (model ) Tj ET Q q 0 0 0 rg BT 212.31 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.40 324.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 259.26 324.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 315.23 324.10 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 344.64 324.10 Td (The ) Tj ET Q q 0 0 0 rg BT 362.84 324.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 404.39 324.10 Td (applies ) Tj ET Q q 0 0 0 rg BT 435.37 324.10 Td (a ) Tj ET Q q 0 0 0 rg BT 442.46 324.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 479.01 324.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 515.55 324.10 Td (to ) Tj ET Q q 0 0 0 rg BT 525.98 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.85 324.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.21 312.10 Td (its ) Tj ET Q q 0 0 0 rg BT 70.04 312.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 105.84 312.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.00 312.10 Td (public ) Tj ET Q q 0 0 0 rg BT 141.37 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.19 312.10 Td (private ) Tj ET Q q 0 0 0 rg BT 186.33 312.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 232.97 312.10 Td (For ) Tj ET Q q 0 0 0 rg BT 248.24 312.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 284.05 312.10 Td (in ) Tj ET Q q 0 0 0 rg BT 293.21 312.10 Td (private ) Tj ET Q q 0 0 0 rg BT 322.35 312.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 368.99 312.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 407.58 312.10 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 459.23 312.10 Td (based ) Tj ET Q q 0 0 0 rg BT 483.38 312.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 504.76 312.10 Td (management) Tj ET Q q 0 0 0 rg BT 558.63 312.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 93.45 300.10 Td (are ) Tj ET Q q 0 0 0 rg BT 109.34 300.10 Td (made ) Tj ET Q q 0 0 0 rg BT 134.67 300.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.13 300.10 Td (account ) Tj ET Q q 0 0 0 rg BT 180.90 300.10 Td (for ) Tj ET Q q 0 0 0 rg BT 196.24 300.10 Td (dif) Tj ET Q q 0 0 0 rg BT 207.17 300.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 244.16 300.10 Td (between ) Tj ET Q q 0 0 0 rg BT 281.15 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.05 300.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 339.04 300.10 Td (security ) Tj ET Q q 0 0 0 rg BT 374.38 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.49 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.39 300.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 433.18 300.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 472.96 300.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 503.85 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 515.86 300.10 Td (comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 97.37 288.10 Td (Company-owned ) Tj ET Q q 0 0 0 rg BT 168.85 288.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 205.89 288.10 Td (are ) Tj ET Q q 0 0 0 rg BT 220.70 288.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 256.62 288.10 Td (as ) Tj ET Q q 0 0 0 rg BT 267.56 288.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 292.93 288.10 Td (III ) Tj ET Q q 0 0 0 rg BT 305.53 288.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 333.96 288.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 384.90 288.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.28 288.10 Td (private ) Tj ET Q q 0 0 0 rg BT 425.65 288.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 471.02 288.10 Td (are ) Tj ET Q q 0 0 0 rg BT 485.83 288.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 515.10 288.10 Td (based ) Tj ET Q q 0 0 0 rg BT 540.47 288.10 Td (on ) Tj ET Q q 0 0 0 rg BT 553.08 288.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 96.56 276.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.51 276.10 Td (each ) Tj ET Q q 0 0 0 rg BT 128.45 276.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 174.39 276.10 Td (security) Tj ET Q q 0 0 0 rg BT 205.40 276.10 Td (, ) Tj ET Q q 0 0 0 rg BT 210.52 276.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 259.80 276.10 Td (rounds ) Tj ET Q q 0 0 0 rg BT 289.64 276.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.59 276.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 343.48 276.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 388.86 276.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 439.25 276.10 Td (and ) Tj ET Q q 0 0 0 rg BT 456.30 276.10 Td (market-based ) Tj ET Q q 0 0 0 rg BT 512.79 276.10 Td (information, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (including ) Tj ET Q q 0 0 0 rg BT 90.83 264.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 141.03 264.10 Td (company ) Tj ET Q q 0 0 0 rg BT 181.25 264.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 235.07 264.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 266.96 264.10 Td (multiples ) Tj ET Q q 0 0 0 rg BT 307.74 264.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 331.57 264.10 Td (multiples ) Tj ET Q q 0 0 0 rg BT 372.35 264.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.24 264.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 419.44 264.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.44 264.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 474.88 264.10 Td (before ) Tj ET Q q 0 0 0 rg BT 503.97 264.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 539.47 264.10 Td (taxes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 101.60 252.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.72 252.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 171.94 252.10 Td (\("EBITDA"\)\) ) Tj ET Q q 0 0 0 rg BT 229.44 252.10 Td (and ) Tj ET Q q 0 0 0 rg BT 246.56 252.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 281.45 252.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.91 252.10 Td (market ) Tj ET Q q 0 0 0 rg BT 322.35 252.10 Td (outlook, ) Tj ET Q q 0 0 0 rg BT 358.09 252.10 Td (among ) Tj ET Q q 0 0 0 rg BT 387.99 252.10 Td (other ) Tj ET Q q 0 0 0 rg BT 411.22 252.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 443.42 252.10 Td (These ) Tj ET Q q 0 0 0 rg BT 469.97 252.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 510.42 252.10 Td (are ) Tj ET Q q 0 0 0 rg BT 525.31 252.10 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 98.08 240.10 Td (as ) Tj ET Q q 0 0 0 rg BT 108.91 240.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 134.17 240.10 Td (III.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 69.62 216.10 Td (V) Tj ET Q q 0 0 0 rg BT 74.62 216.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 94.18 216.10 Td (Option ) Tj ET Q q 0 0 0 rg BT 124.30 216.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.30 216.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.48 216.10 Td (The ) Tj ET Q q 0 0 0 rg BT 149.37 216.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 165.59 216.10 Td (value ) Tj ET Q q 0 0 0 rg BT 189.59 216.10 Td (option ) Tj ET Q q 0 0 0 rg BT 217.49 216.10 Td (permits ) Tj ET Q q 0 0 0 rg BT 249.83 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.39 216.10 Td (irrevocable ) Tj ET Q q 0 0 0 rg BT 311.70 216.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 327.92 216.10 Td (value ) Tj ET Q q 0 0 0 rg BT 351.92 216.10 Td (option ) Tj ET Q q 0 0 0 rg BT 379.82 216.10 Td (election ) Tj ET Q q 0 0 0 rg BT 413.82 216.10 Td (on ) Tj ET Q q 0 0 0 rg BT 426.16 216.10 Td (an ) Tj ET Q q 0 0 0 rg BT 437.94 216.10 Td (instrument-by-instrument ) Tj ET Q q 0 0 0 rg BT 542.49 216.10 Td (basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (at ) Tj ET Q q 0 0 0 rg BT 59.30 204.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 85.21 204.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 133.33 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 144.24 204.10 Td (an ) Tj ET Q q 0 0 0 rg BT 156.26 204.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 178.28 204.10 Td (or ) Tj ET Q q 0 0 0 rg BT 189.19 204.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 222.88 204.10 Td (or ) Tj ET Q q 0 0 0 rg BT 233.79 204.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 256.37 204.10 Td (an ) Tj ET Q q 0 0 0 rg BT 268.39 204.10 Td (event ) Tj ET Q q 0 0 0 rg BT 292.63 204.10 Td (that ) Tj ET Q q 0 0 0 rg BT 310.20 204.10 Td (gives ) Tj ET Q q 0 0 0 rg BT 333.89 204.10 Td (rise ) Tj ET Q q 0 0 0 rg BT 350.91 204.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.27 204.10 Td (a ) Tj ET Q q 0 0 0 rg BT 368.29 204.10 Td (new ) Tj ET Q q 0 0 0 rg BT 387.53 204.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 410.11 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.02 204.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 467.47 204.10 Td (for ) Tj ET Q q 0 0 0 rg BT 481.71 204.10 Td (that ) Tj ET Q q 0 0 0 rg BT 499.29 204.10 Td (instrument. ) Tj ET Q q 0 0 0 rg BT 546.96 204.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.12 192.10 Td (value ) Tj ET Q q 0 0 0 rg BT 88.53 192.10 Td (option ) Tj ET Q q 0 0 0 rg BT 115.83 192.10 Td (was ) Tj ET Q q 0 0 0 rg BT 133.13 192.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 163.19 192.10 Td (for ) Tj ET Q q 0 0 0 rg BT 176.59 192.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 205.54 192.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 244.49 192.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 278.46 192.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.64 192.10 Td (other ) Tj ET Q q 0 0 0 rg BT 316.94 192.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 366.46 192.10 Td (at ) Tj ET Q q 0 0 0 rg BT 375.42 192.10 Td (inception ) Tj ET Q q 0 0 0 rg BT 414.38 192.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.90 192.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 451.18 192.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 491.80 192.10 Td (events ) Tj ET Q q 0 0 0 rg BT 519.10 192.10 Td (in ) Tj ET Q q 0 0 0 rg BT 528.62 192.10 Td (earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (on ) Tj ET Q q 0 0 0 rg BT 61.52 180.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.98 180.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 95.56 180.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 120.08 180.10 Td (Merchant ) Tj ET Q q 0 0 0 rg BT 160.42 180.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 194.66 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.12 180.10 Td (other ) Tj ET Q q 0 0 0 rg BT 233.69 180.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 260.71 180.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 310.51 180.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.86 180.10 Td ($18.4 ) Tj ET Q q 0 0 0 rg BT 345.38 180.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.27 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.30 180.10 Td (and 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(unrealized ) Tj ET Q q 0 0 0 rg BT 340.56 156.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 364.42 156.10 Td (from ) Tj ET Q q 0 0 0 rg BT 386.62 156.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 403.25 156.10 Td (value ) Tj ET Q q 0 0 0 rg BT 427.66 156.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 462.63 156.10 Td (included ) Tj ET Q q 0 0 0 rg BT 499.82 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 510.35 156.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 546.98 156.10 Td (as ) Tj ET Q q 0 0 0 rg BT 558.07 156.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (result ) Tj ET Q q 0 0 0 rg BT 73.98 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 84.57 144.10 Td (electing ) Tj ET Q q 0 0 0 rg BT 118.49 144.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.53 144.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 153.01 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.49 144.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 183.63 144.10 Td (value ) Tj ET Q q 0 0 0 rg BT 207.55 144.10 Td (option ) Tj ET Q q 0 0 0 rg BT 235.37 144.10 Td (to ) Tj ET Q q 0 0 0 rg BT 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 661.6 m 282 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 661.6 m 437 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 661.6 m 500 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 661.6 m 563 661.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.80 676.33 Td (Valuation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.70 676.33 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.45 664.33 Td (Technique) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.35 664.33 Td (Unobservable Input) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.35 664.33 Td (Range) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.60 664.33 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 652.33 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 640.17 Td (Financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 630.22 Td (inventory positions owned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 618.22 Td (Municipal securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 606.22 Td (Tax-exempt securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 606.22 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 606.22 Td (Debtservicecoverageratio \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 606.22 Td (5 - 60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.05 606.22 Td (19.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 594.17 Td (Short-term securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 594.17 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 594.17 Td (Expectedrecoveryrate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 584.22 Td (\(%ofpar\)\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 586.27 Td (66 - 94%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.05 586.27 Td (91.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 572.22 Td (Asset-backed securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 560.17 Td (Collateralized by residential) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 550.22 Td (mortgages) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 552.27 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 552.27 Td (Credit default rates \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 552.27 Td (1 - 8%) 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 292.50 538.22 Td (Prepayment rates \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 538.22 Td (2 - 21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.55 538.22 Td (4.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 526.22 Td (Loss severity \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 526.22 Td (31 - 95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.05 526.22 Td (70.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 514.22 Td (Valuation yields \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 514.22 Td (5 - 6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.55 514.22 Td (5.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 502.22 Td (Derivative contracts:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 490.22 Td (Interest rate locks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 490.22 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 490.22 Td (Premium over the MMD curve\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.10 490.22 Td (0 - 14 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.05 490.22 Td (13.2 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 478.22 Td (Investments at fair value:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 466.17 Td (Warrants in public and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 456.17 Td (private companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 466.17 Td (Black-Scholes option) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 456.17 Td (pricing model) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 456.27 Td (Liquidity discount rates \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 456.27 Td (30 - 40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.05 456.27 Td (30.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 442.17 Td (Warrants in private) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 432.17 Td (companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 442.17 Td (Black-Scholes option) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 432.17 Td (pricing model) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 442.17 Td (Stock volatility factors of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 432.17 Td (comparable companies\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 432.27 Td (21 - 54%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.05 432.27 Td (28.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 418.17 Td (Equity securities in private) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 408.22 Td (companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 410.27 Td (Market approach) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 410.27 Td (Revenue multiple \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.75 410.27 Td (2 - 6 times) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 410.27 Td (4.0 times) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 396.22 Td (EBITDA multiple \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.25 396.22 Td (9 - 12 times) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 396.22 Td (9.5 times) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 372.33 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 359.27 Td (Financial instruments and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 349.27 Td (other inventory positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 339.27 Td (sold, but not yet purchased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 325.22 Td (Derivative contracts:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 313.22 Td (Interest rate locks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 313.22 Td (Discounted cash flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 313.22 Td (Premium over the MMD curve\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.10 313.22 Td (1 - 28 bps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.05 313.22 Td (13.6 bps) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 297.30 Td (Sensitivity ) Tj ET Q q 0 0 0 rg BT 88.74 297.30 Td (of ) Tj ET Q q 0 0 0 rg BT 97.99 297.30 Td (the ) Tj ET Q q 0 0 0 rg BT 111.23 297.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 126.49 297.30 Td (value ) Tj ET Q q 0 0 0 rg BT 148.23 297.30 Td (to ) Tj ET Q q 0 0 0 rg BT 157.48 297.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 189.22 297.30 Td (in ) Tj ET Q q 0 0 0 rg BT 198.47 297.30 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 249.21 297.30 Td (inputs:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 283.50 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 283.50 Td (Significant ) Tj ET Q q 0 0 0 rg BT 108.32 283.50 Td (incr) Tj ET Q q 0 0 0 rg BT 122.48 283.50 Td (ease/\(decr) Tj ET Q q 0 0 0 rg BT 159.63 283.50 Td (ease\) ) Tj ET Q q 0 0 0 rg BT 180.44 283.50 Td (in ) Tj ET Q q 0 0 0 rg BT 189.27 283.50 Td (the ) Tj ET Q q 0 0 0 rg BT 202.08 283.50 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 252.40 283.50 Td (input ) Tj ET Q q 0 0 0 rg BT 272.72 283.50 Td (in ) Tj ET Q q 0 0 0 rg BT 281.54 283.50 Td (isolation ) Tj ET Q q 0 0 0 rg BT 314.87 283.50 Td (would ) Tj ET Q q 0 0 0 rg BT 338.70 283.50 Td (r) Tj ET Q q 0 0 0 rg BT 341.86 283.50 Td (esult ) Tj ET Q q 0 0 0 rg BT 360.68 283.50 Td (in ) Tj ET Q q 0 0 0 rg BT 369.51 283.50 Td (a ) Tj ET Q q 0 0 0 rg BT 375.83 283.50 Td (significantly ) Tj ET Q q 0 0 0 rg BT 422.15 283.50 Td (lower/\(higher\) ) Tj ET Q q 0 0 0 rg BT 476.46 283.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 491.29 283.50 Td (value ) Tj ET Q q 0 0 0 rg BT 512.60 283.50 Td (measur) Tj ET Q q 0 0 0 rg BT 538.77 283.50 Td (ement.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 269.70 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 269.70 Td (Significant ) Tj ET Q q 0 0 0 rg BT 108.32 269.70 Td (incr) Tj ET Q q 0 0 0 rg BT 122.48 269.70 Td (ease/\(decr) Tj ET Q q 0 0 0 rg BT 159.63 269.70 Td (ease\) ) Tj ET Q q 0 0 0 rg BT 180.44 269.70 Td (in ) Tj ET Q q 0 0 0 rg BT 189.27 269.70 Td (the ) Tj ET Q q 0 0 0 rg BT 202.08 269.70 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 252.40 269.70 Td (input ) Tj ET Q q 0 0 0 rg BT 272.72 269.70 Td (in ) Tj ET Q q 0 0 0 rg BT 281.54 269.70 Td (isolation ) Tj ET Q q 0 0 0 rg BT 314.87 269.70 Td (would ) Tj ET Q q 0 0 0 rg BT 338.70 269.70 Td (r) Tj ET Q q 0 0 0 rg BT 341.86 269.70 Td (esult ) Tj ET Q q 0 0 0 rg BT 360.68 269.70 Td (in ) Tj ET Q q 0 0 0 rg BT 369.51 269.70 Td (a ) Tj ET Q q 0 0 0 rg BT 375.83 269.70 Td (significantly ) Tj ET Q q 0 0 0 rg BT 422.15 269.70 Td (higher/\(lower\) ) Tj ET Q q 0 0 0 rg BT 476.46 269.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 491.29 269.70 Td (value ) Tj ET Q q 0 0 0 rg BT 512.60 269.70 Td (measur) Tj ET Q q 0 0 0 rg BT 538.77 269.70 Td (ement.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 255.90 Td (\(3\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 255.90 Td (Significant ) Tj ET Q q 0 0 0 rg BT 107.96 255.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 138.92 255.90 Td (in ) Tj ET Q q 0 0 0 rg BT 147.39 255.90 Td (any ) Tj ET Q q 0 0 0 rg BT 161.85 255.90 Td (of ) Tj ET Q q 0 0 0 rg BT 170.31 255.90 Td (these ) Tj ET Q q 0 0 0 rg BT 190.27 255.90 Td (inputs ) Tj ET Q q 0 0 0 rg BT 213.74 255.90 Td (in ) Tj ET Q q 0 0 0 rg BT 222.21 255.90 Td (isolation ) Tj ET Q q 0 0 0 rg BT 255.18 255.90 Td (could ) Tj ET Q q 0 0 0 rg BT 276.64 255.90 Td (r) Tj ET Q q 0 0 0 rg BT 279.81 255.90 Td (esult ) Tj ET Q q 0 0 0 rg BT 298.27 255.90 Td (in ) Tj ET Q q 0 0 0 rg BT 306.74 255.90 Td (a ) Tj ET Q q 0 0 0 rg BT 312.70 255.90 Td (significantly ) Tj ET Q q 0 0 0 rg BT 358.66 255.90 Td (differ) Tj ET Q q 0 0 0 rg BT 377.83 255.90 Td (ent ) Tj ET Q q 0 0 0 rg BT 390.29 255.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 404.76 255.90 Td (value. ) Tj ET Q q 0 0 0 rg BT 427.96 255.90 Td (Generally) Tj ET Q q 0 0 0 rg BT 463.45 255.90 Td (, ) Tj ET Q q 0 0 0 rg BT 467.17 255.90 Td (a ) Tj ET Q q 0 0 0 rg BT 473.14 255.90 Td (change ) Tj ET Q q 0 0 0 rg BT 500.59 255.90 Td (in ) Tj ET Q q 0 0 0 rg BT 509.06 255.90 Td (the ) Tj ET Q q 0 0 0 rg BT 521.52 255.90 Td (assumption ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 245.10 Td (used ) Tj ET Q q 0 0 0 rg BT 85.71 245.10 Td (for ) Tj ET Q q 0 0 0 rg BT 97.92 245.10 Td (cr) Tj ET Q q 0 0 0 rg BT 105.08 245.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 120.28 245.10 Td (default ) Tj ET Q q 0 0 0 rg BT 146.99 245.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 166.70 245.10 Td (is ) Tj ET Q q 0 0 0 rg BT 174.41 245.10 Td (accompanied ) Tj ET Q q 0 0 0 rg BT 224.10 245.10 Td (by ) Tj ET Q q 0 0 0 rg BT 234.30 245.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.51 245.10 Td (dir) Tj ET Q q 0 0 0 rg BT 250.68 245.10 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 287.88 245.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 315.09 245.10 Td (change ) Tj ET Q q 0 0 0 rg BT 342.79 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.50 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 364.20 245.10 Td (assumption ) Tj ET Q q 0 0 0 rg BT 406.91 245.10 Td (used ) Tj ET Q q 0 0 0 rg BT 425.12 245.10 Td (for ) Tj ET Q q 0 0 0 rg BT 437.33 245.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.04 245.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 465.75 245.10 Td (severity ) Tj ET Q q 0 0 0 rg BT 495.44 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 510.65 245.10 Td (a ) Tj ET Q q 0 0 0 rg BT 516.86 245.10 Td (dir) Tj ET Q q 0 0 0 rg BT 527.03 245.10 Td (ectionally ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 234.30 Td (inverse ) Tj ET Q q 0 0 0 rg BT 95.74 234.30 Td (change ) Tj ET Q q 0 0 0 rg BT 123.98 234.30 Td (in ) Tj ET Q q 0 0 0 rg BT 133.23 234.30 Td (the ) Tj ET Q q 0 0 0 rg BT 146.47 234.30 Td (assumption ) Tj ET Q q 0 0 0 rg BT 189.73 234.30 Td (for ) Tj ET Q q 0 0 0 rg BT 202.48 234.30 Td (valuation ) Tj ET Q q 0 0 0 rg BT 238.73 234.30 Td (yields.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 220.50 Td (\(4\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 220.50 Td (The ) Tj ET Q q 0 0 0 rg BT 82.89 220.50 Td (potential ) Tj ET Q q 0 0 0 rg BT 116.78 220.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 143.17 220.50 Td (of ) Tj ET Q q 0 0 0 rg BT 152.07 220.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 183.45 220.50 Td (in ) Tj ET Q q 0 0 0 rg BT 192.35 220.50 Td (pr) Tj ET Q q 0 0 0 rg BT 200.02 220.50 Td (epayment ) Tj ET Q q 0 0 0 rg BT 236.40 220.50 Td (rates ) Tj ET Q q 0 0 0 rg BT 256.29 220.50 Td (on ) Tj ET Q q 0 0 0 rg BT 267.18 220.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 282.08 220.50 Td (value ) Tj ET Q q 0 0 0 rg BT 303.46 220.50 Td (is ) Tj ET Q q 0 0 0 rg BT 311.36 220.50 Td (dependent ) Tj ET Q q 0 0 0 rg BT 350.24 220.50 Td (on ) Tj ET Q q 0 0 0 rg BT 361.13 220.50 Td (other ) Tj ET Q q 0 0 0 rg BT 382.03 220.50 Td (security-specific ) Tj ET Q q 0 0 0 rg BT 442.89 220.50 Td (factors, ) Tj ET Q q 0 0 0 rg BT 472.04 220.50 Td (such ) Tj ET Q q 0 0 0 rg BT 490.43 220.50 Td (as ) Tj ET Q q 0 0 0 rg BT 500.33 220.50 Td (the ) Tj ET Q q 0 0 0 rg BT 513.22 220.50 Td (par ) Tj ET Q q 0 0 0 rg BT 527.61 220.50 Td (value ) Tj ET Q q 0 0 0 rg BT 549.00 220.50 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 209.70 Td (structur) Tj ET Q q 0 0 0 rg BT 95.67 209.70 Td (e. ) Tj ET Q q 0 0 0 rg BT 104.15 209.70 Td (Changes ) Tj ET Q q 0 0 0 rg BT 137.89 209.70 Td (in ) Tj ET Q q 0 0 0 rg BT 147.12 209.70 Td (the ) Tj ET Q q 0 0 0 rg BT 160.36 209.70 Td (pr) Tj ET Q q 0 0 0 rg BT 168.02 209.70 Td (epayment ) Tj ET Q q 0 0 0 rg BT 204.75 209.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 224.98 209.70 Td (may ) Tj ET Q q 0 0 0 rg BT 242.21 209.70 Td (r) Tj ET Q q 0 0 0 rg BT 245.38 209.70 Td (esult ) Tj ET Q q 0 0 0 rg BT 264.62 209.70 Td (in ) Tj ET Q q 0 0 0 rg BT 273.85 209.70 Td (dir) Tj ET Q q 0 0 0 rg BT 284.02 209.70 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 321.75 209.70 Td (similar ) Tj ET Q q 0 0 0 rg BT 349.49 209.70 Td (or ) Tj ET Q q 0 0 0 rg BT 359.73 209.70 Td (dir) Tj ET Q q 0 0 0 rg BT 369.90 209.70 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 407.62 209.70 Td (inverse ) Tj ET Q q 0 0 0 rg BT 435.85 209.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 467.57 209.70 Td (in ) Tj ET Q q 0 0 0 rg BT 476.81 209.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 492.05 209.70 Td (value ) Tj ET Q q 0 0 0 rg BT 513.78 209.70 Td (depending ) Tj ET Q q 0 0 0 rg BT 553.50 209.70 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 198.90 Td (whether ) Tj ET Q q 0 0 0 rg BT 98.75 198.90 Td (the ) Tj ET Q q 0 0 0 rg BT 111.99 198.90 Td (security ) Tj ET Q q 0 0 0 rg BT 142.73 198.90 Td (trades ) Tj ET Q q 0 0 0 rg BT 167.48 198.90 Td (at ) Tj ET Q q 0 0 0 rg BT 176.73 198.90 Td (a ) Tj ET Q q 0 0 0 rg BT 183.48 198.90 Td (pr) Tj ET Q q 0 0 0 rg BT 191.15 198.90 Td (emium ) Tj ET Q q 0 0 0 rg BT 217.39 198.90 Td (or ) Tj ET Q q 0 0 0 rg BT 227.65 198.90 Td (discount ) Tj ET Q q 0 0 0 rg BT 260.39 198.90 Td (to ) Tj ET Q q 0 0 0 rg BT 269.64 198.90 Td (the ) Tj ET Q q 0 0 0 rg BT 282.89 198.90 Td (par ) Tj ET Q q 0 0 0 rg BT 297.64 198.90 Td (value.) 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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 (Asset-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 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208 469.6 m 273 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 469.6 m 346 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 469.6 m 419 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 469.6 m 492 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 469.6 m 565 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208 397.6 m 273 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 397.6 m 346 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 397.6 m 419 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 397.6 m 492 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208 397.6 m 273 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208 386.6 m 273 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208 384.6 m 273 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 397.6 m 346 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 386.6 m 346 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 384.6 m 346 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 397.6 m 419 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 386.6 m 419 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 384.6 m 419 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 397.6 m 492 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 386.6 m 492 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 384.6 m 492 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 397.6 m 565 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 386.6 m 565 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 384.6 m 565 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208 255.60000000000002 m 273 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208 222.60000000000002 m 273 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208 220.60000000000002 m 273 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 255.60000000000002 m 346 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 222.60000000000002 m 346 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281 220.60000000000002 m 346 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 255.60000000000002 m 419 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 222.60000000000002 m 419 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 220.60000000000002 m 419 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 255.60000000000002 m 492 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 222.60000000000002 m 492 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 220.60000000000002 m 492 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 255.60000000000002 m 565 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 222.60000000000002 m 565 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 220.60000000000002 m 565 220.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.55 676.33 Td (Counterparty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.85 664.33 Td (and Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.60 652.33 Td (Collateral) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 641.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 580.22 Td (39,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 580.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 580.22 Td (14,386) 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 (54,097) 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 314.65 568.22 Td (80,784) 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 533.65 568.22 Td (80,784) 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 (10,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 556.22 Td (100) 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 (10,102) 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 (232,379) 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 (232,379) 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 (459,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 520.22 Td (1,433) 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 (460,865) 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 (61,964) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 508.22 Td (656) 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 (62,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 496.22 Td (Asset-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 332.15 496.22 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 496.22 Td (119,799) 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 (119,811) 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 (304,737) 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 (304,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 472.22 Td (Derivative contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 472.22 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 472.22 Td (351,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 472.22 Td (691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 472.22 Td (\(313,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 472.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 472.22 Td (38,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 460.17 Td (Total financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 450.17 Td (inventory positions owned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 450.27 Td (39,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 450.27 Td (1,515,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 450.27 Td (122,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 450.32 Td (\(313,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 450.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 450.27 Td (1,364,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 424.22 Td (Cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 424.22 Td (101,629) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 424.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 424.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 424.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 424.22 Td (101,629) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 400.22 Td (Investments at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 400.22 Td (20,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 400.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 400.22 Td (49,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 400.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 400.22 Td (69,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 388.22 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.50 388.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 388.22 Td (162,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 388.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 388.22 Td (1,515,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 388.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 388.22 Td (171,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 388.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 388.22 Td (\(313,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 388.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 388.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 388.22 Td (1,535,587) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 364.33 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 352.17 Td (Financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 342.17 Td (inventory positions sold, but not yet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 332.17 Td (purchased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 318.22 Td (Corporate securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 306.22 Td (Equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.50 306.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 306.22 Td (69,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 306.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 306.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 306.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 306.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 306.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 306.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 306.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 306.22 Td (69,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 294.22 Td (Fixed income securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 294.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 294.22 Td (24,021) 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 478.15 294.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 294.22 Td (24,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 282.22 Td (U.S. government agency 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 309.65 282.22 Td (120,084) 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 528.65 282.22 Td (120,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 270.22 Td (U.S. government securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 270.22 Td (291,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 270.22 Td () 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 528.65 270.22 Td (291,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 258.22 Td (Derivative contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 258.22 Td (1,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 258.22 Td (324,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 258.22 Td (6,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 258.22 Td (\(324,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 258.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 258.22 Td (8,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 246.17 Td (Total financial instruments and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 236.17 Td (inventory positions sold, but not yet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 226.17 Td (purchased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.50 226.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 226.27 Td (362,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 226.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 226.27 Td (468,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 226.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 226.27 Td (6,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.50 226.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 226.32 Td (\(324,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 226.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 226.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 226.27 Td (512,833) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 208.30 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 208.30 Td (Repr) Tj ET Q q 0 0 0 rg BT 84.66 208.30 Td (esents ) Tj ET Q q 0 0 0 rg BT 109.31 208.30 Td (cash ) Tj ET Q q 0 0 0 rg BT 128.45 208.30 Td (collateral ) Tj ET Q q 0 0 0 rg BT 166.10 208.30 Td (and ) Tj ET Q q 0 0 0 rg BT 182.25 208.30 Td (the ) Tj ET Q q 0 0 0 rg BT 195.89 208.30 Td (impact ) Tj ET Q q 0 0 0 rg BT 223.04 208.30 Td (of ) Tj ET Q q 0 0 0 rg BT 232.69 208.30 Td (netting ) Tj ET Q q 0 0 0 rg BT 260.33 208.30 Td (on ) Tj ET Q q 0 0 0 rg BT 271.98 208.30 Td (a ) Tj ET Q q 0 0 0 rg BT 279.13 208.30 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 328.27 208.30 Td (basis. ) Tj ET Q q 0 0 0 rg BT 351.68 208.30 Td (The ) Tj ET Q q 0 0 0 rg BT 367.83 208.30 Td (Company ) Tj ET Q q 0 0 0 rg BT 404.97 208.30 Td (had ) Tj ET Q q 0 0 0 rg BT 421.12 208.30 Td (no ) Tj ET Q q 0 0 0 rg BT 432.77 208.30 Td (securities ) Tj ET Q q 0 0 0 rg BT 469.92 208.30 Td (posted ) Tj ET Q q 0 0 0 rg BT 496.06 208.30 Td (as ) Tj ET Q q 0 0 0 rg BT 506.72 208.30 Td (collateral ) Tj ET Q q 0 0 0 rg BT 544.36 208.30 Td (to ) Tj ET Q q 0 0 0 rg BT 554.01 208.30 Td (its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 197.50 Td (counterparties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.50 Td (The ) Tj ET Q q 0 0 0 rg BT 67.20 173.50 Td (Company) Tj ET Q q 0 0 0 rg BT 108.86 173.50 Td (s ) Tj ET Q q 0 0 0 rg BT 114.90 173.50 Td (Level ) Tj ET Q q 0 0 0 rg BT 139.81 173.50 Td (III ) Tj ET Q q 0 0 0 rg BT 151.95 173.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 177.43 173.50 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.01 173.50 Td ($201.0 ) Tj ET Q q 0 0 0 rg BT 228.66 173.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.55 173.50 Td ( ) Tj ET Q q 0 0 0 rg BT 259.70 173.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.28 173.50 Td ($171.9 ) Tj ET Q q 0 0 0 rg BT 305.93 173.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.82 173.50 Td (, ) Tj ET Q q 0 0 0 rg BT 339.47 173.50 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.95 173.50 Td (1) Tj ET Q q 0 0 0 rg BT 354.58 173.50 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 369.23 173.50 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 173.50 Td ( ) Tj ET Q q 0 0 0 rg BT 400.80 173.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.39 173.50 Td (1) Tj ET Q q 0 0 0 rg BT 422.01 173.50 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 436.66 173.50 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.09 173.50 Td ( ) Tj ET Q q 0 0 0 rg BT 468.24 173.50 Td (of ) Tj ET Q q 0 0 0 rg BT 478.71 173.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.84 173.50 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.50 Td (measured ) Tj ET Q q 0 0 0 rg BT 90.43 161.50 Td (at ) Tj ET Q q 0 0 0 rg BT 100.26 161.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 116.75 161.50 Td (value ) Tj ET Q q 0 0 0 rg BT 141.01 161.50 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.84 161.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 209.54 161.50 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.54 161.50 Td ( ) Tj ET Q q 0 0 0 rg BT 232.15 161.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.20 161.50 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.20 161.50 Td (, ) Tj ET Q q 0 0 0 rg BT 274.31 161.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 321.98 161.50 Td (. ) Tj ET Q q 0 0 0 rg BT 326.90 161.50 Td (The ) Tj ET Q q 0 0 0 rg BT 345.06 161.50 Td (value ) Tj ET Q q 0 0 0 rg BT 369.33 161.50 Td (of ) Tj ET Q q 0 0 0 rg BT 380.27 161.50 Td (transfers ) Tj ET Q q 0 0 0 rg BT 417.31 161.50 Td (between ) Tj ET Q q 0 0 0 rg BT 453.24 161.50 Td (levels ) Tj ET Q q 0 0 0 rg BT 479.17 161.50 Td (are ) Tj ET Q q 0 0 0 rg BT 493.99 161.50 Td (recognized ) Tj ET Q q 0 0 0 rg BT 540.47 161.50 Td (at ) Tj ET Q q 0 0 0 rg BT 550.30 161.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.50 Td (beginning ) Tj ET Q q 0 0 0 rg BT 92.43 149.50 Td (of ) Tj ET Q q 0 0 0 rg BT 103.70 149.50 Td (the ) Tj ET Q q 0 0 0 rg BT 118.86 149.50 Td (reporting ) Tj ET Q q 0 0 0 rg BT 158.46 149.50 Td (period. ) Tj ET Q q 0 0 0 rg BT 189.23 149.50 Td (There ) Tj ET Q q 0 0 0 rg BT 215.48 149.50 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.85 149.50 Td ($3.6 ) Tj ET Q q 0 0 0 rg BT 258.29 149.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.18 149.50 Td ( ) Tj ET Q q 0 0 0 rg BT 290.12 149.50 Td (of ) Tj ET Q q 0 0 0 rg BT 301.39 149.50 Td (transfers ) Tj ET Q q 0 0 0 rg BT 338.76 149.50 Td (of ) Tj ET Q q 0 0 0 rg BT 350.03 149.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 387.95 149.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 414.22 149.50 Td (from ) Tj ET Q q 0 0 0 rg BT 436.60 149.50 Td (Level ) Tj ET Q q 0 0 0 rg BT 462.30 149.50 Td (II ) Tj ET Q q 0 0 0 rg BT 471.90 149.50 Td (to ) Tj ET Q q 0 0 0 rg BT 482.62 149.50 Td (Level ) Tj ET Q q 0 0 0 rg BT 508.32 149.50 Td (III ) Tj ET Q q 0 0 0 rg BT 521.25 149.50 Td (during ) 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 (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.71 137.50 Td ( ) Tj ET Q q 0 0 0 rg BT 68.47 137.50 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.12 137.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 151.97 137.50 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.97 137.50 Td (, ) Tj ET Q q 0 0 0 rg BT 176.23 137.50 Td (related ) Tj ET Q q 0 0 0 rg BT 205.20 137.50 Td (to ) Tj ET Q q 0 0 0 rg BT 214.75 137.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 264.29 137.50 Td (for ) Tj ET Q q 0 0 0 rg BT 277.71 137.50 Td (which ) Tj ET Q q 0 0 0 rg BT 303.92 137.50 Td (no ) Tj ET Q q 0 0 0 rg BT 315.69 137.50 Td (recent ) Tj ET Q q 0 0 0 rg BT 341.88 137.50 Td (trade ) Tj ET Q q 0 0 0 rg BT 363.63 137.50 Td (activity ) Tj ET Q q 0 0 0 rg BT 395.39 137.50 Td (was ) Tj ET Q q 0 0 0 rg BT 412.70 137.50 Td (observed ) Tj ET Q q 0 0 0 rg BT 450.57 137.50 Td (and ) Tj ET Q q 0 0 0 rg BT 466.77 137.50 Td (valuation ) Tj ET Q q 0 0 0 rg BT 505.75 137.50 Td (inputs ) Tj ET Q q 0 0 0 rg BT 531.97 137.50 Td (became ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.50 Td (unobservable. ) Tj ET Q q 0 0 0 rg BT 107.95 125.50 Td (There ) Tj ET Q q 0 0 0 rg BT 134.11 125.50 Td (were ) Tj ET Q q 0 0 0 rg BT 156.38 125.50 Td (no ) Tj ET Q q 0 0 0 rg BT 169.22 125.50 Td (other ) Tj ET Q q 0 0 0 rg BT 192.61 125.50 Td (significant ) Tj ET Q q 0 0 0 rg BT 237.66 125.50 Td (transfers ) Tj ET Q q 0 0 0 rg BT 274.93 125.50 Td (between ) Tj ET Q q 0 0 0 rg BT 311.09 125.50 Td (Level ) Tj ET Q q 0 0 0 rg BT 336.70 125.50 Td (I, ) Tj ET Q q 0 0 0 rg BT 345.37 125.50 Td (Level ) Tj ET Q q 0 0 0 rg BT 370.97 125.50 Td (II ) Tj ET Q q 0 0 0 rg BT 380.48 125.50 Td (or ) Tj ET Q q 0 0 0 rg BT 391.65 125.50 Td (Level ) Tj ET Q q 0 0 0 rg BT 417.25 125.50 Td (III ) Tj ET Q q 0 0 0 rg BT 430.09 125.50 Td (for ) Tj ET Q q 0 0 0 rg BT 444.59 125.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 125.50 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.85 125.50 Td ( ) Tj ET Q q 0 0 0 rg BT 479.69 125.50 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.41 125.50 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.50 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 113.50 Td (. ) 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 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 endstream endobj 167 0 obj <>] /Rotate 0 /Contents 168 0 R>> endobj 168 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (83) 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 67.44 708.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.71 708.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 134.43 708.10 Td (summarize ) Tj ET Q q 0 0 0 rg BT 180.69 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.29 708.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 229.89 708.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.06 708.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 256.32 708.10 Td (value ) Tj ET Q q 0 0 0 rg BT 280.37 708.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 323.85 708.10 Td (with ) Tj ET Q q 0 0 0 rg BT 344.02 708.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 369.17 708.10 Td (III ) Tj ET Q q 0 0 0 rg BT 381.55 708.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 418.92 708.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 467.97 708.10 Td (held ) Tj ET Q q 0 0 0 rg BT 487.58 708.10 Td (at ) Tj ET Q q 0 0 0 rg BT 497.19 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.79 708.10 Td (beginning ) 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 (end ) Tj ET Q q 0 0 0 rg BT 66.44 696.10 Td (of ) Tj ET Q q 0 0 0 rg BT 77.27 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.99 696.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 123.92 696.10 Td (presented: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 613.60 90.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 140.00 613.60 48.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.00 613.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 613.60 40.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 613.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 613.60 40.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 613.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 613.60 36.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 613.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 613.60 36.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 613.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 613.60 42.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 613.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 613.60 42.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 613.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 613.60 48.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 613.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 613.60 61.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 569.60 90.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 140.00 569.60 48.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.00 569.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 569.60 40.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 569.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 569.60 40.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 569.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 569.60 36.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 569.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 569.60 36.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 569.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 569.60 42.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 569.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 569.60 42.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 569.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 569.60 48.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 569.60 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 569.60 61.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 537.60 90.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 140.00 537.60 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.00 537.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 537.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 537.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 537.60 40.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 537.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 537.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 537.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 537.60 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 537.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 537.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 537.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 537.60 42.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 537.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 537.60 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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0.8 0.9333333333333333 1 rg /GS0 gs 140.00 349.60 48.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.00 349.60 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 192.00 349.60 40.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 349.60 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 349.60 40.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 349.60 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 349.60 36.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 349.60 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 349.60 36.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 349.60 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 349.60 42.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 349.60 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 349.60 42.00 -34.00 re f /GS0 gs 0.8 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M 140 489.6 m 188 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 489.6 m 232 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 489.6 m 276 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 489.6 m 316 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 489.6 m 356 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 489.6 m 402 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 489.6 m 448 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 489.6 m 500 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 489.6 m 565 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 431.6 m 188 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 431.6 m 232 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 431.6 m 276 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 431.6 m 316 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 431.6 m 356 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 431.6 m 402 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 431.6 m 448 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 431.6 m 500 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 431.6 m 565 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 420.6 m 188 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 418.6 m 188 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 420.6 m 232 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 418.6 m 232 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 420.6 m 276 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 418.6 m 276 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 420.6 m 316 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 418.6 m 316 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 420.6 m 356 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 418.6 m 356 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 420.6 m 402 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 418.6 m 402 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 420.6 m 448 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 418.6 m 448 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 420.6 m 500 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 418.6 m 500 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 420.6 m 565 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 418.6 m 565 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 349.6 m 188 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 349.6 m 232 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 349.6 m 276 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 349.6 m 316 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 349.6 m 356 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 349.6 m 402 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 349.6 m 448 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 349.6 m 500 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 349.6 m 565 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 316.6 m 188 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 314.6 m 188 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 316.6 m 232 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 314.6 m 232 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 316.6 m 276 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 314.6 m 276 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 316.6 m 316 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 314.6 m 316 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 316.6 m 356 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320 314.6 m 356 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 316.6 m 402 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 314.6 m 402 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 316.6 m 448 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 314.6 m 448 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 316.6 m 500 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 314.6 m 500 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 316.6 m 565 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 314.6 m 565 314.6 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 508.10 677.66 Td (Unrealized gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 507.60 665.66 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 368.25 653.65 Td (Realized) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 411.10 653.65 Td (Unrealized) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 459.80 653.66 Td (Balance at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 509.30 653.66 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 284.40 641.65 Td (Transfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 324.40 641.65 Td (Transfers) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 372.10 641.65 Td (gains/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 418.10 641.65 Td (gains/) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 455.15 641.66 Td (December 31,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 513.65 641.66 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 (2013) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 197.50 629.65 Td (Purchases) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 248.10 629.65 Td (Sales) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 294.75 629.65 Td (in) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 333.00 629.65 Td (out) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 364.85 629.65 Td (\(losses\)\(1\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 410.85 629.65 Td (\(losses\)\(1\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 468.50 629.66 Td (2014) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 522.00 629.66 Td (2014 \(1\)) 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 58.50 573.55 Td (Corporate securities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 561.55 Td (Fixed income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.00 553.55 Td (securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 553.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.80 553.83 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 553.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.75 553.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.50 553.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.10 553.85 Td (\(100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 553.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.50 553.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 553.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.50 553.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 553.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 553.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 553.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 553.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 553.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.50 553.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.80 553.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 553.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.80 553.83 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 541.55 Td (Municipal securities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 529.55 Td (Tax-exempt securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 529.68 Td (1,433) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.75 529.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.75 529.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 529.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 529.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 529.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.10 529.55 Td (\(247) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 529.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.75 529.68 Td (1,186) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 547.10 529.73 Td (\(247) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 561.80 529.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.50 517.55 Td (Short-term securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.80 517.68 Td (656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.75 517.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.10 517.55 Td (\(25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 517.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 517.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 517.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 517.55 Td (6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.80 517.55 Td (83) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 517.68 Td (720) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.80 517.68 Td (83) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 505.55 Td (Asset-backed securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 505.68 Td (119,799) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.75 505.55 Td (154,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 244.10 505.55 Td (\(161,962) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 505.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.80 505.55 Td (3,552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 505.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 505.55 Td (9,189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.10 505.55 Td (\(167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 505.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 505.68 Td (124,749) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 543.80 505.68 Td (1,745) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 493.55 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.80 493.68 Td (691) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.75 493.55 Td (3,602) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.75 493.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 493.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 493.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.10 493.55 Td (\(3,602) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.80 493.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.10 493.55 Td (\(551) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 493.55 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 493.68 Td (140) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 549.80 493.68 Td (140) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 481.55 Td (Total financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 473.55 Td (instruments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 465.55 Td (inventory positions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 457.60 Td (owned:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 459.83 Td (122,679) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.75 459.85 Td (157,940) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 244.10 459.85 Td (\(162,087) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 459.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.80 459.85 Td (3,552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 459.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 459.85 Td (5,593) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.10 459.85 Td (\(882) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 459.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 459.83 Td (126,795) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 543.80 459.83 Td (1,721) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 435.55 Td (Investments at fair value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 435.68 Td (49,240) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.75 435.55 Td (21,730) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.10 435.55 Td (\(2,368) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 435.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 435.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 435.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 435.55 Td (2,368) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.75 435.55 Td (3,195) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.75 435.68 Td (74,165) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 543.80 435.68 Td (3,195) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 423.55 Td (Total assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 423.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 423.68 Td (171,919) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 423.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.75 423.55 Td (179,670) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.50 423.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 244.10 423.55 Td (\(164,455) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.80 423.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.50 423.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.80 423.55 Td (3,552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.50 423.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 423.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 423.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 423.55 Td (7,961) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 423.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.75 423.55 Td (2,313) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.50 423.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 423.68 Td (200,960) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 423.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 543.80 423.68 Td (4,916) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 399.68 Td (Liabilities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 387.55 Td (Financial instruments and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 379.55 Td (other inventory) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 371.55 Td (positions sold, but not) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 363.60 Td (yet purchased:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 353.55 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 353.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 353.68 Td (6,643) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 353.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.10 353.55 Td (\(16,751) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.80 353.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.50 353.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.75 353.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.50 353.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 353.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.50 353.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 353.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 353.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 353.55 Td (16,751) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 353.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.75 353.55 Td (1,179) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.50 353.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.75 353.68 Td (7,822) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 353.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 543.80 353.68 Td (7,822) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 341.55 Td (Total financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 333.55 Td (instruments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 325.55 Td (inventory positions sold,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 317.60 Td (but not yet purchased:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 319.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 319.83 Td (6,643) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 319.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.10 319.85 Td (\(16,751) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 228.80 319.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.50 319.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.75 319.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.50 319.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 319.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.50 319.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.80 319.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 319.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.75 319.85 Td (16,751) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 319.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.75 319.85 Td (1,179) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.50 319.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.75 319.83 Td (7,822) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 319.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 543.80 319.83 Td (7,822) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 303.50 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 303.50 Td (Realized ) Tj ET Q q 0 0 0 rg BT 96.54 303.50 Td (and ) Tj ET Q q 0 0 0 rg BT 110.04 303.50 Td (unr) Tj ET Q q 0 0 0 rg BT 120.86 303.50 Td (ealized ) Tj ET Q q 0 0 0 rg BT 145.01 303.50 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 190.51 303.50 Td (r) Tj ET Q q 0 0 0 rg BT 193.32 303.50 Td (elated ) Tj ET Q q 0 0 0 rg BT 214.37 303.50 Td (to ) Tj ET Q q 0 0 0 rg BT 222.09 303.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 252.02 303.50 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 292.86 303.50 Td (with ) Tj ET Q q 0 0 0 rg BT 308.13 303.50 Td (the ) Tj ET Q q 0 0 0 rg BT 319.40 303.50 Td (exception ) Tj ET Q q 0 0 0 rg BT 351.55 303.50 Td (of ) Tj ET Q q 0 0 0 rg BT 359.27 303.50 Td (customer ) Tj ET Q q 0 0 0 rg BT 390.09 303.50 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 436.90 303.50 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 475.50 303.50 Td (ar) Tj ET Q q 0 0 0 rg BT 482.31 303.50 Td (e ) Tj ET Q q 0 0 0 rg BT 487.36 303.50 Td (r) Tj ET Q q 0 0 0 rg BT 490.18 303.50 Td (eported ) Tj ET Q q 0 0 0 rg BT 516.11 303.50 Td (in ) Tj ET Q q 0 0 0 rg BT 523.83 303.50 Td (institutional ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 293.90 Td (br) Tj ET Q q 0 0 0 rg BT 74.32 293.90 Td (okerage ) Tj ET Q q 0 0 0 rg BT 102.12 293.90 Td (on ) Tj ET Q q 0 0 0 rg BT 112.15 293.90 Td (the ) Tj ET Q q 0 0 0 rg BT 123.96 293.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 166.88 293.90 Td (statements ) Tj ET Q q 0 0 0 rg BT 202.68 293.90 Td (of ) Tj ET Q q 0 0 0 rg BT 210.94 293.90 Td (operations. ) Tj ET Q q 0 0 0 rg BT 249.20 293.90 Td (Realized ) Tj ET Q q 0 0 0 rg BT 278.78 293.90 Td (and ) Tj ET Q q 0 0 0 rg BT 292.81 293.90 Td (unr) Tj ET Q q 0 0 0 rg BT 303.63 293.90 Td (ealized ) Tj ET Q q 0 0 0 rg BT 328.32 293.90 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 374.36 293.90 Td (r) Tj ET Q q 0 0 0 rg BT 377.17 293.90 Td (elated ) Tj ET Q q 0 0 0 rg BT 398.75 293.90 Td (to ) Tj ET Q q 0 0 0 rg BT 407.01 293.90 Td (customer ) Tj ET Q q 0 0 0 rg BT 438.37 293.90 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 485.72 293.90 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 522.86 293.90 Td (ar) Tj ET Q q 0 0 0 rg BT 529.67 293.90 Td (e ) Tj ET Q q 0 0 0 rg BT 535.26 293.90 Td (r) Tj ET Q q 0 0 0 rg BT 538.07 293.90 Td (eported ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 284.30 Td (in ) Tj ET Q q 0 0 0 rg BT 75.80 284.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 112.09 284.30 Td (banking. ) Tj ET Q q 0 0 0 rg BT 141.94 284.30 Td (Realized ) Tj ET Q q 0 0 0 rg BT 171.57 284.30 Td (and ) Tj ET Q q 0 0 0 rg BT 185.64 284.30 Td (unr) Tj ET Q q 0 0 0 rg BT 196.46 284.30 Td (ealized ) Tj ET Q q 0 0 0 rg BT 221.20 284.30 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 267.28 284.30 Td (r) Tj ET Q q 0 0 0 rg BT 270.09 284.30 Td (elated ) Tj ET Q q 0 0 0 rg BT 291.72 284.30 Td (to ) Tj ET Q q 0 0 0 rg BT 300.02 284.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 339.42 284.30 Td (ar) Tj ET Q q 0 0 0 rg BT 346.24 284.30 Td (e ) Tj ET Q q 0 0 0 rg BT 351.87 284.30 Td (r) Tj ET Q q 0 0 0 rg BT 354.68 284.30 Td (eported ) Tj ET Q q 0 0 0 rg BT 381.20 284.30 Td (in ) Tj ET Q q 0 0 0 rg BT 389.50 284.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 425.79 284.30 Td (banking ) Tj ET Q q 0 0 0 rg BT 453.64 284.30 Td (r) Tj ET Q q 0 0 0 rg BT 456.46 284.30 Td (evenues ) Tj ET Q q 0 0 0 rg BT 483.85 284.30 Td (or ) Tj ET Q q 0 0 0 rg BT 493.04 284.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 529.33 284.30 Td (income ) Tj ET Q q 0 0 0 rg BT 554.51 284.30 Td (on ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 274.70 Td (the ) Tj ET Q q 0 0 0 rg BT 79.27 274.70 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 122.16 274.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 157.93 274.70 Td (of ) Tj ET Q q 0 0 0 rg BT 166.15 274.70 Td (operations.) 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404 459.5 m 446 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 461.5 m 498 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 459.5 m 498 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 461.5 m 563 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 459.5 m 563 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 391.5 m 188 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 391.5 m 231 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 391.5 m 274 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 391.5 m 314 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 391.5 m 354 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 391.5 m 400 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 391.5 m 446 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 391.5 m 498 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 391.5 m 563 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 356.5 m 188 356.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140 354.5 m 188 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 356.5 m 231 356.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192 354.5 m 231 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 356.5 m 274 356.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 354.5 m 274 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 356.5 m 314 356.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 354.5 m 314 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 356.5 m 354 356.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 354.5 m 354 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 356.5 m 400 356.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 354.5 m 400 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 356.5 m 446 356.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 354.5 m 446 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 356.5 m 498 356.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 354.5 m 498 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 356.5 m 563 356.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 354.5 m 563 354.5 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 (2012) 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 (2013) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.00 658.56 Td (2013 \(1\)) 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 ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.80 587.73 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 587.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.75 587.75 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.50 587.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.75 587.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.50 587.75 Td ($) 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 482.80 587.73 Td (100) 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 (1,429) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.80 564.45 Td (1) 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 438.80 564.45 Td (3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 564.58 Td (1,433) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 555.80 564.58 Td (3) 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 262.75 553.45 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 388.80 553.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.80 553.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.80 553.58 Td (656) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.80 553.58 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 542.45 Td (Asset-backed securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 542.58 Td (116,171) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.75 542.45 Td (227,634) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.10 542.45 Td (\(238,860) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 542.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 542.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 542.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 542.45 Td (17,105) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.10 542.45 Td (\(2,251) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 542.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 542.58 Td (119,799) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 542.58 Td (1,548) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 531.45 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.80 531.58 Td (827) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.80 531.45 Td (5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.10 531.45 Td (\(2,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 531.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 531.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 531.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 531.45 Td (2,377) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 531.45 Td (\(136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 531.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.80 531.58 Td (691) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 547.80 531.58 Td (691) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 520.45 Td (Total financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 512.45 Td (instruments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 504.45 Td (inventory positions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 496.45 Td (owned:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 497.73 Td (119,083) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.75 497.75 Td (227,740) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.10 497.75 Td (\(241,242) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 497.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 497.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 497.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 497.75 Td (19,482) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.10 497.75 Td (\(2,384) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.80 497.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 497.73 Td (122,679) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 497.73 Td (2,242) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 474.45 Td (Investments at fair value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 162.75 474.58 Td (33,245) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.75 474.45 Td (16,825) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.10 474.45 Td (\(10,358) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 474.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 474.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.10 474.45 Td (\(619) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 350.80 474.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 474.45 Td (5,949) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.75 474.45 Td (4,198) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.75 474.58 Td (49,240) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 474.58 Td (4,198) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 463.45 Td (Total assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 463.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 158.75 463.58 Td (152,328) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 463.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.75 463.45 Td (244,565) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.50 463.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.10 463.45 Td (\(251,600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.80 463.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.50 463.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 463.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 463.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.10 463.45 Td (\(619) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 350.80 463.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.50 463.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.75 463.45 Td (25,431) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 463.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.75 463.45 Td (1,814) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 463.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 463.58 Td (171,919) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 463.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 463.58 Td (6,440) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 441.58 Td (Liabilities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 430.45 Td (Financial instruments and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 422.45 Td (other inventory) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 414.45 Td (positions sold, but not) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 406.45 Td (yet purchased:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.50 394.45 Td (Derivative contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 394.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 394.58 Td (5,218) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 394.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 207.10 394.45 Td (\(5,702) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.80 394.45 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.50 394.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.75 394.45 Td (457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.50 394.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 394.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 394.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 394.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.50 394.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 394.45 Td (5,232) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 394.45 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.75 394.45 Td (1,438) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 394.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 394.58 Td (6,643) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 394.58 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 394.58 Td (6,643) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 383.45 Td (Total financial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 375.45 Td (instruments and other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 367.45 Td (inventory positions sold,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 359.45 Td (but not yet purchased:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.50 359.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 166.75 359.73 Td (5,218) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.50 359.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 207.10 359.75 Td (\(5,702) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.80 359.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.50 359.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.75 359.75 Td (457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.50 359.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 359.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 359.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 359.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.50 359.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.75 359.75 Td (5,232) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 359.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.75 359.75 Td (1,438) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 359.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 359.73 Td (6,643) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.50 359.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.80 359.73 Td (6,643) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 343.40 Td (\(1\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 343.40 Td (Realized ) Tj ET Q q 0 0 0 rg BT 96.46 343.40 Td (and ) Tj ET Q q 0 0 0 rg BT 109.88 343.40 Td (unr) Tj ET Q q 0 0 0 rg BT 120.70 343.40 Td (ealized ) Tj ET Q q 0 0 0 rg BT 144.78 343.40 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 190.20 343.40 Td (r) Tj ET Q q 0 0 0 rg BT 193.01 343.40 Td (elated ) Tj ET Q q 0 0 0 rg BT 213.98 343.40 Td (to ) Tj ET Q q 0 0 0 rg BT 221.62 343.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 251.48 343.40 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 292.23 343.40 Td (with ) Tj ET Q q 0 0 0 rg BT 307.43 343.40 Td (the ) Tj ET Q q 0 0 0 rg BT 318.62 343.40 Td (exception ) Tj ET Q q 0 0 0 rg BT 350.69 343.40 Td (of ) Tj ET Q q 0 0 0 rg BT 358.33 343.40 Td ( ) Tj ET Q q 0 0 0 rg BT 359.75 343.40 Td (customer ) Tj ET Q q 0 0 0 rg BT 390.49 343.40 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 437.23 343.40 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 475.74 343.40 Td (ar) Tj ET Q q 0 0 0 rg BT 482.56 343.40 Td (e ) Tj ET Q q 0 0 0 rg BT 487.53 343.40 Td (r) Tj ET Q q 0 0 0 rg BT 490.34 343.40 Td (eported ) Tj ET Q q 0 0 0 rg BT 516.20 343.40 Td (in ) Tj ET Q q 0 0 0 rg BT 523.84 343.40 Td (institutional ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 333.80 Td (br) Tj ET Q q 0 0 0 rg BT 74.32 333.80 Td (okerage ) Tj ET Q q 0 0 0 rg BT 102.12 333.80 Td (on ) Tj ET Q q 0 0 0 rg BT 112.15 333.80 Td (the ) Tj ET Q q 0 0 0 rg BT 123.96 333.80 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 166.88 333.80 Td (statements ) Tj ET Q q 0 0 0 rg BT 202.68 333.80 Td (of ) Tj ET Q q 0 0 0 rg BT 210.94 333.80 Td (operations. ) Tj ET Q q 0 0 0 rg BT 249.20 333.80 Td (Realized ) Tj ET Q q 0 0 0 rg BT 278.78 333.80 Td (and ) Tj ET Q q 0 0 0 rg BT 292.81 333.80 Td (unr) Tj ET Q q 0 0 0 rg BT 303.63 333.80 Td (ealized ) Tj ET Q q 0 0 0 rg BT 328.32 333.80 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 374.36 333.80 Td (r) Tj ET Q q 0 0 0 rg BT 377.17 333.80 Td (elated ) Tj ET Q q 0 0 0 rg BT 398.75 333.80 Td (to ) Tj ET Q q 0 0 0 rg BT 407.01 333.80 Td (customer ) Tj ET Q q 0 0 0 rg BT 438.37 333.80 Td (matched-book ) Tj ET Q q 0 0 0 rg BT 485.72 333.80 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 522.86 333.80 Td (ar) Tj ET Q q 0 0 0 rg BT 529.67 333.80 Td (e ) Tj ET Q q 0 0 0 rg BT 535.26 333.80 Td (r) Tj ET Q q 0 0 0 rg BT 538.07 333.80 Td (eported ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 324.20 Td (in ) Tj ET Q q 0 0 0 rg BT 75.80 324.20 Td (investment ) Tj ET Q q 0 0 0 rg BT 112.09 324.20 Td (banking. ) Tj ET Q q 0 0 0 rg BT 141.94 324.20 Td (Realized ) Tj ET Q q 0 0 0 rg BT 171.57 324.20 Td (and ) Tj ET Q q 0 0 0 rg BT 185.64 324.20 Td (unr) Tj ET Q q 0 0 0 rg BT 196.46 324.20 Td (ealized ) Tj ET Q q 0 0 0 rg BT 221.20 324.20 Td (gains/\(losses\) ) Tj ET Q q 0 0 0 rg BT 267.28 324.20 Td (r) Tj ET Q q 0 0 0 rg BT 270.09 324.20 Td (elated ) Tj ET Q q 0 0 0 rg BT 291.72 324.20 Td (to ) Tj ET Q q 0 0 0 rg BT 300.02 324.20 Td (investments ) Tj ET Q q 0 0 0 rg BT 339.42 324.20 Td (ar) Tj ET Q q 0 0 0 rg BT 346.24 324.20 Td (e ) Tj ET Q q 0 0 0 rg BT 351.87 324.20 Td (r) Tj ET Q q 0 0 0 rg BT 354.68 324.20 Td (eported ) Tj ET Q q 0 0 0 rg BT 381.20 324.20 Td (in ) Tj ET Q q 0 0 0 rg BT 389.50 324.20 Td (investment ) Tj ET Q q 0 0 0 rg BT 425.79 324.20 Td (banking ) Tj ET Q q 0 0 0 rg BT 453.64 324.20 Td (r) Tj ET Q q 0 0 0 rg BT 456.46 324.20 Td (evenues ) Tj ET Q q 0 0 0 rg BT 483.85 324.20 Td (or ) Tj ET Q q 0 0 0 rg BT 493.04 324.20 Td (investment ) Tj ET Q q 0 0 0 rg BT 529.33 324.20 Td (income ) Tj ET Q q 0 0 0 rg BT 554.51 324.20 Td (on ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.50 314.60 Td (the ) Tj ET Q q 0 0 0 rg BT 79.27 314.60 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 122.16 314.60 Td (statements ) Tj ET Q q 0 0 0 rg BT 157.93 314.60 Td (of ) Tj ET Q q 0 0 0 rg BT 166.15 314.60 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.60 Td (The ) Tj ET Q q 0 0 0 rg BT 66.80 290.60 Td (carrying ) Tj ET Q q 0 0 0 rg BT 101.87 290.60 Td (values ) Tj ET Q q 0 0 0 rg BT 129.17 290.60 Td (of ) Tj ET Q q 0 0 0 rg BT 139.25 290.60 Td (the ) Tj ET Q q 0 0 0 rg BT 153.22 290.60 Td (Company) Tj ET Q q 0 0 0 rg BT 194.88 290.60 Td (s ) Tj ET Q q 0 0 0 rg BT 200.52 290.60 Td (cash, ) Tj ET Q q 0 0 0 rg BT 222.54 290.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 262.06 290.60 Td (either ) Tj ET Q q 0 0 0 rg BT 286.58 290.60 Td (purchased ) Tj ET Q q 0 0 0 rg BT 328.87 290.60 Td (or ) Tj ET Q q 0 0 0 rg BT 338.95 290.60 Td (sold ) Tj ET Q q 0 0 0 rg BT 357.37 290.60 Td (under ) Tj ET Q q 0 0 0 rg BT 381.89 290.60 Td (agreements ) Tj ET Q q 0 0 0 rg BT 429.17 290.60 Td (to ) Tj ET Q q 0 0 0 rg BT 438.70 290.60 Td (resell, ) Tj ET Q q 0 0 0 rg BT 464.61 290.60 Td (receivables ) Tj ET Q q 0 0 0 rg BT 511.33 290.60 Td (and ) Tj ET Q q 0 0 0 rg BT 527.52 290.60 Td (payables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.60 Td (either ) Tj ET Q q 0 0 0 rg BT 74.67 278.60 Td (from ) Tj ET Q q 0 0 0 rg BT 96.51 278.60 Td (or ) Tj ET Q q 0 0 0 rg BT 107.25 278.60 Td (to ) Tj ET Q q 0 0 0 rg BT 117.43 278.60 Td (customers ) Tj ET Q q 0 0 0 rg BT 160.38 278.60 Td (and ) Tj ET Q q 0 0 0 rg BT 177.22 278.60 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 212.12 278.60 Td (dealers ) Tj ET Q q 0 0 0 rg BT 242.84 278.60 Td (and ) Tj ET Q q 0 0 0 rg BT 259.68 278.60 Td (clearing ) Tj ET Q q 0 0 0 rg BT 294.29 278.60 Td (or) Tj ET Q q 0 0 0 rg BT 302.44 278.60 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 350.39 278.60 Td (and ) Tj ET Q q 0 0 0 rg BT 367.23 278.60 Td (short-term ) Tj ET Q q 0 0 0 rg BT 411.29 278.60 Td (financings ) Tj ET Q q 0 0 0 rg BT 455.35 278.60 Td (approximate ) Tj ET Q q 0 0 0 rg BT 507.73 278.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 524.02 278.60 Td (value ) Tj ET Q q 0 0 0 rg BT 548.08 278.60 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.60 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 266.60 Td (their ) Tj ET Q q 0 0 0 rg BT 80.60 266.60 Td (liquid ) Tj ET Q q 0 0 0 rg BT 106.44 266.60 Td (or ) Tj ET Q q 0 0 0 rg BT 117.27 266.60 Td (short-term ) Tj ET Q q 0 0 0 rg BT 161.42 266.60 Td (nature.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 242.60 Td (Non-Recurring Fair) Tj ET Q q 0 0 0 rg BT 135.13 242.60 Td ( ) Tj ET Q q 0 0 0 rg BT 137.45 242.60 Td (V) Tj ET Q q 0 0 0 rg BT 143.76 242.60 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 196.62 242.60 Td (ement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.60 Td (In ) Tj ET Q q 0 0 0 rg BT 60.88 218.60 Td (2012, ) Tj ET Q q 0 0 0 rg BT 86.44 218.60 Td (the ) Tj ET Q q 0 0 0 rg BT 101.71 218.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 143.65 218.60 Td (recorded ) Tj ET Q q 0 0 0 rg BT 181.68 218.60 Td (a ) Tj ET Q q 0 0 0 rg BT 189.17 218.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 227.78 218.60 Td (impairment ) Tj ET Q q 0 0 0 rg BT 276.94 218.60 Td (char) Tj ET Q q 0 0 0 rg BT 293.96 218.60 Td (ge ) Tj ET Q q 0 0 0 rg BT 306.46 218.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.84 218.60 Td ($5.5 ) Tj ET Q q 0 0 0 rg BT 338.39 218.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.29 218.60 Td ( ) Tj ET Q q 0 0 0 rg BT 370.34 218.60 Td (within ) Tj ET Q q 0 0 0 rg BT 398.95 218.60 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 453.11 218.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 497.82 218.60 Td (representing ) Tj ET Q q 0 0 0 rg BT 550.30 218.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.60 Td (residual ) Tj ET Q q 0 0 0 rg BT 84.02 206.60 Td (value ) Tj ET Q q 0 0 0 rg BT 108.53 206.60 Td (of ) Tj ET Q q 0 0 0 rg BT 119.72 206.60 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 158.14 206.60 Td (attributable ) Tj ET Q q 0 0 0 rg BT 206.54 206.60 Td (to ) Tj ET Q q 0 0 0 rg BT 217.18 206.60 Td (F) Tj ET Q q 0 0 0 rg BT 222.00 206.60 Td (AMCO. ) Tj ET Q q 0 0 0 rg BT 257.16 206.60 Td (The ) Tj ET Q q 0 0 0 rg BT 275.57 206.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 292.31 206.60 Td (value ) Tj ET Q q 0 0 0 rg BT 316.82 206.60 Td (measurement ) Tj ET Q q 0 0 0 rg BT 372.99 206.60 Td (used ) Tj ET Q q 0 0 0 rg BT 394.19 206.60 Td (in ) Tj ET Q q 0 0 0 rg BT 404.83 206.60 Td (the ) Tj ET Q q 0 0 0 rg BT 419.90 206.60 Td (analysis ) Tj ET Q q 0 0 0 rg BT 454.98 206.60 Td (was ) Tj ET Q q 0 0 0 rg BT 473.40 206.60 Td (based ) Tj ET Q q 0 0 0 rg BT 499.02 206.60 Td (on ) Tj ET Q q 0 0 0 rg BT 511.89 206.60 Td (a ) Tj ET Q q 0 0 0 rg BT 519.19 206.60 Td (discounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.98 194.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 93.02 194.60 Td (model ) Tj ET Q q 0 0 0 rg BT 121.73 194.60 Td (and ) Tj ET Q q 0 0 0 rg BT 139.88 194.60 Td (the ) Tj ET Q q 0 0 0 rg BT 155.81 194.60 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 203.39 194.60 Td (pricing ) Tj ET Q q 0 0 0 rg BT 235.43 194.60 Td (for ) Tj ET Q q 0 0 0 rg BT 250.80 194.60 Td (the ) Tj ET Q q 0 0 0 rg BT 266.73 194.60 Td (sale ) Tj ET Q q 0 0 0 rg BT 285.99 194.60 Td (of ) Tj ET Q q 0 0 0 rg BT 298.03 194.60 Td (F) Tj ET Q q 0 0 0 rg BT 302.85 194.60 Td (AMCO. ) Tj ET Q q 0 0 0 rg BT 338.80 194.60 Td (The ) Tj ET Q q 0 0 0 rg BT 358.06 194.60 Td (discounted ) Tj ET Q q 0 0 0 rg BT 405.10 194.60 Td (cash ) Tj ET Q q 0 0 0 rg BT 426.58 194.60 Td (flow ) Tj ET Q q 0 0 0 rg BT 448.62 194.60 Td (model ) Tj ET Q q 0 0 0 rg BT 477.33 194.60 Td (was ) Tj ET Q q 0 0 0 rg BT 496.59 194.60 Td (calculated ) Tj ET Q q 0 0 0 rg BT 540.83 194.60 Td (using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.60 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 105.29 182.60 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 134.71 182.60 Td (such ) Tj ET Q q 0 0 0 rg BT 155.52 182.60 Td (as ) Tj ET Q q 0 0 0 rg BT 166.32 182.60 Td (operational ) Tj ET Q q 0 0 0 rg BT 213.78 182.60 Td (budgets, ) Tj ET Q q 0 0 0 rg BT 249.86 182.60 Td (strategic ) Tj ET Q q 0 0 0 rg BT 286.21 182.60 Td (plans ) Tj ET Q q 0 0 0 rg BT 309.79 182.60 Td (and ) Tj ET Q q 0 0 0 rg BT 326.70 182.60 Td (other ) Tj ET Q q 0 0 0 rg BT 349.72 182.60 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 391.91 182.60 Td (which ) Tj ET Q q 0 0 0 rg BT 418.82 182.60 Td (are ) Tj ET Q q 0 0 0 rg BT 433.51 182.60 Td (classified ) Tj ET Q q 0 0 0 rg BT 473.74 182.60 Td (as ) Tj ET Q q 0 0 0 rg BT 484.55 182.60 Td (Level ) Tj ET Q q 0 0 0 rg BT 509.79 182.60 Td (III ) Tj ET Q q 0 0 0 rg BT 522.25 182.60 Td (within ) Tj ET Q q 0 0 0 rg BT 550.28 182.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.60 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.88 170.60 Td (value ) Tj ET Q q 0 0 0 rg BT 90.03 170.60 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 127.14 170.60 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 146.60 Td (Note 8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.49 146.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.99 146.60 Td (V) Tj ET Q q 0 0 0 rg BT 84.99 146.60 Td (ariable Inter) Tj ET Q q 0 0 0 rg BT 135.44 146.60 Td (est Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.60 146.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.60 Td (The ) Tj ET Q q 0 0 0 rg BT 68.91 122.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 111.16 122.60 Td (has ) Tj ET Q q 0 0 0 rg BT 127.85 122.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 178.98 122.60 Td (in ) Tj ET Q q 0 0 0 rg BT 190.12 122.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 219.03 122.60 Td (acts ) Tj ET Q q 0 0 0 rg BT 237.94 122.60 Td (as ) Tj ET Q q 0 0 0 rg BT 249.63 122.60 Td (the ) Tj ET Q q 0 0 0 rg BT 265.20 122.60 Td (managing ) Tj ET Q q 0 0 0 rg BT 308.00 122.60 Td (partner ) Tj ET Q q 0 0 0 rg BT 339.67 122.60 Td (of ) Tj ET Q q 0 0 0 rg BT 351.37 122.60 Td (various ) Tj ET Q q 0 0 0 rg BT 384.16 122.60 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 438.90 122.60 Td (limited ) Tj ET Q q 0 0 0 rg BT 470.59 122.60 Td (liability ) Tj ET Q q 0 0 0 rg BT 505.06 122.60 Td (companies, ) Tj ET Q q 0 0 0 rg BT 553.69 122.60 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 91.81 110.60 Td (mutual ) Tj ET Q q 0 0 0 rg BT 121.96 110.60 Td (funds. ) Tj ET Q q 0 0 0 rg BT 148.90 110.60 Td (These ) Tj ET Q q 0 0 0 rg BT 175.15 110.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 206.42 110.60 Td (were ) Tj ET Q q 0 0 0 rg BT 228.23 110.60 Td (established ) Tj ET Q q 0 0 0 rg BT 275.05 110.60 Td (for ) Tj ET Q q 0 0 0 rg BT 289.09 110.60 Td (the ) Tj ET Q q 0 0 0 rg BT 303.69 110.60 Td (purpose ) Tj ET Q q 0 0 0 rg BT 337.73 110.60 Td (of ) Tj ET Q q 0 0 0 rg BT 348.45 110.60 Td (investing ) Tj ET Q q 0 0 0 rg BT 387.49 110.60 Td (in ) Tj ET Q q 0 0 0 rg BT 397.65 110.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 437.80 110.60 Td (of ) Tj ET Q q 0 0 0 rg BT 448.51 110.60 Td (public ) Tj ET Q q 0 0 0 rg BT 475.89 110.60 Td (or ) Tj ET Q q 0 0 0 rg BT 486.60 110.60 Td (private ) Tj ET Q q 0 0 0 rg BT 516.75 110.60 Td (companies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.60 Td (or ) Tj ET Q q 0 0 0 rg BT 60.83 98.60 Td (municipal ) Tj ET Q q 0 0 0 rg BT 103.32 98.60 Td (debt ) Tj ET Q q 0 0 0 rg BT 123.04 98.60 Td (obligations ) Tj ET Q q 0 0 0 rg BT 169.98 98.60 Td (and ) Tj ET Q q 0 0 0 rg BT 186.92 98.60 Td (were ) Tj ET Q q 0 0 0 rg BT 208.85 98.60 Td (initially ) Tj ET Q q 0 0 0 rg BT 242.46 98.60 Td (financed ) Tj ET Q q 0 0 0 rg BT 279.38 98.60 Td (through ) Tj ET Q q 0 0 0 rg BT 312.99 98.60 Td (the ) Tj ET Q q 0 0 0 rg BT 327.71 98.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 356.86 98.60 Td (commitments ) Tj ET Q q 0 0 0 rg BT 413.79 98.60 Td (or ) Tj ET Q q 0 0 0 rg BT 424.62 98.60 Td (seed ) Tj ET Q q 0 0 0 rg BT 444.89 98.60 Td (investments ) Tj ET Q q 0 0 0 rg BT 495.17 98.60 Td (of ) Tj ET Q q 0 0 0 rg BT 506.00 98.60 Td (the ) Tj ET Q q 0 0 0 rg BT 520.71 98.60 Td (members. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.60 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 72.42 74.60 Td (are ) Tj ET Q q 0 0 0 rg BT 86.49 74.60 Td (entities ) Tj ET Q q 0 0 0 rg BT 117.24 74.60 Td (in ) Tj ET Q q 0 0 0 rg BT 126.89 74.60 Td (which ) Tj ET Q q 0 0 0 rg BT 153.20 74.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 180.06 74.60 Td (investors ) Tj ET Q q 0 0 0 rg BT 218.03 74.60 Td (lack ) Tj ET Q q 0 0 0 rg BT 236.56 74.60 Td (the ) Tj ET Q q 0 0 0 rg BT 250.64 74.60 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 309.70 74.60 Td (of ) Tj ET Q q 0 0 0 rg BT 319.90 74.60 Td (a ) Tj ET Q q 0 0 0 rg BT 326.20 74.60 Td (controlling ) Tj ET Q q 0 0 0 rg BT 371.95 74.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 408.80 74.60 Td (interest ) Tj ET Q q 0 0 0 rg BT 440.10 74.60 Td (or ) Tj ET Q q 0 0 0 rg BT 450.30 74.60 Td (do ) Tj ET Q q 0 0 0 rg BT 462.17 74.60 Td (not ) Tj ET Q q 0 0 0 rg BT 476.81 74.60 Td (have ) Tj ET Q q 0 0 0 rg BT 497.56 74.60 Td (suf) Tj ET Q q 0 0 0 rg BT 509.60 74.60 Td (ficient ) Tj ET Q q 0 0 0 rg BT 537.01 74.60 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.60 Td (at ) Tj ET Q q 0 0 0 rg BT 59.53 62.60 Td (risk ) Tj ET Q q 0 0 0 rg BT 76.84 62.60 Td (for ) Tj ET Q q 0 0 0 rg BT 90.81 62.60 Td (the ) Tj ET Q q 0 0 0 rg BT 105.34 62.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 130.42 62.60 Td (to ) Tj ET Q q 0 0 0 rg BT 140.51 62.60 Td (finance ) Tj ET Q q 0 0 0 rg BT 172.25 62.60 Td (its ) Tj ET Q q 0 0 0 rg BT 184.01 62.60 Td (activities. ) Tj ET Q q 0 0 0 rg BT 224.75 62.60 Td (The ) Tj ET Q q 0 0 0 rg BT 242.61 62.60 Td (determination ) Tj ET Q q 0 0 0 rg BT 300.45 62.60 Td (as ) Tj ET Q q 0 0 0 rg BT 311.10 62.60 Td (to ) Tj ET Q q 0 0 0 rg BT 321.19 62.60 Td (whether ) Tj ET Q q 0 0 0 rg BT 355.70 62.60 Td (an ) Tj ET Q q 0 0 0 rg BT 367.45 62.60 Td (entity ) Tj ET Q q 0 0 0 rg BT 392.54 62.60 Td (is ) Tj ET Q q 0 0 0 rg BT 401.52 62.60 Td (a ) Tj ET Q q 0 0 0 rg BT 408.10 62.60 Td (VIE ) Tj ET Q q 0 0 0 rg BT 427.07 62.60 Td (is ) Tj ET Q q 0 0 0 rg BT 436.05 62.60 Td (based ) Tj ET Q q 0 0 0 rg BT 461.13 62.60 Td (on ) Tj ET Q q 0 0 0 rg BT 473.44 62.60 Td (the ) Tj ET Q q 0 0 0 rg BT 487.97 62.60 Td (amount ) Tj ET Q q 0 0 0 rg BT 520.28 62.60 Td (and ) Tj ET Q q 0 0 0 rg BT 537.03 62.60 Td (nature ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.60 Td (of ) Tj ET Q q 0 0 0 rg BT 61.55 50.60 Td (the ) Tj ET Q q 0 0 0 rg BT 76.99 50.60 Td (members) Tj ET Q q 0 0 0 rg BT 116.23 50.60 Td ( ) Tj ET Q q 0 0 0 rg BT 119.45 50.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 147.66 50.60 Td (investment ) Tj ET Q q 0 0 0 rg BT 194.76 50.60 Td (in ) Tj ET Q q 0 0 0 rg BT 205.76 50.60 Td (the ) Tj ET Q q 0 0 0 rg BT 221.20 50.60 Td (entity) Tj ET Q q 0 0 0 rg BT 243.32 50.60 Td (. ) Tj ET Q q 0 0 0 rg BT 248.81 50.60 Td (The ) Tj ET Q q 0 0 0 rg BT 267.57 50.60 Td (Company ) Tj ET Q q 0 0 0 rg BT 309.68 50.60 Td (also ) Tj ET Q q 0 0 0 rg BT 329.01 50.60 Td (considers ) Tj ET Q q 0 0 0 rg BT 369.99 50.60 Td (other ) Tj ET Q q 0 0 0 rg BT 393.76 50.60 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 454.17 50.60 Td (such ) Tj ET Q q 0 0 0 rg BT 475.72 50.60 Td (as ) Tj ET Q q 0 0 0 rg BT 487.27 50.60 Td (the ) Tj ET Q q 0 0 0 rg BT 502.70 50.60 Td (power ) Tj ET Q q 0 0 0 rg BT 530.91 50.60 Td (through ) 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 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 endstream endobj 171 0 obj <>] /Rotate 0 /Contents 172 0 R>> endobj 172 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 77.67 708.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 102.57 708.10 Td (or ) Tj ET Q q 0 0 0 rg BT 113.01 708.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 142.90 708.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 167.80 708.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.69 708.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 202.57 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.90 708.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 255.12 708.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.56 708.10 Td (an ) Tj ET Q q 0 0 0 rg BT 277.12 708.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 302.00 708.10 Td (that ) Tj ET Q q 0 0 0 rg BT 319.12 708.10 Td (most ) Tj ET Q q 0 0 0 rg BT 340.68 708.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 392.79 708.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 422.11 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.45 708.10 Td (entity) Tj ET Q q 0 0 0 rg BT 462.00 708.10 Td (s ) Tj ET Q q 0 0 0 rg BT 468.00 708.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 508.99 708.10 Td (performance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.59 696.10 Td (those ) Tj ET Q q 0 0 0 rg BT 90.40 696.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 121.98 696.10 Td (that ) Tj ET Q q 0 0 0 rg BT 139.67 696.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 161.80 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.71 696.10 Td (deferral ) Tj ET Q q 0 0 0 rg BT 210.50 696.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 254.86 696.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 287.55 696.10 Td (by ) Tj ET Q q 0 0 0 rg BT 299.65 696.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 322.35 696.10 Td (2010-10, ) Tj ET Q q 0 0 0 rg BT 360.88 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.79 696.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 417.38 696.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 457.84 696.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 517.73 696.10 Td (such ) Tj ET Q q 0 0 0 rg BT 538.76 696.10 Td (as ) 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 (ability ) Tj ET Q q 0 0 0 rg BT 78.17 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 88.57 684.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 128.40 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.24 684.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 179.18 684.10 Td (making ) Tj ET Q q 0 0 0 rg BT 211.80 684.10 Td (about ) Tj ET Q q 0 0 0 rg BT 236.64 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.48 684.10 Td (entity) Tj ET Q q 0 0 0 rg BT 277.03 684.10 Td (s ) Tj ET Q q 0 0 0 rg BT 283.54 684.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 322.27 684.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.33 684.10 Td (how ) Tj ET Q q 0 0 0 rg BT 359.17 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.01 684.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 399.40 684.10 Td (is ) Tj ET Q q 0 0 0 rg BT 408.70 684.10 Td (financed. ) Tj ET Q q 0 0 0 rg BT 448.05 684.10 Td (The ) Tj ET Q q 0 0 0 rg BT 466.22 684.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 507.73 684.10 Td (has ) Tj ET Q q 0 0 0 rg BT 523.68 684.10 Td (identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 81.47 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.07 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.55 672.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 143.71 672.10 Td (described ) Tj ET Q q 0 0 0 rg BT 186.29 672.10 Td (above ) Tj ET Q q 0 0 0 rg BT 214.43 672.10 Td (as ) Tj ET Q q 0 0 0 rg BT 226.72 672.10 Td (VIEs. ) Tj ET Q q 0 0 0 rg BT 253.74 672.10 Td (These ) Tj ET Q q 0 0 0 rg BT 281.57 672.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 306.39 672.10 Td (had ) Tj ET Q q 0 0 0 rg BT 325.10 672.10 Td (net ) Tj ET Q q 0 0 0 rg BT 341.59 672.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 369.18 672.10 Td (approximating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.77 672.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 453.54 672.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.66 672.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.92 672.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.63 672.10 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 524.40 672.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.51 672.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.78 672.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 107.97 660.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.97 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 129.85 660.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.18 660.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.18 660.10 Td (, ) Tj ET Q q 0 0 0 rg BT 170.56 660.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 218.22 660.10 Td (. ) Tj ET Q q 0 0 0 rg BT 222.47 660.10 Td (The ) Tj ET Q q 0 0 0 rg BT 239.90 660.10 Td (Company) Tj ET Q q 0 0 0 rg BT 281.57 660.10 Td (s ) Tj ET Q q 0 0 0 rg BT 287.34 660.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 325.33 660.10 Td (to ) Tj ET Q q 0 0 0 rg BT 334.99 660.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 352.44 660.10 Td (from ) Tj ET Q q 0 0 0 rg BT 373.76 660.10 Td (these ) Tj ET Q q 0 0 0 rg BT 396.06 660.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 418.49 660.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.05 660.10 Td ($9.0 ) Tj ET Q q 0 0 0 rg BT 446.43 660.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.32 660.10 Td (, ) Tj ET Q q 0 0 0 rg BT 479.71 660.10 Td (which ) Tj ET Q q 0 0 0 rg BT 506.03 660.10 Td (is ) Tj ET Q q 0 0 0 rg BT 514.59 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.69 660.10 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (value ) Tj ET Q q 0 0 0 rg BT 74.36 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.39 648.10 Td (its ) Tj ET Q q 0 0 0 rg BT 97.55 648.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 126.90 648.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 182.38 648.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 220.06 648.10 Td (in ) Tj ET Q q 0 0 0 rg BT 230.54 648.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 281.02 648.10 Td (on ) Tj ET Q q 0 0 0 rg BT 293.72 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.64 648.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 361.89 648.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 406.80 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.84 648.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 455.52 648.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 496.00 648.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.92 648.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 636.10 Td (. ) Tj ET Q q 0 0 0 rg BT 74.82 636.10 Td (The ) Tj ET Q q 0 0 0 rg BT 92.87 636.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 134.25 636.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.19 636.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.19 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.69 636.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 203.41 636.10 Td (related ) Tj ET Q q 0 0 0 rg BT 233.11 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 243.39 636.10 Td (these ) Tj ET Q q 0 0 0 rg BT 266.25 636.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 289.31 636.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.02 636.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 357.61 636.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.61 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.11 636.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.05 636.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.05 636.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.80 612.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.94 612.10 Td (is ) Tj ET Q q 0 0 0 rg BT 117.86 612.10 Td (required ) Tj ET Q q 0 0 0 rg BT 153.43 612.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.46 612.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 211.25 612.10 Td (all ) Tj ET Q q 0 0 0 rg BT 223.34 612.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 246.14 612.10 Td (for ) Tj ET Q q 0 0 0 rg BT 260.06 612.10 Td (which ) Tj ET Q q 0 0 0 rg BT 286.75 612.10 Td (it ) Tj ET Q q 0 0 0 rg BT 294.56 612.10 Td (is ) Tj ET Q q 0 0 0 rg BT 303.48 612.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 349.05 612.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.08 612.10 Td (be ) Tj ET Q q 0 0 0 rg BT 370.77 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.24 612.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 419.14 612.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 463.47 612.10 Td (. ) Tj ET Q q 0 0 0 rg BT 468.05 612.10 Td (The ) Tj ET Q q 0 0 0 rg BT 485.85 612.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 543.64 612.10 Td (as ) Tj ET Q q 0 0 0 rg BT 554.23 612.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 84.64 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.29 600.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 140.60 600.10 Td (is ) Tj ET Q q 0 0 0 rg BT 149.70 600.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 195.45 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.66 600.10 Td (be ) Tj ET Q q 0 0 0 rg BT 217.53 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.17 600.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 266.26 600.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 313.66 600.10 Td (is ) Tj ET Q q 0 0 0 rg BT 322.76 600.10 Td (based ) Tj ET Q q 0 0 0 rg BT 347.96 600.10 Td (on ) Tj ET Q q 0 0 0 rg BT 360.39 600.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 395.03 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.68 600.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 451.00 600.10 Td (has ) Tj ET Q q 0 0 0 rg BT 466.76 600.10 Td (both ) Tj ET Q q 0 0 0 rg BT 486.96 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.61 600.10 Td (power ) Tj ET Q q 0 0 0 rg BT 529.03 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 539.24 600.10 Td (direct ) 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 64.85 588.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 103.59 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 114.56 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.22 588.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 148.52 588.10 Td (that ) Tj ET Q q 0 0 0 rg BT 166.15 588.10 Td (most ) Tj ET Q q 0 0 0 rg BT 188.23 588.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 240.86 588.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 270.71 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.56 588.10 Td (entity) Tj ET Q q 0 0 0 rg BT 311.11 588.10 Td (s ) Tj ET Q q 0 0 0 rg BT 317.64 588.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 359.15 588.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 412.31 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.38 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.24 588.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 487.43 588.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.84 588.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 527.14 588.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 553.67 588.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.10 576.10 Td (right ) Tj ET Q q 0 0 0 rg BT 86.87 576.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.53 576.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 129.28 576.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 163.82 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.03 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.92 576.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 209.46 576.10 Td (that ) Tj ET Q q 0 0 0 rg BT 227.34 576.10 Td (could ) Tj ET Q q 0 0 0 rg BT 252.44 576.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 298.09 576.10 Td (be ) Tj ET Q q 0 0 0 rg BT 310.42 576.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 355.51 576.10 Td (to ) Tj ET Q q 0 0 0 rg BT 366.17 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.06 576.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 403.11 576.10 Td (For ) Tj ET Q q 0 0 0 rg BT 419.88 576.10 Td (those ) Tj ET Q q 0 0 0 rg BT 443.88 576.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 475.64 576.10 Td (that ) Tj ET Q q 0 0 0 rg BT 493.52 576.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 515.84 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.94 576.10 Td (deferral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 94.56 564.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 127.43 564.10 Td (by ) Tj ET Q q 0 0 0 rg BT 139.68 564.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 162.57 564.10 Td (2010-10, ) Tj ET Q q 0 0 0 rg BT 201.28 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 216.38 564.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 274.81 564.10 Td (as ) Tj ET Q q 0 0 0 rg BT 286.02 564.10 Td (to ) Tj ET Q q 0 0 0 rg BT 296.69 564.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 331.78 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.88 564.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 388.66 564.10 Td (is ) Tj ET Q q 0 0 0 rg BT 398.21 564.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 444.41 564.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.08 564.10 Td (be ) Tj ET Q q 0 0 0 rg BT 467.40 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.50 564.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 517.04 564.10 Td (beneficiary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 552.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 78.58 552.10 Td (in ) Tj ET Q q 0 0 0 rg BT 89.01 552.10 Td (that ) Tj ET Q q 0 0 0 rg BT 106.66 552.10 Td (it ) Tj ET Q q 0 0 0 rg BT 114.88 552.10 Td (is ) Tj ET Q q 0 0 0 rg BT 124.21 552.10 Td (based ) Tj ET Q q 0 0 0 rg BT 149.63 552.10 Td (on ) Tj ET Q q 0 0 0 rg BT 162.29 552.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 197.16 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.03 552.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 253.57 552.10 Td (will ) Tj ET Q q 0 0 0 rg BT 271.79 552.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 301.11 552.10 Td (a ) Tj ET Q q 0 0 0 rg BT 308.20 552.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 344.74 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 355.73 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.41 552.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 389.85 552.10 Td (s ) Tj ET Q q 0 0 0 rg BT 396.40 552.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 434.59 552.10 Td (losses, ) Tj ET Q q 0 0 0 rg BT 463.64 552.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 495.16 552.10 Td (a ) Tj ET Q q 0 0 0 rg BT 502.26 552.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 538.79 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.78 552.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 69.44 540.10 Td (s ) Tj ET Q q 0 0 0 rg BT 75.36 540.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 112.92 540.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 146.61 540.10 Td (returns, ) Tj ET Q q 0 0 0 rg BT 178.91 540.10 Td (or ) Tj ET Q q 0 0 0 rg BT 189.27 540.10 Td (both. ) Tj ET Q q 0 0 0 rg BT 211.43 540.10 Td (The ) Tj ET Q q 0 0 0 rg BT 229.01 540.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 269.92 540.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 316.93 540.10 Td (it ) Tj ET Q q 0 0 0 rg BT 324.52 540.10 Td (is ) Tj ET Q q 0 0 0 rg BT 333.22 540.10 Td (not ) Tj ET Q q 0 0 0 rg BT 348.03 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.28 540.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 395.96 540.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 442.96 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.32 540.10 Td (these ) Tj ET Q q 0 0 0 rg BT 475.75 540.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 498.34 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 514.80 540.10 Td (accordingly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (does ) Tj ET Q q 0 0 0 rg BT 71.14 528.10 Td (not ) Tj ET Q q 0 0 0 rg BT 86.73 528.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 135.08 528.10 Td (them. ) Tj ET Q q 0 0 0 rg BT 160.39 528.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 215.68 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.71 528.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 272.40 528.10 Td (has ) Tj ET Q q 0 0 0 rg BT 288.54 528.10 Td (not ) Tj ET Q q 0 0 0 rg BT 304.13 528.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 342.49 528.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 380.28 528.10 Td (or ) Tj ET Q q 0 0 0 rg BT 391.42 528.10 Td (other ) Tj ET Q q 0 0 0 rg BT 414.78 528.10 Td (support ) Tj ET Q q 0 0 0 rg BT 447.59 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 458.18 528.10 Td (these ) Tj ET Q q 0 0 0 rg BT 481.33 528.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 504.69 528.10 Td (that ) Tj ET Q q 0 0 0 rg BT 522.50 528.10 Td (it ) Tj ET Q q 0 0 0 rg BT 530.86 528.10 Td (was ) Tj ET Q q 0 0 0 rg BT 549.23 528.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 94.72 516.10 Td (contractually ) Tj ET Q q 0 0 0 rg BT 149.41 516.10 Td (required ) Tj ET Q q 0 0 0 rg BT 185.23 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.51 516.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 228.55 516.10 Td (as ) Tj ET Q q 0 0 0 rg BT 239.38 516.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.21 516.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 308.80 516.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.80 516.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.76 492.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.86 492.10 Td (has ) Tj ET Q q 0 0 0 rg BT 124.40 492.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 174.38 492.10 Td (in ) Tj ET Q q 0 0 0 rg BT 184.38 492.10 Td (a ) Tj ET Q q 0 0 0 rg BT 191.03 492.10 Td (grantor ) Tj ET Q q 0 0 0 rg BT 222.11 492.10 Td (trust ) Tj ET Q q 0 0 0 rg BT 242.10 492.10 Td (which ) Tj ET Q q 0 0 0 rg BT 268.75 492.10 Td (was ) Tj ET Q q 0 0 0 rg BT 286.52 492.10 Td (established ) Tj ET Q q 0 0 0 rg BT 333.16 492.10 Td (as ) Tj ET Q q 0 0 0 rg BT 343.71 492.10 Td (part ) Tj ET Q q 0 0 0 rg BT 361.46 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.01 492.10 Td (a ) Tj ET Q q 0 0 0 rg BT 378.66 492.10 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 431.41 492.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 466.93 492.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 524.68 492.10 Td (plan. ) Tj ET Q q 0 0 0 rg BT 546.45 492.10 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 90.96 480.10 Td (is ) Tj ET Q q 0 0 0 rg BT 99.70 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.99 480.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 147.72 480.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 194.76 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.17 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.46 480.10 Td (grantor ) Tj ET Q q 0 0 0 rg BT 250.41 480.10 Td (trust. ) Tj ET Q q 0 0 0 rg BT 272.30 480.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 321.63 480.10 Td (, ) Tj ET Q q 0 0 0 rg BT 326.21 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.50 480.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 365.90 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 382.41 480.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 421.70 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.10 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.39 480.10 Td (grantor ) Tj ET Q q 0 0 0 rg BT 477.34 480.10 Td (trust ) Tj ET Q q 0 0 0 rg BT 497.19 480.10 Td (are ) Tj ET Q q 0 0 0 rg BT 511.47 480.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.05 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.31 468.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 117.25 468.10 Td (on ) Tj ET Q q 0 0 0 rg BT 129.29 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.56 468.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 196.15 468.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 240.41 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.78 468.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 287.81 468.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 330.13 468.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.62 468.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 368.10 468.10 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.10 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.15 468.10 Td (for ) Tj ET Q q 0 0 0 rg BT 393.86 468.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 435.90 468.10 Td (information ) Tj ET Q q 0 0 0 rg BT 485.16 468.10 Td (on ) Tj ET Q q 0 0 0 rg BT 497.20 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.47 468.10 Td (nonqualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 85.81 456.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 143.85 456.10 Td (plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.69 432.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.71 432.10 Td (also ) Tj ET Q q 0 0 0 rg BT 126.96 432.10 Td (originates ) Tj ET Q q 0 0 0 rg BT 168.54 432.10 Td (CMOs ) Tj ET Q q 0 0 0 rg BT 197.35 432.10 Td (through ) Tj ET Q q 0 0 0 rg BT 230.60 432.10 Td (secondary ) Tj ET Q q 0 0 0 rg BT 273.28 432.10 Td (market ) Tj ET Q q 0 0 0 rg BT 303.18 432.10 Td (vehicles. ) Tj ET Q q 0 0 0 rg BT 340.43 432.10 Td (The ) Tj ET Q q 0 0 0 rg BT 358.12 432.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 404.84 432.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 421.98 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.45 432.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 450.15 432.10 Td (with ) Tj ET Q q 0 0 0 rg BT 470.07 432.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 500.52 432.10 Td (to ) Tj ET Q q 0 0 0 rg BT 510.44 432.10 Td (these ) Tj ET Q q 0 0 0 rg BT 533.13 432.10 Td (entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 420.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 90.00 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.28 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.00 420.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 131.37 420.10 Td (value ) Tj ET Q q 0 0 0 rg BT 155.53 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.36 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.07 420.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 221.34 420.10 Td (held ) Tj ET Q q 0 0 0 rg BT 241.05 420.10 Td (by ) Tj ET Q q 0 0 0 rg BT 253.55 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.27 420.10 Td (Company) Tj ET Q q 0 0 0 rg BT 306.51 420.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (Note 9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.49 396.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.99 396.10 Td (Receivables fr) Tj ET Q q 0 0 0 rg BT 136.54 396.10 Td (om and Payables to Br) Tj ET Q q 0 0 0 rg BT 227.82 396.10 Td (okers, Dealers and Clearing Or) Tj ET Q q 0 0 0 rg BT 354.94 396.10 Td (ganizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.06 396.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 89.17 372.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 132.75 372.10 Td (from ) Tj ET Q q 0 0 0 rg BT 154.69 372.10 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 189.68 372.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 220.49 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.43 372.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 272.13 372.10 Td (or) Tj ET Q q 0 0 0 rg BT 280.28 372.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 328.33 372.10 Td (included:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 337.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 337.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 337.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 337.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 313.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 313.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 313.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 313.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 289.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 289.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 289.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 289.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 265.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 265.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 265.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 265.60 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 403.5 337.6 m 478.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 337.6 m 561.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 337.6 m 478.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 337.6 m 561.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 265.6 m 478.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 265.6 m 561.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 254.60000000000002 m 478.5 254.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 252.60000000000002 m 478.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 254.60000000000002 m 561.5 254.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 252.60000000000002 m 561.5 252.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.40 352.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 352.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 341.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 340.33 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 340.33 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 328.22 Td (Receivable arising from unsettled securities transactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 328.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 328.33 Td (52,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 328.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 328.22 Td (59,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 316.22 Td (Deposits paid for securities borrowed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 316.33 Td (57,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 316.22 Td (36,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 304.22 Td (Receivable from clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 304.33 Td (4,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 304.22 Td (966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 292.22 Td (Deposits with clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 292.33 Td (33,799) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 292.22 Td (20,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 280.22 Td (Securities failed to deliver) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 280.33 Td (1,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 280.22 Td (593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 268.22 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 268.33 Td (10,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 268.22 Td (8,624) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 256.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 256.33 Td (161,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 256.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 256.22 Td (127,113) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 89.17 230.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 122.76 230.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.04 230.10 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 168.03 230.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 198.85 230.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.79 230.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 250.49 230.10 Td (or) Tj ET Q q 0 0 0 rg BT 258.64 230.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 306.68 230.10 Td (included:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 195.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 195.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 195.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 195.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 171.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 171.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 171.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 171.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 147.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 147.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 147.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 147.60 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 403.5 195.60000000000002 m 478.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 195.60000000000002 m 561.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 195.60000000000002 m 478.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 195.60000000000002 m 561.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 147.60000000000002 m 478.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 147.60000000000002 m 561.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 136.60000000000002 m 478.5 136.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 134.60000000000002 m 478.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 136.60000000000002 m 561.5 136.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 134.60000000000002 m 561.5 134.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.40 210.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 210.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 199.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 198.33 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 198.33 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 186.22 Td (Payable arising from unsettled securities transactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 186.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 186.33 Td (11,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 186.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 186.22 Td (5,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 174.22 Td (Payable to clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 174.33 Td (5,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 174.22 Td (9,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 162.22 Td (Securities failed to receive) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 162.33 Td (2,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 162.22 Td (744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 150.22 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 150.33 Td (6,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 150.22 Td (11,873) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 138.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 138.33 Td (25,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 138.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 138.22 Td (27,722) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 88.45 112.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 109.11 112.10 Td (for ) Tj ET Q q 0 0 0 rg BT 124.22 112.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 165.43 112.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 207.19 112.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 260.62 112.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.28 112.10 Td (market ) Tj ET Q q 0 0 0 rg BT 307.49 112.10 Td (value ) Tj ET Q q 0 0 0 rg BT 332.59 112.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.37 112.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.03 112.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 403.74 112.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 446.62 112.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 472.83 112.10 Td (to ) Tj ET Q q 0 0 0 rg BT 484.06 112.10 Td (deliver ) Tj ET Q q 0 0 0 rg BT 515.27 112.10 Td (and ) Tj ET Q q 0 0 0 rg BT 533.15 112.10 Td (receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 89.15 100.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.86 100.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 138.56 100.10 Td (value ) Tj ET Q q 0 0 0 rg BT 162.72 100.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.55 100.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 213.81 100.10 Td (that ) Tj ET Q q 0 0 0 rg BT 231.31 100.10 Td (have ) Tj ET Q q 0 0 0 rg BT 252.69 100.10 Td (not ) Tj ET Q q 0 0 0 rg BT 267.96 100.10 Td (been ) Tj ET Q q 0 0 0 rg BT 289.34 100.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 329.04 100.10 Td (or ) Tj ET Q q 0 0 0 rg BT 339.87 100.10 Td (received ) Tj ET Q q 0 0 0 rg BT 376.24 100.10 Td (by ) Tj ET Q q 0 0 0 rg BT 388.74 100.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.45 100.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 444.84 100.10 Td (on ) Tj ET Q q 0 0 0 rg BT 457.34 100.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 500.94 100.10 Td (date. ) 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 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 endstream endobj 173 0 obj <>] /Rotate 0 /Contents 174 0 R>> endobj 174 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (86) 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.75 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 88.67 684.75 Td (receivable ) Tj ET Q q 0 0 0 rg BT 132.25 684.75 Td (from ) Tj ET Q q 0 0 0 rg BT 154.19 684.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 197.23 684.75 Td (included:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 651.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 651.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 651.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 651.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 627.25 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 627.25 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 627.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 627.25 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 404 651.25 m 479 651.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 651.25 m 562 651.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 651.25 m 479 651.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 651.25 m 562 651.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 627.25 m 479 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 627.25 m 562 627.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 616.25 m 479 616.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 614.25 m 479 614.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 616.25 m 562 616.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 614.25 m 562 614.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.90 665.03 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 665.03 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 655.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 653.98 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 653.98 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 641.87 Td (Cash accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 641.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 641.98 Td (6,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 641.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 641.87 Td (5,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 629.87 Td (Margin accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 629.98 Td (3,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 629.87 Td (6,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 617.87 Td (Total receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 617.98 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 617.98 Td (9,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 617.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 617.87 Td (11,633) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 591.75 Td (Securities ) Tj ET Q q 0 0 0 rg BT 90.77 591.75 Td (owned ) Tj ET Q q 0 0 0 rg BT 119.27 591.75 Td (by ) Tj ET Q q 0 0 0 rg BT 131.11 591.75 Td (customers ) Tj ET Q q 0 0 0 rg BT 173.49 591.75 Td (are ) Tj ET Q q 0 0 0 rg BT 187.53 591.75 Td (held ) Tj ET Q q 0 0 0 rg BT 206.59 591.75 Td (as ) Tj ET Q q 0 0 0 rg BT 216.76 591.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 255.79 591.75 Td (for ) Tj ET Q q 0 0 0 rg BT 269.29 591.75 Td (mar) Tj ET Q q 0 0 0 rg BT 284.65 591.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 299.27 591.75 Td (loan ) Tj ET Q q 0 0 0 rg BT 318.32 591.75 Td (receivables. ) Tj ET Q q 0 0 0 rg BT 367.50 591.75 Td (This ) Tj ET Q q 0 0 0 rg BT 387.12 591.75 Td (collateral ) Tj ET Q q 0 0 0 rg BT 426.15 591.75 Td (is ) Tj ET Q q 0 0 0 rg BT 434.66 591.75 Td (not ) Tj ET Q q 0 0 0 rg BT 449.27 591.75 Td (reflected ) Tj ET Q q 0 0 0 rg BT 486.08 591.75 Td (on ) Tj ET Q q 0 0 0 rg BT 497.92 591.75 Td (the ) Tj ET Q q 0 0 0 rg BT 511.97 591.75 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 579.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 579.75 Td (statements. ) Tj ET Q q 0 0 0 rg BT 134.19 579.75 Td (Mar) Tj ET Q q 0 0 0 rg BT 150.67 579.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 165.95 579.75 Td (loan ) Tj ET Q q 0 0 0 rg BT 185.67 579.75 Td (receivables ) Tj ET Q q 0 0 0 rg BT 233.14 579.75 Td (earn ) Tj ET Q q 0 0 0 rg BT 252.84 579.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 284.78 579.75 Td (at ) Tj ET Q q 0 0 0 rg BT 294.50 579.75 Td (floating ) Tj ET Q q 0 0 0 rg BT 328.10 579.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 360.03 579.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 381.41 579.75 Td (based ) Tj ET Q q 0 0 0 rg BT 406.68 579.75 Td (on ) Tj ET Q q 0 0 0 rg BT 419.18 579.75 Td (prime ) Tj ET Q q 0 0 0 rg BT 445.00 579.75 Td (rates.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 570.15 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 558.15 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 88.67 558.15 Td (payable ) Tj ET Q q 0 0 0 rg BT 122.26 558.15 Td (to ) Tj ET Q q 0 0 0 rg BT 132.54 558.15 Td (customers ) Tj ET Q q 0 0 0 rg BT 175.59 558.15 Td (included:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 523.65 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 523.65 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 523.65 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 523.65 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 499.65 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 499.65 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 499.65 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 499.65 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 404 523.65 m 479 523.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 523.65 m 562 523.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 523.65 m 479 523.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 523.65 m 562 523.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 499.65 m 479 499.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 499.65 m 562 499.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 488.65 m 479 488.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 486.65 m 479 486.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 488.65 m 562 488.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 486.65 m 562 486.65 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.90 538.38 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 538.38 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 527.60 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 526.38 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 526.38 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 514.27 Td (Cash accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 514.38 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 514.38 Td (13,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 514.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 514.27 Td (30,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 502.27 Td (Margin accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 502.38 Td (156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 502.27 Td (2,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 490.27 Td (Total payables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 490.38 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 490.38 Td (13,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 490.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 490.27 Td (33,109) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.15 Td (Payables ) Tj ET Q q 0 0 0 rg BT 88.81 464.15 Td (to ) Tj ET Q q 0 0 0 rg BT 100.35 464.15 Td (customers ) Tj ET Q q 0 0 0 rg BT 144.67 464.15 Td (primarily ) Tj ET Q q 0 0 0 rg BT 185.64 464.15 Td (comprise ) Tj ET Q q 0 0 0 rg BT 226.06 464.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 257.03 464.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 278.56 464.15 Td (balances ) Tj ET Q q 0 0 0 rg BT 316.75 464.15 Td (in ) Tj ET Q q 0 0 0 rg BT 328.29 464.15 Td (customer ) Tj ET Q q 0 0 0 rg BT 368.71 464.15 Td (accounts ) Tj ET Q q 0 0 0 rg BT 407.46 464.15 Td (consisting ) Tj ET Q q 0 0 0 rg BT 451.79 464.15 Td (of ) Tj ET Q q 0 0 0 rg BT 463.88 464.15 Td (customer ) Tj ET Q q 0 0 0 rg BT 504.30 464.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 530.29 464.15 Td (pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.15 Td (settlement ) Tj ET Q q 0 0 0 rg BT 93.82 452.15 Td (of ) Tj ET Q q 0 0 0 rg BT 105.37 452.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 146.36 452.15 Td (transactions ) Tj ET Q q 0 0 0 rg BT 197.35 452.15 Td (and ) Tj ET Q q 0 0 0 rg BT 215.01 452.15 Td (customer ) Tj ET Q q 0 0 0 rg BT 254.89 452.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 280.33 452.15 Td (on ) Tj ET Q q 0 0 0 rg BT 293.55 452.15 Td (deposit. ) Tj ET Q q 0 0 0 rg BT 328.16 452.15 Td (Except ) Tj ET Q q 0 0 0 rg BT 359.15 452.15 Td (for ) Tj ET Q q 0 0 0 rg BT 374.03 452.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 411.14 452.15 Td (arising ) Tj ET Q q 0 0 0 rg BT 441.58 452.15 Td (from ) Tj ET Q q 0 0 0 rg BT 464.24 452.15 Td (customer ) Tj ET Q q 0 0 0 rg BT 504.12 452.15 Td (short ) Tj ET Q q 0 0 0 rg BT 527.34 452.15 Td (sales, ) Tj ET Q q 0 0 0 rg BT 552.50 452.15 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 85.89 440.15 Td (payable ) Tj ET Q q 0 0 0 rg BT 119.48 440.15 Td (to ) Tj ET Q q 0 0 0 rg BT 129.76 440.15 Td (customers ) Tj ET Q q 0 0 0 rg BT 172.81 440.15 Td (are ) Tj ET Q q 0 0 0 rg BT 187.51 440.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 218.34 440.15 Td (to ) Tj ET Q q 0 0 0 rg BT 228.62 440.15 Td (withdrawal ) Tj ET Q q 0 0 0 rg BT 276.10 440.15 Td (by ) Tj ET Q q 0 0 0 rg BT 288.60 440.15 Td (customers ) Tj ET Q q 0 0 0 rg BT 331.65 440.15 Td (upon ) Tj ET Q q 0 0 0 rg BT 354.15 440.15 Td (their ) Tj ET Q q 0 0 0 rg BT 374.97 440.15 Td (request.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 416.15 Td (Note 1) Tj ET Q q 0 0 0 rg BT 76.44 416.15 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.44 416.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.94 416.15 Td (Collateralized Securities T) Tj ET Q q 0 0 0 rg BT 190.60 416.15 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.27 416.15 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.15 Td (The ) Tj ET Q q 0 0 0 rg BT 67.60 392.15 Td (Company) Tj ET Q q 0 0 0 rg BT 109.27 392.15 Td (s ) Tj ET Q q 0 0 0 rg BT 115.71 392.15 Td (financing ) Tj ET Q q 0 0 0 rg BT 156.03 392.15 Td (and ) Tj ET Q q 0 0 0 rg BT 173.03 392.15 Td (customer ) Tj ET Q q 0 0 0 rg BT 212.24 392.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 252.56 392.15 Td (activities ) Tj ET Q q 0 0 0 rg BT 291.21 392.15 Td (involve ) Tj ET Q q 0 0 0 rg BT 323.76 392.15 Td (the ) Tj ET Q q 0 0 0 rg BT 338.53 392.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 379.97 392.15 Td (using ) Tj ET Q q 0 0 0 rg BT 404.20 392.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 444.52 392.15 Td (as ) Tj ET Q q 0 0 0 rg BT 455.40 392.15 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 497.66 392.15 Td (In ) Tj ET Q q 0 0 0 rg BT 508.54 392.15 Td (the ) Tj ET Q q 0 0 0 rg BT 523.31 392.15 Td (event ) Tj ET Q q 0 0 0 rg BT 547.52 392.15 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.15 Td (the ) Tj ET Q q 0 0 0 rg BT 64.83 380.15 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 118.48 380.15 Td (does ) Tj ET Q q 0 0 0 rg BT 139.93 380.15 Td (not ) Tj ET Q q 0 0 0 rg BT 155.82 380.15 Td (meet ) Tj ET Q q 0 0 0 rg BT 178.37 380.15 Td (its ) Tj ET Q q 0 0 0 rg BT 190.94 380.15 Td (contractual ) Tj ET Q q 0 0 0 rg BT 238.48 380.15 Td (obligation ) Tj ET Q q 0 0 0 rg BT 282.14 380.15 Td (to ) Tj ET Q q 0 0 0 rg BT 293.04 380.15 Td (return ) Tj ET Q q 0 0 0 rg BT 320.03 380.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 360.91 380.15 Td (used ) Tj ET Q q 0 0 0 rg BT 382.36 380.15 Td (as ) Tj ET Q q 0 0 0 rg BT 393.81 380.15 Td (collateral ) Tj ET Q q 0 0 0 rg BT 434.12 380.15 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 457.51 380.15 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 495.06 380.15 Td (to ) Tj ET Q q 0 0 0 rg BT 505.96 380.15 Td (the ) Tj ET Q q 0 0 0 rg BT 521.29 380.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 546.62 380.15 Td (of ) Tj ET Q q 0 0 0 rg BT 558.07 380.15 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.15 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 95.18 368.15 Td (agreement\), ) Tj ET Q q 0 0 0 rg BT 145.03 368.15 Td (or ) Tj ET Q q 0 0 0 rg BT 155.74 368.15 Td (customers ) Tj ET Q q 0 0 0 rg BT 198.67 368.15 Td (do ) Tj ET Q q 0 0 0 rg BT 211.04 368.15 Td (not ) Tj ET Q q 0 0 0 rg BT 226.20 368.15 Td (deposit ) Tj ET Q q 0 0 0 rg BT 257.46 368.15 Td (additional ) Tj ET Q q 0 0 0 rg BT 299.83 368.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 339.97 368.15 Td (or ) Tj ET Q q 0 0 0 rg BT 350.68 368.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 370.83 368.15 Td (for ) Tj ET Q q 0 0 0 rg BT 384.87 368.15 Td (mar) Tj ET Q q 0 0 0 rg BT 400.23 368.15 Td (gin ) Tj ET Q q 0 0 0 rg BT 415.39 368.15 Td (when ) Tj ET Q q 0 0 0 rg BT 439.43 368.15 Td (required, ) Tj ET Q q 0 0 0 rg BT 477.62 368.15 Td (the ) Tj ET Q q 0 0 0 rg BT 492.21 368.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 533.48 368.15 Td (may ) Tj ET Q q 0 0 0 rg BT 553.07 368.15 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.15 Td (exposed ) Tj ET Q q 0 0 0 rg BT 83.85 356.15 Td (to ) Tj ET Q q 0 0 0 rg BT 93.20 356.15 Td (the ) Tj ET Q q 0 0 0 rg BT 107.00 356.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 123.58 356.15 Td (of ) Tj ET Q q 0 0 0 rg BT 133.49 356.15 Td (reacquiring ) Tj ET Q q 0 0 0 rg BT 180.60 356.15 Td (the ) Tj ET Q q 0 0 0 rg BT 194.39 356.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 233.74 356.15 Td (or ) Tj ET Q q 0 0 0 rg BT 243.64 356.15 Td (selling ) Tj ET Q q 0 0 0 rg BT 271.89 356.15 Td (the ) Tj ET Q q 0 0 0 rg BT 285.68 356.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 325.03 356.15 Td (at ) Tj ET Q q 0 0 0 rg BT 333.82 356.15 Td (unfavorable ) Tj ET Q q 0 0 0 rg BT 383.15 356.15 Td (market ) Tj ET Q q 0 0 0 rg BT 412.50 356.15 Td (prices ) Tj ET Q q 0 0 0 rg BT 437.95 356.15 Td (in ) Tj ET Q q 0 0 0 rg BT 447.31 356.15 Td (order ) Tj ET Q q 0 0 0 rg BT 469.99 356.15 Td (to ) Tj ET Q q 0 0 0 rg BT 479.34 356.15 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 507.03 356.15 Td (its ) Tj ET Q q 0 0 0 rg BT 518.06 356.15 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.15 Td (to ) Tj ET Q q 0 0 0 rg BT 60.04 344.15 Td (its ) Tj ET Q q 0 0 0 rg BT 72.25 344.15 Td (customers ) Tj ET Q q 0 0 0 rg BT 115.56 344.15 Td (or ) Tj ET Q q 0 0 0 rg BT 126.65 344.15 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 188.36 344.15 Td (The ) Tj ET Q q 0 0 0 rg BT 206.67 344.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 248.32 344.15 Td (seeks ) Tj ET Q q 0 0 0 rg BT 272.74 344.15 Td (to ) Tj ET Q q 0 0 0 rg BT 283.28 344.15 Td (control ) Tj ET Q q 0 0 0 rg BT 314.37 344.15 Td (this ) Tj ET Q q 0 0 0 rg BT 331.58 344.15 Td (risk ) Tj ET Q q 0 0 0 rg BT 349.34 344.15 Td (by ) Tj ET Q q 0 0 0 rg BT 362.10 344.15 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 409.31 344.15 Td (the ) Tj ET Q q 0 0 0 rg BT 424.29 344.15 Td (market ) Tj ET Q q 0 0 0 rg BT 454.82 344.15 Td (value ) Tj ET Q q 0 0 0 rg BT 479.23 344.15 Td (of ) Tj ET Q q 0 0 0 rg BT 490.33 344.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 530.85 344.15 Td (pledged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.15 Td (or ) Tj ET Q q 0 0 0 rg BT 60.57 332.15 Td (used ) Tj ET Q q 0 0 0 rg BT 81.64 332.15 Td (as ) Tj ET Q q 0 0 0 rg BT 92.71 332.15 Td (collateral ) Tj ET Q q 0 0 0 rg BT 132.64 332.15 Td (on ) Tj ET Q q 0 0 0 rg BT 145.38 332.15 Td (a ) Tj ET Q q 0 0 0 rg BT 152.56 332.15 Td (daily ) Tj ET Q q 0 0 0 rg BT 175.29 332.15 Td (basis ) Tj ET Q q 0 0 0 rg BT 198.03 332.15 Td (and ) Tj ET Q q 0 0 0 rg BT 215.20 332.15 Td (requiring ) Tj ET Q q 0 0 0 rg BT 254.60 332.15 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 305.11 332.15 Td (in ) Tj ET Q q 0 0 0 rg BT 315.63 332.15 Td (the ) Tj ET Q q 0 0 0 rg BT 330.58 332.15 Td (event ) Tj ET Q q 0 0 0 rg BT 354.97 332.15 Td (of ) Tj ET Q q 0 0 0 rg BT 366.04 332.15 Td (excess ) Tj ET Q q 0 0 0 rg BT 394.88 332.15 Td (market ) Tj ET Q q 0 0 0 rg BT 425.38 332.15 Td (exposure. ) Tj ET Q q 0 0 0 rg BT 466.52 332.15 Td (The ) Tj ET Q q 0 0 0 rg BT 484.81 332.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 526.43 332.15 Td (also ) Tj ET Q q 0 0 0 rg BT 545.28 332.15 Td (uses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.15 Td (unaf) Tj ET Q q 0 0 0 rg BT 67.09 320.15 Td (filiated ) Tj ET Q q 0 0 0 rg BT 98.19 320.15 Td (third ) Tj ET Q q 0 0 0 rg BT 119.85 320.15 Td (party ) Tj ET Q q 0 0 0 rg BT 143.17 320.15 Td (custodians ) Tj ET Q q 0 0 0 rg BT 188.17 320.15 Td (to ) Tj ET Q q 0 0 0 rg BT 198.72 320.15 Td (administer ) Tj ET Q q 0 0 0 rg BT 243.71 320.15 Td (the ) Tj ET Q q 0 0 0 rg BT 258.71 320.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 304.81 320.15 Td (collateral ) Tj ET Q q 0 0 0 rg BT 344.78 320.15 Td (for ) Tj ET Q q 0 0 0 rg BT 359.22 320.15 Td (the ) Tj ET Q q 0 0 0 rg BT 374.22 320.15 Td (majority ) Tj ET Q q 0 0 0 rg BT 410.88 320.15 Td (of ) Tj ET Q q 0 0 0 rg BT 421.98 320.15 Td (its ) Tj ET Q q 0 0 0 rg BT 434.21 320.15 Td (short-term ) Tj ET Q q 0 0 0 rg BT 478.64 320.15 Td (financing ) Tj ET Q q 0 0 0 rg BT 519.18 320.15 Td (to ) Tj ET Q q 0 0 0 rg BT 529.74 320.15 Td (mitigate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.15 Td (risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.04 284.15 Td (a ) Tj ET Q q 0 0 0 rg BT 66.68 284.15 Td (reverse ) Tj ET Q q 0 0 0 rg BT 97.76 284.15 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 143.27 284.15 Td (agreement ) Tj ET Q q 0 0 0 rg BT 187.12 284.15 Td (the ) Tj ET Q q 0 0 0 rg BT 201.54 284.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 242.63 284.15 Td (purchases ) Tj ET Q q 0 0 0 rg BT 284.27 284.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 321.46 284.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 370.33 284.15 Td (from ) Tj ET Q q 0 0 0 rg BT 391.98 284.15 Td (a ) Tj ET Q q 0 0 0 rg BT 398.62 284.15 Td (seller) Tj ET Q q 0 0 0 rg BT 419.88 284.15 Td (, ) Tj ET Q q 0 0 0 rg BT 424.58 284.15 Td (typically ) Tj ET Q q 0 0 0 rg BT 461.78 284.15 Td (in ) Tj ET Q q 0 0 0 rg BT 471.77 284.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 511.73 284.15 Td (for ) Tj ET Q q 0 0 0 rg BT 525.59 284.15 Td (cash, ) Tj ET Q q 0 0 0 rg BT 548.07 284.15 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.15 Td (agrees ) Tj ET Q q 0 0 0 rg BT 77.68 272.15 Td (to ) Tj ET Q q 0 0 0 rg BT 88.11 272.15 Td (resell ) Tj ET Q q 0 0 0 rg BT 112.41 272.15 Td (the ) Tj ET Q q 0 0 0 rg BT 127.27 272.15 Td (same ) Tj ET Q q 0 0 0 rg BT 150.46 272.15 Td (or ) Tj ET Q q 0 0 0 rg BT 161.44 272.15 Td (substantially ) Tj ET Q q 0 0 0 rg BT 214.63 272.15 Td (the ) Tj ET Q q 0 0 0 rg BT 229.50 272.15 Td (same ) Tj ET Q q 0 0 0 rg BT 252.69 272.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 290.32 272.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 339.63 272.15 Td (to ) Tj ET Q q 0 0 0 rg BT 350.05 272.15 Td (the ) Tj ET Q q 0 0 0 rg BT 364.91 272.15 Td (seller ) Tj ET Q q 0 0 0 rg BT 389.21 272.15 Td (at ) Tj ET Q q 0 0 0 rg BT 399.08 272.15 Td (a ) Tj ET Q q 0 0 0 rg BT 406.16 272.15 Td (stated ) Tj ET Q q 0 0 0 rg BT 432.13 272.15 Td (price ) Tj ET Q q 0 0 0 rg BT 454.76 272.15 Td (plus ) Tj ET Q q 0 0 0 rg BT 474.08 272.15 Td (accrued ) Tj ET Q q 0 0 0 rg BT 507.81 272.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 539.88 272.15 Td (in ) Tj ET Q q 0 0 0 rg BT 550.31 272.15 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.15 Td (future. ) Tj ET Q q 0 0 0 rg BT 78.03 260.15 Td (In ) Tj ET Q q 0 0 0 rg BT 88.50 260.15 Td (a ) Tj ET Q q 0 0 0 rg BT 95.09 260.15 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 140.54 260.15 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 186.83 260.15 Td (the ) Tj ET Q q 0 0 0 rg BT 201.20 260.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 242.23 260.15 Td (sells ) Tj ET Q q 0 0 0 rg BT 262.16 260.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 299.29 260.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 348.10 260.15 Td (to ) Tj ET Q q 0 0 0 rg BT 358.03 260.15 Td (a ) Tj ET Q q 0 0 0 rg BT 364.62 260.15 Td (buyer) Tj ET Q q 0 0 0 rg BT 386.99 260.15 Td (, ) Tj ET Q q 0 0 0 rg BT 391.63 260.15 Td (typically ) Tj ET Q q 0 0 0 rg BT 428.77 260.15 Td (for ) Tj ET Q q 0 0 0 rg BT 442.58 260.15 Td (cash, ) Tj ET Q q 0 0 0 rg BT 465.00 260.15 Td (and ) Tj ET Q q 0 0 0 rg BT 481.58 260.15 Td (agrees ) Tj ET Q q 0 0 0 rg BT 509.27 260.15 Td (to ) Tj ET Q q 0 0 0 rg BT 519.20 260.15 Td (repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.15 Td (the ) Tj ET Q q 0 0 0 rg BT 63.77 248.15 Td (same ) Tj ET Q q 0 0 0 rg BT 86.37 248.15 Td (or ) Tj ET Q q 0 0 0 rg BT 96.75 248.15 Td (substantially ) Tj ET Q q 0 0 0 rg BT 149.35 248.15 Td (the ) Tj ET Q q 0 0 0 rg BT 163.62 248.15 Td (same ) Tj ET Q q 0 0 0 rg BT 186.22 248.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 223.26 248.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 271.97 248.15 Td (from ) Tj ET Q q 0 0 0 rg BT 293.46 248.15 Td (the ) Tj ET Q q 0 0 0 rg BT 307.73 248.15 Td (buyer ) Tj ET Q q 0 0 0 rg BT 332.55 248.15 Td (at ) Tj ET Q q 0 0 0 rg BT 341.82 248.15 Td (a ) Tj ET Q q 0 0 0 rg BT 348.31 248.15 Td (stated ) Tj ET Q q 0 0 0 rg BT 373.69 248.15 Td (price ) Tj ET Q q 0 0 0 rg BT 395.73 248.15 Td (plus ) Tj ET Q q 0 0 0 rg BT 414.45 248.15 Td (accrued ) Tj ET Q q 0 0 0 rg BT 447.59 248.15 Td (interest ) Tj ET Q q 0 0 0 rg BT 479.07 248.15 Td (at ) Tj ET Q q 0 0 0 rg BT 488.34 248.15 Td (a ) Tj ET Q q 0 0 0 rg BT 494.83 248.15 Td (future ) Tj ET Q q 0 0 0 rg BT 520.76 248.15 Td (date. ) Tj ET Q q 0 0 0 rg BT 541.97 248.15 Td (Even ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.15 Td (though ) Tj ET Q q 0 0 0 rg BT 80.13 236.15 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 126.30 236.15 Td (and ) Tj ET Q q 0 0 0 rg BT 143.59 236.15 Td (reverse ) Tj ET Q q 0 0 0 rg BT 175.32 236.15 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 221.48 236.15 Td (agreements ) Tj ET Q q 0 0 0 rg BT 269.87 236.15 Td (involve ) Tj ET Q q 0 0 0 rg BT 302.72 236.15 Td (the ) Tj ET Q q 0 0 0 rg BT 317.79 236.15 Td (legal ) Tj ET Q q 0 0 0 rg BT 340.08 236.15 Td (transfer ) Tj ET Q q 0 0 0 rg BT 373.47 236.15 Td (of ) Tj ET Q q 0 0 0 rg BT 384.66 236.15 Td (ownership ) Tj ET Q q 0 0 0 rg BT 429.18 236.15 Td (of ) Tj ET Q q 0 0 0 rg BT 440.36 236.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 478.20 236.15 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 530.22 236.15 Td (they ) Tj ET Q q 0 0 0 rg BT 550.30 236.15 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.15 Td (accounted ) Tj ET Q q 0 0 0 rg BT 92.37 224.15 Td (for ) Tj ET Q q 0 0 0 rg BT 106.37 224.15 Td (as ) Tj ET Q q 0 0 0 rg BT 117.04 224.15 Td (financing ) Tj ET Q q 0 0 0 rg BT 157.14 224.15 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 213.34 224.15 Td (because ) Tj ET Q q 0 0 0 rg BT 247.33 224.15 Td (they ) Tj ET Q q 0 0 0 rg BT 266.88 224.15 Td (require ) Tj ET Q q 0 0 0 rg BT 297.54 224.15 Td (the ) Tj ET Q q 0 0 0 rg BT 312.09 224.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 349.41 224.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 398.42 224.15 Td (to ) Tj ET Q q 0 0 0 rg BT 408.53 224.15 Td (be ) Tj ET Q q 0 0 0 rg BT 420.31 224.15 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 470.96 224.15 Td (or ) Tj ET Q q 0 0 0 rg BT 481.62 224.15 Td (resold ) Tj ET Q q 0 0 0 rg BT 508.40 224.15 Td (at ) Tj ET Q q 0 0 0 rg BT 517.96 224.15 Td (maturity ) Tj ET Q q 0 0 0 rg BT 554.18 224.15 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.15 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 212.15 Td (agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.15 Td (In ) Tj ET Q q 0 0 0 rg BT 59.46 188.15 Td (a ) Tj ET Q q 0 0 0 rg BT 65.54 188.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 104.93 188.15 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 144.89 188.15 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 192.89 188.15 Td (the ) Tj ET Q q 0 0 0 rg BT 206.74 188.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 247.26 188.15 Td (borrows ) Tj ET Q q 0 0 0 rg BT 281.67 188.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 321.06 188.15 Td (from ) Tj ET Q q 0 0 0 rg BT 342.14 188.15 Td (a ) Tj ET Q q 0 0 0 rg BT 348.21 188.15 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 400.37 188.15 Td (in ) Tj ET Q q 0 0 0 rg BT 409.79 188.15 Td (exchange ) Tj ET Q q 0 0 0 rg BT 449.17 188.15 Td (for ) Tj ET Q q 0 0 0 rg BT 462.47 188.15 Td (cash. ) Tj ET Q q 0 0 0 rg BT 484.25 188.15 Td (When ) Tj ET Q q 0 0 0 rg BT 509.76 188.15 Td (the ) Tj ET Q q 0 0 0 rg BT 523.61 188.15 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.15 Td (returns ) Tj ET Q q 0 0 0 rg BT 79.77 176.15 Td (the ) Tj ET Q q 0 0 0 rg BT 94.49 176.15 Td (securities, ) Tj ET Q q 0 0 0 rg BT 137.25 176.15 Td (the ) Tj ET Q q 0 0 0 rg BT 151.97 176.15 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 205.00 176.15 Td (returns ) Tj ET Q q 0 0 0 rg BT 235.27 176.15 Td (the ) Tj ET Q q 0 0 0 rg BT 249.98 176.15 Td (cash. ) Tj ET Q q 0 0 0 rg BT 272.75 176.15 Td (Interest ) Tj ET Q q 0 0 0 rg BT 305.24 176.15 Td (is ) Tj ET Q q 0 0 0 rg BT 314.41 176.15 Td (generally ) Tj ET Q q 0 0 0 rg BT 354.11 176.15 Td (paid ) Tj ET Q q 0 0 0 rg BT 373.83 176.15 Td (periodically ) Tj ET Q q 0 0 0 rg BT 424.08 176.15 Td (over ) Tj ET Q q 0 0 0 rg BT 444.35 176.15 Td (the ) Tj ET Q q 0 0 0 rg BT 459.07 176.15 Td (life ) Tj ET Q q 0 0 0 rg BT 474.90 176.15 Td (of ) Tj ET Q q 0 0 0 rg BT 485.73 176.15 Td (the ) Tj ET Q q 0 0 0 rg BT 500.44 176.15 Td (transaction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.15 Td (In ) Tj ET Q q 0 0 0 rg BT 60.43 152.15 Td (the ) Tj ET Q q 0 0 0 rg BT 75.25 152.15 Td (normal ) Tj ET Q q 0 0 0 rg BT 106.18 152.15 Td (course ) Tj ET Q q 0 0 0 rg BT 134.89 152.15 Td (of ) Tj ET Q q 0 0 0 rg BT 145.82 152.15 Td (business, ) Tj ET Q q 0 0 0 rg BT 184.82 152.15 Td (the ) Tj ET Q q 0 0 0 rg BT 199.64 152.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 241.13 152.15 Td (obtains ) Tj ET Q q 0 0 0 rg BT 272.62 152.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 312.99 152.15 Td (purchased ) Tj ET Q q 0 0 0 rg BT 356.13 152.15 Td (under ) Tj ET Q q 0 0 0 rg BT 381.50 152.15 Td (agreements ) Tj ET Q q 0 0 0 rg BT 429.64 152.15 Td (to ) Tj ET Q q 0 0 0 rg BT 440.02 152.15 Td (resell, ) Tj ET Q q 0 0 0 rg BT 466.78 152.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 507.15 152.15 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 548.07 152.15 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.15 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 140.15 Td (gin ) Tj ET Q q 0 0 0 rg BT 79.49 140.15 Td (agreements ) Tj ET Q q 0 0 0 rg BT 126.86 140.15 Td (on ) Tj ET Q q 0 0 0 rg BT 138.71 140.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 162.77 140.15 Td (that ) Tj ET Q q 0 0 0 rg BT 179.60 140.15 Td (permit ) Tj ET Q q 0 0 0 rg BT 207.55 140.15 Td (it ) Tj ET Q q 0 0 0 rg BT 214.95 140.15 Td (to ) Tj ET Q q 0 0 0 rg BT 224.57 140.15 Td (repledge ) Tj ET Q q 0 0 0 rg BT 260.84 140.15 Td (or ) Tj ET Q q 0 0 0 rg BT 271.01 140.15 Td (resell ) Tj ET Q q 0 0 0 rg BT 294.51 140.15 Td (the ) Tj ET Q q 0 0 0 rg BT 308.57 140.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 348.18 140.15 Td (to ) Tj ET Q q 0 0 0 rg BT 357.80 140.15 Td (others, ) Tj ET Q q 0 0 0 rg BT 386.58 140.15 Td (typically ) Tj ET Q q 0 0 0 rg BT 423.42 140.15 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 459.70 140.15 Td (to ) Tj ET Q q 0 0 0 rg BT 469.32 140.15 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 514.47 140.15 Td (agreements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.15 Td (The ) Tj ET Q q 0 0 0 rg BT 67.13 128.15 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.11 128.15 Td (obtained ) Tj ET Q q 0 0 0 rg BT 144.63 128.15 Td (securities ) Tj ET Q q 0 0 0 rg BT 184.48 128.15 Td (with ) Tj ET Q q 0 0 0 rg BT 204.35 128.15 Td (a ) Tj ET Q q 0 0 0 rg BT 210.87 128.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 226.84 128.15 Td (value ) Tj ET Q q 0 0 0 rg BT 250.58 128.15 Td (of ) Tj ET Q q 0 0 0 rg BT 261.00 128.15 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.84 128.15 Td ($369.7 ) Tj ET Q q 0 0 0 rg BT 350.43 128.15 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.32 128.15 Td ( ) Tj ET Q q 0 0 0 rg BT 381.41 128.15 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.94 128.15 Td ($212.4 ) Tj ET Q q 0 0 0 rg BT 427.52 128.15 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.41 128.15 Td ( ) Tj ET Q q 0 0 0 rg BT 458.50 128.15 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.81 128.15 Td (December31, ) Tj ET Q q 0 0 0 rg BT 525.98 128.15 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.98 128.15 Td ( ) Tj ET Q q 0 0 0 rg BT 548.06 128.15 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.15 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 116.15 Td (, ) Tj ET Q q 0 0 0 rg BT 74.25 116.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 121.92 116.15 Td (, ) Tj ET Q q 0 0 0 rg BT 126.67 116.15 Td (of ) Tj ET Q q 0 0 0 rg BT 137.26 116.15 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.95 116.15 Td ($338.8 ) Tj ET Q q 0 0 0 rg BT 193.70 116.15 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.60 116.15 Td ( ) Tj ET Q q 0 0 0 rg BT 224.85 116.15 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.54 116.15 Td ($194.9 ) Tj ET Q q 0 0 0 rg BT 271.30 116.15 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.19 116.15 Td (, ) Tj ET Q q 0 0 0 rg BT 304.95 116.15 Td (respectively) Tj ET Q q 0 0 0 rg BT 352.61 116.15 Td (, ) Tj ET Q q 0 0 0 rg BT 357.36 116.15 Td (had ) Tj ET Q q 0 0 0 rg BT 374.05 116.15 Td (been ) Tj ET Q q 0 0 0 rg BT 395.19 116.15 Td (pledged ) Tj ET Q q 0 0 0 rg BT 429.10 116.15 Td (or ) Tj ET Q q 0 0 0 rg BT 439.68 116.15 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 480.81 116.15 Td (transferred ) Tj ET Q q 0 0 0 rg BT 526.37 116.15 Td (to ) Tj ET Q q 0 0 0 rg BT 536.41 116.15 Td (satisfy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.15 Td (its ) Tj ET Q q 0 0 0 rg BT 61.45 104.15 Td (commitments ) Tj ET Q q 0 0 0 rg BT 118.39 104.15 Td (under ) Tj ET Q q 0 0 0 rg BT 143.66 104.15 Td (financial ) Tj ET Q q 0 0 0 rg BT 181.14 104.15 Td (instruments ) Tj ET Q q 0 0 0 rg BT 230.30 104.15 Td (and ) Tj ET Q q 0 0 0 rg BT 247.24 104.15 Td (other ) Tj ET Q q 0 0 0 rg BT 270.29 104.15 Td (inventory ) Tj ET Q q 0 0 0 rg BT 311.11 104.15 Td (positions ) Tj ET Q q 0 0 0 rg BT 349.73 104.15 Td (sold, ) Tj ET Q q 0 0 0 rg BT 371.40 104.15 Td (but ) Tj ET Q q 0 0 0 rg BT 386.68 104.15 Td (not ) Tj ET Q q 0 0 0 rg BT 401.96 104.15 Td (yet ) Tj ET Q q 0 0 0 rg BT 416.67 104.15 Td (purchased.) 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 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 endstream endobj 175 0 obj <>] /Rotate 0 /Contents 176 0 R>> endobj 176 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (87) 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 (2014) 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 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 577.60 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 577.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 577.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 577.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 577.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 577.60 75.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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 320.5 565.6 m 395.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 565.6 m 478.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 554.6 m 395.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 552.6 m 395.5 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 565.6 m 478.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 554.6 m 478.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 552.6 m 478.5 552.6 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 (Asset-backed securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 628.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 628.22 Td (18,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 628.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 628.22 Td (25,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 628.22 Td (1.66 - 2.01%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 616.33 Td (Term of 30 to 90 day maturities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 604.22 Td (Asset-backed securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 604.22 Td (9,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 604.22 Td (12,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 604.22 Td (1.83 - 1.96%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 592.33 Td (On demand maturities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 580.22 Td (U.S. government agency securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 580.22 Td (54,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 580.22 Td (57,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 580.22 Td (0.50 - 0.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 568.22 Td (U.S. government securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 568.22 Td (20,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 568.22 Td (21,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 568.22 Td (0.35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 556.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 556.22 Td (102,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 556.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 556.22 Td (117,483) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.10 Td (Reverse ) Tj ET Q q 0 0 0 rg BT 85.88 530.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 133.37 530.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 185.57 530.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 233.06 530.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 282.76 530.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.38 530.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 343.32 530.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 385.82 530.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.43 530.10 Td (loaned ) Tj ET Q q 0 0 0 rg BT 435.26 530.10 Td (are ) Tj ET Q q 0 0 0 rg BT 451.65 530.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 489.14 530.10 Td (on ) Tj ET Q q 0 0 0 rg BT 503.31 530.10 Td (a ) Tj ET Q q 0 0 0 rg BT 511.93 530.10 Td (net ) Tj ET Q q 0 0 0 rg BT 528.32 530.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 552.50 530.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 102.84 518.10 Td (when ) Tj ET Q q 0 0 0 rg BT 127.32 518.10 Td (a ) Tj ET Q q 0 0 0 rg BT 134.57 518.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 156.81 518.10 Td (right ) Tj ET Q q 0 0 0 rg BT 178.51 518.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.66 518.10 Td (of) Tj ET Q q 0 0 0 rg BT 197.81 518.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 215.06 518.10 Td (exists. ) Tj ET Q q 0 0 0 rg BT 242.94 518.10 Td (There ) Tj ET Q q 0 0 0 rg BT 269.07 518.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.31 518.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.31 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.13 518.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 328.05 518.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 364.75 518.10 Td (of) Tj ET Q q 0 0 0 rg BT 372.90 518.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 390.15 518.10 Td (on ) Tj ET Q q 0 0 0 rg BT 402.96 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.99 518.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 471.35 518.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 516.37 518.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.51 518.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 90.84 506.10 Td (for ) Tj ET Q q 0 0 0 rg BT 106.06 506.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 138.49 506.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 185.35 506.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 236.95 506.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 278.27 506.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 320.16 506.10 Td (or ) Tj ET Q q 0 0 0 rg BT 332.05 506.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 378.92 506.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 428.01 506.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.79 506.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 498.44 506.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.44 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.00 506.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 506.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 506.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 494.10 Td (, ) Tj ET Q q 0 0 0 rg BT 103.36 494.10 Td (as ) Tj ET Q q 0 0 0 rg BT 115.40 494.10 Td (a ) Tj ET Q q 0 0 0 rg BT 123.54 494.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 146.67 494.10 Td (right ) Tj ET Q q 0 0 0 rg BT 169.26 494.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.30 494.10 Td (of) Tj ET Q q 0 0 0 rg BT 189.45 494.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 207.59 494.10 Td (did ) Tj ET Q q 0 0 0 rg BT 224.07 494.10 Td (not ) Tj ET Q q 0 0 0 rg BT 240.55 494.10 Td (exist. ) Tj ET Q q 0 0 0 rg BT 265.37 494.10 Td (The ) Tj ET Q q 0 0 0 rg BT 284.62 494.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 327.21 494.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.35 494.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.35 494.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.05 494.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 409.42 494.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 450.89 494.10 Td (lending ) Tj ET Q q 0 0 0 rg BT 484.58 494.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 542.15 494.10 Td (as ) Tj ET Q q 0 0 0 rg BT 554.18 494.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 482.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.08 482.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 130.58 482.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.41 482.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.41 482.10 Td (. ) Tj ET Q q 0 0 0 rg BT 166.41 482.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.35 482.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 205.29 482.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.29 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.79 482.10 Td (for ) Tj ET Q q 0 0 0 rg BT 226.95 482.10 Td (information ) Tj ET Q q 0 0 0 rg BT 276.66 482.10 Td (related ) Tj ET Q q 0 0 0 rg BT 306.37 482.10 Td (to ) Tj ET Q q 0 0 0 rg BT 316.64 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.36 482.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 378.44 482.10 Td (of) Tj ET Q q 0 0 0 rg BT 386.59 482.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 419.08 482.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.92 482.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 472.40 482.10 Td (contracts. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (Note 12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 458.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 458.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.70 458.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.62 434.10 Td (Company) Tj ET Q q 0 0 0 rg BT 110.29 434.10 Td (s ) Tj ET Q q 0 0 0 rg BT 117.75 434.10 Td (proprietary ) Tj ET Q q 0 0 0 rg BT 165.75 434.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 217.09 434.10 Td (include ) Tj ET Q q 0 0 0 rg BT 250.10 434.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 301.45 434.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.80 434.10 Td (private ) Tj ET Q q 0 0 0 rg BT 344.14 434.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 390.47 434.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.48 434.10 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 463.43 434.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 506.43 434.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 537.78 434.10 Td (funds, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 86.43 422.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.26 422.10 Td (public ) Tj ET Q q 0 0 0 rg BT 124.75 422.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.69 422.10 Td (private ) Tj ET Q q 0 0 0 rg BT 171.96 422.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 217.22 422.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.16 422.10 Td (private ) Tj ET Q q 0 0 0 rg BT 264.42 422.10 Td (company ) Tj ET Q q 0 0 0 rg BT 303.58 422.10 Td (debt. ) Tj ET Q q 0 0 0 rg BT 325.79 422.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 376.62 422.10 Td (included:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 387.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 387.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 387.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 387.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 363.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 363.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 363.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 363.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 339.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 339.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 339.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 339.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 315.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 315.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 315.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 315.60 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 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 403.5 315.6 m 478.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 315.6 m 561.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 304.6 m 478.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 302.6 m 478.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 304.6 m 561.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 302.6 m 561.5 302.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.40 402.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 402.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 391.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.50 390.33 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 390.33 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 378.22 Td (Investments at fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 378.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 378.33 Td (94,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 378.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 378.22 Td (69,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 366.22 Td (Investments at cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 366.33 Td (8,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 366.22 Td (20,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 354.22 Td (Investments accounted for under the equity method) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 354.33 Td (23,757) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 354.22 Td (21,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 342.22 Td (Total investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 342.33 Td (126,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 342.22 Td (112,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 318.22 Td (Less investments attributable to noncontrolling interests \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.80 318.38 Td (\(32,563) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 318.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 318.22 Td (\(21,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 318.22 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 306.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 306.33 Td (94,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 306.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 306.22 Td (90,906) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 49.50 291.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 291.50 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 97.43 291.50 Td (olling ) Tj ET Q q 0 0 0 rg BT 118.09 291.50 Td (inter) Tj ET Q q 0 0 0 rg BT 132.91 291.50 Td (ests ) Tj ET Q q 0 0 0 rg BT 146.91 291.50 Td (ar) Tj ET Q q 0 0 0 rg BT 153.72 291.50 Td (e ) Tj ET Q q 0 0 0 rg BT 159.27 291.50 Td (attributable ) Tj ET Q q 0 0 0 rg BT 199.05 291.50 Td (to ) Tj ET Q q 0 0 0 rg BT 207.27 291.50 Td (thir) Tj ET Q q 0 0 0 rg BT 218.54 291.50 Td (d ) Tj ET Q q 0 0 0 rg BT 224.54 291.50 Td (party ) Tj ET Q q 0 0 0 rg BT 243.42 291.50 Td (ownership ) Tj ET Q q 0 0 0 rg BT 278.76 291.50 Td (in ) Tj ET Q q 0 0 0 rg BT 286.98 291.50 Td (a ) Tj ET Q q 0 0 0 rg BT 292.98 291.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 335.86 291.50 Td (mer) Tj ET Q q 0 0 0 rg BT 348.01 291.50 Td (chant ) Tj ET Q q 0 0 0 rg BT 367.78 291.50 Td (banking ) Tj ET Q q 0 0 0 rg BT 395.55 291.50 Td (fund ) Tj ET Q q 0 0 0 rg BT 411.78 291.50 Td (and ) Tj ET Q q 0 0 0 rg BT 425.78 291.50 Td (private ) Tj ET Q q 0 0 0 rg BT 450.44 291.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 471.98 291.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 508.20 291.50 Td (vehicles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.50 Td (Management ) Tj ET Q q 0 0 0 rg BT 103.39 267.50 Td (regularly ) Tj ET Q q 0 0 0 rg BT 141.18 267.50 Td (reviews ) Tj ET Q q 0 0 0 rg BT 173.97 267.50 Td (the ) Tj ET Q q 0 0 0 rg BT 187.88 267.50 Td (Company) Tj ET Q q 0 0 0 rg BT 229.54 267.50 Td (s ) Tj ET Q q 0 0 0 rg BT 235.12 267.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 284.59 267.50 Td (in ) Tj ET Q q 0 0 0 rg BT 294.06 267.50 Td (private ) Tj ET Q q 0 0 0 rg BT 323.51 267.50 Td (company ) Tj ET Q q 0 0 0 rg BT 361.86 267.50 Td (debt ) Tj ET Q q 0 0 0 rg BT 380.76 267.50 Td (and ) Tj ET Q q 0 0 0 rg BT 396.89 267.50 Td (has ) Tj ET Q q 0 0 0 rg BT 411.92 267.50 Td (concluded ) Tj ET Q q 0 0 0 rg BT 454.70 267.50 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.39 267.50 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.39 267.50 Td ( ) Tj ET Q q 0 0 0 rg BT 483.08 267.50 Td (valuation ) Tj ET Q q 0 0 0 rg BT 521.98 267.50 Td (allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.50 Td (is ) Tj ET Q q 0 0 0 rg BT 58.67 255.50 Td (needed ) Tj ET Q q 0 0 0 rg BT 89.49 255.50 Td (as ) Tj ET Q q 0 0 0 rg BT 100.32 255.50 Td (it ) Tj ET Q q 0 0 0 rg BT 108.37 255.50 Td (is ) Tj ET Q q 0 0 0 rg BT 117.54 255.50 Td (probable ) Tj ET Q q 0 0 0 rg BT 155.03 255.50 Td (that ) Tj ET Q q 0 0 0 rg BT 172.52 255.50 Td (all ) Tj ET Q q 0 0 0 rg BT 185.02 255.50 Td (contractual ) Tj ET Q q 0 0 0 rg BT 231.94 255.50 Td (principal ) Tj ET Q q 0 0 0 rg BT 269.98 255.50 Td (and ) Tj ET Q q 0 0 0 rg BT 286.92 255.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 318.85 255.50 Td (will ) Tj ET Q q 0 0 0 rg BT 336.91 255.50 Td (be ) Tj ET Q q 0 0 0 rg BT 348.85 255.50 Td (collected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 231.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.65 231.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 119.89 231.50 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.89 231.50 Td (, ) Tj ET Q q 0 0 0 rg BT 144.54 231.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 194.47 231.50 Td (carried ) Tj ET Q q 0 0 0 rg BT 224.37 231.50 Td (on ) Tj ET Q q 0 0 0 rg BT 236.53 231.50 Td (a ) Tj ET Q q 0 0 0 rg BT 243.12 231.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 261.38 231.50 Td (basis ) Tj ET Q q 0 0 0 rg BT 283.53 231.50 Td (had ) Tj ET Q q 0 0 0 rg BT 300.12 231.50 Td (an ) Tj ET Q q 0 0 0 rg BT 311.71 231.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 352.18 231.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 368.21 231.50 Td (market ) Tj ET Q q 0 0 0 rg BT 398.13 231.50 Td (value ) Tj ET Q q 0 0 0 rg BT 421.94 231.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.42 231.50 Td ($13.7 ) Tj ET Q q 0 0 0 rg BT 457.07 231.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.96 231.50 Td (. ) Tj ET Q q 0 0 0 rg BT 490.46 231.50 Td (The ) Tj ET Q q 0 0 0 rg BT 508.16 231.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 548.63 231.50 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.50 Td (value ) Tj ET Q q 0 0 0 rg BT 73.73 219.50 Td (of ) Tj ET Q q 0 0 0 rg BT 84.64 219.50 Td (these ) Tj ET Q q 0 0 0 rg BT 107.76 219.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 158.11 219.50 Td (was ) Tj ET Q q 0 0 0 rg BT 176.24 219.50 Td (based ) Tj ET Q q 0 0 0 rg BT 201.58 219.50 Td (on ) Tj ET Q q 0 0 0 rg BT 214.16 219.50 Td (an ) Tj ET Q q 0 0 0 rg BT 226.17 219.50 Td (assessment ) Tj ET Q q 0 0 0 rg BT 273.18 219.50 Td (of ) Tj ET Q q 0 0 0 rg BT 284.09 219.50 Td (each ) Tj ET Q q 0 0 0 rg BT 304.98 219.50 Td (underlying ) Tj ET Q q 0 0 0 rg BT 350.88 219.50 Td (security) Tj ET Q q 0 0 0 rg BT 381.89 219.50 Td (, ) Tj ET Q q 0 0 0 rg BT 386.96 219.50 Td (considering ) Tj ET Q q 0 0 0 rg BT 436.19 219.50 Td (rounds ) Tj ET Q q 0 0 0 rg BT 465.99 219.50 Td (of ) Tj ET Q q 0 0 0 rg BT 476.90 219.50 Td (financing, ) Tj ET Q q 0 0 0 rg BT 519.74 219.50 Td (third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.50 Td (transactions ) Tj ET Q q 0 0 0 rg BT 100.97 207.50 Td (and ) Tj ET Q q 0 0 0 rg BT 119.12 207.50 Td (market-based ) Tj ET Q q 0 0 0 rg BT 176.70 207.50 Td (information, ) Tj ET Q q 0 0 0 rg BT 230.12 207.50 Td (including ) Tj ET Q q 0 0 0 rg BT 271.60 207.50 Td (comparable ) Tj ET Q q 0 0 0 rg BT 321.96 207.50 Td (company ) Tj ET Q q 0 0 0 rg BT 362.32 207.50 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 416.30 207.50 Td (trading ) Tj ET Q q 0 0 0 rg BT 448.33 207.50 Td (multiples ) Tj ET Q q 0 0 0 rg BT 489.27 207.50 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 513.25 207.50 Td (multiples ) Tj ET Q q 0 0 0 rg BT 554.18 207.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.50 Td (revenue ) Tj ET Q q 0 0 0 rg BT 85.01 195.50 Td (and ) Tj ET Q q 0 0 0 rg BT 103.31 195.50 Td (EBITDA\), ) Tj ET Q q 0 0 0 rg BT 149.66 195.50 Td (and ) Tj ET Q q 0 0 0 rg BT 167.96 195.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 204.02 195.50 Td (in ) Tj ET Q q 0 0 0 rg BT 215.66 195.50 Td (market ) Tj ET Q q 0 0 0 rg BT 247.29 195.50 Td (outlook, ) Tj ET Q q 0 0 0 rg BT 284.21 195.50 Td (among ) Tj ET Q q 0 0 0 rg BT 315.28 195.50 Td (other ) Tj ET Q q 0 0 0 rg BT 339.69 195.50 Td (factors. ) Tj ET Q q 0 0 0 rg BT 373.26 195.50 Td (Because ) Tj ET Q q 0 0 0 rg BT 410.43 195.50 Td (valuation ) Tj ET Q q 0 0 0 rg BT 451.51 195.50 Td (estimates ) Tj ET Q q 0 0 0 rg BT 492.58 195.50 Td (were ) Tj ET Q q 0 0 0 rg BT 515.87 195.50 Td (based ) Tj ET Q q 0 0 0 rg BT 542.50 195.50 Td (upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.50 Td (management) Tj ET Q q 0 0 0 rg BT 103.37 183.50 Td (s ) Tj ET Q q 0 0 0 rg BT 110.03 183.50 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 153.08 183.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 203.63 183.50 Td (carried ) Tj ET Q q 0 0 0 rg BT 234.16 183.50 Td (at ) Tj ET Q q 0 0 0 rg BT 244.16 183.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 263.04 183.50 Td (would ) Tj ET Q q 0 0 0 rg BT 290.82 183.50 Td (be ) Tj ET Q q 0 0 0 rg BT 303.03 183.50 Td (categorized ) Tj ET Q q 0 0 0 rg BT 351.89 183.50 Td (as ) Tj ET Q q 0 0 0 rg BT 362.99 183.50 Td (Level ) Tj ET Q q 0 0 0 rg BT 388.53 183.50 Td (III ) Tj ET Q q 0 0 0 rg BT 401.30 183.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 427.40 183.50 Td (in ) Tj ET Q q 0 0 0 rg BT 437.96 183.50 Td (the ) Tj ET Q q 0 0 0 rg BT 452.95 183.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 469.60 183.50 Td (value ) Tj ET Q q 0 0 0 rg BT 494.03 183.50 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 531.14 183.50 Td (, ) Tj ET Q q 0 0 0 rg BT 536.41 183.50 Td (if ) Tj ET Q q 0 0 0 rg BT 545.30 183.50 Td (they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.50 Td (were ) Tj ET Q q 0 0 0 rg BT 71.43 171.50 Td (carried ) Tj ET Q q 0 0 0 rg BT 101.68 171.50 Td (at ) Tj ET Q q 0 0 0 rg BT 111.40 171.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 127.78 171.50 Td (value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.50 Td (Investments ) Tj ET Q q 0 0 0 rg BT 100.23 147.50 Td (accounted ) Tj ET Q q 0 0 0 rg BT 143.17 147.50 Td (for ) Tj ET Q q 0 0 0 rg BT 157.23 147.50 Td (under ) Tj ET Q q 0 0 0 rg BT 182.40 147.50 Td (the ) Tj ET Q q 0 0 0 rg BT 197.02 147.50 Td (equity ) Tj ET Q q 0 0 0 rg BT 224.42 147.50 Td (method ) Tj ET Q q 0 0 0 rg BT 256.82 147.50 Td (include ) Tj ET Q q 0 0 0 rg BT 288.66 147.50 Td (general ) Tj ET Q q 0 0 0 rg BT 320.48 147.50 Td (and ) Tj ET Q q 0 0 0 rg BT 337.33 147.50 Td (limited ) Tj ET Q q 0 0 0 rg BT 368.06 147.50 Td (partnership ) Tj ET Q q 0 0 0 rg BT 415.45 147.50 Td (interests. ) Tj ET Q q 0 0 0 rg BT 453.51 147.50 Td (The ) Tj ET Q q 0 0 0 rg BT 471.46 147.50 Td (carrying ) Tj ET Q q 0 0 0 rg BT 507.18 147.50 Td (value ) Tj ET Q q 0 0 0 rg BT 531.23 147.50 Td (of ) Tj ET Q q 0 0 0 rg BT 541.97 147.50 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.63 135.50 Td (is ) Tj ET Q q 0 0 0 rg BT 108.66 135.50 Td (based ) Tj ET Q q 0 0 0 rg BT 133.79 135.50 Td (on ) Tj ET Q q 0 0 0 rg BT 146.15 135.50 Td (the ) Tj ET Q q 0 0 0 rg BT 160.72 135.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 206.96 135.50 Td (vehicle) Tj ET Q q 0 0 0 rg BT 238.61 135.50 Td (s ) Tj ET Q q 0 0 0 rg BT 244.86 135.50 Td (net ) Tj ET Q q 0 0 0 rg BT 259.44 135.50 Td (asset ) Tj ET Q q 0 0 0 rg BT 281.23 135.50 Td (value. ) Tj ET Q q 0 0 0 rg BT 307.58 135.50 Td (The ) Tj ET Q q 0 0 0 rg BT 325.48 135.50 Td (net ) Tj ET Q q 0 0 0 rg BT 340.06 135.50 Td (assets ) Tj ET Q q 0 0 0 rg BT 365.75 135.50 Td (of ) Tj ET Q q 0 0 0 rg BT 376.43 135.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 422.67 135.50 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 473.91 135.50 Td (consist ) Tj ET Q q 0 0 0 rg BT 504.05 135.50 Td (of ) Tj ET Q q 0 0 0 rg BT 514.73 135.50 Td (investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 123.50 Td (in ) Tj ET Q q 0 0 0 rg BT 59.68 123.50 Td (both ) Tj ET Q q 0 0 0 rg BT 79.86 123.50 Td (marketable ) Tj ET Q q 0 0 0 rg BT 126.68 123.50 Td (and ) Tj ET Q q 0 0 0 rg BT 143.52 123.50 Td (non-marketable ) Tj ET Q q 0 0 0 rg BT 208.67 123.50 Td (securities. ) Tj ET Q q 0 0 0 rg BT 251.17 123.50 Td (The ) Tj ET Q q 0 0 0 rg BT 269.12 123.50 Td (underlying ) Tj ET Q q 0 0 0 rg BT 314.84 123.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 365.02 123.50 Td (held ) Tj ET Q q 0 0 0 rg BT 384.64 123.50 Td (by ) Tj ET Q q 0 0 0 rg BT 397.04 123.50 Td (such ) Tj ET Q q 0 0 0 rg BT 417.77 123.50 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 469.05 123.50 Td (are ) Tj ET Q q 0 0 0 rg BT 483.66 123.50 Td (valued ) Tj ET Q q 0 0 0 rg BT 512.72 123.50 Td (based ) Tj ET Q q 0 0 0 rg BT 537.89 123.50 Td (on ) Tj ET Q q 0 0 0 rg BT 550.29 123.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 111.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 90.52 111.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 107.10 111.50 Td (value ) Tj ET Q q 0 0 0 rg BT 131.46 111.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 179.14 111.50 Td (by ) Tj ET Q q 0 0 0 rg BT 191.84 111.50 Td (management ) Tj ET Q q 0 0 0 rg BT 245.63 111.50 Td (in ) Tj ET Q q 0 0 0 rg BT 256.11 111.50 Td (our ) Tj ET Q q 0 0 0 rg BT 272.14 111.50 Td (capacity ) Tj ET Q q 0 0 0 rg BT 308.16 111.50 Td (as ) Tj ET Q q 0 0 0 rg BT 319.19 111.50 Td (general ) Tj ET Q q 0 0 0 rg BT 351.31 111.50 Td (partner ) Tj ET Q q 0 0 0 rg BT 382.33 111.50 Td (or ) Tj ET Q q 0 0 0 rg BT 393.36 111.50 Td (investor ) Tj ET Q q 0 0 0 rg BT 428.28 111.50 Td (and, ) Tj ET Q q 0 0 0 rg BT 447.92 111.50 Td (in ) Tj ET Q q 0 0 0 rg BT 458.40 111.50 Td (the ) Tj ET Q q 0 0 0 rg BT 473.32 111.50 Td (case ) Tj ET Q q 0 0 0 rg BT 493.23 111.50 Td (of ) Tj ET Q q 0 0 0 rg BT 504.26 111.50 Td (investments ) Tj ET Q q 0 0 0 rg BT 554.73 111.50 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.50 Td (unaf) Tj ET Q q 0 0 0 rg BT 67.09 99.50 Td (filiated ) Tj ET Q q 0 0 0 rg BT 97.91 99.50 Td (investment ) Tj ET Q q 0 0 0 rg BT 144.29 99.50 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 198.17 99.50 Td (are ) Tj ET Q q 0 0 0 rg BT 212.87 99.50 Td (based ) Tj ET Q q 0 0 0 rg BT 238.14 99.50 Td (on ) Tj ET Q q 0 0 0 rg BT 250.64 99.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 288.12 99.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 332.83 99.50 Td (prepared ) Tj ET Q q 0 0 0 rg BT 370.31 99.50 Td (by ) Tj ET Q q 0 0 0 rg BT 382.81 99.50 Td (the ) Tj ET Q q 0 0 0 rg BT 397.53 99.50 Td (unaf) Tj ET Q q 0 0 0 rg BT 415.12 99.50 Td (filiated ) Tj ET Q q 0 0 0 rg BT 445.94 99.50 Td (general ) Tj ET Q q 0 0 0 rg BT 477.86 99.50 Td (partners.) 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 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 endstream endobj 177 0 obj <>] /Rotate 0 /Contents 178 0 R>> endobj 178 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (88) 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 75.27 684.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 101.10 684.25 Td (included:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 649.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 649.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 649.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 649.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 625.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 625.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 625.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 625.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 601.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 601.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 601.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 601.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 577.75 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 577.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 577.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 577.75 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 404.5 649.75 m 479.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 649.75 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 404.5 649.75 m 479.5 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 649.75 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 404.5 577.75 m 479.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 577.75 m 562.5 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 566.75 m 479.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 564.75 m 479.5 564.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 566.75 m 562.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 564.75 m 562.5 564.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.40 664.48 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.40 664.48 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 431.50 652.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 652.48 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 640.37 Td (Net deferred income tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.00 640.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 640.48 Td (45,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 640.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 640.37 Td (36,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.37 Td (Fee receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 628.48 Td (23,959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 628.37 Td (34,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.37 Td (Accrued interest receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 616.48 Td (10,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 616.37 Td (9,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.37 Td (Forgivable loans, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 604.48 Td (8,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 604.37 Td (7,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 592.37 Td (Prepaid expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 592.48 Td (6,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 592.37 Td (5,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 580.37 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 580.48 Td (5,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 580.37 Td (8,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 568.37 Td (Total other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.00 568.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 568.48 Td (100,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 568.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 568.37 Td (102,092) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 542.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 88.88 542.25 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.88 542.25 Td ( ) Tj ET Q q 0 0 0 rg BT 101.38 542.25 Td (for ) Tj ET Q q 0 0 0 rg BT 115.54 542.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 158.03 542.25 Td (details ) Tj ET Q q 0 0 0 rg BT 186.63 542.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 233.55 542.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.27 542.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 295.35 542.25 Td (net ) Tj ET Q q 0 0 0 rg BT 310.07 542.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 345.87 542.25 Td (income ) Tj ET Q q 0 0 0 rg BT 377.81 542.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 392.52 542.25 Td (assets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (Note 14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 518.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 518.25 Td (Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 185.64 518.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.64 518.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 494.25 Td (following ) Tj ET Q q 0 0 0 rg BT 109.43 494.25 Td (table ) Tj ET Q q 0 0 0 rg BT 131.37 494.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 166.64 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.35 494.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 216.06 494.25 Td (in ) Tj ET Q q 0 0 0 rg BT 226.34 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 241.05 494.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 276.87 494.25 Td (value ) Tj ET Q q 0 0 0 rg BT 301.03 494.25 Td (of ) Tj ET Q q 0 0 0 rg BT 311.86 494.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 349.91 494.25 Td (and ) Tj ET Q q 0 0 0 rg BT 366.85 494.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 409.34 494.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 435.17 494.25 Td (from ) Tj ET Q q 0 0 0 rg BT 457.11 494.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 502.38 494.25 Td (operations:) Tj ET Q 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 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 291.75 274.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 291.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 291.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 291.75 74.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 291.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 291.75 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 323.5 459.75 m 397.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 459.75 m 479.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 459.75 m 561.5 459.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 423.75 m 397.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 423.75 m 479.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 423.75 m 561.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 387.75 m 397.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 387.75 m 479.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 387.75 m 561.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 387.75 m 397.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 376.75 m 397.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 374.75 m 397.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 376.75 m 479.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 374.75 m 479.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 387.75 m 561.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 376.75 m 561.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 374.75 m 561.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 315.75 m 397.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 315.75 m 479.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 315.75 m 561.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 279.75 m 397.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 279.75 m 479.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 279.75 m 561.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 268.75 m 397.5 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 266.75 m 397.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 268.75 m 479.5 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 266.75 m 479.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 279.75 m 561.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 268.75 m 561.5 268.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 266.75 m 561.5 266.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.15 474.48 Td (Capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.60 474.48 Td (Asset) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 463.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.95 462.48 Td (Markets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.95 462.48 Td (Management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.05 462.48 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 450.48 Td (Goodwill) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 438.48 Td (Balance at December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 438.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.65 438.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 438.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 438.48 Td (196,844) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 438.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 438.48 Td (196,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 426.37 Td (Goodwill acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 426.37 Td (13,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 426.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 426.37 Td (13,790) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 414.48 Td (Balance at December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 414.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 414.48 Td (13,790) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 414.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 414.48 Td (196,844) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 414.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 414.48 Td (210,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 402.37 Td (Goodwill acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 402.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 402.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 402.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 390.37 Td (Measurement period adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 390.37 Td (1,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 390.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 390.37 Td (1,244) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 378.48 Td (Balance at December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 378.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 378.48 Td (15,034) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 378.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 378.48 Td (196,844) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 378.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 378.48 Td (211,878) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 354.48 Td (Intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 342.48 Td (Balance at December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 342.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.65 342.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 342.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 342.48 Td (41,258) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 342.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 342.48 Td (41,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 330.37 Td (Intangible assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 330.37 Td (6,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 330.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 330.37 Td (6,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 318.37 Td (Amortization of intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 318.37 Td (\(1,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 318.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 318.37 Td (\(6,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 318.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 318.37 Td (\(7,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 318.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 306.48 Td (Balance at December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 306.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 306.48 Td (5,316) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 306.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 306.48 Td (34,614) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 306.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 306.48 Td (39,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 294.37 Td (Intangible assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 294.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 294.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 294.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 282.37 Td (Amortization of intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 282.37 Td (\(2,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 282.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 282.37 Td (\(6,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 282.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 282.37 Td (\(9,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 282.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 270.48 Td (Balance at December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.00 270.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 270.48 Td (2,344) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 270.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 270.48 Td (28,314) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 270.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 270.48 Td (30,658) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.82 244.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.98 244.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 129.04 244.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 166.87 244.25 Td (and ) Tj ET Q q 0 0 0 rg BT 183.58 244.25 Td (indefinite-life ) Tj ET Q q 0 0 0 rg BT 240.83 244.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 283.10 244.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 308.71 244.25 Td (for ) Tj ET Q q 0 0 0 rg BT 322.64 244.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 371.02 244.25 Td (on ) Tj ET Q q 0 0 0 rg BT 383.29 244.25 Td (an ) Tj ET Q q 0 0 0 rg BT 395.00 244.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 423.94 244.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 446.21 244.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.92 244.25 Td (on ) Tj ET Q q 0 0 0 rg BT 475.20 244.25 Td (an ) Tj ET Q q 0 0 0 rg BT 486.91 244.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 518.07 244.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 540.35 244.25 Td (when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 108.90 232.25 Td (exist ) Tj ET Q q 0 0 0 rg BT 130.05 232.25 Td (that ) Tj ET Q q 0 0 0 rg BT 147.30 232.25 Td (could ) Tj ET Q q 0 0 0 rg BT 171.78 232.25 Td (indicate ) Tj ET Q q 0 0 0 rg BT 205.69 232.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 240.73 232.25 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 291.42 232.25 Td (The ) Tj ET Q q 0 0 0 rg BT 309.23 232.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 350.37 232.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 370.41 232.25 Td (for ) Tj ET Q q 0 0 0 rg BT 384.33 232.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 432.69 232.25 Td (at ) Tj ET Q q 0 0 0 rg BT 442.17 232.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.64 232.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 495.56 232.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 513.38 232.25 Td (level, ) Tj ET Q q 0 0 0 rg BT 537.57 232.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (is ) Tj ET Q q 0 0 0 rg BT 59.50 220.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 99.53 220.25 Td (one ) Tj ET Q q 0 0 0 rg BT 116.80 220.25 Td (level ) Tj ET Q q 0 0 0 rg BT 139.07 220.25 Td (below ) Tj ET Q q 0 0 0 rg BT 166.34 220.25 Td (its ) Tj ET Q q 0 0 0 rg BT 178.62 220.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 219.21 220.25 Td (segments. ) Tj ET Q q 0 0 0 rg BT 261.56 220.25 Td (The ) Tj ET Q q 0 0 0 rg BT 279.93 220.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 321.65 220.25 Td (has ) Tj ET Q q 0 0 0 rg BT 337.81 220.25 Td (identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.96 220.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.96 220.25 Td ( ) Tj ET Q q 0 0 0 rg BT 396.79 220.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 436.28 220.25 Td (units: ) Tj ET Q q 0 0 0 rg BT 461.34 220.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 490.82 220.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 525.31 220.25 Td (and ) Tj ET Q q 0 0 0 rg BT 542.58 220.25 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 105.77 208.25 Td (When ) Tj ET Q q 0 0 0 rg BT 132.00 208.25 Td (testing ) Tj ET Q q 0 0 0 rg BT 161.01 208.25 Td (for ) Tj ET Q q 0 0 0 rg BT 175.03 208.25 Td (impairment, ) Tj ET Q q 0 0 0 rg BT 225.98 208.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.54 208.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 281.78 208.25 Td (has ) Tj ET Q q 0 0 0 rg BT 297.46 208.25 Td (the ) Tj ET Q q 0 0 0 rg BT 312.03 208.25 Td (option ) Tj ET Q q 0 0 0 rg BT 339.94 208.25 Td (to ) Tj ET Q q 0 0 0 rg BT 350.07 208.25 Td (first ) Tj ET Q q 0 0 0 rg BT 368.53 208.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 395.32 208.25 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 439.88 208.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 469.44 208.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.57 208.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 521.90 208.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 556.46 208.25 Td (it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (is ) Tj ET Q q 0 0 0 rg BT 59.34 196.25 Td (more ) Tj ET Q q 0 0 0 rg BT 82.56 196.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 108.00 196.25 Td (than ) Tj ET Q q 0 0 0 rg BT 127.89 196.25 Td (not ) Tj ET Q q 0 0 0 rg BT 143.34 196.25 Td (that ) Tj ET Q q 0 0 0 rg BT 161.01 196.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.89 196.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 192.44 196.25 Td (value ) Tj ET Q q 0 0 0 rg BT 216.77 196.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.77 196.25 Td (a ) Tj ET Q q 0 0 0 rg BT 234.88 196.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 274.20 196.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 292.43 196.25 Td (is ) Tj ET Q q 0 0 0 rg BT 301.77 196.25 Td (less ) Tj ET Q q 0 0 0 rg BT 319.44 196.25 Td (than ) Tj ET Q q 0 0 0 rg BT 339.33 196.25 Td (its ) Tj ET Q q 0 0 0 rg BT 351.45 196.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 387.44 196.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 422.60 196.25 Td (If, ) Tj ET Q q 0 0 0 rg BT 434.43 196.25 Td (after ) Tj ET Q q 0 0 0 rg BT 455.42 196.25 Td (making ) Tj ET Q q 0 0 0 rg BT 488.09 196.25 Td (an ) Tj ET Q q 0 0 0 rg BT 500.20 196.25 Td (assessment, ) Tj ET Q q 0 0 0 rg BT 549.80 196.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 92.01 184.25 Td (determines ) Tj ET Q q 0 0 0 rg BT 139.01 184.25 Td (it ) Tj ET Q q 0 0 0 rg BT 147.69 184.25 Td (is ) Tj ET Q q 0 0 0 rg BT 157.48 184.25 Td (not ) Tj ET Q q 0 0 0 rg BT 173.38 184.25 Td (more ) Tj ET Q q 0 0 0 rg BT 197.05 184.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 222.95 184.25 Td (than ) Tj ET Q q 0 0 0 rg BT 243.29 184.25 Td (not ) Tj ET Q q 0 0 0 rg BT 259.20 184.25 Td (that ) Tj ET Q q 0 0 0 rg BT 277.31 184.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.66 184.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 309.66 184.25 Td (value ) Tj ET Q q 0 0 0 rg BT 334.44 184.25 Td (of ) Tj ET Q q 0 0 0 rg BT 345.89 184.25 Td (a ) Tj ET Q q 0 0 0 rg BT 353.45 184.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 393.23 184.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 411.91 184.25 Td (is ) Tj ET Q q 0 0 0 rg BT 421.71 184.25 Td (less ) Tj ET Q q 0 0 0 rg BT 439.83 184.25 Td (than ) Tj ET Q q 0 0 0 rg BT 460.17 184.25 Td (its ) Tj ET Q q 0 0 0 rg BT 472.74 184.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 509.18 184.25 Td (amount, ) Tj ET Q q 0 0 0 rg BT 544.80 184.25 Td (then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 98.15 172.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.54 172.25 Td (two-step ) Tj ET Q q 0 0 0 rg BT 151.14 172.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 200.41 172.25 Td (test ) Tj ET Q q 0 0 0 rg BT 217.47 172.25 Td (is ) Tj ET Q q 0 0 0 rg BT 227.30 172.25 Td (unnecessary) Tj ET Q q 0 0 0 rg BT 275.52 172.25 Td (. ) Tj ET Q q 0 0 0 rg BT 281.19 172.25 Td (However) Tj ET Q q 0 0 0 rg BT 317.44 172.25 Td (, ) Tj ET Q q 0 0 0 rg BT 323.11 172.25 Td (if ) Tj ET Q q 0 0 0 rg BT 332.38 172.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.77 172.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 389.82 172.25 Td (concludes ) Tj ET Q q 0 0 0 rg BT 432.98 172.25 Td (otherwise, ) Tj ET Q q 0 0 0 rg BT 477.52 172.25 Td (then ) Tj ET Q q 0 0 0 rg BT 497.91 172.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.29 172.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 555.35 172.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (required ) Tj ET Q q 0 0 0 rg BT 84.92 160.25 Td (to ) Tj ET Q q 0 0 0 rg BT 94.31 160.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 128.13 160.25 Td (the ) Tj ET Q q 0 0 0 rg BT 141.95 160.25 Td (two-step ) Tj ET Q q 0 0 0 rg BT 178.00 160.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 225.71 160.25 Td (test, ) Tj ET Q q 0 0 0 rg BT 243.70 160.25 Td (which ) Tj ET Q q 0 0 0 rg BT 269.75 160.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 303.57 160.25 Td (management ) Tj ET Q q 0 0 0 rg BT 356.26 160.25 Td (to ) Tj ET Q q 0 0 0 rg BT 365.65 160.25 Td (make ) Tj ET Q q 0 0 0 rg BT 388.92 160.25 Td (judgments ) Tj ET Q q 0 0 0 rg BT 432.19 160.25 Td (in ) Tj ET Q q 0 0 0 rg BT 441.58 160.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 491.51 160.25 Td (what ) Tj ET Q q 0 0 0 rg BT 512.55 160.25 Td (assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (to ) Tj ET Q q 0 0 0 rg BT 61.06 148.25 Td (use ) Tj ET Q q 0 0 0 rg BT 77.67 148.25 Td (in ) Tj ET Q q 0 0 0 rg BT 88.73 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.22 148.25 Td (calculation. ) Tj ET Q q 0 0 0 rg BT 153.63 148.25 Td (The ) Tj ET Q q 0 0 0 rg BT 172.46 148.25 Td (first ) Tj ET Q q 0 0 0 rg BT 191.85 148.25 Td (step ) Tj ET Q q 0 0 0 rg BT 211.24 148.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.85 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.35 148.25 Td (process ) Tj ET Q q 0 0 0 rg BT 271.62 148.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 306.57 148.25 Td (of ) Tj ET Q q 0 0 0 rg BT 318.18 148.25 Td (estimating ) Tj ET Q q 0 0 0 rg BT 363.12 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.62 148.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 395.77 148.25 Td (value ) Tj ET Q q 0 0 0 rg BT 420.71 148.25 Td (of ) Tj ET Q q 0 0 0 rg BT 432.32 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 447.82 148.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 487.75 148.25 Td (units ) Tj ET Q q 0 0 0 rg BT 510.48 148.25 Td (based ) Tj ET Q q 0 0 0 rg BT 536.53 148.25 Td (on ) Tj ET Q q 0 0 0 rg BT 549.81 148.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (following ) Tj ET Q q 0 0 0 rg BT 91.35 136.25 Td (factors: ) Tj ET Q q 0 0 0 rg BT 123.79 136.25 Td (a ) Tj ET Q q 0 0 0 rg BT 130.69 136.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 176.48 136.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 196.71 136.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 217.50 136.25 Td (model ) Tj ET Q q 0 0 0 rg BT 244.96 136.25 Td (using ) Tj ET Q q 0 0 0 rg BT 269.09 136.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 303.19 136.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.09 136.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 344.77 136.25 Td (forecasts, ) Tj ET Q q 0 0 0 rg BT 385.27 136.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.95 136.25 Td (Company) Tj ET Q q 0 0 0 rg BT 441.61 136.25 Td (s ) Tj ET Q q 0 0 0 rg BT 447.96 136.25 Td (market ) Tj ET Q q 0 0 0 rg BT 478.19 136.25 Td (capitalization, ) Tj ET Q q 0 0 0 rg BT 537.01 136.25 Td (public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (company ) Tj ET Q q 0 0 0 rg BT 89.98 124.25 Td (comparables ) Tj ET Q q 0 0 0 rg BT 143.83 124.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.59 124.25 Td (multiples ) Tj ET Q q 0 0 0 rg BT 202.13 124.25 Td (of ) Tj ET Q q 0 0 0 rg BT 213.79 124.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 241.53 124.25 Td (mer) Tj ET Q q 0 0 0 rg BT 256.90 124.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 276.88 124.25 Td (and ) Tj ET Q q 0 0 0 rg BT 294.64 124.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 345.74 124.25 Td (of ) Tj ET Q q 0 0 0 rg BT 357.39 124.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 388.48 124.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 436.53 124.25 Td (if ) Tj ET Q q 0 0 0 rg BT 445.96 124.25 Td (available. ) Tj ET Q q 0 0 0 rg BT 487.63 124.25 Td (The ) Tj ET Q q 0 0 0 rg BT 506.50 124.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 548.14 124.25 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (values ) Tj ET Q q 0 0 0 rg BT 77.94 112.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.67 112.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.28 112.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 142.33 112.25 Td (units ) Tj ET Q q 0 0 0 rg BT 164.17 112.25 Td (are ) Tj ET Q q 0 0 0 rg BT 178.77 112.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 220.59 112.25 Td (with ) Tj ET Q q 0 0 0 rg BT 240.77 112.25 Td (their ) Tj ET Q q 0 0 0 rg BT 261.49 112.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 297.20 112.25 Td (values, ) Tj ET Q q 0 0 0 rg BT 327.64 112.25 Td (which ) Tj ET Q q 0 0 0 rg BT 354.47 112.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 390.19 112.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.80 112.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 443.29 112.25 Td (goodwill. ) Tj ET Q q 0 0 0 rg BT 483.74 112.25 Td (If ) Tj ET Q q 0 0 0 rg BT 492.80 112.25 Td (the ) Tj ET Q q 0 0 0 rg BT 507.41 112.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 548.12 112.25 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (value ) Tj ET Q q 0 0 0 rg BT 73.08 100.25 Td (is ) Tj ET Q q 0 0 0 rg BT 81.18 100.25 Td (less ) Tj ET Q q 0 0 0 rg BT 97.61 100.25 Td (than ) Tj ET Q q 0 0 0 rg BT 116.25 100.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.90 100.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 164.64 100.25 Td (values, ) Tj ET Q q 0 0 0 rg BT 194.12 100.25 Td (a ) Tj ET Q q 0 0 0 rg BT 199.99 100.25 Td (second ) Tj ET Q q 0 0 0 rg BT 229.18 100.25 Td (step ) Tj ET Q q 0 0 0 rg BT 246.72 100.25 Td (is ) Tj ET Q q 0 0 0 rg BT 254.82 100.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 297.89 100.25 Td (to ) Tj ET Q q 0 0 0 rg BT 307.10 100.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 341.84 100.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.49 100.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 386.91 100.25 Td (of ) Tj ET Q q 0 0 0 rg BT 396.67 100.25 Td (the ) Tj ET Q q 0 0 0 rg BT 410.31 100.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 457.84 100.25 Td (loss, ) Tj ET Q q 0 0 0 rg BT 477.33 100.25 Td (if ) Tj ET Q q 0 0 0 rg BT 484.87 100.25 Td (any) Tj ET Q q 0 0 0 rg BT 498.65 100.25 Td (. ) Tj ET Q q 0 0 0 rg BT 502.27 100.25 Td (An ) Tj ET Q q 0 0 0 rg BT 515.92 100.25 Td (impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 68.06 88.25 Td (is ) Tj ET Q q 0 0 0 rg BT 77.23 88.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 101.39 88.25 Td (to ) Tj ET Q q 0 0 0 rg BT 111.67 88.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.38 88.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 154.98 88.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.81 88.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.53 88.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 216.34 88.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 248.84 88.25 Td (of ) Tj ET Q q 0 0 0 rg BT 259.67 88.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 297.72 88.25 Td (over ) Tj ET Q q 0 0 0 rg BT 317.99 88.25 Td (its ) Tj ET Q q 0 0 0 rg BT 329.94 88.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 346.32 88.25 Td (value.) 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 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 endstream endobj 179 0 obj <>] /Rotate 0 /Contents 180 0 R>> endobj 180 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.00 708.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.33 708.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 153.43 708.10 Td (its ) Tj ET Q q 0 0 0 rg BT 165.33 708.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 194.43 708.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 232.44 708.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 280.98 708.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 315.65 708.10 Td (as ) Tj ET Q q 0 0 0 rg BT 326.43 708.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.21 708.10 Td (October31, ) Tj ET Q q 0 0 0 rg BT 386.86 708.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.86 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.31 708.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.20 708.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.20 708.10 Td (, ) Tj ET Q q 0 0 0 rg BT 451.15 708.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.03 708.10 Td (concluded ) Tj ET Q q 0 0 0 rg BT 511.58 708.10 Td (there ) Tj ET Q q 0 0 0 rg BT 534.01 708.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.01 708.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.01 708.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 87.49 696.10 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 138.02 696.10 Td (In ) Tj ET Q q 0 0 0 rg BT 148.28 696.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 172.71 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.86 696.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 227.68 696.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 264.58 696.10 Td (a ) Tj ET Q q 0 0 0 rg BT 270.95 696.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 308.98 696.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 346.47 696.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 394.50 696.10 Td (char) Tj ET Q q 0 0 0 rg BT 411.53 696.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 422.90 696.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.16 696.10 Td ($5.5 ) Tj ET Q q 0 0 0 rg BT 452.59 696.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.48 696.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.41 696.10 Td (within ) Tj ET Q q 0 0 0 rg BT 510.90 696.10 Td (discontinued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 96.47 684.10 Td (This ) Tj ET Q q 0 0 0 rg BT 116.75 684.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 149.25 684.10 Td (represented ) Tj ET Q q 0 0 0 rg BT 197.83 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.55 684.10 Td (residual ) Tj ET Q q 0 0 0 rg BT 246.70 684.10 Td (value ) Tj ET Q q 0 0 0 rg BT 270.86 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.69 684.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 319.75 684.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 367.78 684.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.06 684.10 Td (F) Tj ET Q q 0 0 0 rg BT 382.88 684.10 Td (AMCO. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.88 660.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.10 660.10 Td (also ) Tj ET Q q 0 0 0 rg BT 127.54 660.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 168.18 660.10 Td (its ) Tj ET Q q 0 0 0 rg BT 179.97 660.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 222.29 660.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 247.95 660.10 Td (\(indefinite ) Tj ET Q q 0 0 0 rg BT 291.94 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.71 660.10 Td (definite-lived\) ) Tj ET Q q 0 0 0 rg BT 368.24 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.01 660.10 Td (concluded ) Tj ET Q q 0 0 0 rg BT 428.44 660.10 Td (there ) Tj ET Q q 0 0 0 rg BT 450.75 660.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.64 660.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.64 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.97 660.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 529.40 660.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.51 660.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.51 660.10 Td (, ) Tj ET Q q 0 0 0 rg BT 564.51 660.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.50 648.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 648.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.44 648.10 Td (, ) Tj ET Q q 0 0 0 rg BT 114.44 648.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 162.10 648.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.48 624.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 104.18 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.44 624.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 153.92 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 171.29 624.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 214.21 624.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 240.47 624.10 Td (during ) Tj ET Q q 0 0 0 rg BT 269.50 624.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 624.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.86 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.79 624.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 331.59 624.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 390.60 624.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 413.53 624.10 Td (related ) Tj ET Q q 0 0 0 rg BT 443.66 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.37 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 469.52 624.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 520.22 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 531.48 624.10 Td (Seattle-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (Northwest ) Tj ET Q q 0 0 0 rg BT 94.01 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 110.79 612.10 Td (Edgeview) Tj ET Q q 0 0 0 rg BT 150.13 612.10 Td (, ) Tj ET Q q 0 0 0 rg BT 154.97 612.10 Td (as ) Tj ET Q q 0 0 0 rg BT 165.65 612.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 206.32 612.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.44 612.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 238.23 612.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.23 612.10 Td (. ) Tj ET Q q 0 0 0 rg BT 248.07 612.10 Td (In ) Tj ET Q q 0 0 0 rg BT 258.75 612.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 283.59 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.16 612.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 339.39 612.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 376.71 612.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.49 612.10 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 403.34 612.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.23 612.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.57 612.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 490.23 612.10 Td (period ) Tj ET Q q 0 0 0 rg BT 518.12 612.10 Td (adjustment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 61.40 600.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 97.78 600.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 136.97 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.03 600.10 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 233.07 600.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 270.00 600.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 285.84 600.10 Td (liabilities. ) Tj ET Q q 0 0 0 rg BT 329.18 600.10 Td (Management ) Tj ET Q q 0 0 0 rg BT 385.01 600.10 Td (identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.96 600.10 Td ($6.7 ) Tj ET Q q 0 0 0 rg BT 448.08 600.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.98 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.60 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.56 600.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 536.17 600.10 Td (assets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (consisting ) Tj ET Q q 0 0 0 rg BT 92.79 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.35 588.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 142.24 588.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 195.58 588.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.91 588.10 Td ($6.0 ) Tj ET Q q 0 0 0 rg BT 218.65 588.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.54 588.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 253.10 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.77 588.10 Td (non-competition ) Tj ET Q q 0 0 0 rg BT 338.11 588.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 385.87 588.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.20 588.10 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 408.94 588.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.83 588.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 445.89 588.10 Td (which ) Tj ET Q q 0 0 0 rg BT 472.56 588.10 Td (will ) Tj ET Q q 0 0 0 rg BT 490.35 588.10 Td (be ) Tj ET Q q 0 0 0 rg BT 502.03 588.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 544.24 588.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.94 576.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 96.09 576.10 Td (average ) Tj ET Q q 0 0 0 rg BT 129.68 576.10 Td (life ) Tj ET Q q 0 0 0 rg BT 145.50 576.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.33 576.10 Td (1.9 ) Tj ET Q q 0 0 0 rg BT 171.33 576.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.43 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.93 576.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.87 576.10 Td (3.0 ) Tj ET Q q 0 0 0 rg BT 226.87 576.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.97 576.10 Td (, ) Tj ET Q q 0 0 0 rg BT 252.97 576.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 300.63 576.10 Td (. ) Tj ET Q q 0 0 0 rg BT 305.63 576.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 94.50 552.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 121.80 552.10 Td (with ) Tj ET Q q 0 0 0 rg BT 143.54 552.10 Td (determinable ) Tj ET Q q 0 0 0 rg BT 199.70 552.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 222.55 552.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 254.29 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.58 552.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 289.98 552.10 Td (management ) Tj ET Q q 0 0 0 rg BT 345.03 552.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 385.65 552.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 440.72 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.12 552.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 489.73 552.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 525.35 552.10 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 102.57 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.47 540.10 Td (non-competition ) Tj ET Q q 0 0 0 rg BT 186.04 540.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 235.43 540.10 Td (The ) Tj ET Q q 0 0 0 rg BT 252.45 540.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 293.90 540.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 318.70 540.10 Td (are ) Tj ET Q q 0 0 0 rg BT 332.37 540.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 373.82 540.10 Td (over ) Tj ET Q q 0 0 0 rg BT 393.05 540.10 Td (their ) Tj ET Q q 0 0 0 rg BT 412.84 540.10 Td (original ) Tj ET Q q 0 0 0 rg BT 445.41 540.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 485.20 540.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 511.11 540.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 531.46 540.10 Td (ranging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.36 528.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.36 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.29 528.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 528.10 Td (ten ) Tj ET Q q 0 0 0 rg BT 116.14 528.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.24 528.10 Td (. ) Tj ET Q q 0 0 0 rg BT 142.45 528.10 Td (The ) Tj ET Q q 0 0 0 rg BT 160.92 528.10 Td (following ) Tj ET Q q 0 0 0 rg BT 202.74 528.10 Td (table ) Tj ET Q q 0 0 0 rg BT 225.10 528.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 275.79 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.93 528.10 Td (future ) Tj ET Q q 0 0 0 rg BT 317.73 528.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 359.52 528.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 412.99 528.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 448.12 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.38 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.52 528.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 522.02 528.10 Td (intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.83 516.10 Td (with ) Tj ET Q q 0 0 0 rg BT 96.11 516.10 Td (determinable ) Tj ET Q q 0 0 0 rg BT 150.81 516.10 Td (lives ) Tj ET Q q 0 0 0 rg BT 172.19 516.10 Td (for ) Tj ET Q q 0 0 0 rg BT 186.35 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.07 516.10 Td (years ) Tj ET Q q 0 0 0 rg BT 224.67 516.10 Td (ended:) Tj ET Q 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 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 469.60 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 469.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 445.60 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 445.60 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 486.5 433.6 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 486.5 422.6 m 561.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 420.6 m 561.5 420.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 497.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 484.22 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 484.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 484.22 Td (7,093) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 472.22 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 472.22 Td (6,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 460.22 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 460.22 Td (5,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 448.22 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 448.22 Td (4,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 436.22 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 436.22 Td (4,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 424.22 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 424.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 424.22 Td (27,798) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 398.10 Td (Note 15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 398.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 398.10 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 109.57 398.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.57 398.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 374.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 374.10 Td (is ) Tj ET Q q 0 0 0 rg BT 118.10 374.10 Td (a ) Tj ET Q q 0 0 0 rg BT 125.04 374.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 164.76 374.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.59 374.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 198.64 374.10 Td (assets:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.74 374.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 339.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 339.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 339.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 339.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 315.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 315.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 315.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 315.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 291.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 291.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 291.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 291.60 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 404 339.6 m 479 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 339.6 m 562 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 303.6 m 479 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 303.6 m 562 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 279.6 m 479 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 279.6 m 562 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 268.6 m 479 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 266.6 m 479 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 268.6 m 562 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 266.6 m 562 266.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.90 354.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 354.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 343.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 342.33 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 342.33 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 330.22 Td (Furniture and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 330.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 330.33 Td (28,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 330.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 330.22 Td (34,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 318.22 Td (Leasehold improvements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 318.33 Td (23,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 318.22 Td (23,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 306.22 Td (Software) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 306.33 Td (13,132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 306.22 Td (19,967) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 294.22 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 294.33 Td (65,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 294.22 Td (78,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 282.22 Td (Accumulated depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.30 282.38 Td (\(47,327) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 282.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 282.22 Td (\(62,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 282.22 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 270.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 270.33 Td (18,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 270.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 270.22 Td (16,114) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.63 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 82.08 244.10 Td (years ) Tj ET Q q 0 0 0 rg BT 106.42 244.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.53 244.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 192.85 244.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.85 244.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.59 244.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.59 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.82 244.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 244.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 244.10 Td (, ) Tj ET Q q 0 0 0 rg BT 285.23 244.10 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 337.89 244.10 Td (and ) Tj ET Q q 0 0 0 rg BT 355.56 244.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 409.34 244.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.90 244.10 Td (furniture ) Tj ET Q q 0 0 0 rg BT 459.13 244.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.80 244.10 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 524.75 244.10 Td (leasehold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 109.24 232.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.20 232.10 Td (software ) Tj ET Q q 0 0 0 rg BT 163.16 232.10 Td (from ) Tj ET Q q 0 0 0 rg BT 185.13 232.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 230.43 232.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 274.61 232.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.35 232.10 Td ($5.3 ) Tj ET Q q 0 0 0 rg BT 324.37 232.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.26 232.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.29 232.10 Td ($5.6 ) Tj ET Q q 0 0 0 rg BT 378.32 232.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.21 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.74 232.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.70 232.10 Td ($6.5 ) Tj ET Q q 0 0 0 rg BT 446.73 232.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 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0 0 0 rg BT 139.93 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.09 648.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 170.70 648.10 Td (III ) Tj ET Q q 0 0 0 rg BT 183.16 648.10 Td (A) Tj ET Q q 0 0 0 rg BT 189.83 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 192.99 648.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 229.48 648.10 Td (a ) Tj ET Q q 0 0 0 rg BT 237.09 648.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 276.35 648.10 Td (that ) Tj ET Q q 0 0 0 rg BT 294.51 648.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 329.88 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.27 648.10 Td (Company) Tj ET Q q 0 0 0 rg BT 386.93 648.10 Td (s ) Tj ET Q q 0 0 0 rg BT 393.99 648.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 414.94 648.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 444.21 648.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 471.80 648.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 516.07 648.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.02 648.10 Td (maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 78.60 636.10 Td (net ) Tj ET Q q 0 0 0 rg BT 93.32 636.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 122.47 636.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.30 636.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 155.80 636.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.69 636.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.08 612.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.50 612.10 Td (has ) Tj ET Q q 0 0 0 rg BT 122.36 612.10 Td (established ) Tj ET Q q 0 0 0 rg BT 168.32 612.10 Td (an ) Tj ET Q q 0 0 0 rg BT 179.29 612.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 230.79 612.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.10 612.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 266.63 612.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 305.92 612.10 Td (with ) Tj ET Q q 0 0 0 rg BT 325.23 612.10 Td (a ) Tj ET Q q 0 0 0 rg BT 331.20 612.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 356.05 612.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 383.68 612.10 Td (related ) Tj ET Q q 0 0 0 rg BT 412.42 612.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.73 612.10 Td (its ) Tj ET Q q 0 0 0 rg BT 432.71 612.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 474.23 612.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 495.76 612.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 522.01 612.10 Td (Financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (under ) Tj ET Q q 0 0 0 rg BT 75.09 600.10 Td (this ) Tj ET Q q 0 0 0 rg BT 91.87 600.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 144.16 600.10 Td (is ) Tj ET Q q 0 0 0 rg BT 153.15 600.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 186.02 600.10 Td (by ) Tj ET Q q 0 0 0 rg BT 198.34 600.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 227.87 600.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 270.45 600.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 309.99 600.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 352.30 600.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 394.89 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.66 600.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 451.18 600.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 496.28 600.10 Td (could ) Tj ET Q q 0 0 0 rg BT 520.82 600.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 549.79 600.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.70 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.74 588.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 127.56 588.10 Td (available ) Tj ET Q q 0 0 0 rg BT 166.35 588.10 Td (under ) Tj ET Q q 0 0 0 rg BT 191.83 588.10 Td (this ) Tj ET Q q 0 0 0 rg BT 208.98 588.10 Td (arrangement. ) Tj ET Q q 0 0 0 rg BT 263.97 588.10 Td (The ) Tj ET Q q 0 0 0 rg BT 282.22 588.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 308.25 588.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 337.06 588.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 377.53 588.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 416.34 588.10 Td (are ) Tj ET Q q 0 0 0 rg BT 431.25 588.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 468.94 588.10 Td (net ) Tj ET Q q 0 0 0 rg BT 483.86 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.90 588.10 Td (receivables ) Tj ET Q q 0 0 0 rg BT 542.58 588.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 80.83 576.10 Td (activity) Tj ET Q q 0 0 0 rg BT 110.17 576.10 Td (. ) Tj ET Q q 0 0 0 rg BT 114.99 576.10 Td (The ) Tj ET Q q 0 0 0 rg BT 133.03 576.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 166.64 576.10 Td (is ) Tj ET Q q 0 0 0 rg BT 175.81 576.10 Td (at ) Tj ET Q q 0 0 0 rg BT 185.53 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.24 576.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 242.18 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.01 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.72 576.10 Td (prime ) Tj ET Q q 0 0 0 rg BT 293.55 576.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 322.15 576.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 352.97 576.10 Td (to ) Tj ET Q q 0 0 0 rg BT 363.25 576.10 Td (a ) Tj ET Q q 0 0 0 rg BT 370.19 576.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 397.12 576.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 427.67 576.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.09 552.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.52 552.10 Td (has ) Tj ET Q q 0 0 0 rg BT 125.40 552.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 170.71 552.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 214.91 552.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 236.90 552.10 Td (line ) Tj ET Q q 0 0 0 rg BT 254.44 552.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 294.75 552.10 Td (available ) Tj ET Q q 0 0 0 rg BT 333.38 552.10 Td (on ) Tj ET Q q 0 0 0 rg BT 345.93 552.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.91 552.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 385.99 552.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 408.54 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.52 552.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 480.84 552.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 525.04 552.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 547.02 552.10 Td (line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 90.95 540.10 Td (available ) Tj ET Q q 0 0 0 rg BT 130.22 540.10 Td (on ) Tj ET Q q 0 0 0 rg BT 143.40 540.10 Td (both ) Tj ET Q q 0 0 0 rg BT 164.36 540.10 Td (a ) Tj ET Q q 0 0 0 rg BT 171.98 540.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 205.70 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 223.32 540.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 267.04 540.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 292.50 540.10 Td (The ) Tj ET Q q 0 0 0 rg BT 311.23 540.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 353.29 540.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 373.70 540.10 Td (these ) Tj ET Q q 0 0 0 rg BT 397.43 540.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 423.37 540.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 460.99 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 471.95 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.35 540.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 524.41 540.10 Td (course ) Tj ET Q q 0 0 0 rg BT 553.69 540.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (business ) Tj ET Q q 0 0 0 rg BT 86.51 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.90 528.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 117.84 528.10 Td (a ) Tj ET Q q 0 0 0 rg BT 124.90 528.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 156.40 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.34 528.10 Td (its ) Tj ET Q q 0 0 0 rg BT 179.41 528.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 202.02 528.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 246.29 528.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.34 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.17 528.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 310.78 528.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 351.72 528.10 Td (under ) Tj ET Q q 0 0 0 rg BT 377.10 528.10 Td (these ) Tj ET Q q 0 0 0 rg BT 400.26 528.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 425.64 528.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 462.68 528.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 489.17 528.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 511.78 528.10 Td (based ) Tj ET Q q 0 0 0 rg BT 537.17 528.10 Td (on ) Tj ET Q q 0 0 0 rg BT 549.78 528.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 516.10 Td (s ) Tj ET Q q 0 0 0 rg BT 98.06 516.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 131.67 516.10 Td (needs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.69 492.10 Td (Company) Tj ET Q q 0 0 0 rg BT 109.36 492.10 Td (s ) Tj ET Q q 0 0 0 rg BT 115.40 492.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 160.31 492.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 204.12 492.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 225.70 492.10 Td (line ) Tj ET Q q 0 0 0 rg BT 242.85 492.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 282.76 492.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.12 492.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 350.35 492.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.35 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 372.50 492.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 411.86 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.34 492.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.93 492.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.37 492.10 Td (-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.05 492.10 Td ($250 ) Tj ET Q q 0 0 0 rg BT 488.20 492.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.09 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 519.24 492.10 Td (committed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 91.06 480.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 116.55 480.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 147.60 480.10 Td (with ) Tj ET Q q 0 0 0 rg BT 168.11 480.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 188.63 480.10 Td (Bank, ) Tj ET Q q 0 0 0 rg BT 214.96 480.10 Td (N.A., ) Tj ET Q q 0 0 0 rg BT 239.64 480.10 Td (which ) Tj ET Q q 0 0 0 rg BT 266.81 480.10 Td (was ) Tj ET Q q 0 0 0 rg BT 285.09 480.10 Td (renewed ) Tj ET Q q 0 0 0 rg BT 321.69 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.20 480.10 Td (December ) Tj ET Q q 0 0 0 rg BT 376.01 480.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 400.64 480.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 442.80 480.10 Td (under ) Tj ET Q q 0 0 0 rg BT 468.30 480.10 Td (this ) Tj ET Q q 0 0 0 rg BT 485.48 480.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 516.53 480.10 Td (are ) Tj ET Q q 0 0 0 rg BT 531.47 480.10 Td (secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.97 468.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 93.14 468.10 Td (marketable ) Tj ET Q q 0 0 0 rg BT 140.52 468.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 183.54 468.10 Td (The ) Tj ET Q q 0 0 0 rg BT 202.06 468.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 233.34 468.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 269.64 468.10 Td (a ) Tj ET Q q 0 0 0 rg BT 277.04 468.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 316.10 468.10 Td (that ) Tj ET Q q 0 0 0 rg BT 334.07 468.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 369.24 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.43 468.10 Td (Company) Tj ET Q q 0 0 0 rg BT 426.09 468.10 Td (s ) Tj ET Q q 0 0 0 rg BT 432.95 468.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 453.70 468.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 482.77 468.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 510.16 468.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 554.24 468.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 87.27 456.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 128.45 456.10 Td (net ) Tj ET Q q 0 0 0 rg BT 142.94 456.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 171.88 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.49 456.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.77 456.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 207.05 456.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.94 456.10 Td (, ) Tj ET Q q 0 0 0 rg BT 240.72 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 257.44 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 271.94 456.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 301.44 456.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 339.27 456.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 371.54 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.15 456.10 Td (all ) Tj ET Q q 0 0 0 rg BT 394.43 456.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 433.36 456.10 Td (under ) Tj ET Q q 0 0 0 rg BT 458.41 456.10 Td (this ) Tj ET Q q 0 0 0 rg BT 475.14 456.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 505.74 456.10 Td (will ) Tj ET Q q 0 0 0 rg BT 523.58 456.10 Td (be ) Tj ET Q q 0 0 0 rg BT 535.30 456.10 Td (due ) Tj ET Q q 0 0 0 rg BT 552.02 456.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (December18, ) Tj ET Q q 0 0 0 rg BT 109.26 444.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.26 444.10 Td (. ) Tj ET Q q 0 0 0 rg BT 134.70 444.10 Td (The ) Tj ET Q q 0 0 0 rg BT 153.42 444.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 195.48 444.10 Td (pays ) Tj ET Q q 0 0 0 rg BT 216.98 444.10 Td (a ) Tj ET Q q 0 0 0 rg BT 224.59 444.10 Td (nonrefundable ) Tj ET Q q 0 0 0 rg BT 285.52 444.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 339.24 444.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 354.62 444.10 Td (on ) Tj ET Q q 0 0 0 rg BT 367.79 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.18 444.10 Td (unused ) Tj ET Q q 0 0 0 rg BT 414.69 444.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 446.75 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.25 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.64 444.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 505.13 444.10 Td (on ) Tj ET Q q 0 0 0 rg BT 518.30 444.10 Td (a ) Tj ET Q q 0 0 0 rg BT 525.92 444.10 Td (quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 74.45 432.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.95 432.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 145.53 432.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.53 432.10 Td (, ) Tj ET Q q 0 0 0 rg BT 170.53 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.25 432.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 226.64 432.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.57 432.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.57 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.07 432.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 295.22 432.10 Td (against ) Tj ET Q q 0 0 0 rg BT 326.04 432.10 Td (this ) Tj ET Q q 0 0 0 rg BT 342.99 432.10 Td (line ) Tj ET Q q 0 0 0 rg BT 360.49 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.32 432.10 Td (credit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.81 408.10 Td (Company) Tj ET Q q 0 0 0 rg BT 110.47 408.10 Td (s ) Tj ET Q q 0 0 0 rg BT 117.63 408.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 173.66 408.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 207.46 408.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 229.60 408.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.08 408.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 299.43 408.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.43 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.69 408.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.16 408.10 Td ($185 ) Tj ET Q q 0 0 0 rg BT 376.43 408.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.32 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.58 408.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.62 408.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.62 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 447.88 408.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 474.47 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.17 408.10 Td (are ) Tj ET Q q 0 0 0 rg BT 507.64 408.10 Td (dependent ) Tj ET Q q 0 0 0 rg BT 552.00 408.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (having ) Tj ET Q q 0 0 0 rg BT 79.93 396.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 128.18 396.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 170.59 396.10 Td (as ) Tj ET Q q 0 0 0 rg BT 181.64 396.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 229.33 396.10 Td (by ) Tj ET Q q 0 0 0 rg BT 242.05 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.98 396.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 279.13 396.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 325.99 396.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.48 396.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 364.73 396.10 Td (an ) Tj ET Q q 0 0 0 rg BT 376.88 396.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 412.35 396.10 Td (under ) Tj ET Q q 0 0 0 rg BT 437.84 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.77 396.10 Td (line. ) Tj ET Q q 0 0 0 rg BT 472.78 396.10 Td (The ) Tj ET Q q 0 0 0 rg BT 491.04 396.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 538.74 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 396.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 384.10 Td (s ) Tj ET Q q 0 0 0 rg BT 98.77 384.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 154.75 384.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 176.85 384.10 Td (are ) Tj ET Q q 0 0 0 rg BT 192.27 384.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 223.81 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.80 384.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 273.00 384.10 Td (by ) Tj ET Q q 0 0 0 rg BT 286.21 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.64 384.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 345.41 384.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 371.95 384.10 Td (each ) Tj ET Q q 0 0 0 rg BT 393.48 384.10 Td (time ) Tj ET Q q 0 0 0 rg BT 414.46 384.10 Td (an ) Tj ET Q q 0 0 0 rg BT 427.11 384.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 463.08 384.10 Td (is ) Tj ET Q q 0 0 0 rg BT 472.96 384.10 Td (requested ) Tj ET Q q 0 0 0 rg BT 514.49 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.14 384.10 Td (may ) Tj ET Q q 0 0 0 rg BT 552.57 384.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (denied. ) Tj ET Q q 0 0 0 rg BT 81.10 372.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.60 372.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 152.19 372.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.19 372.10 Td (, ) Tj ET Q q 0 0 0 rg BT 177.19 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.90 372.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 233.29 372.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.23 372.10 Td ($12.0 ) Tj ET Q q 0 0 0 rg BT 275.23 372.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.12 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 306.62 372.10 Td (in ) Tj ET Q q 0 0 0 rg BT 316.90 372.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 356.04 372.10 Td (against ) Tj ET Q q 0 0 0 rg BT 386.87 372.10 Td (these ) Tj ET Q q 0 0 0 rg BT 409.92 372.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 431.30 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 442.13 372.10 Td (credit. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (Note 17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 348.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 348.10 Td (V) Tj ET Q q 0 0 0 rg BT 89.99 348.10 Td (ariable Rate Senior Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.59 348.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.93 324.10 Td (November30, ) Tj ET Q q 0 0 0 rg BT 122.85 324.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.85 324.10 Td (, ) Tj ET Q q 0 0 0 rg BT 147.07 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.00 324.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 201.60 324.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 232.73 324.10 Td (into ) Tj ET Q q 0 0 0 rg BT 250.00 324.10 Td (a ) Tj ET Q q 0 0 0 rg BT 256.15 324.10 Td (note ) Tj ET Q q 0 0 0 rg BT 275.08 324.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 312.33 324.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 355.69 324.10 Td (under ) Tj ET Q q 0 0 0 rg BT 380.17 324.10 Td (which ) Tj ET Q q 0 0 0 rg BT 406.32 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.25 324.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 460.85 324.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 487.56 324.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 529.81 324.10 Td (variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 67.26 312.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 93.98 312.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 117.37 312.10 Td (\(Notes\) ) Tj ET Q q 0 0 0 rg BT 158.52 312.10 Td (in ) Tj ET Q q 0 0 0 rg BT 168.57 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.07 312.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 215.34 312.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.95 312.10 Td ($125 ) Tj ET Q q 0 0 0 rg BT 248.23 312.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.13 312.10 Td (. ) Tj ET Q q 0 0 0 rg BT 281.74 312.10 Td (The ) Tj ET Q q 0 0 0 rg BT 299.57 312.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 325.17 312.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 356.89 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.50 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.00 312.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 407.61 312.10 Td (are ) Tj ET Q q 0 0 0 rg BT 422.09 312.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 451.58 312.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 482.74 312.10 Td (advised ) Tj ET Q q 0 0 0 rg BT 515.56 312.10 Td (by ) Tj ET Q q 0 0 0 rg BT 527.84 312.10 Td (PIMCO. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.97 300.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 95.73 300.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 126.94 300.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.70 300.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.70 300.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.12 300.10 Td (classes, ) Tj ET Q q 0 0 0 rg BT 190.82 300.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 215.16 300.10 Td (A) Tj ET Q q 0 0 0 rg BT 221.83 300.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.26 300.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 252.02 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.88 300.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 294.98 300.10 Td (B ) Tj ET Q q 0 0 0 rg BT 305.08 300.10 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 334.34 300.10 Td (with ) Tj ET Q q 0 0 0 rg BT 355.54 300.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 394.51 300.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 431.83 300.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.58 300.10 Td ($50 ) Tj ET Q q 0 0 0 rg BT 462.01 300.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.90 300.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.33 300.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.20 300.10 Td ($75 ) Tj ET Q q 0 0 0 rg BT 530.63 300.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.52 300.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 288.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.32 264.10 Td (June2, ) Tj ET Q q 0 0 0 rg BT 98.75 264.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.75 264.10 Td (, ) Tj ET Q q 0 0 0 rg BT 125.35 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.66 264.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 184.65 264.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 218.17 264.10 Td (into ) Tj ET Q q 0 0 0 rg BT 237.83 264.10 Td (an ) Tj ET Q q 0 0 0 rg BT 251.36 264.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 291.56 264.10 Td (and ) Tj ET Q q 0 0 0 rg BT 310.09 264.10 Td (restated ) Tj ET Q q 0 0 0 rg BT 345.29 264.10 Td (note ) Tj ET Q q 0 0 0 rg BT 366.60 264.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 406.24 264.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 451.98 264.10 Td (\("Amended ) Tj ET Q q 0 0 0 rg BT 502.36 264.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 525.90 264.10 Td (Purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (Agreement"\) ) Tj ET Q q 0 0 0 rg BT 104.93 252.10 Td (under ) Tj ET Q q 0 0 0 rg BT 130.79 252.10 Td (which ) Tj ET Q q 0 0 0 rg BT 158.32 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.62 252.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 215.60 252.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.69 252.10 Td ($50 ) Tj ET Q q 0 0 0 rg BT 261.78 252.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.67 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 293.76 252.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.19 252.10 Td (new ) Tj ET Q q 0 0 0 rg BT 324.94 252.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 349.02 252.10 Td (A) Tj ET Q q 0 0 0 rg BT 355.69 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.78 252.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 385.20 252.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 408.29 252.10 Td (repayment ) Tj ET Q q 0 0 0 rg BT 453.58 252.10 Td (in ) Tj ET Q q 0 0 0 rg BT 464.45 252.10 Td (full ) Tj ET Q q 0 0 0 rg BT 481.43 252.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.85 252.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.16 252.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.16 252.10 Td ( ) Tj ET Q q 0 0 0 rg BT 531.25 252.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 555.33 252.10 Td (A) Tj ET Q q 0 0 0 rg BT 562.00 252.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 77.98 240.10 Td (The ) Tj ET Q q 0 0 0 rg BT 95.85 240.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 119.33 240.10 Td (A) Tj ET Q q 0 0 0 rg BT 126.00 240.10 Td ( ) Tj ET Q q 0 0 0 rg BT 128.32 240.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 153.97 240.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 173.50 240.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 205.25 240.10 Td (at ) Tj ET Q q 0 0 0 rg BT 214.79 240.10 Td (a ) Tj ET Q q 0 0 0 rg BT 221.55 240.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 238.86 240.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 262.83 240.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.93 240.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.92 240.10 Td (-month ) Tj ET Q q 0 0 0 rg BT 324.12 240.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 356.44 240.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.44 240.10 Td (3.00 ) Tj ET Q q 0 0 0 rg BT 395.26 240.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.68 240.10 Td ( ) Tj ET Q q 0 0 0 rg BT 427.00 240.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.76 240.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 473.84 240.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.17 240.10 Td (May31, ) Tj ET Q q 0 0 0 rg BT 521.82 240.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.82 240.10 Td (. ) Tj ET Q q 0 0 0 rg BT 546.47 240.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.11 228.10 Td (B ) Tj ET Q q 0 0 0 rg BT 81.22 228.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 105.99 228.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 135.20 228.10 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 185.80 228.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 204.45 228.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 235.32 228.10 Td (at ) Tj ET Q q 0 0 0 rg BT 243.98 228.10 Td (a ) Tj ET Q q 0 0 0 rg BT 249.86 228.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 266.28 228.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 289.38 228.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.60 228.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.58 228.10 Td (-month ) Tj ET Q q 0 0 0 rg BT 348.91 228.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 380.35 228.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.46 228.10 Td (4.50 ) Tj ET Q q 0 0 0 rg BT 417.40 228.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.83 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 448.27 228.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.15 228.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 493.35 228.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.79 228.10 Td (November30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 216.10 Td (. ) Tj ET Q q 0 0 0 rg BT 75.51 216.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 108.51 216.10 Td (on ) Tj ET Q q 0 0 0 rg BT 121.52 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.75 216.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 163.10 216.10 Td (is ) Tj ET Q q 0 0 0 rg BT 172.78 216.10 Td (adjustable ) Tj ET Q q 0 0 0 rg BT 216.33 216.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.78 216.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 267.89 216.10 Td (quarterly) Tj ET Q q 0 0 0 rg BT 303.33 216.10 Td (. ) Tj ET Q q 0 0 0 rg BT 308.63 216.10 Td (The ) Tj ET Q q 0 0 0 rg BT 327.19 216.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 357.42 216.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 395.97 216.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 432.87 216.10 Td (are ) Tj ET Q q 0 0 0 rg BT 448.09 216.10 Td (due ) Tj ET Q q 0 0 0 rg BT 465.54 216.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.33 216.10 Td (full ) Tj ET Q q 0 0 0 rg BT 493.23 216.10 Td (on ) Tj ET Q q 0 0 0 rg BT 506.25 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.48 216.10 Td (respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 86.38 204.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 109.43 204.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.37 204.10 Td (may ) Tj ET Q q 0 0 0 rg BT 146.08 204.10 Td (not ) Tj ET Q q 0 0 0 rg BT 161.36 204.10 Td (be ) Tj ET Q q 0 0 0 rg BT 173.30 204.10 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 205.79 204.10 Td (by ) Tj ET Q q 0 0 0 rg BT 218.29 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.00 204.10 Td (Company) Tj ET Q q 0 0 0 rg BT 271.24 204.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.02 180.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 110.06 180.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 132.67 180.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 171.23 180.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 218.83 180.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 255.32 180.10 Td (customary ) Tj ET Q q 0 0 0 rg BT 300.14 180.10 Td (events ) Tj ET Q q 0 0 0 rg BT 328.86 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 340.36 180.10 Td (default, ) Tj ET Q q 0 0 0 rg BT 373.79 180.10 Td (including ) Tj ET Q q 0 0 0 rg BT 414.73 180.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 443.99 180.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.94 180.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 472.54 180.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 511.25 180.10 Td (when ) Tj ET Q q 0 0 0 rg BT 536.08 180.10 Td (due ) Tj ET Q q 0 0 0 rg BT 553.69 180.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 79.54 168.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.76 168.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 108.64 168.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 141.51 168.10 Td (within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.51 168.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.06 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.50 168.10 Td (business ) Tj ET Q q 0 0 0 rg BT 226.84 168.10 Td (days ) Tj ET Q q 0 0 0 rg BT 248.61 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.38 168.10 Td (when ) Tj ET Q q 0 0 0 rg BT 285.48 168.10 Td (due, ) Tj ET Q q 0 0 0 rg BT 305.86 168.10 Td (any ) Tj ET Q q 0 0 0 rg BT 323.75 168.10 Td (representation ) Tj ET Q q 0 0 0 rg BT 383.83 168.10 Td (or ) Tj ET Q q 0 0 0 rg BT 395.60 168.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 434.58 168.10 Td (in ) Tj ET Q q 0 0 0 rg BT 445.80 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.70 168.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 503.02 168.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 525.90 168.10 Td (Purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 95.87 156.10 Td (proving ) Tj ET Q q 0 0 0 rg BT 128.43 156.10 Td (untrue ) Tj ET Q q 0 0 0 rg BT 155.42 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 164.65 156.10 Td (any ) Tj ET Q q 0 0 0 rg BT 180.53 156.10 Td (material ) Tj ET Q q 0 0 0 rg BT 214.74 156.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 244.50 156.10 Td (when ) Tj ET Q q 0 0 0 rg BT 267.61 156.10 Td (made ) Tj ET Q q 0 0 0 rg BT 290.72 156.10 Td (by ) Tj ET Q q 0 0 0 rg BT 302.16 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.83 156.10 Td (Company) Tj ET Q q 0 0 0 rg BT 354.06 156.10 Td (, ) Tj ET Q q 0 0 0 rg BT 358.01 156.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 385.55 156.10 Td (to ) Tj ET Q q 0 0 0 rg BT 394.78 156.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 426.22 156.10 Td (with ) Tj ET Q q 0 0 0 rg BT 445.45 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.11 156.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 500.55 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 509.77 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.12 156.10 Td (Amended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 72.23 144.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 110.51 144.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 160.23 144.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 189.12 144.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.69 144.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 216.93 144.10 Td (or ) Tj ET Q q 0 0 0 rg BT 228.05 144.10 Td (another ) Tj ET Q q 0 0 0 rg BT 260.83 144.10 Td (event ) Tj ET Q q 0 0 0 rg BT 285.28 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 296.41 144.10 Td (default ) Tj ET Q q 0 0 0 rg BT 326.97 144.10 Td (under ) Tj ET Q q 0 0 0 rg BT 352.53 144.10 Td (other ) Tj ET Q q 0 0 0 rg BT 375.87 144.10 Td (material ) Tj ET Q q 0 0 0 rg BT 411.43 144.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 465.88 144.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.45 144.10 Td (an ) Tj ET Q q 0 0 0 rg BT 488.69 144.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 521.48 144.10 Td (exceeding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td ($10 ) Tj ET Q q 0 0 0 rg BT 67.58 132.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.47 132.10 Td (, ) Tj ET Q q 0 0 0 rg BT 101.54 132.10 Td (bankruptcy ) Tj ET Q q 0 0 0 rg BT 149.10 132.10 Td (or ) Tj ET Q q 0 0 0 rg BT 160.01 132.10 Td (insolvency ) Tj ET Q q 0 0 0 rg BT 205.91 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.82 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.61 132.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 273.07 132.10 Td (or ) Tj ET Q q 0 0 0 rg BT 283.98 132.10 Td (any ) Tj ET Q q 0 0 0 rg BT 300.99 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.90 132.10 Td (its ) Tj ET Q q 0 0 0 rg BT 323.92 132.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 373.71 132.10 Td (or ) Tj ET Q q 0 0 0 rg BT 384.62 132.10 Td (a ) Tj ET Q q 0 0 0 rg BT 391.63 132.10 Td (change ) Tj ET Q q 0 0 0 rg BT 422.52 132.10 Td (in ) Tj ET Q q 0 0 0 rg BT 432.88 132.10 Td (control ) Tj ET Q q 0 0 0 rg BT 463.78 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.69 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.48 132.10 Td (Company) Tj ET Q q 0 0 0 rg BT 527.71 132.10 Td (. ) Tj ET Q q 0 0 0 rg BT 532.79 132.10 Td (If ) Tj ET Q q 0 0 0 rg BT 542.03 132.10 Td (there ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.50 120.10 Td (any ) Tj ET Q q 0 0 0 rg BT 76.76 120.10 Td (event ) Tj ET Q q 0 0 0 rg BT 101.25 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.40 120.10 Td (default ) Tj ET Q q 0 0 0 rg BT 142.99 120.10 Td (under ) Tj ET Q q 0 0 0 rg BT 168.59 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.01 120.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 224.71 120.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 246.98 120.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 285.28 120.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 335.03 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.08 120.10 Td (noteholders ) Tj ET Q q 0 0 0 rg BT 399.56 120.10 Td (may ) Tj ET Q q 0 0 0 rg BT 419.60 120.10 Td (declare ) Tj ET Q q 0 0 0 rg BT 451.29 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.33 120.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 491.93 120.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 530.29 120.10 Td (and ) Tj ET Q q 0 0 0 rg BT 547.56 120.10 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 83.58 108.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 115.52 108.10 Td (on ) Tj ET Q q 0 0 0 rg BT 128.02 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.73 108.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 168.56 108.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.84 108.10 Td (be ) Tj ET Q q 0 0 0 rg BT 190.78 108.10 Td (due ) Tj ET Q q 0 0 0 rg BT 207.72 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.66 108.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 258.25 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.19 108.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 310.44 108.10 Td (other ) Tj ET Q q 0 0 0 rg BT 333.49 108.10 Td (customary ) Tj ET Q q 0 0 0 rg BT 377.65 108.10 Td (remedies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.80 84.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 107.28 84.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 128.32 84.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 165.67 84.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 211.70 84.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 246.63 84.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 288.22 84.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 307.33 84.10 Td (among ) Tj ET Q q 0 0 0 rg BT 336.15 84.10 Td (other ) Tj ET Q q 0 0 0 rg BT 358.30 84.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 386.85 84.10 Td (require ) Tj ET Q q 0 0 0 rg BT 416.77 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.60 84.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 471.09 84.10 Td (to ) Tj ET Q q 0 0 0 rg BT 480.47 84.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 517.07 84.10 Td (a ) Tj ET Q q 0 0 0 rg BT 523.11 84.10 Td (minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 102.34 72.10 Td (tangible ) Tj ET Q q 0 0 0 rg BT 136.34 72.10 Td (net ) Tj ET Q q 0 0 0 rg BT 150.35 72.10 Td (worth ) Tj ET Q q 0 0 0 rg BT 175.48 72.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.71 72.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 234.60 72.10 Td (net ) Tj ET Q q 0 0 0 rg BT 248.61 72.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 279.56 72.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 300.24 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.25 72.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 360.63 72.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 396.28 72.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 416.40 72.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.64 72.10 Td (require ) Tj ET Q q 0 0 0 rg BT 462.75 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 476.76 72.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 517.44 72.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.01 72.10 Td (maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.50 60.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 99.45 60.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 120.83 60.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.22 60.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 173.04 60.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 193.87 60.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 215.25 60.10 Td (to ) Tj ET Q q 0 0 0 rg BT 226.09 60.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 249.70 60.10 Td (char) Tj ET Q q 0 0 0 rg BT 266.72 60.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 285.39 60.10 Td (W) Tj ET Q q 0 0 0 rg BT 294.43 60.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 308.04 60.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 339.42 60.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.25 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.53 60.10 Td (net ) Tj ET Q q 0 0 0 rg BT 380.80 60.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 410.51 60.10 Td (covenant, ) Tj ET Q q 0 0 0 rg BT 452.16 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.44 60.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 515.08 60.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 535.92 60.10 Td (broker ) 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 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 endstream endobj 183 0 obj <>] /Rotate 0 /Contents 184 0 R>> endobj 184 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 77.98 708.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 122.64 708.10 Td (is ) Tj ET Q q 0 0 0 rg BT 132.87 708.10 Td (required ) Tj ET Q q 0 0 0 rg BT 169.74 708.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.08 708.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 219.62 708.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 262.07 708.10 Td (net ) Tj ET Q q 0 0 0 rg BT 277.84 708.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 308.05 708.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.94 708.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 343.49 708.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.38 708.10 Td (. ) Tj ET Q q 0 0 0 rg BT 377.66 708.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.21 708.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 450.85 708.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.85 708.10 Td (, ) Tj ET Q q 0 0 0 rg BT 476.91 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.68 708.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 535.12 708.10 Td (was ) Tj ET Q q 0 0 0 rg BT 554.23 708.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 98.59 696.10 Td (with ) Tj ET Q q 0 0 0 rg BT 118.87 696.10 Td (all ) Tj ET Q q 0 0 0 rg BT 131.36 696.10 Td (covenants.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 672.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 93.88 672.10 Td (are ) Tj ET Q q 0 0 0 rg BT 108.58 672.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 146.06 672.10 Td (at ) Tj ET Q q 0 0 0 rg BT 155.78 672.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 198.26 672.10 Td (cost. ) Tj ET Q q 0 0 0 rg BT 218.81 672.10 Td (As ) Tj ET Q q 0 0 0 rg BT 232.43 672.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.26 672.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 301.84 672.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.84 672.10 Td (, ) Tj ET Q q 0 0 0 rg BT 326.84 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.56 672.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 377.37 672.10 Td (value ) Tj ET Q q 0 0 0 rg BT 401.53 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.36 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.08 672.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 452.91 672.10 Td (approximated ) Tj ET Q q 0 0 0 rg BT 510.39 672.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 526.76 672.10 Td (value. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (Note 18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 648.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 648.10 Td (Bank Syndicated Financing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.51 648.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (On ) Tj ET Q q 0 0 0 rg BT 64.95 624.10 Td (December29, ) Tj ET Q q 0 0 0 rg BT 123.76 624.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 148.99 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.94 624.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 205.55 624.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 237.70 624.10 Td (into ) Tj ET Q q 0 0 0 rg BT 255.99 624.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.16 624.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.14 624.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 306.41 624.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 333.53 624.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 380.68 624.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 425.06 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.12 624.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.29 624.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 466.02 624.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.91 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.64 624.10 Td (amortizing ) Tj ET Q q 0 0 0 rg BT 543.69 624.10 Td (term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 70.89 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.01 612.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.12 612.10 Td ($50 ) Tj ET Q q 0 0 0 rg BT 115.80 612.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.69 612.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.37 612.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 190.37 612.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 216.81 612.10 Td (facility) Tj ET Q q 0 0 0 rg BT 244.48 612.10 Td (. ) Tj ET Q q 0 0 0 rg BT 250.66 612.10 Td (SunT) Tj ET Q q 0 0 0 rg BT 271.98 612.10 Td (rust ) Tj ET Q q 0 0 0 rg BT 290.65 612.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 315.44 612.10 Td (was ) Tj ET Q q 0 0 0 rg BT 334.67 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.56 612.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 411.45 612.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 436.78 612.10 Td (\(Agent\) ) Tj ET Q q 0 0 0 rg BT 480.43 612.10 Td (for ) Tj ET Q q 0 0 0 rg BT 495.77 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.66 612.10 Td (lenders. ) Tj ET Q q 0 0 0 rg BT 546.45 612.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 99.85 600.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 133.56 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.19 600.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 181.59 600.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 214.20 600.10 Td (on ) Tj ET Q q 0 0 0 rg BT 227.39 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.79 600.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 270.26 600.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 317.87 600.10 Td (was ) Tj ET Q q 0 0 0 rg BT 336.61 600.10 Td (repaid ) Tj ET Q q 0 0 0 rg BT 364.78 600.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.96 600.10 Td (November30, ) Tj ET Q q 0 0 0 rg BT 438.35 600.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.35 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 461.53 600.10 Td (from ) Tj ET Q q 0 0 0 rg BT 484.16 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.56 600.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 538.28 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 600.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.83 588.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 116.66 588.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.94 588.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 148.88 588.10 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.88 588.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (Note 19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 564.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 564.10 Td (Contingencies, Commitments and Guarantees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.86 564.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (Legal ) Tj ET Q q 0 0 0 rg BT 76.39 540.10 Td (Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.89 516.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.12 516.10 Td (has ) Tj ET Q q 0 0 0 rg BT 124.79 516.10 Td (been ) Tj ET Q q 0 0 0 rg BT 146.01 516.10 Td (named ) Tj ET Q q 0 0 0 rg BT 175.00 516.10 Td (as ) Tj ET Q q 0 0 0 rg BT 185.67 516.10 Td (a ) Tj ET Q q 0 0 0 rg BT 192.45 516.10 Td (defendant ) Tj ET Q q 0 0 0 rg BT 234.22 516.10 Td (in ) Tj ET Q q 0 0 0 rg BT 244.34 516.10 Td (various ) Tj ET Q q 0 0 0 rg BT 276.12 516.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 297.89 516.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 331.06 516.10 Td (including ) Tj ET Q q 0 0 0 rg BT 371.17 516.10 Td (complaints ) Tj ET Q q 0 0 0 rg BT 417.40 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.18 516.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 472.63 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 489.41 516.10 Td (arbitration ) Tj ET Q q 0 0 0 rg BT 533.40 516.10 Td (claims, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 79.57 504.10 Td (from ) Tj ET Q q 0 0 0 rg BT 101.37 504.10 Td (its ) Tj ET Q q 0 0 0 rg BT 113.17 504.10 Td (business ) Tj ET Q q 0 0 0 rg BT 149.42 504.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 190.37 504.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 212.73 504.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 243.41 504.10 Td (include ) Tj ET Q q 0 0 0 rg BT 275.20 504.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 303.66 504.10 Td (related ) Tj ET Q q 0 0 0 rg BT 333.22 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 343.35 504.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 383.47 504.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 425.80 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 442.60 504.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 488.84 504.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 523.41 504.10 Td (activities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.86 492.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 94.48 492.10 Td (class ) Tj ET Q q 0 0 0 rg BT 115.33 492.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 145.07 492.10 Td (that ) Tj ET Q q 0 0 0 rg BT 161.49 492.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 200.12 492.10 Td (allege ) Tj ET Q q 0 0 0 rg BT 225.41 492.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 266.27 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.01 492.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 315.20 492.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 334.94 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 350.80 492.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 369.98 492.10 Td (unspecified ) Tj ET Q q 0 0 0 rg BT 417.50 492.10 Td (damages, ) Tj ET Q q 0 0 0 rg BT 456.40 492.10 Td (which ) Tj ET Q q 0 0 0 rg BT 482.25 492.10 Td (could ) Tj ET Q q 0 0 0 rg BT 505.89 492.10 Td (be ) Tj ET Q q 0 0 0 rg BT 516.75 492.10 Td (substantial. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 73.53 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.88 480.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 128.90 480.10 Td (is ) Tj ET Q q 0 0 0 rg BT 137.71 480.10 Td (involved ) Tj ET Q q 0 0 0 rg BT 174.84 480.10 Td (from ) Tj ET Q q 0 0 0 rg BT 196.41 480.10 Td (time ) Tj ET Q q 0 0 0 rg BT 216.32 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 226.23 480.10 Td (time ) Tj ET Q q 0 0 0 rg BT 246.14 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 256.05 480.10 Td (investigations ) Tj ET Q q 0 0 0 rg BT 313.74 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.32 480.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 380.77 480.10 Td (by ) Tj ET Q q 0 0 0 rg BT 392.90 480.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 450.02 480.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 486.58 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.15 480.10 Td (self-regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (or) Tj ET Q q 0 0 0 rg BT 58.15 468.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 106.19 468.10 Td (\(SROs\) ) Tj ET Q q 0 0 0 rg BT 147.57 468.10 Td (which ) Tj ET Q q 0 0 0 rg BT 174.51 468.10 Td (could ) Tj ET Q q 0 0 0 rg BT 199.23 468.10 Td (result ) Tj ET Q q 0 0 0 rg BT 223.95 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.22 468.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 267.26 468.10 Td (judgments, ) Tj ET Q q 0 0 0 rg BT 313.93 468.10 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 360.02 468.10 Td (penalties, ) Tj ET Q q 0 0 0 rg BT 400.57 468.10 Td (fines ) Tj ET Q q 0 0 0 rg BT 422.50 468.10 Td (or ) Tj ET Q q 0 0 0 rg BT 433.33 468.10 Td (other ) Tj ET Q q 0 0 0 rg BT 456.38 468.10 Td (relief.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.33 444.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.01 444.10 Td (has ) Tj ET Q q 0 0 0 rg BT 123.13 444.10 Td (established ) Tj ET Q q 0 0 0 rg BT 169.35 444.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 203.89 444.10 Td (for ) Tj ET Q q 0 0 0 rg BT 217.34 444.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 254.12 444.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 279.79 444.10 Td (that ) Tj ET Q q 0 0 0 rg BT 296.58 444.10 Td (are ) Tj ET Q q 0 0 0 rg BT 310.57 444.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 347.34 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.57 444.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 408.67 444.10 Td (estimable ) Tj ET Q q 0 0 0 rg BT 448.78 444.10 Td (that ) Tj ET Q q 0 0 0 rg BT 465.56 444.10 Td (may ) Tj ET Q q 0 0 0 rg BT 484.57 444.10 Td (result ) Tj ET Q q 0 0 0 rg BT 508.57 444.10 Td (from ) Tj ET Q q 0 0 0 rg BT 529.79 444.10 Td (pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.04 432.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 102.63 432.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 123.66 432.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 156.08 432.10 Td (investigations ) Tj ET Q q 0 0 0 rg BT 213.23 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.27 432.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 271.97 432.10 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 324.38 432.10 Td (In ) Tj ET Q q 0 0 0 rg BT 334.31 432.10 Td (many ) Tj ET Q q 0 0 0 rg BT 358.13 432.10 Td (cases, ) Tj ET Q q 0 0 0 rg BT 383.32 432.10 Td (however) Tj ET Q q 0 0 0 rg BT 417.35 432.10 Td (, ) Tj ET Q q 0 0 0 rg BT 421.45 432.10 Td (it ) Tj ET Q q 0 0 0 rg BT 428.61 432.10 Td (is ) Tj ET Q q 0 0 0 rg BT 436.88 432.10 Td (inherently ) Tj ET Q q 0 0 0 rg BT 479.02 432.10 Td (dif) Tj ET Q q 0 0 0 rg BT 489.94 432.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 512.65 432.10 Td (to ) Tj ET Q q 0 0 0 rg BT 522.02 432.10 Td (determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 83.70 420.10 Td (any ) Tj ET Q q 0 0 0 rg BT 99.63 420.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 116.68 420.10 Td (is ) Tj ET Q q 0 0 0 rg BT 124.84 420.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 161.32 420.10 Td (or ) Tj ET Q q 0 0 0 rg BT 171.14 420.10 Td (even ) Tj ET Q q 0 0 0 rg BT 191.51 420.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 225.78 420.10 Td (or ) Tj ET Q q 0 0 0 rg BT 235.60 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.87 420.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 279.69 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.39 420.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 324.88 420.10 Td (or ) Tj ET Q q 0 0 0 rg BT 334.70 420.10 Td (range ) Tj ET Q q 0 0 0 rg BT 358.40 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.22 420.10 Td (any ) Tj ET Q q 0 0 0 rg BT 384.15 420.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 420.63 420.10 Td (loss, ) Tj ET Q q 0 0 0 rg BT 440.19 420.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 487.77 420.10 Td (where ) Tj ET Q q 0 0 0 rg BT 513.69 420.10 Td (proceedings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.56 408.10 Td (be ) Tj ET Q q 0 0 0 rg BT 81.33 408.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.45 408.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 131.55 408.10 Td (early ) Tj ET Q q 0 0 0 rg BT 153.87 408.10 Td (stages ) Tj ET Q q 0 0 0 rg BT 180.65 408.10 Td (or ) Tj ET Q q 0 0 0 rg BT 191.32 408.10 Td (where ) Tj ET Q q 0 0 0 rg BT 218.09 408.10 Td (plaintif) Tj ET Q q 0 0 0 rg BT 246.79 408.10 Td (fs ) Tj ET Q q 0 0 0 rg BT 256.35 408.10 Td (are ) Tj ET Q q 0 0 0 rg BT 270.89 408.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 303.78 408.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 348.89 408.10 Td (or ) Tj ET Q q 0 0 0 rg BT 359.56 408.10 Td (indeterminate ) Tj ET Q q 0 0 0 rg BT 416.88 408.10 Td (damages. ) Tj ET Q q 0 0 0 rg BT 456.70 408.10 Td (Matters ) Tj ET Q q 0 0 0 rg BT 489.58 408.10 Td (frequently ) Tj ET Q q 0 0 0 rg BT 533.02 408.10 Td (need ) Tj ET Q q 0 0 0 rg BT 554.23 408.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.94 396.10 Td (more ) Tj ET Q q 0 0 0 rg BT 84.99 396.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 128.58 396.10 Td (before ) Tj ET Q q 0 0 0 rg BT 156.62 396.10 Td (a ) Tj ET Q q 0 0 0 rg BT 163.55 396.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 181.62 396.10 Td (or ) Tj ET Q q 0 0 0 rg BT 192.45 396.10 Td (range ) Tj ET Q q 0 0 0 rg BT 217.15 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.98 396.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 246.04 396.10 Td (can ) Tj ET Q q 0 0 0 rg BT 262.42 396.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 308.24 396.10 Td (be ) Tj ET Q q 0 0 0 rg BT 320.18 396.10 Td (estimated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 77.12 372.10 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 130.90 372.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 171.90 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.80 372.10 Td (timing, ) Tj ET Q q 0 0 0 rg BT 218.10 372.10 Td (scope, ) Tj ET Q q 0 0 0 rg BT 246.05 372.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 278.74 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.86 372.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 332.98 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.99 372.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 378.90 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 396.02 372.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 433.70 372.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 455.82 372.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 489.33 372.10 Td (investigations ) Tj ET Q q 0 0 0 rg BT 547.56 372.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 92.75 360.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 142.73 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 158.83 360.10 Td (other ) Tj ET Q q 0 0 0 rg BT 181.03 360.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 212.40 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.27 360.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 261.82 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.81 360.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 306.23 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.32 360.10 Td (ranges ) Tj ET Q q 0 0 0 rg BT 350.08 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 360.07 360.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 405.05 360.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 439.48 360.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 465.03 360.10 Td (are ) Tj ET Q q 0 0 0 rg BT 478.90 360.10 Td (dif) Tj ET Q q 0 0 0 rg BT 489.83 360.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 512.59 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 522.03 360.10 Td (determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.32 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.53 348.10 Td (necessity ) Tj ET Q q 0 0 0 rg BT 118.07 348.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 149.28 348.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.94 348.10 Td (future ) Tj ET Q q 0 0 0 rg BT 186.70 348.10 Td (revision. ) Tj ET Q q 0 0 0 rg BT 224.30 348.10 Td (Subject ) Tj ET Q q 0 0 0 rg BT 257.17 348.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.84 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.93 348.10 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 327.19 348.10 Td (management ) Tj ET Q q 0 0 0 rg BT 381.17 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.38 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.48 348.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 449.25 348.10 Td (believes, ) Tj ET Q q 0 0 0 rg BT 487.39 348.10 Td (based ) Tj ET Q q 0 0 0 rg BT 513.04 348.10 Td (on ) Tj ET Q q 0 0 0 rg BT 525.92 348.10 Td (currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (available ) Tj ET Q q 0 0 0 rg BT 88.58 336.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 140.79 336.10 Td (after ) Tj ET Q q 0 0 0 rg BT 161.60 336.10 Td (consultation ) Tj ET Q q 0 0 0 rg BT 212.98 336.10 Td (with ) Tj ET Q q 0 0 0 rg BT 233.25 336.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 264.63 336.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 286.56 336.10 Td (counsel ) Tj ET Q q 0 0 0 rg BT 319.60 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.54 336.10 Td (taking ) Tj ET Q q 0 0 0 rg BT 364.03 336.10 Td (into ) Tj ET Q q 0 0 0 rg BT 382.08 336.10 Td (account ) Tj ET Q q 0 0 0 rg BT 415.67 336.10 Td (its ) Tj ET Q q 0 0 0 rg BT 427.61 336.10 Td (established ) Tj ET Q q 0 0 0 rg BT 474.54 336.10 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 512.29 336.10 Td (that ) Tj ET Q q 0 0 0 rg BT 529.79 336.10 Td (pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 73.00 324.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 107.39 324.10 Td (investigations ) Tj ET Q q 0 0 0 rg BT 166.51 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.52 324.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 229.18 324.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 281.06 324.10 Td (will ) Tj ET Q q 0 0 0 rg BT 300.18 324.10 Td (be ) Tj ET Q q 0 0 0 rg BT 313.19 324.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 350.63 324.10 Td (with ) Tj ET Q q 0 0 0 rg BT 371.98 324.10 Td (no ) Tj ET Q q 0 0 0 rg BT 385.54 324.10 Td (material ) Tj ET Q q 0 0 0 rg BT 421.87 324.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 455.97 324.10 Td (ef) Tj ET Q q 0 0 0 rg BT 463.56 324.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 482.11 324.10 Td (on ) Tj ET Q q 0 0 0 rg BT 495.68 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.46 324.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.85 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.82 312.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 143.44 312.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 186.35 312.10 Td (results ) Tj ET Q q 0 0 0 rg BT 215.10 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.06 312.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 270.36 312.10 Td (or ) Tj ET Q q 0 0 0 rg BT 281.33 312.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 301.73 312.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 326.59 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 337.56 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.42 312.10 Td (Company) Tj ET Q q 0 0 0 rg BT 390.65 312.10 Td (. ) Tj ET Q q 0 0 0 rg BT 395.79 312.10 Td (However) Tj ET Q q 0 0 0 rg BT 432.04 312.10 Td (, ) Tj ET Q q 0 0 0 rg BT 437.18 312.10 Td (if ) Tj ET Q q 0 0 0 rg BT 445.93 312.10 Td (during ) Tj ET Q q 0 0 0 rg BT 474.67 312.10 Td (any ) Tj ET Q q 0 0 0 rg BT 491.75 312.10 Td (period ) Tj ET Q q 0 0 0 rg BT 519.93 312.10 Td (a ) Tj ET Q q 0 0 0 rg BT 527.01 312.10 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 84.19 300.10 Td (contingency ) Tj ET Q q 0 0 0 rg BT 136.72 300.10 Td (should ) Tj ET Q q 0 0 0 rg BT 167.04 300.10 Td (become ) Tj ET Q q 0 0 0 rg BT 201.79 300.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 240.43 300.10 Td (or ) Tj ET Q q 0 0 0 rg BT 252.41 300.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 289.94 300.10 Td (for ) Tj ET Q q 0 0 0 rg BT 305.26 300.10 Td (an ) Tj ET Q q 0 0 0 rg BT 318.35 300.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 352.00 300.10 Td (in ) Tj ET Q q 0 0 0 rg BT 363.43 300.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 393.18 300.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.17 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.04 300.10 Td (established ) Tj ET Q q 0 0 0 rg BT 469.12 300.10 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 508.04 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.91 300.10 Td (results ) Tj ET Q q 0 0 0 rg BT 553.67 300.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 94.77 288.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.33 288.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 133.22 288.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 158.56 288.10 Td (in ) Tj ET Q q 0 0 0 rg BT 169.46 288.10 Td (that ) Tj ET Q q 0 0 0 rg BT 187.57 288.10 Td (period ) Tj ET Q q 0 0 0 rg BT 216.24 288.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.80 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.13 288.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 287.23 288.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 328.12 288.10 Td (as ) Tj ET Q q 0 0 0 rg BT 339.57 288.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.02 288.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.36 288.10 Td (end ) Tj ET Q q 0 0 0 rg BT 383.92 288.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.37 288.10 Td (that ) Tj ET Q q 0 0 0 rg BT 413.48 288.10 Td (period ) Tj ET Q q 0 0 0 rg BT 442.15 288.10 Td (could ) Tj ET Q q 0 0 0 rg BT 467.48 288.10 Td (be ) Tj ET Q q 0 0 0 rg BT 480.04 288.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 523.70 288.10 Td (adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 276.10 Td (fected. ) Tj ET Q q 0 0 0 rg BT 86.54 276.10 Td (In ) Tj ET Q q 0 0 0 rg BT 96.90 276.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 134.20 276.10 Td (there ) Tj ET Q q 0 0 0 rg BT 156.21 276.10 Td (can ) Tj ET Q q 0 0 0 rg BT 172.12 276.10 Td (be ) Tj ET Q q 0 0 0 rg BT 183.58 276.10 Td (no ) Tj ET Q q 0 0 0 rg BT 195.61 276.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 236.51 276.10 Td (that ) Tj ET Q q 0 0 0 rg BT 253.53 276.10 Td (material ) Tj ET Q q 0 0 0 rg BT 288.32 276.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 314.23 276.10 Td (will ) Tj ET Q q 0 0 0 rg BT 331.82 276.10 Td (not ) Tj ET Q q 0 0 0 rg BT 346.63 276.10 Td (be ) Tj ET Q q 0 0 0 rg BT 358.09 276.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 393.44 276.10 Td (from ) Tj ET Q q 0 0 0 rg BT 414.90 276.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 443.03 276.10 Td (that ) Tj ET Q q 0 0 0 rg BT 460.06 276.10 Td (have ) Tj ET Q q 0 0 0 rg BT 480.96 276.10 Td (not ) Tj ET Q q 0 0 0 rg BT 495.77 276.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 510.01 276.10 Td (been ) Tj ET Q q 0 0 0 rg BT 530.92 276.10 Td (brought ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 264.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.00 264.10 Td (Company) Tj ET Q q 0 0 0 rg BT 116.66 264.10 Td (s ) Tj ET Q q 0 0 0 rg BT 123.05 264.10 Td (attention ) Tj ET Q q 0 0 0 rg BT 160.54 264.10 Td (or ) Tj ET Q q 0 0 0 rg BT 171.37 264.10 Td (are ) Tj ET Q q 0 0 0 rg BT 186.08 264.10 Td (not ) Tj ET Q q 0 0 0 rg BT 201.36 264.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 216.07 264.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 263.55 264.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.83 264.10 Td (be ) Tj ET Q q 0 0 0 rg BT 285.77 264.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 331.59 264.10 Td (possible.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (Litigation-related ) Tj ET Q q 0 0 0 rg BT 121.80 240.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 152.50 240.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 184.32 240.10 Td (from ) Tj ET Q q 0 0 0 rg BT 205.59 240.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 250.19 240.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 293.68 240.10 Td (included ) Tj ET Q q 0 0 0 rg BT 329.94 240.10 Td (within ) Tj ET Q q 0 0 0 rg BT 357.33 240.10 Td (other ) Tj ET Q q 0 0 0 rg BT 379.70 240.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 419.30 240.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 457.23 240.10 Td (resulted ) Tj ET Q q 0 0 0 rg BT 490.71 240.10 Td (in ) Tj ET Q q 0 0 0 rg BT 500.32 240.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 534.36 240.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.52 240.10 Td ($0.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 228.10 Td (, ) Tj ET Q q 0 0 0 rg BT 84.05 228.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.15 228.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 121.57 228.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.55 228.10 Td ($4.1 ) Tj ET Q q 0 0 0 rg BT 152.71 228.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.60 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.26 228.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 224.13 228.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 272.33 228.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.76 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.64 228.10 Td (receipt ) Tj ET Q q 0 0 0 rg BT 327.50 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.48 228.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 379.46 228.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 417.65 228.10 Td (for ) Tj ET Q q 0 0 0 rg BT 431.97 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.84 228.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 509.48 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 520.47 228.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 542.57 228.10 Td (legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (settlements, ) Tj ET Q q 0 0 0 rg BT 99.99 216.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.93 216.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 151.64 216.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.47 216.10 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 182.47 216.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.36 216.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.86 216.10 Td (for ) Tj ET Q q 0 0 0 rg BT 228.02 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.73 216.10 Td (years ) Tj ET Q q 0 0 0 rg BT 266.33 216.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.71 216.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 351.29 216.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.29 216.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.29 216.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.29 216.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.79 216.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.73 216.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.73 216.10 Td (, ) Tj ET Q q 0 0 0 rg BT 440.73 216.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 488.39 216.10 Td (.) 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 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 endstream endobj 185 0 obj <>] /Rotate 0 /Contents 186 0 R>> endobj 186 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (92) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (Operating Lease Commitments) 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 67.63 684.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.60 684.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 134.56 684.25 Td (of) Tj ET Q q 0 0 0 rg BT 142.70 684.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 159.77 684.25 Td (space ) Tj ET Q q 0 0 0 rg BT 184.06 684.25 Td (throughout ) Tj ET Q q 0 0 0 rg BT 230.03 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 244.33 684.25 Td (United ) Tj ET Q q 0 0 0 rg BT 273.63 684.25 Td (States ) Tj ET Q q 0 0 0 rg BT 299.59 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 316.11 684.25 Td (in ) Tj ET Q q 0 0 0 rg BT 325.97 684.25 Td (a ) Tj ET Q q 0 0 0 rg BT 332.49 684.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 362.90 684.25 Td (number ) Tj ET Q q 0 0 0 rg BT 395.53 684.25 Td (of ) Tj ET Q q 0 0 0 rg BT 405.94 684.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 436.90 684.25 Td (countries ) Tj ET Q q 0 0 0 rg BT 475.64 684.25 Td (where ) Tj ET Q q 0 0 0 rg BT 502.15 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.45 684.25 Td (Company) Tj ET Q q 0 0 0 rg BT 558.11 684.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.25 Td (international ) Tj ET Q q 0 0 0 rg BT 103.30 672.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 147.71 672.25 Td (reside. ) Tj ET Q q 0 0 0 rg BT 176.24 672.25 Td (Aggregate ) Tj ET Q q 0 0 0 rg BT 220.65 672.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 262.30 672.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 285.04 672.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 342.24 672.25 Td (under ) Tj ET Q q 0 0 0 rg BT 367.77 672.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 408.30 672.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 434.93 672.25 Td (as ) Tj ET Q q 0 0 0 rg BT 446.02 672.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.11 672.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 515.96 672.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.96 672.25 Td ( ) Tj ET Q q 0 0 0 rg BT 538.72 672.25 Td (are ) Tj ET Q q 0 0 0 rg BT 553.69 672.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 637.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 637.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 613.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 613.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 589.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 589.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 565.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 565.75 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 565.75 m 561.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 565.75 m 561.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 554.75 m 561.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 552.75 m 561.5 552.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 641.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.00 641.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 628.37 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 628.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 628.37 Td (12,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 616.37 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 616.37 Td (12,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 604.37 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 604.37 Td (9,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 592.37 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 592.37 Td (9,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 580.37 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 580.37 Td (9,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 568.37 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 568.37 Td (26,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 556.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 556.37 Td (79,531) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 530.25 Td (otal ) Tj ET Q q 0 0 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 q 0 0 0 rg BT 221.95 530.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 244.16 530.25 Td (through ) Tj ET Q q 0 0 0 rg BT 277.48 530.25 Td (2019 ) 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 ($7.2 ) 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 (2014) 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 ($13.8 ) 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 ($12.9 ) 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 ($13.1 ) 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 (2014) 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 (2013) 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 (2012) 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 64.44 434.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.09 434.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 135.50 434.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.50 434.25 Td (, ) Tj ET Q q 0 0 0 rg BT 161.33 434.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.87 434.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 219.08 434.25 Td (had ) Tj ET Q q 0 0 0 rg BT 236.85 434.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 294.61 434.25 Td (to ) Tj ET Q q 0 0 0 rg BT 305.71 434.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 332.92 434.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.01 434.25 Td ($37.3 ) Tj ET Q q 0 0 0 rg BT 419.83 434.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.73 434.25 Td ( ) Tj ET Q q 0 0 0 rg BT 452.05 434.25 Td (in ) Tj ET Q q 0 0 0 rg BT 463.15 434.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 494.81 434.25 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 547.01 434.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 83.29 422.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 123.79 422.25 Td (or ) Tj ET Q q 0 0 0 rg BT 134.86 422.25 Td (make ) Tj ET Q q 0 0 0 rg BT 159.25 422.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 209.76 422.25 Td (in ) Tj ET Q q 0 0 0 rg BT 220.28 422.25 Td (private ) Tj ET Q q 0 0 0 rg BT 250.78 422.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 278.51 422.25 Td (funds. ) Tj ET Q q 0 0 0 rg BT 305.77 422.25 Td (The ) Tj ET Q q 0 0 0 rg BT 324.06 422.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 381.24 422.25 Td (are ) Tj ET Q q 0 0 0 rg BT 396.18 422.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 437.24 422.25 Td (to ) Tj ET Q q 0 0 0 rg BT 447.76 422.25 Td (be ) Tj ET Q q 0 0 0 rg BT 459.93 422.25 Td (funded, ) Tj ET Q q 0 0 0 rg BT 492.94 422.25 Td (if ) Tj ET Q q 0 0 0 rg BT 501.79 422.25 Td (called, ) Tj ET Q q 0 0 0 rg BT 530.90 422.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 410.25 Td (end ) Tj ET Q q 0 0 0 rg BT 81.66 410.25 Td (of ) Tj ET Q q 0 0 0 rg BT 92.49 410.25 Td (the ) Tj ET Q q 0 0 0 rg BT 107.20 410.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 150.23 410.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 196.62 410.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 228.55 410.25 Td (ranging ) Tj ET Q q 0 0 0 rg BT 261.60 410.25 Td (from ) Tj ET Q q 0 0 0 rg BT 283.54 410.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 306.04 410.25 Td (to ) Tj ET Q q 0 0 0 rg BT 316.32 410.25 Td (2018.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 386.25 Td (Other) Tj ET Q q 0 0 0 rg BT 75.37 386.25 Td ( Guarantees) Tj ET Q 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 68.42 362.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.19 362.25 Td (is ) Tj ET Q q 0 0 0 rg BT 119.74 362.25 Td (a ) Tj ET Q q 0 0 0 rg BT 127.05 362.25 Td (member ) Tj ET Q q 0 0 0 rg BT 162.69 362.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.90 362.25 Td (numerous ) Tj ET Q q 0 0 0 rg BT 216.22 362.25 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 260.74 362.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.06 362.25 Td (clearinghouses. ) Tj ET Q q 0 0 0 rg BT 342.86 362.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 370.72 362.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.82 362.25 Td (membership ) Tj ET Q q 0 0 0 rg BT 438.13 362.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 486.54 362.25 Td (with ) Tj ET Q q 0 0 0 rg BT 507.19 362.25 Td (these ) Tj ET Q q 0 0 0 rg BT 530.62 362.25 Td (entities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td (members ) Tj ET Q q 0 0 0 rg BT 89.42 350.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 129.38 350.25 Td (are ) Tj ET Q q 0 0 0 rg BT 144.35 350.25 Td (required ) Tj ET Q q 0 0 0 rg BT 180.43 350.25 Td (to ) Tj ET Q q 0 0 0 rg BT 190.97 350.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 232.60 350.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.58 350.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 300.86 350.25 Td (of ) Tj ET Q q 0 0 0 rg BT 311.95 350.25 Td (other ) Tj ET Q q 0 0 0 rg BT 335.26 350.25 Td (members, ) Tj ET Q q 0 0 0 rg BT 377.18 350.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.38 350.25 Td (if ) Tj ET Q q 0 0 0 rg BT 403.25 350.25 Td (a ) Tj ET Q q 0 0 0 rg BT 410.46 350.25 Td (member ) Tj ET Q q 0 0 0 rg BT 445.98 350.25 Td (becomes ) Tj ET Q q 0 0 0 rg BT 483.73 350.25 Td (unable ) Tj ET Q q 0 0 0 rg BT 513.15 350.25 Td (to ) Tj ET Q q 0 0 0 rg BT 523.69 350.25 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 552.56 350.25 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 97.39 338.25 Td (to ) Tj ET Q q 0 0 0 rg BT 108.11 338.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.26 338.25 Td (clearinghouse, ) Tj ET Q q 0 0 0 rg BT 184.24 338.25 Td (other ) Tj ET Q q 0 0 0 rg BT 207.73 338.25 Td (members ) Tj ET Q q 0 0 0 rg BT 247.32 338.25 Td (would ) Tj ET Q q 0 0 0 rg BT 275.27 338.25 Td (be ) Tj ET Q q 0 0 0 rg BT 287.65 338.25 Td (required ) Tj ET Q q 0 0 0 rg BT 323.90 338.25 Td (to ) Tj ET Q q 0 0 0 rg BT 334.62 338.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 357.00 338.25 Td (shortfalls. ) Tj ET Q q 0 0 0 rg BT 399.45 338.25 Td (T) Tj ET Q q 0 0 0 rg BT 404.86 338.25 Td (o ) Tj ET Q q 0 0 0 rg BT 412.80 338.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 448.51 338.25 Td (these ) Tj ET Q q 0 0 0 rg BT 472.00 338.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 525.46 338.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 549.79 338.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 93.55 326.25 Td (and ) Tj ET Q q 0 0 0 rg BT 109.90 326.25 Td (clearinghouses ) Tj ET Q q 0 0 0 rg BT 171.23 326.25 Td (often ) Tj ET Q q 0 0 0 rg BT 193.69 326.25 Td (require ) Tj ET Q q 0 0 0 rg BT 223.91 326.25 Td (members ) Tj ET Q q 0 0 0 rg BT 262.47 326.25 Td (to ) Tj ET Q q 0 0 0 rg BT 272.16 326.25 Td (post ) Tj ET Q q 0 0 0 rg BT 290.74 326.25 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 332.34 326.25 Td (In ) Tj ET Q q 0 0 0 rg BT 342.58 326.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 379.76 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 393.89 326.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 434.68 326.25 Td (identifies ) Tj ET Q q 0 0 0 rg BT 473.80 326.25 Td (and ) Tj ET Q q 0 0 0 rg BT 490.15 326.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 534.81 326.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 85.80 314.25 Td (agents ) Tj ET Q q 0 0 0 rg BT 114.95 314.25 Td (against ) Tj ET Q q 0 0 0 rg BT 146.87 314.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 186.56 314.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 225.15 314.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 252.64 314.25 Td (in ) Tj ET Q q 0 0 0 rg BT 264.02 314.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 311.49 314.25 Td (with ) Tj ET Q q 0 0 0 rg BT 332.87 314.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 375.35 314.25 Td (services ) Tj ET Q q 0 0 0 rg BT 411.16 314.25 Td (to ) Tj ET Q q 0 0 0 rg BT 422.53 314.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.35 314.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 480.83 314.25 Td (or ) Tj ET Q q 0 0 0 rg BT 492.76 314.25 Td (its ) Tj ET Q q 0 0 0 rg BT 505.81 314.25 Td (af) Tj ET Q q 0 0 0 rg BT 513.40 314.25 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 546.45 314.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 302.25 Td (s ) Tj ET Q q 0 0 0 rg BT 99.30 302.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 143.60 302.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 182.33 302.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 217.18 302.25 Td (under ) Tj ET Q q 0 0 0 rg BT 243.70 302.25 Td (these ) Tj ET Q q 0 0 0 rg BT 267.99 302.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 325.59 302.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 355.99 302.25 Td (be ) Tj ET Q q 0 0 0 rg BT 369.18 302.25 Td (quantified. ) Tj ET Q q 0 0 0 rg BT 415.96 302.25 Td (However) Tj ET Q q 0 0 0 rg BT 452.21 302.25 Td (, ) Tj ET Q q 0 0 0 rg BT 458.46 302.25 Td (management ) Tj ET Q q 0 0 0 rg BT 513.29 302.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 549.80 302.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.25 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 93.10 290.25 Td (that ) Tj ET Q q 0 0 0 rg BT 110.65 290.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.41 290.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 166.85 290.25 Td (would ) Tj ET Q q 0 0 0 rg BT 194.40 290.25 Td (be ) Tj ET Q q 0 0 0 rg BT 206.39 290.25 Td (required ) Tj ET Q q 0 0 0 rg BT 242.26 290.25 Td (to ) Tj ET Q q 0 0 0 rg BT 252.58 290.25 Td (make ) Tj ET Q q 0 0 0 rg BT 276.79 290.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 317.67 290.25 Td (under ) Tj ET Q q 0 0 0 rg BT 342.98 290.25 Td (these ) Tj ET Q q 0 0 0 rg BT 366.08 290.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 422.49 290.25 Td (is ) Tj ET Q q 0 0 0 rg BT 431.71 290.25 Td (remote. ) Tj ET Q q 0 0 0 rg BT 463.97 290.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 513.30 290.25 Td (, ) Tj ET Q q 0 0 0 rg BT 518.35 290.25 Td (no ) Tj ET Q q 0 0 0 rg BT 530.90 290.25 Td (liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.25 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 278.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 96.65 278.25 Td (in ) Tj ET Q q 0 0 0 rg BT 106.92 278.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.64 278.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 174.68 278.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.16 278.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 256.88 278.25 Td (for ) Tj ET Q q 0 0 0 rg BT 271.04 278.25 Td (these ) Tj ET Q q 0 0 0 rg BT 294.08 278.25 Td (arrangements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.25 Td (As ) Tj ET Q q 0 0 0 rg BT 63.63 254.25 Td (general ) Tj ET Q q 0 0 0 rg BT 95.58 254.25 Td (partner) Tj ET Q q 0 0 0 rg BT 123.49 254.25 Td (, ) Tj ET Q q 0 0 0 rg BT 128.52 254.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 152.14 254.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 163.62 254.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 182.24 254.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 229.20 254.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 283.92 254.25 Td (LLC, ) Tj ET Q q 0 0 0 rg BT 307.83 254.25 Td (a ) Tj ET Q q 0 0 0 rg BT 314.79 254.25 Td (wholly-owned ) Tj ET Q q 0 0 0 rg BT 375.08 254.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 418.71 254.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.56 254.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.30 254.25 Td (Company) Tj ET Q q 0 0 0 rg BT 482.53 254.25 Td (, ) Tj ET Q q 0 0 0 rg BT 487.55 254.25 Td (has ) Tj ET Q q 0 0 0 rg BT 503.41 254.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 549.79 254.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.25 Td (debts, ) Tj ET Q q 0 0 0 rg BT 76.16 242.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 115.93 242.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.91 242.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 179.91 242.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.79 242.25 Td (a ) Tj ET Q q 0 0 0 rg BT 197.78 242.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 240.32 242.25 Td (bond ) Tj ET Q q 0 0 0 rg BT 262.87 242.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 283.75 242.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.08 242.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.84 242.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 335.83 242.25 Td (of ) Tj ET Q q 0 0 0 rg BT 346.71 242.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.48 242.25 Td (general ) Tj ET Q q 0 0 0 rg BT 393.45 242.25 Td (partner) Tj ET Q q 0 0 0 rg BT 422.14 242.25 Td () Tj ET Q q 0 0 0 rg BT 424.91 242.25 Td (s ) Tj ET Q q 0 0 0 rg BT 431.36 242.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 459.74 242.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 514.49 242.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 549.80 242.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.25 Td (likelihood ) Tj ET Q q 0 0 0 rg BT 93.14 230.25 Td (that ) Tj ET Q q 0 0 0 rg BT 110.73 230.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.54 230.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 167.02 230.25 Td (would ) Tj ET Q q 0 0 0 rg BT 194.61 230.25 Td (be ) Tj ET Q q 0 0 0 rg BT 206.65 230.25 Td (required ) Tj ET Q q 0 0 0 rg BT 242.55 230.25 Td (to ) Tj ET Q q 0 0 0 rg BT 252.92 230.25 Td (make ) Tj ET Q q 0 0 0 rg BT 277.17 230.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 318.09 230.25 Td (under ) Tj ET Q q 0 0 0 rg BT 343.45 230.25 Td (this ) Tj ET Q q 0 0 0 rg BT 360.49 230.25 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 413.06 230.25 Td (is ) Tj ET Q q 0 0 0 rg BT 422.32 230.25 Td (remote. ) Tj ET Q q 0 0 0 rg BT 454.60 230.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 503.94 230.25 Td (, ) Tj ET Q q 0 0 0 rg BT 509.03 230.25 Td (no ) Tj ET Q q 0 0 0 rg BT 521.63 230.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 555.33 230.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 87.48 218.25 Td (in ) Tj ET Q q 0 0 0 rg BT 97.75 218.25 Td (the ) Tj ET Q q 0 0 0 rg BT 112.47 218.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 165.51 218.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 202.99 218.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 247.71 218.25 Td (for ) Tj ET Q q 0 0 0 rg BT 261.87 218.25 Td (this ) Tj ET Q q 0 0 0 rg BT 278.81 218.25 Td (arrangement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 194.25 Td (Concentration of Cr) Tj ET Q q 0 0 0 rg BT 136.47 194.25 Td (edit Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.70 170.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.75 170.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 148.34 170.25 Td (investment, ) Tj ET Q q 0 0 0 rg BT 197.88 170.25 Td (capital-raising ) Tj ET Q q 0 0 0 rg BT 258.23 170.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.82 170.25 Td (related ) Tj ET Q q 0 0 0 rg BT 306.18 170.25 Td (services ) Tj ET Q q 0 0 0 rg BT 341.54 170.25 Td (to ) Tj ET Q q 0 0 0 rg BT 352.48 170.25 Td (a ) Tj ET Q q 0 0 0 rg BT 360.07 170.25 Td (diverse ) Tj ET Q q 0 0 0 rg BT 392.11 170.25 Td (group ) Tj ET Q q 0 0 0 rg BT 418.59 170.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.08 170.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 469.34 170.25 Td (and ) Tj ET Q q 0 0 0 rg BT 486.93 170.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 518.96 170.25 Td (customers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (including ) Tj ET Q q 0 0 0 rg BT 89.78 158.25 Td (governments, ) Tj ET Q q 0 0 0 rg BT 145.94 158.25 Td (corporations, ) Tj ET Q q 0 0 0 rg BT 200.43 158.25 Td (and ) Tj ET Q q 0 0 0 rg BT 216.88 158.25 Td (institutional ) Tj ET Q q 0 0 0 rg BT 266.66 158.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.10 158.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 325.66 158.25 Td (investors. ) Tj ET Q q 0 0 0 rg BT 366.13 158.25 Td (The ) Tj ET Q q 0 0 0 rg BT 383.68 158.25 Td (Company) Tj ET Q q 0 0 0 rg BT 425.35 158.25 Td (s ) Tj ET Q q 0 0 0 rg BT 431.25 158.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 469.35 158.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.14 158.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 503.90 158.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 520.91 158.25 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.79 146.25 Td (the ) Tj ET Q q 0 0 0 rg BT 84.02 146.25 Td (non-performance ) Tj ET Q q 0 0 0 rg BT 154.88 146.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.22 146.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 207.78 146.25 Td (in ) Tj ET Q q 0 0 0 rg BT 217.57 146.25 Td (fulfilling ) Tj ET Q q 0 0 0 rg BT 255.13 146.25 Td (their ) Tj ET Q q 0 0 0 rg BT 275.47 146.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 321.90 146.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 368.35 146.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 404.80 146.25 Td (to ) Tj ET Q q 0 0 0 rg BT 414.59 146.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 454.36 146.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 504.14 146.25 Td (can ) Tj ET Q q 0 0 0 rg BT 520.02 146.25 Td (be ) Tj ET Q q 0 0 0 rg BT 531.47 146.25 Td (directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 88.03 134.25 Td (by ) Tj ET Q q 0 0 0 rg BT 99.40 134.25 Td (volatile ) Tj ET Q q 0 0 0 rg BT 130.77 134.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 169.91 134.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 205.44 134.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 229.58 134.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 262.61 134.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.42 134.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 320.89 134.25 Td (changes. ) Tj ET Q q 0 0 0 rg BT 356.88 134.25 Td (This ) Tj ET Q q 0 0 0 rg BT 376.03 134.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 413.51 134.25 Td (is ) Tj ET Q q 0 0 0 rg BT 421.55 134.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 461.24 134.25 Td (on ) Tj ET Q q 0 0 0 rg BT 472.62 134.25 Td (an ) Tj ET Q q 0 0 0 rg BT 483.43 134.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 525.36 134.25 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 71.82 122.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.09 122.25 Td (on ) Tj ET Q q 0 0 0 rg BT 99.91 122.25 Td (a ) Tj ET Q q 0 0 0 rg BT 106.17 122.25 Td (group ) Tj ET Q q 0 0 0 rg BT 131.33 122.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 153.15 122.25 Td (for ) Tj ET Q q 0 0 0 rg BT 166.63 122.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 209.00 122.25 Td (that ) Tj ET Q q 0 0 0 rg BT 225.82 122.25 Td (share ) Tj ET Q q 0 0 0 rg BT 248.75 122.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 278.34 122.25 Td (attributes. ) Tj ET Q q 0 0 0 rg BT 319.75 122.25 Td (T) Tj ET Q q 0 0 0 rg BT 325.16 122.25 Td (o ) Tj ET Q q 0 0 0 rg BT 331.98 122.25 Td (alleviate ) Tj ET Q q 0 0 0 rg BT 367.67 122.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.71 122.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 418.53 122.25 Td (for ) Tj ET Q q 0 0 0 rg BT 432.01 122.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 448.83 122.25 Td (concentrations, ) Tj ET Q q 0 0 0 rg BT 511.47 122.25 Td (counterparty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 75.01 110.25 Td (limits ) Tj ET Q q 0 0 0 rg BT 100.05 110.25 Td (have ) Tj ET Q q 0 0 0 rg BT 121.17 110.25 Td (been ) Tj ET Q q 0 0 0 rg BT 142.30 110.25 Td (implemented ) Tj ET Q q 0 0 0 rg BT 196.76 110.25 Td (for ) Tj ET Q q 0 0 0 rg BT 210.67 110.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 240.12 110.25 Td (products ) Tj ET Q q 0 0 0 rg BT 276.81 110.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.50 110.25 Td (are ) Tj ET Q q 0 0 0 rg BT 307.95 110.25 Td (continually ) Tj ET Q q 0 0 0 rg BT 355.19 110.25 Td (monitored ) Tj ET Q q 0 0 0 rg BT 398.55 110.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.58 110.25 Td (light ) Tj ET Q q 0 0 0 rg BT 429.16 110.25 Td (of ) Tj ET Q q 0 0 0 rg BT 439.74 110.25 Td (changing ) Tj ET Q q 0 0 0 rg BT 478.65 110.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 517.55 110.25 Td (and ) Tj ET Q q 0 0 0 rg BT 534.24 110.25 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.25 Td (conditions.) 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 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 endstream endobj 187 0 obj <>] /Rotate 0 /Contents 188 0 R>> endobj 188 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note 20) 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 (For ) Tj ET Q q 0 0 0 rg BT 66.90 684.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.62 684.75 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.83 684.75 Td ( ) Tj ET Q q 0 0 0 rg BT 103.34 684.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.72 684.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 190.31 684.75 Td (2013, ) Tj ET Q q 0 0 0 rg BT 216.32 684.75 Td (the ) Tj ET Q q 0 0 0 rg BT 232.04 684.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 274.44 684.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 311.26 684.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 343.08 684.75 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 397.69 684.75 Td (char) Tj ET Q q 0 0 0 rg BT 414.71 684.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 431.55 684.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.39 684.75 Td ($3.6 ) Tj ET Q q 0 0 0 rg BT 464.39 684.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.29 684.75 Td ( ) Tj ET Q q 0 0 0 rg BT 496.79 684.75 Td (from ) Tj ET Q q 0 0 0 rg BT 519.74 684.75 Td (continuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.75 Td (operations. ) Tj ET Q q 0 0 0 rg BT 96.26 672.75 Td (The ) Tj ET Q q 0 0 0 rg BT 114.60 672.75 Td (char) Tj ET Q q 0 0 0 rg BT 131.63 672.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 143.87 672.75 Td (included ) Tj ET Q q 0 0 0 rg BT 181.11 672.75 Td (severance ) Tj ET Q q 0 0 0 rg BT 223.33 672.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 257.78 672.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.92 672.75 Td ($2.4 ) Tj ET Q q 0 0 0 rg BT 289.22 672.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.11 672.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.41 672.75 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 343.72 672.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.61 672.75 Td ( ) Tj ET Q q 0 0 0 rg BT 375.41 672.75 Td (for ) Tj ET Q q 0 0 0 rg BT 389.87 672.75 Td (vacating ) Tj ET Q q 0 0 0 rg BT 426.55 672.75 Td (redundant ) Tj ET Q q 0 0 0 rg BT 469.34 672.75 Td (leased ) Tj ET Q q 0 0 0 rg BT 497.12 672.75 Td (of) Tj ET Q q 0 0 0 rg BT 505.27 672.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 523.06 672.75 Td (space ) Tj ET Q q 0 0 0 rg BT 548.07 672.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.75 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 69.58 660.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.47 660.75 Td ( ) Tj ET Q q 0 0 0 rg BT 101.04 660.75 Td (for ) Tj ET Q q 0 0 0 rg BT 115.28 660.75 Td (contract ) Tj ET Q q 0 0 0 rg BT 150.06 660.75 Td (termination ) Tj ET Q q 0 0 0 rg BT 198.73 660.75 Td (costs. ) Tj ET Q q 0 0 0 rg BT 223.81 660.75 Td (For ) Tj ET Q q 0 0 0 rg BT 240.27 660.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.07 660.75 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.27 660.75 Td ( ) Tj ET Q q 0 0 0 rg BT 274.85 660.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 301.30 660.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 359.96 660.75 Td (2012, ) Tj ET Q q 0 0 0 rg BT 385.04 660.75 Td (the ) Tj ET Q q 0 0 0 rg BT 399.83 660.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 441.29 660.75 Td (incurred ) Tj ET Q q 0 0 0 rg BT 477.18 660.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 508.07 660.75 Td (restructuring-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.75 Td (related ) Tj ET Q q 0 0 0 rg BT 78.45 648.75 Td (char) Tj ET Q q 0 0 0 rg BT 95.47 648.75 Td (ges ) Tj ET Q q 0 0 0 rg BT 110.55 648.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.63 648.75 Td ($3.6 ) Tj ET Q q 0 0 0 rg BT 139.87 648.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.76 648.75 Td ( ) Tj ET Q q 0 0 0 rg BT 170.51 648.75 Td (from ) Tj ET Q q 0 0 0 rg BT 191.69 648.75 Td (continuing ) Tj ET Q q 0 0 0 rg BT 236.21 648.75 Td (operations. ) Tj ET Q q 0 0 0 rg BT 281.99 648.75 Td (The ) Tj ET Q q 0 0 0 rg BT 299.28 648.75 Td (char) Tj ET Q q 0 0 0 rg BT 316.31 648.75 Td (ge ) Tj ET Q q 0 0 0 rg BT 327.49 648.75 Td (included ) Tj ET Q q 0 0 0 rg BT 363.67 648.75 Td (severance ) Tj ET Q q 0 0 0 rg BT 404.83 648.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 438.23 648.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.30 648.75 Td ($2.4 ) Tj ET Q q 0 0 0 rg BT 467.55 648.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.44 648.75 Td ( ) Tj ET Q q 0 0 0 rg BT 498.19 648.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.37 648.75 Td ($1.2 ) Tj ET Q q 0 0 0 rg BT 533.62 648.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.51 648.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.75 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 636.75 Td (the ) Tj ET Q q 0 0 0 rg BT 78.38 636.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 118.64 636.75 Td (of ) Tj ET Q q 0 0 0 rg BT 129.47 636.75 Td (leased ) Tj ET Q q 0 0 0 rg BT 156.96 636.75 Td (of) Tj ET Q q 0 0 0 rg BT 165.11 636.75 Td (fice ) Tj ET Q q 0 0 0 rg BT 182.59 636.75 Td (space. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 612.75 Td (Note 21) 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 (Shar) Tj ET Q q 0 0 0 rg BT 103.51 612.75 Td (eholders) Tj ET Q q 0 0 0 rg BT 140.17 612.75 Td ( Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.77 612.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.75 Td (The ) Tj ET Q q 0 0 0 rg BT 68.64 588.75 Td (certificate ) Tj ET Q q 0 0 0 rg BT 111.70 588.75 Td (of ) Tj ET Q q 0 0 0 rg BT 123.12 588.75 Td (incorporation ) Tj ET Q q 0 0 0 rg BT 180.08 588.75 Td (of ) Tj ET Q q 0 0 0 rg BT 191.51 588.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 215.71 588.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 227.19 588.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 246.38 588.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 294.46 588.75 Td (provides ) Tj ET Q q 0 0 0 rg BT 332.00 588.75 Td (for ) Tj ET Q q 0 0 0 rg BT 346.75 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 362.06 588.75 Td (issuance ) Tj ET Q q 0 0 0 rg BT 399.03 588.75 Td (of ) Tj ET Q q 0 0 0 rg BT 410.45 588.75 Td (up ) Tj ET Q q 0 0 0 rg BT 423.54 588.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.41 588.75 Td (100,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.41 588.75 Td ( ) Tj ET Q q 0 0 0 rg BT 487.50 588.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 515.59 588.75 Td (of ) Tj ET Q q 0 0 0 rg BT 527.01 588.75 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.33 576.75 Td (with ) Tj ET Q q 0 0 0 rg BT 93.33 576.75 Td (a ) Tj ET Q q 0 0 0 rg BT 99.99 576.75 Td (par ) Tj ET Q q 0 0 0 rg BT 114.98 576.75 Td (value ) Tj ET Q q 0 0 0 rg BT 138.85 576.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.40 576.75 Td ($0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.90 576.75 Td ( ) Tj ET Q q 0 0 0 rg BT 174.12 576.75 Td (per ) Tj ET Q q 0 0 0 rg BT 189.11 576.75 Td (share ) Tj ET Q q 0 0 0 rg BT 212.43 576.75 Td (and ) Tj ET Q q 0 0 0 rg BT 229.09 576.75 Td (up ) Tj ET Q q 0 0 0 rg BT 241.31 576.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.31 576.75 Td (5,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.31 576.75 Td ( ) Tj ET Q q 0 0 0 rg BT 293.53 576.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 320.74 576.75 Td (of ) Tj ET Q q 0 0 0 rg BT 331.29 576.75 Td (undesignated ) Tj ET Q q 0 0 0 rg BT 386.28 576.75 Td (preferred ) Tj ET Q q 0 0 0 rg BT 425.13 576.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 448.46 576.75 Td (with ) Tj ET Q q 0 0 0 rg BT 468.46 576.75 Td (a ) Tj ET Q q 0 0 0 rg BT 475.12 576.75 Td (par ) Tj ET Q q 0 0 0 rg BT 490.11 576.75 Td (value ) Tj ET Q q 0 0 0 rg BT 513.99 576.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.54 576.75 Td ($0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.04 576.75 Td ( ) Tj ET Q q 0 0 0 rg BT 549.26 576.75 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.75 Td (share.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 540.75 Td (Common Stock) 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 68.26 516.75 Td (holders ) Tj ET Q q 0 0 0 rg BT 100.41 516.75 Td (of ) Tj ET Q q 0 0 0 rg BT 111.45 516.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 135.26 516.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 146.74 516.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 165.55 516.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 213.26 516.75 Td (common ) Tj ET Q q 0 0 0 rg BT 250.96 516.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 274.78 516.75 Td (are ) Tj ET Q q 0 0 0 rg BT 289.70 516.75 Td (entitled ) Tj ET Q q 0 0 0 rg BT 322.40 516.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.89 516.75 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.32 516.75 Td ( ) Tj ET Q q 0 0 0 rg BT 350.03 516.75 Td (vote ) Tj ET Q q 0 0 0 rg BT 369.96 516.75 Td (per ) Tj ET Q q 0 0 0 rg BT 385.44 516.75 Td (share ) Tj ET Q q 0 0 0 rg BT 409.25 516.75 Td (on ) Tj ET Q q 0 0 0 rg BT 421.96 516.75 Td (all ) Tj ET Q q 0 0 0 rg BT 434.66 516.75 Td (matters ) Tj ET Q q 0 0 0 rg BT 466.81 516.75 Td (to ) Tj ET Q q 0 0 0 rg BT 477.29 516.75 Td (be ) Tj ET Q q 0 0 0 rg BT 489.44 516.75 Td (voted ) Tj ET Q q 0 0 0 rg BT 514.37 516.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 537.08 516.75 Td (by ) Tj ET Q q 0 0 0 rg BT 549.79 516.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.75 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 105.92 504.75 Td (Subject ) Tj ET Q q 0 0 0 rg BT 138.80 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 149.46 504.75 Td (preferences ) Tj ET Q q 0 0 0 rg BT 198.42 504.75 Td (that ) Tj ET Q q 0 0 0 rg BT 216.30 504.75 Td (may ) Tj ET Q q 0 0 0 rg BT 236.41 504.75 Td (be ) Tj ET Q q 0 0 0 rg BT 248.73 504.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 292.70 504.75 Td (to ) Tj ET Q q 0 0 0 rg BT 303.37 504.75 Td (any ) Tj ET Q q 0 0 0 rg BT 320.69 504.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 370.24 504.75 Td (preferred ) Tj ET Q q 0 0 0 rg BT 409.76 504.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 433.75 504.75 Td (of ) Tj ET Q q 0 0 0 rg BT 444.97 504.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 468.96 504.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 480.44 504.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 499.42 504.75 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 549.80 504.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.75 Td (holders ) Tj ET Q q 0 0 0 rg BT 82.31 492.75 Td (of ) Tj ET Q q 0 0 0 rg BT 93.52 492.75 Td (its ) Tj ET Q q 0 0 0 rg BT 105.84 492.75 Td (common ) Tj ET Q q 0 0 0 rg BT 143.72 492.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 167.70 492.75 Td (are ) Tj ET Q q 0 0 0 rg BT 182.78 492.75 Td (entitled ) Tj ET Q q 0 0 0 rg BT 215.65 492.75 Td (to ) Tj ET Q q 0 0 0 rg BT 226.30 492.75 Td (receive ) Tj ET Q q 0 0 0 rg BT 258.04 492.75 Td (ratably ) Tj ET Q q 0 0 0 rg BT 288.68 492.75 Td (such ) Tj ET Q q 0 0 0 rg BT 309.89 492.75 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 354.15 492.75 Td (if ) Tj ET Q q 0 0 0 rg BT 363.13 492.75 Td (any) Tj ET Q q 0 0 0 rg BT 376.92 492.75 Td (, ) Tj ET Q q 0 0 0 rg BT 382.30 492.75 Td (as ) Tj ET Q q 0 0 0 rg BT 393.51 492.75 Td (may ) Tj ET Q q 0 0 0 rg BT 413.60 492.75 Td (be ) Tj ET Q q 0 0 0 rg BT 425.91 492.75 Td (declared ) Tj ET Q q 0 0 0 rg BT 462.65 492.75 Td (from ) Tj ET Q q 0 0 0 rg BT 484.97 492.75 Td (time ) Tj ET Q q 0 0 0 rg BT 505.62 492.75 Td (to ) Tj ET Q q 0 0 0 rg BT 516.27 492.75 Td (time ) Tj ET Q q 0 0 0 rg BT 536.92 492.75 Td (by ) Tj ET Q q 0 0 0 rg BT 549.79 492.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 74.44 480.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 85.92 480.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 105.35 480.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 153.68 480.75 Td (board ) Tj ET Q q 0 0 0 rg BT 179.79 480.75 Td (of ) Tj ET Q q 0 0 0 rg BT 191.45 480.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 229.77 480.75 Td (out ) Tj ET Q q 0 0 0 rg BT 245.88 480.75 Td (of ) Tj ET Q q 0 0 0 rg BT 257.55 480.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 283.10 480.75 Td (legally ) Tj ET Q q 0 0 0 rg BT 313.65 480.75 Td (available ) Tj ET Q q 0 0 0 rg BT 353.07 480.75 Td (for ) Tj ET Q q 0 0 0 rg BT 368.06 480.75 Td (that ) Tj ET Q q 0 0 0 rg BT 386.39 480.75 Td (purpose. ) Tj ET Q q 0 0 0 rg BT 423.89 480.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 448.33 480.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 459.81 480.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 479.24 480.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 527.57 480.75 Td (does ) Tj ET Q q 0 0 0 rg BT 549.24 480.75 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.75 Td (currently ) Tj ET Q q 0 0 0 rg BT 88.59 468.75 Td (pay ) Tj ET Q q 0 0 0 rg BT 105.53 468.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 125.80 468.75 Td (dividends ) Tj ET Q q 0 0 0 rg BT 167.19 468.75 Td (on ) Tj ET Q q 0 0 0 rg BT 179.69 468.75 Td (its ) Tj ET Q q 0 0 0 rg BT 191.64 468.75 Td (common ) Tj ET Q q 0 0 0 rg BT 229.13 468.75 Td (stock. ) Tj ET Q q 0 0 0 rg BT 254.69 468.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 304.59 468.75 Td (, ) Tj ET Q q 0 0 0 rg BT 309.59 468.75 Td (there ) Tj ET Q q 0 0 0 rg BT 332.08 468.75 Td (are ) Tj ET Q q 0 0 0 rg BT 346.78 468.75 Td (dividend ) Tj ET Q q 0 0 0 rg BT 384.28 468.75 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 431.21 468.75 Td (as ) Tj ET Q q 0 0 0 rg BT 442.04 468.75 Td (set ) Tj ET Q q 0 0 0 rg BT 455.65 468.75 Td (forth ) Tj ET Q q 0 0 0 rg BT 477.59 468.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.87 468.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 509.80 468.75 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.80 468.75 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.78 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 75.45 444.75 Td (event ) Tj ET Q q 0 0 0 rg BT 99.56 444.75 Td (that ) Tj ET Q q 0 0 0 rg BT 117.00 444.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 140.56 444.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 152.04 444.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 170.59 444.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 218.04 444.75 Td (is ) Tj ET Q q 0 0 0 rg BT 227.16 444.75 Td (liquidated ) Tj ET Q q 0 0 0 rg BT 269.60 444.75 Td (or ) Tj ET Q q 0 0 0 rg BT 280.38 444.75 Td (dissolved, ) Tj ET Q q 0 0 0 rg BT 323.11 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 337.78 444.75 Td (holders ) Tj ET Q q 0 0 0 rg BT 369.67 444.75 Td (of ) Tj ET Q q 0 0 0 rg BT 380.45 444.75 Td (its ) Tj ET Q q 0 0 0 rg BT 392.35 444.75 Td (common ) Tj ET Q q 0 0 0 rg BT 429.79 444.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 453.35 444.75 Td (are ) Tj ET Q q 0 0 0 rg BT 468.01 444.75 Td (entitled ) Tj ET Q q 0 0 0 rg BT 500.45 444.75 Td (to ) Tj ET Q q 0 0 0 rg BT 510.68 444.75 Td (share ) Tj ET Q q 0 0 0 rg BT 534.23 444.75 Td (ratably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.75 Td (in ) Tj ET Q q 0 0 0 rg BT 60.67 432.75 Td (all ) Tj ET Q q 0 0 0 rg BT 73.56 432.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 99.78 432.75 Td (remaining ) Tj ET Q q 0 0 0 rg BT 143.21 432.75 Td (after ) Tj ET Q q 0 0 0 rg BT 164.42 432.75 Td (payment ) Tj ET Q q 0 0 0 rg BT 201.75 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 212.97 432.75 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 255.58 432.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 286.80 432.75 Td (to ) Tj ET Q q 0 0 0 rg BT 297.47 432.75 Td (any ) Tj ET Q q 0 0 0 rg BT 314.80 432.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 337.13 432.75 Td (distribution ) Tj ET Q q 0 0 0 rg BT 386.13 432.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 411.80 432.75 Td (of ) Tj ET Q q 0 0 0 rg BT 423.02 432.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 447.03 432.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 458.50 432.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 477.50 432.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 525.38 432.75 Td (preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.75 Td (stock, ) Tj ET Q q 0 0 0 rg BT 77.06 420.75 Td (if ) Tj ET Q q 0 0 0 rg BT 86.62 420.75 Td (any) Tj ET Q q 0 0 0 rg BT 100.41 420.75 Td (, ) Tj ET Q q 0 0 0 rg BT 106.37 420.75 Td (then ) Tj ET Q q 0 0 0 rg BT 127.04 420.75 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 179.66 420.75 Td (Currently) Tj ET Q q 0 0 0 rg BT 217.33 420.75 Td (, ) Tj ET Q q 0 0 0 rg BT 223.29 420.75 Td (there ) Tj ET Q q 0 0 0 rg BT 246.72 420.75 Td (is ) Tj ET Q q 0 0 0 rg BT 256.85 420.75 Td (no ) Tj ET Q q 0 0 0 rg BT 270.30 420.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 320.42 420.75 Td (preferred ) Tj ET Q q 0 0 0 rg BT 360.51 420.75 Td (stock. ) Tj ET Q q 0 0 0 rg BT 387.32 420.75 Td (The ) Tj ET Q q 0 0 0 rg BT 406.32 420.75 Td (holders ) Tj ET Q q 0 0 0 rg BT 439.21 420.75 Td (of ) Tj ET Q q 0 0 0 rg BT 451.00 420.75 Td (the ) Tj ET Q q 0 0 0 rg BT 466.67 420.75 Td (common ) Tj ET Q q 0 0 0 rg BT 505.12 420.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 529.68 420.75 Td (have ) Tj ET Q q 0 0 0 rg BT 552.01 420.75 Td (no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.75 Td (preemptive ) Tj ET Q q 0 0 0 rg BT 98.01 408.75 Td (or ) Tj ET Q q 0 0 0 rg BT 109.37 408.75 Td (conversion ) Tj ET Q q 0 0 0 rg BT 156.28 408.75 Td (rights ) Tj ET Q q 0 0 0 rg BT 182.08 408.75 Td (or ) Tj ET Q q 0 0 0 rg BT 193.44 408.75 Td (other ) Tj ET Q q 0 0 0 rg BT 217.02 408.75 Td (subscription ) Tj ET Q q 0 0 0 rg BT 268.94 408.75 Td (rights. ) Tj ET Q q 0 0 0 rg BT 297.03 408.75 Td (There ) Tj ET Q q 0 0 0 rg BT 323.37 408.75 Td (are ) Tj ET Q q 0 0 0 rg BT 338.61 408.75 Td (no ) Tj ET Q q 0 0 0 rg BT 351.64 408.75 Td (redemption ) Tj ET Q q 0 0 0 rg BT 400.21 408.75 Td (or ) Tj ET Q q 0 0 0 rg BT 411.57 408.75 Td (sinking ) Tj ET Q q 0 0 0 rg BT 444.05 408.75 Td (fund ) Tj ET Q q 0 0 0 rg BT 465.41 408.75 Td (provisions ) Tj ET Q q 0 0 0 rg BT 510.11 408.75 Td (applicable ) Tj ET Q q 0 0 0 rg BT 554.23 408.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 73.61 396.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 85.09 396.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 103.69 396.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 151.18 396.75 Td (common ) Tj ET Q q 0 0 0 rg BT 188.68 396.75 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.75 Td (During ) Tj ET Q q 0 0 0 rg BT 81.10 372.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.09 372.75 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.30 372.75 Td ( ) Tj ET Q q 0 0 0 rg BT 116.07 372.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.72 372.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 201.58 372.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.58 372.75 Td (, ) Tj ET Q q 0 0 0 rg BT 226.85 372.75 Td (the ) Tj ET Q q 0 0 0 rg BT 241.84 372.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 283.50 372.75 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.27 372.75 Td (103,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.77 372.75 Td ( ) Tj ET Q q 0 0 0 rg BT 346.54 372.75 Td (common ) Tj ET Q q 0 0 0 rg BT 384.31 372.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 412.07 372.75 Td (out ) Tj ET Q q 0 0 0 rg BT 427.62 372.75 Td (of ) Tj ET Q q 0 0 0 rg BT 438.73 372.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 473.71 372.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 497.59 372.75 Td (in ) Tj ET Q q 0 0 0 rg BT 508.14 372.75 Td (fulfillment ) Tj ET Q q 0 0 0 rg BT 553.68 372.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.75 Td ($4.2 ) Tj ET Q q 0 0 0 rg BT 69.01 360.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.90 360.75 Td ( ) Tj ET Q q 0 0 0 rg BT 99.41 360.75 Td (in ) Tj ET Q q 0 0 0 rg BT 108.69 360.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 154.64 360.75 Td (under ) Tj ET Q q 0 0 0 rg BT 178.92 360.75 Td (the ) Tj ET Q q 0 0 0 rg BT 192.65 360.75 Td (Piper ) Tj ET Q q 0 0 0 rg BT 215.26 360.75 Td (Jaf) Tj ET Q q 0 0 0 rg BT 226.74 360.75 Td (fray ) Tj ET Q q 0 0 0 rg BT 244.35 360.75 Td (Companies ) Tj ET Q q 0 0 0 rg BT 290.85 360.75 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 336.79 360.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 356.07 360.75 Td (\(the ) Tj ET Q q 0 0 0 rg BT 373.13 360.75 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 423.50 360.75 Td (Plan\) ) Tj ET Q q 0 0 0 rg BT 450.56 360.75 Td (and ) Tj ET Q q 0 0 0 rg BT 466.50 360.75 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.01 360.75 Td (774,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.51 360.75 Td ( ) Tj ET Q q 0 0 0 rg BT 527.02 360.75 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.94 348.75 Td (out ) Tj ET Q q 0 0 0 rg BT 93.66 348.75 Td (of ) Tj ET Q q 0 0 0 rg BT 104.94 348.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 140.09 348.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 164.15 348.75 Td (as ) Tj ET Q q 0 0 0 rg BT 175.42 348.75 Td (a ) Tj ET Q q 0 0 0 rg BT 182.81 348.75 Td (result ) Tj ET Q q 0 0 0 rg BT 207.97 348.75 Td (of ) Tj ET Q q 0 0 0 rg BT 219.25 348.75 Td (employee ) Tj ET Q q 0 0 0 rg BT 261.07 348.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 301.22 348.75 Td (share ) Tj ET Q q 0 0 0 rg BT 325.26 348.75 Td (vesting ) Tj ET Q q 0 0 0 rg BT 357.10 348.75 Td ( ) Tj ET Q q 0 0 0 rg BT 360.04 348.75 Td (and ) Tj ET Q q 0 0 0 rg BT 377.43 348.75 Td (exercise ) Tj ET Q q 0 0 0 rg BT 413.13 348.75 Td (transactions ) Tj ET Q q 0 0 0 rg BT 463.84 348.75 Td (as ) Tj ET Q q 0 0 0 rg BT 475.12 348.75 Td (discussed ) Tj ET Q q 0 0 0 rg BT 516.39 348.75 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.12 348.75 Td (Note ) Tj ET Q q 0 0 0 rg BT 549.50 348.75 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 348.75 Td (. ) 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 80.30 336.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.49 336.75 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.69 336.75 Td ( ) Tj ET Q q 0 0 0 rg BT 113.66 336.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.51 336.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 197.56 336.75 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.56 336.75 Td (, ) Tj ET Q q 0 0 0 rg BT 222.03 336.75 Td (the ) Tj ET Q q 0 0 0 rg BT 236.22 336.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 277.07 336.75 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.04 336.75 Td (96,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.54 336.75 Td ( ) Tj ET Q q 0 0 0 rg BT 333.51 336.75 Td (common ) Tj ET Q q 0 0 0 rg BT 370.48 336.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 397.43 336.75 Td (out ) Tj ET Q q 0 0 0 rg BT 412.18 336.75 Td (of ) Tj ET Q q 0 0 0 rg BT 422.48 336.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 456.66 336.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 479.74 336.75 Td (in ) Tj ET Q q 0 0 0 rg BT 489.48 336.75 Td (fulfillment ) Tj ET Q q 0 0 0 rg BT 534.22 336.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.52 336.75 Td ($3.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 324.75 Td ( ) Tj ET Q q 0 0 0 rg BT 81.15 324.75 Td (in ) Tj ET Q q 0 0 0 rg BT 91.19 324.75 Td (obligations ) Tj ET Q q 0 0 0 rg BT 137.89 324.75 Td (under ) Tj ET Q q 0 0 0 rg BT 162.92 324.75 Td (the ) Tj ET Q q 0 0 0 rg BT 177.39 324.75 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 224.08 324.75 Td (Plan ) Tj ET Q q 0 0 0 rg BT 244.11 324.75 Td (and ) Tj ET Q q 0 0 0 rg BT 260.81 324.75 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.07 324.75 Td (786,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.57 324.75 Td ( ) Tj ET Q q 0 0 0 rg BT 322.83 324.75 Td (common ) Tj ET Q q 0 0 0 rg BT 360.08 324.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 387.33 324.75 Td (out ) Tj ET Q q 0 0 0 rg BT 402.37 324.75 Td (of ) Tj ET Q q 0 0 0 rg BT 412.95 324.75 Td (treasury ) Tj ET Q q 0 0 0 rg BT 447.42 324.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 470.79 324.75 Td (as ) Tj ET Q q 0 0 0 rg BT 481.37 324.75 Td (a ) Tj ET Q q 0 0 0 rg BT 488.07 324.75 Td (result ) Tj ET Q q 0 0 0 rg BT 512.55 324.75 Td (of ) Tj ET Q q 0 0 0 rg BT 523.13 324.75 Td (employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 89.70 312.75 Td (share ) Tj ET Q q 0 0 0 rg BT 113.30 312.75 Td (vesting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.75 Td (In ) Tj ET Q q 0 0 0 rg BT 60.55 288.75 Td (the ) Tj ET Q q 0 0 0 rg BT 74.98 288.75 Td (third ) Tj ET Q q 0 0 0 rg BT 96.09 288.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 126.62 288.75 Td (of ) Tj ET Q q 0 0 0 rg BT 137.17 288.75 Td (2010, ) Tj ET Q q 0 0 0 rg BT 161.89 288.75 Td (the ) Tj ET Q q 0 0 0 rg BT 176.32 288.75 Td (Company) Tj ET Q q 0 0 0 rg BT 217.99 288.75 Td (s ) Tj ET Q q 0 0 0 rg BT 224.10 288.75 Td (board ) Tj ET Q q 0 0 0 rg BT 249.09 288.75 Td (of ) Tj ET Q q 0 0 0 rg BT 259.63 288.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 296.84 288.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 341.26 288.75 Td (the ) Tj ET Q q 0 0 0 rg BT 355.69 288.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 401.22 288.75 Td (of ) Tj ET Q q 0 0 0 rg BT 411.77 288.75 Td (up ) Tj ET Q q 0 0 0 rg BT 423.98 288.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.98 288.75 Td ($75.0 ) Tj ET Q q 0 0 0 rg BT 458.70 288.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.59 288.75 Td ( ) Tj ET Q q 0 0 0 rg BT 489.81 288.75 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.75 Td (through ) Tj ET Q q 0 0 0 rg BT 83.54 276.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 143.75 276.75 Td (2012. ) Tj ET Q q 0 0 0 rg BT 168.68 276.75 Td (During ) Tj ET Q q 0 0 0 rg BT 199.45 276.75 Td (the ) Tj ET Q q 0 0 0 rg BT 214.10 276.75 Td (nine ) Tj ET Q q 0 0 0 rg BT 233.75 276.75 Td (months ) Tj ET Q q 0 0 0 rg BT 265.64 276.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 291.95 276.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 352.15 276.75 Td (2012, ) Tj ET Q q 0 0 0 rg BT 377.09 276.75 Td (the ) Tj ET Q q 0 0 0 rg BT 391.74 276.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 433.07 276.75 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.81 276.75 Td (1,488,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.81 276.75 Td ( ) Tj ET Q q 0 0 0 rg BT 526.25 276.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 553.67 276.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.62 264.75 Td (Company) Tj ET Q q 0 0 0 rg BT 106.29 264.75 Td (s ) Tj ET Q q 0 0 0 rg BT 112.59 264.75 Td (common ) Tj ET Q q 0 0 0 rg BT 149.99 264.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 173.50 264.75 Td (at ) Tj ET Q q 0 0 0 rg BT 183.13 264.75 Td (an ) Tj ET Q q 0 0 0 rg BT 194.97 264.75 Td (average ) Tj ET Q q 0 0 0 rg BT 228.46 264.75 Td (price ) Tj ET Q q 0 0 0 rg BT 250.85 264.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.59 264.75 Td ($22.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.09 264.75 Td ( ) Tj ET Q q 0 0 0 rg BT 291.49 264.75 Td (per ) Tj ET Q q 0 0 0 rg BT 306.67 264.75 Td (share ) Tj ET Q q 0 0 0 rg BT 330.17 264.75 Td (for ) Tj ET Q q 0 0 0 rg BT 344.24 264.75 Td (an ) Tj ET Q q 0 0 0 rg BT 356.08 264.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 397.35 264.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 435.30 264.75 Td (price ) Tj ET Q q 0 0 0 rg BT 457.69 264.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.42 264.75 Td ($33.5 ) Tj ET Q q 0 0 0 rg BT 493.33 264.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.22 264.75 Td ( ) Tj ET Q q 0 0 0 rg BT 524.63 264.75 Td (related ) Tj ET Q q 0 0 0 rg BT 554.24 264.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.75 Td (this ) Tj ET Q q 0 0 0 rg BT 66.95 252.75 Td (authorization. ) Tj ET Q q 0 0 0 rg BT 124.53 252.75 Td (This ) Tj ET Q q 0 0 0 rg BT 144.80 252.75 Td (share ) Tj ET Q q 0 0 0 rg BT 168.40 252.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 214.21 252.75 Td (authorization ) Tj ET Q q 0 0 0 rg BT 269.47 252.75 Td (expired ) Tj ET Q q 0 0 0 rg BT 301.95 252.75 Td (as ) Tj ET Q q 0 0 0 rg BT 312.78 252.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.61 252.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 383.88 252.75 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.88 252.75 Td (. ) Tj ET 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Tf ET q 0 0 0 rg BT 488.30 228.75 Td ( ) Tj ET Q q 0 0 0 rg BT 490.28 228.75 Td (in ) Tj ET Q q 0 0 0 rg BT 500.04 228.75 Td (common ) Tj ET Q q 0 0 0 rg BT 537.01 228.75 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.75 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.51 216.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 145.68 216.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.68 216.75 Td (. ) Tj ET Q q 0 0 0 rg BT 171.59 216.75 Td (During ) Tj ET Q q 0 0 0 rg BT 203.32 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 218.94 216.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 246.79 216.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 278.51 216.75 Td (of ) Tj ET Q q 0 0 0 rg BT 290.24 216.75 Td (2012, ) Tj ET Q q 0 0 0 rg BT 316.15 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 331.77 216.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 374.06 216.75 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.77 216.75 Td (156,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.27 216.75 Td ( ) Tj ET Q q 0 0 0 rg BT 461.67 216.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 490.07 216.75 Td (of ) Tj ET Q q 0 0 0 rg BT 501.80 216.75 Td (the ) Tj ET Q q 0 0 0 rg BT 517.43 216.75 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.75 Td (common ) Tj ET Q q 0 0 0 rg BT 87.07 204.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 110.25 204.75 Td (at ) Tj ET Q q 0 0 0 rg BT 119.55 204.75 Td (an ) Tj ET Q q 0 0 0 rg BT 131.06 204.75 Td (average ) Tj ET Q q 0 0 0 rg BT 164.22 204.75 Td (price ) Tj ET Q q 0 0 0 rg BT 186.28 204.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.68 204.75 Td ($29.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.18 204.75 Td ( ) Tj ET Q q 0 0 0 rg BT 226.26 204.75 Td (per ) Tj ET Q q 0 0 0 rg BT 241.10 204.75 Td (share ) Tj ET Q q 0 0 0 rg BT 264.28 204.75 Td (for ) Tj ET Q q 0 0 0 rg BT 278.01 204.75 Td (an ) Tj ET Q q 0 0 0 rg BT 289.53 204.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 330.46 204.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 368.08 204.75 Td (price ) Tj ET Q q 0 0 0 rg BT 390.14 204.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.54 204.75 Td ($4.6 ) Tj ET Q q 0 0 0 rg BT 420.12 204.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.01 204.75 Td ( ) Tj ET Q q 0 0 0 rg BT 451.08 204.75 Td (related ) Tj ET Q q 0 0 0 rg BT 480.36 204.75 Td (to ) Tj ET Q q 0 0 0 rg BT 490.21 204.75 Td (this ) Tj ET Q q 0 0 0 rg BT 506.74 204.75 Td (authorization. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.75 Td (During ) Tj ET Q q 0 0 0 rg BT 81.11 192.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.10 192.75 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.31 192.75 Td ( ) Tj ET Q q 0 0 0 rg BT 116.08 192.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 142.73 192.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 201.59 192.75 Td (2013, ) Tj ET Q q 0 0 0 rg BT 226.87 192.75 Td (the ) Tj ET Q q 0 0 0 rg BT 241.86 192.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 283.53 192.75 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.61 192.75 Td (1,719,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.61 192.75 Td ( ) Tj ET Q q 0 0 0 rg BT 377.38 192.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 405.15 192.75 Td (at ) Tj ET Q q 0 0 0 rg BT 415.14 192.75 Td (an ) Tj ET Q q 0 0 0 rg BT 427.36 192.75 Td (average ) Tj ET Q q 0 0 0 rg BT 461.22 192.75 Td (price ) Tj ET Q q 0 0 0 rg BT 483.98 192.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.08 192.75 Td ($32.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.58 192.75 Td ( ) Tj ET Q q 0 0 0 rg BT 525.36 192.75 Td (per ) Tj ET Q q 0 0 0 rg BT 540.90 192.75 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.75 Td (for ) Tj ET Q q 0 0 0 rg BT 63.92 180.75 Td (an ) Tj ET Q q 0 0 0 rg BT 75.63 180.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 116.75 180.75 Td (purchase ) Tj ET Q q 0 0 0 rg BT 154.56 180.75 Td (price ) Tj ET Q q 0 0 0 rg BT 176.81 180.75 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.40 180.75 Td ($55.9 ) Tj ET Q q 0 0 0 rg BT 212.17 180.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.06 180.75 Td ( ) Tj ET Q q 0 0 0 rg BT 243.32 180.75 Td (related ) Tj ET Q q 0 0 0 rg BT 272.79 180.75 Td (to ) Tj ET Q q 0 0 0 rg BT 282.83 180.75 Td (this ) Tj ET Q q 0 0 0 rg BT 299.54 180.75 Td (authorization. ) Tj ET Q q 0 0 0 rg BT 357.07 180.75 Td (During ) Tj ET Q q 0 0 0 rg BT 387.66 180.75 Td (the ) Tj ET Q q 0 0 0 rg BT 402.14 180.75 Td (nine ) Tj ET Q q 0 0 0 rg BT 421.63 180.75 Td (months ) Tj ET Q q 0 0 0 rg BT 453.34 180.75 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.48 180.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 539.51 180.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.51 180.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.75 Td (the ) Tj ET Q q 0 0 0 rg BT 64.46 168.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 105.59 168.75 Td (did ) Tj ET Q q 0 0 0 rg BT 120.61 168.75 Td (not ) Tj ET Q q 0 0 0 rg BT 135.63 168.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 181.17 168.75 Td (any ) Tj ET Q q 0 0 0 rg BT 197.85 168.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 225.08 168.75 Td (of ) Tj ET Q q 0 0 0 rg BT 235.65 168.75 Td (the ) Tj ET Q q 0 0 0 rg BT 250.11 168.75 Td (Company) Tj ET Q q 0 0 0 rg BT 291.78 168.75 Td (s ) Tj ET Q q 0 0 0 rg BT 297.91 168.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 346.82 168.75 Td (common ) Tj ET Q q 0 0 0 rg BT 384.05 168.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 407.40 168.75 Td (related ) Tj ET Q q 0 0 0 rg BT 436.85 168.75 Td (to ) Tj ET Q q 0 0 0 rg BT 446.87 168.75 Td (this ) Tj ET Q q 0 0 0 rg BT 463.55 168.75 Td (authorization. ) Tj ET Q q 0 0 0 rg BT 520.89 168.75 Td (This ) Tj ET Q q 0 0 0 rg BT 540.91 168.75 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 95.81 156.75 Td (authorization ) Tj ET Q q 0 0 0 rg BT 151.06 156.75 Td (expired ) Tj ET Q q 0 0 0 rg BT 183.55 156.75 Td (as ) Tj ET Q q 0 0 0 rg BT 194.38 156.75 Td (of ) Tj ET Q q 0 0 0 rg BT 205.21 156.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 265.47 156.75 Td (2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.75 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.26 132.75 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.68 132.75 Td (October1, ) Tj ET Q q 0 0 0 rg BT 133.11 132.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.11 132.75 Td (, ) Tj ET Q q 0 0 0 rg BT 157.83 132.75 Td (the ) Tj ET Q q 0 0 0 rg BT 172.27 132.75 Td (Company's ) Tj ET Q q 0 0 0 rg BT 219.07 132.75 Td (board ) Tj ET Q q 0 0 0 rg BT 244.06 132.75 Td (of ) Tj ET Q q 0 0 0 rg BT 254.61 132.75 Td (directors ) Tj ET Q q 0 0 0 rg BT 291.81 132.75 Td (authorized ) Tj ET Q q 0 0 0 rg BT 336.24 132.75 Td (the ) Tj ET Q q 0 0 0 rg BT 350.67 132.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 396.20 132.75 Td (of ) Tj ET Q q 0 0 0 rg BT 406.75 132.75 Td (up ) Tj ET Q q 0 0 0 rg BT 418.97 132.75 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.97 132.75 Td ($100.0 ) Tj ET Q q 0 0 0 rg BT 458.69 132.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.58 132.75 Td ( ) Tj ET Q q 0 0 0 rg BT 489.80 132.75 Td (in ) Tj ET Q q 0 0 0 rg BT 499.80 132.75 Td (common ) Tj ET Q q 0 0 0 rg BT 537.02 132.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 564.51 132.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.75 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.94 120.75 Td (September30, ) Tj ET Q q 0 0 0 rg BT 144.54 120.75 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.54 120.75 Td (. ) Tj ET Q q 0 0 0 rg BT 169.87 120.75 Td (During ) Tj ET Q q 0 0 0 rg BT 201.04 120.75 Td (the ) Tj ET Q q 0 0 0 rg BT 216.09 120.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 243.36 120.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 274.51 120.75 Td (of ) Tj ET Q q 0 0 0 rg BT 285.67 120.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 311.00 120.75 Td (the ) Tj ET Q q 0 0 0 rg BT 326.05 120.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 367.77 120.75 Td (did ) Tj ET Q q 0 0 0 rg BT 383.39 120.75 Td (not ) Tj ET Q q 0 0 0 rg BT 399.00 120.75 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 445.14 120.75 Td (any ) Tj ET Q q 0 0 0 rg BT 462.41 120.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 490.23 120.75 Td (of ) Tj ET Q q 0 0 0 rg BT 501.40 120.75 Td (the ) Tj ET Q q 0 0 0 rg BT 516.45 120.75 Td (Company) Tj ET Q q 0 0 0 rg BT 558.11 120.75 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 99.17 108.75 Td (common ) Tj ET Q q 0 0 0 rg BT 136.66 108.75 Td (stock ) Tj ET Q q 0 0 0 rg BT 160.27 108.75 Td (related ) Tj ET Q q 0 0 0 rg BT 189.97 108.75 Td (to ) Tj ET Q q 0 0 0 rg BT 200.25 108.75 Td (this ) Tj ET Q q 0 0 0 rg BT 217.20 108.75 Td (authorization. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.70 84.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.75 84.75 Td (also ) Tj ET Q q 0 0 0 rg BT 127.01 84.75 Td (purchases ) Tj ET Q q 0 0 0 rg BT 168.60 84.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 195.75 84.75 Td (of ) Tj ET Q q 0 0 0 rg BT 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ET Q q 0 0 0 rg BT 265.23 72.75 Td (The ) Tj ET Q q 0 0 0 rg BT 283.51 72.75 Td (Company ) Tj ET Q q 0 0 0 rg BT 325.13 72.75 Td (purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.40 72.75 Td (256,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.90 72.75 Td ( ) Tj ET Q q 0 0 0 rg BT 403.64 72.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 431.36 72.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.43 72.75 Td ($10.9 ) Tj ET Q q 0 0 0 rg BT 467.66 72.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.55 72.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.78 72.75 Td (386,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.28 72.75 Td ( ) Tj ET Q q 0 0 0 rg BT 537.02 72.75 Td (shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.75 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.45 60.75 Td ($15.5 ) Tj ET Q q 0 0 0 rg BT 87.07 60.75 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.96 60.75 Td ( ) Tj ET Q q 0 0 0 rg BT 119.07 60.75 Td (and ) Tj ET 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/F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 108.58 48.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 48.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.58 48.75 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.58 48.75 Td ( ) Tj ET Q q 0 0 0 rg BT 156.08 48.75 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.02 48.75 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.02 48.75 Td (, ) Tj ET Q q 0 0 0 rg BT 198.02 48.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 245.68 48.75 Td (. ) 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 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 endstream endobj 189 0 obj <>] /Rotate 0 /Contents 190 0 R>> endobj 190 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 696.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 81.27 696.10 Td (ed Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.08 672.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 89.72 672.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 101.20 672.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 118.83 672.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 165.36 672.10 Td (board ) Tj ET Q q 0 0 0 rg BT 189.66 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.52 672.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 236.04 672.10 Td (has ) Tj ET Q q 0 0 0 rg BT 250.90 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.65 672.10 Td (authority) Tj ET Q q 0 0 0 rg BT 300.10 672.10 Td (, ) Tj ET Q q 0 0 0 rg BT 304.14 672.10 Td (without ) Tj ET Q q 0 0 0 rg BT 336.22 672.10 Td (action ) Tj ET Q q 0 0 0 rg BT 362.19 672.10 Td (by ) Tj ET Q q 0 0 0 rg BT 373.72 672.10 Td (its ) Tj ET Q q 0 0 0 rg BT 384.70 672.10 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 439.27 672.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.58 672.10 Td (designate ) Tj ET Q q 0 0 0 rg BT 487.88 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.85 672.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 525.38 672.10 Td (preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.81 660.10 Td (in ) Tj ET Q q 0 0 0 rg BT 84.29 660.10 Td (one ) Tj ET Q q 0 0 0 rg BT 101.43 660.10 Td (or ) Tj ET Q q 0 0 0 rg BT 112.46 660.10 Td (more ) Tj ET Q q 0 0 0 rg BT 135.71 660.10 Td (series ) Tj ET Q q 0 0 0 rg BT 161.18 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.32 660.10 Td (to ) Tj ET Q q 0 0 0 rg BT 188.80 660.10 Td (designate ) Tj ET Q q 0 0 0 rg BT 229.27 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.18 660.10 Td (rights, ) Tj ET Q q 0 0 0 rg BT 272.16 660.10 Td (preferences ) Tj ET Q q 0 0 0 rg BT 320.94 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.08 660.10 Td (privileges ) Tj ET Q q 0 0 0 rg BT 380.22 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.25 660.10 Td (each ) Tj ET Q q 0 0 0 rg BT 412.26 660.10 Td (series, ) Tj ET Q q 0 0 0 rg BT 440.23 660.10 Td (which ) Tj ET Q q 0 0 0 rg BT 467.38 660.10 Td (may ) Tj ET Q q 0 0 0 rg BT 487.29 660.10 Td (be ) Tj ET Q q 0 0 0 rg BT 499.43 660.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 529.89 660.10 Td (than ) Tj ET Q q 0 0 0 rg BT 549.81 660.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 74.87 648.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 118.06 648.10 Td (with ) Tj ET Q q 0 0 0 rg BT 137.93 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.25 648.10 Td (common ) Tj ET Q q 0 0 0 rg BT 189.34 648.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 215.04 648.10 Td (It ) Tj ET Q q 0 0 0 rg BT 223.24 648.10 Td (is ) Tj ET Q q 0 0 0 rg BT 232.01 648.10 Td (not ) Tj ET Q q 0 0 0 rg BT 246.88 648.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 281.75 648.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.63 648.10 Td (state ) Tj ET Q q 0 0 0 rg BT 312.05 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.36 648.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 352.32 648.10 Td (ef) Tj ET Q q 0 0 0 rg BT 359.91 648.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 376.99 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.42 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.73 648.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 437.70 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 448.13 648.10 Td (any ) Tj ET Q q 0 0 0 rg BT 464.66 648.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 491.74 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.17 648.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 540.90 648.10 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 72.31 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.84 636.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 111.92 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.56 636.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 154.31 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.95 636.10 Td (common ) Tj ET Q q 0 0 0 rg BT 202.26 636.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 225.67 636.10 Td (until ) Tj ET Q q 0 0 0 rg BT 246.32 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.84 636.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 284.26 636.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 295.74 636.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 314.15 636.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 361.46 636.10 Td (board ) Tj ET Q q 0 0 0 rg BT 386.53 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.17 636.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 434.47 636.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 480.65 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.18 636.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 528.58 636.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 553.67 636.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.53 624.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 96.28 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.92 624.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 145.87 624.10 Td (stock. ) Tj ET Q q 0 0 0 rg BT 171.78 624.10 Td (However) Tj ET Q q 0 0 0 rg BT 208.03 624.10 Td (, ) Tj ET Q q 0 0 0 rg BT 212.85 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.37 624.10 Td (ef) Tj ET Q q 0 0 0 rg BT 234.96 624.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 256.15 624.10 Td (might ) Tj ET Q q 0 0 0 rg BT 281.80 624.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 316.04 624.10 Td (among ) Tj ET Q q 0 0 0 rg BT 345.57 624.10 Td (other ) Tj ET Q q 0 0 0 rg BT 368.43 624.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 397.69 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.21 624.10 Td (following: ) Tj ET Q q 0 0 0 rg BT 456.19 624.10 Td (restricting ) Tj ET Q q 0 0 0 rg BT 499.04 624.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 540.24 624.10 Td (on ) Tj ET Q q 0 0 0 rg BT 552.55 624.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (common ) Tj ET Q q 0 0 0 rg BT 87.27 612.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 113.15 612.10 Td (diluting ) Tj ET Q q 0 0 0 rg BT 146.54 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.03 612.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 188.85 612.10 Td (power ) Tj ET Q q 0 0 0 rg BT 216.12 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.72 612.10 Td (its ) Tj ET Q q 0 0 0 rg BT 238.44 612.10 Td (common ) Tj ET Q q 0 0 0 rg BT 275.71 612.10 Td (stock, ) Tj ET Q q 0 0 0 rg BT 301.59 612.10 Td (impairing ) Tj ET Q q 0 0 0 rg BT 342.75 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.24 612.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 402.84 612.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 427.89 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.49 612.10 Td (its ) Tj ET Q q 0 0 0 rg BT 450.21 612.10 Td (common ) Tj ET Q q 0 0 0 rg BT 487.48 612.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 510.86 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.58 612.10 Td (delaying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.83 600.10 Td (preventing ) Tj ET Q q 0 0 0 rg BT 106.09 600.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.03 600.10 Td (change ) Tj ET Q q 0 0 0 rg BT 143.85 600.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.13 600.10 Td (control ) Tj ET Q q 0 0 0 rg BT 184.95 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.78 600.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 219.39 600.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 230.87 600.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 249.47 600.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 296.96 600.10 Td (without ) Tj ET Q q 0 0 0 rg BT 330.02 600.10 Td (further ) Tj ET Q q 0 0 0 rg BT 359.73 600.10 Td (action ) Tj ET Q q 0 0 0 rg BT 386.66 600.10 Td (by ) Tj ET Q q 0 0 0 rg BT 399.16 600.10 Td (its ) Tj ET Q q 0 0 0 rg BT 411.11 600.10 Td (shareholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (Note 22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 576.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 576.10 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 122.40 576.10 Td (olling Inter) Tj ET Q q 0 0 0 rg BT 167.30 576.10 Td (ests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.30 576.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.14 552.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 121.27 552.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.85 552.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 203.65 552.10 Td (include ) Tj ET Q q 0 0 0 rg BT 235.68 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.49 552.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 288.07 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.99 552.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 322.69 552.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 334.17 552.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 352.86 552.10 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 402.95 552.10 Td (its ) Tj ET Q q 0 0 0 rg BT 414.99 552.10 Td (wholly ) Tj ET Q q 0 0 0 rg BT 445.36 552.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 474.61 552.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 524.42 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 541.46 552.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 80.35 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 89.60 540.10 Td (which ) Tj ET Q q 0 0 0 rg BT 115.51 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.19 540.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 169.55 540.10 Td (has ) Tj ET Q q 0 0 0 rg BT 184.35 540.10 Td (a ) Tj ET Q q 0 0 0 rg BT 190.26 540.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 235.61 540.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 272.06 540.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 305.46 540.10 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 368.04 540.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 402.83 540.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 440.95 540.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 467.41 540.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 502.21 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 511.46 540.10 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 82.21 528.10 Td (that ) Tj ET Q q 0 0 0 rg BT 100.54 528.10 Td (are ) Tj ET Q q 0 0 0 rg BT 116.07 528.10 Td (not ) Tj ET Q q 0 0 0 rg BT 132.18 528.10 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 183.54 528.10 Td (either ) Tj ET Q q 0 0 0 rg BT 209.64 528.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 243.51 528.10 Td (or ) Tj ET Q q 0 0 0 rg BT 255.17 528.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 292.84 528.10 Td (, ) Tj ET Q q 0 0 0 rg BT 298.67 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 309.78 528.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 334.21 528.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 345.69 528.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 365.12 528.10 Td (Companies. ) Tj ET Q q 0 0 0 rg BT 415.94 528.10 Td (Noncontrolling ) Tj ET Q q 0 0 0 rg BT 480.38 528.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 517.03 528.10 Td (include ) Tj ET Q q 0 0 0 rg BT 549.79 528.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (minority ) Tj ET Q q 0 0 0 rg BT 87.10 516.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 114.75 516.10 Td (holders) Tj ET Q q 0 0 0 rg BT 146.78 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.43 516.10 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 205.96 516.10 Td (share ) Tj ET Q q 0 0 0 rg BT 229.71 516.10 Td (of ) Tj ET Q q 0 0 0 rg BT 240.70 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.57 516.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 283.22 516.10 Td (in ) Tj ET Q q 0 0 0 rg BT 293.65 516.10 Td (a ) Tj ET Q q 0 0 0 rg BT 300.75 516.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 343.39 516.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 366.05 516.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 387.03 516.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.02 516.10 Td ($1) Tj ET Q q 0 0 0 rg BT 407.65 516.10 Td (17.0 ) Tj ET Q q 0 0 0 rg BT 427.80 516.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.69 516.10 Td (, ) Tj ET Q q 0 0 0 rg BT 461.85 516.10 Td (a ) Tj ET Q q 0 0 0 rg BT 468.94 516.10 Td (merchant ) Tj ET Q q 0 0 0 rg BT 508.80 516.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 543.67 516.10 Td (fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.96 504.10 Td ($24.7 ) Tj ET Q q 0 0 0 rg BT 86.08 504.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.98 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.60 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.67 504.10 Td (private ) Tj ET Q q 0 0 0 rg BT 165.06 504.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 192.68 504.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 239.19 504.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 274.58 504.10 Td (aggregating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.41 504.10 Td ($7.8 ) Tj ET Q q 0 0 0 rg BT 344.54 504.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.43 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.05 504.10 Td (as ) Tj ET Q q 0 0 0 rg BT 387.01 504.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.97 504.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 456.68 504.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.68 504.10 Td (. ) Tj ET Q q 0 0 0 rg BT 481.23 504.10 Td (As ) Tj ET Q q 0 0 0 rg BT 494.97 504.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.92 504.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 492.10 Td (, ) Tj ET Q q 0 0 0 rg BT 74.71 492.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 135.80 492.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 171.34 492.10 Td (included ) Tj ET Q q 0 0 0 rg BT 207.98 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.41 492.10 Td (minority ) Tj ET Q q 0 0 0 rg BT 259.07 492.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 286.27 492.10 Td (holders) Tj ET Q q 0 0 0 rg BT 318.30 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.51 492.10 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 376.59 492.10 Td 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280.80 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.30 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.24 480.10 Td (private ) Tj ET Q q 0 0 0 rg BT 330.50 480.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 358.00 480.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 404.38 480.10 Td (vehicles ) Tj ET Q q 0 0 0 rg BT 439.64 480.10 Td (aggregating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.35 480.10 Td ($7.0 ) Tj ET Q q 0 0 0 rg BT 509.35 480.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.24 480.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (Ownership ) Tj ET Q q 0 0 0 rg BT 96.72 456.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 132.89 456.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.51 456.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 175.23 456.10 Td (held ) Tj ET Q q 0 0 0 rg BT 195.29 456.10 Td (by ) Tj ET Q q 0 0 0 rg BT 208.13 456.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 237.63 456.10 Td (other ) Tj ET Q q 0 0 0 rg BT 261.02 456.10 Td (than ) Tj ET Q q 0 0 0 rg BT 281.08 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.14 456.10 Td (Company) Tj ET Q q 0 0 0 rg BT 337.80 456.10 Td (s ) Tj ET Q q 0 0 0 rg BT 344.54 456.10 Td (common ) Tj ET Q q 0 0 0 rg BT 382.37 456.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 435.75 456.10 Td (are ) Tj ET Q q 0 0 0 rg BT 450.80 456.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 491.96 456.10 Td (as ) Tj ET Q q 0 0 0 rg BT 503.13 456.10 Td (noncontrolling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 86.23 444.10 Td (within ) Tj ET Q q 0 0 0 rg BT 114.70 444.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 167.83 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.73 444.10 Td (equity) Tj ET Q q 0 0 0 rg BT 195.08 444.10 Td (, ) Tj ET Q q 0 0 0 rg BT 200.49 444.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 236.15 444.10 Td (from ) Tj ET Q q 0 0 0 rg BT 258.50 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.63 444.10 Td (Company) Tj ET Q q 0 0 0 rg BT 315.29 444.10 Td (s ) Tj ET Q q 0 0 0 rg BT 322.09 444.10 Td (own ) Tj ET Q q 0 0 0 rg BT 342.22 444.10 Td (equity) Tj ET Q q 0 0 0 rg BT 366.57 444.10 Td (. ) Tj ET Q q 0 0 0 rg BT 371.98 444.10 Td (Revenues, ) Tj ET Q q 0 0 0 rg BT 416.26 444.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 455.27 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.62 444.10 Td (net ) Tj ET Q q 0 0 0 rg BT 487.75 444.10 Td (income ) Tj ET Q q 0 0 0 rg BT 520.09 444.10 Td (or ) Tj ET Q q 0 0 0 rg BT 531.33 444.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 549.80 444.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 86.33 432.10 Td (on ) Tj ET Q q 0 0 0 rg BT 99.35 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.58 432.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 168.14 432.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 213.37 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.72 432.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 269.39 432.10 Td (on ) Tj ET Q q 0 0 0 rg BT 282.41 432.10 Td (a ) Tj ET Q q 0 0 0 rg BT 289.87 432.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 343.43 432.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 368.95 432.10 Td (which ) Tj ET Q q 0 0 0 rg BT 396.40 432.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 432.74 432.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 469.65 432.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 518.20 432.10 Td (to ) Tj ET Q q 0 0 0 rg BT 529.00 432.10 Td (both ) Tj ET Q q 0 0 0 rg BT 549.79 432.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 420.10 Td (s ) Tj ET Q q 0 0 0 rg BT 98.38 420.10 Td (common ) Tj ET Q q 0 0 0 rg BT 136.20 420.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 189.56 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.82 420.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 268.53 420.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 307.18 420.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 324.44 420.10 Td (income ) Tj ET Q q 0 0 0 rg BT 356.70 420.10 Td (or ) Tj ET Q q 0 0 0 rg BT 367.85 420.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 386.24 420.10 Td (is ) Tj ET Q q 0 0 0 rg BT 395.73 420.10 Td (then ) Tj ET Q q 0 0 0 rg BT 415.77 420.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 454.68 420.10 Td (between ) Tj ET Q q 0 0 0 rg BT 490.82 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.86 420.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 547.57 420.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 110.45 408.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 145.34 408.10 Td (based ) Tj ET Q q 0 0 0 rg BT 169.68 408.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 191.25 408.10 Td (their ) Tj ET Q q 0 0 0 rg BT 211.15 408.10 Td (relative ) Tj ET Q q 0 0 0 rg BT 242.69 408.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 285.92 408.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 323.32 408.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 339.32 408.10 Td (income ) Tj ET Q q 0 0 0 rg BT 370.33 408.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 412.98 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 422.33 408.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 482.78 408.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 517.68 408.10 Td (is ) Tj ET Q q 0 0 0 rg BT 525.92 408.10 Td (deducted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.75 396.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 124.60 396.10 Td (net ) Tj ET Q q 0 0 0 rg BT 139.13 396.10 Td (income ) Tj ET Q q 0 0 0 rg BT 170.88 396.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.96 396.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 223.26 396.10 Td (net ) Tj ET Q q 0 0 0 rg BT 237.78 396.10 Td (income ) Tj ET Q q 0 0 0 rg BT 269.53 396.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 312.93 396.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.02 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.55 396.10 Td (Company) Tj ET Q q 0 0 0 rg BT 375.78 396.10 Td (. ) Tj ET Q q 0 0 0 rg BT 380.43 396.10 Td (There ) Tj ET Q q 0 0 0 rg BT 406.05 396.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.92 396.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.92 396.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.23 396.10 Td (other ) Tj ET Q q 0 0 0 rg BT 459.08 396.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 521.93 396.10 Td (income ) Tj ET Q q 0 0 0 rg BT 553.67 396.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 68.06 384.10 Td (attributed ) Tj ET Q q 0 0 0 rg BT 108.88 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 119.16 384.10 Td (noncontrolling ) Tj ET Q q 0 0 0 rg BT 180.54 384.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 216.37 384.10 Td (for ) Tj ET Q q 0 0 0 rg BT 230.53 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.24 384.10 Td (years ) Tj ET Q q 0 0 0 rg BT 268.84 384.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.22 384.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 353.80 384.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.80 384.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.80 384.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.80 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.30 384.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.24 384.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.24 384.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (Note 23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 360.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 360.10 Td (Employee Benefit Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.01 360.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.09 336.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.02 336.10 Td (has ) Tj ET Q q 0 0 0 rg BT 126.39 336.10 Td (various ) Tj ET Q q 0 0 0 rg BT 158.88 336.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 200.79 336.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 231.60 336.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 258.25 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 275.73 336.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 329.33 336.10 Td (all ) Tj ET Q q 0 0 0 rg BT 342.37 336.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 388.17 336.10 Td (are ) Tj ET Q q 0 0 0 rg BT 403.42 336.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 438.11 336.10 Td (by ) Tj ET Q q 0 0 0 rg BT 451.16 336.10 Td (at ) Tj ET Q q 0 0 0 rg BT 461.42 336.10 Td (least ) Tj ET Q q 0 0 0 rg BT 482.79 336.10 Td (one ) Tj ET Q q 0 0 0 rg BT 500.27 336.10 Td (plan. ) Tj ET Q q 0 0 0 rg BT 522.81 336.10 Td (The ) Tj ET Q q 0 0 0 rg BT 541.40 336.10 Td (plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (include ) Tj ET Q q 0 0 0 rg BT 80.77 324.10 Td (health ) Tj ET Q q 0 0 0 rg BT 107.05 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.33 324.10 Td (welfare ) Tj ET Q q 0 0 0 rg BT 155.14 324.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 178.09 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.37 324.10 Td (a ) Tj ET Q q 0 0 0 rg BT 200.65 324.10 Td (tax-qualified ) Tj ET Q q 0 0 0 rg BT 253.57 324.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 296.50 324.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 315.56 324.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 332.95 324.10 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 383.65 324.10 Td (Plan\). ) Tj ET Q q 0 0 0 rg BT 413.54 324.10 Td (During ) Tj ET Q q 0 0 0 rg BT 443.71 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.77 324.10 Td (years ) Tj ET Q q 0 0 0 rg BT 480.71 324.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.42 324.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 312.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.37 312.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.37 312.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.74 312.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.55 312.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.55 312.10 Td (, ) Tj ET Q q 0 0 0 rg BT 142.42 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.01 312.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 200.27 312.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 236.95 312.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 279.19 312.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 314.22 312.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 353.69 312.10 Td (from ) Tj ET Q q 0 0 0 rg BT 376.50 312.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 422.64 312.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 467.67 312.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.37 312.10 Td ($13.2 ) Tj ET Q q 0 0 0 rg BT 505.24 312.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.13 312.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 312.10 Td ($12.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 300.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.89 300.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.83 300.10 Td ($13.0 ) Tj ET Q q 0 0 0 rg BT 122.83 300.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.72 300.10 Td (, ) Tj ET Q q 0 0 0 rg BT 156.72 300.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 204.38 300.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (Health and ) Tj ET Q q 0 0 0 rg BT 99.33 276.10 Td (W) Tj ET Q q 0 0 0 rg BT 108.78 276.10 Td (elfar) Tj ET Q q 0 0 0 rg BT 128.58 276.10 Td (e Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.44 252.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 135.25 252.10 Td (who ) Tj ET Q q 0 0 0 rg BT 154.52 252.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 176.00 252.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 205.26 252.10 Td (work ) Tj ET Q q 0 0 0 rg BT 227.86 252.10 Td (schedule ) Tj ET Q q 0 0 0 rg BT 264.89 252.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.38 252.10 Td (service ) Tj ET Q q 0 0 0 rg BT 311.75 252.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 366.00 252.10 Td (are ) Tj ET Q q 0 0 0 rg BT 380.26 252.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 412.30 252.10 Td (to ) Tj ET Q q 0 0 0 rg BT 422.12 252.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 466.37 252.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.20 252.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.47 252.10 Td (Company) Tj ET Q q 0 0 0 rg BT 532.13 252.10 Td (s ) Tj ET Q q 0 0 0 rg BT 538.07 252.10 Td (health ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.83 240.10 Td (welfare ) Tj ET Q q 0 0 0 rg BT 99.70 240.10 Td (plans. ) Tj ET Q q 0 0 0 rg BT 125.99 240.10 Td (The ) Tj ET Q q 0 0 0 rg BT 144.42 240.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 186.20 240.10 Td (subsidizes ) Tj ET Q q 0 0 0 rg BT 230.20 240.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.31 240.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 264.31 240.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.53 240.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 314.50 240.10 Td (for ) Tj ET Q q 0 0 0 rg BT 329.05 240.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 377.00 240.10 Td (The ) Tj ET Q q 0 0 0 rg BT 395.43 240.10 Td (health ) Tj ET Q q 0 0 0 rg BT 422.76 240.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 446.76 240.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 479.08 240.10 Td (cost-sharing ) Tj ET Q q 0 0 0 rg BT 530.85 240.10 Td (features ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (such ) Tj ET Q q 0 0 0 rg BT 70.33 228.10 Td (as ) Tj ET Q q 0 0 0 rg BT 81.16 228.10 Td (deductibles ) Tj ET Q q 0 0 0 rg BT 129.20 228.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.14 228.10 Td (coinsurance.) 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 67.95 204.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.74 204.10 Td (is ) Tj ET Q q 0 0 0 rg BT 119.32 204.10 Td (self-insured ) Tj ET Q q 0 0 0 rg BT 169.43 204.10 Td (for ) Tj ET Q q 0 0 0 rg BT 184.00 204.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 210.79 204.10 Td (related ) Tj ET Q q 0 0 0 rg BT 240.90 204.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.58 204.10 Td (health ) Tj ET Q q 0 0 0 rg BT 278.92 204.10 Td (claims, ) Tj ET Q q 0 0 0 rg BT 310.43 204.10 Td (although ) Tj ET Q q 0 0 0 rg BT 348.33 204.10 Td (it ) Tj ET Q q 0 0 0 rg BT 356.79 204.10 Td (obtains ) Tj ET Q q 0 0 0 rg BT 388.59 204.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 434.26 204.10 Td (stop ) Tj ET Q q 0 0 0 rg BT 453.83 204.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 472.30 204.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 513.52 204.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 552.51 204.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (both ) Tj ET Q q 0 0 0 rg BT 70.34 192.10 Td (an ) Tj ET Q q 0 0 0 rg BT 82.83 192.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 126.45 192.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.94 192.10 Td (a ) Tj ET Q q 0 0 0 rg BT 151.44 192.10 Td (group ) Tj ET Q q 0 0 0 rg BT 177.83 192.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 198.11 192.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 223.67 192.10 Td (Self-insured ) Tj ET Q q 0 0 0 rg BT 275.60 192.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 315.88 192.10 Td (are ) Tj ET Q q 0 0 0 rg BT 331.14 192.10 Td (based ) Tj ET Q q 0 0 0 rg BT 356.97 192.10 Td (on ) Tj ET Q q 0 0 0 rg BT 370.03 192.10 Td (a ) Tj ET Q q 0 0 0 rg BT 377.53 192.10 Td (number ) Tj ET Q q 0 0 0 rg BT 411.13 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.52 192.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 455.29 192.10 Td (including ) Tj ET Q q 0 0 0 rg BT 496.12 192.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 536.39 192.10 Td (claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (experience, ) Tj ET Q q 0 0 0 rg BT 97.79 180.10 Td (an ) Tj ET Q q 0 0 0 rg BT 109.72 180.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 145.53 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.36 180.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 184.95 180.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 220.76 180.10 Td (but ) Tj ET Q q 0 0 0 rg BT 236.03 180.10 Td (not ) Tj ET Q q 0 0 0 rg BT 251.30 180.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 287.11 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.04 180.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 347.63 180.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 385.67 180.10 Td (by ) Tj ET Q q 0 0 0 rg BT 398.16 180.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 443.42 180.10 Td (actuaries. ) Tj ET Q q 0 0 0 rg BT 483.94 180.10 Td (For ) Tj ET Q q 0 0 0 rg BT 500.32 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.03 180.10 Td (years ) Tj ET Q q 0 0 0 rg BT 538.62 180.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 107.54 168.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.54 168.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.99 168.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.99 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.94 168.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.33 168.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.33 168.10 Td (, ) Tj ET Q q 0 0 0 rg BT 194.79 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.96 168.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 249.80 168.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 295.61 168.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 329.77 168.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.06 168.10 Td ($7.7 ) Tj ET Q q 0 0 0 rg BT 359.51 168.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.40 168.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.85 168.10 Td ($7.2 ) Tj ET Q q 0 0 0 rg BT 412.31 168.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.20 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 443.15 168.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.54 168.10 Td ($8.0 ) Tj ET Q q 0 0 0 rg BT 479.00 168.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.89 168.10 Td (, ) Tj ET Q q 0 0 0 rg BT 512.34 168.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 560.00 168.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.26 156.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 116.79 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.21 156.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 166.84 156.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 201.03 156.10 Td (from ) Tj ET Q q 0 0 0 rg BT 222.45 156.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 267.21 156.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 310.85 156.10 Td (on ) Tj ET Q q 0 0 0 rg BT 322.83 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.03 156.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 389.55 156.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 433.75 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.06 156.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 487.70 156.10 Td (related ) Tj ET Q q 0 0 0 rg BT 516.88 156.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.64 156.10 Td (its ) Tj ET Q q 0 0 0 rg BT 538.07 156.10 Td (health ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (plans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (Retir) Tj ET Q q 0 0 0 rg BT 71.53 120.10 Td (ement Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.46 96.10 Td (Retirement ) Tj ET Q q 0 0 0 rg BT 114.30 96.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 134.49 96.10 Td (consists ) Tj ET Q q 0 0 0 rg BT 168.57 96.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.31 96.10 Td (a ) Tj ET Q q 0 0 0 rg BT 186.17 96.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 218.56 96.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 269.86 96.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 313.36 96.10 Td (savings ) Tj ET Q q 0 0 0 rg BT 345.77 96.10 Td (plan. ) Tj ET Q q 0 0 0 rg BT 367.72 96.10 Td (The ) Tj ET Q q 0 0 0 rg BT 385.68 96.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 418.08 96.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 469.37 96.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 512.88 96.10 Td (savings ) Tj ET Q q 0 0 0 rg BT 545.29 96.10 Td (plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 78.01 84.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 115.95 84.10 Td (employees, ) Tj ET Q q 0 0 0 rg BT 163.62 84.10 Td (at ) Tj ET Q q 0 0 0 rg BT 173.24 84.10 Td (their ) Tj ET Q q 0 0 0 rg BT 193.96 84.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 224.42 84.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.60 84.10 Td (make ) Tj ET Q q 0 0 0 rg BT 258.66 84.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 313.83 84.10 Td (through ) Tj ET Q q 0 0 0 rg BT 347.34 84.10 Td (salary ) Tj ET Q q 0 0 0 rg BT 373.62 84.10 Td (deductions ) Tj ET Q q 0 0 0 rg BT 419.35 84.10 Td (under ) Tj ET Q q 0 0 0 rg BT 444.52 84.10 Td (Section401\(k\) ) Tj ET Q q 0 0 0 rg BT 506.07 84.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.80 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.42 84.10 Td (Internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 87.55 72.10 Td (Code. ) Tj ET Q q 0 0 0 rg BT 114.22 72.10 Td (Employee ) Tj ET Q q 0 0 0 rg BT 157.82 72.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 213.66 72.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.92 72.10 Td (100 ) Tj ET Q q 0 0 0 rg BT 246.99 72.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.41 72.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.47 72.10 Td (matched ) Tj ET Q q 0 0 0 rg BT 316.40 72.10 Td (by ) Tj ET Q q 0 0 0 rg BT 329.47 72.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.74 72.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 386.69 72.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.53 72.10 Td (a ) Tj ET Q q 0 0 0 rg BT 405.03 72.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 448.65 72.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.04 72.10 Td (six ) Tj ET Q q 0 0 0 rg BT 474.77 72.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.19 72.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.25 72.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.65 72.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.85 60.10 Td (up ) Tj ET Q q 0 0 0 rg BT 120.66 60.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.25 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.27 60.10 Td (social ) Tj ET Q q 0 0 0 rg BT 172.41 60.10 Td (security ) Tj ET Q q 0 0 0 rg BT 206.87 60.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 238.55 60.10 Td (wage ) Tj ET Q q 0 0 0 rg BT 262.46 60.10 Td (base. ) Tj ET Q q 0 0 0 rg BT 284.92 60.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 325.51 60.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.53 60.10 Td (Company) Tj ET Q q 0 0 0 rg BT 382.20 60.10 Td (s ) Tj ET Q q 0 0 0 rg BT 388.90 60.10 Td (matching ) Tj ET Q q 0 0 0 rg BT 428.92 60.10 Td (contribution ) Tj ET Q q 0 0 0 rg BT 480.61 60.10 Td (vests ) Tj ET Q q 0 0 0 rg BT 503.42 60.10 Td (immediately) Tj ET Q q 0 0 0 rg BT 552.75 60.10 Td (, ) Tj ET Q q 0 0 0 rg BT 558.06 60.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.10 Td (participant ) Tj ET Q q 0 0 0 rg BT 94.76 48.10 Td (must ) Tj ET Q q 0 0 0 rg BT 116.71 48.10 Td (be ) Tj ET Q q 0 0 0 rg BT 128.65 48.10 Td (employed ) Tj ET Q q 0 0 0 rg BT 170.58 48.10 Td (on ) Tj ET Q q 0 0 0 rg BT 183.08 48.10 Td (December31 ) Tj ET Q q 0 0 0 rg BT 239.16 48.10 Td (to ) Tj ET Q q 0 0 0 rg BT 249.44 48.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 280.80 48.10 Td (that ) Tj ET Q q 0 0 0 rg BT 298.30 48.10 Td (year) Tj ET Q q 0 0 0 rg BT 315.88 48.10 Td () Tj ET Q q 0 0 0 rg BT 318.66 48.10 Td (s ) Tj ET Q q 0 0 0 rg BT 325.05 48.10 Td (matching ) Tj ET Q q 0 0 0 rg BT 364.76 48.10 Td (contribution. ) 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 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 endstream endobj 191 0 obj <>] /Rotate 0 /Contents 192 0 R>> endobj 192 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (95) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (Note 24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 708.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 708.25 Td (Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.05 708.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 684.25 Td (Stock-Based Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.90 660.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.14 660.25 Td (maintains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.37 660.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.37 660.25 Td ( ) Tj ET Q q 0 0 0 rg BT 167.73 660.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 217.29 660.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 275.18 660.25 Td (plans, ) Tj ET Q q 0 0 0 rg BT 301.14 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.71 660.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 339.17 660.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 350.65 660.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 369.10 660.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 415.93 660.25 Td (Amended ) Tj ET Q q 0 0 0 rg BT 457.16 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.95 660.25 Td (Restated ) Tj ET Q q 0 0 0 rg BT 510.74 660.25 Td (2003 ) Tj ET Q q 0 0 0 rg BT 532.57 660.25 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.32 648.25 Td (Long-T) Tj ET Q q 0 0 0 rg BT 96.16 648.25 Td (erm ) Tj ET Q q 0 0 0 rg BT 113.59 648.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 152.67 648.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 172.32 648.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 189.75 648.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 233.27 648.25 Td (Plan\) ) Tj ET Q q 0 0 0 rg BT 260.69 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 277.01 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.10 648.25 Td (2010 ) Tj ET Q q 0 0 0 rg BT 312.98 648.25 Td (Employment ) Tj ET Q q 0 0 0 rg BT 366.52 648.25 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 415.18 648.25 Td (A) Tj ET Q q 0 0 0 rg BT 421.48 648.25 Td (ward ) Tj ET Q q 0 0 0 rg BT 443.35 648.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 463.01 648.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 480.43 648.25 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 533.95 648.25 Td (Plan\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.56 636.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.23 636.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.14 636.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 142.15 636.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 172.49 636.25 Td (are ) Tj ET Q q 0 0 0 rg BT 186.71 636.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 232.59 636.25 Td (on ) Tj ET Q q 0 0 0 rg BT 244.60 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.84 636.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 311.40 636.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 355.63 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.97 636.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 409.64 636.25 Td (at ) Tj ET Q q 0 0 0 rg BT 418.88 636.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 441.44 636.25 Td (date ) Tj ET Q q 0 0 0 rg BT 460.11 636.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 476.01 636.25 Td (value ) Tj ET Q q 0 0 0 rg BT 499.68 636.25 Td (over ) Tj ET Q q 0 0 0 rg BT 519.46 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 533.70 636.25 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (period ) Tj ET Q q 0 0 0 rg BT 78.05 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.88 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 103.59 624.25 Td (award, ) Tj ET Q q 0 0 0 rg BT 133.02 624.25 Td (net ) Tj ET Q q 0 0 0 rg BT 147.74 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.57 624.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 199.39 624.25 Td (forfeitures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.66 600.25 Td (following ) Tj ET Q q 0 0 0 rg BT 110.66 600.25 Td (table ) Tj ET Q q 0 0 0 rg BT 133.20 600.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 170.75 600.25 Td (a ) Tj ET Q q 0 0 0 rg BT 178.30 600.25 Td (summary ) Tj ET Q q 0 0 0 rg BT 218.63 600.25 Td (of ) Tj ET Q q 0 0 0 rg BT 230.07 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.40 600.25 Td (Company) Tj ET Q q 0 0 0 rg BT 287.07 600.25 Td (s ) Tj ET Q q 0 0 0 rg BT 294.07 600.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 343.85 600.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 371.95 600.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 403.39 600.25 Td (\(in ) Tj ET Q q 0 0 0 rg BT 417.61 600.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 445.71 600.25 Td (or ) Tj ET Q q 0 0 0 rg BT 457.15 600.25 Td (units\) ) Tj ET Q q 0 0 0 rg BT 483.04 600.25 Td (as ) Tj ET Q q 0 0 0 rg BT 494.48 600.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.92 600.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 588.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 565.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 565.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 541.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 541.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 517.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 517.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 493.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 493.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 469.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 469.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 445.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 445.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 421.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 421.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 397.75 442.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 397.75 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 529.75 m 561.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 493.75 m 561.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 493.75 m 561.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 470.75 m 561.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 468.75 m 561.5 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 422.75 m 561.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 420.75 m 561.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 386.75 m 561.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 384.75 m 561.5 384.75 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.00 568.48 Td (Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 556.37 Td (Restricted Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 544.37 Td (Annual grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 544.37 Td (806,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 532.37 Td (Sign-on grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 532.37 Td (259,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 520.37 Td (1,066,146) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.00 508.48 Td (Inducement Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 496.37 Td (Restricted Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 496.37 Td (29,159) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 472.48 Td (Total restricted stock outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 472.37 Td (1,095,305) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.00 448.48 Td (Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 436.37 Td (Restricted Stock Units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 424.37 Td (Leadership grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 424.37 Td (405,826) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.00 400.48 Td (Incentive Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 388.48 Td (Stock options outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 388.37 Td (217,873) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 362.25 Td (Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.42 338.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 108.49 338.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 129.14 338.25 Td (permits ) Tj ET Q q 0 0 0 rg BT 162.01 338.25 Td (the ) Tj ET Q q 0 0 0 rg BT 177.09 338.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 200.51 338.25 Td (of ) Tj ET Q q 0 0 0 rg BT 211.71 338.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 239.58 338.25 Td (awards, ) Tj ET Q q 0 0 0 rg BT 273.27 338.25 Td (including ) Tj ET Q q 0 0 0 rg BT 313.92 338.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 353.99 338.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 380.47 338.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 420.54 338.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 444.52 338.25 Td (units ) Tj ET Q q 0 0 0 rg BT 466.84 338.25 Td (and ) Tj ET Q q 0 0 0 rg BT 484.15 338.25 Td (non-qualified ) Tj ET Q q 0 0 0 rg BT 540.89 338.25 Td (stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (options, ) Tj ET Q q 0 0 0 rg BT 84.85 326.25 Td (to ) Tj ET Q q 0 0 0 rg BT 95.53 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 110.65 326.25 Td (Company) Tj ET Q q 0 0 0 rg BT 152.32 326.25 Td (s ) Tj ET Q q 0 0 0 rg BT 159.11 326.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 204.78 326.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.12 326.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 260.01 326.25 Td (for ) Tj ET Q q 0 0 0 rg BT 274.57 326.25 Td (up ) Tj ET Q q 0 0 0 rg BT 287.47 326.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 326.25 Td (7.0 ) Tj ET Q q 0 0 0 rg BT 313.56 326.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.45 326.25 Td ( ) Tj ET Q q 0 0 0 rg BT 345.35 326.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 373.24 326.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.48 326.25 Td (common ) Tj ET Q q 0 0 0 rg BT 422.38 326.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 446.39 326.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.72 326.25 Td (1.0 ) Tj ET Q q 0 0 0 rg BT 465.12 326.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.01 326.25 Td ( ) Tj ET Q q 0 0 0 rg BT 496.91 326.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 524.81 326.25 Td (remained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (available ) Tj ET Q q 0 0 0 rg BT 88.98 314.25 Td (for ) Tj ET Q q 0 0 0 rg BT 103.54 314.25 Td (future ) Tj ET Q q 0 0 0 rg BT 130.31 314.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 167.08 314.25 Td (under ) Tj ET Q q 0 0 0 rg BT 192.75 314.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.86 314.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 247.96 314.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 268.63 314.25 Td (as ) Tj ET Q q 0 0 0 rg BT 279.86 314.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.08 314.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 350.06 314.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.06 314.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 378.58 314.25 Td (The ) Tj ET Q q 0 0 0 rg BT 397.02 314.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 438.80 314.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 474.46 314.25 Td (that ) Tj ET Q q 0 0 0 rg BT 492.35 314.25 Td (such ) Tj ET Q q 0 0 0 rg BT 513.58 314.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 544.80 314.25 Td (help ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.25 Td (align ) Tj ET Q q 0 0 0 rg BT 72.62 302.25 Td (the ) Tj ET Q q 0 0 0 rg BT 87.46 302.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 123.41 302.25 Td (of ) Tj ET Q q 0 0 0 rg BT 134.37 302.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 179.75 302.25 Td (and ) Tj ET Q q 0 0 0 rg BT 196.82 302.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 234.43 302.25 Td (with ) Tj ET Q q 0 0 0 rg BT 254.83 302.25 Td (those ) Tj ET Q q 0 0 0 rg BT 278.56 302.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.52 302.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 342.68 302.25 Td (and ) Tj ET Q q 0 0 0 rg BT 359.74 302.25 Td (serve ) Tj ET Q q 0 0 0 rg BT 383.46 302.25 Td (as ) Tj ET Q q 0 0 0 rg BT 394.42 302.25 Td (an ) Tj ET Q q 0 0 0 rg BT 406.48 302.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 447.98 302.25 Td (retention ) Tj ET Q q 0 0 0 rg BT 486.15 302.25 Td (tool. ) Tj ET Q q 0 0 0 rg BT 506.64 302.25 Td (The ) Tj ET Q q 0 0 0 rg BT 524.81 302.25 Td (Incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 70.47 290.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 107.60 290.25 Td (for ) Tj ET Q q 0 0 0 rg BT 121.95 290.25 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 169.59 290.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 201.17 290.25 Td (of ) Tj ET Q q 0 0 0 rg BT 212.19 290.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 243.20 290.25 Td (if ) Tj ET Q q 0 0 0 rg BT 251.99 290.25 Td (there ) Tj ET Q q 0 0 0 rg BT 274.67 290.25 Td (is ) Tj ET Q q 0 0 0 rg BT 284.03 290.25 Td (a ) Tj ET Q q 0 0 0 rg BT 291.16 290.25 Td (severance ) Tj ET Q q 0 0 0 rg BT 333.26 290.25 Td (event, ) Tj ET Q q 0 0 0 rg BT 360.10 290.25 Td (a ) Tj ET Q q 0 0 0 rg BT 367.23 290.25 Td (change ) Tj ET Q q 0 0 0 rg BT 398.24 290.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.71 290.25 Td (control ) Tj ET Q q 0 0 0 rg BT 439.72 290.25 Td (of ) Tj ET Q q 0 0 0 rg BT 450.74 290.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.65 290.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 507.22 290.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 521.57 290.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 554.25 290.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.88 278.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 104.75 278.25 Td (Plan\), ) Tj ET Q q 0 0 0 rg BT 131.02 278.25 Td (in ) Tj ET Q q 0 0 0 rg BT 141.46 278.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.34 278.25 Td (event ) Tj ET Q q 0 0 0 rg BT 180.66 278.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.65 278.25 Td (a ) Tj ET Q q 0 0 0 rg BT 198.75 278.25 Td (participant) Tj ET Q q 0 0 0 rg BT 244.29 278.25 Td (s ) Tj ET Q q 0 0 0 rg BT 250.85 278.25 Td (death, ) Tj ET Q q 0 0 0 rg BT 277.67 278.25 Td (and ) Tj ET Q q 0 0 0 rg BT 294.77 278.25 Td (at ) Tj ET Q q 0 0 0 rg BT 304.65 278.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.53 278.25 Td (discretion ) Tj ET Q q 0 0 0 rg BT 361.63 278.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.62 278.25 Td (the ) Tj ET Q q 0 0 0 rg BT 387.50 278.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 445.71 278.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 490.58 278.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.57 278.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.45 278.25 Td (Company) Tj ET Q q 0 0 0 rg BT 558.12 278.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.25 Td (board ) Tj ET Q q 0 0 0 rg BT 75.27 266.25 Td (of ) Tj ET Q q 0 0 0 rg BT 86.10 266.25 Td (directors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 242.25 Td (Restricted Stock ) Tj ET Q q 0 0 0 rg BT 117.02 242.25 Td (A) Tj ET Q q 0 0 0 rg BT 122.57 242.25 Td (war) Tj ET Q q 0 0 0 rg BT 137.76 242.25 Td (ds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.25 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 92.61 218.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 115.79 218.25 Td (grants ) Tj ET Q q 0 0 0 rg BT 142.30 218.25 Td (are ) Tj ET Q q 0 0 0 rg BT 156.57 218.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 185.30 218.25 Td (at ) Tj ET Q q 0 0 0 rg BT 194.58 218.25 Td (the ) Tj ET Q q 0 0 0 rg BT 208.87 218.25 Td (market ) Tj ET Q q 0 0 0 rg BT 238.70 218.25 Td (price ) Tj ET Q q 0 0 0 rg BT 260.76 218.25 Td (of ) Tj ET Q q 0 0 0 rg BT 271.16 218.25 Td (the ) Tj ET Q q 0 0 0 rg BT 285.44 218.25 Td (Company) Tj ET Q q 0 0 0 rg BT 327.11 218.25 Td (s ) Tj ET Q q 0 0 0 rg BT 333.07 218.25 Td (common ) Tj ET Q q 0 0 0 rg BT 370.13 218.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 393.31 218.25 Td (on ) Tj ET Q q 0 0 0 rg BT 405.38 218.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.67 218.25 Td (date ) Tj ET Q q 0 0 0 rg BT 438.39 218.25 Td (of ) Tj ET Q q 0 0 0 rg BT 448.79 218.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 471.41 218.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.92 218.25 Td (are ) Tj ET Q q 0 0 0 rg BT 502.19 218.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 544.24 218.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (the ) Tj ET Q q 0 0 0 rg BT 65.87 206.25 Td (related ) Tj ET Q q 0 0 0 rg BT 96.72 206.25 Td (requisite ) Tj ET Q q 0 0 0 rg BT 134.81 206.25 Td (service ) Tj ET Q q 0 0 0 rg BT 166.77 206.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 198.21 206.25 Td (The ) Tj ET Q q 0 0 0 rg BT 217.41 206.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 259.94 206.25 Td (grants ) Tj ET Q q 0 0 0 rg BT 288.03 206.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 316.68 206.25 Td (of ) Tj ET Q q 0 0 0 rg BT 328.66 206.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 369.51 206.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 394.27 206.25 Td (to ) Tj ET Q q 0 0 0 rg BT 405.70 206.25 Td (current ) Tj ET Q q 0 0 0 rg BT 437.67 206.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 484.08 206.25 Td (as ) Tj ET Q q 0 0 0 rg BT 496.06 206.25 Td (part ) Tj ET Q q 0 0 0 rg BT 515.26 206.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.24 206.25 Td (year) Tj ET Q q 0 0 0 rg BT 544.25 206.25 Td (-end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 108.21 194.25 Td (\(Annual ) Tj ET Q q 0 0 0 rg BT 148.09 194.25 Td (Grants\) ) Tj ET Q q 0 0 0 rg BT 185.19 194.25 Td (and ) Tj ET Q q 0 0 0 rg BT 202.31 194.25 Td (as ) Tj ET Q q 0 0 0 rg BT 213.31 194.25 Td (a ) Tj ET Q q 0 0 0 rg BT 220.42 194.25 Td (retention ) Tj ET Q q 0 0 0 rg BT 258.63 194.25 Td (tool. ) Tj ET Q q 0 0 0 rg BT 279.36 194.25 Td (Employees ) Tj ET Q q 0 0 0 rg BT 326.47 194.25 Td (may ) Tj ET Q q 0 0 0 rg BT 346.36 194.25 Td (also ) Tj ET Q q 0 0 0 rg BT 365.14 194.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 396.67 194.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 436.55 194.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 460.33 194.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 483.00 194.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 509.00 194.25 Td (hiring ) Tj ET Q q 0 0 0 rg BT 535.56 194.25 Td (or ) Tj ET Q q 0 0 0 rg BT 546.56 194.25 Td (as ) Tj ET Q q 0 0 0 rg BT 557.57 194.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (retention ) Tj ET Q q 0 0 0 rg BT 88.04 182.25 Td (award ) Tj ET Q q 0 0 0 rg BT 114.97 182.25 Td (\(Sign-on ) Tj ET Q q 0 0 0 rg BT 156.91 182.25 Td (Grants\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.73 158.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.40 158.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.00 158.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 146.62 158.25 Td (Grants ) Tj ET Q q 0 0 0 rg BT 175.47 158.25 Td (are ) Tj ET Q q 0 0 0 rg BT 189.86 158.25 Td (made ) Tj ET Q q 0 0 0 rg BT 213.71 158.25 Td (each ) Tj ET Q q 0 0 0 rg BT 234.21 158.25 Td (year ) Tj ET Q q 0 0 0 rg BT 253.60 158.25 Td (in ) Tj ET Q q 0 0 0 rg BT 263.57 158.25 Td (February) Tj ET Q q 0 0 0 rg BT 299.02 158.25 Td (. ) Tj ET Q q 0 0 0 rg BT 303.22 158.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 334.85 158.25 Td (Grants ) Tj ET Q q 0 0 0 rg BT 363.70 158.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 381.99 158.25 Td (ratably ) Tj ET Q q 0 0 0 rg BT 411.94 158.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.90 158.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.89 158.25 Td ( ) Tj ET Q q 0 0 0 rg BT 454.07 158.25 Td (years ) Tj ET Q q 0 0 0 rg BT 477.36 158.25 Td (in ) Tj ET Q q 0 0 0 rg BT 487.33 158.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 511.17 158.25 Td (installments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.88 146.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 98.04 146.25 Td (Grants ) Tj ET Q q 0 0 0 rg BT 126.41 146.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 158.67 146.25 Td (for ) Tj ET Q q 0 0 0 rg BT 172.05 146.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 213.20 146.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 243.80 146.25 Td (after ) Tj ET Q q 0 0 0 rg BT 263.83 146.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 311.65 146.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.69 146.25 Td (employment, ) Tj ET Q q 0 0 0 rg BT 375.90 146.25 Td (so ) Tj ET Q q 0 0 0 rg BT 386.50 146.25 Td (long ) Tj ET Q q 0 0 0 rg BT 406.00 146.25 Td (as ) Tj ET Q q 0 0 0 rg BT 416.04 146.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.98 146.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 470.56 146.25 Td (does ) Tj ET Q q 0 0 0 rg BT 490.61 146.25 Td (not ) Tj ET Q q 0 0 0 rg BT 505.10 146.25 Td (violatecertain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.25 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 119.15 134.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 166.63 134.25 Td (set ) Tj ET Q q 0 0 0 rg BT 180.79 134.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 203.27 134.25 Td (in ) Tj ET Q q 0 0 0 rg BT 214.10 134.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.36 134.25 Td (award ) Tj ET Q q 0 0 0 rg BT 256.84 134.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 301.53 134.25 Td (or ) Tj ET Q q 0 0 0 rg BT 312.91 134.25 Td (any ) Tj ET Q q 0 0 0 rg BT 330.40 134.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 378.98 134.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 411.45 134.25 Td (into ) Tj ET Q q 0 0 0 rg BT 430.05 134.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 453.10 134.25 Td (termination. ) Tj ET Q q 0 0 0 rg BT 504.53 134.25 Td (The ) Tj ET Q q 0 0 0 rg BT 523.12 134.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 97.43 122.25 Td (the ) Tj ET Q q 0 0 0 rg BT 112.10 122.25 Td (service ) Tj ET Q q 0 0 0 rg BT 142.87 122.25 Td (inception ) Tj ET Q q 0 0 0 rg BT 182.53 122.25 Td (date ) Tj ET Q q 0 0 0 rg BT 201.64 122.25 Td (precedes ) Tj ET Q q 0 0 0 rg BT 239.06 122.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.73 122.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 276.73 122.25 Td (date ) Tj ET Q q 0 0 0 rg BT 295.83 122.25 Td (for ) Tj ET Q q 0 0 0 rg BT 309.95 122.25 Td (the ) Tj ET Q q 0 0 0 rg BT 324.07 122.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 355.96 122.25 Td (Grants, ) Tj ET Q q 0 0 0 rg BT 387.57 122.25 Td (and ) Tj ET Q q 0 0 0 rg BT 404.46 122.25 Td (that ) Tj ET Q q 0 0 0 rg BT 421.91 122.25 Td (the ) Tj ET Q q 0 0 0 rg BT 436.58 122.25 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 505.13 122.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 552.01 122.25 Td (do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.25 Td (not ) Tj ET Q q 0 0 0 rg BT 65.49 110.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 87.63 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 102.56 110.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 133.58 110.25 Td (for ) Tj ET Q q 0 0 0 rg BT 147.96 110.25 Td (an ) Tj ET Q q 0 0 0 rg BT 160.11 110.25 Td (in-substance ) Tj ET Q q 0 0 0 rg BT 212.80 110.25 Td (service ) Tj ET Q q 0 0 0 rg BT 243.83 110.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 286.81 110.25 Td (as ) Tj ET Q q 0 0 0 rg BT 297.86 110.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 330.55 110.25 Td (by ) Tj ET Q q 0 0 0 rg BT 342.67 110.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 364.83 110.25 Td (718. ) Tj ET Q q 0 0 0 rg BT 384.44 110.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 433.78 110.25 Td (, ) Tj ET Q q 0 0 0 rg BT 438.99 110.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 478.90 110.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 502.72 110.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 535.42 110.25 Td (as ) Tj ET Q q 0 0 0 rg BT 546.46 110.25 Td (part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.04 98.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.38 98.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 107.53 98.25 Td (Grants ) Tj ET Q q 0 0 0 rg BT 136.91 98.25 Td (is ) Tj ET Q q 0 0 0 rg BT 146.29 98.25 Td (expensed ) Tj ET Q q 0 0 0 rg BT 186.21 98.25 Td (in ) Tj ET Q q 0 0 0 rg BT 196.71 98.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.64 98.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.08 98.25 Td (-year ) Tj ET Q q 0 0 0 rg BT 249.33 98.25 Td (period ) Tj ET Q q 0 0 0 rg BT 277.59 98.25 Td (in ) Tj ET Q q 0 0 0 rg BT 288.08 98.25 Td (which ) Tj ET Q q 0 0 0 rg BT 315.24 98.25 Td (those ) Tj ET Q q 0 0 0 rg BT 339.06 98.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 370.09 98.25 Td (are ) Tj ET Q q 0 0 0 rg BT 385.02 98.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 418.82 98.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.32 98.25 Td (be ) Tj ET Q q 0 0 0 rg BT 441.47 98.25 Td (earned, ) Tj ET Q q 0 0 0 rg BT 473.33 98.25 Td (which ) Tj ET Q q 0 0 0 rg BT 500.48 98.25 Td (is ) Tj ET Q q 0 0 0 rg BT 509.87 98.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 549.79 98.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.25 Td (calendar ) Tj ET Q q 0 0 0 rg BT 85.91 86.25 Td (year ) Tj ET Q q 0 0 0 rg BT 105.16 86.25 Td (preceding ) Tj ET Q q 0 0 0 rg BT 146.64 86.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.90 86.25 Td (February ) Tj ET Q q 0 0 0 rg BT 199.05 86.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 221.64 86.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 242.84 86.25 Td (For ) Tj ET Q q 0 0 0 rg BT 258.78 86.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 297.20 86.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.46 86.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 352.40 86.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 398.31 86.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 455.90 86.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 490.15 86.25 Td (during ) Tj ET Q q 0 0 0 rg BT 518.31 86.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 542.01 86.25 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.25 Td (for ) Tj ET Q q 0 0 0 rg BT 64.28 74.25 Td (its ) Tj ET Q q 0 0 0 rg BT 76.35 74.25 Td (February ) Tj ET Q q 0 0 0 rg BT 115.07 74.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 137.11 74.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 169.17 74.25 Td (Grant. ) Tj ET Q q 0 0 0 rg BT 197.05 74.25 Td (If ) Tj ET Q q 0 0 0 rg BT 206.33 74.25 Td (an ) Tj ET Q q 0 0 0 rg BT 218.39 74.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 246.01 74.25 Td (award ) Tj ET Q q 0 0 0 rg BT 273.05 74.25 Td (related ) Tj ET Q q 0 0 0 rg BT 302.88 74.25 Td (to ) Tj ET Q q 0 0 0 rg BT 313.27 74.25 Td (the ) Tj ET Q q 0 0 0 rg BT 327.53 74.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 359.59 74.25 Td (Grants ) Tj ET Q q 0 0 0 rg BT 388.87 74.25 Td (is ) Tj ET Q q 0 0 0 rg BT 398.16 74.25 Td (forfeited ) Tj ET Q q 0 0 0 rg BT 435.20 74.25 Td (as ) Tj ET Q q 0 0 0 rg BT 446.15 74.25 Td (a ) Tj ET Q q 0 0 0 rg BT 453.21 74.25 Td (result ) Tj ET Q q 0 0 0 rg BT 478.05 74.25 Td (of ) Tj ET Q q 0 0 0 rg BT 489.00 74.25 Td (violating ) Tj ET Q q 0 0 0 rg BT 527.17 74.25 Td (the ) Tj ET Q q 0 0 0 rg BT 542.01 74.25 Td (post-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 98.31 62.25 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 147.46 62.25 Td (the ) Tj ET Q q 0 0 0 rg BT 161.88 62.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 186.87 62.25 Td (of ) Tj ET Q q 0 0 0 rg BT 197.41 62.25 Td (the ) Tj ET Q q 0 0 0 rg BT 211.84 62.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 227.92 62.25 Td (value ) Tj ET Q q 0 0 0 rg BT 251.79 62.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.33 62.25 Td (the ) Tj ET Q q 0 0 0 rg BT 276.76 62.25 Td (award ) Tj ET Q q 0 0 0 rg BT 303.40 62.25 Td (at ) Tj ET Q q 0 0 0 rg BT 312.83 62.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 335.59 62.25 Td (date ) Tj ET Q q 0 0 0 rg BT 354.46 62.25 Td (or ) Tj ET Q q 0 0 0 rg BT 365.00 62.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.43 62.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 395.52 62.25 Td (value ) Tj ET Q q 0 0 0 rg BT 419.38 62.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.93 62.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.36 62.25 Td (award ) Tj ET Q q 0 0 0 rg BT 471.00 62.25 Td (at ) Tj ET Q q 0 0 0 rg BT 480.42 62.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.85 62.25 Td (date ) Tj ET Q q 0 0 0 rg BT 513.72 62.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.26 62.25 Td (forfeiture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.25 Td (is ) Tj ET Q q 0 0 0 rg BT 59.17 50.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 96.65 50.25 Td (within ) Tj ET Q q 0 0 0 rg BT 124.70 50.25 Td (the ) Tj ET Q q 0 0 0 rg BT 139.42 50.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 192.46 50.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 237.17 50.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.00 50.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 292.16 50.25 Td (as ) Tj ET Q q 0 0 0 rg BT 302.99 50.25 Td (a ) Tj ET Q q 0 0 0 rg BT 309.93 50.25 Td (reversal ) Tj ET Q q 0 0 0 rg BT 344.07 50.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.90 50.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 412.94 50.25 Td (expense. ) 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 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 endstream endobj 193 0 obj <>] /Rotate 0 /Contents 194 0 R>> endobj 194 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (96) 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 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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.) 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464.58 552.10 Td (if ) Tj ET Q q 0 0 0 rg BT 473.35 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.24 552.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 529.79 552.10 Td (satisfies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 110.49 540.10 Td (market ) Tj ET Q q 0 0 0 rg BT 141.00 540.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 185.41 540.10 Td (over ) Tj ET Q q 0 0 0 rg BT 205.93 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.89 540.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 274.16 540.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 304.95 540.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 332.69 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.65 540.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 372.61 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.69 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.65 540.10 Td (grants, ) Tj ET Q q 0 0 0 rg BT 428.33 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 443.30 540.10 Td (number ) Tj ET Q q 0 0 0 rg BT 476.59 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 487.67 540.10 Td (units ) Tj ET Q q 0 0 0 rg BT 509.86 540.10 Td (that ) Tj ET Q q 0 0 0 rg BT 527.60 540.10 Td (will ) Tj ET Q q 0 0 0 rg BT 545.90 540.10 Td (vest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.37 528.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 100.28 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.99 528.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 138.91 528.10 Td (will ) Tj ET Q q 0 0 0 rg BT 157.40 528.10 Td (be ) Tj ET Q q 0 0 0 rg BT 169.77 528.10 Td (based ) Tj ET Q q 0 0 0 rg BT 195.46 528.10 Td (on ) Tj ET Q q 0 0 0 rg BT 208.39 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.54 528.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 265.36 528.10 Td (achieving ) Tj ET Q q 0 0 0 rg BT 307.16 528.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 346.18 528.10 Td (market ) Tj ET Q q 0 0 0 rg BT 376.88 528.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 421.47 528.10 Td (during ) Tj ET Q q 0 0 0 rg BT 450.51 528.10 Td (each ) Tj ET Q q 0 0 0 rg BT 471.75 528.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 525.21 528.10 Td (period ) Tj ET Q q 0 0 0 rg BT 553.68 528.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (described ) Tj ET Q q 0 0 0 rg BT 90.46 516.10 Td (below) Tj ET Q q 0 0 0 rg BT 114.25 516.10 Td (. ) Tj ET Q q 0 0 0 rg BT 118.89 516.10 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 178.81 516.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 213.16 516.10 Td (is ) Tj ET Q q 0 0 0 rg BT 221.97 516.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 264.10 516.10 Td (on ) Tj ET Q q 0 0 0 rg BT 276.24 516.10 Td (a ) Tj ET Q q 0 0 0 rg BT 282.82 516.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 333.29 516.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 355.43 516.10 Td (over ) Tj ET Q q 0 0 0 rg BT 375.34 516.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.70 516.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.69 516.10 Td (-year ) Tj ET Q q 0 0 0 rg BT 432.37 516.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 468.95 516.10 Td (service ) Tj ET Q q 0 0 0 rg BT 499.40 516.10 Td (period ) Tj ET Q q 0 0 0 rg BT 527.09 516.10 Td (based ) Tj ET Q q 0 0 0 rg BT 552.01 516.10 Td (on ) 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 64.50 504.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 80.66 504.10 Td (value ) Tj ET Q q 0 0 0 rg BT 104.60 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.22 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.72 504.10 Td (award ) Tj ET Q q 0 0 0 rg BT 156.44 504.10 Td (on ) Tj ET Q q 0 0 0 rg BT 168.72 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.22 504.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 206.05 504.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 227.33 504.10 Td (The ) Tj ET Q q 0 0 0 rg BT 245.16 504.10 Td (market ) Tj ET Q q 0 0 0 rg BT 275.21 504.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 315.27 504.10 Td (must ) Tj ET Q q 0 0 0 rg BT 337.00 504.10 Td (be ) Tj ET Q q 0 0 0 rg BT 348.73 504.10 Td (met ) Tj ET Q q 0 0 0 rg BT 366.01 504.10 Td (for ) Tj ET Q q 0 0 0 rg BT 379.95 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.45 504.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 425.06 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 435.12 504.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 453.52 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.24 504.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 528.07 504.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 546.46 504.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (be ) Tj ET Q q 0 0 0 rg BT 60.73 492.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 105.87 492.10 Td (regardless ) Tj ET Q q 0 0 0 rg BT 147.70 492.10 Td (if ) Tj ET Q q 0 0 0 rg BT 155.09 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.60 492.10 Td (market ) Tj ET Q q 0 0 0 rg BT 197.65 492.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 236.71 492.10 Td (is ) Tj ET Q q 0 0 0 rg BT 244.66 492.10 Td (satisfied. ) Tj ET Q q 0 0 0 rg BT 281.77 492.10 Td (Employees ) Tj ET Q q 0 0 0 rg BT 327.50 492.10 Td (forfeit ) Tj ET Q q 0 0 0 rg BT 353.77 492.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 390.60 492.10 Td (share ) Tj ET Q q 0 0 0 rg BT 412.99 492.10 Td (units ) Tj ET Q q 0 0 0 rg BT 433.72 492.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 455.01 492.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 502.39 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 512.01 492.10 Td (employment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.28 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 77.22 480.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 136.92 480.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 171.07 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.90 480.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 239.94 480.10 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 (were ) Tj ET Q q 0 0 0 rg BT 186.88 432.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 234.37 432.10 Td (using ) Tj ET Q q 0 0 0 rg BT 258.54 432.10 Td (a ) Tj ET Q q 0 0 0 rg BT 265.47 432.10 Td (Monte ) Tj ET Q q 0 0 0 rg BT 294.08 432.10 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 318.80 432.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 363.52 432.10 Td (with ) Tj ET Q q 0 0 0 rg BT 383.80 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.52 432.10 Td (following ) Tj ET Q q 0 0 0 rg BT 439.90 432.10 Td (assumptions: ) Tj ET Q q 0 0 0 rg BT 494.63 432.10 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 (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 388.22 Td (0.82%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 388.22 Td (41.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 376.22 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 376.22 Td (0.40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 376.22 Td (44.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 364.22 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.05 364.22 Td (0.38%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 364.22 Td (47.6%) 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 74.15 314.10 Td (price ) Tj ET Q q 0 0 0 rg BT 97.18 314.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 136.34 314.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 188.83 314.10 Td (were ) Tj ET Q q 0 0 0 rg BT 211.30 314.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 259.33 314.10 Td (using ) Tj ET Q q 0 0 0 rg BT 284.04 314.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 324.30 314.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 363.45 314.10 Td (as ) Tj ET Q q 0 0 0 rg BT 374.82 314.10 Td (correlation ) Tj ET Q q 0 0 0 rg BT 421.18 314.10 Td (coef) Tj ET Q q 0 0 0 rg BT 438.21 314.10 Td (ficients ) Tj ET Q q 0 0 0 rg BT 470.68 314.10 Td (can ) Tj ET Q q 0 0 0 rg BT 487.60 314.10 Td (only ) Tj ET Q q 0 0 0 rg BT 508.43 314.10 Td (be ) Tj ET Q q 0 0 0 rg BT 520.91 314.10 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 61.13 134.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 86.43 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.45 134.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 143.14 134.10 Td (established ) Tj ET Q q 0 0 0 rg BT 190.38 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.39 134.10 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 255.40 134.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 275.98 134.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.56 134.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 336.57 134.10 Td (with ) Tj ET Q q 0 0 0 rg BT 357.15 134.10 Td (the ) Tj ET Q q 0 0 0 rg BT 372.17 134.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 418.85 134.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.37 134.10 Td (ARI. ) Tj ET Q q 0 0 0 rg BT 451.69 134.10 Td (The ) Tj ET Q q 0 0 0 rg BT 470.04 134.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 511.73 134.10 Td (granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.51 134.10 Td ($7.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 122.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.46 122.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.80 122.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 131.57 122.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 155.25 122.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.58 122.10 Td (158,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.08 122.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.65 122.10 Td (shares\) ) Tj ET Q q 0 0 0 rg BT 224.54 122.10 Td (under ) Tj ET Q q 0 0 0 rg BT 249.87 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.66 122.10 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 314.42 122.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 334.77 122.10 Td (to ) Tj ET Q q 0 0 0 rg BT 344.55 122.10 Td (ARI ) Tj ET Q q 0 0 0 rg BT 364.34 122.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 409.67 122.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 432.24 122.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 463.69 122.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.59 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.37 122.10 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 538.13 122.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.38 110.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 95.88 110.10 Td (ratably ) Tj ET Q q 0 0 0 rg BT 126.03 110.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.19 110.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.73 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.12 110.10 Td (years ) Tj ET Q q 0 0 0 rg BT 187.61 110.10 Td (in ) Tj ET Q q 0 0 0 rg BT 197.78 110.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 221.82 110.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 250.87 110.10 Td (installments ) Tj ET Q q 0 0 0 rg BT 301.59 110.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 331.19 110.10 Td (on ) Tj ET Q q 0 0 0 rg BT 343.58 110.10 Td (March1, ) Tj ET Q q 0 0 0 rg BT 382.07 110.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 406.96 110.10 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 456.55 110.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 476.72 110.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 507.43 110.10 Td (are ) Tj ET Q q 0 0 0 rg BT 522.02 110.10 Td (amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.17 98.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 117.56 98.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 151.61 98.10 Td (on ) Tj ET Q q 0 0 0 rg BT 163.45 98.10 Td (a ) Tj ET Q q 0 0 0 rg BT 169.73 98.10 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 219.89 98.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 241.73 98.10 Td (over ) Tj ET Q q 0 0 0 rg BT 261.34 98.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.40 98.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 306.13 98.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 336.02 98.10 Td (Employees ) Tj ET Q q 0 0 0 rg BT 382.30 98.10 Td (forfeit ) Tj ET Q q 0 0 0 rg BT 409.13 98.10 Td (unvested ) Tj ET Q q 0 0 0 rg BT 446.51 98.10 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 495.56 98.10 Td (Plan ) Tj ET Q q 0 0 0 rg BT 515.18 98.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 542.01 98.10 Td (upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 98.60 86.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.43 86.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 161.92 86.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.86 86.10 Td (a ) Tj ET Q q 0 0 0 rg BT 185.80 86.10 Td (reversal ) Tj ET Q q 0 0 0 rg BT 219.94 86.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.77 86.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 288.81 86.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 323.52 86.10 Td (is ) Tj ET Q q 0 0 0 rg BT 332.69 86.10 Td (recorded.) 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 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 endstream endobj 195 0 obj <>] /Rotate 0 /Contents 196 0 R>> endobj 196 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (97) 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 ($28.2 ) 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 ($21.0 ) 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 ($20.2 ) 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 (2014) 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 (2013) 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 (2012) 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 ($0.7 ) 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 ($1.0 ) 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 ($1.3 ) 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 (2014) 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 (2013) 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 (2012) 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 102.85 636.25 Td (The ) Tj ET Q q 0 0 0 rg BT 121.29 636.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 136.40 636.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 167.05 636.25 Td (related ) Tj ET Q q 0 0 0 rg BT 197.15 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 207.82 636.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 257.92 636.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 316.35 636.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 339.25 636.25 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.35 636.25 Td ($1) Tj ET Q q 0 0 0 rg BT 378.98 636.25 Td (1.0 ) Tj ET Q q 0 0 0 rg BT 394.37 636.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.27 636.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.66 636.25 Td ($8.2 ) Tj ET Q q 0 0 0 rg BT 449.05 636.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.94 636.25 Td ( ) Tj ET Q q 0 0 0 rg BT 480.84 636.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.17 636.25 Td ($7.9 ) Tj ET Q q 0 0 0 rg BT 518.56 636.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.45 636.25 Td ( ) Tj ET Q q 0 0 0 rg BT 550.35 636.25 Td (for ) Tj 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 (2014) 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 (2013) 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 (2012) 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 (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.60 600.25 Td (following ) Tj ET Q q 0 0 0 rg BT 108.54 600.25 Td (table ) Tj ET Q q 0 0 0 rg BT 130.03 600.25 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 179.85 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.12 600.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 228.38 600.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.22 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.49 600.25 Td (Company) Tj ET Q q 0 0 0 rg BT 294.15 600.25 Td (s ) Tj ET Q q 0 0 0 rg BT 300.10 600.25 Td (unvested ) Tj ET Q q 0 0 0 rg BT 337.70 600.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 376.96 600.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 400.12 600.25 Td (under ) Tj ET Q q 0 0 0 rg BT 424.94 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.21 600.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 478.47 600.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 498.30 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 514.80 600.25 Td (Inducement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (Plan:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 541.75 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 541.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 541.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 541.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 517.75 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 517.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 517.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 517.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 493.75 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 493.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 493.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 493.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 469.75 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 469.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 469.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 469.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 445.75 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 445.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 445.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 445.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 421.75 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 421.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 421.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 421.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 397.75 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 397.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 397.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 397.75 84.00 -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 385.5 541.75 m 469.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 541.75 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 385.5 541.75 m 469.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 541.75 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 385.5 493.75 m 469.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 445.75 m 469.5 445.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 445.75 m 469.5 445.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 397.75 m 469.5 397.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.25 568.48 Td (Unvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.35 568.48 Td (Weighted Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.85 556.48 Td (Restricted Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.70 556.48 Td (Grant Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.85 544.48 Td (\(in Shares\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.70 544.48 Td (FairValue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 532.48 Td (December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 532.48 Td (3,152,001) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 532.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 532.48 Td (38.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 520.37 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 520.37 Td (635,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 520.37 Td (22.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 508.37 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.30 508.37 Td (\(1,309,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 508.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 508.37 Td (34.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 496.37 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 496.37 Td (\(154,818) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 496.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 496.37 Td (39.37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 484.48 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 484.48 Td (2,322,438) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.00 484.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 484.48 Td (37.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 472.37 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 472.37 Td (682,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 472.37 Td (38.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 460.37 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.30 460.37 Td (\(1,165,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 460.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 460.37 Td (39.83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 448.37 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 448.37 Td (\(257,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 448.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 448.37 Td (38.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 436.48 Td (December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 436.48 Td (1,582,062) 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 (35.25) 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 (421,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 424.37 Td (40.57) 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 (\(883,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 412.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 412.37 Td (36.22) 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 (\(24,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 400.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 400.37 Td (36.02) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 388.48 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 388.48 Td (1,095,305) 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 (36.51) 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 (2014) 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 (2013) 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 (2012) 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 ($32.0 ) 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 ($46.4 ) 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 ($44.8 ) 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 469.50 207.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 207.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 183.75 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 183.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 183.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 183.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 159.75 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 159.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 159.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 159.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 135.75 336.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 135.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 135.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 135.75 84.00 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306.48 Td (Weighted Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.05 294.48 Td (Restricted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.70 294.48 Td (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, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 270.48 Td () 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 547.65 270.48 Td () 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 (214,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 258.37 Td (12.12) 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 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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, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 640.33 Td (502,623) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 640.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 640.33 Td (44.71) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 640.33 Td (3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 640.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 640.33 Td () 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 (\(16,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 604.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 604.22 Td (43.17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 592.33 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 592.33 Td (486,563) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 592.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 592.33 Td (44.76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 592.33 Td (2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 592.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.65 592.33 Td (94,150) 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 299.15 568.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 568.22 Td () 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 278.30 556.22 Td (\(17,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 556.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 556.22 Td (42.85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 544.33 Td (December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 544.33 Td (469,289) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 544.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 544.33 Td (44.83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 544.33 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 544.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.65 544.33 Td (288,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 532.22 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 532.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 532.22 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 520.22 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.30 520.22 Td (\(137,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 520.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 520.22 Td (39.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 508.22 Td (Canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.80 508.22 Td (\(55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 508.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 508.22 Td (39.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 496.22 Td (Expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.30 496.22 Td (\(113,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 496.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 496.22 Td (47.72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 484.33 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 484.33 Td (217,873) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 484.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 484.33 Td (46.66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 484.33 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 484.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 484.33 Td (3,066,839) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 460.33 Td (Options exercisable at December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.65 460.33 Td (486,563) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 460.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 460.33 Td (44.76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 460.33 Td (2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 460.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.65 460.33 Td (94,150) 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 /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 95.27 410.10 Td (information ) Tj ET Q q 0 0 0 rg BT 144.99 410.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 185.80 410.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 209.41 410.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 220.89 410.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 239.49 410.10 Td (Companies ) Tj ET Q q 0 0 0 rg BT 286.98 410.10 Td (options ) Tj ET Q q 0 0 0 rg BT 318.93 410.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 368.10 410.10 Td (as ) Tj ET Q q 0 0 0 rg BT 378.93 410.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.76 410.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 448.34 410.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.34 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 470.84 410.10 Td (is ) Tj ET Q q 0 0 0 rg BT 480.01 410.10 Td (as ) Tj ET Q q 0 0 0 rg BT 490.84 410.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 327.60 88.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 327.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 327.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 327.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 327.60 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 327.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 327.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 327.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 327.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 327.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 327.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 303.60 88.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 303.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 303.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 303.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 303.60 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 303.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 303.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 303.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 303.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 303.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 303.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 279.60 88.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 279.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 279.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 279.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 279.60 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 279.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 279.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 279.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 279.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 279.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 279.60 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 146.5 387.6 m 221.5 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 387.6 m 229.5 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 387.6 m 313.5 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 387.6 m 321.5 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 387.6 m 396.5 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 387.6 m 479.5 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 387.6 m 487.5 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 387.6 m 562.5 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 339.6 m 138.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 339.6 m 221.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 339.6 m 313.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 339.6 m 396.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 339.6 m 479.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 339.6 m 562.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 146.5 339.6 m 221.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 339.6 m 396.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 339.6 m 479.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 339.6 m 562.5 339.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.10 390.33 Td (Options Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 390.33 Td (Exercisable Options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.35 378.33 Td (Weighted Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.65 366.33 Td (Remaining) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.20 366.33 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.20 366.33 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 354.33 Td (Range of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.15 354.33 Td (Contractual) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.10 354.33 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.10 354.33 Td (Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 342.33 Td (Exercise Prices) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.10 342.33 Td (Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.60 342.33 Td (Life\(inYears\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 342.33 Td (Exercise Price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.10 342.33 Td (Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 342.33 Td (Exercise Price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 330.22 Td ($28.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.15 330.22 Td (11,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 330.22 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.00 330.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 330.22 Td (28.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 330.22 Td (11,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 330.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 330.22 Td (28.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 318.22 Td ($33.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.15 318.22 Td (4,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 318.22 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.00 318.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 318.22 Td (33.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 318.22 Td (4,001) 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 (33.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 306.22 Td ($39.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.15 306.22 Td (44,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 306.22 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.00 306.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 306.22 Td (39.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 306.22 Td (44,543) 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 (39.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 294.22 Td ($41.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.15 294.22 Td (99,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 294.22 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.00 294.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 294.22 Td (41.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 294.22 Td (99,147) 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 (41.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 282.22 Td ($47.30 - $51.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.15 282.22 Td (11,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 282.22 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.00 282.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 282.22 Td (47.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 282.22 Td (11,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 282.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 282.22 Td (47.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 270.22 Td ($70.13 - $70.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.15 270.22 Td (47,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 270.22 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.00 270.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 270.22 Td (70.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 270.22 Td (47,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 270.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 270.22 Td (70.26) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.50 244.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.22 244.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 132.69 244.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.69 244.10 Td (, ) Tj ET Q q 0 0 0 rg BT 157.58 244.10 Td (there ) Tj ET Q q 0 0 0 rg BT 179.96 244.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.90 244.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.90 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.29 244.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 266.54 244.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 324.47 244.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 342.97 244.10 Td (related ) Tj ET Q q 0 0 0 rg BT 372.56 244.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.73 244.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 406.23 244.10 Td (options ) Tj ET Q q 0 0 0 rg BT 438.06 244.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 475.98 244.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.15 244.10 Td (be ) Tj ET Q q 0 0 0 rg BT 497.98 244.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 544.23 244.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (future ) Tj ET Q q 0 0 0 rg BT 76.38 232.10 Td (years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.98 208.10 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 103.18 208.10 Td (value ) Tj ET Q q 0 0 0 rg BT 127.26 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.02 208.10 Td (options ) Tj ET Q q 0 0 0 rg BT 169.90 208.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 210.08 208.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.94 208.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.59 208.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 279.01 208.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 293.66 208.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 323.85 208.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 357.92 208.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.90 208.10 Td ($1.7 ) Tj ET Q q 0 0 0 rg BT 395.83 208.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.72 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 427.15 208.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.01 208.10 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 463.94 208.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.83 208.10 Td (, ) Tj ET Q q 0 0 0 rg BT 497.76 208.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 545.42 208.10 Td (, ) Tj ET Q q 0 0 0 rg BT 550.35 208.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 196.10 Td (year ) Tj ET Q q 0 0 0 rg BT 84.42 196.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.80 196.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 169.38 196.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.38 196.10 Td (. ) Tj ET Q q 0 0 0 rg BT 194.20 196.10 Td (There ) Tj ET Q q 0 0 0 rg BT 220.02 196.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.95 196.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.95 196.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.45 196.10 Td (options ) Tj ET Q q 0 0 0 rg BT 286.40 196.10 Td (exercised ) Tj ET Q q 0 0 0 rg BT 326.65 196.10 Td (for ) Tj ET Q q 0 0 0 rg BT 340.81 196.10 Td (the ) Tj ET Q q 0 0 0 rg BT 355.53 196.10 Td (years ) Tj ET Q q 0 0 0 rg BT 379.13 196.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.50 196.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 464.09 196.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.09 196.10 Td ( ) Tj ET Q q 0 0 0 rg BT 486.59 196.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.53 196.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.53 196.10 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 (0.2 ) 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 (2015, ) 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 BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 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 endstream endobj 199 0 obj <>] /Rotate 0 /Contents 200 0 R>> endobj 200 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (99) 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 60.56 612.25 Td (mutual ) Tj ET Q q 0 0 0 rg BT 90.57 612.25 Td (funds, ) Tj ET Q q 0 0 0 rg BT 117.52 612.25 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.96 612.25 Td ($6.6 ) Tj ET Q q 0 0 0 rg BT 166.69 612.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.59 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 197.82 612.25 Td (as ) Tj ET Q q 0 0 0 rg BT 208.38 612.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.94 612.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 277.26 612.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.26 612.25 Td (, ) Tj ET Q q 0 0 0 rg BT 301.99 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 318.66 612.25 Td (are ) Tj ET Q q 0 0 0 rg BT 333.10 612.25 Td (included ) Tj ET Q q 0 0 0 rg BT 369.76 612.25 Td (in ) Tj ET Q q 0 0 0 rg BT 379.77 612.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 429.78 612.25 Td (on ) Tj ET Q q 0 0 0 rg BT 442.01 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.46 612.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 509.23 612.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 553.67 612.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.78 600.25 Td (condition. ) Tj ET Q q 0 0 0 rg BT 130.65 600.25 Td (The ) Tj ET Q q 0 0 0 rg BT 149.00 600.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 207.35 600.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 243.45 600.25 Td (by ) Tj ET Q q 0 0 0 rg BT 256.26 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.27 600.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 316.84 600.25 Td (is ) Tj ET Q q 0 0 0 rg BT 326.31 600.25 Td (expensed ) Tj ET Q q 0 0 0 rg BT 366.32 600.25 Td (in ) Tj ET Q q 0 0 0 rg BT 376.90 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.92 600.25 Td (period ) Tj ET Q q 0 0 0 rg BT 420.27 600.25 Td (earned. ) Tj ET Q q 0 0 0 rg BT 452.01 600.25 Td (The ) Tj ET Q q 0 0 0 rg BT 470.36 600.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 506.47 600.25 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 82.88 588.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.20 588.25 Td ($6.6 ) Tj ET Q q 0 0 0 rg BT 119.47 588.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.36 588.25 Td ( ) Tj ET Q q 0 0 0 rg BT 150.13 588.25 Td (as ) Tj ET Q q 0 0 0 rg BT 160.23 588.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.33 588.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 228.18 588.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.18 588.25 Td (. ) Tj ET Q q 0 0 0 rg BT 252.45 588.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 288.66 588.25 Td (in ) Tj ET Q q 0 0 0 rg BT 298.20 588.25 Td (the ) Tj ET Q q 0 0 0 rg BT 312.19 588.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 327.83 588.25 Td (value ) Tj ET Q q 0 0 0 rg BT 351.26 588.25 Td (of ) Tj ET Q q 0 0 0 rg BT 361.36 588.25 Td (the ) Tj ET Q q 0 0 0 rg BT 375.34 588.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 424.89 588.25 Td (made ) Tj ET Q q 0 0 0 rg BT 448.31 588.25 Td (by ) Tj ET Q q 0 0 0 rg BT 460.08 588.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.07 588.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 514.72 588.25 Td (are ) Tj ET Q q 0 0 0 rg BT 528.70 588.25 Td (reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.65 576.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 105.41 576.25 Td (income ) Tj ET Q q 0 0 0 rg BT 136.71 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.02 576.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 187.10 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 196.75 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.84 576.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 269.92 576.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 305.10 576.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 362.51 576.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 395.50 576.25 Td (are ) Tj ET Q q 0 0 0 rg BT 409.58 576.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 446.42 576.25 Td (as ) Tj ET Q q 0 0 0 rg BT 456.62 576.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 514.04 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 530.35 576.25 Td (benefits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 84.71 564.25 Td (on ) Tj ET Q q 0 0 0 rg BT 97.21 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.92 564.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 164.97 564.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 209.68 564.25 Td (of ) Tj ET Q q 0 0 0 rg BT 220.51 564.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.32 540.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 90.20 540.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 101.67 540.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 119.54 540.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 166.31 540.25 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 196.97 540.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 219.30 540.25 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 261.61 540.25 Td (Share ) Tj ET Q q 0 0 0 rg BT 286.15 540.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 332.35 540.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 351.90 540.25 Td (is ) Tj ET Q q 0 0 0 rg BT 360.34 540.25 Td (a ) Tj ET Q q 0 0 0 rg BT 366.55 540.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 401.62 540.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 458.94 540.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 477.92 540.25 Td (which ) Tj ET Q q 0 0 0 rg BT 504.13 540.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 532.01 540.25 Td (eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 94.83 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.68 528.25 Td (elect ) Tj ET Q q 0 0 0 rg BT 125.62 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 135.46 528.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 166.39 528.25 Td (a ) Tj ET Q q 0 0 0 rg BT 172.90 528.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 203.85 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 214.25 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.54 528.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 267.26 528.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 324.87 528.25 Td (they ) Tj ET Q q 0 0 0 rg BT 344.15 528.25 Td (would ) Tj ET Q q 0 0 0 rg BT 371.22 528.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 412.16 528.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 443.09 528.25 Td (in ) Tj ET Q q 0 0 0 rg BT 452.94 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 467.22 528.25 Td (form ) Tj ET Q q 0 0 0 rg BT 488.73 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 499.13 528.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 538.40 528.25 Td (stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.25 Td (instead ) Tj ET Q q 0 0 0 rg BT 80.52 516.25 Td (in ) Tj ET Q q 0 0 0 rg BT 90.49 516.25 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 118.88 516.25 Td (A) Tj ET Q q 0 0 0 rg BT 125.19 516.25 Td (wards ) Tj ET Q q 0 0 0 rg BT 151.26 516.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.78 516.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 203.40 516.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 227.81 516.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 266.10 516.25 Td (by ) Tj ET Q q 0 0 0 rg BT 278.29 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.70 516.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 339.47 516.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 361.10 516.25 Td (management ) Tj ET Q q 0 0 0 rg BT 414.38 516.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 452.97 516.25 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 481.36 516.25 Td (A) Tj ET Q q 0 0 0 rg BT 487.67 516.25 Td (wards ) Tj ET Q q 0 0 0 rg BT 513.74 516.25 Td (are ) Tj ET Q q 0 0 0 rg BT 528.14 516.25 Td (awarded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.01 504.25 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 103.34 504.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 148.33 504.25 Td (in ) Tj ET Q q 0 0 0 rg BT 158.34 504.25 Td (February ) Tj ET Q q 0 0 0 rg BT 196.66 504.25 Td (of ) Tj ET Q q 0 0 0 rg BT 207.22 504.25 Td (each ) Tj ET Q q 0 0 0 rg BT 227.76 504.25 Td (year) Tj ET Q q 0 0 0 rg BT 244.57 504.25 Td (, ) Tj ET Q q 0 0 0 rg BT 249.30 504.25 Td (and ) Tj ET Q q 0 0 0 rg BT 265.97 504.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 304.84 504.25 Td (a ) Tj ET Q q 0 0 0 rg BT 311.51 504.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 342.62 504.25 Td (of ) Tj ET Q q 0 0 0 rg BT 353.18 504.25 Td (their ) Tj ET Q q 0 0 0 rg BT 373.73 504.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 431.50 504.25 Td (for ) Tj ET Q q 0 0 0 rg BT 445.39 504.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 498.14 504.25 Td (in ) Tj ET Q q 0 0 0 rg BT 508.15 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.59 504.25 Td (preceding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (year ) Tj ET Q q 0 0 0 rg BT 69.89 492.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 100.35 492.25 Td (to ) Tj ET Q q 0 0 0 rg BT 110.82 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.72 492.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 172.39 492.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 204.51 492.25 Td (Grants. ) Tj ET Q q 0 0 0 rg BT 236.36 492.25 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 265.14 492.25 Td (A) Tj ET Q q 0 0 0 rg BT 271.44 492.25 Td (wards ) Tj ET Q q 0 0 0 rg BT 298.01 492.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 316.80 492.25 Td (ratably ) Tj ET Q q 0 0 0 rg BT 347.25 492.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.71 492.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.69 492.25 Td ( ) Tj ET Q q 0 0 0 rg BT 390.38 492.25 Td (years ) Tj ET Q q 0 0 0 rg BT 414.16 492.25 Td (in ) Tj ET Q q 0 0 0 rg BT 424.63 492.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 448.97 492.25 Td (installments ) Tj ET Q q 0 0 0 rg BT 499.98 492.25 Td (and ) Tj ET Q q 0 0 0 rg BT 517.11 492.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 550.34 492.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 91.86 480.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 123.17 480.25 Td (after ) Tj ET Q q 0 0 0 rg BT 143.91 480.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 192.44 480.25 Td (of ) Tj ET Q q 0 0 0 rg BT 203.19 480.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 255.61 480.25 Td (so ) Tj ET Q q 0 0 0 rg BT 266.93 480.25 Td (long ) Tj ET Q q 0 0 0 rg BT 287.13 480.25 Td (as ) Tj ET Q q 0 0 0 rg BT 297.89 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 312.53 480.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 353.83 480.25 Td (does ) Tj ET Q q 0 0 0 rg BT 374.58 480.25 Td (not ) Tj ET Q q 0 0 0 rg BT 389.79 480.25 Td (violate ) Tj ET Q q 0 0 0 rg BT 419.42 480.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 449.05 480.25 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 517.58 480.25 Td (restrictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (set ) Tj ET Q q 0 0 0 rg BT 64.66 468.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 87.65 468.25 Td (in ) Tj ET Q q 0 0 0 rg BT 98.98 468.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.75 468.25 Td (award ) Tj ET Q q 0 0 0 rg BT 142.73 468.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 187.92 468.25 Td (or ) Tj ET Q q 0 0 0 rg BT 199.81 468.25 Td (any ) Tj ET Q q 0 0 0 rg BT 217.80 468.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 262.99 468.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 295.97 468.25 Td (into ) Tj ET Q q 0 0 0 rg BT 315.08 468.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 338.63 468.25 Td (termination. ) Tj ET Q q 0 0 0 rg BT 390.78 468.25 Td (Forfeitures ) Tj ET Q q 0 0 0 rg BT 438.21 468.25 Td (are ) Tj ET Q q 0 0 0 rg BT 453.97 468.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 492.50 468.25 Td (as ) Tj ET Q q 0 0 0 rg BT 504.38 468.25 Td (a ) Tj ET Q q 0 0 0 rg BT 512.37 468.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 553.68 468.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 108.04 456.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.98 456.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 159.14 456.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 193.84 456.25 Td (within ) Tj ET Q q 0 0 0 rg BT 221.90 456.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.62 456.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 289.66 456.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 334.37 456.25 Td (of ) Tj ET Q q 0 0 0 rg BT 345.20 456.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.64 432.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.62 432.25 Td (has ) Tj ET Q q 0 0 0 rg BT 124.04 432.25 Td (also ) Tj ET Q q 0 0 0 rg BT 142.24 432.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 174.32 432.25 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 202.63 432.25 Td (A) Tj ET Q q 0 0 0 rg BT 208.94 432.25 Td (wards ) Tj ET Q q 0 0 0 rg BT 234.91 432.25 Td (to ) Tj ET Q q 0 0 0 rg BT 244.78 432.25 Td (new ) Tj ET Q q 0 0 0 rg BT 263.53 432.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 308.39 432.25 Td (as ) Tj ET Q q 0 0 0 rg BT 318.81 432.25 Td (a ) Tj ET Q q 0 0 0 rg BT 325.34 432.25 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 366.31 432.25 Td (tool. ) Tj ET Q q 0 0 0 rg BT 386.46 432.25 Td (Employees ) Tj ET Q q 0 0 0 rg BT 432.98 432.25 Td (must ) Tj ET Q q 0 0 0 rg BT 454.52 432.25 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 479.39 432.25 Td (service ) Tj ET Q q 0 0 0 rg BT 509.80 432.25 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.04 420.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 100.05 420.25 Td (for ) Tj ET Q q 0 0 0 rg BT 113.97 420.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 139.01 420.25 Td (to ) Tj ET Q q 0 0 0 rg BT 149.05 420.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.53 420.25 Td (awards. ) Tj ET Q q 0 0 0 rg BT 196.61 420.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 256.65 420.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 291.11 420.25 Td (from ) Tj ET Q q 0 0 0 rg BT 312.81 420.25 Td (these ) Tj ET Q q 0 0 0 rg BT 335.62 420.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 366.20 420.25 Td (will ) Tj ET Q q 0 0 0 rg BT 384.02 420.25 Td (be ) Tj ET Q q 0 0 0 rg BT 395.72 420.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 437.96 420.25 Td (on ) Tj ET Q q 0 0 0 rg BT 450.22 420.25 Td (a ) Tj ET Q q 0 0 0 rg BT 456.92 420.25 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 507.50 420.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 529.76 420.25 Td (over ) 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 (requisite ) Tj ET Q q 0 0 0 rg BT 86.93 408.25 Td (service ) Tj ET Q q 0 0 0 rg BT 117.75 408.25 Td (period ) Tj ET Q q 0 0 0 rg BT 145.80 408.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.63 408.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.63 408.25 Td ( ) Tj ET Q q 0 0 0 rg BT 174.13 408.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.40 408.25 Td (five ) Tj ET Q q 0 0 0 rg BT 202.45 408.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.55 408.25 Td (. ) 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 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 endstream endobj 201 0 obj <>] /Rotate 0 /Contents 202 0 R>> endobj 202 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 21.60 Td (100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (Note 25) 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 50.00 588.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 588.25 Td (computation ) Tj ET Q q 0 0 0 rg BT 120.54 588.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.37 588.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 167.74 588.25 Td (per ) Tj ET Q q 0 0 0 rg BT 183.01 588.25 Td (share ) Tj ET Q q 0 0 0 rg BT 206.61 588.25 Td (is ) Tj ET Q q 0 0 0 rg BT 215.78 588.25 Td (as ) Tj ET Q q 0 0 0 rg BT 226.61 588.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 531.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 531.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 531.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 531.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 531.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 531.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 507.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 507.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 507.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 507.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 507.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 507.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 473.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 473.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 473.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 473.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 473.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 473.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 449.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 449.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 449.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 449.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 449.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 449.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 425.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 425.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 425.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 425.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 425.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 425.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 401.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 401.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 401.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 401.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 401.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 401.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 377.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 377.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 377.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 377.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 377.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 377.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 353.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 353.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 353.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 353.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 353.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 353.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 329.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 329.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 329.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 329.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 329.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 329.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 305.75 286.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 305.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 305.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 305.75 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 305.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 305.75 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 335.5 565.75 m 405.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 565.75 m 413.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 565.75 m 483.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 565.75 m 491.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 565.75 m 561.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 565.75 m 405.5 565.75 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 413.5 565.75 m 483.5 565.75 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 483.5 565.75 m 491.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 565.75 m 561.5 565.75 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 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 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 335.5 519.75 m 405.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 519.75 m 483.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 519.75 m 561.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 519.75 m 405.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 519.75 m 483.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 519.75 m 561.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 495.75 m 405.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 495.75 m 483.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 495.75 m 561.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 474.75 m 405.5 474.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 472.75 m 405.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 474.75 m 483.5 474.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 472.75 m 483.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 474.75 m 561.5 474.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 472.75 m 561.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 425.75 m 405.5 425.75 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 413.5 425.75 m 483.5 425.75 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 491.5 425.75 m 561.5 425.75 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 335.5 365.75 m 405.5 365.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 365.75 m 483.5 365.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 365.75 m 561.5 365.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 305.75 m 405.5 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 305.75 m 483.5 305.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 305.75 m 561.5 305.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 569.70 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.60 568.48 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 557.70 Td (\(Amounts in thousands, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.00 556.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 556.48 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 556.48 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 544.32 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 62.50 534.37 Td (Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 536.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 536.43 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 536.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 536.42 Td (49,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 536.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 536.42 Td (47,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 522.37 Td (Net loss from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 522.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 522.37 Td (\(4,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 522.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 522.37 Td (\(5,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 522.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 510.37 Td (Net income applicable to Piper Jaffray Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 510.48 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 510.37 Td (45,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 510.37 Td (41,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 498.37 Td (Earnings allocated to participating securities ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.21 498.37 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.80 498.53 Td (\(5,031) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 498.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 498.37 Td (\(4,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 498.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 498.37 Td (\(5,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 498.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 486.32 Td (Net income applicable to Piper Jaf) Tj ET Q q 0 0 0 rg BT 189.83 486.32 Td (fray Companies) Tj ET Q q 0 0 0 rg BT 256.01 486.32 Td ( common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.50 476.37 Td (shareholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 107.04 476.37 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 109.04 476.37 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 478.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 478.43 Td (58,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 478.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 478.42 Td (40,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 478.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 478.42 Td (35,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 452.37 Td (Shares for basic and diluted calculations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 440.37 Td (Average shares used in basic computation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 440.48 Td (14,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 440.37 Td (15,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 440.37 Td (15,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 428.37 Td (Stock options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 428.48 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 428.37 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 428.37 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 416.37 Td (Average shares used in diluted computation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 416.48 Td (15,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 416.37 Td (15,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 416.37 Td (15,616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 392.37 Td (Earnings/\(loss\) per basic common share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 380.37 Td (Income from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 380.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 380.48 Td (3.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 380.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 380.37 Td (2.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 380.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 380.37 Td (2.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 368.37 Td (Loss from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 368.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 368.37 Td (\(0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 368.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 368.37 Td (\(0.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 368.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 356.37 Td (Earnings per basic common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 356.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 356.48 Td (3.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 356.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 356.37 Td (2.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 356.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 356.37 Td (2.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 332.37 Td (Earnings/\(loss\) per diluted common share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 320.37 Td (Income from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 320.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 320.48 Td (3.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 320.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 320.37 Td (2.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 320.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 320.37 Td (2.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 308.37 Td (Loss from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 308.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 308.37 Td (\(0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 308.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 308.37 Td (\(0.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 308.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 296.37 Td (Earnings per diluted common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 296.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 296.48 Td (3.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 296.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 296.37 Td (2.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 296.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 296.37 Td (2.26) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 280.45 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 280.45 Td (Repr) Tj ET Q q 0 0 0 rg BT 85.16 280.45 Td (esents ) Tj ET Q q 0 0 0 rg BT 108.67 280.45 Td (the ) Tj ET Q q 0 0 0 rg BT 121.18 280.45 Td (allocation ) Tj ET Q q 0 0 0 rg BT 159.19 280.45 Td (of ) Tj ET Q q 0 0 0 rg BT 167.70 280.45 Td (earnings ) Tj ET Q q 0 0 0 rg BT 200.72 280.45 Td (to ) Tj ET Q q 0 0 0 rg BT 209.23 280.45 Td (participating ) Tj ET Q q 0 0 0 rg BT 257.75 280.45 Td (securities. ) Tj ET Q q 0 0 0 rg BT 296.00 280.45 Td (Losses ) Tj ET Q q 0 0 0 rg BT 321.52 280.45 Td (ar) Tj ET Q q 0 0 0 rg BT 329.19 280.45 Td (e ) Tj ET Q q 0 0 0 rg BT 334.70 280.45 Td (not ) Tj ET Q q 0 0 0 rg BT 347.72 280.45 Td (allocated ) Tj ET Q q 0 0 0 rg BT 382.72 280.45 Td (to ) Tj ET Q q 0 0 0 rg BT 391.24 280.45 Td (participating ) Tj ET Q q 0 0 0 rg BT 439.75 280.45 Td (securities. ) Tj ET Q q 0 0 0 rg BT 478.01 280.45 Td (Participating ) Tj ET Q q 0 0 0 rg BT 527.52 280.45 Td (securities ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 269.65 Td (include ) Tj ET Q q 0 0 0 rg BT 96.32 269.65 Td (all ) Tj ET Q q 0 0 0 rg BT 107.65 269.65 Td (of ) Tj ET Q q 0 0 0 rg BT 116.49 269.65 Td (the ) Tj ET Q q 0 0 0 rg BT 129.31 269.65 Td (Company) Tj ET Q q 0 0 0 rg BT 165.65 269.65 Td (s ) Tj ET Q q 0 0 0 rg BT 170.98 269.65 Td (unvested ) Tj ET Q q 0 0 0 rg BT 204.30 269.65 Td (r) Tj ET Q q 0 0 0 rg BT 207.47 269.65 Td (estricted ) Tj ET Q q 0 0 0 rg BT 240.29 269.65 Td (shar) Tj ET Q q 0 0 0 rg BT 255.96 269.65 Td (es. ) Tj ET Q q 0 0 0 rg BT 267.54 269.65 Td (The ) Tj ET Q q 0 0 0 rg BT 282.87 269.65 Td (weighted ) Tj ET Q q 0 0 0 rg BT 317.20 269.65 Td (average ) Tj ET Q q 0 0 0 rg BT 348.01 269.65 Td (participating ) Tj ET Q q 0 0 0 rg BT 396.84 269.65 Td (shar) Tj ET Q q 0 0 0 rg BT 412.52 269.65 Td (es ) Tj ET Q q 0 0 0 rg BT 421.84 269.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 466.18 269.65 Td (wer) Tj ET Q q 0 0 0 rg BT 479.35 269.65 Td (e ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.17 269.65 Td (1,299,827) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.17 269.65 Td (; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.00 269.65 Td (1,667,067) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 562.00 269.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 258.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.75 258.85 Td (2,622,438) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 119.75 258.85 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 258.85 Td (for ) Tj ET Q q 0 0 0 rg BT 134.75 258.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 148.00 258.85 Td (years) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.49 258.85 Td ( ) Tj ET Q q 0 0 0 rg BT 169.74 258.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.48 258.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 246.21 258.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.21 258.85 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.71 258.85 Td (2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.71 258.85 Td ( ) Tj ET Q q 0 0 0 rg BT 288.96 258.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.71 258.85 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.71 258.85 Td (, ) Tj ET Q q 0 0 0 rg BT 327.21 258.85 Td (r) Tj ET Q q 0 0 0 rg BT 330.38 258.85 Td (espectively) Tj ET Q q 0 0 0 rg BT 369.35 258.85 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.00 245.05 Td (\(2\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 245.05 Td (Net ) Tj ET Q q 0 0 0 rg BT 82.66 245.05 Td (income/\(loss\) ) Tj ET Q q 0 0 0 rg BT 133.31 245.05 Td (applicable ) Tj ET Q q 0 0 0 rg BT 173.46 245.05 Td (to ) Tj ET Q q 0 0 0 rg BT 182.62 245.05 Td (Piper ) Tj ET Q q 0 0 0 rg BT 204.78 245.05 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 232.43 245.05 Td (Companies) Tj ET Q q 0 0 0 rg BT 274.93 245.05 Td ( ) Tj ET Q q 0 0 0 rg BT 277.09 245.05 Td (common ) Tj ET Q q 0 0 0 rg BT 309.75 245.05 Td (shar) Tj ET Q q 0 0 0 rg BT 325.42 245.05 Td (eholders ) Tj ET Q q 0 0 0 rg BT 358.58 245.05 Td (for ) Tj ET Q q 0 0 0 rg BT 371.24 245.05 Td (diluted ) Tj ET Q q 0 0 0 rg BT 398.40 245.05 Td (and ) Tj ET Q q 0 0 0 rg BT 414.06 245.05 Td (basic ) Tj ET Q q 0 0 0 rg BT 435.22 245.05 Td (EPS ) Tj ET Q q 0 0 0 rg BT 452.87 245.05 Td (may ) Tj ET Q q 0 0 0 rg BT 470.03 245.05 Td (differ ) Tj ET Q q 0 0 0 rg BT 491.69 245.05 Td (under ) Tj ET Q q 0 0 0 rg BT 514.85 245.05 Td (the ) Tj ET Q q 0 0 0 rg BT 528.00 245.05 Td (two-class ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 234.25 Td (method ) Tj ET Q q 0 0 0 rg BT 96.81 234.25 Td (as ) Tj ET Q q 0 0 0 rg BT 107.13 234.25 Td (a ) Tj ET Q q 0 0 0 rg BT 113.95 234.25 Td (r) Tj ET Q q 0 0 0 rg BT 117.12 234.25 Td (esult ) Tj ET Q q 0 0 0 rg BT 136.44 234.25 Td (of ) Tj ET Q q 0 0 0 rg BT 145.76 234.25 Td (adding ) Tj ET Q q 0 0 0 rg BT 173.07 234.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.39 234.25 Td (effect ) Tj ET Q q 0 0 0 rg BT 208.19 234.25 Td (of ) Tj ET Q q 0 0 0 rg BT 217.51 234.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.82 234.25 Td (assumed ) Tj ET Q q 0 0 0 rg BT 264.14 234.25 Td (exer) Tj ET Q q 0 0 0 rg BT 279.29 234.25 Td (cise ) Tj ET Q q 0 0 0 rg BT 295.60 234.25 Td (of ) Tj ET Q q 0 0 0 rg BT 304.92 234.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 325.73 234.25 Td (options ) Tj ET Q q 0 0 0 rg BT 354.56 234.25 Td (to ) Tj ET Q q 0 0 0 rg BT 363.87 234.25 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 393.18 234.25 Td (shar) Tj ET Q q 0 0 0 rg BT 408.85 234.25 Td (es ) Tj ET Q q 0 0 0 rg BT 418.67 234.25 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 465.74 234.25 Td (which ) Tj ET Q q 0 0 0 rg BT 489.56 234.25 Td (alters ) Tj ET Q q 0 0 0 rg BT 512.38 234.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.69 234.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 545.51 234.25 Td (used ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 223.45 Td (to ) Tj ET Q q 0 0 0 rg BT 76.79 223.45 Td (allocate ) Tj ET Q q 0 0 0 rg BT 107.57 223.45 Td (earnings ) Tj ET Q q 0 0 0 rg BT 140.85 223.45 Td (to ) Tj ET Q q 0 0 0 rg BT 149.64 223.45 Td (Piper ) Tj ET Q q 0 0 0 rg BT 171.42 223.45 Td (Jaffray ) Tj ET Q q 0 0 0 rg BT 198.71 223.45 Td (Companies) Tj ET Q q 0 0 0 rg BT 241.20 223.45 Td ( ) Tj ET Q q 0 0 0 rg BT 242.99 223.45 Td (common ) Tj ET Q q 0 0 0 rg BT 275.27 223.45 Td (shar) Tj ET Q q 0 0 0 rg BT 290.94 223.45 Td (eholders ) Tj ET Q q 0 0 0 rg BT 323.73 223.45 Td (and ) Tj ET Q q 0 0 0 rg BT 339.01 223.45 Td (participating ) Tj ET Q q 0 0 0 rg BT 387.80 223.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 424.08 223.45 Td (for ) Tj ET Q q 0 0 0 rg BT 436.37 223.45 Td (purposes ) Tj ET Q q 0 0 0 rg BT 470.66 223.45 Td (of ) Tj ET Q q 0 0 0 rg BT 479.45 223.45 Td (calculating ) Tj ET Q q 0 0 0 rg BT 521.73 223.45 Td (diluted ) Tj ET Q q 0 0 0 rg BT 548.51 223.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.00 212.65 Td (basic ) Tj ET Q q 0 0 0 rg BT 89.25 212.65 Td (EPS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.65 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 188.65 Td (anti-dilutive ) Tj ET Q q 0 0 0 rg BT 119.42 188.65 Td (ef) Tj ET Q q 0 0 0 rg BT 127.01 188.65 Td (fects ) Tj ET Q q 0 0 0 rg BT 148.39 188.65 Td (from ) Tj ET Q q 0 0 0 rg BT 170.33 188.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 193.94 188.65 Td (options ) Tj ET Q q 0 0 0 rg BT 225.88 188.65 Td (were ) Tj ET Q q 0 0 0 rg BT 247.81 188.65 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 293.63 188.65 Td (for ) Tj ET Q q 0 0 0 rg BT 307.79 188.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.50 188.65 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.60 188.65 Td ( ) Tj ET Q q 0 0 0 rg BT 346.10 188.65 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.48 188.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 431.06 188.65 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.06 188.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.06 188.65 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.06 188.65 Td ( ) Tj ET Q q 0 0 0 rg BT 478.56 188.65 Td (and ) Tj ET Q q 0 0 0 rg BT 495.50 188.65 Td (2012.) 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 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 endstream endobj 203 0 obj <>] /Rotate 0 /Contents 204 0 R>> endobj 204 0 obj <> stream BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.35 51.60 Td (Continued on next page) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 27.60 Td (101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 708.75 Td (Note 26) 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 64.02 600.75 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 104.36 600.75 Td (use ) Tj ET Q q 0 0 0 rg BT 119.99 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 130.62 600.75 Td (shared ) Tj ET Q q 0 0 0 rg BT 159.02 600.75 Td (resources, ) Tj ET Q q 0 0 0 rg BT 201.58 600.75 Td (headcount ) Tj ET Q q 0 0 0 rg BT 244.97 600.75 Td (or ) Tj ET Q q 0 0 0 rg BT 255.61 600.75 Td (other ) Tj ET Q q 0 0 0 rg BT 278.45 600.75 Td (relevant ) Tj ET Q q 0 0 0 rg BT 312.96 600.75 Td (measures. ) Tj ET Q q 0 0 0 rg BT 354.80 600.75 Td (The ) Tj ET Q q 0 0 0 rg BT 372.65 600.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 409.93 600.75 Td (management ) Tj ET Q q 0 0 0 rg BT 463.32 600.75 Td (of ) Tj ET Q q 0 0 0 rg BT 473.95 600.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 499.58 600.75 Td (is ) Tj ET Q q 0 0 0 rg BT 508.55 600.75 Td (performed ) Tj ET Q q 0 0 0 rg BT 552.50 600.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.75 Td (an ) Tj ET Q q 0 0 0 rg BT 61.44 588.75 Td (enterprise-wide ) Tj ET Q q 0 0 0 rg BT 126.13 588.75 Td (basis. ) Tj ET Q q 0 0 0 rg BT 150.58 588.75 Td (As ) Tj ET Q q 0 0 0 rg BT 164.19 588.75 Td (such, ) Tj ET Q q 0 0 0 rg BT 187.52 588.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 213.35 588.75 Td (are ) Tj ET Q q 0 0 0 rg BT 228.06 588.75 Td (not ) Tj ET Q q 0 0 0 rg BT 243.34 588.75 Td (assigned ) Tj ET Q q 0 0 0 rg BT 280.28 588.75 Td (to ) Tj ET Q q 0 0 0 rg BT 290.55 588.75 Td (the ) Tj ET Q q 0 0 0 rg BT 305.27 588.75 Td (business ) Tj ET Q q 0 0 0 rg BT 341.66 588.75 Td (segments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.75 Td (Segment ) Tj ET Q q 0 0 0 rg BT 87.00 564.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 117.81 564.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 158.07 564.75 Td (income ) Tj ET Q q 0 0 0 rg BT 190.01 564.75 Td (and ) Tj ET Q q 0 0 0 rg BT 206.95 564.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 242.77 564.75 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 273.59 564.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 313.85 564.75 Td (mar) Tj ET Q q 0 0 0 rg BT 329.22 564.75 Td (gin ) Tj ET Q q 0 0 0 rg BT 344.50 564.75 Td (exclude ) Tj ET Q q 0 0 0 rg BT 378.09 564.75 Td (the ) Tj ET Q q 0 0 0 rg BT 392.81 564.75 Td (results ) Tj ET Q q 0 0 0 rg BT 421.41 564.75 Td (of ) Tj ET Q q 0 0 0 rg BT 432.24 564.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 485.85 564.75 Td (operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.75 Td (Reportable ) Tj ET Q q 0 0 0 rg BT 95.87 540.75 Td (segment ) Tj ET Q q 0 0 0 rg BT 131.70 540.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 169.18 540.75 Td (results ) Tj ET Q q 0 0 0 rg BT 197.79 540.75 Td (from ) Tj ET Q q 0 0 0 rg BT 219.72 540.75 Td (continuing ) Tj ET Q q 0 0 0 rg BT 265.00 540.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 309.15 540.75 Td (are ) Tj ET Q q 0 0 0 rg BT 323.86 540.75 Td (as ) Tj ET Q q 0 0 0 rg BT 334.69 540.75 Td (follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 494.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 494.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 494.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 494.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 494.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 494.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 470.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 470.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 470.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 470.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 470.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 470.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 446.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 446.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 446.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 446.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 446.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 446.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 422.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 422.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 422.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 422.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 422.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 422.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 398.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 398.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 398.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 398.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 398.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 398.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 374.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 374.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 374.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 374.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 374.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 374.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 350.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 350.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 350.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 350.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 350.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 350.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 326.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 326.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 326.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 326.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 326.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 326.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 302.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 302.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 302.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 302.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 302.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 302.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 278.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 278.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 278.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 278.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 278.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 278.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 254.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 254.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 254.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 254.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 254.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 254.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 230.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 230.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 230.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 230.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 230.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 230.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 206.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 206.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 206.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 206.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 206.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 206.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 182.25 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 182.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 182.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 182.25 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 182.25 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 182.25 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 407 518.25 m 415 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 518.25 m 493 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 518.25 m 407 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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 415 518.25 m 485 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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 493 518.25 m 563 518.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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 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 394.10 520.98 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 510.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.50 508.98 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.50 508.98 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 508.98 Td (2012) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 448.98 Td (116,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 448.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 448.87 Td (100,224) 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 (73,180) 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 (67,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 436.87 Td (74,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 436.87 Td (74,102) 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 (186,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 424.87 Td (74,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 424.87 Td (86,165) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 412.98 Td (370,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 412.87 Td (248,928) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 412.87 Td (233,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 388.87 Td (Institutional sales and trading) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 376.87 Td (Equities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 376.98 Td (82,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 376.87 Td (91,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 376.87 Td (75,723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 364.87 Td (Fixed income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 364.98 Td (92,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 364.87 Td (76,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 364.87 Td (111,492) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 352.86 Td (Total institutional sales and trading) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 352.98 Td (174,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 352.87 Td (167,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 352.87 Td (187,215) 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 (5,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 328.87 Td (3,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 328.87 Td (1,678) 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 (24,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 304.87 Td (30,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 304.87 Td (9,840) 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 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10.00 Tf ET q 0 0 0 rg BT 526.65 644.62 Td (63,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 632.62 Td (Performance fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 632.73 Td (892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 632.62 Td (7,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 632.62 Td (785) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 620.61 Td (Total management and performance fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 620.73 Td (79,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 620.62 Td (79,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 620.62 Td (64,021) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 58.50 596.61 Td (Investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 596.73 Td (683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 596.62 Td (2,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 596.62 Td (733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 572.62 Td (Net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg 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operating margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 500.73 Td (26.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 500.73 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 500.62 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 500.62 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 500.62 Td (25.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 500.62 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 464.73 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 452.62 Td (Net revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 452.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 452.73 Td (648,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 452.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 452.62 Td (525,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 452.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 452.62 Td (488,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 428.62 Td (Operating expenses \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 428.73 Td (537,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 428.62 Td (449,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 428.62 Td (419,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 404.62 Td (Pre-tax operating income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.50 404.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.00 404.73 Td (110,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 404.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 404.62 Td (75,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 404.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 404.62 Td (69,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 380.62 Td (Pre-tax operating margin) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 380.73 Td (17.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.50 380.73 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 380.62 Td (14.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 380.62 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 380.62 Td (14.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 380.62 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 364.70 Td (\(1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 364.70 Td (Operating expenses include intangible asset amortization expense as set forth in the table below: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 334.20 287.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 334.20 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 334.20 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 334.20 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 334.20 8.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 334.20 70.00 -10.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 314.20 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 314.20 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 314.20 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 314.20 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 314.20 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 314.20 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 344.2 m 407 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 344.2 m 415 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 344.2 m 485 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 344.2 m 493 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 344.2 m 563 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 344.2 m 407 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 334.2 m 407 334.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 344.2 m 415 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 344.2 m 485 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 334.2 m 485 334.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 344.2 m 563 344.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 334.2 m 563 334.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 334.2 m 407 334.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 334.2 m 485 334.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 334.2 m 563 334.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 314.2 m 407 314.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 303.2 m 407 303.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 301.2 m 407 301.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 314.2 m 485 314.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 303.2 m 485 303.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 301.2 m 485 301.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 314.2 m 563 314.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 303.2 m 563 303.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 301.2 m 563 301.2 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 399.65 345.65 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 336.20 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.50 335.65 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.50 335.65 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 518.50 335.65 Td (2012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 325.51 Td (Capital Markets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.50 325.65 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.25 325.65 Td (2,972) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.50 325.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 325.51 Td (1,349) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 325.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.50 325.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 315.51 Td (Asset Management) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.25 315.65 Td (6,300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 315.51 Td (6,644) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 315.51 Td (6,944) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 305.46 Td (Total intangible asset amortization expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.50 305.60 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.25 305.60 Td (9,272) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.50 305.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 305.46 Td (7,993) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 495.50 305.46 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.25 305.46 Td (6,944) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 278.70 Td (Geographic ) Tj ET Q q 0 0 0 rg BT 101.44 278.70 Td (Ar) Tj ET Q q 0 0 0 rg BT 112.92 278.70 Td (eas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.70 Td (The ) Tj ET Q q 0 0 0 rg BT 67.14 254.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.13 254.70 Td (operates ) Tj ET Q q 0 0 0 rg BT 143.54 254.70 Td (in ) Tj ET Q q 0 0 0 rg BT 153.41 254.70 Td (both ) Tj ET Q q 0 0 0 rg BT 173.29 254.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 193.17 254.70 Td (and ) Tj ET Q q 0 0 0 rg BT 209.70 254.70 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 247.91 254.70 Td (markets. ) Tj ET Q q 0 0 0 rg BT 284.01 254.70 Td (The ) Tj ET Q q 0 0 0 rg BT 301.65 254.70 Td (Company) Tj ET Q q 0 0 0 rg BT 343.32 254.70 Td (s ) Tj ET Q q 0 0 0 rg BT 349.31 254.70 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 387.52 254.70 Td (business ) Tj ET Q q 0 0 0 rg BT 423.50 254.70 Td (activities ) Tj ET Q q 0 0 0 rg BT 461.70 254.70 Td (are ) Tj ET Q q 0 0 0 rg BT 476.00 254.70 Td (principally ) Tj ET Q q 0 0 0 rg BT 521.42 254.70 Td (conducted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.70 Td (through ) Tj ET Q q 0 0 0 rg BT 82.34 242.70 Td (European ) Tj ET Q q 0 0 0 rg BT 122.39 242.70 Td (locations. ) Tj ET Q q 0 0 0 rg BT 162.73 242.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 178.91 242.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 216.18 242.70 Td (and ) Tj ET Q q 0 0 0 rg BT 232.35 242.70 Td (long-lived ) Tj ET Q q 0 0 0 rg BT 275.19 242.70 Td (assets ) Tj ET Q q 0 0 0 rg BT 300.25 242.70 Td (for ) Tj ET Q q 0 0 0 rg BT 313.65 242.70 Td (the ) Tj ET Q q 0 0 0 rg BT 327.60 242.70 Td (Company's ) Tj ET Q q 0 0 0 rg BT 373.53 242.70 Td (Asian ) Tj ET Q q 0 0 0 rg BT 398.60 242.70 Td (location ) Tj ET Q q 0 0 0 rg BT 432.54 242.70 Td (was ) Tj ET Q q 0 0 0 rg BT 449.83 242.70 Td (not ) Tj ET Q q 0 0 0 rg BT 464.34 242.70 Td (significant. ) Tj ET Q q 0 0 0 rg BT 510.79 242.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 526.96 242.70 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.70 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 89.51 230.70 Td (in ) Tj ET Q q 0 0 0 rg BT 100.08 230.70 Td (the ) Tj ET Q q 0 0 0 rg BT 115.08 230.70 Td (following ) Tj ET Q q 0 0 0 rg BT 156.76 230.70 Td (table ) Tj ET Q q 0 0 0 rg BT 178.98 230.70 Td (reflect ) Tj ET Q q 0 0 0 rg BT 207.31 230.70 Td (the ) Tj ET Q q 0 0 0 rg BT 222.31 230.70 Td (regional ) Tj ET Q q 0 0 0 rg BT 257.87 230.70 Td (view) Tj ET Q q 0 0 0 rg BT 276.66 230.70 Td (, ) Tj ET Q q 0 0 0 rg BT 281.95 230.70 Td (with ) Tj ET Q q 0 0 0 rg BT 302.52 230.70 Td (financing ) Tj ET Q q 0 0 0 rg BT 343.07 230.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 381.40 230.70 Td (allocated ) Tj ET Q q 0 0 0 rg BT 420.28 230.70 Td (to ) Tj ET Q q 0 0 0 rg BT 430.85 230.70 Td (geographic ) Tj ET Q q 0 0 0 rg BT 478.06 230.70 Td (locations ) Tj ET Q q 0 0 0 rg BT 516.96 230.70 Td (based ) Tj ET Q q 0 0 0 rg BT 542.52 230.70 Td (upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.70 Td (the ) Tj ET Q q 0 0 0 rg BT 64.62 218.70 Td (location ) Tj ET Q q 0 0 0 rg BT 99.73 218.70 Td (of ) Tj ET Q q 0 0 0 rg BT 110.96 218.70 Td (the ) Tj ET Q q 0 0 0 rg BT 126.08 218.70 Td (capital ) Tj ET Q q 0 0 0 rg BT 155.64 218.70 Td (market, ) Tj ET Q q 0 0 0 rg BT 188.80 218.70 Td (advisory ) Tj ET Q q 0 0 0 rg BT 226.14 218.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 264.58 218.70 Td (allocated ) Tj ET Q q 0 0 0 rg BT 303.57 218.70 Td (based ) Tj ET Q q 0 0 0 rg BT 329.24 218.70 Td (upon ) Tj ET Q q 0 0 0 rg BT 352.14 218.70 Td (the ) Tj ET Q q 0 0 0 rg BT 367.26 218.70 Td (location ) Tj ET Q q 0 0 0 rg BT 402.38 218.70 Td (of ) Tj ET Q q 0 0 0 rg BT 413.61 218.70 Td (the ) Tj ET Q q 0 0 0 rg BT 428.73 218.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 475.51 218.70 Td (banking ) Tj ET Q q 0 0 0 rg BT 510.63 218.70 Td (team ) Tj ET Q q 0 0 0 rg BT 532.96 218.70 Td (and ) Tj ET Q q 0 0 0 rg BT 550.30 218.70 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.70 Td (institutional ) Tj ET Q q 0 0 0 rg BT 99.77 206.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 121.70 206.70 Td (and ) Tj ET Q q 0 0 0 rg BT 138.63 206.70 Td (trading ) Tj ET Q q 0 0 0 rg BT 169.45 206.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 207.48 206.70 Td (allocated ) Tj ET Q q 0 0 0 rg BT 246.06 206.70 Td (based ) Tj ET Q q 0 0 0 rg BT 271.32 206.70 Td (upon ) Tj ET Q q 0 0 0 rg BT 293.81 206.70 Td (the ) Tj ET Q q 0 0 0 rg BT 308.52 206.70 Td (location ) Tj ET Q q 0 0 0 rg BT 343.22 206.70 Td (of ) Tj ET Q q 0 0 0 rg BT 354.04 206.70 Td (the ) Tj ET Q q 0 0 0 rg BT 368.75 206.70 Td (client. ) Tj ET Q q 0 0 0 rg BT 395.40 206.70 Td (Asset ) Tj ET Q q 0 0 0 rg BT 420.12 206.70 Td (management ) Tj ET Q q 0 0 0 rg BT 473.70 206.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 511.73 206.70 Td (are ) Tj ET Q q 0 0 0 rg BT 526.43 206.70 Td (allocated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.70 Td (to ) Tj ET Q q 0 0 0 rg BT 60.39 194.70 Td (the ) Tj ET Q q 0 0 0 rg BT 75.72 194.70 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 96.61 194.70 Td (based ) Tj ET Q q 0 0 0 rg BT 122.49 194.70 Td (upon ) Tj ET Q q 0 0 0 rg BT 145.60 194.70 Td (the ) Tj ET Q q 0 0 0 rg BT 160.93 194.70 Td (geographic ) Tj ET Q q 0 0 0 rg BT 208.46 194.70 Td (location ) Tj ET Q q 0 0 0 rg BT 243.78 194.70 Td (of ) Tj ET Q q 0 0 0 rg BT 255.22 194.70 Td (the ) Tj ET Q q 0 0 0 rg BT 270.55 194.70 Td (Company) Tj ET Q q 0 0 0 rg BT 312.21 194.70 Td (s ) Tj ET Q q 0 0 0 rg BT 319.22 194.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 341.77 194.70 Td (management ) Tj ET Q q 0 0 0 rg BT 395.96 194.70 Td (team. ) Tj ET Q q 0 0 0 rg BT 421.01 194.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 438.56 194.70 Td (revenues ) Tj ET Q q 0 0 0 rg BT 477.21 194.70 Td (exclude ) Tj ET Q q 0 0 0 rg BT 511.41 194.70 Td (discontinued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.70 Td (operations ) Tj ET Q q 0 0 0 rg BT 93.66 182.70 Td (for ) Tj ET Q q 0 0 0 rg BT 107.82 182.70 Td (all ) Tj ET Q q 0 0 0 rg BT 120.31 182.70 Td (periods ) Tj ET Q q 0 0 0 rg BT 152.25 182.70 Td (presented. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 136.20 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 136.20 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 136.20 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 136.20 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 136.20 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 136.20 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 112.20 287.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 112.20 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 112.20 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 112.20 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 112.20 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 112.20 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 160.20000000000005 m 406 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 160.20000000000005 m 414 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 160.20000000000005 m 484 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 160.20000000000005 m 492 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 160.20000000000005 m 562 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 160.20000000000005 m 406 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 148.20000000000005 m 406 148.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 160.20000000000005 m 484 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 148.20000000000005 m 484 148.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 160.20000000000005 m 492 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 160.20000000000005 m 562 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 148.20000000000005 m 562 148.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 112.20000000000005 m 406 112.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 112.20000000000005 m 484 112.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 112.20000000000005 m 562 112.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 101.20000000000005 m 406 101.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 99.20000000000005 m 406 99.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 101.20000000000005 m 484 101.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 99.20000000000005 m 484 99.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 101.20000000000005 m 562 101.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 99.20000000000005 m 562 99.20000000000005 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 164.15 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.10 162.93 Td (Year Ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 152.15 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 150.93 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 150.93 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 150.93 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 138.82 Td (Net revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 126.82 Td (United States) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 126.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 126.93 Td (632,625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 126.82 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 126.82 Td (513,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 126.82 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 126.82 Td (476,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 114.82 Td (Europe) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 114.93 Td (15,513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 114.82 Td (11,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 114.82 Td (12,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 102.82 Td (Consolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.50 102.93 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 102.93 Td (648,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 102.82 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 102.82 Td (525,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 102.82 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 102.82 Td (488,952) 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 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 endstream endobj 207 0 obj <>] /Rotate 0 /Contents 208 0 R>> endobj 208 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 39.60 Td (103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 708.60 Td (Long-lived ) Tj ET Q q 0 0 0 rg BT 96.79 708.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 122.98 708.60 Td (are ) Tj ET Q q 0 0 0 rg BT 138.04 708.60 Td (allocated ) Tj ET Q q 0 0 0 rg BT 176.99 708.60 Td (to ) Tj ET Q q 0 0 0 rg BT 187.62 708.60 Td (geographic ) Tj ET Q q 0 0 0 rg BT 234.90 708.60 Td (locations ) Tj ET Q q 0 0 0 rg BT 273.86 708.60 Td (based ) Tj ET Q q 0 0 0 rg BT 299.49 708.60 Td (upon ) Tj ET Q q 0 0 0 rg BT 322.34 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 337.42 708.60 Td (location ) Tj ET Q q 0 0 0 rg BT 372.48 708.60 Td (of ) Tj ET Q q 0 0 0 rg BT 383.67 708.60 Td (the ) Tj ET Q q 0 0 0 rg BT 398.74 708.60 Td (asset. ) Tj ET Q q 0 0 0 rg BT 423.33 708.60 Td (The ) Tj ET Q q 0 0 0 rg BT 441.73 708.60 Td (following ) Tj ET Q q 0 0 0 rg BT 483.48 708.60 Td (table ) Tj ET Q q 0 0 0 rg BT 505.77 708.60 Td (presents ) Tj ET Q q 0 0 0 rg BT 541.39 708.60 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.60 Td (lived ) Tj ET Q q 0 0 0 rg BT 72.00 696.60 Td (assets ) Tj ET Q q 0 0 0 rg BT 97.83 696.60 Td (by ) Tj ET Q q 0 0 0 rg BT 110.33 696.60 Td (geographic ) Tj ET Q q 0 0 0 rg BT 157.25 696.60 Td (region:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 650.10 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 650.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 650.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 650.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 626.10 364.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 626.10 70.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 626.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 626.10 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 413.5 662.1 m 483.5 662.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 662.1 m 561.5 662.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 626.1 m 483.5 626.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 626.1 m 561.5 626.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 615.1 m 483.5 615.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 613.1 m 483.5 613.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 615.1 m 561.5 615.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 613.1 m 561.5 613.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.90 676.83 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.90 676.83 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 666.05 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 664.83 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 664.83 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 652.72 Td (Long-lived assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 640.72 Td (United States) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.00 640.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 640.83 Td (300,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 640.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 640.72 Td (296,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 628.72 Td (Europe) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 628.83 Td (5,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 628.72 Td (6,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 616.72 Td (Consolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.00 616.83 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.15 616.83 Td (305,937) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 616.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 616.72 Td (302,930) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.60 Td (Note 27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.49 590.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.99 590.60 Td (Net Capital Requir) Tj ET Q q 0 0 0 rg BT 160.73 590.60 Td (ements and Other Regulatory Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.37 590.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 73.59 566.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 85.07 566.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 103.65 566.60 Td (is ) Tj ET Q q 0 0 0 rg BT 112.79 566.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 154.70 566.60 Td (as ) Tj ET Q q 0 0 0 rg BT 165.51 566.60 Td (a ) Tj ET Q q 0 0 0 rg BT 172.43 566.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 212.67 566.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 241.25 566.60 Td (dealer ) Tj ET Q q 0 0 0 rg BT 268.15 566.60 Td (with ) Tj ET Q q 0 0 0 rg BT 288.41 566.60 Td (the ) Tj ET Q q 0 0 0 rg BT 303.10 566.60 Td (SEC ) Tj ET Q q 0 0 0 rg BT 323.92 566.60 Td (and ) Tj ET Q q 0 0 0 rg BT 340.84 566.60 Td (is ) Tj ET Q q 0 0 0 rg BT 349.99 566.60 Td (a ) Tj ET Q q 0 0 0 rg BT 356.91 566.60 Td (member ) Tj ET Q q 0 0 0 rg BT 392.15 566.60 Td (of ) Tj ET Q q 0 0 0 rg BT 402.96 566.60 Td (various ) Tj ET Q q 0 0 0 rg BT 434.88 566.60 Td (SROs ) Tj ET Q q 0 0 0 rg BT 460.70 566.60 Td (and ) Tj ET Q q 0 0 0 rg BT 477.62 566.60 Td (securities ) Tj ET Q q 0 0 0 rg BT 517.87 566.60 Td (exchanges. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.60 Td (The ) Tj ET Q q 0 0 0 rg BT 68.59 554.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 108.85 554.60 Td (Industry ) Tj ET Q q 0 0 0 rg BT 145.22 554.60 Td (Regulatory ) Tj ET Q q 0 0 0 rg BT 192.03 554.60 Td (Authority ) Tj ET Q q 0 0 0 rg BT 233.96 554.60 Td (\(FINRA\) ) Tj ET Q q 0 0 0 rg BT 282.55 554.60 Td (serves ) Tj ET Q q 0 0 0 rg BT 310.58 554.60 Td (as ) Tj ET Q q 0 0 0 rg BT 321.96 554.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 346.11 554.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 357.59 554.60 Td (fray) Tj ET Q q 0 0 0 rg BT 376.46 554.60 Td (s ) Tj ET Q q 0 0 0 rg BT 383.40 554.60 Td (primary ) Tj ET Q q 0 0 0 rg BT 418.10 554.60 Td (SRO. ) Tj ET Q q 0 0 0 rg BT 443.10 554.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 467.25 554.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 478.73 554.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 497.87 554.60 Td (is ) Tj ET Q q 0 0 0 rg BT 507.59 554.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 538.96 554.60 Td (to ) Tj ET Q q 0 0 0 rg BT 549.78 554.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.60 Td (uniform ) Tj ET Q q 0 0 0 rg BT 85.34 542.60 Td (net ) Tj ET Q q 0 0 0 rg BT 100.68 542.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 130.46 542.60 Td (rule ) Tj ET Q q 0 0 0 rg BT 149.13 542.60 Td (of ) Tj ET Q q 0 0 0 rg BT 160.59 542.60 Td (the ) Tj ET Q q 0 0 0 rg BT 175.93 542.60 Td (SEC ) Tj ET Q q 0 0 0 rg BT 197.39 542.60 Td (and ) Tj ET Q q 0 0 0 rg BT 214.96 542.60 Td (the ) Tj ET Q q 0 0 0 rg BT 230.30 542.60 Td (net ) Tj ET Q q 0 0 0 rg BT 245.64 542.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 275.42 542.60 Td (rule ) Tj ET Q q 0 0 0 rg BT 294.09 542.60 Td (of ) Tj ET Q q 0 0 0 rg BT 305.54 542.60 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 341.17 542.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 365.41 542.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 376.88 542.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 396.11 542.60 Td (has ) Tj ET Q q 0 0 0 rg BT 412.56 542.60 Td (elected ) Tj ET Q q 0 0 0 rg BT 444.00 542.60 Td (to ) Tj ET Q q 0 0 0 rg BT 454.90 542.60 Td (use ) Tj ET Q q 0 0 0 rg BT 471.36 542.60 Td (the ) Tj ET Q q 0 0 0 rg BT 486.70 542.60 Td (alternative ) Tj ET Q q 0 0 0 rg BT 532.02 542.60 Td (method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.60 Td (permitted ) Tj ET Q q 0 0 0 rg BT 91.55 530.60 Td (by ) Tj ET Q q 0 0 0 rg BT 104.78 530.60 Td (the ) Tj ET Q q 0 0 0 rg BT 120.22 530.60 Td (SEC ) Tj ET Q q 0 0 0 rg BT 141.79 530.60 Td (rule, ) Tj ET Q q 0 0 0 rg BT 163.07 530.60 Td (which ) Tj ET Q q 0 0 0 rg BT 190.74 530.60 Td (requires ) Tj ET Q q 0 0 0 rg BT 226.17 530.60 Td (that ) Tj ET Q q 0 0 0 rg BT 244.40 530.60 Td (it ) Tj ET Q q 0 0 0 rg BT 253.18 530.60 Td (maintain ) Tj ET Q q 0 0 0 rg BT 291.40 530.60 Td (minimum ) Tj ET Q q 0 0 0 rg BT 333.52 530.60 Td (net ) Tj ET Q q 0 0 0 rg BT 348.97 530.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 378.85 530.60 Td (of ) Tj ET Q q 0 0 0 rg BT 390.41 530.60 Td (the ) Tj ET Q q 0 0 0 rg BT 405.85 530.60 Td (greater ) Tj ET Q q 0 0 0 rg BT 436.83 530.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.39 530.60 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 469.12 530.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.01 530.60 Td ( ) Tj ET Q q 0 0 0 rg BT 501.24 530.60 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.80 530.60 Td (2 ) Tj ET Q q 0 0 0 rg BT 521.03 530.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.46 530.60 Td ( ) Tj ET Q q 0 0 0 rg BT 553.68 530.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 91.07 518.60 Td (debit ) Tj ET Q q 0 0 0 rg BT 113.27 518.60 Td (balances ) Tj ET Q q 0 0 0 rg BT 149.90 518.60 Td (arising ) Tj ET Q q 0 0 0 rg BT 179.32 518.60 Td (from ) Tj ET Q q 0 0 0 rg BT 200.96 518.60 Td (customer ) Tj ET Q q 0 0 0 rg BT 239.82 518.60 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 292.29 518.60 Td (as ) Tj ET Q q 0 0 0 rg BT 302.82 518.60 Td (such ) Tj ET Q q 0 0 0 rg BT 323.36 518.60 Td (term ) Tj ET Q q 0 0 0 rg BT 343.89 518.60 Td (is ) Tj ET Q q 0 0 0 rg BT 352.76 518.60 Td (defined ) Tj ET Q q 0 0 0 rg BT 384.95 518.60 Td (in ) Tj ET Q q 0 0 0 rg BT 394.93 518.60 Td (the ) Tj ET Q q 0 0 0 rg BT 409.36 518.60 Td (SEC ) Tj ET Q q 0 0 0 rg BT 429.90 518.60 Td (rule. ) Tj ET Q q 0 0 0 rg BT 450.15 518.60 Td (Under ) Tj ET Q q 0 0 0 rg BT 477.35 518.60 Td (its ) Tj ET Q q 0 0 0 rg BT 489.00 518.60 Td (rules, ) Tj ET Q q 0 0 0 rg BT 513.14 518.60 Td (FINRA) Tj ET Q q 0 0 0 rg BT 542.60 518.60 Td ( ) Tj ET Q q 0 0 0 rg BT 544.80 518.60 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.60 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 84.41 506.60 Td (a ) Tj ET Q q 0 0 0 rg BT 91.60 506.60 Td (member ) Tj ET Q q 0 0 0 rg BT 127.11 506.60 Td (firm ) Tj ET Q q 0 0 0 rg BT 147.07 506.60 Td (from ) Tj ET Q q 0 0 0 rg BT 169.26 506.60 Td (expanding ) Tj ET Q q 0 0 0 rg BT 213.66 506.60 Td (its ) Tj ET Q q 0 0 0 rg BT 225.85 506.60 Td (business ) Tj ET Q q 0 0 0 rg BT 262.49 506.60 Td (or ) Tj ET Q q 0 0 0 rg BT 273.57 506.60 Td (paying ) Tj ET Q q 0 0 0 rg BT 303.53 506.60 Td (dividends ) Tj ET Q q 0 0 0 rg BT 345.16 506.60 Td (if ) Tj ET Q q 0 0 0 rg BT 354.02 506.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 391.76 506.60 Td (net ) Tj ET Q q 0 0 0 rg BT 406.72 506.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 436.12 506.60 Td (would ) Tj ET Q q 0 0 0 rg BT 463.87 506.60 Td (be ) Tj ET Q q 0 0 0 rg BT 476.05 506.60 Td (less ) Tj ET Q q 0 0 0 rg BT 493.80 506.60 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.76 506.60 Td (5 ) Tj ET Q q 0 0 0 rg BT 521.51 506.60 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.93 506.60 Td ( ) Tj ET Q q 0 0 0 rg BT 553.68 506.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.60 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 90.73 494.60 Td (debit ) Tj ET Q q 0 0 0 rg BT 112.60 494.60 Td (balances. ) Tj ET Q q 0 0 0 rg BT 150.98 494.60 Td (Advances ) Tj ET Q q 0 0 0 rg BT 192.28 494.60 Td (to ) Tj ET Q q 0 0 0 rg BT 201.93 494.60 Td (af) Tj ET Q q 0 0 0 rg BT 209.51 494.60 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 241.10 494.60 Td (repayment ) Tj ET Q q 0 0 0 rg BT 285.17 494.60 Td (of ) Tj ET Q q 0 0 0 rg BT 295.37 494.60 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 348.89 494.60 Td (debt, ) Tj ET Q q 0 0 0 rg BT 370.48 494.60 Td (dividend ) Tj ET Q q 0 0 0 rg BT 407.35 494.60 Td (payments ) Tj ET Q q 0 0 0 rg BT 447.54 494.60 Td (and ) Tj ET Q q 0 0 0 rg BT 463.85 494.60 Td (other ) Tj ET Q q 0 0 0 rg BT 486.27 494.60 Td (equity ) Tj ET Q q 0 0 0 rg BT 513.13 494.60 Td (withdrawals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.60 Td (by ) Tj ET Q q 0 0 0 rg BT 63.18 482.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 87.47 482.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 98.95 482.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 118.23 482.60 Td (are ) Tj ET Q q 0 0 0 rg BT 133.61 482.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 165.12 482.60 Td (to ) Tj ET Q q 0 0 0 rg BT 176.08 482.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 206.46 482.60 Td (notification ) Tj ET Q q 0 0 0 rg BT 255.74 482.60 Td (and ) Tj ET Q q 0 0 0 rg BT 273.36 482.60 Td (other ) Tj ET Q q 0 0 0 rg BT 297.08 482.60 Td (provisions ) Tj ET Q q 0 0 0 rg BT 341.94 482.60 Td (of ) Tj ET Q q 0 0 0 rg BT 353.45 482.60 Td (SEC ) Tj ET Q q 0 0 0 rg BT 374.97 482.60 Td (and ) Tj ET Q q 0 0 0 rg BT 392.58 482.60 Td (FINRA) Tj ET Q q 0 0 0 rg BT 422.04 482.60 Td ( ) Tj ET Q q 0 0 0 rg BT 425.22 482.60 Td (rules. ) Tj ET Q q 0 0 0 rg BT 450.34 482.60 Td (In ) Tj ET Q q 0 0 0 rg BT 461.85 482.60 Td (addition, ) Tj ET Q q 0 0 0 rg BT 500.30 482.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 524.59 482.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 536.07 482.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 555.35 482.60 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 80.83 470.60 Td (to ) Tj ET Q q 0 0 0 rg BT 91.10 470.60 Td (certain ) Tj ET Q q 0 0 0 rg BT 120.81 470.60 Td (notification ) Tj ET Q q 0 0 0 rg BT 169.40 470.60 Td (requirements ) Tj ET Q q 0 0 0 rg BT 224.11 470.60 Td (related ) Tj ET Q q 0 0 0 rg BT 253.81 470.60 Td (to ) Tj ET Q q 0 0 0 rg BT 264.09 470.60 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 315.46 470.60 Td (of ) Tj ET Q q 0 0 0 rg BT 326.29 470.60 Td (excess ) Tj ET Q q 0 0 0 rg BT 354.89 470.60 Td (net ) Tj ET Q q 0 0 0 rg BT 369.61 470.60 Td (capital.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.60 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.28 446.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 122.65 446.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.65 446.60 Td (, ) Tj ET Q q 0 0 0 rg BT 148.44 446.60 Td (net ) Tj ET Q q 0 0 0 rg BT 163.94 446.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 193.87 446.60 Td (calculated ) Tj ET Q q 0 0 0 rg BT 237.68 446.60 Td (under ) Tj ET Q q 0 0 0 rg BT 263.73 446.60 Td (the ) Tj ET Q q 0 0 0 rg BT 279.23 446.60 Td (SEC ) Tj ET Q q 0 0 0 rg BT 300.86 446.60 Td (rule ) Tj ET Q q 0 0 0 rg BT 319.69 446.60 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.52 446.60 Td ($165.3 ) Tj ET Q q 0 0 0 rg BT 369.31 446.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.20 446.60 Td (, ) Tj ET Q q 0 0 0 rg BT 403.98 446.60 Td (and ) Tj ET Q q 0 0 0 rg BT 421.70 446.60 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 462.18 446.60 Td (the ) Tj ET Q q 0 0 0 rg BT 477.68 446.60 Td (minimum ) Tj ET Q q 0 0 0 rg BT 519.86 446.60 Td (net ) Tj ET Q q 0 0 0 rg BT 535.36 446.60 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.60 Td (required ) Tj ET Q q 0 0 0 rg BT 85.82 434.60 Td (under ) Tj ET Q q 0 0 0 rg BT 111.08 434.60 Td (the ) Tj ET Q q 0 0 0 rg BT 125.80 434.60 Td (SEC ) Tj ET Q q 0 0 0 rg BT 146.64 434.60 Td (rule ) Tj ET Q q 0 0 0 rg BT 164.69 434.60 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.19 434.60 Td ($164.3 ) Tj ET Q q 0 0 0 rg BT 207.19 434.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.08 434.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.60 Td (The ) Tj ET Q q 0 0 0 rg BT 68.30 410.60 Td (Company) Tj ET Q q 0 0 0 rg BT 109.96 410.60 Td (s ) Tj ET Q q 0 0 0 rg BT 116.60 410.60 Td (committed ) Tj ET Q q 0 0 0 rg BT 162.12 410.60 Td (short-term ) Tj ET Q q 0 0 0 rg BT 206.53 410.60 Td (credit ) Tj ET Q q 0 0 0 rg BT 232.04 410.60 Td (facility ) Tj ET Q q 0 0 0 rg BT 263.11 410.60 Td (and ) Tj ET Q q 0 0 0 rg BT 280.30 410.60 Td (its ) Tj ET Q q 0 0 0 rg BT 292.50 410.60 Td (variable ) Tj ET Q q 0 0 0 rg BT 327.45 410.60 Td (rate ) Tj ET Q q 0 0 0 rg BT 345.19 410.60 Td (senior ) Tj ET Q q 0 0 0 rg BT 372.38 410.60 Td (notes ) Tj ET Q q 0 0 0 rg BT 396.24 410.60 Td (include ) Tj ET Q q 0 0 0 rg BT 428.42 410.60 Td (covenants ) Tj ET Q q 0 0 0 rg BT 471.16 410.60 Td (requiring ) Tj ET Q q 0 0 0 rg BT 510.56 410.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 534.42 410.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 545.90 410.60 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.60 Td (to ) Tj ET Q q 0 0 0 rg BT 60.55 398.60 Td (maintain ) Tj ET Q q 0 0 0 rg BT 98.31 398.60 Td (minimum ) Tj ET Q q 0 0 0 rg BT 139.97 398.60 Td (net ) Tj ET Q q 0 0 0 rg BT 154.96 398.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 184.38 398.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.48 398.60 Td ($120 ) Tj ET Q q 0 0 0 rg BT 218.25 398.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.14 398.60 Td (. ) Tj ET Q q 0 0 0 rg BT 252.41 398.60 Td (CP) Tj ET Q q 0 0 0 rg BT 264.27 398.60 Td ( ) Tj ET Q q 0 0 0 rg BT 267.04 398.60 Td (Notes ) Tj ET Q q 0 0 0 rg BT 293.14 398.60 Td (issued ) Tj ET Q q 0 0 0 rg BT 320.91 398.60 Td (under ) Tj ET Q q 0 0 0 rg BT 346.45 398.60 Td (CP) Tj ET Q q 0 0 0 rg BT 358.31 398.60 Td ( ) Tj ET Q q 0 0 0 rg BT 361.08 398.60 Td (Series ) Tj ET Q q 0 0 0 rg BT 388.29 398.60 Td (III ) Tj ET Q q 0 0 0 rg BT 400.44 398.60 Td (A) Tj ET Q q 0 0 0 rg BT 407.11 398.60 Td ( ) Tj ET Q q 0 0 0 rg BT 409.88 398.60 Td (include ) Tj ET Q q 0 0 0 rg BT 442.08 398.60 Td (a ) Tj ET Q q 0 0 0 rg BT 449.29 398.60 Td (covenant ) Tj ET Q q 0 0 0 rg BT 488.15 398.60 Td (that ) Tj ET Q q 0 0 0 rg BT 505.92 398.60 Td (requires ) Tj ET Q q 0 0 0 rg BT 540.89 398.60 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 61.48 386.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 80.08 386.60 Td (to ) Tj ET Q q 0 0 0 rg BT 90.36 386.60 Td (maintain ) Tj ET Q q 0 0 0 rg BT 127.85 386.60 Td (excess ) Tj ET Q q 0 0 0 rg BT 156.45 386.60 Td (net ) Tj ET Q q 0 0 0 rg BT 171.16 386.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 200.31 386.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.14 386.60 Td ($120 ) Tj ET Q q 0 0 0 rg BT 233.64 386.60 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.53 386.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 74.17 362.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 85.65 362.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 104.81 362.60 Td (Ltd., ) Tj ET Q q 0 0 0 rg BT 126.76 362.60 Td (a ) Tj ET Q q 0 0 0 rg BT 134.26 362.60 Td (broker ) Tj ET Q q 0 0 0 rg BT 163.42 362.60 Td (dealer ) Tj ET Q q 0 0 0 rg BT 190.90 362.60 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 235.07 362.60 Td (registered ) Tj ET Q q 0 0 0 rg BT 277.56 362.60 Td (in ) Tj ET Q q 0 0 0 rg BT 288.40 362.60 Td (the ) Tj ET Q q 0 0 0 rg BT 303.68 362.60 Td (United ) Tj ET Q q 0 0 0 rg BT 333.96 362.60 Td (Kingdom, ) Tj ET Q q 0 0 0 rg BT 377.29 362.60 Td (was ) Tj ET Q q 0 0 0 rg BT 395.91 362.60 Td (subject ) Tj ET Q q 0 0 0 rg BT 427.29 362.60 Td (to ) Tj ET Q q 0 0 0 rg BT 438.13 362.60 Td (the ) Tj ET Q q 0 0 0 rg BT 453.41 362.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 483.13 362.60 Td (requirements ) Tj ET Q q 0 0 0 rg BT 538.39 362.60 Td (of ) Tj ET Q q 0 0 0 rg BT 549.78 362.60 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.60 Td (Prudential ) Tj ET Q q 0 0 0 rg BT 95.22 350.60 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 142.32 350.60 Td (Authority ) Tj ET Q q 0 0 0 rg BT 185.33 350.60 Td (and ) Tj ET Q q 0 0 0 rg BT 203.89 350.60 Td (the ) Tj ET Q q 0 0 0 rg BT 220.22 350.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 261.56 350.60 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 298.65 350.60 Td (Authority) Tj ET Q q 0 0 0 rg BT 336.89 350.60 Td (. ) Tj ET Q q 0 0 0 rg BT 342.60 350.60 Td (As ) Tj ET Q q 0 0 0 rg BT 357.84 350.60 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.29 350.60 Td (December31, ) Tj ET Q q 0 0 0 rg BT 430.49 350.60 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.49 350.60 Td (, ) Tj ET Q q 0 0 0 rg BT 457.11 350.60 Td (Piper ) Tj ET Q q 0 0 0 rg BT 482.34 350.60 Td (Jaf) Tj ET Q q 0 0 0 rg BT 493.82 350.60 Td (fray ) Tj ET Q q 0 0 0 rg BT 514.04 350.60 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 534.55 350.60 Td (was ) Tj ET Q q 0 0 0 rg BT 554.22 350.60 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.60 Td (compliance ) Tj ET Q q 0 0 0 rg BT 98.59 338.60 Td (with ) Tj ET Q q 0 0 0 rg BT 118.87 338.60 Td (the ) Tj ET Q q 0 0 0 rg BT 133.58 338.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 162.73 338.60 Td (requirements ) Tj ET Q q 0 0 0 rg BT 217.44 338.60 Td (of ) Tj ET Q q 0 0 0 rg BT 228.27 338.60 Td (the ) Tj ET Q q 0 0 0 rg BT 242.98 338.60 Td (Prudential ) Tj ET Q q 0 0 0 rg BT 286.59 338.60 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 332.42 338.60 Td (Authority ) Tj ET Q q 0 0 0 rg BT 373.80 338.60 Td (and ) Tj ET Q q 0 0 0 rg BT 390.74 338.60 Td (the ) Tj ET Q q 0 0 0 rg BT 405.46 338.60 Td (Financial ) Tj ET Q q 0 0 0 rg BT 445.17 338.60 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 481.01 338.60 Td (Authority) Tj ET Q q 0 0 0 rg BT 519.24 338.60 Td (.) 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 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 endstream endobj 209 0 obj <>] /Rotate 0 /Contents 210 0 R>> endobj 210 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 21.60 Td (104) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (Note 28) 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 (Income T) Tj ET Q q 0 0 0 rg BT 121.56 708.25 Td (axes) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 139.33 708.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 83.21 684.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 98.66 684.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 134.10 684.25 Td (is ) Tj ET Q q 0 0 0 rg BT 144.00 684.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 182.77 684.25 Td (using ) Tj ET Q q 0 0 0 rg BT 207.67 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.12 684.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 245.78 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 263.45 684.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 297.79 684.25 Td (method. ) Tj ET Q q 0 0 0 rg BT 333.51 684.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 372.27 684.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 387.71 684.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 414.27 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 431.94 684.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 472.39 684.25 Td (are ) Tj ET Q q 0 0 0 rg BT 487.82 684.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 534.91 684.25 Td (for ) Tj ET Q q 0 0 0 rg BT 549.80 684.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 88.40 672.25 Td (future ) Tj ET Q q 0 0 0 rg BT 115.13 672.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 130.21 672.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 188.05 672.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 236.45 672.25 Td (to ) Tj ET Q q 0 0 0 rg BT 247.09 672.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 291.05 672.25 Td (dif) Tj ET Q q 0 0 0 rg BT 301.98 672.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 338.15 672.25 Td (between ) Tj ET Q q 0 0 0 rg BT 374.32 672.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 411.07 672.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 447.25 672.25 Td (for ) Tj ET Q q 0 0 0 rg BT 461.78 672.25 Td (income ) Tj ET Q q 0 0 0 rg BT 494.07 672.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 509.15 672.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 547.57 672.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.62 660.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 128.59 660.25 Td (purposes, ) Tj ET Q q 0 0 0 rg BT 169.28 660.25 Td (using ) Tj ET Q q 0 0 0 rg BT 193.60 660.25 Td (enacted ) Tj ET Q q 0 0 0 rg BT 226.77 660.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 241.64 660.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 263.16 660.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 301.33 660.25 Td (to ) Tj ET Q q 0 0 0 rg BT 311.76 660.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 336.62 660.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.04 660.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 378.55 660.25 Td (income ) Tj ET Q q 0 0 0 rg BT 410.63 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 421.05 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.92 660.25 Td (years ) Tj ET Q q 0 0 0 rg BT 459.66 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 470.08 660.25 Td (which ) Tj ET Q q 0 0 0 rg BT 497.16 660.25 Td (those ) Tj ET Q q 0 0 0 rg BT 520.92 660.25 Td (temporary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 648.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 96.73 648.25 Td (are ) Tj ET Q q 0 0 0 rg BT 111.44 648.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 149.47 648.25 Td (to ) Tj ET Q q 0 0 0 rg BT 159.75 648.25 Td (be ) Tj ET Q q 0 0 0 rg BT 171.69 648.25 Td (recovered ) Tj ET Q q 0 0 0 rg BT 213.60 648.25 Td (or ) Tj ET Q q 0 0 0 rg BT 224.43 648.25 Td (settled.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.05 624.25 Td (components ) Tj ET Q q 0 0 0 rg BT 118.87 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 129.70 624.25 Td (income ) Tj ET Q q 0 0 0 rg BT 161.64 624.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 176.35 624.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 211.06 624.25 Td (from ) Tj ET Q q 0 0 0 rg BT 233.00 624.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 278.27 624.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 322.43 624.25 Td (are ) Tj ET Q q 0 0 0 rg BT 337.13 624.25 Td (as ) Tj ET Q q 0 0 0 rg BT 347.96 624.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 577.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 577.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 577.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 577.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 577.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 577.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 553.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 553.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 553.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 553.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 553.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 553.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 529.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 529.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 529.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 529.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 529.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 529.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 505.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 505.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 505.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 505.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 505.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 505.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 481.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 481.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 481.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 481.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 481.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 481.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 457.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 457.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 457.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 457.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 457.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 457.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 433.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 433.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 433.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 433.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 433.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 433.75 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 321.5 601.75 m 396.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 601.75 m 404.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 601.75 m 479.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 601.75 m 487.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 601.75 m 562.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 601.75 m 396.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 589.75 m 396.5 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 601.75 m 404.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 601.75 m 479.5 601.75 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 479.5 601.75 m 487.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 601.75 m 562.5 601.75 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 321.5 541.75 m 396.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 541.75 m 479.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 541.75 m 562.5 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 529.75 m 396.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 529.75 m 479.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 529.75 m 562.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 481.75 m 396.5 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 481.75 m 479.5 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 481.75 m 562.5 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 469.75 m 396.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 469.75 m 479.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 469.75 m 562.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 446.75 m 396.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 444.75 m 396.5 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 446.75 m 479.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 444.75 m 479.5 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 446.75 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 487.5 444.75 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 321.5 422.75 m 396.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 420.75 m 396.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 422.75 m 479.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 420.75 m 479.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 422.75 m 562.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 420.75 m 562.5 420.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 605.70 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.10 604.48 Td (Year Ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 593.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.50 592.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 592.48 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 592.48 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 580.37 Td (Current:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 568.37 Td (Federal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 568.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 568.48 Td (37,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 568.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 568.37 Td (20,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 568.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 568.37 Td (16,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 556.37 Td (State) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.15 556.48 Td (8,117) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 556.37 Td (3,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 556.37 Td (\(9,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 556.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 544.37 Td (Foreign) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 544.48 Td (161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 544.37 Td (183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 544.37 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 532.48 Td (45,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 532.37 Td (24,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 532.37 Td (7,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.37 Td (Deferred:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 508.37 Td (Federal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.80 508.53 Td (\(8,641) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 508.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 508.37 Td (\(1,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 508.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 508.37 Td (7,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 496.37 Td (State) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.80 496.53 Td (\(1,317) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 496.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 496.37 Td (\(4,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 496.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 496.37 Td (4,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 484.37 Td (Foreign) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 484.48 Td (335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 484.37 Td (1,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 484.37 Td (\(54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 484.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.80 472.53 Td (\(9,623) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 472.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 472.37 Td (\(4,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 472.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 472.37 Td (12,094) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 448.37 Td (Total income tax expense from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 448.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 448.48 Td (35,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 448.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 448.37 Td (20,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 448.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 448.37 Td (19,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 424.37 Td (Total income tax benefit from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 424.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 424.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 424.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 424.37 Td (\(2,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 424.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 424.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 424.37 Td (\(23,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 424.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 398.25 Td ( ) Tj ET Q q 0 0 0 rg BT 59.45 398.25 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 117.21 398.25 Td (of ) Tj ET Q q 0 0 0 rg BT 128.33 398.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 158.87 398.25 Td (income ) Tj ET Q q 0 0 0 rg BT 191.09 398.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 214.42 398.25 Td (at ) Tj ET Q q 0 0 0 rg BT 224.42 398.25 Td (statutory ) Tj ET Q q 0 0 0 rg BT 262.20 398.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 283.86 398.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.42 398.25 Td (the ) Tj ET Q q 0 0 0 rg BT 309.43 398.25 Td (Company) Tj ET Q q 0 0 0 rg BT 351.09 398.25 Td (s ) Tj ET Q q 0 0 0 rg BT 357.77 398.25 Td (ef) Tj ET Q q 0 0 0 rg BT 365.35 398.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 395.34 398.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 410.34 398.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 432.00 398.25 Td (from ) Tj ET Q q 0 0 0 rg BT 454.23 398.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 499.79 398.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 544.23 398.25 Td (is ) Tj ET Q q 0 0 0 rg BT 553.68 398.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 351.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 351.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 351.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 351.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 351.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 351.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 327.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 327.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 327.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 327.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 327.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 327.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 303.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 303.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 303.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 303.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 303.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 303.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 279.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 279.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 279.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 279.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 279.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 279.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 255.75 271.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 255.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 255.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 255.75 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 255.75 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 255.75 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 321.5 363.75 m 396.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 363.75 m 404.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 363.75 m 479.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 363.75 m 487.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 363.75 m 562.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 351.75 m 396.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 351.75 m 479.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 351.75 m 562.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 351.75 m 396.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 351.75 m 479.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 351.75 m 562.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 243.75 m 396.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 243.75 m 479.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 243.75 m 562.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 232.75 m 396.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 230.75 m 396.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 232.75 m 479.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 230.75 m 479.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 232.75 m 562.5 232.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 230.75 m 562.5 230.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.10 366.48 Td (Year Ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 355.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.50 354.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 354.48 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 354.48 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 342.37 Td (Federal income tax expense at statutory rates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 342.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 342.48 Td (38,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 342.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 342.37 Td (26,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 342.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 342.37 Td (24,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 330.37 Td (Increase/\(reduction\) in taxes resulting from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 318.37 Td (State income taxes, net of federal tax benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.15 318.48 Td (3,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 318.37 Td (2,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 318.37 Td (2,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 306.37 Td (Net tax-exempt interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.80 306.53 Td (\(3,693) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 306.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 306.37 Td (\(3,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 306.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 306.37 Td (\(3,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 306.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 294.37 Td (Foreign jurisdictions tax rate differential) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.30 294.53 Td (\(63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 294.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 294.37 Td (\(185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 294.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 294.37 Td (\(164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 294.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 282.37 Td (Change in valuation allowance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 282.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 282.37 Td (\(4,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 282.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 282.37 Td (\(1,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 282.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 270.37 Td (Restricted stock deferred tax asset write-off) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 270.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 270.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 270.37 Td (4,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 258.37 Td (Income attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.80 258.53 Td (\(3,903) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 258.48 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 258.37 Td (\(1,888) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 258.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 258.37 Td (\(863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 258.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 246.37 Td (Other, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.15 246.48 Td (1,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 246.37 Td (1,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 246.37 Td (\(6,310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 246.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 234.37 Td (Total income tax expense from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 234.48 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 234.48 Td (35,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 234.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 234.37 Td (20,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 234.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 234.37 Td (19,470) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.65 Td (In ) Tj ET Q q 0 0 0 rg BT 60.90 210.65 Td (accordance ) Tj ET Q q 0 0 0 rg BT 108.44 210.65 Td (with ) Tj ET Q q 0 0 0 rg BT 128.22 210.65 Td (ASC ) Tj ET Q q 0 0 0 rg BT 150.25 210.65 Td (740, ) Tj ET Q q 0 0 0 rg BT 170.32 210.65 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 190.68 210.65 Td (income ) Tj ET Q q 0 0 0 rg BT 222.68 210.65 Td (taxes ) Tj ET Q q 0 0 0 rg BT 245.80 210.65 Td (are ) Tj ET Q q 0 0 0 rg BT 260.58 210.65 Td (not ) Tj ET Q q 0 0 0 rg BT 275.94 210.65 Td (provided ) Tj ET Q q 0 0 0 rg BT 314.06 210.65 Td (on ) Tj ET Q q 0 0 0 rg BT 326.63 210.65 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 381.98 210.65 Td (earnings ) Tj ET Q q 0 0 0 rg BT 418.43 210.65 Td (of ) Tj ET Q q 0 0 0 rg BT 429.33 210.65 Td (international ) Tj ET Q q 0 0 0 rg BT 482.44 210.65 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 532.23 210.65 Td (that ) Tj ET Q q 0 0 0 rg BT 549.80 210.65 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.65 Td (permanently ) Tj ET Q q 0 0 0 rg BT 103.76 198.65 Td (reinvested. ) Tj ET Q q 0 0 0 rg BT 150.29 198.65 Td (As ) Tj ET Q q 0 0 0 rg BT 165.18 198.65 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.29 198.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 237.15 198.65 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.15 198.65 Td (, ) Tj ET Q q 0 0 0 rg BT 263.42 198.65 Td (undistributed ) Tj ET Q q 0 0 0 rg BT 319.97 198.65 Td (earnings ) Tj ET Q q 0 0 0 rg BT 357.62 198.65 Td (permanently ) Tj ET Q q 0 0 0 rg BT 411.38 198.65 Td (reinvested ) Tj ET Q q 0 0 0 rg BT 456.25 198.65 Td (in ) Tj ET Q q 0 0 0 rg BT 467.80 198.65 Td (the ) Tj ET Q q 0 0 0 rg BT 483.79 198.65 Td (Company) Tj ET Q q 0 0 0 rg BT 525.46 198.65 Td (s ) Tj ET Q q 0 0 0 rg BT 533.12 198.65 Td (foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.65 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 99.72 186.65 Td (were ) Tj ET Q q 0 0 0 rg BT 121.65 186.65 Td (not ) Tj ET Q q 0 0 0 rg BT 136.92 186.65 Td (material.) 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 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 endstream endobj 211 0 obj <>] /Rotate 0 /Contents 212 0 R>> endobj 212 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 21.60 Td (105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 88.48 708.10 Td (income ) Tj ET Q q 0 0 0 rg BT 120.87 708.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 136.04 708.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 162.32 708.10 Td (and ) Tj ET Q q 0 0 0 rg BT 179.71 708.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 219.88 708.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 248.37 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 263.54 708.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 278.71 708.10 Td (ef) Tj ET Q q 0 0 0 rg BT 286.29 708.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 304.23 708.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.52 708.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 359.56 708.10 Td (dif) Tj ET Q q 0 0 0 rg BT 370.49 708.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 406.75 708.10 Td (between ) Tj ET Q q 0 0 0 rg BT 443.02 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.19 708.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 494.46 708.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 527.41 708.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.69 708.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.24 696.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 107.25 696.10 Td (for ) Tj ET Q q 0 0 0 rg BT 121.71 696.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.49 696.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 198.95 696.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 237.30 696.10 Td (and ) Tj ET Q q 0 0 0 rg BT 254.54 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.55 696.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 306.24 696.10 Td (used ) Tj ET Q q 0 0 0 rg BT 327.37 696.10 Td (for ) Tj ET Q q 0 0 0 rg BT 341.83 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.84 696.10 Td (same ) Tj ET Q q 0 0 0 rg BT 380.19 696.10 Td (items ) Tj ET Q q 0 0 0 rg BT 404.65 696.10 Td (for ) Tj ET Q q 0 0 0 rg BT 419.11 696.10 Td (income ) Tj ET Q q 0 0 0 rg BT 451.35 696.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 466.36 696.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 505.82 696.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 546.47 696.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (net ) Tj ET Q q 0 0 0 rg BT 65.64 684.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 102.37 684.10 Td (income ) Tj ET Q q 0 0 0 rg BT 135.22 684.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 150.86 684.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 177.61 684.10 Td (included ) Tj ET Q q 0 0 0 rg BT 215.47 684.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.67 684.10 Td (other ) Tj ET Q q 0 0 0 rg BT 250.64 684.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 277.39 684.10 Td (on ) Tj ET Q q 0 0 0 rg BT 290.81 684.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.45 684.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 360.41 684.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 406.05 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.80 684.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 456.20 684.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 497.40 684.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 538.04 684.10 Td (of ) 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 (following ) Tj ET Q q 0 0 0 rg BT 91.39 672.10 Td (items:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 625.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 625.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 625.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 625.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 601.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 601.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 601.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 601.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 577.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 577.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 577.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 577.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 553.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 553.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 553.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 553.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 529.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 529.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 529.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 529.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 505.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 505.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 505.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 505.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 481.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 481.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 481.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 481.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 457.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 457.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 457.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 457.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 433.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 433.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 433.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 433.60 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 404.5 637.6 m 479.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 637.6 m 562.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 577.6 m 479.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 577.6 m 562.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 553.6 m 479.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 553.6 m 562.5 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 529.6 m 479.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 529.6 m 562.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 457.6 m 479.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 457.6 m 562.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 433.6 m 479.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 433.6 m 562.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 409.6 m 479.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 407.6 m 479.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 409.6 m 562.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 407.6 m 562.5 407.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.40 652.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.40 652.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 641.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.50 640.33 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 640.33 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.22 Td (Deferred tax assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 616.22 Td (Deferred compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.00 616.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 616.33 Td (56,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 616.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 616.22 Td (43,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 604.22 Td (Net operating loss carry forwards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 604.33 Td (4,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 604.22 Td (5,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 592.22 Td (Liabilities/accruals not currently deductible) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 592.33 Td (1,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 592.22 Td (1,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 580.22 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 580.33 Td (2,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 580.22 Td (1,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 568.22 Td (Total deferred tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 568.33 Td (66,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 568.22 Td (52,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 556.22 Td (Valuation allowance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.30 556.38 Td (\(159) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 556.33 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 556.22 Td (\(159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 556.22 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 532.22 Td (Deferred tax assets after valuation allowance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 532.33 Td (66,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 532.22 Td (52,380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.22 Td (Deferred tax liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 496.22 Td (Goodwill amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 496.33 Td (15,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 496.22 Td (9,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 484.22 Td (Unrealized gains on firm investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 484.33 Td (3,221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 484.22 Td (3,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 472.22 Td (Fixed assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 472.33 Td (945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 472.22 Td (1,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 460.22 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 460.33 Td (1,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 460.22 Td (1,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 436.22 Td (Total deferred tax liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 436.33 Td (20,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 436.22 Td (16,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 412.17 Td (Net deferred tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.00 412.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 412.33 Td (45,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 412.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 412.17 Td (36,252) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.86 385.10 Td (realization ) Tj ET Q q 0 0 0 rg BT 112.38 385.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.02 385.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 158.65 385.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 173.18 385.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 198.83 385.10 Td (is ) Tj ET Q q 0 0 0 rg BT 207.81 385.10 Td (assessed ) Tj ET Q q 0 0 0 rg BT 244.01 385.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.77 385.10 Td (a ) Tj ET Q q 0 0 0 rg BT 267.52 385.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 307.05 385.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 349.90 385.10 Td (is ) Tj ET Q q 0 0 0 rg BT 358.89 385.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 396.18 385.10 Td (to ) Tj ET Q q 0 0 0 rg BT 406.28 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.81 385.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 447.56 385.10 Td (that ) Tj ET Q q 0 0 0 rg BT 464.87 385.10 Td (it ) Tj ET Q q 0 0 0 rg BT 472.75 385.10 Td (is ) Tj ET Q q 0 0 0 rg BT 481.73 385.10 Td (more ) Tj ET Q q 0 0 0 rg BT 504.60 385.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 529.69 385.10 Td (than ) Tj ET Q q 0 0 0 rg BT 549.22 385.10 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.72 373.10 Td (any ) Tj ET Q q 0 0 0 rg BT 84.89 373.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 116.51 373.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.57 373.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.51 373.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 178.55 373.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 193.50 373.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 215.66 373.10 Td (will ) Tj ET Q q 0 0 0 rg BT 233.95 373.10 Td (not ) Tj ET Q q 0 0 0 rg BT 249.46 373.10 Td (be ) Tj ET Q q 0 0 0 rg BT 261.63 373.10 Td (realized. ) Tj ET Q q 0 0 0 rg BT 298.30 373.10 Td (The ) Tj ET Q q 0 0 0 rg BT 316.58 373.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 358.19 373.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 393.68 373.10 Td (that ) Tj ET Q q 0 0 0 rg BT 411.41 373.10 Td (its ) Tj ET Q q 0 0 0 rg BT 423.59 373.10 Td (future ) Tj ET Q q 0 0 0 rg BT 450.19 373.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 465.14 373.10 Td (profits ) Tj ET Q q 0 0 0 rg BT 493.98 373.10 Td (will ) Tj ET Q q 0 0 0 rg BT 512.26 373.10 Td (be ) Tj ET Q q 0 0 0 rg BT 524.43 373.10 Td (suf) Tj ET Q q 0 0 0 rg BT 536.47 373.10 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.28 361.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 101.64 361.10 Td (its ) Tj ET Q q 0 0 0 rg BT 113.59 361.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 149.39 361.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 164.11 361.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 192.44 361.10 Td (with ) Tj ET Q q 0 0 0 rg BT 212.72 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.44 361.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 268.81 361.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.64 361.10 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 299.64 361.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.53 361.10 Td ( ) Tj ET Q q 0 0 0 rg BT 331.03 361.10 Td (in ) Tj ET Q q 0 0 0 rg BT 341.31 361.10 Td (state ) Tj ET Q q 0 0 0 rg BT 362.13 361.10 Td (net ) Tj ET Q q 0 0 0 rg BT 376.85 361.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 417.11 361.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 435.18 361.10 Td (carryforwards. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 339.50 Td (The ) Tj ET Q q 0 0 0 rg BT 67.90 339.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.15 339.50 Td (accounts ) Tj ET Q q 0 0 0 rg BT 146.49 339.50 Td (for ) Tj ET Q q 0 0 0 rg BT 160.50 339.50 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 216.72 339.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 231.29 339.50 Td (benefits ) Tj ET Q q 0 0 0 rg BT 265.31 339.50 Td (in ) Tj ET Q q 0 0 0 rg BT 275.44 339.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 322.76 339.50 Td (with ) Tj ET Q q 0 0 0 rg BT 342.89 339.50 Td (the ) Tj ET Q q 0 0 0 rg BT 357.46 339.50 Td (provisions ) Tj ET Q q 0 0 0 rg BT 401.49 339.50 Td (of ) Tj ET Q q 0 0 0 rg BT 411.66 339.50 Td (ASC ) Tj ET Q q 0 0 0 rg BT 433.46 339.50 Td (740, ) Tj ET Q q 0 0 0 rg BT 453.32 339.50 Td (which ) Tj ET Q q 0 0 0 rg BT 480.11 339.50 Td (requires ) Tj ET Q q 0 0 0 rg BT 514.68 339.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 529.25 339.50 Td (reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 327.50 Td (to ) Tj ET Q q 0 0 0 rg BT 60.13 327.50 Td (be ) Tj ET Q q 0 0 0 rg BT 71.93 327.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 109.26 327.50 Td (for ) Tj ET Q q 0 0 0 rg BT 123.27 327.50 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 162.83 327.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 177.40 327.50 Td (positions ) Tj ET Q q 0 0 0 rg BT 215.87 327.50 Td (on ) Tj ET Q q 0 0 0 rg BT 228.23 327.50 Td (the ) Tj ET Q q 0 0 0 rg BT 242.80 327.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 295.70 327.50 Td (statements ) Tj ET Q q 0 0 0 rg BT 340.27 327.50 Td (of ) Tj ET Q q 0 0 0 rg BT 350.95 327.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 388.29 327.50 Td (condition. ) Tj ET Q q 0 0 0 rg BT 430.39 327.50 Td (A) Tj ET Q q 0 0 0 rg BT 437.06 327.50 Td ( ) Tj ET Q q 0 0 0 rg BT 439.42 327.50 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 496.75 327.50 Td (of ) Tj ET Q q 0 0 0 rg BT 507.43 327.50 Td (the ) Tj ET Q q 0 0 0 rg BT 522.01 327.50 Td (beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 315.50 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 315.50 Td (ending ) Tj ET Q q 0 0 0 rg BT 96.66 315.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 129.15 315.50 Td (of ) Tj ET Q q 0 0 0 rg BT 139.98 315.50 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 196.34 315.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 211.06 315.50 Td (benefits ) Tj ET Q q 0 0 0 rg BT 245.21 315.50 Td (is ) Tj ET Q q 0 0 0 rg BT 254.38 315.50 Td (as ) Tj ET Q q 0 0 0 rg BT 265.21 315.50 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 293.00 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 293.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 269.00 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 269.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 245.00 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 245.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 221.00 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 221.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 197.00 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 197.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 173.00 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 173.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 149.00 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 149.00 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 125.00 437.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 125.00 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 486.5 233 m 561.5 233 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 233 m 561.5 233 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 173 m 561.5 173 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 113 m 561.5 113 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 113 m 561.5 113 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 102 m 561.5 102 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 100 m 561.5 100 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 296.95 Td (\(Dollars in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.00 296.95 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 283.73 Td (Balance at December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 283.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 283.73 Td (8,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 271.62 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 547.65 271.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 259.62 Td (Additions for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 259.62 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 247.62 Td (Reductions for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 247.62 Td (\(8,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 247.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 235.62 Td (Settlements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 235.62 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 223.73 Td (Balance at December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 223.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 223.73 Td (290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 211.62 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 547.65 211.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 199.62 Td (Additions for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 199.62 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 187.62 Td (Reductions for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.30 187.62 Td (\(90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 187.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 175.62 Td (Settlements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 175.62 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 163.73 Td (Balance at December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 163.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 163.73 Td (2,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 151.62 Td (Additions based on tax positions related to the current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 151.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 139.62 Td (Additions for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 139.62 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 127.62 Td (Reductions for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 127.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 115.62 Td (Settlements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 115.62 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 103.73 Td (Balance at December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 103.73 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 103.73 Td (2,323) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.50 Td (As ) Tj ET Q q 0 0 0 rg BT 64.61 77.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.43 77.50 Td (December31, ) Tj ET Q q 0 0 0 rg BT 136.01 77.50 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.01 77.50 Td (, ) Tj ET Q q 0 0 0 rg BT 162.00 77.50 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.25 77.50 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 244.24 77.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.13 77.50 Td ( ) Tj ET Q q 0 0 0 rg BT 276.63 77.50 Td (of ) Tj ET Q q 0 0 0 rg BT 288.45 77.50 Td (the ) Tj ET Q q 0 0 0 rg BT 304.16 77.50 Td (Company's ) Tj ET Q q 0 0 0 rg BT 352.23 77.50 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 409.59 77.50 Td (tax ) Tj ET Q q 0 0 0 rg BT 425.30 77.50 Td (benefits ) Tj ET Q q 0 0 0 rg BT 460.44 77.50 Td (would ) Tj ET Q q 0 0 0 rg BT 488.94 77.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 519.64 77.50 Td (the ) Tj ET Q q 0 0 0 rg BT 535.35 77.50 Td (annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.50 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 65.50 Td (fective ) Tj ET Q q 0 0 0 rg BT 87.29 65.50 Td (rate, ) Tj ET Q q 0 0 0 rg BT 107.28 65.50 Td (if ) Tj ET Q q 0 0 0 rg BT 115.88 65.50 Td (recognized. ) 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 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 endstream endobj 213 0 obj <>] /Rotate 0 /Contents 214 0 R>> endobj 214 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 21.60 Td (106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td (In ) Tj ET Q q 0 0 0 rg BT 61.36 708.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 86.90 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.15 708.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 144.07 708.10 Td (reversed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.97 708.10 Td ($8.8 ) Tj ET Q q 0 0 0 rg BT 201.51 708.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.40 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 233.44 708.10 Td (for ) Tj ET Q q 0 0 0 rg BT 248.13 708.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 305.03 708.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 320.28 708.10 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 357.47 708.10 Td (In ) Tj ET Q q 0 0 0 rg BT 368.83 708.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 407.14 708.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.39 708.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 464.31 708.10 Td (reversed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.22 708.10 Td ($2.6 ) Tj ET Q q 0 0 0 rg BT 521.75 708.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.64 708.10 Td ( ) Tj ET Q q 0 0 0 rg BT 553.68 708.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 84.17 696.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 116.68 696.10 Td (related ) Tj ET Q q 0 0 0 rg BT 146.97 696.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.83 696.10 Td (these ) Tj ET Q q 0 0 0 rg BT 181.46 696.10 Td (positions. ) Tj ET Q q 0 0 0 rg BT 223.16 696.10 Td (In ) Tj ET Q q 0 0 0 rg BT 234.57 696.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 279.02 696.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.31 696.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 336.28 696.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 374.34 696.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.86 696.10 Td ($7.4 ) Tj ET Q q 0 0 0 rg BT 402.45 696.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.34 696.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.42 696.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 460.27 696.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.13 696.10 Td (income ) Tj ET Q q 0 0 0 rg BT 503.64 696.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 518.94 696.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 554.23 696.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 75.00 684.10 Td (net ) Tj ET Q q 0 0 0 rg BT 89.72 684.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.55 684.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 130.80 684.10 Td (income ) Tj ET Q q 0 0 0 rg BT 162.73 684.10 Td (tax. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.20 660.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.73 660.10 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 152.14 660.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 183.22 660.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.31 660.10 Td (penalties ) Tj ET Q q 0 0 0 rg BT 236.50 660.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 269.24 660.10 Td (related ) Tj ET Q q 0 0 0 rg BT 298.09 660.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.52 660.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 363.03 660.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 376.90 660.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 410.21 660.10 Td (as ) Tj ET Q q 0 0 0 rg BT 420.19 660.10 Td (a ) Tj ET Q q 0 0 0 rg BT 426.27 660.10 Td (component ) Tj ET Q q 0 0 0 rg BT 472.36 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 482.34 660.10 Td (income ) Tj ET Q q 0 0 0 rg BT 513.42 660.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 527.29 660.10 Td (expense. ) 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 67.86 648.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.06 648.10 Td (had ) Tj ET Q q 0 0 0 rg BT 125.81 648.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.88 648.10 Td ($0.2 ) Tj ET Q q 0 0 0 rg BT 205.69 648.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.58 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 236.89 648.10 Td (for ) Tj ET Q q 0 0 0 rg BT 250.86 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.39 648.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 302.13 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.77 648.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 344.52 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.27 648.10 Td (penalties ) Tj ET Q q 0 0 0 rg BT 399.12 648.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 432.52 648.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.04 648.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 500.44 648.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.44 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.75 648.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 648.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.50 648.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 636.10 Td (, ) Tj ET Q q 0 0 0 rg BT 103.11 636.10 Td (which ) Tj ET Q q 0 0 0 rg BT 130.49 636.10 Td (was ) Tj ET Q q 0 0 0 rg BT 148.99 636.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 195.80 636.10 Td (during ) Tj ET Q q 0 0 0 rg BT 224.85 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.01 636.10 Td (year ) Tj ET Q q 0 0 0 rg BT 260.17 636.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.99 636.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 346.02 636.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.02 636.10 Td (. ) Tj ET Q q 0 0 0 rg BT 371.46 636.10 Td (During ) Tj ET Q q 0 0 0 rg BT 402.74 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.90 636.10 Td (year ) Tj ET Q q 0 0 0 rg BT 438.06 636.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 464.88 636.10 Td (December ) Tj ET Q q 0 0 0 rg BT 508.91 636.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 524.35 636.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 549.80 636.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.48 624.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.93 624.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.93 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 150.53 624.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 182.55 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.58 624.10 Td (penalties. ) Tj ET Q q 0 0 0 rg BT 240.03 624.10 Td (The ) Tj ET Q q 0 0 0 rg BT 258.17 624.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 299.65 624.10 Td (or ) Tj ET Q q 0 0 0 rg BT 310.57 624.10 Td (one ) Tj ET Q q 0 0 0 rg BT 327.61 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.53 624.10 Td (its ) Tj ET Q q 0 0 0 rg BT 350.57 624.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 400.38 624.10 Td (files ) Tj ET Q q 0 0 0 rg BT 420.19 624.10 Td (income ) Tj ET Q q 0 0 0 rg BT 452.21 624.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 467.02 624.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 497.39 624.10 Td (with ) Tj ET Q q 0 0 0 rg BT 517.76 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 532.57 624.10 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (states ) Tj ET Q q 0 0 0 rg BT 75.19 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.60 612.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 124.45 612.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 176.87 612.10 Td (in ) Tj ET Q q 0 0 0 rg BT 187.62 612.10 Td (which ) Tj ET Q q 0 0 0 rg BT 215.03 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.22 612.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 272.08 612.10 Td (operates. ) Tj ET Q q 0 0 0 rg BT 310.66 612.10 Td (The ) Tj ET Q q 0 0 0 rg BT 329.18 612.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 371.04 612.10 Td (is ) Tj ET Q q 0 0 0 rg BT 380.68 612.10 Td (not ) Tj ET Q q 0 0 0 rg BT 396.44 612.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 427.73 612.10 Td (to ) Tj ET Q q 0 0 0 rg BT 438.49 612.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 459.24 612.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 489.97 612.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 505.16 612.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 550.35 612.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (years ) Tj ET Q q 0 0 0 rg BT 73.99 600.10 Td (before ) Tj ET Q q 0 0 0 rg BT 102.42 600.10 Td (201) Tj ET Q q 0 0 0 rg BT 117.05 600.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 124.95 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 142.28 600.10 Td (is ) Tj ET Q q 0 0 0 rg BT 151.85 600.10 Td (not ) Tj ET Q q 0 0 0 rg BT 167.52 600.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 198.74 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.41 600.10 Td (state ) Tj ET Q q 0 0 0 rg BT 230.63 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.96 600.10 Td (local ) Tj ET Q q 0 0 0 rg BT 270.29 600.10 Td (or ) Tj ET Q q 0 0 0 rg BT 281.52 600.10 Td (non-U.S. ) Tj ET Q q 0 0 0 rg BT 320.52 600.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 335.64 600.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 380.74 600.10 Td (for ) Tj ET Q q 0 0 0 rg BT 395.30 600.10 Td (taxable ) Tj ET Q q 0 0 0 rg BT 427.06 600.10 Td (years ) Tj ET Q q 0 0 0 rg BT 451.06 600.10 Td (before ) Tj ET Q q 0 0 0 rg BT 479.49 600.10 Td (2009. ) Tj ET Q q 0 0 0 rg BT 504.67 600.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.11 600.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (anticipates ) Tj ET Q q 0 0 0 rg BT 95.26 588.10 Td (all ) Tj ET Q q 0 0 0 rg BT 107.75 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.58 588.10 Td (its ) Tj ET Q q 0 0 0 rg BT 130.53 588.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 170.23 588.10 Td (income ) Tj ET Q q 0 0 0 rg BT 202.17 588.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 216.88 588.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 261.05 588.10 Td (will ) Tj ET Q q 0 0 0 rg BT 279.11 588.10 Td (be ) Tj ET Q q 0 0 0 rg BT 291.05 588.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 327.43 588.10 Td (within ) Tj ET Q q 0 0 0 rg BT 355.48 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.20 588.10 Td (next ) Tj ET Q q 0 0 0 rg BT 389.92 588.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 419.07 588.10 Td (months.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (Note 29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 564.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.49 564.10 Td (Piper Jaffray Companies \(Par) Tj ET Q q 0 0 0 rg BT 205.49 564.10 Td (ent Company only\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.58 564.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (Condensed Statements of Financial Condition) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.09 540.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 493.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 493.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 493.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 493.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 469.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 469.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 469.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 469.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 445.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 445.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 445.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 445.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 421.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 421.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 421.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 421.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 397.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 397.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 397.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 397.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 373.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 373.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 373.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 373.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 349.60 354.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 349.60 75.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 349.60 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 349.60 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 404 505.6 m 479 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 505.6 m 562 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 457.6 m 479 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 457.6 m 562 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 446.6 m 479 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 444.6 m 479 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 446.6 m 562 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 444.6 m 562 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 385.6 m 479 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 385.6 m 562 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 349.6 m 479 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 349.6 m 562 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 338.6 m 479 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 336.6 m 479 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 338.6 m 562 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 336.6 m 562 336.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.90 520.33 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.90 520.33 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 509.55 Td (\(Amounts in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 508.33 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 508.33 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 496.33 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 484.22 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 484.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 484.33 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 484.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 484.22 Td (336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 472.22 Td (Investment in and advances to subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 472.33 Td (956,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 472.22 Td (870,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 460.22 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 460.33 Td (13,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 460.22 Td (9,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 448.22 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 448.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 448.33 Td (970,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 448.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 448.22 Td (879,559) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 424.33 Td (Liabilities and Shareholders Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 412.22 Td (Variable rate senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 412.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 412.33 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 412.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 412.22 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 400.22 Td (Accrued compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 400.33 Td (24,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 400.22 Td (18,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 388.22 Td (Other liabilities and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 388.33 Td (1,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 388.22 Td (1,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 376.22 Td (Total liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 376.33 Td (150,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 376.22 Td (144,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 352.22 Td (Shareholders equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 352.33 Td (819,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 352.22 Td (734,676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 340.22 Td (Total liabilities and shareholders equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 340.33 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 340.33 Td (970,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 340.22 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 340.22 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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 (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 676.98 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 676.98 Td (2012) 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 ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 652.98 Td (63,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 652.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 652.87 Td (45,090) 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 (41,268) 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 (Share-based and deferred compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.15 615.98 Td (180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 615.87 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 615.87 Td (240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 603.82 Td (Equity distributed in excess of/\(in undistributed\) income of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 593.82 Td (subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.30 592.98 Td (\(37,478) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 592.93 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 592.97 Td (\(25,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 592.92 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 592.92 Td (49,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 566.87 Td (Net cash provided by operating activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 566.98 Td (25,874) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 566.87 Td (19,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 566.87 Td (91,125) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 542.98 Td (Investing Activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 530.87 Td (Repayment of FAMCO note) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 530.98 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 530.87 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 530.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 506.87 Td (Net cash provided by investing activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 506.98 Td (2,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 506.87 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 506.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 482.98 Td (Financing Activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 470.87 Td (Issuance of variable rate senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 470.98 Td (50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 470.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 470.87 Td (125,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 458.87 Td (Repayment of variable rate senior notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.30 459.03 Td (\(50,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 458.98 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 458.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 458.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 446.87 Td (Decrease in bank syndicated financing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 446.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 446.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 446.87 Td (\(115,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 446.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 434.87 Td (Advances from/\(to\) 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0.8 0.9333333333333333 1 rg /GS0 gs 357.00 339.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 339.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 339.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 339.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 339.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 339.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 315.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 315.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 315.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 315.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 315.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 315.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 315.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 315.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 315.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 315.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 291.10 232.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.00 291.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 291.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 291.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.00 291.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 291.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 291.10 61.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 291.10 8.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 291.10 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 291.10 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 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 459.1 m 349 459.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 459.1 m 417 459.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 459.1 m 486 459.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 459.1 m 554 459.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 399.1 m 349 399.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 399.1 m 417 399.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 399.1 m 486 399.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 399.1 m 554 399.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 339.1 m 349 339.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 339.1 m 417 339.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 339.1 m 486 339.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 339.1 m 554 339.1 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.35 688.83 Td ( 2014 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 663.72 Td (173,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 663.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 663.72 Td (175,976) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 663.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 663.72 Td (165,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 663.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 663.72 Td (157,394) 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 (5,761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 651.72 Td (5,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 651.72 Td (6,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 651.72 Td (6,846) 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 (168,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 639.72 Td (170,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 639.72 Td (159,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 639.72 Td (150,548) 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 (135,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 627.72 Td (139,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 627.72 Td (133,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 627.72 Td (129,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 615.67 Td (Income from continuing operations before income tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 605.72 Td (expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 607.77 Td (32,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 607.77 Td (30,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 607.77 Td (25,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 607.77 Td (21,489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 593.72 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 593.72 Td (9,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 593.72 Td (10,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 593.72 Td (8,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 593.72 Td (7,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 581.72 Td (Net income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 581.72 Td (22,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 581.72 Td (20,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 581.72 Td (17,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 581.72 Td (13,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 569.72 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 569.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 569.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 569.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 569.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 557.72 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 557.72 Td (22,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 557.72 Td (20,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 557.72 Td (17,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 557.72 Td (13,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 545.72 Td (Net income applicable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 545.72 Td (5,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 545.72 Td (2,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 545.72 Td (2,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 545.72 Td (1,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 533.72 Td (Net income applicable to Piper Jaffray Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 533.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 533.72 Td (17,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 533.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 533.72 Td (18,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 533.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 533.72 Td (14,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 533.72 Td (12,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 521.67 Td (Net income applicable to Piper Jaffray Companies') Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 511.67 Td (common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 511.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 511.77 Td (16,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 511.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 511.77 Td (16,717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 511.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 511.77 Td (13,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 511.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 511.77 Td (11,700) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 485.83 Td (Amounts applicable to Piper Jaffray Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 473.72 Td (Net income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 473.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 473.72 Td (17,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 473.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 473.72 Td (18,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 473.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 473.72 Td (14,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 473.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 473.72 Td (12,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 461.72 Td (Net loss from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 461.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 461.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 461.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 461.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 449.72 Td (Net income applicable to Piper Jaffray Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 449.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 449.72 Td (17,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 449.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 449.72 Td (18,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 449.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 449.72 Td (14,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 449.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 449.72 Td (12,543) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 425.83 Td (Earnings per basic common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 413.72 Td (Income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 413.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 413.72 Td (1.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 413.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 413.72 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 413.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 413.72 Td (0.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 413.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 413.72 Td (0.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 401.72 Td (Loss from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 401.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 401.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 401.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 401.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 389.72 Td (Earnings per basic common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 389.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 389.72 Td (1.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 389.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 389.72 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 389.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 389.72 Td (0.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 389.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 389.72 Td (0.77) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 365.83 Td (Earnings per diluted common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 353.72 Td (Income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 353.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 353.72 Td (1.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 353.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 353.72 Td (1.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 353.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 353.72 Td (0.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 353.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 353.72 Td (0.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 341.72 Td (Loss from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 341.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 341.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 341.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 341.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 329.72 Td (Earnings per diluted common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 329.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 329.72 Td (1.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.50 329.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 329.72 Td (1.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 329.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 329.72 Td (0.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 329.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 329.72 Td (0.77) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 305.83 Td (Weighted average number of common shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 293.72 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 293.72 Td (14,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 293.72 Td (14,958) Tj ET Q BT /F1 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 690 m 350 690 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 690 m 358 690 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 690 m 418 690 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 690 m 426 690 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 690 m 487 690 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 690 m 495 690 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 690 m 555 690 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555 690 m 563 690 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 475 m 350 475 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 475 m 418 475 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 475 m 487 475 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 475 m 555 475 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 415 m 350 415 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 415 m 418 415 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 415 m 487 415 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 415 m 555 415 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 355 m 350 355 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 355 m 418 355 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 355 m 487 355 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 355 m 555 355 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.35 705.73 Td ( 2013 Fiscal Quarter) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 694.25 Td (\(Amounts in thousands, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.95 693.73 Td ( First) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.95 693.73 Td ( Second) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.30 693.73 Td ( Third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.25 693.73 Td ( Fourth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 680.62 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 680.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 680.62 Td (115,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 680.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 680.62 Td (106,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 680.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 680.62 Td (134,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 680.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 680.62 Td (193,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 668.62 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 668.62 Td (5,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 668.62 Td (6,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 668.62 Td (6,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 668.62 Td (6,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 656.62 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 656.62 Td (109,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 656.62 Td (99,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 656.62 Td (128,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 656.62 Td (187,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 644.62 Td (Non-interest expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 644.62 Td (91,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 644.62 Td (96,439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 644.62 Td (116,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 644.62 Td (145,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 632.57 Td (Income from continuing operations before income tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 622.57 Td (expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 623.67 Td (18,168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 623.67 Td (3,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 623.67 Td (12,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 623.67 Td (42,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 609.62 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 609.62 Td (5,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 609.62 Td (1,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 609.62 Td (2,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 609.62 Td (10,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 597.62 Td (Net income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 597.62 Td (12,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 597.62 Td (1,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 597.62 Td (9,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 597.62 Td (31,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 585.62 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.80 585.62 Td (\(521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 585.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.30 585.62 Td (\(1,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 585.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 585.62 Td (\(1,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 585.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 585.62 Td (\(818) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.15 585.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 573.62 Td (Net income/\(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 573.62 Td (12,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.80 573.62 Td (\(182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 573.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 573.62 Td (7,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 573.62 Td (30,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 561.62 Td (Net income/\(loss\) applicable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 561.62 Td (1,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.30 561.62 Td (\(2,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 561.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 561.62 Td (2,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.65 561.62 Td (3,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 549.62 Td (Net income applicable to Piper Jaffray Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 549.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 549.62 Td (10,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 549.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 549.62 Td (2,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 549.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 549.62 Td (5,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 549.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 549.62 Td (27,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 537.57 Td (Net income applicable to Piper Jaffray Companies') Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 527.57 Td (common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 527.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 527.67 Td (8,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 527.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 527.67 Td (2,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 527.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 527.67 Td (4,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 527.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 527.67 Td (24,445) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 501.73 Td (Amounts applicable to Piper Jaffray Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 489.62 Td (Net income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 489.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 489.62 Td (10,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 489.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 489.62 Td (4,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 489.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 489.62 Td (6,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 489.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 489.62 Td (27,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 477.62 Td (Loss from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.80 477.62 Td (\(521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 477.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.30 477.62 Td (\(1,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 477.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 477.62 Td (\(1,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 477.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 477.62 Td (\(818) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.15 477.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 465.62 Td (Net income applicable to Piper Jaffray Companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 465.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 465.62 Td (10,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 465.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 465.62 Td (2,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 465.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 465.62 Td (5,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 465.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 465.62 Td (27,134) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 441.73 Td (Earnings per basic common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 429.62 Td (Income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 429.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 429.62 Td (0.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 429.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 429.62 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 429.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 429.62 Td (0.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 429.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 429.62 Td (1.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 417.62 Td (Loss from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 417.62 Td (\(0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 417.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.30 417.62 Td (\(0.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 417.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 417.62 Td (\(0.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 417.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.30 417.62 Td (\(0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.15 417.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 405.62 Td (Earnings per basic common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 405.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 405.62 Td (0.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 405.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 405.62 Td (0.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 405.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 405.62 Td (0.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 405.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 405.62 Td (1.70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 381.73 Td (Earnings per diluted common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 369.62 Td (Income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 369.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 369.62 Td (0.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 369.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 369.62 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 369.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 369.62 Td (0.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 369.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 369.62 Td (1.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 357.62 Td (Loss from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 357.62 Td (\(0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 357.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.30 357.62 Td (\(0.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 357.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 357.62 Td (\(0.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 357.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.30 357.62 Td (\(0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.15 357.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 345.62 Td (Earnings per diluted common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 345.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 345.62 Td (0.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 345.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 345.62 Td (0.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 345.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 345.62 Td (0.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 345.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 345.62 Td (1.70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 321.73 Td (Weighted average number of common shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 309.62 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 309.62 Td (15,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 309.62 Td (15,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 309.62 Td (14,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 309.62 Td (14,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 297.62 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 297.62 Td (15,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 297.62 Td (15,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 297.62 Td (14,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 297.62 Td (14,397) 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 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 234.15 736.60 Td (Supplementary Data Continued) Tj ET Q endstream endobj 223 0 obj <>] /Rotate 0 /Contents 224 0 R>> endobj 224 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.85 21.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.48 21.60 Td (1) Tj ET Q q 0 0 0 rg BT 308.11 21.60 Td (1) 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 80.48 525.75 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.84 525.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 121.42 525.75 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.74 525.75 Td ( ) Tj ET Q q 0 0 0 rg BT 151.88 525.75 Td (of ) Tj ET Q q 0 0 0 rg BT 162.36 525.75 Td (our ) Tj ET Q q 0 0 0 rg BT 177.83 525.75 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 201.63 525.75 Td (year ) Tj ET Q q 0 0 0 rg BT 220.98 525.75 Td (ending ) Tj ET Q q 0 0 0 rg BT 250.35 525.75 Td (December ) Tj ET Q q 0 0 0 rg BT 293.57 525.75 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.22 525.75 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.22 525.75 Td (, ) Tj ET Q q 0 0 0 rg BT 332.86 525.75 Td (there ) Tj ET Q q 0 0 0 rg BT 354.99 525.75 Td (was ) Tj ET Q q 0 0 0 rg BT 372.69 525.75 Td (no ) Tj ET Q q 0 0 0 rg BT 384.84 525.75 Td (change ) Tj ET Q q 0 0 0 rg BT 415.30 525.75 Td (in ) Tj ET Q q 0 0 0 rg BT 425.22 525.75 Td (our ) Tj ET Q q 0 0 0 rg BT 440.70 525.75 Td (system ) Tj ET Q q 0 0 0 rg BT 470.62 525.75 Td (of ) Tj ET Q q 0 0 0 rg BT 481.09 525.75 Td (internal ) Tj ET Q q 0 0 0 rg BT 513.78 525.75 Td (control ) Tj ET Q q 0 0 0 rg BT 544.25 525.75 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 67.72 333.75 Td (information ) Tj ET Q q 0 0 0 rg BT 117.60 333.75 Td (regarding ) Tj ET Q q 0 0 0 rg BT 158.59 333.75 Td (our ) Tj ET Q q 0 0 0 rg BT 174.59 333.75 Td (executive ) Tj ET Q q 0 0 0 rg BT 215.58 333.75 Td (of) Tj ET Q q 0 0 0 rg BT 223.73 333.75 Td (ficers ) Tj ET Q q 0 0 0 rg BT 248.61 333.75 Td (included ) Tj ET Q q 0 0 0 rg BT 285.71 333.75 Td (in ) Tj ET Q q 0 0 0 rg BT 296.16 333.75 Td (Part ) Tj ET Q q 0 0 0 rg BT 314.94 333.75 Td (I ) Tj ET Q q 0 0 0 rg BT 320.95 333.75 Td (of ) Tj ET Q q 0 0 0 rg BT 331.95 333.75 Td (this ) Tj ET Q q 0 0 0 rg BT 349.07 333.75 Td (Form ) Tj ET Q q 0 0 0 rg BT 373.41 333.75 Td (10-K ) Tj ET Q q 0 0 0 rg BT 396.63 333.75 Td (under ) Tj ET Q q 0 0 0 rg BT 422.08 333.75 Td (the ) Tj ET Q q 0 0 0 rg BT 436.96 333.75 Td (caption ) Tj ET Q q 0 0 0 rg BT 469.07 333.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 516.16 333.75 Td (Of) Tj ET Q q 0 0 0 rg BT 526.53 333.75 Td (ficers ) Tj ET Q q 0 0 0 rg BT 555.85 333.75 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 (2015 ) 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 59.60 309.75 Td (be ) Tj ET Q q 0 0 0 rg BT 71.37 309.75 Td (held ) Tj ET Q q 0 0 0 rg BT 90.91 309.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.23 309.75 Td (May13, ) Tj ET Q q 0 0 0 rg BT 138.88 309.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.88 309.75 Td (, ) Tj ET Q q 0 0 0 rg BT 163.71 309.75 Td (under ) Tj ET Q q 0 0 0 rg BT 188.80 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 203.34 309.75 Td (captions ) Tj ET Q q 0 0 0 rg BT 238.99 309.75 Td (Item ) Tj ET Q q 0 0 0 rg BT 264.08 309.75 Td (I ) Tj ET Q q 0 0 0 rg BT 269.73 309.75 Td ( ) Tj ET Q q 0 0 0 rg BT 282.06 309.75 Td (Election ) Tj ET Q q 0 0 0 rg BT 317.70 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 328.36 309.75 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 374.83 309.75 Td (Information ) Tj ET Q q 0 0 0 rg BT 429.35 309.75 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 473.33 309.75 Td (the ) Tj ET Q q 0 0 0 rg BT 487.87 309.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 514.64 309.75 Td (of ) Tj ET Q q 0 0 0 rg BT 525.29 309.75 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 66.90 297.75 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 109.85 297.75 Td (Governance ) Tj ET Q q 0 0 0 rg BT 161.12 297.75 Td ( ) Tj ET Q q 0 0 0 rg BT 174.08 297.75 Td (Committees ) Tj ET Q q 0 0 0 rg BT 225.37 297.75 Td (of ) Tj ET Q q 0 0 0 rg BT 236.67 297.75 Td (the ) Tj ET Q q 0 0 0 rg BT 251.85 297.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 279.25 297.75 Td ( ) Tj ET Q q 0 0 0 rg BT 291.56 297.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 317.30 297.75 Td (Committee, ) Tj ET Q q 0 0 0 rg BT 371.64 297.75 Td (Information ) Tj ET Q q 0 0 0 rg BT 426.80 297.75 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 471.42 297.75 Td (the ) Tj ET Q q 0 0 0 rg BT 486.60 297.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 514.00 297.75 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 67.85 285.75 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 111.75 285.75 Td (Governance ) Tj ET Q q 0 0 0 rg BT 163.97 285.75 Td ( ) Tj ET Q q 0 0 0 rg BT 177.88 285.75 Td (Codes ) Tj ET Q q 0 0 0 rg BT 206.79 285.75 Td (of ) Tj ET Q q 0 0 0 rg BT 219.03 285.75 Td (Ethics ) Tj ET Q q 0 0 0 rg BT 247.94 285.75 Td (and ) Tj ET Q q 0 0 0 rg BT 266.29 285.75 Td (Business ) Tj ET Q q 0 0 0 rg BT 305.76 285.75 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 348.00 285.75 Td (and ) Tj ET Q q 0 0 0 rg BT 366.35 285.75 Td (Section ) Tj ET Q q 0 0 0 rg BT 404.70 285.75 Td (16\(a\) ) Tj ET Q q 0 0 0 rg BT 429.71 285.75 Td (Beneficial ) Tj ET Q q 0 0 0 rg BT 474.71 285.75 Td (Ownership ) Tj ET Q q 0 0 0 rg BT 522.50 285.75 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 104.76 273.75 Td (is ) Tj ET Q q 0 0 0 rg BT 113.93 273.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 166.96 273.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 194.45 273.75 Td (by ) Tj ET Q q 0 0 0 rg BT 206.95 273.75 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 67.27 225.75 Td (information ) Tj ET Q q 0 0 0 rg BT 116.71 225.75 Td (in ) Tj ET Q q 0 0 0 rg BT 126.72 225.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.16 225.75 Td (definitive ) Tj ET Q q 0 0 0 rg BT 181.71 225.75 Td (proxy ) Tj ET Q q 0 0 0 rg BT 207.26 225.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 247.81 225.75 Td (for ) Tj ET Q q 0 0 0 rg BT 261.70 225.75 Td (our ) Tj ET Q q 0 0 0 rg BT 277.25 225.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 299.48 225.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 328.36 225.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 362.80 225.75 Td (of ) Tj ET Q q 0 0 0 rg BT 373.36 225.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 426.12 225.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.13 225.75 Td (be ) Tj ET Q q 0 0 0 rg BT 447.79 225.75 Td (held ) Tj ET Q q 0 0 0 rg BT 467.23 225.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.46 225.75 Td (May13, ) Tj ET Q q 0 0 0 rg BT 515.02 225.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.02 225.75 Td (, ) Tj ET Q q 0 0 0 rg BT 539.74 225.75 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.75 Td (the ) Tj ET Q q 0 0 0 rg BT 63.57 213.75 Td (captions ) Tj ET Q q 0 0 0 rg BT 98.75 213.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 145.02 213.75 Td (Compensation, ) Tj ET Q q 0 0 0 rg BT 211.58 213.75 Td (Certain ) Tj ET Q q 0 0 0 rg BT 247.31 213.75 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 303.61 213.75 Td (and ) Tj ET Q q 0 0 0 rg BT 319.90 213.75 Td (Related ) Tj ET Q q 0 0 0 rg BT 352.16 213.75 Td (T) Tj ET Q q 0 0 0 rg BT 357.92 213.75 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 404.75 213.75 Td ( ) Tj ET Q q 0 0 0 rg BT 416.61 213.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 476.23 213.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 522.53 213.75 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 66.21 201.75 Td (Insider ) Tj ET Q q 0 0 0 rg BT 96.25 201.75 Td (Participation, ) Tj ET Q q 0 0 0 rg BT 156.55 201.75 Td (Information ) Tj ET Q q 0 0 0 rg BT 211.02 201.75 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 254.95 201.75 Td (the ) Tj ET Q q 0 0 0 rg BT 269.44 201.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 296.14 201.75 Td (of ) Tj ET Q q 0 0 0 rg BT 306.74 201.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 346.22 201.75 Td (and ) Tj ET Q q 0 0 0 rg BT 362.93 201.75 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 405.18 201.75 Td (Governance ) Tj ET Q q 0 0 0 rg BT 455.76 201.75 Td ( ) Tj ET Q q 0 0 0 rg BT 468.03 201.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 528.07 201.75 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 63.61 189.75 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 127.15 189.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 171.25 189.75 Td (and ) Tj ET Q q 0 0 0 rg BT 188.14 189.75 Td (Information ) Tj ET Q q 0 0 0 rg BT 242.79 189.75 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 286.90 189.75 Td (the ) Tj ET Q q 0 0 0 rg BT 301.56 189.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 328.45 189.75 Td (of ) Tj ET Q q 0 0 0 rg BT 339.23 189.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 378.89 189.75 Td (and ) Tj ET Q q 0 0 0 rg BT 395.78 189.75 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 438.21 189.75 Td (Governance ) Tj ET Q q 0 0 0 rg BT 488.97 189.75 Td ( ) Tj ET Q q 0 0 0 rg BT 501.42 189.75 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 (2014 ) Tj ET Q q 0 0 0 rg BT 186.69 177.75 Td (is ) Tj ET Q q 0 0 0 rg BT 195.86 177.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 248.89 177.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 276.38 177.75 Td (by ) Tj ET Q q 0 0 0 rg BT 288.88 177.75 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 67.27 117.75 Td (information ) Tj ET Q q 0 0 0 rg BT 116.71 117.75 Td (in ) Tj ET Q q 0 0 0 rg BT 126.72 117.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.16 117.75 Td (definitive ) Tj ET Q q 0 0 0 rg BT 181.71 117.75 Td (proxy ) Tj ET Q q 0 0 0 rg BT 207.26 117.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 247.81 117.75 Td (for ) Tj ET Q q 0 0 0 rg BT 261.70 117.75 Td (our ) Tj ET Q q 0 0 0 rg BT 277.25 117.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 299.48 117.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 328.36 117.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 362.80 117.75 Td (of ) Tj ET Q q 0 0 0 rg BT 373.36 117.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 426.12 117.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.13 117.75 Td (be ) Tj ET Q q 0 0 0 rg BT 447.79 117.75 Td (held ) Tj ET Q q 0 0 0 rg BT 467.23 117.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.46 117.75 Td (May13, ) Tj ET Q q 0 0 0 rg BT 515.02 117.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.02 117.75 Td (, ) Tj ET Q q 0 0 0 rg BT 539.74 117.75 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.75 Td (the ) Tj ET Q q 0 0 0 rg BT 63.62 105.75 Td (captions ) Tj ET Q q 0 0 0 rg BT 98.85 105.75 Td (Security ) Tj ET Q q 0 0 0 rg BT 138.52 105.75 Td (Ownership ) Tj ET Q q 0 0 0 rg BT 184.31 105.75 Td ( ) Tj ET Q q 0 0 0 rg BT 196.22 105.75 Td (Beneficial ) Tj ET Q q 0 0 0 rg BT 239.21 105.75 Td (Ownership ) Tj ET Q q 0 0 0 rg BT 285.00 105.75 Td (of ) Tj ET Q q 0 0 0 rg BT 295.23 105.75 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 336.85 105.75 Td (Nominees ) Tj ET Q q 0 0 0 rg BT 379.30 105.75 Td (and ) Tj ET Q q 0 0 0 rg BT 395.64 105.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 437.53 105.75 Td (Of) Tj ET Q q 0 0 0 rg BT 447.90 105.75 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 478.95 105.75 Td (Security ) Tj ET Q q 0 0 0 rg BT 518.62 105.75 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 62.17 93.75 Td (Beneficial ) Tj ET Q q 0 0 0 rg BT 105.92 93.75 Td (Owners ) Tj ET Q q 0 0 0 rg BT 139.69 93.75 Td (of ) Tj ET Q q 0 0 0 rg BT 150.69 93.75 Td (More ) Tj ET Q q 0 0 0 rg BT 175.02 93.75 Td (than ) Tj ET Q q 0 0 0 rg BT 194.90 93.75 Td (Five ) Tj ET Q q 0 0 0 rg BT 215.35 93.75 Td (Percent ) Tj ET Q q 0 0 0 rg BT 248.00 93.75 Td (of ) Tj ET Q q 0 0 0 rg BT 259.00 93.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 277.22 93.75 Td (Common ) Tj ET Q q 0 0 0 rg BT 317.11 93.75 Td (Stock ) Tj ET Q q 0 0 0 rg BT 347.00 93.75 Td (and ) Tj ET Q q 0 0 0 rg BT 364.10 93.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 411.19 93.75 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 471.63 93.75 Td ( ) Tj ET Q q 0 0 0 rg BT 484.30 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 86.62 81.75 Td (are ) Tj ET Q q 0 0 0 rg BT 101.33 81.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 154.36 81.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 181.85 81.75 Td (by ) Tj ET Q q 0 0 0 rg BT 194.35 81.75 Td (reference.) 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 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 endstream endobj 225 0 obj <>] /Rotate 0 /Contents 226 0 R>> endobj 226 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 21.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 21.60 Td (12) 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 67.27 693.75 Td (information ) Tj ET Q q 0 0 0 rg BT 116.71 693.75 Td (in ) Tj ET Q q 0 0 0 rg BT 126.72 693.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.16 693.75 Td (definitive ) Tj ET Q q 0 0 0 rg BT 181.71 693.75 Td (proxy ) Tj ET Q q 0 0 0 rg BT 207.26 693.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 247.81 693.75 Td (for ) Tj ET Q q 0 0 0 rg BT 261.70 693.75 Td (our ) Tj ET Q q 0 0 0 rg BT 277.25 693.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 299.48 693.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 328.36 693.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 362.80 693.75 Td (of ) Tj ET Q q 0 0 0 rg BT 373.36 693.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 426.12 693.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.13 693.75 Td (be ) Tj ET Q q 0 0 0 rg BT 447.79 693.75 Td (held ) Tj ET Q q 0 0 0 rg BT 467.23 693.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.46 693.75 Td (May13, ) Tj ET Q q 0 0 0 rg BT 515.02 693.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.02 693.75 Td (, ) Tj ET Q q 0 0 0 rg BT 539.74 693.75 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 681.75 Td (the ) Tj ET Q q 0 0 0 rg BT 65.22 681.75 Td (captions ) Tj ET Q q 0 0 0 rg BT 102.05 681.75 Td (Information ) Tj ET Q q 0 0 0 rg BT 157.75 681.75 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 202.91 681.75 Td (the ) Tj ET Q q 0 0 0 rg BT 218.63 681.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 246.57 681.75 Td (of ) Tj ET Q q 0 0 0 rg BT 258.40 681.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 299.11 681.75 Td (and ) Tj ET Q q 0 0 0 rg BT 317.05 681.75 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 360.54 681.75 Td (Governance ) Tj ET Q q 0 0 0 rg BT 412.35 681.75 Td ( ) Tj ET Q q 0 0 0 rg BT 425.85 681.75 Td (Director ) Tj ET Q q 0 0 0 rg BT 462.67 681.75 Td (Independence, ) Tj ET Q q 0 0 0 rg BT 528.63 681.75 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 105.38 669.75 Td (and ) Tj ET Q q 0 0 0 rg BT 121.25 669.75 Td (Related ) Tj ET Q q 0 0 0 rg BT 153.12 669.75 Td (T) Tj ET Q q 0 0 0 rg BT 158.88 669.75 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 205.29 669.75 Td ( ) Tj ET Q q 0 0 0 rg BT 216.62 669.75 Td (T) Tj ET Q q 0 0 0 rg BT 222.38 669.75 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 268.80 669.75 Td (with ) Tj ET Q q 0 0 0 rg BT 288.01 669.75 Td (Related ) Tj ET Q q 0 0 0 rg BT 319.99 669.75 Td (Persons ) Tj ET Q q 0 0 0 rg BT 356.97 669.75 Td (and ) Tj ET Q q 0 0 0 rg BT 372.84 669.75 Td (Certain ) Tj ET Q q 0 0 0 rg BT 408.15 669.75 Td (Relationships ) Tj ET Q q 0 0 0 rg BT 464.02 669.75 Td (and ) Tj ET Q q 0 0 0 rg BT 479.90 669.75 Td (Related ) Tj ET Q q 0 0 0 rg BT 511.77 669.75 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 306.97 657.75 Td (is ) Tj ET Q q 0 0 0 rg BT 316.14 657.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 369.17 657.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 396.65 657.75 Td (by ) Tj ET Q q 0 0 0 rg BT 409.15 657.75 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 67.27 609.75 Td (information ) Tj ET Q q 0 0 0 rg BT 116.71 609.75 Td (in ) Tj ET Q q 0 0 0 rg BT 126.72 609.75 Td (the ) Tj ET Q q 0 0 0 rg BT 141.16 609.75 Td (definitive ) Tj ET Q q 0 0 0 rg BT 181.71 609.75 Td (proxy ) Tj ET Q q 0 0 0 rg BT 207.26 609.75 Td (statement ) Tj ET Q q 0 0 0 rg BT 247.81 609.75 Td (for ) Tj ET Q q 0 0 0 rg BT 261.70 609.75 Td (our ) Tj ET Q q 0 0 0 rg BT 277.25 609.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 299.48 609.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 328.36 609.75 Td (meeting ) Tj ET Q q 0 0 0 rg BT 362.80 609.75 Td (of ) Tj ET Q q 0 0 0 rg BT 373.36 609.75 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 426.12 609.75 Td (to ) Tj ET Q q 0 0 0 rg BT 436.13 609.75 Td (be ) Tj ET Q q 0 0 0 rg BT 447.79 609.75 Td (held ) Tj ET Q q 0 0 0 rg BT 467.23 609.75 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.46 609.75 Td (May13, ) Tj ET Q q 0 0 0 rg BT 515.02 609.75 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.02 609.75 Td (, ) Tj ET Q q 0 0 0 rg BT 539.74 609.75 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 597.75 Td (the ) Tj ET Q q 0 0 0 rg BT 63.92 597.75 Td (captions ) Tj ET Q q 0 0 0 rg BT 99.45 597.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 128.87 597.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 175.51 597.75 Td (Report ) Tj ET Q q 0 0 0 rg BT 204.92 597.75 Td (and ) Tj ET Q q 0 0 0 rg BT 221.57 597.75 Td (Payment ) Tj ET Q q 0 0 0 rg BT 258.76 597.75 Td (of ) Tj ET Q q 0 0 0 rg BT 269.29 597.75 Td (Fees ) Tj ET Q q 0 0 0 rg BT 289.83 597.75 Td (to ) Tj ET Q q 0 0 0 rg BT 299.81 597.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 317.56 597.75 Td (Independent ) Tj ET Q q 0 0 0 rg BT 368.70 597.75 Td (Auditor ) Tj ET Q q 0 0 0 rg BT 402.01 597.75 Td ( ) Tj ET Q q 0 0 0 rg BT 413.73 597.75 Td (Auditor ) Tj ET Q q 0 0 0 rg BT 447.04 597.75 Td (Fees ) Tj ET Q q 0 0 0 rg BT 472.01 597.75 Td (and ) Tj ET Q q 0 0 0 rg BT 488.65 597.75 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 79.99 585.75 Td (and ) Tj ET Q q 0 0 0 rg BT 97.71 585.75 Td (Payment ) Tj ET Q q 0 0 0 rg BT 135.98 585.75 Td (of ) Tj ET Q q 0 0 0 rg BT 147.58 585.75 Td (Fees ) Tj ET Q q 0 0 0 rg BT 169.19 585.75 Td (to ) Tj ET Q q 0 0 0 rg BT 180.24 585.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 199.07 585.75 Td (Independent ) Tj ET Q q 0 0 0 rg BT 251.04 585.75 Td (Auditor ) Tj ET Q q 0 0 0 rg BT 285.43 585.75 Td ( ) Tj ET Q q 0 0 0 rg BT 297.98 585.75 Td (Auditor ) Tj ET Q q 0 0 0 rg BT 332.36 585.75 Td (Services ) Tj ET Q q 0 0 0 rg BT 369.52 585.75 Td (Pre-Approval ) Tj ET Q q 0 0 0 rg BT 427.22 585.75 Td (Policy ) Tj ET Q q 0 0 0 rg BT 460.49 585.75 Td (is ) Tj ET Q q 0 0 0 rg BT 470.44 585.75 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 524.24 585.75 Td (herein ) Tj ET Q q 0 0 0 rg BT 552.50 585.75 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 (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 292.82 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.02 292.82 Td (and ) Tj ET Q q 0 0 0 rg BT 183.10 292.82 Td (Restated ) Tj ET Q q 0 0 0 rg BT 219.18 292.82 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 263.01 292.82 Td (of ) Tj ET Q q 0 0 0 rg BT 272.99 292.82 Td (Incorporation ) Tj ET Q q 0 0 0 rg BT 329.05 292.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 384.56 292.82 Td (by ) Tj ET Q q 0 0 0 rg BT 396.20 292.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 435.02 292.82 Td (to ) Tj ET Q q 0 0 0 rg BT 444.44 292.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 475.53 292.82 Td (3.1 ) Tj ET Q q 0 0 0 rg BT 489.67 292.82 Td (to ) Tj ET Q q 0 0 0 rg BT 499.09 292.82 Td (the ) Tj ET Q q 0 0 0 rg BT 512.95 292.82 Td (Company) Tj ET Q q 0 0 0 rg BT 554.89 292.82 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 282.82 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 167.32 282.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 197.03 282.82 Td (on ) Tj ET Q q 0 0 0 rg BT 209.53 282.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 233.70 282.82 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 256.75 282.82 Td (for ) Tj ET Q q 0 0 0 rg BT 270.91 282.82 Td (the ) Tj ET Q q 0 0 0 rg BT 285.63 282.82 Td (period ) Tj ET Q q 0 0 0 rg BT 313.68 282.82 Td (ended ) Tj ET Q q 0 0 0 rg BT 340.05 282.82 Td (June ) Tj ET Q q 0 0 0 rg BT 360.88 282.82 Td (30, ) Tj ET Q q 0 0 0 rg BT 375.88 282.82 Td (2007, ) Tj ET Q q 0 0 0 rg BT 400.88 282.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 421.43 282.82 Td (August ) Tj ET Q q 0 0 0 rg BT 452.55 282.82 Td (3, ) Tj ET Q q 0 0 0 rg BT 462.55 282.82 Td (2007\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 267.82 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 267.82 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.69 267.82 Td (and ) Tj ET Q q 0 0 0 rg BT 184.44 267.82 Td (Restated ) Tj ET Q q 0 0 0 rg BT 221.19 267.82 Td (Bylaws ) Tj ET Q q 0 0 0 rg BT 253.51 267.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 309.68 267.82 Td (by ) Tj ET Q q 0 0 0 rg BT 322.00 267.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 361.50 267.82 Td (to ) Tj ET Q q 0 0 0 rg BT 371.59 267.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 403.35 267.82 Td (3.2 ) Tj ET Q q 0 0 0 rg BT 418.16 267.82 Td (to ) Tj ET Q q 0 0 0 rg BT 428.25 267.82 Td (the ) Tj ET Q q 0 0 0 rg BT 442.78 267.82 Td (Company) Tj ET Q q 0 0 0 rg BT 484.73 267.82 Td (s ) Tj ET Q q 0 0 0 rg BT 490.66 267.82 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 531.29 267.82 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 257.82 Td (on ) Tj ET Q q 0 0 0 rg BT 139.00 257.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 163.17 257.82 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 186.22 257.82 Td (for ) Tj ET Q q 0 0 0 rg BT 200.38 257.82 Td (the ) Tj ET Q q 0 0 0 rg BT 215.10 257.82 Td (period ) Tj ET Q q 0 0 0 rg BT 243.15 257.82 Td (ended ) Tj ET Q q 0 0 0 rg BT 269.52 257.82 Td (June ) Tj ET Q q 0 0 0 rg BT 290.35 257.82 Td (30, ) Tj ET Q q 0 0 0 rg BT 305.35 257.82 Td (2007, ) Tj ET Q q 0 0 0 rg BT 330.35 257.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 350.90 257.82 Td (August ) Tj ET Q q 0 0 0 rg BT 382.02 257.82 Td (3, ) Tj ET Q q 0 0 0 rg BT 392.02 257.82 Td (2007\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 242.82 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 242.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.72 242.82 Td (of ) Tj ET Q q 0 0 0 rg BT 163.61 242.82 Td (Specimen ) Tj ET Q q 0 0 0 rg BT 206.60 242.82 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 252.35 242.82 Td (for ) Tj ET Q q 0 0 0 rg BT 267.56 242.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 292.23 242.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 303.80 242.82 Td (fray ) Tj ET Q q 0 0 0 rg BT 323.36 242.82 Td (Companies ) Tj ET Q q 0 0 0 rg BT 371.91 242.82 Td (Common ) Tj ET Q q 0 0 0 rg BT 412.69 242.82 Td (Stock ) Tj ET Q q 0 0 0 rg BT 439.02 242.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 496.44 242.82 Td (by ) Tj ET Q q 0 0 0 rg BT 510.00 242.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.73 242.82 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 232.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.44 232.82 Td (4.1 ) Tj ET Q q 0 0 0 rg BT 173.44 232.82 Td (to ) Tj ET Q q 0 0 0 rg BT 183.72 232.82 Td (the ) Tj ET Q q 0 0 0 rg BT 198.44 232.82 Td (Company's ) Tj ET Q q 0 0 0 rg BT 245.52 232.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 269.69 232.82 Td (10, ) Tj ET Q q 0 0 0 rg BT 284.69 232.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 305.51 232.82 Td (June ) Tj ET Q q 0 0 0 rg BT 326.34 232.82 Td (25, ) Tj ET Q q 0 0 0 rg BT 341.34 232.82 Td (2003\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 217.82 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 217.82 Td (Second ) Tj ET Q q 0 0 0 rg BT 159.09 217.82 Td (Amended ) Tj ET Q q 0 0 0 rg BT 201.38 217.82 Td (and ) Tj ET Q q 0 0 0 rg BT 219.51 217.82 Td (Restated ) Tj ET Q q 0 0 0 rg BT 257.63 217.82 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 299.63 217.82 Td (dated ) Tj ET Q q 0 0 0 rg BT 324.98 217.82 Td (as ) Tj ET Q q 0 0 0 rg BT 337.00 217.82 Td (of ) Tj ET Q q 0 0 0 rg BT 349.02 217.82 Td (June ) Tj ET Q q 0 0 0 rg BT 371.04 217.82 Td (1) Tj ET Q q 0 0 0 rg BT 375.85 217.82 Td (1, ) Tj ET Q q 0 0 0 rg BT 386.85 217.82 Td (2012 ) Tj ET Q q 0 0 0 rg BT 410.54 217.82 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 449.77 217.82 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 502.89 217.82 Td (Paper ) Tj ET Q q 0 0 0 rg BT 529.34 217.82 Td (Notes\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 207.82 Td (between ) Tj ET Q q 0 0 0 rg BT 162.40 207.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 186.09 207.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 197.66 207.82 Td (fray ) Tj ET Q q 0 0 0 rg BT 216.25 207.82 Td (& ) Tj ET Q q 0 0 0 rg BT 226.61 207.82 Td (Co. ) Tj ET Q q 0 0 0 rg BT 243.36 207.82 Td (and ) Tj ET Q q 0 0 0 rg BT 260.38 207.82 Td (the ) Tj ET Q q 0 0 0 rg BT 275.18 207.82 Td (Bank ) Tj ET Q q 0 0 0 rg BT 298.87 207.82 Td (of ) Tj ET Q q 0 0 0 rg BT 309.78 207.82 Td (New ) Tj ET Q q 0 0 0 rg BT 331.05 207.82 Td (Y) Tj ET Q q 0 0 0 rg BT 337.58 207.82 Td (ork ) Tj ET Q q 0 0 0 rg BT 353.00 207.82 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 384.46 207.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 440.91 207.82 Td (by ) Tj ET Q q 0 0 0 rg BT 453.49 207.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 493.26 207.82 Td (to ) Tj ET Q q 0 0 0 rg BT 503.62 207.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 535.64 207.82 Td (4.1 ) Tj ET Q q 0 0 0 rg BT 550.72 207.82 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 197.82 Td (the ) Tj ET Q q 0 0 0 rg BT 141.80 197.82 Td (Company's ) Tj ET Q q 0 0 0 rg BT 189.46 197.82 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 230.85 197.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 261.15 197.82 Td (on ) Tj ET Q q 0 0 0 rg BT 274.23 197.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 298.98 197.82 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 322.61 197.82 Td (for ) Tj ET Q q 0 0 0 rg BT 337.35 197.82 Td (the ) Tj ET Q q 0 0 0 rg BT 352.65 197.82 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 377.38 197.82 Td (quarter ) Tj ET Q q 0 0 0 rg BT 408.78 197.82 Td (ended ) Tj ET Q q 0 0 0 rg BT 435.74 197.82 Td (June ) Tj ET Q q 0 0 0 rg BT 457.15 197.82 Td (30, ) Tj ET Q q 0 0 0 rg BT 472.73 197.82 Td (2012, ) Tj ET Q q 0 0 0 rg BT 498.31 197.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 519.31 197.82 Td (August ) Tj ET Q q 0 0 0 rg BT 551.00 197.82 Td (2, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 187.82 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 172.82 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 172.82 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 167.34 172.82 Td (dated ) Tj ET Q q 0 0 0 rg BT 191.52 172.82 Td (as ) Tj ET Q q 0 0 0 rg BT 202.37 172.82 Td (of ) Tj ET Q q 0 0 0 rg BT 212.94 172.82 Td (April ) Tj ET Q q 0 0 0 rg BT 236.30 172.82 Td (2, ) Tj ET Q q 0 0 0 rg BT 246.32 172.82 Td (2012 ) Tj ET Q q 0 0 0 rg BT 268.85 172.82 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 306.91 172.82 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 358.86 172.82 Td (Paper ) Tj ET Q q 0 0 0 rg BT 384.15 172.82 Td (Notes ) Tj ET Q q 0 0 0 rg BT 410.00 172.82 Td (-- ) Tj ET Q q 0 0 0 rg BT 419.19 172.82 Td (Series ) Tj ET Q q 0 0 0 rg BT 446.15 172.82 Td (II\), ) Tj ET Q q 0 0 0 rg BT 461.16 172.82 Td (between ) Tj ET Q q 0 0 0 rg BT 497.00 172.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 520.63 172.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 532.20 172.82 Td (fray ) Tj ET Q q 0 0 0 rg BT 550.74 172.82 Td (& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 162.82 Td (Co. ) Tj ET Q q 0 0 0 rg BT 143.25 162.82 Td (and ) Tj ET Q q 0 0 0 rg BT 160.27 162.82 Td (the ) Tj ET Q q 0 0 0 rg BT 175.07 162.82 Td (Bank ) Tj ET Q q 0 0 0 rg BT 198.77 162.82 Td (of ) Tj ET Q q 0 0 0 rg BT 209.68 162.82 Td (New ) Tj ET Q q 0 0 0 rg BT 230.95 162.82 Td (Y) Tj ET Q q 0 0 0 rg BT 237.48 162.82 Td (ork ) Tj ET Q q 0 0 0 rg BT 252.89 162.82 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 284.36 162.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 340.81 162.82 Td (by ) Tj ET Q q 0 0 0 rg BT 353.39 162.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 393.16 162.82 Td (to ) Tj ET Q q 0 0 0 rg BT 403.52 162.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 435.55 162.82 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 455.63 162.82 Td (to ) Tj ET Q q 0 0 0 rg BT 465.99 162.82 Td (the ) Tj ET Q q 0 0 0 rg BT 480.79 162.82 Td (Company's ) Tj ET Q q 0 0 0 rg BT 527.95 162.82 Td (Current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 152.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 156.22 152.82 Td (on ) Tj ET Q q 0 0 0 rg BT 168.72 152.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 192.89 152.82 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 213.44 152.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 233.99 152.82 Td (April ) Tj ET Q q 0 0 0 rg BT 257.32 152.82 Td (5, ) Tj ET Q q 0 0 0 rg BT 267.32 152.82 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 137.82 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 137.82 Td (Second ) Tj ET Q q 0 0 0 rg BT 158.46 137.82 Td (Amended ) Tj ET Q q 0 0 0 rg BT 199.94 137.82 Td (and ) Tj ET Q q 0 0 0 rg BT 217.26 137.82 Td (Restated ) Tj ET Q q 0 0 0 rg BT 254.58 137.82 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 295.78 137.82 Td (dated ) Tj ET Q q 0 0 0 rg BT 319.96 137.82 Td (April ) Tj ET Q q 0 0 0 rg BT 343.67 137.82 Td (21, ) Tj ET Q q 0 0 0 rg BT 359.05 137.82 Td (2014 ) Tj ET Q q 0 0 0 rg BT 381.94 137.82 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 420.35 137.82 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 472.67 137.82 Td (Paper ) Tj ET Q q 0 0 0 rg BT 498.32 137.82 Td (Notes ) Tj ET Q q 0 0 0 rg BT 524.53 137.82 Td (-- ) Tj ET Q q 0 0 0 rg BT 534.07 137.82 Td (Series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 127.82 Td (III\), ) Tj ET Q q 0 0 0 rg BT 145.32 127.82 Td (between ) Tj ET Q q 0 0 0 rg BT 181.64 127.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 205.75 127.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 217.32 127.82 Td (fray ) Tj ET Q q 0 0 0 rg BT 236.32 127.82 Td (& ) Tj ET Q q 0 0 0 rg BT 247.10 127.82 Td (Co. ) Tj ET Q q 0 0 0 rg BT 264.27 127.82 Td (and ) Tj ET Q q 0 0 0 rg BT 281.71 127.82 Td (the ) Tj ET Q q 0 0 0 rg BT 296.93 127.82 Td (Bank ) Tj ET Q q 0 0 0 rg BT 321.04 127.82 Td (of ) Tj ET Q q 0 0 0 rg BT 332.37 127.82 Td (New ) Tj ET Q q 0 0 0 rg BT 353.99 127.82 Td (Y) Tj ET Q q 0 0 0 rg BT 360.53 127.82 Td (ork ) Tj ET Q q 0 0 0 rg BT 376.36 127.82 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 408.24 127.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 465.11 127.82 Td (by ) Tj ET Q q 0 0 0 rg BT 478.11 127.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 518.29 127.82 Td (to ) Tj ET Q q 0 0 0 rg BT 529.07 127.82 Td (Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 117.82 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 146.50 117.82 Td (to ) Tj ET Q q 0 0 0 rg BT 156.78 117.82 Td (the ) Tj ET Q q 0 0 0 rg BT 171.50 117.82 Td (Company's ) Tj ET Q q 0 0 0 rg BT 218.58 117.82 Td (Current ) Tj ET Q q 0 0 0 rg BT 251.62 117.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 281.34 117.82 Td (on ) Tj ET Q q 0 0 0 rg BT 293.84 117.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 318.01 117.82 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 338.56 117.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 359.11 117.82 Td (April ) Tj ET Q q 0 0 0 rg BT 382.44 117.82 Td (21, ) Tj ET Q q 0 0 0 rg BT 397.44 117.82 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 102.82 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 102.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.35 102.82 Td (of ) Tj ET Q q 0 0 0 rg BT 160.87 102.82 Td (director ) Tj ET Q q 0 0 0 rg BT 194.15 102.82 Td (indemnification ) Tj ET Q q 0 0 0 rg BT 259.65 102.82 Td (agreement ) Tj ET Q q 0 0 0 rg BT 303.48 102.82 Td (between ) Tj ET Q q 0 0 0 rg BT 338.98 102.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 362.27 102.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 373.84 102.82 Td (fray ) Tj ET Q q 0 0 0 rg BT 392.03 102.82 Td (Companies ) Tj ET Q q 0 0 0 rg BT 439.21 102.82 Td (and ) Tj ET Q q 0 0 0 rg BT 455.84 102.82 Td (its ) Tj ET Q q 0 0 0 rg BT 467.47 102.82 Td (directors ) Tj ET Q q 0 0 0 rg BT 504.64 102.82 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 92.82 Td (by ) Tj ET Q q 0 0 0 rg BT 139.00 92.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 178.68 92.82 Td (to ) Tj ET Q q 0 0 0 rg BT 188.96 92.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 220.90 92.82 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 240.90 92.82 Td (to ) Tj ET Q q 0 0 0 rg BT 251.18 92.82 Td (the ) Tj ET Q q 0 0 0 rg BT 265.90 92.82 Td (Company's ) Tj ET Q q 0 0 0 rg BT 312.98 92.82 Td (Current ) Tj ET Q q 0 0 0 rg BT 346.03 92.82 Td (Report ) Tj ET Q q 0 0 0 rg BT 375.74 92.82 Td (on ) Tj ET Q q 0 0 0 rg BT 388.24 92.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 412.41 92.82 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 432.96 92.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 453.79 92.82 Td (March ) Tj ET Q q 0 0 0 rg BT 482.39 92.82 Td (17, ) Tj ET Q q 0 0 0 rg BT 497.39 92.82 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 525.72 92.82 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 77.82 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 77.82 Td (Of) Tj ET Q q 0 0 0 rg BT 136.87 77.82 Td (fice ) Tj ET Q q 0 0 0 rg BT 155.31 77.82 Td (Lease ) Tj ET Q q 0 0 0 rg BT 181.31 77.82 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 231.68 77.82 Td (dated ) Tj ET Q q 0 0 0 rg BT 256.79 77.82 Td (May30, ) Tj ET Q q 0 0 0 rg BT 293.57 77.82 Td (2012, ) Tj ET Q q 0 0 0 rg BT 319.52 77.82 Td (by ) Tj ET Q q 0 0 0 rg BT 332.97 77.82 Td (and ) Tj ET Q q 0 0 0 rg BT 350.86 77.82 Td (among ) Tj ET Q q 0 0 0 rg BT 381.52 77.82 Td (Piper ) Tj ET Q q 0 0 0 rg BT 406.08 77.82 Td (Jaf) Tj ET Q q 0 0 0 rg BT 417.56 77.82 Td (fray ) Tj ET Q q 0 0 0 rg BT 437.11 77.82 Td (& ) Tj ET Q q 0 0 0 rg BT 448.34 77.82 Td (Co. ) Tj ET Q q 0 0 0 rg BT 465.96 77.82 Td (and ) Tj ET Q q 0 0 0 rg BT 483.59 77.82 Td (W) Tj ET Q q 0 0 0 rg BT 492.23 77.82 Td (ells ) Tj ET Q q 0 0 0 rg BT 509.57 77.82 Td (REIT) Tj ET Q q 0 0 0 rg BT 531.60 77.82 Td ( ) Tj ET Q q 0 0 0 rg BT 535.05 77.82 Td ( ) Tj ET Q q 0 0 0 rg BT 543.50 77.82 Td (800 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 67.82 Td (Nicollett ) Tj ET Q q 0 0 0 rg BT 163.77 67.82 Td (A) Tj ET Q q 0 0 0 rg BT 170.25 67.82 Td (venue ) Tj ET Q q 0 0 0 rg BT 197.06 67.82 Td (Owner) Tj ET Q q 0 0 0 rg BT 223.87 67.82 Td (, ) Tj ET Q q 0 0 0 rg BT 229.30 67.82 Td (LLC ) Tj ET Q q 0 0 0 rg BT 251.11 67.82 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 307.90 67.82 Td (by ) Tj ET Q q 0 0 0 rg BT 320.83 67.82 Td (reference ) Tj ET Q q 0 0 0 rg BT 360.94 67.82 Td (to ) Tj ET Q q 0 0 0 rg BT 371.65 67.82 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 404.02 67.82 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 424.45 67.82 Td (to ) Tj ET Q q 0 0 0 rg BT 435.16 67.82 Td (the ) Tj ET Q q 0 0 0 rg BT 450.30 67.82 Td (Company's ) Tj ET Q q 0 0 0 rg BT 497.81 67.82 Td (Current ) Tj ET Q q 0 0 0 rg BT 531.29 67.82 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 57.82 Td (on ) Tj ET Q q 0 0 0 rg BT 139.00 57.82 Td (Form ) Tj ET Q q 0 0 0 rg BT 163.17 57.82 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 183.72 57.82 Td (filed ) Tj ET Q q 0 0 0 rg BT 204.55 57.82 Td (June ) Tj ET Q q 0 0 0 rg BT 225.38 57.82 Td (1, ) Tj ET Q q 0 0 0 rg BT 235.38 57.82 Td (2012\).) 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 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 endstream endobj 227 0 obj <>] /Rotate 0 /Contents 228 0 R>> endobj 228 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 19.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 19.60 Td (13) 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 (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 705.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 146.02 705.07 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 181.64 705.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 204.49 705.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 216.06 705.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 233.81 705.07 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 250.81 705.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 281.99 705.07 Td (Century ) Tj ET Q q 0 0 0 rg BT 315.95 705.07 Td (2000 ) Tj ET Q q 0 0 0 rg BT 337.69 705.07 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 374.96 705.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 434.47 705.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 453.99 705.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 509.59 705.07 Td (by ) Tj ET Q q 0 0 0 rg BT 521.33 705.07 Td (reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 695.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.26 695.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 167.68 695.07 Td (10.10 ) Tj ET Q q 0 0 0 rg BT 192.15 695.07 Td (to ) Tj ET Q q 0 0 0 rg BT 201.91 695.07 Td (the ) Tj ET Q q 0 0 0 rg BT 216.10 695.07 Td (Company) Tj ET Q q 0 0 0 rg BT 258.05 695.07 Td (s ) Tj ET Q q 0 0 0 rg BT 263.48 695.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 294.62 695.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 323.81 695.07 Td (on ) Tj ET Q q 0 0 0 rg BT 335.79 695.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 359.44 695.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 381.97 695.07 Td (for ) Tj ET Q q 0 0 0 rg BT 395.60 695.07 Td (the ) Tj ET Q q 0 0 0 rg BT 409.80 695.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 433.43 695.07 Td (year ) Tj ET Q q 0 0 0 rg BT 452.62 695.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 478.47 695.07 Td (December ) Tj ET Q q 0 0 0 rg BT 521.53 695.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 536.01 695.07 Td (2003, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 685.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 147.33 685.07 Td (March ) Tj ET Q q 0 0 0 rg BT 175.92 685.07 Td (8, ) Tj ET Q q 0 0 0 rg BT 185.92 685.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 214.25 685.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 670.07 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 670.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 145.76 670.07 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 181.11 670.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 203.69 670.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 215.26 670.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 232.75 670.07 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 249.49 670.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 280.40 670.07 Td (Century ) Tj ET Q q 0 0 0 rg BT 314.09 670.07 Td (Growth ) Tj ET Q q 0 0 0 rg BT 346.12 670.07 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 383.12 670.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 442.37 670.07 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 464.12 670.07 Td (as ) Tj ET Q q 0 0 0 rg BT 473.93 670.07 Td (amended ) Tj ET Q q 0 0 0 rg BT 511.50 670.07 Td (and ) Tj ET Q q 0 0 0 rg BT 527.41 670.07 Td (restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 660.07 Td (ef) Tj ET Q q 0 0 0 rg BT 134.18 660.07 Td (fective ) Tj ET Q q 0 0 0 rg BT 163.95 660.07 Td (September ) Tj ET Q q 0 0 0 rg BT 209.38 660.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 224.54 660.07 Td (1998 ) Tj ET Q q 0 0 0 rg BT 247.20 660.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 303.73 660.07 Td (by ) Tj ET Q q 0 0 0 rg BT 316.39 660.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 356.24 660.07 Td (to ) Tj ET Q q 0 0 0 rg BT 366.68 660.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 398.78 660.07 Td (10.1) Tj ET Q q 0 0 0 rg BT 416.10 660.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 423.58 660.07 Td ( ) Tj ET Q q 0 0 0 rg BT 426.24 660.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.68 660.07 Td (the ) Tj ET Q q 0 0 0 rg BT 451.56 660.07 Td (Company) Tj ET Q q 0 0 0 rg BT 493.50 660.07 Td (s ) Tj ET Q q 0 0 0 rg BT 499.47 660.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 531.29 660.07 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 650.07 Td (on ) Tj ET Q q 0 0 0 rg BT 139.00 650.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 163.17 650.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 186.22 650.07 Td (for ) Tj ET Q q 0 0 0 rg BT 200.38 650.07 Td (the ) Tj ET Q q 0 0 0 rg BT 215.10 650.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 239.25 650.07 Td (year ) Tj ET Q q 0 0 0 rg BT 258.96 650.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 285.34 650.07 Td (December ) Tj ET Q q 0 0 0 rg BT 328.92 650.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 343.92 650.07 Td (2003, ) Tj ET Q q 0 0 0 rg BT 368.92 650.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 389.75 650.07 Td (March ) Tj ET Q q 0 0 0 rg BT 418.35 650.07 Td (8, ) Tj ET Q q 0 0 0 rg BT 428.35 650.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 456.68 650.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 635.07 Td (10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 635.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 150.42 635.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.99 635.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 180.80 635.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 228.26 635.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 269.67 635.07 Td (and ) Tj ET Q q 0 0 0 rg BT 286.92 635.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 324.16 635.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 346.62 635.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 378.59 635.07 Td (and ) Tj ET Q q 0 0 0 rg BT 395.84 635.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 426.03 635.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 444.04 635.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 484.05 635.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.64 635.07 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 625.07 Td (by ) Tj ET Q q 0 0 0 rg BT 140.28 625.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 181.23 625.07 Td (to ) Tj ET Q q 0 0 0 rg BT 192.79 625.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 225.45 625.07 Td (A) Tj ET Q q 0 0 0 rg BT 232.12 625.07 Td ( ) Tj ET Q q 0 0 0 rg BT 235.62 625.07 Td (to ) Tj ET Q q 0 0 0 rg BT 247.17 625.07 Td (the ) Tj ET Q q 0 0 0 rg BT 263.17 625.07 Td (Company) Tj ET Q q 0 0 0 rg BT 305.11 625.07 Td (s ) Tj ET Q q 0 0 0 rg BT 312.50 625.07 Td (Definitive ) Tj ET Q q 0 0 0 rg BT 356.82 625.07 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 384.48 625.07 Td (Statement ) Tj ET Q q 0 0 0 rg BT 428.25 625.07 Td (for ) Tj ET Q q 0 0 0 rg BT 443.69 625.07 Td (its ) Tj ET Q q 0 0 0 rg BT 456.91 625.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 480.13 625.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 513.07 625.07 Td (Meeting ) Tj ET Q q 0 0 0 rg BT 550.17 625.07 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 615.07 Td (Shareholders, ) Tj ET Q q 0 0 0 rg BT 183.71 615.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 204.53 615.07 Td (March ) Tj ET Q q 0 0 0 rg BT 233.13 615.07 Td (22, ) Tj ET Q q 0 0 0 rg BT 248.13 615.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 276.46 615.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 600.07 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 600.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 151.57 600.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 163.14 600.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 183.11 600.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 232.06 600.07 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 271.55 600.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 333.28 600.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 355.02 600.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 412.84 600.07 Td (by ) Tj ET Q q 0 0 0 rg BT 426.80 600.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 467.95 600.07 Td (to ) Tj ET Q q 0 0 0 rg BT 479.68 600.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 513.09 600.07 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 534.55 600.07 Td (to ) Tj ET Q q 0 0 0 rg BT 546.29 600.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 590.07 Td (Company) Tj ET Q q 0 0 0 rg BT 168.44 590.07 Td (s ) Tj ET Q q 0 0 0 rg BT 174.56 590.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 215.37 590.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 245.09 590.07 Td (on ) Tj ET Q q 0 0 0 rg BT 257.59 590.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 281.76 590.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 304.81 590.07 Td (for ) Tj ET Q q 0 0 0 rg BT 318.97 590.07 Td (the ) Tj ET Q q 0 0 0 rg BT 333.69 590.07 Td (period ) Tj ET Q q 0 0 0 rg BT 361.73 590.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 388.11 590.07 Td (June ) Tj ET Q q 0 0 0 rg BT 408.94 590.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 423.94 590.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 448.94 590.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 469.77 590.07 Td (July ) Tj ET Q q 0 0 0 rg BT 488.94 590.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 503.94 590.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 532.27 590.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 575.07 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 575.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.06 575.07 Td (of ) Tj ET Q q 0 0 0 rg BT 162.28 575.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 205.71 575.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 231.02 575.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 278.06 575.07 Td (for ) Tj ET Q q 0 0 0 rg BT 292.61 575.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 336.04 575.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 365.59 575.07 Td (in ) Tj ET Q q 0 0 0 rg BT 376.26 575.07 Td (201) Tj ET Q q 0 0 0 rg BT 391.08 575.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 401.28 575.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 426.67 575.07 Td (and ) Tj ET Q q 0 0 0 rg BT 444.00 575.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 466.89 575.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 500.31 575.07 Td (to ) Tj ET Q q 0 0 0 rg BT 510.98 575.07 Td (2010, ) Tj ET Q q 0 0 0 rg BT 536.37 575.07 Td (201) Tj ET Q q 0 0 0 rg BT 551.19 575.07 Td (1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 565.07 Td (and ) Tj ET Q q 0 0 0 rg BT 143.09 565.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 165.25 565.07 Td (performance, ) Tj ET Q q 0 0 0 rg BT 220.42 565.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 274.21 565.07 Td (under ) Tj ET Q q 0 0 0 rg BT 299.14 565.07 Td (the ) Tj ET Q q 0 0 0 rg BT 313.51 565.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 336.77 565.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 348.34 565.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 366.50 565.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 413.45 565.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 454.20 565.07 Td (and ) Tj ET Q q 0 0 0 rg BT 470.80 565.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 507.38 565.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 529.34 565.07 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 555.07 Td (and ) Tj ET Q q 0 0 0 rg BT 143.78 555.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 173.98 555.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 192.03 555.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 232.07 555.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 252.70 555.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 309.41 555.07 Td (by ) Tj ET Q q 0 0 0 rg BT 322.25 555.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 362.28 555.07 Td (to ) Tj ET Q q 0 0 0 rg BT 372.90 555.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 405.19 555.07 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 425.54 555.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.16 555.07 Td (the ) Tj ET Q q 0 0 0 rg BT 451.22 555.07 Td (Company) Tj ET Q q 0 0 0 rg BT 493.17 555.07 Td (s ) Tj ET Q q 0 0 0 rg BT 499.27 555.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 531.28 555.07 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 545.07 Td (on ) Tj ET Q q 0 0 0 rg BT 139.00 545.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 163.17 545.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 186.22 545.07 Td (for ) Tj ET Q q 0 0 0 rg BT 200.38 545.07 Td (the ) Tj ET Q q 0 0 0 rg BT 215.10 545.07 Td (year ) Tj ET Q q 0 0 0 rg BT 234.81 545.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 261.18 545.07 Td (December ) Tj ET Q q 0 0 0 rg BT 304.77 545.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 319.77 545.07 Td (2010, ) Tj ET Q q 0 0 0 rg BT 344.77 545.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 365.59 545.07 Td (February ) Tj ET Q q 0 0 0 rg BT 404.19 545.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 419.19 545.07 Td (201) Tj ET Q q 0 0 0 rg BT 434.00 545.07 Td (1\). ) Tj ET Q q 0 0 0 rg BT 447.15 545.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 530.07 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 530.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.91 530.07 Td (of ) Tj ET Q q 0 0 0 rg BT 161.98 530.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 205.26 530.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 230.44 530.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 277.33 530.07 Td (for ) Tj ET Q q 0 0 0 rg BT 291.73 530.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 335.01 530.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 364.41 530.07 Td (in ) Tj ET Q q 0 0 0 rg BT 374.92 530.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 397.66 530.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 430.93 530.07 Td (to ) Tj ET Q q 0 0 0 rg BT 441.45 530.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 464.19 530.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 520.78 530.07 Td (under ) Tj ET Q q 0 0 0 rg BT 546.29 530.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 520.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 150.42 520.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.99 520.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 180.80 520.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 228.26 520.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 269.67 520.07 Td (and ) Tj ET Q q 0 0 0 rg BT 286.92 520.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 324.16 520.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 346.62 520.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 378.59 520.07 Td (and ) Tj ET Q q 0 0 0 rg BT 395.84 520.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 426.03 520.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 444.04 520.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 484.05 520.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.64 520.07 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 510.07 Td (by ) Tj ET Q q 0 0 0 rg BT 138.64 510.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 177.97 510.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.89 510.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 219.48 510.07 Td (10.8 ) Tj ET Q q 0 0 0 rg BT 239.12 510.07 Td (to ) Tj ET Q q 0 0 0 rg BT 249.04 510.07 Td (the ) Tj ET Q q 0 0 0 rg BT 263.40 510.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 309.93 510.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 341.24 510.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 370.60 510.07 Td (on ) Tj ET Q q 0 0 0 rg BT 382.74 510.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 406.55 510.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 429.25 510.07 Td (for ) Tj ET Q q 0 0 0 rg BT 443.05 510.07 Td (the ) Tj ET Q q 0 0 0 rg BT 457.41 510.07 Td (year ) Tj ET Q q 0 0 0 rg BT 476.76 510.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.78 510.07 Td (December ) Tj ET Q q 0 0 0 rg BT 546.01 510.07 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 500.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 151.50 500.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 172.33 500.07 Td (February ) Tj ET Q q 0 0 0 rg BT 210.92 500.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 225.92 500.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 254.25 500.07 Td ( ) Tj ET Q q 0 0 0 rg BT 256.75 500.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 485.07 Td (10.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 485.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.91 485.07 Td (of ) Tj ET Q q 0 0 0 rg BT 161.98 485.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 205.26 485.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 230.44 485.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 277.33 485.07 Td (for ) Tj ET Q q 0 0 0 rg BT 291.73 485.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 335.01 485.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 364.41 485.07 Td (in ) Tj ET Q q 0 0 0 rg BT 374.92 485.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 397.66 485.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 430.93 485.07 Td (to ) Tj ET Q q 0 0 0 rg BT 441.45 485.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 464.19 485.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 520.78 485.07 Td (under ) Tj ET Q q 0 0 0 rg BT 546.29 485.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 475.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 150.11 475.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.68 475.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 180.19 475.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 227.41 475.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 268.51 475.07 Td (and ) Tj ET Q q 0 0 0 rg BT 285.45 475.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 322.38 475.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 344.60 475.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 376.27 475.07 Td (and ) Tj ET Q q 0 0 0 rg BT 393.20 475.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 423.40 475.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 441.10 475.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 480.80 475.07 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 503.58 475.07 Td ( ) Tj ET Q q 0 0 0 rg BT 506.08 475.07 Td ( ) Tj ET Q q 0 0 0 rg BT 513.58 475.07 Td (* ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 460.07 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 460.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 153.07 460.07 Td (of ) Tj ET Q q 0 0 0 rg BT 166.31 460.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 211.75 460.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 238.63 460.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 287.68 460.07 Td (for ) Tj ET Q q 0 0 0 rg BT 304.24 460.07 Td (California-based ) Tj ET Q q 0 0 0 rg BT 375.79 460.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 421.23 460.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 452.79 460.07 Td (in ) Tj ET Q q 0 0 0 rg BT 465.48 460.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 490.38 460.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 525.82 460.07 Td (to ) Tj ET Q q 0 0 0 rg BT 538.50 460.07 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 450.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 184.89 450.07 Td (under ) Tj ET Q q 0 0 0 rg BT 212.20 450.07 Td (the ) Tj ET Q q 0 0 0 rg BT 228.95 450.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 254.60 450.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 266.17 450.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 286.72 450.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 335.52 450.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 378.66 450.07 Td (and ) Tj ET Q q 0 0 0 rg BT 397.64 450.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 436.61 450.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 460.43 450.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 494.13 450.07 Td (and ) Tj ET Q q 0 0 0 rg BT 513.10 450.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 543.30 450.07 Td (erm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 440.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 166.20 440.07 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 188.98 440.07 Td ( ) Tj ET Q q 0 0 0 rg BT 191.48 440.07 Td ( ) Tj ET Q q 0 0 0 rg BT 198.98 440.07 Td (* ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 425.07 Td (10.11) 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 152.81 425.07 Td (of ) Tj ET Q q 0 0 0 rg BT 165.78 425.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 193.19 425.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 224.86 425.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 273.65 425.07 Td (for ) Tj ET Q q 0 0 0 rg BT 289.95 425.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 335.13 425.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 366.43 425.07 Td (in ) Tj ET Q q 0 0 0 rg BT 378.85 425.07 Td (2004 ) Tj ET Q q 0 0 0 rg BT 403.48 425.07 Td (and ) Tj ET Q q 0 0 0 rg BT 422.56 425.07 Td (2005 ) Tj ET Q q 0 0 0 rg BT 447.20 425.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 482.37 425.07 Td (to ) Tj ET Q q 0 0 0 rg BT 494.79 425.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 519.43 425.07 Td (and ) Tj ET Q q 0 0 0 rg BT 538.50 425.07 Td (2004 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 415.07 Td (performance, ) Tj ET Q q 0 0 0 rg BT 181.32 415.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 234.76 415.07 Td (under ) Tj ET Q q 0 0 0 rg BT 259.33 415.07 Td (the ) Tj ET Q q 0 0 0 rg BT 273.35 415.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 296.26 415.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 307.83 415.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 325.64 415.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 372.31 415.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 412.72 415.07 Td (and ) Tj ET Q q 0 0 0 rg BT 428.96 415.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 465.19 415.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 486.87 415.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 517.83 415.07 Td (and ) Tj ET Q q 0 0 0 rg BT 534.07 415.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 405.07 Td (T) Tj ET Q q 0 0 0 rg BT 132.26 405.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.96 405.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 189.67 405.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 209.95 405.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 266.32 405.07 Td (by ) Tj ET Q q 0 0 0 rg BT 278.82 405.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 318.51 405.07 Td (to ) Tj ET Q q 0 0 0 rg BT 328.79 405.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 360.74 405.07 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 380.74 405.07 Td (to ) Tj ET Q q 0 0 0 rg BT 391.02 405.07 Td (the ) Tj ET Q q 0 0 0 rg BT 405.74 405.07 Td (Company) Tj ET Q q 0 0 0 rg BT 447.68 405.07 Td (s ) Tj ET Q q 0 0 0 rg BT 453.80 405.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 494.62 405.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 524.34 405.07 Td (on ) Tj ET Q q 0 0 0 rg BT 536.85 405.07 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 395.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 149.55 395.07 Td (for ) Tj ET Q q 0 0 0 rg BT 163.71 395.07 Td (the ) Tj ET Q q 0 0 0 rg BT 178.43 395.07 Td (period ) Tj ET Q q 0 0 0 rg BT 206.48 395.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 232.85 395.07 Td (June ) Tj ET Q q 0 0 0 rg BT 253.68 395.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 268.68 395.07 Td (2004, ) Tj ET Q q 0 0 0 rg BT 293.68 395.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 314.23 395.07 Td (August ) Tj ET Q q 0 0 0 rg BT 345.35 395.07 Td (4, ) Tj ET Q q 0 0 0 rg BT 355.35 395.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 383.68 395.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 380.07 Td (10.12) 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 150.21 380.07 Td (of ) Tj ET Q q 0 0 0 rg BT 160.57 380.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 185.39 380.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 215.03 380.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 261.21 380.07 Td (for ) Tj ET Q q 0 0 0 rg BT 274.91 380.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 317.49 380.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 346.18 380.07 Td (in ) Tj ET Q q 0 0 0 rg BT 356.00 380.07 Td (2006 ) Tj ET Q q 0 0 0 rg BT 378.03 380.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 410.60 380.07 Td (to ) Tj ET Q q 0 0 0 rg BT 420.42 380.07 Td (2005 ) Tj ET Q q 0 0 0 rg BT 442.45 380.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 498.34 380.07 Td (under ) Tj ET Q q 0 0 0 rg BT 523.15 380.07 Td (the ) Tj ET Q q 0 0 0 rg BT 537.40 380.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 370.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 138.07 370.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 157.85 370.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 206.06 370.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 248.43 370.07 Td (and ) Tj ET Q q 0 0 0 rg BT 266.63 370.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 304.84 370.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 328.05 370.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 360.98 370.07 Td (and ) Tj ET Q q 0 0 0 rg BT 379.19 370.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 409.39 370.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 428.35 370.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 469.32 370.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 490.87 370.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 548.50 370.07 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 360.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 166.22 360.07 Td (to ) Tj ET Q q 0 0 0 rg BT 176.53 360.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 208.50 360.07 Td (10.1) Tj ET Q q 0 0 0 rg BT 225.82 360.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 233.17 360.07 Td (to ) Tj ET Q q 0 0 0 rg BT 243.48 360.07 Td (the ) Tj ET Q q 0 0 0 rg BT 258.23 360.07 Td (Company) Tj ET Q q 0 0 0 rg BT 300.17 360.07 Td (s ) Tj ET Q q 0 0 0 rg BT 306.03 360.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 337.73 360.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 367.48 360.07 Td (on ) Tj ET Q q 0 0 0 rg BT 380.01 360.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 404.22 360.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 427.30 360.07 Td (for ) Tj ET Q q 0 0 0 rg BT 441.49 360.07 Td (the ) Tj ET Q q 0 0 0 rg BT 456.24 360.07 Td (year ) Tj ET Q q 0 0 0 rg BT 475.98 360.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.40 360.07 Td (December ) Tj ET Q q 0 0 0 rg BT 546.01 360.07 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 350.07 Td (2005, ) Tj ET Q q 0 0 0 rg BT 151.50 350.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 172.33 350.07 Td (March ) Tj ET Q q 0 0 0 rg BT 200.92 350.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 210.92 350.07 Td (2006\). ) Tj ET Q q 0 0 0 rg BT 239.25 350.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 335.07 Td (10.13) 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 (2007 ) 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 (2008 ) Tj ET Q q 0 0 0 rg BT 447.20 335.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 482.37 335.07 Td (to ) Tj ET Q q 0 0 0 rg BT 494.79 335.07 Td (2006 ) Tj ET Q q 0 0 0 rg BT 519.43 335.07 Td (and ) Tj ET Q q 0 0 0 rg BT 538.50 335.07 Td (2007 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 325.07 Td (performance, ) Tj ET Q q 0 0 0 rg BT 181.32 325.07 Td (respectively\) ) 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 149.55 315.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 188.85 315.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 208.73 315.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 264.69 315.07 Td (by ) Tj ET Q q 0 0 0 rg BT 276.79 315.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 316.07 315.07 Td (to ) Tj ET Q q 0 0 0 rg BT 325.94 315.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 357.48 315.07 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 377.08 315.07 Td (to ) Tj ET Q q 0 0 0 rg BT 386.95 315.07 Td (the ) Tj ET Q q 0 0 0 rg BT 401.27 315.07 Td (Company) Tj ET Q q 0 0 0 rg BT 443.21 315.07 Td (s ) Tj ET Q q 0 0 0 rg BT 448.73 315.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 479.99 315.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 509.31 315.07 Td (on ) Tj ET Q q 0 0 0 rg BT 521.41 315.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 545.17 315.07 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 305.07 Td (K ) Tj ET Q q 0 0 0 rg BT 136.22 305.07 Td (for ) Tj ET Q q 0 0 0 rg BT 150.38 305.07 Td (the ) Tj ET Q q 0 0 0 rg BT 165.10 305.07 Td (year ) Tj ET Q q 0 0 0 rg BT 184.81 305.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 211.18 305.07 Td (December ) Tj ET Q q 0 0 0 rg BT 254.77 305.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 269.77 305.07 Td (2006, ) Tj ET Q q 0 0 0 rg BT 294.77 305.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 315.59 305.07 Td (March ) Tj ET Q q 0 0 0 rg BT 344.19 305.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 354.19 305.07 Td (2007\). ) Tj ET Q q 0 0 0 rg BT 382.52 305.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 290.07 Td (10.14) 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 151.74 290.07 Td (of ) Tj ET Q q 0 0 0 rg BT 163.64 290.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 189.99 290.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 220.83 290.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 268.55 290.07 Td (for ) Tj ET Q q 0 0 0 rg BT 283.78 290.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 348.44 290.07 Td (Director ) Tj ET Q q 0 0 0 rg BT 385.33 290.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 415.56 290.07 Td (under ) Tj ET Q q 0 0 0 rg BT 441.90 290.07 Td (the ) Tj ET Q q 0 0 0 rg BT 457.69 290.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 482.37 290.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 493.94 290.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 513.51 290.07 Td (Companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 280.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 168.41 280.07 Td (and ) Tj ET Q q 0 0 0 rg BT 185.87 280.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 223.34 280.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 245.97 280.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 278.16 280.07 Td (and ) Tj ET Q q 0 0 0 rg BT 295.63 280.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 325.83 280.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 344.05 280.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 384.29 280.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 405.09 280.07 Td ( ) Tj ET Q q 0 0 0 rg BT 408.12 280.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 465.01 280.07 Td (by ) Tj ET Q q 0 0 0 rg BT 478.04 280.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 518.25 280.07 Td (to ) Tj ET Q q 0 0 0 rg BT 529.06 280.07 Td (Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 270.07 Td (10.4 ) Tj ET Q q 0 0 0 rg BT 146.80 270.07 Td (to ) Tj ET Q q 0 0 0 rg BT 157.39 270.07 Td (the ) Tj ET Q q 0 0 0 rg BT 172.41 270.07 Td (Company) Tj ET Q q 0 0 0 rg BT 214.35 270.07 Td (s ) Tj ET Q q 0 0 0 rg BT 220.77 270.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 261.89 270.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 291.91 270.07 Td (on ) Tj ET Q q 0 0 0 rg BT 304.71 270.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 329.19 270.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 352.54 270.07 Td (for ) Tj ET Q q 0 0 0 rg BT 367.01 270.07 Td (the ) Tj ET Q q 0 0 0 rg BT 382.03 270.07 Td (period ) Tj ET Q q 0 0 0 rg BT 410.38 270.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 437.06 270.07 Td (June ) Tj ET Q q 0 0 0 rg BT 458.20 270.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 473.50 270.07 Td (2004, ) Tj ET Q q 0 0 0 rg BT 498.80 270.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 519.59 270.07 Td (August ) Tj ET Q q 0 0 0 rg BT 551.01 270.07 Td (4, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 260.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 154.83 260.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 245.07 Td (10.15) 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 152.36 245.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.88 245.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 220.16 245.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 247.12 245.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 268.44 245.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.78 245.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.64 245.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 356.83 245.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 405.23 245.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.90 245.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 431.40 245.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 462.25 245.07 Td (under ) Tj ET Q q 0 0 0 rg BT 489.21 245.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.62 245.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.92 245.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.49 245.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 235.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 173.40 235.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 214.08 235.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.61 235.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 267.12 235.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 289.02 235.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 320.27 235.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.80 235.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.99 235.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 384.28 235.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.56 235.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 443.43 235.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 499.37 235.07 Td (by ) Tj ET Q q 0 0 0 rg BT 511.46 235.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.73 235.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 225.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.98 225.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 179.52 225.07 Td (to ) Tj ET Q q 0 0 0 rg BT 190.34 225.07 Td (the ) Tj ET Q q 0 0 0 rg BT 205.60 225.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 253.22 225.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 294.57 225.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 324.83 225.07 Td (on ) Tj ET Q q 0 0 0 rg BT 337.87 225.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 362.58 225.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 386.17 225.07 Td (for ) Tj ET Q q 0 0 0 rg BT 400.87 225.07 Td (the ) Tj ET Q q 0 0 0 rg BT 416.12 225.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 440.82 225.07 Td (quarter ) Tj ET Q q 0 0 0 rg BT 472.17 225.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 499.09 225.07 Td (June ) Tj ET Q q 0 0 0 rg BT 520.46 225.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 536.00 225.07 Td (2012, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 215.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 147.05 215.07 Td (August ) Tj ET Q q 0 0 0 rg BT 178.17 215.07 Td (2, ) Tj ET Q q 0 0 0 rg BT 188.17 215.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 216.50 215.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 200.07 Td (10.16) 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 152.36 200.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.88 200.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 220.16 200.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 247.12 200.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 268.44 200.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.78 200.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.64 200.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 356.83 200.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 405.23 200.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.90 200.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 431.40 200.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 462.25 200.07 Td (under ) Tj ET Q q 0 0 0 rg BT 489.21 200.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.62 200.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.92 200.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.49 200.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 190.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 173.40 190.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 214.08 190.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.61 190.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 267.12 190.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 289.02 190.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 320.27 190.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.80 190.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.99 190.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 384.28 190.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.56 190.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 443.43 190.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 499.37 190.07 Td (by ) Tj ET Q q 0 0 0 rg BT 511.46 190.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.73 190.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 180.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.17 180.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 177.90 180.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.91 180.07 Td (the ) Tj ET Q q 0 0 0 rg BT 202.35 180.07 Td (Company) Tj ET Q q 0 0 0 rg BT 244.30 180.07 Td (s ) Tj ET Q q 0 0 0 rg BT 250.14 180.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 290.68 180.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 320.13 180.07 Td (on ) Tj ET Q q 0 0 0 rg BT 332.36 180.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 356.26 180.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 379.04 180.07 Td (for ) Tj ET Q q 0 0 0 rg BT 392.93 180.07 Td (the ) Tj ET Q q 0 0 0 rg BT 407.37 180.07 Td (period ) Tj ET Q q 0 0 0 rg BT 435.15 180.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 461.26 180.07 Td (June ) Tj ET Q q 0 0 0 rg BT 481.81 180.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 496.54 180.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 521.27 180.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 541.83 180.07 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 170.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 141.50 170.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 169.83 170.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 155.07 Td (10.17) 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 (2014 ) 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 (\(incorporated ) Tj ET Q q 0 0 0 rg BT 499.37 145.07 Td (by ) Tj ET Q q 0 0 0 rg BT 511.46 145.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.73 145.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 135.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.17 135.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 177.90 135.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.91 135.07 Td (the ) Tj ET Q q 0 0 0 rg BT 202.35 135.07 Td (Company) Tj ET Q q 0 0 0 rg BT 244.30 135.07 Td (s ) Tj ET Q q 0 0 0 rg BT 250.14 135.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 290.68 135.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 320.13 135.07 Td (on ) Tj ET Q q 0 0 0 rg BT 332.36 135.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 356.26 135.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 379.04 135.07 Td (for ) Tj ET Q q 0 0 0 rg BT 392.93 135.07 Td (the ) Tj ET Q q 0 0 0 rg BT 407.37 135.07 Td (period ) Tj ET Q q 0 0 0 rg BT 435.15 135.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 461.26 135.07 Td (June ) Tj ET Q q 0 0 0 rg BT 481.81 135.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 496.54 135.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 521.27 135.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 541.83 135.07 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 125.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 141.50 125.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 169.83 125.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 110.07 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 110.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 149.08 110.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 160.65 110.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 178.14 110.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 224.61 110.07 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 261.61 110.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 320.86 110.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 340.12 110.07 Td (for ) Tj ET Q q 0 0 0 rg BT 353.25 110.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 415.82 110.07 Td (Directors ) Tj ET Q q 0 0 0 rg BT 454.51 110.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 509.84 110.07 Td (by ) Tj ET Q q 0 0 0 rg BT 521.32 110.07 Td (reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 100.07 Td (to ) Tj ET Q q 0 0 0 rg BT 136.44 100.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 168.05 100.07 Td (10.14 ) Tj ET Q q 0 0 0 rg BT 192.72 100.07 Td (to ) Tj ET Q q 0 0 0 rg BT 202.66 100.07 Td (the ) Tj ET Q q 0 0 0 rg BT 217.04 100.07 Td (Company) Tj ET Q q 0 0 0 rg BT 258.98 100.07 Td (s ) Tj ET Q q 0 0 0 rg BT 264.56 100.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 295.89 100.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 325.27 100.07 Td (on ) Tj ET Q q 0 0 0 rg BT 337.43 100.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 361.27 100.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 383.98 100.07 Td (for ) Tj ET Q q 0 0 0 rg BT 397.81 100.07 Td (the ) Tj ET Q q 0 0 0 rg BT 412.19 100.07 Td (year ) Tj ET Q q 0 0 0 rg BT 431.56 100.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 457.60 100.07 Td (December ) Tj ET Q q 0 0 0 rg BT 500.85 100.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 515.51 100.07 Td (2010, ) Tj ET Q q 0 0 0 rg BT 540.18 100.07 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 90.07 Td (February ) Tj ET Q q 0 0 0 rg BT 165.10 90.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 180.10 90.07 Td (201) Tj ET Q q 0 0 0 rg BT 194.91 90.07 Td (1\). ) Tj ET Q q 0 0 0 rg BT 208.06 90.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 75.07 Td (10.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 75.07 Td (Summary ) Tj ET Q q 0 0 0 rg BT 167.89 75.07 Td (of ) Tj ET Q q 0 0 0 rg BT 178.72 75.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 242.31 75.07 Td (Director ) Tj ET Q q 0 0 0 rg BT 278.13 75.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 338.40 75.07 Td (Program. ) Tj ET Q q 0 0 0 rg BT 377.84 75.07 Td ( ) Tj ET Q q 0 0 0 rg BT 385.34 75.07 Td (*) 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 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 endstream endobj 229 0 obj <>] /Rotate 0 /Contents 230 0 R>> endobj 230 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 19.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 19.60 Td (14) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 719.5 m 109 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 719.5 m 562 719.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.15 738.18 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.30 724.18 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.50 723.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 724.23 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 704.07 Td (10.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 704.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.67 704.07 Td (of ) Tj ET Q q 0 0 0 rg BT 159.50 704.07 Td (Notice ) Tj ET Q q 0 0 0 rg BT 187.66 704.07 Td (Period ) Tj ET Q q 0 0 0 rg BT 215.21 704.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 260.86 704.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 316.22 704.07 Td (by ) Tj ET Q q 0 0 0 rg BT 327.72 704.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 366.40 704.07 Td (to ) Tj ET Q q 0 0 0 rg BT 375.68 704.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 406.63 704.07 Td (10.16 ) Tj ET Q q 0 0 0 rg BT 430.63 704.07 Td (to ) Tj ET Q q 0 0 0 rg BT 439.91 704.07 Td (the ) Tj ET Q q 0 0 0 rg BT 453.62 704.07 Td (Company) Tj ET Q q 0 0 0 rg BT 495.56 704.07 Td (s ) Tj ET Q q 0 0 0 rg BT 500.63 704.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 531.29 704.07 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 694.07 Td (on ) Tj ET Q q 0 0 0 rg BT 139.00 694.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 163.17 694.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 186.22 694.07 Td (for ) Tj ET Q q 0 0 0 rg BT 200.38 694.07 Td (the ) Tj ET Q q 0 0 0 rg BT 215.10 694.07 Td (year ) Tj ET Q q 0 0 0 rg BT 234.81 694.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 261.18 694.07 Td (December ) Tj ET Q q 0 0 0 rg BT 304.77 694.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 319.77 694.07 Td (2006, ) Tj ET Q q 0 0 0 rg BT 344.77 694.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 365.59 694.07 Td (March ) Tj ET Q q 0 0 0 rg BT 394.19 694.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 404.19 694.07 Td (2007\). ) Tj ET Q q 0 0 0 rg BT 432.52 694.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 679.07 Td (10.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 679.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 168.45 679.07 Td (and ) Tj ET Q q 0 0 0 rg BT 185.96 679.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 223.46 679.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 246.68 679.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 293.89 679.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 318.62 679.07 Td (December ) Tj ET Q q 0 0 0 rg BT 362.77 679.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 378.34 679.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 403.91 679.07 Td (between ) Tj ET Q q 0 0 0 rg BT 440.30 679.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 464.48 679.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 476.05 679.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 495.13 679.07 Td (& ) Tj ET Q q 0 0 0 rg BT 505.98 679.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 523.22 679.07 Td (and ) Tj ET Q q 0 0 0 rg BT 540.72 679.07 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 669.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 150.36 669.07 Td (National ) Tj ET Q q 0 0 0 rg BT 187.21 669.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 236.90 669.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 293.51 669.07 Td (by ) Tj ET Q q 0 0 0 rg BT 306.25 669.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 346.19 669.07 Td (to ) Tj ET Q q 0 0 0 rg BT 356.71 669.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 388.90 669.07 Td (10.16 ) Tj ET Q q 0 0 0 rg BT 414.15 669.07 Td (to ) Tj ET Q q 0 0 0 rg BT 424.68 669.07 Td (the ) Tj ET Q q 0 0 0 rg BT 439.64 669.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 486.64 669.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 518.55 669.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 548.51 669.07 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 659.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.67 659.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 173.72 659.07 Td (for ) Tj ET Q q 0 0 0 rg BT 187.88 659.07 Td (the ) Tj ET Q q 0 0 0 rg BT 202.60 659.07 Td (year ) Tj ET Q q 0 0 0 rg BT 222.31 659.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 248.68 659.07 Td (December ) Tj ET Q q 0 0 0 rg BT 292.27 659.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 307.27 659.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 332.27 659.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 353.09 659.07 Td (February ) Tj ET Q q 0 0 0 rg BT 391.69 659.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 406.69 659.07 Td (2013\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 644.07 Td (10.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 644.07 Td (First ) Tj ET Q q 0 0 0 rg BT 146.37 644.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 197.14 644.07 Td (to ) Tj ET Q q 0 0 0 rg BT 206.45 644.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 246.66 644.07 Td (and ) Tj ET Q q 0 0 0 rg BT 262.71 644.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 298.76 644.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 320.84 644.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 369.10 644.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 392.36 644.07 Td (December ) Tj ET Q q 0 0 0 rg BT 435.06 644.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 449.17 644.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 473.28 644.07 Td (between ) Tj ET Q q 0 0 0 rg BT 508.21 644.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.93 644.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.50 644.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 634.07 Td (& ) Tj ET Q q 0 0 0 rg BT 137.58 634.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 155.05 634.07 Td (and ) Tj ET Q q 0 0 0 rg BT 172.79 634.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 193.87 634.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 218.28 634.07 Td (National ) Tj ET Q q 0 0 0 rg BT 255.56 634.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 305.80 634.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 362.96 634.07 Td (by ) Tj ET Q q 0 0 0 rg BT 376.26 634.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 416.74 634.07 Td (to ) Tj ET Q q 0 0 0 rg BT 427.82 634.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 460.56 634.07 Td (10.18 ) Tj ET Q q 0 0 0 rg BT 486.36 634.07 Td (to ) Tj ET Q q 0 0 0 rg BT 497.44 634.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.96 634.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.90 634.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 624.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.44 624.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.16 624.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.66 624.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.83 624.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.88 624.07 Td (for ) Tj ET Q q 0 0 0 rg BT 262.04 624.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.75 624.07 Td (year ) Tj ET Q q 0 0 0 rg BT 296.46 624.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.84 624.07 Td (December ) Tj ET Q q 0 0 0 rg BT 366.42 624.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 381.42 624.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 406.42 624.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 427.25 624.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.85 624.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 480.85 624.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 609.07 Td (10.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 609.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 158.61 609.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 210.85 609.07 Td (to ) Tj ET Q q 0 0 0 rg BT 221.30 609.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 262.98 609.07 Td (and ) Tj ET Q q 0 0 0 rg BT 280.50 609.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 318.01 609.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 341.23 609.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 390.95 609.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 415.69 609.07 Td (December ) Tj ET Q q 0 0 0 rg BT 459.85 609.07 Td (19, ) Tj ET Q q 0 0 0 rg BT 475.43 609.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 501.00 609.07 Td (between ) Tj ET Q q 0 0 0 rg BT 537.40 609.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 599.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 138.07 599.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.58 599.07 Td (& ) Tj ET Q q 0 0 0 rg BT 166.86 599.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 183.53 599.07 Td (and ) Tj ET Q q 0 0 0 rg BT 200.46 599.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 220.75 599.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 244.36 599.07 Td (National ) Tj ET Q q 0 0 0 rg BT 281.01 599.07 Td (Association. ) Tj ET Q q 0 0 0 rg BT 332.96 599.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 584.07 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 584.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.72 584.07 Td (and ) Tj ET Q q 0 0 0 rg BT 184.50 584.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 221.28 584.07 Td (Note ) Tj ET Q q 0 0 0 rg BT 243.06 584.07 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 281.26 584.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 327.76 584.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 351.75 584.07 Td (June ) Tj ET Q q 0 0 0 rg BT 372.43 584.07 Td (2, ) Tj ET Q q 0 0 0 rg BT 382.27 584.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 404.62 584.07 Td (among ) Tj ET Q q 0 0 0 rg BT 434.18 584.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 457.63 584.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 469.20 584.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 487.55 584.07 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 537.39 584.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 574.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 138.07 574.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.82 574.07 Td (& ) Tj ET Q q 0 0 0 rg BT 167.34 574.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 184.25 574.07 Td (and ) Tj ET Q q 0 0 0 rg BT 201.43 574.07 Td (the ) Tj ET Q q 0 0 0 rg BT 216.39 574.07 Td (Purchasers ) Tj ET Q q 0 0 0 rg BT 262.45 574.07 Td (party ) Tj ET Q q 0 0 0 rg BT 285.73 574.07 Td (thereto ) Tj ET Q q 0 0 0 rg BT 316.24 574.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 372.84 574.07 Td (by ) Tj ET Q q 0 0 0 rg BT 385.58 574.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 425.51 574.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.02 574.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 468.21 574.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 488.45 574.07 Td (to ) Tj ET Q q 0 0 0 rg BT 498.97 574.07 Td (the ) Tj ET Q q 0 0 0 rg BT 513.93 574.07 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 564.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 159.55 564.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 189.26 564.07 Td (on ) Tj ET Q q 0 0 0 rg BT 201.76 564.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 225.93 564.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 246.49 564.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 267.31 564.07 Td (June ) Tj ET Q q 0 0 0 rg BT 288.14 564.07 Td (5, ) Tj ET Q q 0 0 0 rg BT 298.14 564.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 549.07 Td (10.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 549.07 Td (Consulting ) Tj ET Q q 0 0 0 rg BT 172.40 549.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 218.76 549.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 242.63 549.07 Td (March ) Tj ET Q q 0 0 0 rg BT 270.95 549.07 Td (19, ) Tj ET Q q 0 0 0 rg BT 285.66 549.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 310.38 549.07 Td (by ) Tj ET Q q 0 0 0 rg BT 322.60 549.07 Td (and ) Tj ET Q q 0 0 0 rg BT 339.25 549.07 Td (between ) Tj ET Q q 0 0 0 rg BT 374.57 549.07 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 413.73 549.07 Td (Research, ) Tj ET Q q 0 0 0 rg BT 455.09 549.07 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 472.58 549.07 Td (and ) Tj ET Q q 0 0 0 rg BT 489.23 549.07 Td (Brien ) Tj ET Q q 0 0 0 rg BT 513.66 549.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 527.27 549.07 Td (O'Brien ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 539.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 183.32 539.07 Td (by ) Tj ET Q q 0 0 0 rg BT 196.27 539.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 236.40 539.07 Td (to ) Tj ET Q q 0 0 0 rg BT 247.14 539.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 279.53 539.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 299.99 539.07 Td (to ) Tj ET Q q 0 0 0 rg BT 310.72 539.07 Td (the ) Tj ET Q q 0 0 0 rg BT 325.89 539.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 373.42 539.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 406.92 539.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 437.09 539.07 Td (on ) Tj ET Q q 0 0 0 rg BT 450.04 539.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 474.67 539.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 495.67 539.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 516.95 539.07 Td (March ) Tj ET Q q 0 0 0 rg BT 546.00 539.07 Td (19, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 529.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 514.07 Td (10.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 514.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 185.54 514.07 Td (Arrangement ) Tj ET Q q 0 0 0 rg BT 239.28 514.07 Td (with ) Tj ET Q q 0 0 0 rg BT 258.33 514.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 270.99 514.07 Td (Brad ) Tj ET Q q 0 0 0 rg BT 291.70 514.07 Td (W) Tj ET Q q 0 0 0 rg BT 300.84 514.07 Td (inges ) Tj ET Q q 0 0 0 rg BT 323.02 514.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 378.15 514.07 Td (by ) Tj ET Q q 0 0 0 rg BT 389.42 514.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 427.87 514.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.92 514.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 467.63 514.07 Td (10.24 ) Tj ET Q q 0 0 0 rg BT 491.40 514.07 Td (to ) Tj ET Q q 0 0 0 rg BT 500.45 514.07 Td (the ) Tj ET Q q 0 0 0 rg BT 513.93 514.07 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 504.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.44 504.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.16 504.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.66 504.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.83 504.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.88 504.07 Td (for ) Tj ET Q q 0 0 0 rg BT 262.04 504.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.75 504.07 Td (year ) Tj ET Q q 0 0 0 rg BT 296.46 504.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.84 504.07 Td (December ) Tj ET Q q 0 0 0 rg BT 366.42 504.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 381.42 504.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 406.42 504.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 427.25 504.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.85 504.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 480.85 504.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 509.18 504.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 489.07 Td (10.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 489.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 170.22 489.07 Td (Limited ) Tj ET Q q 0 0 0 rg BT 205.06 489.07 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 253.79 489.07 Td (Interest ) Tj ET Q q 0 0 0 rg BT 286.53 489.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 333.86 489.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 358.70 489.07 Td (February ) Tj ET Q q 0 0 0 rg BT 397.98 489.07 Td (23, ) Tj ET Q q 0 0 0 rg BT 413.66 489.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 439.34 489.07 Td (by ) Tj ET Q q 0 0 0 rg BT 452.52 489.07 Td (and ) Tj ET Q q 0 0 0 rg BT 470.14 489.07 Td (between ) Tj ET Q q 0 0 0 rg BT 506.64 489.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.93 489.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.50 489.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 479.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 173.43 479.07 Td (Management ) Tj ET Q q 0 0 0 rg BT 228.14 479.07 Td (LLC ) Tj ET Q q 0 0 0 rg BT 249.52 479.07 Td (and ) Tj ET Q q 0 0 0 rg BT 266.46 479.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 280.35 479.07 Td (Brad ) Tj ET Q q 0 0 0 rg BT 302.20 479.07 Td (W) Tj ET Q q 0 0 0 rg BT 311.35 479.07 Td (inges. ) Tj ET Q q 0 0 0 rg BT 337.26 479.07 Td ( ) Tj ET Q q 0 0 0 rg BT 344.76 479.07 Td (* ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 464.07 Td (10.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 464.07 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 168.28 464.07 Td (Research, ) Tj ET Q q 0 0 0 rg BT 211.98 464.07 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 231.80 464.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 262.00 464.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 281.75 464.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 323.51 464.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 345.85 464.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 404.26 464.07 Td (by ) Tj ET Q q 0 0 0 rg BT 418.82 464.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 460.56 464.07 Td (to ) Tj ET Q q 0 0 0 rg BT 472.89 464.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 506.89 464.07 Td (10.26 ) Tj ET Q q 0 0 0 rg BT 533.95 464.07 Td (to ) Tj ET Q q 0 0 0 rg BT 546.28 464.07 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 454.07 Td (Company) Tj ET Q q 0 0 0 rg BT 168.44 454.07 Td (s ) Tj ET Q q 0 0 0 rg BT 174.13 454.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 205.61 454.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 235.13 454.07 Td (on ) Tj ET Q q 0 0 0 rg BT 247.45 454.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 271.43 454.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 294.29 454.07 Td (for ) Tj ET Q q 0 0 0 rg BT 308.26 454.07 Td (the ) Tj ET Q q 0 0 0 rg BT 322.79 454.07 Td (year ) Tj ET Q q 0 0 0 rg BT 342.31 454.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 368.49 454.07 Td (December ) Tj ET Q q 0 0 0 rg BT 411.89 454.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.70 454.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 451.51 454.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 472.15 454.07 Td (February ) Tj ET Q q 0 0 0 rg BT 510.56 454.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 525.37 454.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 553.51 454.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 439.07 Td (10.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 439.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.19 439.07 Td (and ) Tj ET Q q 0 0 0 rg BT 183.44 439.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 219.68 439.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 242.60 439.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 254.17 439.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 271.99 439.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 318.80 439.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 349.50 439.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 371.87 439.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 414.22 439.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 438.80 439.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 485.05 439.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.64 439.07 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 429.07 Td (by ) Tj ET Q q 0 0 0 rg BT 139.16 429.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 179.00 429.07 Td (to ) Tj ET Q q 0 0 0 rg BT 189.44 429.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 221.54 429.07 Td (10.29 ) Tj ET Q q 0 0 0 rg BT 246.71 429.07 Td (to ) Tj ET Q q 0 0 0 rg BT 257.14 429.07 Td (the ) Tj ET Q q 0 0 0 rg BT 272.02 429.07 Td (Company) Tj ET Q q 0 0 0 rg BT 313.96 429.07 Td (s ) Tj ET Q q 0 0 0 rg BT 319.93 429.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 351.75 429.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 381.63 429.07 Td (on ) Tj ET Q q 0 0 0 rg BT 394.29 429.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 418.62 429.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 441.83 429.07 Td (for ) Tj ET Q q 0 0 0 rg BT 456.15 429.07 Td (the ) Tj ET Q q 0 0 0 rg BT 471.02 429.07 Td (year ) Tj ET Q q 0 0 0 rg BT 490.89 429.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 517.43 429.07 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 419.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 141.50 419.07 Td (201) Tj ET Q q 0 0 0 rg BT 156.31 419.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 166.13 419.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 186.95 419.07 Td (February ) Tj ET Q q 0 0 0 rg BT 225.55 419.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 240.55 419.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 268.88 419.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 404.07 Td (10.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 404.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.60 404.07 Td (of ) Tj ET Q q 0 0 0 rg BT 165.35 404.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 198.67 404.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 223.66 404.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 268.62 404.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 295.12 404.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 343.69 404.07 Td (for ) Tj ET Q q 0 0 0 rg BT 359.78 404.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 404.75 404.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 435.84 404.07 Td (in ) Tj ET Q q 0 0 0 rg BT 448.04 404.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 472.47 404.07 Td (and ) Tj ET Q q 0 0 0 rg BT 491.33 404.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 515.76 404.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 550.72 404.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 394.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 179.82 394.07 Td (in ) Tj ET Q q 0 0 0 rg BT 190.40 394.07 Td (201) Tj ET Q q 0 0 0 rg BT 205.21 394.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 212.82 394.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.06 394.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 255.36 394.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 309.80 394.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 366.46 394.07 Td (by ) Tj ET Q q 0 0 0 rg BT 379.25 394.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 419.23 394.07 Td (to ) Tj ET Q q 0 0 0 rg BT 429.81 394.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 462.05 394.07 Td (10.30 ) Tj ET Q q 0 0 0 rg BT 487.35 394.07 Td (to ) Tj ET Q q 0 0 0 rg BT 497.93 394.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.94 394.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.88 394.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 384.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.44 384.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.16 384.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.66 384.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.83 384.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.88 384.07 Td (for ) Tj ET Q q 0 0 0 rg BT 262.04 384.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.75 384.07 Td (year ) Tj ET Q q 0 0 0 rg BT 296.46 384.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.84 384.07 Td (December ) Tj ET Q q 0 0 0 rg BT 366.42 384.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 381.42 384.07 Td (201) Tj ET Q q 0 0 0 rg BT 396.24 384.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 406.05 384.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 426.88 384.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.47 384.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 480.47 384.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 508.80 384.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 369.07 Td (10.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 369.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.98 369.07 Td (of ) Tj ET Q q 0 0 0 rg BT 162.13 369.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 193.82 369.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 217.20 369.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 260.55 369.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 285.79 369.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 332.75 369.07 Td (for ) Tj ET Q q 0 0 0 rg BT 347.22 369.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 390.58 369.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 420.05 369.07 Td (in ) Tj ET Q q 0 0 0 rg BT 430.64 369.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 453.45 369.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 486.80 369.07 Td (to ) Tj ET Q q 0 0 0 rg BT 497.39 369.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 550.72 369.07 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 359.07 Td (2013\) ) Tj ET Q q 0 0 0 rg BT 151.82 359.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 207.67 359.07 Td (by ) Tj ET Q q 0 0 0 rg BT 219.66 359.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 258.83 359.07 Td (to ) Tj ET Q q 0 0 0 rg BT 268.60 359.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 300.03 359.07 Td (10.29 ) Tj ET Q q 0 0 0 rg BT 324.52 359.07 Td (to ) Tj ET Q q 0 0 0 rg BT 334.29 359.07 Td (the ) Tj ET Q q 0 0 0 rg BT 348.49 359.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 394.90 359.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 426.05 359.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 455.25 359.07 Td (on ) Tj ET Q q 0 0 0 rg BT 467.24 359.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 490.90 359.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 513.44 359.07 Td (for ) Tj ET Q q 0 0 0 rg BT 527.09 359.07 Td (the ) Tj ET Q q 0 0 0 rg BT 541.30 359.07 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 349.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 152.88 349.07 Td (December ) Tj ET Q q 0 0 0 rg BT 196.46 349.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 211.46 349.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 236.46 349.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 257.29 349.07 Td (February ) Tj ET Q q 0 0 0 rg BT 295.88 349.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 310.88 349.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 339.21 349.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 334.07 Td (10.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 334.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.98 334.07 Td (of ) Tj ET Q q 0 0 0 rg BT 162.13 334.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 193.82 334.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 217.20 334.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 260.55 334.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 285.79 334.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 332.75 334.07 Td (for ) Tj ET Q q 0 0 0 rg BT 347.22 334.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 390.58 334.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 420.05 334.07 Td (in ) Tj ET Q q 0 0 0 rg BT 430.64 334.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 453.45 334.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 486.80 334.07 Td (to ) Tj ET Q q 0 0 0 rg BT 497.39 334.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 550.72 334.07 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 324.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 154.83 324.07 Td ( ) Tj ET Q q 0 0 0 rg BT 162.33 324.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 309.07 Td (10.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 309.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.58 309.07 Td (of ) Tj ET Q q 0 0 0 rg BT 161.32 309.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 192.62 309.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 215.60 309.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 258.55 309.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 283.48 309.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 330.04 309.07 Td (for ) Tj ET Q q 0 0 0 rg BT 344.11 309.07 Td (California-based ) Tj ET Q q 0 0 0 rg BT 413.16 309.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 456.11 309.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 485.19 309.07 Td (in ) Tj ET Q q 0 0 0 rg BT 495.38 309.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 517.79 309.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 550.73 309.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 299.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 179.52 299.07 Td (in ) Tj ET Q q 0 0 0 rg BT 189.80 299.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 218.13 299.07 Td ( ) Tj ET Q q 0 0 0 rg BT 225.63 299.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 284.07 Td (21.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 284.07 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 177.89 284.07 Td (of ) Tj ET Q q 0 0 0 rg BT 188.72 284.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 212.33 284.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 223.90 284.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 242.40 284.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 289.90 284.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 269.07 Td (23.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 269.07 Td (Consent ) Tj ET Q q 0 0 0 rg BT 161.78 269.07 Td (of ) Tj ET Q q 0 0 0 rg BT 172.61 269.07 Td (Ernst ) Tj ET Q q 0 0 0 rg BT 196.22 269.07 Td (& ) Tj ET Q q 0 0 0 rg BT 206.31 269.07 Td (Y) Tj ET Q q 0 0 0 rg BT 212.85 269.07 Td (oung ) Tj ET Q q 0 0 0 rg BT 234.84 269.07 Td (LLP) Tj ET Q q 0 0 0 rg BT 252.44 269.07 Td ( ) Tj ET Q q 0 0 0 rg BT 254.75 269.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 253.17 Td (24.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 253.17 Td (Power ) Tj ET Q q 0 0 0 rg BT 154.55 253.17 Td (of ) Tj ET Q q 0 0 0 rg BT 165.11 253.17 Td (Attorney ) Tj ET Q q 0 0 0 rg BT 202.88 253.17 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 239.07 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 239.07 Td (Rule ) Tj ET Q q 0 0 0 rg BT 147.89 239.07 Td (13a-14\(a\)/15d-14\(a\) ) Tj ET Q q 0 0 0 rg BT 231.46 239.07 Td (Certification ) Tj ET Q q 0 0 0 rg BT 284.50 239.07 Td (of ) Tj ET Q q 0 0 0 rg BT 295.33 239.07 Td (Chairman ) Tj ET Q q 0 0 0 rg BT 337.26 239.07 Td (and ) Tj ET Q q 0 0 0 rg BT 354.20 239.07 Td (Chief ) Tj ET Q q 0 0 0 rg BT 378.92 239.07 Td (Executive ) Tj ET Q q 0 0 0 rg BT 421.40 239.07 Td (Of) Tj ET Q q 0 0 0 rg BT 431.86 239.07 Td (ficer) Tj ET Q q 0 0 0 rg BT 449.81 239.07 Td (. ) Tj ET Q q 0 0 0 rg BT 454.53 239.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 223.17 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 223.17 Td (Rule ) Tj ET Q q 0 0 0 rg BT 147.89 223.17 Td (13a-14\(a\)/15d-14\(a\) ) Tj ET Q q 0 0 0 rg BT 231.46 223.17 Td (Certification ) Tj ET Q q 0 0 0 rg BT 284.50 223.17 Td (of ) Tj ET Q q 0 0 0 rg BT 295.33 223.17 Td (Chief ) Tj ET Q q 0 0 0 rg BT 320.04 223.17 Td (Financial ) Tj ET Q q 0 0 0 rg BT 359.76 223.17 Td (Of) Tj ET Q q 0 0 0 rg BT 370.13 223.17 Td (ficer) Tj ET Q q 0 0 0 rg BT 387.89 223.17 Td (. ) Tj ET Q q 0 0 0 rg BT 392.89 223.17 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 209.07 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 209.07 Td (Section ) Tj ET Q q 0 0 0 rg BT 159.00 209.07 Td (1350 ) Tj ET Q q 0 0 0 rg BT 181.50 209.07 Td (Certifications. ) Tj ET Q q 0 0 0 rg BT 240.92 209.07 Td (**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 194.07 Td (101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.50 142.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 194.07 Td (Interactive ) Tj ET Q q 0 0 0 rg BT 172.77 194.07 Td (data ) Tj ET Q q 0 0 0 rg BT 192.94 194.07 Td (files ) Tj ET Q q 0 0 0 rg BT 213.68 194.07 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 251.64 194.07 Td (to ) Tj ET Q q 0 0 0 rg BT 262.94 194.07 Td (Rule ) Tj ET Q q 0 0 0 rg BT 285.34 194.07 Td (405 ) Tj ET Q q 0 0 0 rg BT 303.86 194.07 Td (Registration ) Tj ET Q q 0 0 0 rg BT 356.26 194.07 Td (S-T) Tj ET Q q 0 0 0 rg BT 370.76 194.07 Td (: ) Tj ET Q 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Taylor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.45 172.07 Td (/s/ Michele Volpi) 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 136.45 157.07 Td (Michele Volpi) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 233 0 obj <> endobj 234 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 19.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 19.60 Td (16) 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 (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 651.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 166.52 651.97 Td (and ) Tj ET Q q 0 0 0 rg BT 182.60 651.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 218.68 651.97 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 262.51 651.97 Td (of ) Tj ET Q q 0 0 0 rg BT 272.49 651.97 Td (Incorporation ) Tj ET Q q 0 0 0 rg BT 328.55 651.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 384.06 651.97 Td (by ) Tj ET Q q 0 0 0 rg BT 395.70 651.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 434.52 651.97 Td (to ) Tj ET Q q 0 0 0 rg BT 443.94 651.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 475.03 651.97 Td (3.1 ) Tj ET Q q 0 0 0 rg BT 489.17 651.97 Td (to ) Tj ET Q q 0 0 0 rg BT 498.59 651.97 Td (the ) Tj ET Q q 0 0 0 rg BT 512.45 651.97 Td (Company) Tj ET Q q 0 0 0 rg BT 554.39 651.97 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 641.97 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 166.82 641.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 196.53 641.97 Td (on ) Tj ET Q q 0 0 0 rg BT 209.03 641.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 233.20 641.97 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 256.25 641.97 Td (for ) Tj ET Q q 0 0 0 rg BT 270.41 641.97 Td (the ) Tj ET Q q 0 0 0 rg BT 285.13 641.97 Td (period ) Tj ET Q q 0 0 0 rg BT 313.18 641.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 339.55 641.97 Td (June ) Tj ET Q q 0 0 0 rg BT 360.38 641.97 Td (30, ) Tj ET Q q 0 0 0 rg BT 375.38 641.97 Td (2007, ) Tj ET Q q 0 0 0 rg BT 400.38 641.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 420.93 641.97 Td (August ) Tj ET Q q 0 0 0 rg BT 452.05 641.97 Td (3, ) Tj ET Q q 0 0 0 rg BT 462.05 641.97 Td (2007\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 626.97 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 626.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.19 626.97 Td (and ) Tj ET Q q 0 0 0 rg BT 183.94 626.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 220.69 626.97 Td (Bylaws ) Tj ET Q q 0 0 0 rg BT 253.01 626.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 309.18 626.97 Td (by ) Tj ET Q q 0 0 0 rg BT 321.50 626.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 361.00 626.97 Td (to ) Tj ET Q q 0 0 0 rg BT 371.09 626.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 402.85 626.97 Td (3.2 ) Tj ET Q q 0 0 0 rg BT 417.66 626.97 Td (to ) Tj ET Q q 0 0 0 rg BT 427.75 626.97 Td (the ) Tj ET Q q 0 0 0 rg BT 442.28 626.97 Td (Company) Tj ET Q q 0 0 0 rg BT 484.23 626.97 Td (s ) Tj ET Q q 0 0 0 rg BT 490.16 626.97 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 530.79 626.97 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 616.97 Td (on ) Tj ET Q q 0 0 0 rg BT 138.50 616.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 162.67 616.97 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 185.72 616.97 Td (for ) Tj ET Q q 0 0 0 rg BT 199.88 616.97 Td (the ) Tj ET Q q 0 0 0 rg BT 214.60 616.97 Td (period ) Tj ET Q q 0 0 0 rg BT 242.65 616.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 269.02 616.97 Td (June ) Tj ET Q q 0 0 0 rg BT 289.85 616.97 Td (30, ) Tj ET Q q 0 0 0 rg BT 304.85 616.97 Td (2007, ) Tj ET Q q 0 0 0 rg BT 329.85 616.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 350.40 616.97 Td (August ) Tj ET Q q 0 0 0 rg BT 381.52 616.97 Td (3, ) Tj ET Q q 0 0 0 rg BT 391.52 616.97 Td (2007\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 601.97 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 601.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 151.22 601.97 Td (of ) Tj ET Q q 0 0 0 rg BT 163.11 601.97 Td (Specimen ) Tj ET Q q 0 0 0 rg BT 206.10 601.97 Td (Certificate ) Tj ET Q q 0 0 0 rg BT 251.85 601.97 Td (for ) Tj ET Q q 0 0 0 rg BT 267.06 601.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 291.73 601.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 303.30 601.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 322.86 601.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 371.41 601.97 Td (Common ) Tj ET Q q 0 0 0 rg BT 412.19 601.97 Td (Stock ) Tj ET Q q 0 0 0 rg BT 438.52 601.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 495.94 601.97 Td (by ) Tj ET Q q 0 0 0 rg BT 509.50 601.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.23 601.97 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 591.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 157.94 591.97 Td (4.1 ) Tj ET Q q 0 0 0 rg BT 172.94 591.97 Td (to ) Tj ET Q q 0 0 0 rg BT 183.22 591.97 Td (the ) Tj ET Q q 0 0 0 rg BT 197.94 591.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 245.02 591.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 269.19 591.97 Td (10, ) Tj ET Q q 0 0 0 rg BT 284.19 591.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 305.01 591.97 Td (June ) Tj ET Q q 0 0 0 rg BT 325.84 591.97 Td (25, ) Tj ET Q q 0 0 0 rg BT 340.84 591.97 Td (2003\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 576.97 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 576.97 Td (Second ) Tj ET Q q 0 0 0 rg BT 158.59 576.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 200.88 576.97 Td (and ) Tj ET Q q 0 0 0 rg BT 219.01 576.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 257.13 576.97 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 299.13 576.97 Td (dated ) Tj ET Q q 0 0 0 rg BT 324.48 576.97 Td (as ) Tj ET Q q 0 0 0 rg BT 336.50 576.97 Td (of ) Tj ET Q q 0 0 0 rg BT 348.52 576.97 Td (June ) Tj ET Q q 0 0 0 rg BT 370.54 576.97 Td (1) Tj ET Q q 0 0 0 rg BT 375.35 576.97 Td (1, ) Tj ET Q q 0 0 0 rg BT 386.35 576.97 Td (2012 ) Tj ET Q q 0 0 0 rg BT 410.04 576.97 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 449.27 576.97 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 502.39 576.97 Td (Paper ) Tj ET Q q 0 0 0 rg BT 528.84 576.97 Td (Notes\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 566.97 Td (between ) Tj ET Q q 0 0 0 rg BT 161.90 566.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 185.59 566.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 197.16 566.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 215.75 566.97 Td (& ) Tj ET Q q 0 0 0 rg BT 226.11 566.97 Td (Co. ) Tj ET Q q 0 0 0 rg BT 242.86 566.97 Td (and ) Tj ET Q q 0 0 0 rg BT 259.88 566.97 Td (the ) Tj ET Q q 0 0 0 rg BT 274.68 566.97 Td (Bank ) Tj ET Q q 0 0 0 rg BT 298.37 566.97 Td (of ) Tj ET Q q 0 0 0 rg BT 309.28 566.97 Td (New ) Tj ET Q q 0 0 0 rg BT 330.55 566.97 Td (Y) Tj ET Q q 0 0 0 rg BT 337.08 566.97 Td (ork ) Tj ET Q q 0 0 0 rg BT 352.50 566.97 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 383.96 566.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 440.41 566.97 Td (by ) Tj ET Q q 0 0 0 rg BT 452.99 566.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 492.76 566.97 Td (to ) Tj ET Q q 0 0 0 rg BT 503.12 566.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 535.14 566.97 Td (4.1 ) Tj ET Q q 0 0 0 rg BT 550.22 566.97 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 556.97 Td (the ) Tj ET Q q 0 0 0 rg BT 141.30 556.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 188.96 556.97 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 230.35 556.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 260.65 556.97 Td (on ) Tj ET Q q 0 0 0 rg BT 273.73 556.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 298.48 556.97 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 322.11 556.97 Td (for ) Tj ET Q q 0 0 0 rg BT 336.85 556.97 Td (the ) Tj ET Q q 0 0 0 rg BT 352.15 556.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 376.88 556.97 Td (quarter ) Tj ET Q q 0 0 0 rg BT 408.28 556.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 435.24 556.97 Td (June ) Tj ET Q q 0 0 0 rg BT 456.65 556.97 Td (30, ) Tj ET Q q 0 0 0 rg BT 472.23 556.97 Td (2012, ) Tj ET Q q 0 0 0 rg BT 497.81 556.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 518.81 556.97 Td (August ) Tj ET Q q 0 0 0 rg BT 550.50 556.97 Td (2, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 546.97 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 531.97 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 531.97 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 166.84 531.97 Td (dated ) Tj ET Q q 0 0 0 rg BT 191.02 531.97 Td (as ) Tj ET Q q 0 0 0 rg BT 201.87 531.97 Td (of ) Tj ET Q q 0 0 0 rg BT 212.44 531.97 Td (April ) Tj ET Q q 0 0 0 rg BT 235.80 531.97 Td (2, ) Tj ET Q q 0 0 0 rg BT 245.82 531.97 Td (2012 ) Tj ET Q q 0 0 0 rg BT 268.35 531.97 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 306.41 531.97 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 358.36 531.97 Td (Paper ) Tj ET Q q 0 0 0 rg BT 383.65 531.97 Td (Notes ) Tj ET Q q 0 0 0 rg BT 409.50 531.97 Td (-- ) Tj ET Q q 0 0 0 rg BT 418.69 531.97 Td (Series ) Tj ET Q q 0 0 0 rg BT 445.65 531.97 Td (II\), ) Tj ET Q q 0 0 0 rg BT 460.66 531.97 Td (between ) Tj ET Q q 0 0 0 rg BT 496.50 531.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 520.13 531.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 531.70 531.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 550.24 531.97 Td (& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 521.97 Td (Co. ) Tj ET Q q 0 0 0 rg BT 142.75 521.97 Td (and ) Tj ET Q q 0 0 0 rg BT 159.77 521.97 Td (the ) Tj ET Q q 0 0 0 rg BT 174.57 521.97 Td (Bank ) Tj ET Q q 0 0 0 rg BT 198.27 521.97 Td (of ) Tj ET Q q 0 0 0 rg BT 209.18 521.97 Td (New ) Tj ET Q q 0 0 0 rg BT 230.45 521.97 Td (Y) Tj ET Q q 0 0 0 rg BT 236.98 521.97 Td (ork ) Tj ET Q q 0 0 0 rg BT 252.39 521.97 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 283.86 521.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 340.31 521.97 Td (by ) Tj ET Q q 0 0 0 rg BT 352.89 521.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 392.66 521.97 Td (to ) Tj ET Q q 0 0 0 rg BT 403.02 521.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 435.05 521.97 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 455.13 521.97 Td (to ) Tj ET Q q 0 0 0 rg BT 465.49 521.97 Td (the ) Tj ET Q q 0 0 0 rg BT 480.29 521.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 527.45 521.97 Td (Current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 511.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 155.72 511.97 Td (on ) Tj ET Q q 0 0 0 rg BT 168.22 511.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 192.39 511.97 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 212.94 511.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 233.49 511.97 Td (April ) Tj ET Q q 0 0 0 rg BT 256.82 511.97 Td (5, ) Tj ET Q q 0 0 0 rg BT 266.82 511.97 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.75 496.97 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 496.97 Td (Second ) Tj ET Q q 0 0 0 rg BT 157.96 496.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 199.44 496.97 Td (and ) Tj ET Q q 0 0 0 rg BT 216.76 496.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 254.08 496.97 Td (Indenture ) Tj ET Q q 0 0 0 rg BT 295.28 496.97 Td (dated ) Tj ET Q q 0 0 0 rg BT 319.46 496.97 Td (April ) Tj ET Q q 0 0 0 rg BT 343.17 496.97 Td (21, ) Tj ET Q q 0 0 0 rg BT 358.55 496.97 Td (2014 ) Tj ET Q q 0 0 0 rg BT 381.44 496.97 Td (\(Secured ) Tj ET Q q 0 0 0 rg BT 419.85 496.97 Td (Commercial ) Tj ET Q q 0 0 0 rg BT 472.17 496.97 Td (Paper ) Tj ET Q q 0 0 0 rg BT 497.82 496.97 Td (Notes ) Tj ET Q q 0 0 0 rg BT 524.03 496.97 Td (-- ) Tj ET Q q 0 0 0 rg BT 533.57 496.97 Td (Series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 486.97 Td (III\), ) Tj ET Q q 0 0 0 rg BT 144.82 486.97 Td (between ) Tj ET Q q 0 0 0 rg BT 181.14 486.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 205.25 486.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 216.82 486.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 235.82 486.97 Td (& ) Tj ET Q q 0 0 0 rg BT 246.60 486.97 Td (Co. ) Tj ET Q q 0 0 0 rg BT 263.77 486.97 Td (and ) Tj ET Q q 0 0 0 rg BT 281.21 486.97 Td (the ) Tj ET Q q 0 0 0 rg BT 296.43 486.97 Td (Bank ) Tj ET Q q 0 0 0 rg BT 320.54 486.97 Td (of ) Tj ET Q q 0 0 0 rg BT 331.87 486.97 Td (New ) Tj ET Q q 0 0 0 rg BT 353.49 486.97 Td (Y) Tj ET Q q 0 0 0 rg BT 360.03 486.97 Td (ork ) Tj ET Q q 0 0 0 rg BT 375.86 486.97 Td (Mellon ) Tj ET Q q 0 0 0 rg BT 407.74 486.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 464.61 486.97 Td (by ) Tj ET Q q 0 0 0 rg BT 477.61 486.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 517.79 486.97 Td (to ) Tj ET Q q 0 0 0 rg BT 528.57 486.97 Td (Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 476.97 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 146.00 476.97 Td (to ) Tj ET Q q 0 0 0 rg BT 156.28 476.97 Td (the ) Tj ET Q q 0 0 0 rg BT 171.00 476.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 218.08 476.97 Td (Current ) Tj ET Q q 0 0 0 rg BT 251.12 476.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 280.84 476.97 Td (on ) Tj ET Q q 0 0 0 rg BT 293.34 476.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 317.51 476.97 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 338.06 476.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 358.61 476.97 Td (April ) Tj ET Q q 0 0 0 rg BT 381.94 476.97 Td (21, ) Tj ET Q q 0 0 0 rg BT 396.94 476.97 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 461.97 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 461.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.85 461.97 Td (of ) Tj ET Q q 0 0 0 rg BT 160.37 461.97 Td (director ) Tj ET Q q 0 0 0 rg BT 193.65 461.97 Td (indemnification ) Tj ET Q q 0 0 0 rg BT 259.15 461.97 Td (agreement ) Tj ET Q q 0 0 0 rg BT 302.98 461.97 Td (between ) Tj ET Q q 0 0 0 rg BT 338.48 461.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 361.77 461.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 373.34 461.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 391.53 461.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 438.71 461.97 Td (and ) Tj ET Q q 0 0 0 rg BT 455.34 461.97 Td (its ) Tj ET Q q 0 0 0 rg BT 466.97 461.97 Td (directors ) Tj ET Q q 0 0 0 rg BT 504.14 461.97 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 451.97 Td (by ) Tj ET Q q 0 0 0 rg BT 138.50 451.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 178.18 451.97 Td (to ) Tj ET Q q 0 0 0 rg BT 188.46 451.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 220.40 451.97 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 240.40 451.97 Td (to ) Tj ET Q q 0 0 0 rg BT 250.68 451.97 Td (the ) Tj ET Q q 0 0 0 rg BT 265.40 451.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 312.48 451.97 Td (Current ) Tj ET Q q 0 0 0 rg BT 345.53 451.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 375.24 451.97 Td (on ) Tj ET Q q 0 0 0 rg BT 387.74 451.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 411.91 451.97 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 432.46 451.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 453.29 451.97 Td (March ) Tj ET Q q 0 0 0 rg BT 481.89 451.97 Td (17, ) Tj ET Q q 0 0 0 rg BT 496.89 451.97 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 525.22 451.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 436.97 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 436.97 Td (Of) Tj ET Q q 0 0 0 rg BT 136.46 436.97 Td (fice ) Tj ET Q q 0 0 0 rg BT 154.81 436.97 Td (Lease ) Tj ET Q q 0 0 0 rg BT 181.09 436.97 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 231.18 436.97 Td (dated ) Tj ET Q q 0 0 0 rg BT 256.29 436.97 Td (May30, ) Tj ET Q q 0 0 0 rg BT 293.07 436.97 Td (2012, ) Tj ET Q q 0 0 0 rg BT 319.02 436.97 Td (by ) Tj ET Q q 0 0 0 rg BT 332.47 436.97 Td (and ) Tj ET Q q 0 0 0 rg BT 350.36 436.97 Td (among ) Tj ET Q q 0 0 0 rg BT 381.02 436.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 405.58 436.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 417.15 436.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 436.61 436.97 Td (& ) Tj ET Q q 0 0 0 rg BT 447.84 436.97 Td (Co. ) Tj ET Q q 0 0 0 rg BT 465.46 436.97 Td (and ) Tj ET Q q 0 0 0 rg BT 483.19 436.97 Td (W) Tj ET Q q 0 0 0 rg BT 492.13 436.97 Td (ells ) Tj ET Q q 0 0 0 rg BT 509.07 436.97 Td (REIT) Tj ET Q q 0 0 0 rg BT 531.20 436.97 Td ( ) Tj ET Q q 0 0 0 rg BT 534.55 436.97 Td ( ) Tj ET Q q 0 0 0 rg BT 543.00 436.97 Td (800 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 426.97 Td (Nicollett ) Tj ET Q q 0 0 0 rg BT 163.55 426.97 Td (A) Tj ET Q q 0 0 0 rg BT 170.12 426.97 Td (venue ) Tj ET Q q 0 0 0 rg BT 196.56 426.97 Td (Owner) Tj ET Q q 0 0 0 rg BT 223.57 426.97 Td (, ) Tj ET Q q 0 0 0 rg BT 228.80 426.97 Td (LLC ) Tj ET Q q 0 0 0 rg BT 250.61 426.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 307.40 426.97 Td (by ) Tj ET Q q 0 0 0 rg BT 320.33 426.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 360.44 426.97 Td (to ) Tj ET Q q 0 0 0 rg BT 371.15 426.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 403.52 426.97 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 423.95 426.97 Td (to ) Tj ET Q q 0 0 0 rg BT 434.66 426.97 Td (the ) Tj ET Q q 0 0 0 rg BT 449.80 426.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 497.31 426.97 Td (Current ) Tj ET Q q 0 0 0 rg BT 530.79 426.97 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 416.97 Td (on ) Tj ET Q q 0 0 0 rg BT 138.50 416.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 162.67 416.97 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 183.22 416.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 204.05 416.97 Td (June ) Tj ET Q q 0 0 0 rg BT 224.88 416.97 Td (1, ) Tj ET Q q 0 0 0 rg BT 234.88 416.97 Td (2012\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 401.97 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 401.97 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 145.52 401.97 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 181.14 401.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 203.99 401.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 215.56 401.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 233.31 401.97 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 250.31 401.97 Td (Second ) Tj ET Q q 0 0 0 rg BT 281.49 401.97 Td (Century ) Tj ET Q q 0 0 0 rg BT 315.45 401.97 Td (2000 ) Tj ET Q q 0 0 0 rg BT 337.19 401.97 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 374.46 401.97 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 433.97 401.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 453.49 401.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 509.09 401.97 Td (by ) Tj ET Q q 0 0 0 rg BT 520.83 401.97 Td (reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 391.97 Td (to ) Tj ET Q q 0 0 0 rg BT 135.76 391.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 167.18 391.97 Td (10.10 ) Tj ET Q q 0 0 0 rg BT 191.65 391.97 Td (to ) Tj ET Q q 0 0 0 rg BT 201.41 391.97 Td (the ) Tj ET Q q 0 0 0 rg BT 215.60 391.97 Td (Company) Tj ET Q q 0 0 0 rg BT 257.55 391.97 Td (s ) Tj ET Q q 0 0 0 rg BT 262.98 391.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 294.12 391.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 323.31 391.97 Td (on ) Tj ET Q q 0 0 0 rg BT 335.29 391.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 358.94 391.97 Td (10-K ) Tj ET Q q 0 0 0 rg BT 381.47 391.97 Td (for ) Tj ET Q q 0 0 0 rg BT 395.10 391.97 Td (the ) Tj ET Q q 0 0 0 rg BT 409.30 391.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 432.93 391.97 Td (year ) Tj ET Q q 0 0 0 rg BT 452.12 391.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 477.97 391.97 Td (December ) Tj ET Q q 0 0 0 rg BT 521.03 391.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 535.51 391.97 Td (2003, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 381.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 146.83 381.97 Td (March ) Tj ET Q q 0 0 0 rg BT 175.42 381.97 Td (8, ) Tj ET Q q 0 0 0 rg BT 185.42 381.97 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 213.75 381.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 366.97 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 366.97 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 145.26 366.97 Td (Bancorp ) Tj ET Q q 0 0 0 rg BT 180.61 366.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 203.19 366.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 214.76 366.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 232.25 366.97 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 248.99 366.97 Td (Second ) Tj ET Q q 0 0 0 rg BT 279.90 366.97 Td (Century ) Tj ET Q q 0 0 0 rg BT 313.59 366.97 Td (Growth ) Tj ET Q q 0 0 0 rg BT 345.62 366.97 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 382.62 366.97 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 441.87 366.97 Td (Plan, ) Tj ET Q q 0 0 0 rg BT 463.62 366.97 Td (as ) Tj ET Q q 0 0 0 rg BT 473.43 366.97 Td (amended ) Tj ET Q q 0 0 0 rg BT 511.00 366.97 Td (and ) Tj ET Q q 0 0 0 rg BT 526.91 366.97 Td (restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 356.97 Td (ef) Tj ET Q q 0 0 0 rg BT 133.68 356.97 Td (fective ) Tj ET Q q 0 0 0 rg BT 163.45 356.97 Td (September ) Tj ET Q q 0 0 0 rg BT 208.88 356.97 Td (30, ) Tj ET Q q 0 0 0 rg BT 224.04 356.97 Td (1998 ) Tj ET Q q 0 0 0 rg BT 246.70 356.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 303.23 356.97 Td (by ) Tj ET Q q 0 0 0 rg BT 315.89 356.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 355.74 356.97 Td (to ) Tj ET Q q 0 0 0 rg BT 366.18 356.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 398.28 356.97 Td (10.1) Tj ET Q q 0 0 0 rg BT 415.60 356.97 Td (1 ) Tj ET Q q 0 0 0 rg BT 423.08 356.97 Td ( ) Tj ET Q q 0 0 0 rg BT 425.74 356.97 Td (to ) Tj ET Q q 0 0 0 rg BT 436.18 356.97 Td (the ) Tj ET Q q 0 0 0 rg BT 451.06 356.97 Td (Company) Tj ET Q q 0 0 0 rg BT 493.00 356.97 Td (s ) Tj ET Q q 0 0 0 rg BT 498.97 356.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 530.79 356.97 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 346.97 Td (on ) Tj ET Q q 0 0 0 rg BT 138.50 346.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 162.67 346.97 Td (10-K ) Tj ET Q q 0 0 0 rg BT 185.72 346.97 Td (for ) Tj ET Q q 0 0 0 rg BT 199.88 346.97 Td (the ) Tj ET Q q 0 0 0 rg BT 214.60 346.97 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 238.75 346.97 Td (year ) Tj ET Q q 0 0 0 rg BT 258.46 346.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 284.84 346.97 Td (December ) Tj ET Q q 0 0 0 rg BT 328.42 346.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 343.42 346.97 Td (2003, ) Tj ET Q q 0 0 0 rg BT 368.42 346.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 389.25 346.97 Td (March ) Tj ET Q q 0 0 0 rg BT 417.85 346.97 Td (8, ) Tj ET Q q 0 0 0 rg BT 427.85 346.97 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 456.18 346.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 331.97 Td (10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 331.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 149.92 331.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.49 331.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 180.30 331.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 227.76 331.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 269.17 331.97 Td (and ) Tj ET Q q 0 0 0 rg BT 286.42 331.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 323.66 331.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 346.12 331.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 378.09 331.97 Td (and ) Tj ET Q q 0 0 0 rg BT 395.34 331.97 Td (Long-T) Tj ET Q q 0 0 0 rg BT 425.53 331.97 Td (erm ) Tj ET Q q 0 0 0 rg BT 443.54 331.97 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 483.55 331.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.14 331.97 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 321.97 Td (by ) Tj ET Q q 0 0 0 rg BT 139.78 321.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 180.73 321.97 Td (to ) Tj ET Q q 0 0 0 rg BT 192.29 321.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 224.95 321.97 Td (A) Tj ET Q q 0 0 0 rg BT 231.62 321.97 Td ( ) Tj ET Q q 0 0 0 rg BT 235.12 321.97 Td (to ) Tj ET Q q 0 0 0 rg BT 246.67 321.97 Td (the ) Tj ET Q q 0 0 0 rg BT 262.67 321.97 Td (Company) Tj ET Q q 0 0 0 rg BT 304.61 321.97 Td (s ) Tj ET Q q 0 0 0 rg BT 312.00 321.97 Td (Definitive ) Tj ET Q q 0 0 0 rg BT 356.32 321.97 Td (Proxy ) Tj ET Q q 0 0 0 rg BT 383.98 321.97 Td (Statement ) Tj ET Q q 0 0 0 rg BT 427.75 321.97 Td (for ) Tj ET Q q 0 0 0 rg BT 443.19 321.97 Td (its ) Tj ET Q q 0 0 0 rg BT 456.41 321.97 Td (2013 ) Tj ET Q q 0 0 0 rg BT 479.63 321.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 512.57 321.97 Td (Meeting ) Tj ET Q q 0 0 0 rg BT 549.67 321.97 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 311.97 Td (Shareholders, ) Tj ET Q q 0 0 0 rg BT 183.21 311.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 204.03 311.97 Td (March ) Tj ET Q q 0 0 0 rg BT 232.63 311.97 Td (22, ) Tj ET Q q 0 0 0 rg BT 247.63 311.97 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 275.96 311.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 296.97 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 296.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 151.07 296.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 162.64 296.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 182.61 296.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 231.56 296.97 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 271.05 296.97 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 332.78 296.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 354.52 296.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 412.34 296.97 Td (by ) Tj ET Q q 0 0 0 rg BT 426.30 296.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 467.45 296.97 Td (to ) Tj ET Q q 0 0 0 rg BT 479.18 296.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 512.59 296.97 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 534.05 296.97 Td (to ) Tj ET Q q 0 0 0 rg BT 545.79 296.97 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 286.97 Td (Company) Tj ET Q q 0 0 0 rg BT 167.94 286.97 Td (s ) Tj ET Q q 0 0 0 rg BT 174.06 286.97 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 214.87 286.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 244.59 286.97 Td (on ) Tj ET Q q 0 0 0 rg BT 257.09 286.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 281.26 286.97 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 304.31 286.97 Td (for ) Tj ET Q q 0 0 0 rg BT 318.47 286.97 Td (the ) Tj ET Q q 0 0 0 rg BT 333.19 286.97 Td (period ) Tj ET Q q 0 0 0 rg BT 361.23 286.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 387.61 286.97 Td (June ) Tj ET Q q 0 0 0 rg BT 408.44 286.97 Td (30, ) Tj ET Q q 0 0 0 rg BT 423.44 286.97 Td (2013, ) Tj ET Q q 0 0 0 rg BT 448.44 286.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 469.27 286.97 Td (July ) Tj ET Q q 0 0 0 rg BT 488.44 286.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 503.44 286.97 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 531.77 286.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 271.97 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 271.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.56 271.97 Td (of ) Tj ET Q q 0 0 0 rg BT 161.78 271.97 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 205.21 271.97 Td (Stock ) Tj ET Q q 0 0 0 rg BT 230.52 271.97 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 277.56 271.97 Td (for ) Tj ET Q q 0 0 0 rg BT 292.11 271.97 Td (Employee ) Tj ET Q q 0 0 0 rg BT 335.54 271.97 Td (Grants ) Tj ET Q q 0 0 0 rg BT 365.09 271.97 Td (in ) Tj ET Q q 0 0 0 rg BT 375.76 271.97 Td (201) Tj ET Q q 0 0 0 rg BT 390.58 271.97 Td (1, ) Tj ET Q q 0 0 0 rg BT 400.78 271.97 Td (2012, ) Tj ET Q q 0 0 0 rg BT 426.17 271.97 Td (and ) Tj ET Q q 0 0 0 rg BT 443.50 271.97 Td (2013 ) Tj ET Q q 0 0 0 rg BT 466.39 271.97 Td (\(related ) Tj ET Q q 0 0 0 rg BT 499.81 271.97 Td (to ) Tj ET Q q 0 0 0 rg BT 510.48 271.97 Td (2010, ) Tj ET Q q 0 0 0 rg BT 535.87 271.97 Td (201) Tj ET Q q 0 0 0 rg BT 550.69 271.97 Td (1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 261.97 Td (and ) Tj ET Q q 0 0 0 rg BT 142.59 261.97 Td (2012 ) Tj ET Q q 0 0 0 rg BT 164.75 261.97 Td (performance, ) Tj ET Q q 0 0 0 rg BT 219.92 261.97 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 273.71 261.97 Td (under ) Tj ET Q q 0 0 0 rg BT 298.64 261.97 Td (the ) Tj ET Q q 0 0 0 rg BT 313.01 261.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 336.27 261.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 347.84 261.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 366.00 261.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 412.95 261.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 453.70 261.97 Td (and ) Tj ET Q q 0 0 0 rg BT 470.30 261.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 506.88 261.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 528.84 261.97 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 251.97 Td (and ) Tj ET Q q 0 0 0 rg BT 143.28 251.97 Td (Long-T) Tj ET Q q 0 0 0 rg BT 173.48 251.97 Td (erm ) Tj ET Q q 0 0 0 rg BT 191.53 251.97 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 231.57 251.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 252.20 251.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 308.91 251.97 Td (by ) Tj ET Q q 0 0 0 rg BT 321.75 251.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 361.78 251.97 Td (to ) Tj ET Q q 0 0 0 rg BT 372.40 251.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 404.69 251.97 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 425.04 251.97 Td (to ) Tj ET Q q 0 0 0 rg BT 435.66 251.97 Td (the ) Tj ET Q q 0 0 0 rg BT 450.72 251.97 Td (Company) Tj ET Q q 0 0 0 rg BT 492.67 251.97 Td (s ) Tj ET Q q 0 0 0 rg BT 498.77 251.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 530.78 251.97 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 241.97 Td (on ) Tj ET Q q 0 0 0 rg BT 138.50 241.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 162.67 241.97 Td (10-K ) Tj ET Q q 0 0 0 rg BT 185.72 241.97 Td (for ) Tj ET Q q 0 0 0 rg BT 199.88 241.97 Td (the ) Tj ET Q q 0 0 0 rg BT 214.60 241.97 Td (year ) Tj ET Q q 0 0 0 rg BT 234.31 241.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 260.68 241.97 Td (December ) Tj ET Q q 0 0 0 rg BT 304.27 241.97 Td (31, ) Tj ET Q q 0 0 0 rg BT 319.27 241.97 Td (2010, ) Tj ET Q q 0 0 0 rg BT 344.27 241.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 365.09 241.97 Td (February ) Tj ET Q q 0 0 0 rg BT 403.69 241.97 Td (28, ) Tj ET Q q 0 0 0 rg BT 418.69 241.97 Td (201) Tj ET Q q 0 0 0 rg BT 433.50 241.97 Td (1\). ) Tj ET Q q 0 0 0 rg BT 446.65 241.97 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 226.97 Td (10.8) 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 150.41 226.97 Td (of ) Tj ET Q q 0 0 0 rg BT 161.48 226.97 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 204.76 226.97 Td (Stock ) Tj ET Q q 0 0 0 rg BT 229.94 226.97 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 276.83 226.97 Td (for ) Tj ET Q q 0 0 0 rg BT 291.23 226.97 Td (Employee ) Tj ET Q q 0 0 0 rg BT 334.51 226.97 Td (Grants ) Tj ET Q q 0 0 0 rg BT 363.91 226.97 Td (in ) Tj ET Q q 0 0 0 rg BT 374.42 226.97 Td (2014 ) Tj ET Q q 0 0 0 rg BT 397.16 226.97 Td (\(related ) Tj ET Q q 0 0 0 rg BT 430.43 226.97 Td (to ) Tj ET Q q 0 0 0 rg BT 440.95 226.97 Td (2013 ) Tj ET Q q 0 0 0 rg BT 463.69 226.97 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 520.28 226.97 Td (under ) Tj ET Q q 0 0 0 rg BT 545.79 226.97 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 216.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 149.92 216.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.49 216.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 180.30 216.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 227.76 216.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 269.17 216.97 Td (and ) Tj ET Q q 0 0 0 rg BT 286.42 216.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 323.66 216.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 346.12 216.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 378.09 216.97 Td (and ) Tj ET Q q 0 0 0 rg BT 395.34 216.97 Td (Long-T) Tj ET Q q 0 0 0 rg BT 425.53 216.97 Td (erm ) Tj ET Q q 0 0 0 rg BT 443.54 216.97 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 483.55 216.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.14 216.97 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 206.97 Td (by ) Tj ET Q q 0 0 0 rg BT 138.14 206.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 177.47 206.97 Td (to ) Tj ET Q q 0 0 0 rg BT 187.39 206.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 218.98 206.97 Td (10.8 ) Tj ET Q q 0 0 0 rg BT 238.62 206.97 Td (to ) Tj ET Q q 0 0 0 rg BT 248.54 206.97 Td (the ) Tj ET Q q 0 0 0 rg BT 262.90 206.97 Td (Company's ) Tj ET Q q 0 0 0 rg BT 309.43 206.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 340.74 206.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 370.10 206.97 Td (on ) Tj ET Q q 0 0 0 rg BT 382.24 206.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 406.05 206.97 Td (10-K ) Tj ET Q q 0 0 0 rg BT 428.75 206.97 Td (for ) Tj ET Q q 0 0 0 rg BT 442.55 206.97 Td (the ) Tj ET Q q 0 0 0 rg BT 456.91 206.97 Td (year ) Tj ET Q q 0 0 0 rg BT 476.26 206.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 502.28 206.97 Td (December ) Tj ET Q q 0 0 0 rg BT 545.51 206.97 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 196.97 Td (2013, ) Tj ET Q q 0 0 0 rg BT 151.00 196.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 171.83 196.97 Td (February ) Tj ET Q q 0 0 0 rg BT 210.42 196.97 Td (28, ) Tj ET Q q 0 0 0 rg BT 225.42 196.97 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 253.75 196.97 Td ( ) Tj ET Q q 0 0 0 rg BT 256.25 196.97 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 181.97 Td (10.9) 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 (2015 ) Tj ET Q q 0 0 0 rg BT 397.16 181.97 Td (\(related ) Tj ET Q q 0 0 0 rg BT 430.43 181.97 Td (to ) Tj ET Q q 0 0 0 rg BT 440.95 181.97 Td (2014 ) Tj ET Q q 0 0 0 rg BT 463.69 181.97 Td (performance\) ) 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 149.61 171.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 161.18 171.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 179.69 171.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 226.91 171.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 268.01 171.97 Td (and ) Tj ET Q q 0 0 0 rg BT 284.95 171.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 321.88 171.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 344.10 171.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 375.77 171.97 Td (and ) Tj ET Q q 0 0 0 rg BT 392.70 171.97 Td (Long-T) Tj ET Q q 0 0 0 rg BT 422.90 171.97 Td (erm ) Tj ET Q q 0 0 0 rg BT 440.60 171.97 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 480.30 171.97 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 503.08 171.97 Td ( ) Tj ET Q q 0 0 0 rg BT 505.58 171.97 Td ( ) Tj ET Q q 0 0 0 rg BT 513.08 171.97 Td (* ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 156.97 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 156.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.57 156.97 Td (of ) Tj ET Q q 0 0 0 rg BT 165.81 156.97 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 211.25 156.97 Td (Stock ) Tj ET Q q 0 0 0 rg BT 238.13 156.97 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 287.18 156.97 Td (for ) Tj ET Q q 0 0 0 rg BT 303.74 156.97 Td (California-based ) Tj ET Q q 0 0 0 rg BT 375.29 156.97 Td (Employee ) Tj ET Q q 0 0 0 rg BT 420.73 156.97 Td (Grants ) Tj ET Q q 0 0 0 rg BT 452.29 156.97 Td (in ) Tj ET Q q 0 0 0 rg BT 464.98 156.97 Td (2015 ) Tj ET Q q 0 0 0 rg BT 489.88 156.97 Td (\(related ) Tj ET Q q 0 0 0 rg BT 525.32 156.97 Td (to ) Tj ET Q q 0 0 0 rg BT 538.00 156.97 Td (2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 146.97 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 184.39 146.97 Td (under ) Tj ET Q q 0 0 0 rg BT 211.70 146.97 Td (the ) Tj ET Q q 0 0 0 rg BT 228.45 146.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 254.10 146.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 265.67 146.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 286.22 146.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 335.02 146.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 378.16 146.97 Td (and ) Tj ET Q q 0 0 0 rg BT 397.14 146.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 436.11 146.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 459.93 146.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 493.63 146.97 Td (and ) Tj ET Q q 0 0 0 rg BT 512.60 146.97 Td (Long-T) Tj ET Q q 0 0 0 rg BT 542.80 146.97 Td (erm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 136.97 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 165.70 136.97 Td (Plan. ) Tj ET Q q 0 0 0 rg BT 188.48 136.97 Td ( ) Tj ET Q q 0 0 0 rg BT 190.98 136.97 Td ( ) Tj ET Q q 0 0 0 rg BT 198.48 136.97 Td (* ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 121.97 Td (10.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 121.97 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.31 121.97 Td (of ) Tj ET Q q 0 0 0 rg BT 165.28 121.97 Td (Stock ) Tj ET Q q 0 0 0 rg BT 192.69 121.97 Td (Option ) Tj ET Q q 0 0 0 rg BT 224.09 121.97 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 273.15 121.97 Td (for ) Tj ET Q q 0 0 0 rg BT 289.45 121.97 Td (Employee ) Tj ET Q q 0 0 0 rg BT 334.63 121.97 Td (Grants ) Tj ET Q q 0 0 0 rg BT 365.93 121.97 Td (in ) Tj ET Q q 0 0 0 rg BT 378.35 121.97 Td (2004 ) Tj ET Q q 0 0 0 rg BT 402.98 121.97 Td (and ) Tj ET Q q 0 0 0 rg BT 422.06 121.97 Td (2005 ) Tj ET Q q 0 0 0 rg BT 446.70 121.97 Td (\(related ) Tj ET Q q 0 0 0 rg BT 481.87 121.97 Td (to ) Tj ET Q q 0 0 0 rg BT 494.29 121.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 518.93 121.97 Td (and ) Tj ET Q q 0 0 0 rg BT 538.00 121.97 Td (2004 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 111.97 Td (performance, ) Tj ET Q q 0 0 0 rg BT 180.82 111.97 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 234.26 111.97 Td (under ) Tj ET Q q 0 0 0 rg BT 258.83 111.97 Td (the ) Tj ET Q q 0 0 0 rg BT 272.85 111.97 Td (Piper ) Tj ET Q q 0 0 0 rg BT 295.76 111.97 Td (Jaf) Tj ET Q q 0 0 0 rg BT 307.24 111.97 Td (fray ) Tj ET Q q 0 0 0 rg BT 325.14 111.97 Td (Companies ) Tj ET Q q 0 0 0 rg BT 371.54 111.97 Td (Amended ) Tj ET Q q 0 0 0 rg BT 412.22 111.97 Td (and ) Tj ET Q q 0 0 0 rg BT 428.46 111.97 Td (Restated ) Tj ET Q q 0 0 0 rg BT 464.69 111.97 Td (2003 ) Tj ET Q q 0 0 0 rg BT 486.09 111.97 Td (Annual ) Tj ET Q q 0 0 0 rg BT 517.33 111.97 Td (and ) Tj ET Q q 0 0 0 rg BT 533.57 111.97 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 101.97 Td (T) Tj ET Q q 0 0 0 rg BT 131.41 101.97 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.46 101.97 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 189.17 101.97 Td (Plan ) Tj ET Q q 0 0 0 rg BT 209.45 101.97 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 265.82 101.97 Td (by ) Tj ET Q q 0 0 0 rg BT 278.32 101.97 Td (reference ) Tj ET Q q 0 0 0 rg BT 318.01 101.97 Td (to ) Tj ET Q q 0 0 0 rg BT 328.29 101.97 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 360.24 101.97 Td (10.2 ) Tj ET Q q 0 0 0 rg BT 380.24 101.97 Td (to ) Tj ET Q q 0 0 0 rg BT 390.52 101.97 Td (the ) Tj ET Q q 0 0 0 rg BT 405.24 101.97 Td (Company) Tj ET Q q 0 0 0 rg BT 446.91 101.97 Td (s ) Tj ET Q q 0 0 0 rg BT 453.30 101.97 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 494.12 101.97 Td (Report ) Tj ET Q q 0 0 0 rg BT 523.84 101.97 Td (on ) Tj ET Q q 0 0 0 rg BT 536.35 101.97 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 91.97 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 149.05 91.97 Td (for ) Tj ET Q q 0 0 0 rg BT 163.21 91.97 Td (the ) Tj ET Q q 0 0 0 rg BT 177.93 91.97 Td (period ) Tj ET Q q 0 0 0 rg BT 205.98 91.97 Td (ended ) Tj ET Q q 0 0 0 rg BT 232.35 91.97 Td (June ) Tj ET Q q 0 0 0 rg BT 253.18 91.97 Td (30, ) Tj ET Q q 0 0 0 rg BT 268.18 91.97 Td (2004, ) Tj ET Q q 0 0 0 rg BT 293.18 91.97 Td (filed ) Tj ET Q q 0 0 0 rg BT 313.46 91.97 Td (August ) Tj ET Q q 0 0 0 rg BT 344.85 91.97 Td (4, ) Tj ET Q q 0 0 0 rg BT 354.85 91.97 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 383.18 91.97 Td () 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 19.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 19.60 Td (17) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 720.5 m 109.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 720.5 m 561.5 720.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.15 739.18 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.30 725.18 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 724.75 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.00 725.23 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 705.07 Td (10.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 705.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.71 705.07 Td (of ) Tj ET Q q 0 0 0 rg BT 160.07 705.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 184.89 705.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 214.53 705.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 260.71 705.07 Td (for ) Tj ET Q q 0 0 0 rg BT 274.41 705.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 316.99 705.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 345.68 705.07 Td (in ) Tj ET Q q 0 0 0 rg BT 355.50 705.07 Td (2006 ) Tj ET Q q 0 0 0 rg BT 377.53 705.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 410.10 705.07 Td (to ) Tj ET Q q 0 0 0 rg BT 419.92 705.07 Td (2005 ) Tj ET Q q 0 0 0 rg BT 441.95 705.07 Td (performance\) ) Tj ET Q q 0 0 0 rg BT 497.84 705.07 Td (under ) Tj ET Q q 0 0 0 rg BT 522.65 705.07 Td (the ) Tj ET Q q 0 0 0 rg BT 536.90 705.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 695.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 137.57 695.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 157.35 695.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 205.56 695.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 247.93 695.07 Td (and ) Tj ET Q q 0 0 0 rg BT 266.13 695.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 304.34 695.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 327.55 695.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 360.48 695.07 Td (and ) Tj ET Q q 0 0 0 rg BT 378.69 695.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 408.89 695.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 427.85 695.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 468.82 695.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 490.37 695.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 548.00 695.07 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 685.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 165.72 685.07 Td (to ) Tj ET Q q 0 0 0 rg BT 176.03 685.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 208.00 685.07 Td (10.1) Tj ET Q q 0 0 0 rg BT 225.32 685.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 232.67 685.07 Td (to ) Tj ET Q q 0 0 0 rg BT 242.98 685.07 Td (the ) Tj ET Q q 0 0 0 rg BT 257.73 685.07 Td (Company) Tj ET Q q 0 0 0 rg BT 299.67 685.07 Td (s ) Tj ET Q q 0 0 0 rg BT 305.53 685.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 337.23 685.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 366.98 685.07 Td (on ) Tj ET Q q 0 0 0 rg BT 379.51 685.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 403.72 685.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 426.80 685.07 Td (for ) Tj ET Q q 0 0 0 rg BT 440.99 685.07 Td (the ) Tj ET Q q 0 0 0 rg BT 455.74 685.07 Td (year ) Tj ET Q q 0 0 0 rg BT 475.48 685.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 501.90 685.07 Td (December ) Tj ET Q q 0 0 0 rg BT 545.51 685.07 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 675.07 Td (2005, ) Tj ET Q q 0 0 0 rg BT 151.00 675.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 171.83 675.07 Td (March ) Tj ET Q q 0 0 0 rg BT 200.42 675.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 210.42 675.07 Td (2006\). ) Tj ET Q q 0 0 0 rg BT 238.75 675.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 660.07 Td (10.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 660.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.31 660.07 Td (of ) Tj ET Q q 0 0 0 rg BT 165.28 660.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 192.69 660.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 224.36 660.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 273.15 660.07 Td (for ) Tj ET Q q 0 0 0 rg BT 289.45 660.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 334.63 660.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 365.93 660.07 Td (in ) Tj ET Q q 0 0 0 rg BT 378.35 660.07 Td (2007 ) Tj ET Q q 0 0 0 rg BT 402.98 660.07 Td (and ) Tj ET Q q 0 0 0 rg BT 422.06 660.07 Td (2008 ) Tj ET Q q 0 0 0 rg BT 446.70 660.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 481.87 660.07 Td (to ) Tj ET Q q 0 0 0 rg BT 494.29 660.07 Td (2006 ) Tj ET Q q 0 0 0 rg BT 518.93 660.07 Td (and ) Tj ET Q q 0 0 0 rg BT 538.00 660.07 Td (2007 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 650.07 Td (performance, ) Tj ET Q q 0 0 0 rg BT 180.82 650.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 234.26 650.07 Td (under ) Tj ET Q q 0 0 0 rg BT 258.83 650.07 Td (the ) Tj ET Q q 0 0 0 rg BT 272.85 650.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 295.76 650.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 307.33 650.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 325.14 650.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 371.81 650.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 412.22 650.07 Td (and ) Tj ET Q q 0 0 0 rg BT 428.46 650.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 464.69 650.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 486.37 650.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 517.33 650.07 Td (and ) Tj ET Q q 0 0 0 rg BT 533.57 650.07 Td (Long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 640.07 Td (T) Tj ET Q q 0 0 0 rg BT 131.76 640.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 149.05 640.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 188.35 640.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 208.23 640.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 264.19 640.07 Td (by ) Tj ET Q q 0 0 0 rg BT 276.29 640.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 315.57 640.07 Td (to ) Tj ET Q q 0 0 0 rg BT 325.44 640.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 356.98 640.07 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 376.58 640.07 Td (to ) Tj ET Q q 0 0 0 rg BT 386.45 640.07 Td (the ) Tj ET Q q 0 0 0 rg BT 400.77 640.07 Td (Company) Tj ET Q q 0 0 0 rg BT 442.71 640.07 Td (s ) Tj ET Q q 0 0 0 rg BT 448.23 640.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 479.49 640.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 508.81 640.07 Td (on ) Tj ET Q q 0 0 0 rg BT 520.91 640.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 544.67 640.07 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 630.07 Td (K ) Tj ET Q q 0 0 0 rg BT 135.72 630.07 Td (for ) Tj ET Q q 0 0 0 rg BT 149.88 630.07 Td (the ) Tj ET Q q 0 0 0 rg BT 164.60 630.07 Td (year ) Tj ET Q q 0 0 0 rg BT 184.31 630.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 210.68 630.07 Td (December ) Tj ET Q q 0 0 0 rg BT 254.27 630.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 269.27 630.07 Td (2006, ) Tj ET Q q 0 0 0 rg BT 294.27 630.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 315.09 630.07 Td (March ) Tj ET Q q 0 0 0 rg BT 343.69 630.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 353.69 630.07 Td (2007\). ) Tj ET Q q 0 0 0 rg BT 382.02 630.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 615.07 Td (10.14) 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 151.24 615.07 Td (of ) Tj ET Q q 0 0 0 rg BT 163.14 615.07 Td (Stock ) Tj ET Q q 0 0 0 rg BT 189.49 615.07 Td (Option ) Tj ET Q q 0 0 0 rg BT 220.33 615.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 268.05 615.07 Td (for ) Tj ET Q q 0 0 0 rg BT 283.28 615.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 347.94 615.07 Td (Director ) Tj ET Q q 0 0 0 rg BT 384.83 615.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 415.06 615.07 Td (under ) Tj ET Q q 0 0 0 rg BT 441.40 615.07 Td (the ) Tj ET Q q 0 0 0 rg BT 457.19 615.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 481.87 615.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 493.44 615.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 513.01 615.07 Td (Companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 605.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.91 605.07 Td (and ) Tj ET Q q 0 0 0 rg BT 185.37 605.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 222.84 605.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 245.47 605.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 277.66 605.07 Td (and ) Tj ET Q q 0 0 0 rg BT 295.13 605.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 325.33 605.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 343.55 605.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 383.79 605.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 404.59 605.07 Td ( ) Tj ET Q q 0 0 0 rg BT 407.62 605.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 464.51 605.07 Td (by ) Tj ET Q q 0 0 0 rg BT 477.54 605.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 517.75 605.07 Td (to ) Tj ET Q q 0 0 0 rg BT 528.56 605.07 Td (Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 595.07 Td (10.4 ) Tj ET Q q 0 0 0 rg BT 146.30 595.07 Td (to ) Tj ET Q q 0 0 0 rg BT 156.89 595.07 Td (the ) Tj ET Q q 0 0 0 rg BT 171.91 595.07 Td (Company) Tj ET Q q 0 0 0 rg BT 213.85 595.07 Td (s ) Tj ET Q q 0 0 0 rg BT 220.27 595.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 261.39 595.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 291.41 595.07 Td (on ) Tj ET Q q 0 0 0 rg BT 304.21 595.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 328.69 595.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 352.04 595.07 Td (for ) Tj ET Q q 0 0 0 rg BT 366.51 595.07 Td (the ) Tj ET Q q 0 0 0 rg BT 381.53 595.07 Td (period ) Tj ET Q q 0 0 0 rg BT 409.88 595.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 436.56 595.07 Td (June ) Tj ET Q q 0 0 0 rg BT 457.70 595.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 473.00 595.07 Td (2004, ) Tj ET Q q 0 0 0 rg BT 498.30 595.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 519.09 595.07 Td (August ) Tj ET Q q 0 0 0 rg BT 550.51 595.07 Td (4, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 585.07 Td (2004\). ) Tj ET Q q 0 0 0 rg BT 154.33 585.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 570.07 Td (10.15) 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 151.86 570.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.38 570.07 Td (Performance ) Tj ET Q q 0 0 0 rg BT 219.66 570.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 246.62 570.07 Td (Unit ) Tj ET Q q 0 0 0 rg BT 267.94 570.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 316.28 570.07 Td (for ) Tj ET Q q 0 0 0 rg BT 332.14 570.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 356.33 570.07 Td (Leadership ) Tj ET Q q 0 0 0 rg BT 404.73 570.07 Td (T) Tj ET Q q 0 0 0 rg BT 410.40 570.07 Td (eam ) Tj ET Q q 0 0 0 rg BT 430.90 570.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 461.75 570.07 Td (under ) Tj ET Q q 0 0 0 rg BT 488.71 570.07 Td (the ) Tj ET Q q 0 0 0 rg BT 505.12 570.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.42 570.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 541.99 570.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 560.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 172.90 560.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 213.58 560.07 Td (and ) Tj ET Q q 0 0 0 rg BT 230.11 560.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 266.62 560.07 Td (2003 ) Tj ET Q q 0 0 0 rg BT 288.52 560.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 319.77 560.07 Td (and ) Tj ET Q q 0 0 0 rg BT 336.30 560.07 Td (Long-T) Tj ET Q q 0 0 0 rg BT 366.49 560.07 Td (erm ) Tj ET Q q 0 0 0 rg BT 383.78 560.07 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 423.06 560.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 442.93 560.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 498.87 560.07 Td (by ) Tj ET Q q 0 0 0 rg BT 510.96 560.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.23 560.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 550.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 158.48 550.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 179.02 550.07 Td (to ) Tj ET Q q 0 0 0 rg BT 189.84 550.07 Td (the ) Tj ET Q q 0 0 0 rg BT 205.10 550.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 252.72 550.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 294.07 550.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 324.33 550.07 Td (on ) Tj ET Q q 0 0 0 rg BT 337.37 550.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 362.08 550.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 385.67 550.07 Td (for ) Tj ET Q q 0 0 0 rg BT 400.37 550.07 Td (the ) Tj ET Q q 0 0 0 rg BT 415.62 550.07 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 440.32 550.07 Td (quarter ) Tj ET Q q 0 0 0 rg BT 471.67 550.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 498.59 550.07 Td (June ) Tj ET Q q 0 0 0 rg BT 519.96 550.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 535.50 550.07 Td (2012, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 540.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 146.55 540.07 Td (August ) Tj ET Q q 0 0 0 rg BT 177.67 540.07 Td (2, ) Tj ET Q q 0 0 0 rg BT 187.67 540.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 216.00 540.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 525.07 Td (10.16) 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 (2013 ) 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 (\(incorporated ) Tj ET Q q 0 0 0 rg BT 498.87 515.07 Td (by ) Tj ET Q q 0 0 0 rg BT 510.96 515.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.23 515.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 505.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 157.67 505.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 177.40 505.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.41 505.07 Td (the ) Tj ET Q q 0 0 0 rg BT 201.85 505.07 Td (Company) Tj ET Q q 0 0 0 rg BT 243.80 505.07 Td (s ) Tj ET Q q 0 0 0 rg BT 249.64 505.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 290.18 505.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 319.63 505.07 Td (on ) Tj ET Q q 0 0 0 rg BT 331.86 505.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 355.76 505.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 378.54 505.07 Td (for ) Tj ET Q q 0 0 0 rg BT 392.43 505.07 Td (the ) Tj ET Q q 0 0 0 rg BT 406.87 505.07 Td (period ) Tj ET Q q 0 0 0 rg BT 434.65 505.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 460.76 505.07 Td (June ) Tj ET Q q 0 0 0 rg BT 481.31 505.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 496.04 505.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 520.77 505.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 541.33 505.07 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 495.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 141.00 495.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 169.33 495.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 480.07 Td (10.17) 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 (2014 ) 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 (\(incorporated ) Tj ET Q q 0 0 0 rg BT 498.87 470.07 Td (by ) Tj ET Q q 0 0 0 rg BT 510.96 470.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 550.23 470.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 460.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 157.67 460.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 177.40 460.07 Td (to ) Tj ET Q q 0 0 0 rg BT 187.41 460.07 Td (the ) Tj ET Q q 0 0 0 rg BT 201.85 460.07 Td (Company) Tj ET Q q 0 0 0 rg BT 243.80 460.07 Td (s ) Tj ET Q q 0 0 0 rg BT 249.64 460.07 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 290.18 460.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 319.63 460.07 Td (on ) Tj ET Q q 0 0 0 rg BT 331.86 460.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 355.76 460.07 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 378.54 460.07 Td (for ) Tj ET Q q 0 0 0 rg BT 392.43 460.07 Td (the ) Tj ET Q q 0 0 0 rg BT 406.87 460.07 Td (period ) Tj ET Q q 0 0 0 rg BT 434.65 460.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 460.76 460.07 Td (June ) Tj ET Q q 0 0 0 rg BT 481.31 460.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 496.04 460.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 520.77 460.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 541.33 460.07 Td (July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 450.07 Td (30, ) Tj ET Q q 0 0 0 rg BT 141.00 450.07 Td (2014\). ) 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 (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 435.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 148.58 435.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 160.15 435.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 177.64 435.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 224.11 435.07 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 261.11 435.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 320.36 435.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 339.62 435.07 Td (for ) Tj ET Q q 0 0 0 rg BT 352.75 435.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 415.32 435.07 Td (Directors ) Tj ET Q q 0 0 0 rg BT 454.01 435.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 509.34 435.07 Td (by ) Tj ET Q q 0 0 0 rg BT 520.82 435.07 Td (reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 425.07 Td (to ) Tj ET Q q 0 0 0 rg BT 135.94 425.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 167.55 425.07 Td (10.14 ) Tj ET Q q 0 0 0 rg BT 192.22 425.07 Td (to ) Tj ET Q q 0 0 0 rg BT 202.16 425.07 Td (the ) Tj ET Q q 0 0 0 rg BT 216.54 425.07 Td (Company) Tj ET Q q 0 0 0 rg BT 258.48 425.07 Td (s ) Tj ET Q q 0 0 0 rg BT 264.06 425.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 295.39 425.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 324.77 425.07 Td (on ) Tj ET Q q 0 0 0 rg BT 336.93 425.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 360.77 425.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 383.48 425.07 Td (for ) Tj ET Q q 0 0 0 rg BT 397.31 425.07 Td (the ) Tj ET Q q 0 0 0 rg BT 411.69 425.07 Td (year ) Tj ET Q q 0 0 0 rg BT 431.06 425.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 457.10 425.07 Td (December ) Tj ET Q q 0 0 0 rg BT 500.35 425.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 515.01 425.07 Td (2010, ) Tj ET Q q 0 0 0 rg BT 539.68 425.07 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 415.07 Td (February ) Tj ET Q q 0 0 0 rg BT 164.60 415.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 179.60 415.07 Td (201) Tj ET Q q 0 0 0 rg BT 194.41 415.07 Td (1\). ) Tj ET Q q 0 0 0 rg BT 207.56 415.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 400.07 Td (10.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 400.07 Td (Summary ) Tj ET Q q 0 0 0 rg BT 167.39 400.07 Td (of ) Tj ET Q q 0 0 0 rg BT 178.22 400.07 Td (Non-Employee ) Tj ET Q q 0 0 0 rg BT 241.81 400.07 Td (Director ) Tj ET Q q 0 0 0 rg BT 277.63 400.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 337.90 400.07 Td (Program. ) Tj ET Q q 0 0 0 rg BT 377.34 400.07 Td ( ) Tj ET Q q 0 0 0 rg BT 384.84 400.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 385.07 Td (10.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 385.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 149.17 385.07 Td (of ) Tj ET Q q 0 0 0 rg BT 159.00 385.07 Td (Notice ) Tj ET Q q 0 0 0 rg BT 187.16 385.07 Td (Period ) Tj ET Q q 0 0 0 rg BT 214.71 385.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 260.36 385.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 315.72 385.07 Td (by ) Tj ET Q q 0 0 0 rg BT 327.22 385.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 365.90 385.07 Td (to ) Tj ET Q q 0 0 0 rg BT 375.18 385.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 406.13 385.07 Td (10.16 ) Tj ET Q q 0 0 0 rg BT 430.13 385.07 Td (to ) Tj ET Q q 0 0 0 rg BT 439.41 385.07 Td (the ) Tj ET Q q 0 0 0 rg BT 453.12 385.07 Td (Company) Tj ET Q q 0 0 0 rg BT 495.06 385.07 Td (s ) Tj ET Q q 0 0 0 rg BT 500.13 385.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 530.79 385.07 Td (Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 375.07 Td (on ) Tj ET Q q 0 0 0 rg BT 138.50 375.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 162.67 375.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 185.72 375.07 Td (for ) Tj ET Q q 0 0 0 rg BT 199.88 375.07 Td (the ) Tj ET Q q 0 0 0 rg BT 214.60 375.07 Td (year ) Tj ET Q q 0 0 0 rg BT 234.31 375.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 260.68 375.07 Td (December ) Tj ET Q q 0 0 0 rg BT 304.27 375.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 319.27 375.07 Td (2006, ) Tj ET Q q 0 0 0 rg BT 344.27 375.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 365.09 375.07 Td (March ) Tj ET Q q 0 0 0 rg BT 393.69 375.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 403.69 375.07 Td (2007\). ) Tj ET Q q 0 0 0 rg BT 432.02 375.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 360.07 Td (10.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 360.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.95 360.07 Td (and ) Tj ET Q q 0 0 0 rg BT 185.46 360.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 222.96 360.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 246.18 360.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 293.39 360.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 318.12 360.07 Td (December ) Tj ET Q q 0 0 0 rg BT 362.27 360.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 377.84 360.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 403.41 360.07 Td (between ) Tj ET Q q 0 0 0 rg BT 439.80 360.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 463.98 360.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 475.55 360.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 494.63 360.07 Td (& ) Tj ET Q q 0 0 0 rg BT 505.48 360.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 522.72 360.07 Td (and ) Tj ET Q q 0 0 0 rg BT 540.22 360.07 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 350.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 149.86 350.07 Td (National ) Tj ET Q q 0 0 0 rg BT 186.71 350.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 236.40 350.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 293.01 350.07 Td (by ) Tj ET Q q 0 0 0 rg BT 305.75 350.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 345.69 350.07 Td (to ) Tj ET Q q 0 0 0 rg BT 356.21 350.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 388.40 350.07 Td (10.16 ) Tj ET Q q 0 0 0 rg BT 413.65 350.07 Td (to ) Tj ET Q q 0 0 0 rg BT 424.18 350.07 Td (the ) Tj ET Q q 0 0 0 rg BT 439.14 350.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 486.14 350.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 518.05 350.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 548.01 350.07 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 340.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.17 340.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 173.22 340.07 Td (for ) Tj ET Q q 0 0 0 rg BT 187.38 340.07 Td (the ) Tj ET Q q 0 0 0 rg BT 202.10 340.07 Td (year ) Tj ET Q q 0 0 0 rg BT 221.81 340.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 248.18 340.07 Td (December ) Tj ET Q q 0 0 0 rg BT 291.77 340.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 306.77 340.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 331.77 340.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 352.59 340.07 Td (February ) Tj ET Q q 0 0 0 rg BT 391.19 340.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 406.19 340.07 Td (2013\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 325.07 Td (10.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 325.07 Td (First ) Tj ET Q q 0 0 0 rg BT 145.87 325.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 196.64 325.07 Td (to ) Tj ET Q q 0 0 0 rg BT 205.95 325.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 246.16 325.07 Td (and ) Tj ET Q q 0 0 0 rg BT 262.21 325.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 298.26 325.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 320.34 325.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 368.60 325.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 391.86 325.07 Td (December ) Tj ET Q q 0 0 0 rg BT 434.56 325.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 448.67 325.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 472.78 325.07 Td (between ) Tj ET Q q 0 0 0 rg BT 507.71 325.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.43 325.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.00 325.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 315.07 Td (& ) Tj ET Q q 0 0 0 rg BT 137.08 315.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 154.55 315.07 Td (and ) Tj ET Q q 0 0 0 rg BT 172.29 315.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 193.37 315.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 217.78 315.07 Td (National ) Tj ET Q q 0 0 0 rg BT 255.06 315.07 Td (Association ) Tj ET Q q 0 0 0 rg BT 305.30 315.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 362.46 315.07 Td (by ) Tj ET Q q 0 0 0 rg BT 375.76 315.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 416.24 315.07 Td (to ) Tj ET Q q 0 0 0 rg BT 427.32 315.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 460.06 315.07 Td (10.18 ) Tj ET Q q 0 0 0 rg BT 485.86 315.07 Td (to ) Tj ET Q q 0 0 0 rg BT 496.94 315.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.46 315.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.40 315.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 305.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 157.94 305.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 187.66 305.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.16 305.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.33 305.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.38 305.07 Td (for ) Tj ET Q q 0 0 0 rg BT 261.54 305.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.25 305.07 Td (year ) Tj ET Q q 0 0 0 rg BT 295.96 305.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.34 305.07 Td (December ) Tj ET Q q 0 0 0 rg BT 365.92 305.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 380.92 305.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 405.92 305.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 426.75 305.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.35 305.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 480.35 305.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 290.07 Td (10.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 290.07 Td (Second ) Tj ET Q q 0 0 0 rg BT 158.11 290.07 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 210.35 290.07 Td (to ) Tj ET Q q 0 0 0 rg BT 220.80 290.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 262.48 290.07 Td (and ) Tj ET Q q 0 0 0 rg BT 280.00 290.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 317.51 290.07 Td (Loan ) Tj ET Q q 0 0 0 rg BT 340.73 290.07 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 390.45 290.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 415.19 290.07 Td (December ) Tj ET Q q 0 0 0 rg BT 459.35 290.07 Td (19, ) Tj ET Q q 0 0 0 rg BT 474.93 290.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 500.50 290.07 Td (between ) Tj ET Q q 0 0 0 rg BT 536.90 290.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 280.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 137.57 280.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.08 280.07 Td (& ) Tj ET Q q 0 0 0 rg BT 166.36 280.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 183.03 280.07 Td (and ) Tj ET Q q 0 0 0 rg BT 199.96 280.07 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 220.25 280.07 Td (Bank ) Tj ET Q q 0 0 0 rg BT 243.86 280.07 Td (National ) Tj ET Q q 0 0 0 rg BT 280.51 280.07 Td (Association. ) Tj ET Q q 0 0 0 rg BT 332.46 280.07 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 265.07 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 265.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 167.22 265.07 Td (and ) Tj ET Q q 0 0 0 rg BT 184.00 265.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 220.78 265.07 Td (Note ) Tj ET Q q 0 0 0 rg BT 242.56 265.07 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 280.76 265.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 327.26 265.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 351.25 265.07 Td (June ) Tj ET Q q 0 0 0 rg BT 371.93 265.07 Td (2, ) Tj ET Q q 0 0 0 rg BT 381.77 265.07 Td (2014 ) Tj ET Q q 0 0 0 rg BT 404.12 265.07 Td (among ) Tj ET Q q 0 0 0 rg BT 433.68 265.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 457.13 265.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 468.70 265.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 487.05 265.07 Td (Companies, ) Tj ET Q q 0 0 0 rg BT 536.89 265.07 Td (Piper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 255.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 137.57 255.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 156.32 255.07 Td (& ) Tj ET Q q 0 0 0 rg BT 166.84 255.07 Td (Co. ) Tj ET Q q 0 0 0 rg BT 183.75 255.07 Td (and ) Tj ET Q q 0 0 0 rg BT 200.93 255.07 Td (the ) Tj ET Q q 0 0 0 rg BT 215.89 255.07 Td (Purchasers ) Tj ET Q q 0 0 0 rg BT 261.95 255.07 Td (party ) Tj ET Q q 0 0 0 rg BT 285.23 255.07 Td (thereto ) Tj ET Q q 0 0 0 rg BT 315.74 255.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 372.34 255.07 Td (by ) Tj ET Q q 0 0 0 rg BT 385.08 255.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 425.01 255.07 Td (to ) Tj ET Q q 0 0 0 rg BT 435.52 255.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 467.71 255.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 487.95 255.07 Td (to ) Tj ET Q q 0 0 0 rg BT 498.47 255.07 Td (the ) Tj ET Q q 0 0 0 rg BT 513.43 255.07 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 245.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 159.05 245.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 188.76 245.07 Td (on ) Tj ET Q q 0 0 0 rg BT 201.26 245.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 225.43 245.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 245.99 245.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 266.81 245.07 Td (June ) Tj ET Q q 0 0 0 rg BT 287.64 245.07 Td (5, ) Tj ET Q q 0 0 0 rg BT 297.64 245.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 230.07 Td (10.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 230.07 Td (Consulting ) Tj ET Q q 0 0 0 rg BT 171.90 230.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 218.26 230.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 242.13 230.07 Td (March ) Tj ET Q q 0 0 0 rg BT 270.45 230.07 Td (19, ) Tj ET Q q 0 0 0 rg BT 285.16 230.07 Td (2014, ) Tj ET Q q 0 0 0 rg BT 309.88 230.07 Td (by ) Tj ET Q q 0 0 0 rg BT 322.10 230.07 Td (and ) Tj ET Q q 0 0 0 rg BT 338.75 230.07 Td (between ) Tj ET Q q 0 0 0 rg BT 374.07 230.07 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 413.23 230.07 Td (Research, ) Tj ET Q q 0 0 0 rg BT 454.59 230.07 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 472.08 230.07 Td (and ) Tj ET Q q 0 0 0 rg BT 488.73 230.07 Td (Brien ) Tj ET Q q 0 0 0 rg BT 513.16 230.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 526.77 230.07 Td (O'Brien ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 220.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 182.82 220.07 Td (by ) Tj ET Q q 0 0 0 rg BT 195.77 220.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 235.90 220.07 Td (to ) Tj ET Q q 0 0 0 rg BT 246.64 220.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 279.03 220.07 Td (10.1 ) Tj ET Q q 0 0 0 rg BT 299.49 220.07 Td (to ) Tj ET Q q 0 0 0 rg BT 310.22 220.07 Td (the ) Tj ET Q q 0 0 0 rg BT 325.39 220.07 Td (Company's ) Tj ET Q q 0 0 0 rg BT 372.92 220.07 Td (Current ) Tj ET Q q 0 0 0 rg BT 406.42 220.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 436.59 220.07 Td (on ) Tj ET Q q 0 0 0 rg BT 449.54 220.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 474.17 220.07 Td (8-K, ) Tj ET Q q 0 0 0 rg BT 495.17 220.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 516.45 220.07 Td (March ) Tj ET Q q 0 0 0 rg BT 545.50 220.07 Td (19, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 210.07 Td (2014\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 195.07 Td (10.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 195.07 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 185.04 195.07 Td (Arrangement ) Tj ET Q q 0 0 0 rg BT 238.78 195.07 Td (with ) Tj ET Q q 0 0 0 rg BT 257.83 195.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 270.49 195.07 Td (Brad ) Tj ET Q q 0 0 0 rg BT 291.20 195.07 Td (W) Tj ET Q q 0 0 0 rg BT 300.34 195.07 Td (inges ) Tj ET Q q 0 0 0 rg BT 322.52 195.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 377.65 195.07 Td (by ) Tj ET Q q 0 0 0 rg BT 388.92 195.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 427.37 195.07 Td (to ) Tj ET Q q 0 0 0 rg BT 436.42 195.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 467.13 195.07 Td (10.24 ) Tj ET Q q 0 0 0 rg BT 490.90 195.07 Td (to ) Tj ET Q q 0 0 0 rg BT 499.95 195.07 Td (the ) Tj ET Q q 0 0 0 rg BT 513.43 195.07 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 185.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 157.94 185.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 187.66 185.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.16 185.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.33 185.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.38 185.07 Td (for ) Tj ET Q q 0 0 0 rg BT 261.54 185.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.25 185.07 Td (year ) Tj ET Q q 0 0 0 rg BT 295.96 185.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.34 185.07 Td (December ) Tj ET Q q 0 0 0 rg BT 365.92 185.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 380.92 185.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 405.92 185.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 426.75 185.07 Td (February ) Tj ET Q q 0 0 0 rg BT 465.35 185.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 480.35 185.07 Td (2013\). ) Tj ET Q q 0 0 0 rg BT 508.68 185.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 170.07 Td (10.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 170.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 169.72 170.07 Td (Limited ) Tj ET Q q 0 0 0 rg BT 204.56 170.07 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 253.29 170.07 Td (Interest ) Tj ET Q q 0 0 0 rg BT 286.03 170.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 333.36 170.07 Td (dated ) Tj ET Q q 0 0 0 rg BT 358.20 170.07 Td (February ) Tj ET Q q 0 0 0 rg BT 397.48 170.07 Td (23, ) Tj ET Q q 0 0 0 rg BT 413.16 170.07 Td (2015, ) Tj ET Q q 0 0 0 rg BT 438.84 170.07 Td (by ) Tj ET Q q 0 0 0 rg BT 452.02 170.07 Td (and ) Tj ET Q q 0 0 0 rg BT 469.64 170.07 Td (between ) Tj ET Q q 0 0 0 rg BT 506.14 170.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 530.43 170.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 542.00 170.07 Td (fray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 160.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 172.93 160.07 Td (Management ) Tj ET Q q 0 0 0 rg BT 227.64 160.07 Td (LLC ) Tj ET Q q 0 0 0 rg BT 249.02 160.07 Td (and ) Tj ET Q q 0 0 0 rg BT 265.96 160.07 Td (M. ) Tj ET Q q 0 0 0 rg BT 279.85 160.07 Td (Brad ) Tj ET Q q 0 0 0 rg BT 301.70 160.07 Td (W) Tj ET Q q 0 0 0 rg BT 310.85 160.07 Td (inges. ) Tj ET Q q 0 0 0 rg BT 336.76 160.07 Td ( ) Tj ET Q q 0 0 0 rg BT 344.26 160.07 Td (* ) Tj ET 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135.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 234.63 135.07 Td (on ) Tj ET Q q 0 0 0 rg BT 246.95 135.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 270.93 135.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 293.79 135.07 Td (for ) Tj ET Q q 0 0 0 rg BT 307.76 135.07 Td (the ) Tj ET Q q 0 0 0 rg BT 322.29 135.07 Td (year ) Tj ET Q q 0 0 0 rg BT 341.81 135.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 367.99 135.07 Td (December ) Tj ET Q q 0 0 0 rg BT 411.39 135.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 426.20 135.07 Td (2013, ) Tj ET Q q 0 0 0 rg BT 451.01 135.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 471.65 135.07 Td (February ) Tj ET Q q 0 0 0 rg BT 510.06 135.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 524.87 135.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 553.01 135.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 120.07 Td (10.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 120.07 Td (Amended ) Tj ET Q q 0 0 0 rg BT 166.69 120.07 Td (and ) Tj ET Q q 0 0 0 rg BT 182.94 120.07 Td (Restated ) Tj ET Q q 0 0 0 rg BT 219.18 120.07 Td (Piper ) Tj ET Q q 0 0 0 rg BT 242.10 120.07 Td (Jaf) Tj ET Q q 0 0 0 rg BT 253.67 120.07 Td (fray ) Tj ET Q q 0 0 0 rg BT 271.49 120.07 Td (Companies ) Tj ET Q q 0 0 0 rg BT 318.30 120.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 349.00 120.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 371.37 120.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 413.72 120.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 438.30 120.07 Td (Investment ) Tj ET Q q 0 0 0 rg BT 484.55 120.07 Td (Plan ) Tj ET Q q 0 0 0 rg BT 504.14 120.07 Td (\(incorporated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 110.07 Td (by ) Tj ET Q q 0 0 0 rg BT 138.66 110.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 178.50 110.07 Td (to ) Tj ET Q q 0 0 0 rg BT 188.94 110.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 221.04 110.07 Td (10.29 ) Tj ET Q q 0 0 0 rg BT 246.21 110.07 Td (to ) Tj ET Q q 0 0 0 rg BT 256.64 110.07 Td (the ) Tj ET Q q 0 0 0 rg BT 271.52 110.07 Td (Company) Tj ET Q q 0 0 0 rg BT 313.46 110.07 Td (s ) Tj ET Q q 0 0 0 rg BT 319.43 110.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 351.25 110.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 381.13 110.07 Td (on ) Tj ET Q q 0 0 0 rg BT 393.79 110.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 418.12 110.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 441.33 110.07 Td (for ) Tj ET Q q 0 0 0 rg BT 455.65 110.07 Td (the ) Tj ET Q q 0 0 0 rg BT 470.52 110.07 Td (year ) Tj ET Q q 0 0 0 rg BT 490.39 110.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 516.93 110.07 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 100.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 141.00 100.07 Td (201) Tj ET Q q 0 0 0 rg BT 155.81 100.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 165.63 100.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 186.45 100.07 Td (February ) Tj ET Q q 0 0 0 rg BT 225.05 100.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 240.05 100.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 268.38 100.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 85.07 Td (10.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 85.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 152.10 85.07 Td (of ) Tj ET Q q 0 0 0 rg BT 164.85 85.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 198.17 85.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 223.16 85.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 268.12 85.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 294.34 85.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 343.19 85.07 Td (for ) Tj ET Q q 0 0 0 rg BT 359.28 85.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 404.25 85.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 435.34 85.07 Td (in ) Tj ET Q q 0 0 0 rg BT 447.54 85.07 Td (2012 ) Tj ET Q q 0 0 0 rg BT 471.97 85.07 Td (and ) Tj ET Q q 0 0 0 rg BT 490.83 85.07 Td (2013 ) Tj ET Q q 0 0 0 rg BT 515.26 85.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 550.22 85.07 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 75.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 179.32 75.07 Td (in ) Tj ET Q q 0 0 0 rg BT 189.90 75.07 Td (201) Tj ET Q q 0 0 0 rg BT 204.53 75.07 Td (1 ) Tj ET Q q 0 0 0 rg BT 212.32 75.07 Td (and ) Tj ET Q q 0 0 0 rg BT 229.56 75.07 Td (2012, ) Tj ET Q q 0 0 0 rg BT 254.86 75.07 Td (respectively\) ) Tj ET Q q 0 0 0 rg BT 309.30 75.07 Td (\(incorporated ) Tj ET Q q 0 0 0 rg BT 365.96 75.07 Td (by ) Tj ET Q q 0 0 0 rg BT 378.75 75.07 Td (reference ) Tj ET Q q 0 0 0 rg BT 418.73 75.07 Td (to ) Tj ET Q q 0 0 0 rg BT 429.31 75.07 Td (Exhibit ) Tj ET Q q 0 0 0 rg BT 461.55 75.07 Td (10.30 ) Tj ET Q q 0 0 0 rg BT 486.85 75.07 Td (to ) Tj ET Q q 0 0 0 rg BT 497.43 75.07 Td (the ) Tj ET Q q 0 0 0 rg BT 512.44 75.07 Td (Company) Tj ET Q q 0 0 0 rg BT 554.11 75.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 65.07 Td (Annual ) Tj ET Q q 0 0 0 rg BT 157.94 65.07 Td (Report ) Tj ET Q q 0 0 0 rg BT 187.66 65.07 Td (on ) Tj ET Q q 0 0 0 rg BT 200.16 65.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 224.33 65.07 Td (10-K ) Tj ET Q q 0 0 0 rg BT 247.38 65.07 Td (for ) Tj ET Q q 0 0 0 rg BT 261.54 65.07 Td (the ) Tj ET Q q 0 0 0 rg BT 276.25 65.07 Td (year ) Tj ET Q q 0 0 0 rg BT 295.96 65.07 Td (ended ) Tj ET Q q 0 0 0 rg BT 322.34 65.07 Td (December ) Tj ET Q q 0 0 0 rg BT 365.92 65.07 Td (31, ) Tj ET Q q 0 0 0 rg BT 380.92 65.07 Td (201) Tj ET Q q 0 0 0 rg BT 395.55 65.07 Td (1, ) Tj ET Q q 0 0 0 rg BT 405.55 65.07 Td (filed ) Tj ET Q q 0 0 0 rg BT 426.38 65.07 Td (February ) Tj ET Q q 0 0 0 rg BT 464.97 65.07 Td (27, ) Tj ET Q q 0 0 0 rg BT 479.97 65.07 Td (2012\). ) Tj ET Q q 0 0 0 rg BT 508.30 65.07 Td () Tj ET Q endstream endobj 237 0 obj <> endobj 238 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 19.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 19.60 Td (18) 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 (10.31) Tj ET Q BT 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0 rg BT 295.38 684.07 Td (28, ) Tj ET Q q 0 0 0 rg BT 310.38 684.07 Td (2014\). ) Tj ET Q q 0 0 0 rg BT 338.71 684.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.75 669.07 Td (10.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 669.07 Td (Form ) Tj ET Q q 0 0 0 rg BT 150.48 669.07 Td (of ) Tj ET Q q 0 0 0 rg BT 161.63 669.07 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 193.32 669.07 Td (Fund ) Tj ET Q q 0 0 0 rg BT 216.70 669.07 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 260.05 669.07 Td (Share ) Tj ET Q q 0 0 0 rg BT 285.29 669.07 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 332.25 669.07 Td (for ) Tj ET Q q 0 0 0 rg BT 346.72 669.07 Td (Employee ) Tj ET Q q 0 0 0 rg BT 390.08 669.07 Td (Grants ) Tj ET Q q 0 0 0 rg BT 419.55 669.07 Td (in ) Tj ET Q q 0 0 0 rg BT 430.14 669.07 Td (2015 ) Tj ET Q q 0 0 0 rg BT 452.95 669.07 Td (\(related ) Tj ET Q q 0 0 0 rg BT 486.30 669.07 Td (to ) Tj ET Q q 0 0 0 rg BT 496.89 669.07 Td (performance ) Tj ET Q q 0 0 0 rg BT 550.22 669.07 Td (in ) Tj ET Q BT /F1 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